The Brexit deadline of December 31st, the date beyond which the transition or implementation period cannot be extended, now looms large and the dreaded “No-Deal” Brexit outcome looks increasingly possible by the day.

Today we are taking our weekly look at the charts for gold and silver.

Republicans and Democrats continue to play the “will they, won’t they?” game over another stimulus package in a Covid19 ravaged US economy. An agreement on a package will ultimately be seen as positive for the markets but, with the US Election just weeks away this may prove to prolong negotiations or postpone decisions until the results of the election are clear and accepted by all.

Will Gold Now Retest $1,930?

As you can see from the gold chart below, gold has rallied on positive stimulus news and pulled back as negotiations stall.

After the previous “false break” above $1,910, gold once again closed above this level which opens up a retest of $1,930. However, the short-term upward trend line is

Today we are taking our weekly look at the charts for gold and silver. Corvid 19, the US Election and US Financial Stimulus talks have given gold plenty to digest over the last week. On a short term basis gold has been taking a lot of signal from the fortunes of the stock markets and increased hopes of agreement of a financial stimulus package gave a boost to both stock markets and the gold price.

In today’s video GoldCore’s Mark O’Byrne is interviewed by the Wealth Research Group, discussing the start of a new bull run for gold and silver and what we can expect.

The chart of silver at the moment shows that it is poised for a breakout move. It has failed on a number of occasions recently to close above resistance at $24.40.

Markets have struggled to find a clear direction as they attempt to digest US election news, debate performance, the impact of increased Covid-19 restrictions in many countries and vaccine news.

Anxiety about an increase in Covid19 cases and fears of a second wave coupled with revelations of historic money laundering practices of major global banks weighed heavily on financial markets yesterday.

Since it’s sell-off from it’s early August high, gold has been stuck in an ever decreasing range. Having had a remarkable rally to an intra-day high of $2,078 on the 7th of August Gold has traded sideways and consolidated. This has been viewed by many market commentators as a healthy pause in gold’s bull rally as when markets go parabolic they tend to retrace just as fast.

Spot gold headed for back-to-back gains as investors weighed the outlook for the metal’s record-setting rally after this week’s dramatic price swings. Silver climbed the most in more than five years.

Investment in gold has risen during pandemic. The value of gold coins and bars stored for clients by Irish precious metals broker GoldCore has surged 68pc so far this year to more than €100m.

The value of gold coins and bars stored for clients by Irish precious metals broker GoldCore has surged 68pc so far this year to more than €100m.

Gold prices last week topped the $2,000-per-ounce level for the first time as investors seek havens from the pandemic.

“We are seeing demand on a scale which has not been seen since the early stages of the global financial crisis in 2009 and we expect that to continue in the coming months,” said GoldCore CEO Stephen Flood.

NEWS and COMMENTARY

Gold loses ground as dollar firms; investors eye U.S. stimulusSilver rallies over 6%; Gold ends higher as China-U.S. tensions seen escalatingWhy Is Everyone Buying Gold?Yields hold near historic lows on economic slowdown fears

Dollar

Gold fell by nearly 6% yesterday and silver by a whopping 15%, the largest one day loss in over 7 years. The futures market saw massive volumes of selling with over 1.6 bn ounces of silver contracts sold yesterday. That’s a value of over $40 billion.

Gold and silver are set for a 5% and 6% gain this week and a significant 11% and 30% gain in the month of July.

The King Report“Anyone that’s been around the block a few times with gold knows that at some point ‘they’ will stage a concerted effort to drive gold lower.” December gold hit $2,000 at 21:19 ET Monday. It then retreated and traded sideways until 22:50 ET. Then someone slammed gold down to $1,955 in 20 minutes. This is obvious “impact trading.” Gold then traded sideways for over four hours.

Gold futures ended higher for a fifth straight session Thursday, with the most-active contract just short of notching a settlement record, highlighting feverish demand for bullion amid the worst pandemic in over a century.

The price of an ounce of silver broke through the resistance level at $21 and continued to rise to $22.75, a level not seen since 2013! Over the last few weeks investors have been taking advantage of any pullback in the price of silver to add to their positions, which has continued to underpin this run higher.

This is an interesting interview between Professor Brian Lucey and Dr. Fergal O’Connor, lecturer in finance and economics at University College Cork (UCC) on gold’s performance as a safe haven asset in the last 200 hundred years and in recent history including the 2008-2012 global financial crisis. 

A resurgent coronavirus pandemic in the United States and the prospect of improving growth abroad are souring some investors on the dollar, threatening a years-long rally in the currency.

You’re likely aware of the price action in gold lately. Gold has rallied from $1,591 per ounce on April 1 to $1,782 per ounce as of today. That’s a 12% gain in less than three months.

Source: Finiz.com

◆ Gold is the top performing asset in the world in the first half of 2020, outperforming all stock markets including the S&P 500 and the Nasdaq and outperforming “safe haven” U.S. government bonds (see table above).Gold had an 18% gain in dollars in the first half of 2020 as risk assets, especially stock markets, fell sharply with the S&P down 4.5% and other stock markets down more than 10% (see table). Gold gained 18.6% in euros and by 25% in British pounds as the UK economy had the worst contraction since 1979 and the pound was further devalued.

The historical data in the last 20 to 40 years shows that seasonally gold and silver tend to do poorly in June and very well in the summer months in July and August and extending into September. Indeed late June

◆ World’s wealthy are being urged by their financial advisers to hold more gold as they question the strength of the stock market rally and are concerned about the long-term impact of global central banks’ cash splurge.

◆The world is having serious doubts about the once widely accepted presumption of American exceptionalism. The era of the U.S. dollar’s “exorbitant privilege” as the world’s primary reserve currency is coming to an end. In the 1960s French Finance Minister Valery Giscard d’Estaing coined that phrase largely out of frustration, bemoaning a United States that drew freely on the rest of the world to support its overextended standard of living.

That’s a question I’m asked frequently. It’s usually followed by a comment along the lines of, “I don’t get it. It’s just a shiny rock. People dig it out of the ground and then put it back in the ground. What’s the point?”

◆ WORLD SILVER SURVEY 2020 from the SILVER INSTITUTE GLOBAL SILVER DEMAND EDGED HIGHER IN 2019, WITH INVESTMENT DEMAND UP 12%, WHILE SILVER MINE SUPPLY FELL FOR THE FOURTH CONSECUTIVE YEAR Global silver demand was pushed higher in 2019, with a 12 percent increase in investment demand as retail and institutional investors focused their attention on the long-term investment appeal of the white metal.

◆ GoldCore are delighted to publish the 14th edition of the annual “In Gold We Trust” report, “The Dawning of a Golden Decade” by by our friends Ronald-Peter Stoeferle & Mark J. Valek of Incrementum AG.Gold prices should rise to over $5,000/oz and may rise as high as $9,000/oz in the coming decade and by 2030, according to the respected report.

With the current level of uncertainty in world markets we have received numerous requests for information on how self directed pension schemes (pre and post retirement) can hold gold and silver.It is accepted that if gold bullion is held via a gold certificates ( Perth Mint Certificates with GoldCore) or in Secure Storage in a variety of local or international locations with GoldCore, then it is not considered a ‘pride in possession’ article or ‘tangible moveable property’, and so fulfills Revenue investment requirements for small self-administered pension schemes.

◆ The massive global debt driven “Everything Bubble” is bursting due to the pandemic and more specifically the governments draconian economic lockdowns. ◆ A dollar crisis is inevitable with U.S. government debt surging by some $2 trillion in a matter of weeks and ballooning to over $25 trillion

Gold in USD – 3 Days

Gold in USD – 3 Days Gold prices are 0.7% higher today after falling just 0.3% yesterday as traders sought refuge in safe haven gold as oil prices collapsed lower again. Oil slumped to nearly $15 a barrel, its lowest since 1999 as the economic fallout from government lockdowns and the shutting down of entire economies impacts risk assets and commodities dependent on economic growth.

Gold prices surged to new all time record highs in euros and other digital fiat currencies today due to concerns about the outlook for risk assets and currencies in an era of unprecedented economic and monetary risk.

◆ GoldCore remain open for business unlike many dealers, mints and refineries (see News below) and we continue to buy bullion coins and bars and sell gold bars (1 kilo). The supply situation changes hour to hour. ◆ We, like the entire industry have experienced record demand in recent days and the global supply of gold and silver bullion coins (legal tender 1 oz) and gold bars (in 1 oz and 10 oz formats) has quickly evaporated. We continue to have gold bars (1 kilo) for now.

◆ Markets have collapsed around the world as we predicted as the ‘Giant Ponzi Everything Bubble’ meets the massive pin that is the coronavirus’ impact on already vulnerable indebted economies. ◆ Stocks have crashed and bond markets and banks may be next … “bank holidays”, bail-ins and currency resets are likely

◆ Stock markets around the world are collapsing today as the financial and economic implications of the impact of the pandemic on already massively indebted companies and governments is realised.◆ Investors are liquidating en masse risk assets from equities to industrial commodities, while gold has held its ground.

◆ Gold prices rose by 0.6% today as the Bank of England slashed rates in an emergency move to 0.25% and the ECB looks set to follow as it warned of a 2008 style crisis overnight. ◆ The Bank of England slashed its main interest rate to 0.25 percent this morning in a emergency move to combat the fallout from the coronavirus outbreak on the UK economy.

◆ Gold surges 3% and has largest daily gain since June 2016 as the Fed delivers a surprise emergency rate cut, the first since 2008 ◆ Gold has gained over 10% in dollars and by more in other currencies so far in 2020 and along with U.S. Treasuries, it is a one of the best performing assets in 2020 as stock markets globally fall sharply (see 2020 Asset Performance table)

On “Bloomberg Commodities Edge”, Bloomberg’s Alix Steel and Naureen Malik talk with Jeff Currie, global head of commodities research at Goldman Sachs. They discuss Goldman’s bullish stance on gold.

IGTV interviewed Mark O’Byrne, Research Director at GoldCore about the outlook for gold and silver bullion. He is bullish on both precious metals in the medium and long term. The fundamentals are very strong with strong central bank demand and ETF gold holdings reaching an all time record high due to deepening political and economic risks.

Gold coins including gold sovereigns found in drawers of deceased retiree’s cottage sell at auction for £80,000. ◆ British gold coins including gold sovereigns from the Royal Mint found in drawers and cupboards of cottage fetch £80,000; one British gold sovereign found in a sugar bowl. ◆ Auctioneer John Rolfe expected little before he entered damp, rat-infested property near Stroud.

Gold climbed for a fourth day as investors weighed the unfolding coronavirus crisis, including a stark warning from the head of the World Health Organization about the potential for more cases beyond China and signs the disease is spreading in the key Asian trading hub of Singapore.

With no opportunity cost to holding a zero-yield asset such as gold, investors increasingly are adding it to their portfolios as a hedge. ◆ Gold retains its intrinsic value, something no paper currency has managed to do over history. ◆ Gold is insurance. Insurance isn’t supposed to make you rich; it’s supposed to keep you from being poor.

Gold falls from seven year high weekly close ◆ Gold prices fell 0.6% today after reaching a seven year weekly high close at $1587.90/oz on Friday, gold’s highest weekly price settlement since March 2013, a 4% gain in January and its second straight monthly climb.

Gold was one of the few investments heading higher Monday as worries about the coronavirus outbreak led to a steep market slide. Gold is now up more than 20% in the past year, and trading near $1,600 an ounce, its highest level since 2013. Other precious metals, such as silver and platinum, have rallied too. Meanwhile, the Dow was down nearly 350 points in midday trading.

If you want to make money from investing, it’s simple: find a bull market and go long. And in 2020 gold and silver are in a bull market. by Dominic Frisby via the UK’s best-selling financial magazine Money Week
I ran into Jim Mellon at a party at the weekend, and we soon got talking about markets. One of his comments – stated with surety and simplicity – has stuck in my mind.

◆ Indians diversify into gold coins, bars and jewellery because it never fails them in an emergency◆ Indians are simply very prudent and practical and believe in channeling some of their wealth and saving into physical gold ◆ “A woman’s gold is both her personal treasure and plays a functional role as the family’s financial buffer” – Richard Davies

◆ Haven demand ebbs as stocks climb with easing Mideast tensions◆ Palladium retreats from fresh record but holds near $2,100. ◆ There’s still very strong demand for gold “due to a host of financial, geopolitical and monetary risks,” said Mark O’Byrne, research director at GoldCore

◆ Gold could rise to more than $7,000 an ounce according to respected MoneyWeek contributor and fund manager Charlie Morris (Part I today and Part II tomorrow). A year ago, in my occasional free newsletter, Atlas Pulse, I upgraded gold – which was trading at $1,239 an ounce at that point – to “bull market” status for the first time since 2012.

◆ Gold has surged to test $1,600 per ounce, up 4% so far in 2020 and building on the stellar near 18.9% gain in 2019 ◆ Gold is testing it’s highest levels since 2013 as investors diversify into gold; Goldman, Citi and other gold analysts are advocating gold bullion as important hedge in crisis ◆ Oil prices have surged with Brent crude reaching $70 per barrel; concern over oil supplies from Iran, Iraq and other nations as U.S. State Department warns of attacks on Saudi oil facilities

Buy gold and silver to hedge risks in 2020. IG interview Mark O’Byrne of GoldCore
With late cycle risks and concerns about global growth, many Wall Street analysts are increasingly bullish on gold. Mark O’Byrne, founder at GoldCore spoke to IGTV’s Victoria Scholar about the outlook for gold in 2020.He explained why most analysts including GoldCore are optimistic on both gold and silver.

By Daniel R. Amerman, CFAAs can be seen in the graph above, for the last 12 weeks there has been a stunning visual correlation between the yellow bars of the total weekly funding of deficits by the Federal Reserve, and the green bars of the weekly deficit spending by the United States government.

◆ Gold coins worth thousands generously gifted to the charity again this year ◆ It just means so much … because it means that they went out of their way to do something extra special…” ◆ Salvation Army gold donors keep giving gold coins including Gold Krugerrands anonymously every year◆ At least three gold coins worth some $4,500 have again been generously gifted to charity this year (that we know of)

There’s only one story in the UK this morning – it’s the day Britain goes to the polls. It’s no exaggeration to say that this election is probably the most important of the century so far. If the ruling Conservative party wins a clear majority, then some form of Brexit is almost certain to go ahead.

Gold will climb to $1,600 over the next year – Goldman. ◆ Goldman is still forecasting that gold will climb to $1,600 over the next year due to investment demand. ◆ Investors should diversify their long-term bond holdings with gold, citing “fear-driven demand” for the precious metal – Goldman Sachs Group Inc.

The largest gold nugget in Britain has been found in a Scottish river, as experts reveal that members of the public are taking up hunting after watching YouTube clips. The diver, who wishes to remain anonymous, discovered the £80,000 “doughnut-shaped” nugget using a method called “sniping”, in which a prospector uses a snorkel and hand tools to scan the riverbed for treasures.

◆ Gold is flowing to strong hands in safer forms of gold ownership, in safer jurisdictions. ◆ Gold and silver bullion coins and bars owned by GoldCore’s clients have been moved from Hong Kong to Singapore. ◆ Central bank and institutional gold rush is beginning as prudent money diversifies fx reserves by buying gold & repatriates their gold from London and New York.

◆ Global debt has risen to another record at $255 trillion due to cheap borrowing costs. ◆ A decade of easy money has left the world with a record $250 trillion of government, corporate and household debt. ◆ This is almost three times global economic output and equates to about $32,500 for every man, woman and child on earth.

◆ Prudent leaders in Eastern European countries are repatriating their national gold reserves and diversifying into gold due to geopolitical risks and monetary risks posed to the dollar, euro and pound◆ Slovakia has joined China, Russia and a host of countries buying gold or seeking to repatriate their gold from the Bank of England and the New York Federal Reserve◆ “Brexit and the risk of a global economic crisis put Slovak gold stored in Britain in a dangerous situation …”

‘Retail Gold Insights 2019’ has just been published by the World Gold Council. It is a thematic analysis of their new consumer research survey. With a base of 18,000 participants across India, China, Russia, Germany, the US and Canada, we believe it is the largest ever consumer survey on the global gold market.

Chris Powell of GATA writes today about how he finds it interesting that CNBC are careful to admit that owning the GLD ETF is not the same thing as owning physical gold, a theme that has run strongly throughout our market commentaries for many years.

David Stockman is the former budget director for President Ronald Reagan and author of “Peak Trump: The Undrainable Swamp and the Fantasy of MAGA”. He believes that the market “can’t digest” all the money flooding into Wall Street and that the Federal Reserve responded with panic.

◆ Gold price falls to a three-month low as concentrated selling of COMEX gold futures contracts equal to over 3 million ounces are sold in 30 minutes◆ 33,596 contracts were aggressively sold in the 30 minutes between 10:00 and 10:30 a.m. New York time which is more than triple the 100-day average for that time of day

Gold demand grew modestly to 1,107.9 tonnes (t) in Q3 thanks to the largest ETF inflows since Q1 2016. A surge in ETF inflows (258t) outweighed weakness elsewhere in the market to nudge gold demand 3% higher in Q3. Global central bank buying remained healthy but significantly lower than the record levels of Q3 2018.

◆ “It may be time to replace bonds with gold”according to the just released excellent new Investment Update by the World Gold Council.◆ Central banks have shifted to a new regime of easy monetary policy, thus reducing expected bond returns.

Likely to have a downturn while “there is not effective monetary policy and that is a ‘scary situation’ – Billionaire Investment Manager Ray Dalio

Sue Trinh, Managing Director of global macro strategy at Manulife Investment Management, speaking on Bloomberg. She had some interesting comments regarding the current market structure, in the shadow of the FED, which is expected to drop rates yet again.

◆ The End Of Fiat In One Chart?◆ For the first time in 21 years, Germany has openly bought gold into its reserve holdings◆ With ECB mutiny and Deutsche Bank’s rapid demise, fears are rising of a looming financial crisis, and with that, Germany has shown a renewed interest in gold

◆ Severe funding pressures in U.S. money markets tipped to resurface heading into year-end by JPMorgan who warn that financial stresses are likely to ‘get much worse’ ◆ Goldman Sachs and Bank of America also warn funding issues remain (see below) ◆ Federal Reserve will start buying $60 billion of Treasury bills every month ◆ Funding markets are on notice for a possible year-end liquidity crunch

◆ The gold reserves of the German Bundesbank rose in September for the first time in 21 years; German gold reserves rose to 108.34 million ounces in September from 108.25 million ounces last month◆ It was the Germany’s first gold purchase since 1998 and while the amounts are not huge at 90,000 troy ounces, it highlights the Bundesbank and German concerns about the global monetary system and euro itself as Christine Lagarde takes over the ECB

The International Monetary Fund (IMF) has again warned that the world’s financial system is more stretched, unstable and dangerous than it was on the eve of the Lehman crisis. Quantitative easing, zero percent interest rates and massive financial repression has pushed investors – and in the case of pension funds or life insurers, actually forced them – into taking on ever more risk.

◆ “Gold is the perfect piggy bank – it’s the anchor of trust for the financial system” says the Central Bank of the Netherlands ◆ “If the system collapses, the gold stock can serve as a basis to build it up again” astutely and prudently observes the Dutch Central Bank ◆ The Dutch people “hold more than 600 tonnes of gold. A bar of gold always retains its value, crisis or no crisis”

◆ Global gold ETF holdings reach all time record highs, increasing by 13.4% so far in 2019 on hedging and safe haven demand. ◆ Global gold ETFs, ETCs and similar products had US$3.9bn of net inflows across all regions, increasing their collective gold holdings by 75.2 tonnes(t) to 2,808t, the highest levels of all time in September.

◆ China has added more than 100 tons of gold bullion bars to its gold reserves since it resumed buying in December; China’s gold holdings rose to 62.64m ounces in September, an increase of 190,000 ounces in one month. ◆ The People’s Bank of China (PBOC) increased it’s gold reserves for a 10th straight month in September, reinforcing its standing as one of the major official accumulators as many creditor nation central banks stock up on the precious metal

Gold is marginally lower today at $1,503/oz and stocks are mixed ahead of what are set to be tense U.S. and China trade negotiations. Gold sales are expected to accelerate through the end of the year due to weakening global economic conditions, according to Mike McGlone, a Bloomberg Intelligence senior commodity strategist as quoted by China Daily (see below).

◆ Gold prices have inched 0.3% higher today as a sharp drop of nearly 2% yesterday has attracted bargain hunters. ◆ Gold tested support at $1,500/oz after another peculiar sell off in the futures market saw prices fall $30 in two hours on the COMEX yesterday with most of the selling coming after European and London markets had closed.

◆ Gold has edged higher to reach three week highs at $1,535/oz today after Trump took a hard-line stance on China and Iran during his U.N. speech. ◆ Stocks fell in the U.S. yesterday and today in Europe on increasing political turmoil in the U.S. and the UK; Concerns about the global economy and the outlook for stocks is enhancing gold’s safe haven appeal.

Why central banks including China and Russia will keep buying gold due to concerns about the outlook for currencies, including the dollar and the euro, Mark O’Byrne, Research Director of GoldCore told Marketwatch. While the gold tonnage demand from central banks in recent months has been significant and near records, gold remains a tiny fraction of most central banks’ massive foreign-exchange reserves,” O’Byrne says, adding that the trend is “sustainable and indeed may accelerate”

Where Does Gold Go From Here? — Ron Paul’s “Cautious” Prediction. “Gold is an ‘insurance policy’ as the dollar will continue go down in value as it is printed” and it will end in a monetary “calamity”. “Gold is not money due to any man-made laws. Gold is money despite man-made laws, and is a product of the voluntary marketplace”.

Sterling is under pressure today and gold near all time record highs in sterling (see chart) due to the likelihood that Britain’s ruling Conservative party will elect Boris Johnson (aka ‘BoJo’) as its new leader and Prime Minister today.

Mark O’Byrne, founder at GoldCore, gives IG TV’s Victoria Scholar his outlook for gold and silver prices and why he believes they will surpass their record nominal high prices of 2011 in the coming years.

Gold is finally gaining the traction needed to boost prices to a level not seen since 2013 as concern mounts over increased trade war tensions and the global growth outlook. Bullion may touch $1,400 an ounce this year as investors hedge risk, according to Rhona O’Connell, head of market analysis for EMEA and Asia regions at INTL FCStone Inc.

Gold has consolidated on yesterday’s gains and is marginally higher as risk aversion creeps back into markets. Gold rose 1.5% yesterday to its highest level in more than three months. Concerns that trade wars look set to escalate globally and fears that President Trump’s threat of tariffs on Mexico will hurt the global economy are spurring safe haven demand.

Investors in Switzerland like gold and it is the second most popular investment after property or real estate20% plan to invest in gold in the next 12 monthsAlmost two-thirds buy or invest in precious metals at their bank; fewer than one-in-ten buy gold online

Gold sees safe haven demand push it to highest in one month as it breaches key $1,300/oz and £1,000/oz levels. U.S. China trade wars escalates as China retaliates and imposes tariffs on $60 billion of U.S. goods. Increased risk of war in Middle East after U.S. alleges Iran bombed Saudi oil vessels destined for the U.S.

Royal Bank of India (RBI) may buy another 1.5 million oz this year according to OCBCMany other central banks including large creditor nations Russia and China are also adding to gold holdings. India’s central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide gold bullion demand as top economies diversify their reserves.

– Gold gains due to concerns about slowing growth, monetary and geopolitical risks
– Increasing possibility of ‘No Deal’ Brexit heightens recession risks in UK, Ireland
– Brexit uncertainty is impacting UK & Irish economies; Likely do long term damage
– UK sees sharp slowdown in mortgage approvals in February as housing market slows
– Gold surges to near all time record highs in Australian dollars at $1,860/oz
– Gold in sterling, euros and dollars to follow Aussie dollar in coming months

China increased its gold reserves for a third straight month in February, data from the People’s Bank of China (PBOC) showed this morning.
The value of China’s gold reserves rose slightly to $79.498 billion in February from $79.319 billion at the end of January, as the central bank increased the total amount of gold reserves to 60.260 million fine troy ounces from 59.940 million troy ounces.

U.S. Mint suspends silver bullion coin sales after sales double in February. Silver investment demand for American Eagles (one ounce) silver bullion coins depletes West Point Mint inventories. U.S. Mint suspended sales of American Eagle (1 oz) coins on Feb. 21 because it had no coins left to sell.

Gold prices in pounds and euros as economic growth falters in UK and EU. Euro & pound gold tests multi year resistance; likely to surpass due to strong demand. Improved risk appetite sees stocks rise which may be hampering stronger gains for gold.

-Large Gold Bullion Shipment Moves From London to Dublin Gold Vaults As Brexit Concerns Deepen. – Growing demand from investors to relocate tangible assets out of the UK. – “Zurich continues to be the most sought-after location for storage, but Dublin has already surpassed Hong Kong and will likely usurp the second spot from London”.

Buy bitcoin or gold? Bitcoin buyers are investing in gold in 2019. Poll of 4,000 bitcoin buyers shows their No 1 investment in 2019 is gold. “Gold lost to bitcoin and now it’s going the other way…” says ETF strategist.
“Gold is a store of value and there’s no disputing that…”

Gold futures settled above $1,300 an ounce on Friday, with prices for the yellow metal at their highest since June as the U.S. dollar pulled back and investors eyed geopolitical turmoil and global growth worries. Rising gold prices reflect “political uncertainty” in the U.S., Eurozone, Venezuela and pockets of South America, as well as China-U.S. trade talks, said George Gero, managing director in RBC.

“Something wicked this way comes” warns John Mauldin. Shaky China: Chinese landing could be harder than expected. Brexit and EU Breakage: “I have long thought the EU will eventually fall apart”. Helpless Europe: If Germany sneezes, their banks & the rest of continent catches cold. We may see “yellow vests” spread globally: Economics is about to get interesting …

For first time in over 16 years, palladium futures settle at a premium to gold futures. Gold futures on Wednesday resumed their climb toward the psychologically important price of $1,300 an ounce, settling at their highest in nearly two weeks on the back of political turmoil in the U.K. and U.S.

Gold Holds Steady Over £1,000 – Increased Likelihood Of A Disorderly Brexit. – Gold supported near $1,300/oz ahead of important British Brexit no-confidence vote. – Gold is consolidating in range between $1,280 and $1,300/oz (over £1,000/oz and €1,100/oz) – A break of resistance at $1,300 will likely see gold rise rapidly in all currencies.

As we look ahead, we expect that the interplay between market risk and economic growth in 2019 will drive gold demand. And we explore three key trends that we expect will influence its price performance: financial market instability, monetary policy and the US dollar, structural economic reforms.

“We’re experiencing a slowdown,” says Blackrock fund manager. Global Allocation Fund adding to gold exposure through ETFs. Gold “has had a very consistent record of helping mitigate equity risk when volatility is rising”. Gold bullion has been a “store of value for a very long time”.

China increases gold holdings by large 320,000 ounces. Gold bullion remains a tiny component of the People’s Bank of China massive foreign exchange (FX) reserves which rose to $3.073 trillion. China’s gold reserves rose for first time since October 2016 to 59.56 million ounces by the end of December (1,853 metric tons) from 59.24 million ounces. Gold climbed 5% in December on equity rout, growth concerns

Gold acted as a safe haven last week and is again acting as a safe haven in December. It has performed well despite the rout in stocks in Ireland and globally. U.S. stocks including the S&P500 and Nasdaq were down nearly 5% last week, while gold was 2% higher and silver over 3% higher.

Key Gold and Precious Metals News, Commentary and Charts This Week. Gold and silver traded sideways this week as we saw stock markets take some heat and undo most of the recent recovery from the October sell off. Oil has sold off and is now at levels that we haven’t seen since 2017.

The pound plunged against the euro, the dollar, gold and all leading currencies today as Theresa May’s UK government appeared vulnerable to collapsing and political turmoil risked creating a hard Brexit. The pound has fallen 2.6% against gold in less than twenty four hours seeing gold rise from £923 to £947 per ounce in sterling terms.

Gold ETFs saw inflows in volatile October as investors again hedged risk. Gold ETFs see demand of 16.5 tonnes(t) in October to total of 2,346t, the equivalent of US$1B in inflows. Global gold demand was robust in Q3 – demand of 964.3 tonnes – plus 6.2t yoy.

The price of gold is expected to rise to $1,532 an ounce by October next year, delegates to the London Bullion Market Association’s (LBMA) annual gathering predicted on Tuesday. A poll of delegates at the LBMA conference in Boston also predicted higher prices in a year’s time for silver, platinum and palladium.

Gold’s Best Day In 2 Years Sees 2.5 Percent Gain As Global Stocks Sell Off – This Week’s Golden Nuggets. News, Commentary, Charts and Videos You May Have Missed. Here is our Friday digest of the important news, commentary, charts and videos we were informed by this week. Market jitters and volatility have returned this week and the sell-off in US government bonds led to sharp falls on Wall Street centered on the very overvalued tech sector and the NASDAQ.

Sales of gold products by the Perth Mint surged in September to their highest since January 2017, while silver sales more than doubled from August to mark an over two-year peak, boosted by lower bullion prices, the mint said on Wednesday.

– Silver is ‘undervalued’ relative to stocks, bonds and gold: GoldCore. – Silver at $14/oz is cheap relative to gold with gold-silver ratio over 85. – Silver drops to 32-month lows prompting sellout of Silver Eagle coins at U.S. Mint. – U.S. Mint said “recent increased demand” prompted a “temporary sell out” of its American Silver Eagle bullion coins as investors see silver coins as a bargain.

– London house prices fall at the fastest annual rate since height of the financial crisis
– London house prices fall in 5th month in row, worst falls since 2009
– London rents dropped at the fastest rate in eight years – ONS
– Brexit, London property slump put brake on UK house price growth
– Consumer spending declined in July as inflation increased

We are delighted to announce a very special guest for our next episode of the Goldnomics Podcast, due for release later this week. We recently had the opportunity to speak with the legendary investor and adventure capitalist Jim Rogers. Jim is an American businessman, investor, traveler, financial commentator and author. He is the Chairman of Rogers Holdings and Beeland Interests, Inc. He was the co-founder of the Quantum Fund and creator of the Rogers International Commodities Index.

Today we’re bringing you another clip from our upcoming Episode of the Goldnomics Podcast with the legendary investor and “Adventure Capitalist”, Jim Rogers. In this clip Jim tells us what he thinks about the long-term safe-haven status of the US dollar and what he sees as the future for the Euro currency.

Leuthold Group has sounded the alarm on a valuation metric that shows the S&P 500 is twice as expensive as it was at the peak of the tech bubble. This development could have large implications for stock investors of all types, particularly value traders who make their living by finding discounts in the market. With the stock market within shouting distance of an all-time high, traders are readying their Champagne bottles. Just don’t tell them about the eye-popping statistic just published by the reputed research outfit Leuthold Group , lest you spoil their fun.

Gold’s sharp decline over the past month serves as little surprise to the investors who want the asset to perform in just this fashion—that is, as an alternative to assets perceived as risky, like stocks. They’re betting that the opposite will be true as well, that gold will resume its role as protector and diversifier, even inflation hedge, when what they see as bloated price-to-earnings ratios, heavy debt-to-GDP ratios among major economies and hints of higher inflation finally catch up to the stock market.

Gold to Enter New Bull Market – Charles Nenner. “Gold is going to enter a new bull market”. “The first cycle will bottom after the summer”. “$1,212 per ounce is our downside target”. “It’s going to top $2,500 per ounce . . . in about two years or so”. “Gold is in a bull market even though it came down from $1,900 per ounce”

Russia Sells 80% Of Its US Treasuries. Description: In just over 2 months Russia has sold-off over 85% of its holdings of U.S. Treasuries, should the U.S. be concerned? – Russia has liquidated 85% of its US Treasury holdings in just two months. – Russia dumps over $90 billion of Treasuries in April and May as holdings collapse from near $100 billion to just $9 billion.

Physical Gold Is The “Best Defence” Against “Escalating Currency Wars”. As governments around the world debase their currencies, you need an asset that can ride out the hard times. And nothing fits the bill like gold writes John Stepek of Money Week

Is the currency reset or global monetary reset (GMR) upon us? Russia dumped half their US Treasuries in April ($47.4 billion out of the $96.1 billion it had held) and bought 600k ozs of gold worth less than $800 million in May. Has the IMF “pegged” gold to SDRs at 900 SDR per ounce? China stops buying US Treasuries and quietly accumulates gold.

London house prices down 1.9 per cent in Q2 (yoy). London house prices still 50% above 2007 bubble peak (see chart). Brexit and weak consumer confidence to blame say experts. Little sign that U.K. property “weakness” is likely to change. London property bubble appears to be bursting.

Russia adds another 600,000 oz to it’s gold reserves in May. Holdings of U.S. government debt slashed in half to $48.7 billion in April. ‘Keeping money safe’ from U.S. and Trump – Danske Bank. Trump increasing the national debt by another 6% to $21.1 trillion in less than 18 months. Asian nations accumulating gold as shield against dollar devaluation and trade wars.

In Gold, Silver and Bitcoin We Trust? Goldnomics Podcast (Episode 5) interview with Ronald-Peter Stoferle. We interview our friend Ronald-Peter Stoeferle, partner in Incrementum in Liechtenstein and author of the must read, annual gold report ‘In Gold We Trust’ in this the fifth episode of the Goldnomics Podcast.

– “Without gold I would have starved to death” – Ewald Nowotny, governor of Austrian central bank and member of ECB’s governing council
– “I was born in 1944. When I was a baby, my mother could only buy food because she still had some gold coins…”
– “When the going gets tough, gold becomes the ultimate money” reports Die Presse

Get “Positioned In Gold” Now As “You Will Not Have Time To Get Positioned” In Physical Later. Guest post by Dominic Frisby of Money Week. This year’s “gold standard” of gold-related research has just come out. Conveniently enough – given gold’s “safe haven” reputation – it’s arrived just in time for another major financial market scare, this time in the form of Italy. Below, I consider some of the most pertinent points…

What is the outlook for the global economy, financial markets, crypto currencies such as bitcoin and gold and silver bullion in the digital age? Fresh insights as CrushtheStreet.com interview Mark O’Byrne who gives his diagnosis on the outlook for gold in 2018, and looks at the long-term relevance of precious metals in the digital age of crypto and the blockchain alongside Bitcoin’s emergence as a potential digital store of value.

– Trump Cancels Historic Summit with North Korea. – US 10-Year Falls Below 3%, Gold Jumps Back Above $1300. – “Inflation Overshoot Could Be Helpful” – Latest FOMC Minutes. – Gold Demand in Turkey as Lira falls sharply, true inflation near 40%. – EU Crisis Looming as Italy Plan Outright ‘Money Printing’ with ‘Mini-Bots’. – Silver Trading in Tight $1 range, Pressure Building for a Breakout.

Firebrand populists of Left and Right are poised to take power in Italy, forming the first “anti-system” government in a major West European state since the Second World War. Leaders of the radical Five Star Movement and the anti-euro Lega party have been meeting to put the finishing touches on a coalition of outsiders, the “nightmare scenario” feared by foreign investors and EU officials in equal measure.

Dominic Frisby of Money Week looks at the historical relationship between UK house prices and gold (including some great charts), and concludes that your money is better off in the yellow metal than bricks and mortar.

US 10-Year Yields Top 3%, US Dollar Pushes Higher. Brent Hits $80, Highest in 4 years. Emerging Market Chaos, the Lira and Peso in Freefall. Italy’s New Coalition Signal Their Plans, Yields Jump. Japanese Economy Contracts, GDP Worst Since 2015. And Where Next for Gold?

Global demand for gold is increasing while new discoveries of gold remain small. Gold mining output in Australia is forecast to decrease by 50% in the next eight years. Decline in global gold mining supply makes a price increase almost certain.

Russia buys 300,000 ounces of gold in March and nears 2,000t in gold reserves. Russia now holds just over 1,861 tonnes, more than officially reported by China at 1,842t. Both Russia and China have the power to destabilise US dollar by dumping dollar-denominated assets. Turkey has removed all gold held in the U.S. opting for Bank of England and BIS. Turkey follows trend set by both Germany, Netherlands and others to remove gold reserves stored in the United States.

New all time record highs for gold in 2019. ‘Powerful bull market’ will likely send gold to $5,000 to $10,000. If USD & Treasuries keep falling, stocks may decline at ‘moment’s notice’. Traditional portfolio of stocks and bonds will not protect investors. “Gold will replace bonds as the go-to hedge”.

Palladium bullion has surged a massive 17% in just nine trading days. From $895/oz on Friday April 6th to over $1,052/oz today (April 19th). The price surge is due to palladium being due a bounce after falling in the first quarter and now due to Russian supply concerns. In a volatile month, precious metals and commodities have been the clear winners so far, with palladium having the greatest gains of all – up 10.7% in April (see table below).

Global debt bubble hits new all time high – over $237 trillion. Global debt increased 10% or $21 tn in 2017 to nearly a quarter quadrillion USD. Increase in debt equivalent to United States’ ballooning national debt. Global debt up $50 trillion in decade & over 327% of global GDP. $750 trillion of bank derivatives means global debt over $1 quadrillion. Gold will be ‘store of value’ in coming economic contraction. Global debt is the mother of all bubbles.

Gold & silver eke out small gains; palladium surges 8% and platinum 2%. Oil (WTI) surges over 8% to over $66.90/bbl; supply disruption risk. U.S. dollar and Treasuries fall; geopolitical, trade war and fiscal concerns. Stocks rally and shrug off trade war, macro and geo-political risks. Bitcoin, major cryptos (Ethereum, Ripple etc) rise sharply. Russia-US tensions high: Trump warns attack ‘could be very soon or not so soon at all’.

– EU and euro face growing risks including trade wars, energy independence and war with Russia in Middle East. – Middle East war involving Russia may badly impact energy dependent & fragile EU. – Trade and actual wars on European doorstep show the strategic weakness of the EU. – Toxic combination due to growing anti-EU and anti-Euro sentiment in many EU nations.

Dow set to drop 300 points at open after Trump tweet today. Stocks see sell off and gold pops to test resistance at $1,350/oz. US stock futures suggest over 1% losses at New York open. Oil surged to a two-week high and has surged nearly 7% this week. U.S. bombing Syria may provoke escalation of conflict with Russia and wider conflict in volatile Middle East.

– Gold outperforming stocks in 2018 and this century (see chart)
– Gold up close to 2% in 2018 while S&P 500 is down 2%
– Trump trade wars and Kudlow as Trump chief economic advisor is gold bullish
– Given gold’s performance, Kudlow’s dismissal of gold as “end of the world insurance” is “irrational”
– Market volatility could drive gold to $1,500/oz in 2018 – Holmes

US needs to borrow almost $300 billion this week alone. This is the largest debt issuance since 2008 financial crisis. Trump threatens trade war with its biggest creditor – China. Bond auctions have seen weak demand due to large supply and trade war concerns. $20 trillion mark reached in early September 2017; $1 trillion added in just 6 months. US total national debt level now exceeds $21.05 trillion and is accelerating higher.

Buy silver and sell gold now – Frisby. Gold should cost 15 times as much as silver. Silver might have disappointed in short term – But it’s time to buy. Editor’s note: Silver has outperformed stocks, bonds and gold over long term (see table).

Gold Cup at Cheltenham – ‘The Olympics’ of the European horse racing calendar. Gold Cup trophy contains 10 troy ounces of gold – worth £9,000. £620 million bets on horses, 230,000 pints of Guinness will be drunk, 9.2 tonnes of potato eaten. Since the 5th century BC, gold has been the ultimate prize to award champions and gold has been constantly and universally awarded as top prize.

Four key themes to drive gold prices in 2018 – World Gold Council annual review. Monetary policies, frothy asset prices, global growth and demand and increasing market access important in 2018. Weak US dollar in 2017 saw gold price up 13.5%, largest gain since 2010. “Strong gold price performance was a positive for investors and producers, and was symptomatic of a more profound shift in sentiment: a growing recognition of gold’s role as a wealth preservation and risk mitigation tool”.

Gold corridor from Dubai to China sought by Chinese Gold & Silver Exchange Society. New Asian gold trading corridor could boost demand for 1 kg gold bars. Should increase turnover for yuan-denominated gold coins and bars – President. Secure supplies of physical gold from Middle East and Asia for China. China positioning itself as leading gold trading and owning nation.

Russian central bank buys gold – large 600,000 ounces or 18.7 tons of gold in January. Russia increased its holdings to 1,857 tons, topping the People’s Bank of China’s ‘reported’ 1,843 tons. Russia surpasses China as 6th largest holder of gold reserves – after U.S., Germany, IMF, Italy and France. Turkish central bank added 205 tons “over 13 consecutive months” – Commerzbank

Bitcoin has ‘pretty much failed’ as a currency says Bank of England Carney. Bitcoin is neither a store of value nor a useful way to buy things – BOE’s Carney. Project fear against crypto-currencies or an out of control investing bubble? Bitcoin will likely recover in value but is speculative and not for widows and orphans. British pound has been a terrible store of value – unlike gold. Pound collapsed 30% in 2016 and down 11.5% per annum versus gold in last 15 years.

Gold Up 3.8% In Week – If Closes Above $1,360/oz Will Be Biggest Weekly Gain In Nearly 2 Years. Gold rose as the dollar fell to near a three-year low against a basket of currencies on Friday, heading for its biggest weekly loss in nine months, as a slew of bearish factors including firming inflation and a fall in retail sales and industrial production hit the dollar.

Is The Gold Price Heading Higher? IG TV Interview GoldCore. Research Director at GoldCore, Mark O’Byrne talks to IG TV’s Victoria Scholar about the outlook for the gold price. In this interview, Mark O’Byrne, research director at Goldcore, says the fact that the gold price did not spike during last week’s equity sell-off was to be expected.

Sovereign wealth funds investing in gold for long term returns – PwC. Gold has outperformed equities and bonds over the long term – PwC Research. Gold is up 6.7% and 6.8% per annum over 10 and 20 year periods; Stocks and bonds returned less than 5.2% respectively over same period (see PwC table). From 1971 to 2016 (45 years), “gold real returns were approximately 10% while inflation increased 4%”.

Bitcoin and Crypto Prices Being Manipulated Like Precious Metals? – FSN Interview GoldCore. Kerry Lutz of the Financial Survival Network (FSN) interviewed GoldCore’s Mark O’Byrne about the outlook for crypto currencies, financial markets and precious metals. Are bitcoin and crypto prices being manipulated like precious metals? Is there a coordinated backlash against bitcoin from JPM and powerful interests?

Gold gains 0.6% in USD and surges 1.7% in euros and pounds. European stocks fall more than 3% at the open after sharp falls in Asia. DJIA falls 1,175 points, S&P 500 down 4.1% and Nikkei plummets 4.7%. Gold rises from $1,330 to $1,342, £942 to £960 and €1,067 to €1,085 /oz. Bitcoin crashes another 10% and has now plummeted by 70% to below $6,000. Increased risk aversion will drive safe haven demand for gold as its hedging properties are appreciated again.

“We have a stock market bubble” warns Greenspan. “Bond bubble will be the big issue” he tells Bloomberg TV (see video). “Fiscally unstable long-term outlook in which inflation will take hold”. “Ratio of federal debt to GDP which is extraordinarily high” (see chart). Higher interest rates, inflation and stagflation coming. Gold is the “ultimate insurance policy” – Greenspan

GoldNomics Podcast (Episode 2) Is This The Greatest Stock Market Bubble In History? In our second GoldNomics podcast, we take a look at one of the important financial questions of our day – is this the greatest stock market bubble in history? Listen on iTunes, SoundCloud and Blubrry. Watch on YouTube below

Gold bullion tends to rise January and February before Chinese New Year (see table). Gold is nearly 8% and $100 higher since Fed raised rates one month ago. Options traders are bullish and suggest gold has room to run (see chart). Nervous in short term, positive in medium term – gold at $1,500 in 2018.

Gold prices rise to $1,326/oz on concerns China may slow U.S. Treasury buying. Equities fell sharply on the report as did Treasurys and the U.S. dollar. Chinese officials think U.S. debt is becoming less attractive compared to other assets. Trade tensions could provide a reason to slow down or halt U.S. debt purchases. U.S. dollar vulnerable as China remains biggest buyer of U.S. sovereign debt. Currency wars to return as China rejects U.S. hegemony in Asia

“Uber-bull predictions of gold at over $5,000 per ounce are not beyond the realms of possibility…” So says GoldCore founder and self-confessed gold bug, Mark O’Byrne. Indeed, I recently caught up with Mark to get his thoughts on gold and what’s going on with it right now… But before we got to the nitty-gritty, I started by asking him a little about his background.

‘Fear and Loathing In the Age of QE … AI’ is a presentation given at Mining Investment London earlier this week. Stephen Flood, CEO of GoldCore presentation (28 minutes) was well received at the conference which is a strategic mining and investment conference for leaders in the mining and investment sectors, bringing together attendees from 20 countries.

Bitcoin tops $10,000, soaring more than 850% since beginning of 2017. Irrational exuberance arguably main driver of price performance. Google Trends shows search for ‘Bitcoin Bubble’ hit highest level this morning. Buyers need to be aware of hacking and security risks. Other primary risks to widespread adoption is volatility and liquidity risk. World’s largest online trading platform IG Markets suspends BTC trading
– Volatility of cryptocurrencies and risky world of fiat make gold attractive

Money and Markets Infographic Shows Silver Most Undervalued Asset. Silver remains severely under owned and under valued asset. Entire silver market worth tiny $100 billion shown in one tiny square. “All of the World’s Money and Markets in One Visualization”. Must see ‘Money and Markets’ infographic shows relative size of key markets: silver bullion, gold bullion, cryptocurrencies/ bitcoin, largest companies, 50 richest people, Fed balance sheet, currency, stocks, property, cash, debt & derivatives. Small allocation by investors and world’s richest will see silver surge like bitcoin

Platinum Bullion ‘May Be One Of The Only Cheap Assets Out There’Platinum “may be one of the cheap assets out there” and “is cheap when compared with stocks or bonds” according to Dominic Frisby writing in the UK’s best selling financial publication Money Week.

Every year, Ronald-Peter Stoeferle and Mark J Valek of investment and asset management company Incrementum put together the report In Gold We Trust – 160-plus pages of charts and thoughts, mostly gold-related, on the state of the world’s finances. There’s so much to look at and consider. It’s a sort of digital equivalent of a coffee-table book.

Gold prices have far outpaced gains in silver so far this year, but silver will emerge as the winner for the second year in a row. With a per-ounce price of $17.41 for silver futures as of Friday, analysts say the white metal is poised for a big climb, particularly as the gold-to-silver ratio stands well above historical averages.

Global Outlook – Mad, Mad, Mad, MAD World: News in Charts by Fathom Consulting via Thomson Reuters. Alarm bells are ringing for economic fundamentalists such as Fathom Consulting. Asset prices look increasingly out of step with fundamentals, and in some cases they look downright bubbly. And other geopolitical developments are similarly alarming. One might even describe them as…

Perth Mint gold coins see sales double on month in September. Perth Mint silver bullion coin sales surge 78% in September. Perth Mint sold 46,415 ounces of gold in September. Nearly six times more gold coins sold at Perth Mint than U.S. Mint in September. Sales surge at Perth Mint from low base; could indicate trend change and higher demand in coming months

Gold investment in Germany surged in past 10 years. Germans are largest gold buyers in world: WGC research. Gold investment in Germany surges to €6.8B in 2016. Gold demand per person is highest in world – double Chinese, UK and U.S. demand. Gold one of the most popular investment for retail investors especially those with high incomes. 59% of respondents agreed with the statement that gold will never lose its value in the long-term. 48% agreed with the statement that owning gold makes me feel secure for the long-term.

Gold finished sharply higher on Monday, recouping roughly half of last week’s loss, as declines in the U.S. stock market and growing tensions between the U.S. and North Korea lifted prices for the yellow metal to the highest settlement in more than a week.

Gold Investment “Compelling” As Fed Likely To Create Next Recession. Is the Fed about to kill the business cycle? 16 out of 19 rate-hike cycles in past 100 years ended in recession. Total global debt at all time high – see chart. Global debt is 327% of world GDP – ticking timebomb. Gold has beaten the market (S&P 500) so far this century. Safe haven demand to increase on debt and equity risk. Gold looks very cheap compared to overbought markets. Important to diversify into safe haven gold now

In an extensive, must-read report published on Monday by Deutsche Bank’s Jim Reid, the credit strategist unveiled an extensive analysis of the “Next Financial Crisis”, and specifically what may cause it, when it may happen, and how the world could respond assuming it still has means to counteract the next economic and financial crash.In our first take on the report yesterday, we showed one key aspect of the “crash” calculus: between bonds and stocks, global asset prices are the most elevated they have ever been.

Global debt bubble may be understated by $13 trillion: BIS. ‘Central banks central bank’ warns enormous liabilities have accrued in FX swaps, currency swaps & ‘forwards’. Risk of new liquidity crunch and global debt crisis. “The debt remains obscured from view…” warn BIS.

British people suddenly stopped buying cars. Massive debt including car loans, very low household savings. Brexit and decline in sterling and consumer confidence impacts. New cars being bought on PCP by people who could not normally afford them. UK car business has ‘exactly the same problems’ as the mortgage market 10 years ago, according to Morgan Stanley. Bank of England is investigating to make sure UK banks are not overly expose.

Buy gold for long term as fiat money is doomed warns Frisby. Gold’s “winning streak” will continue in long term. September is traditionally a good month for gold, as we head into the Indian wedding season. “It’s just a matter of time before gold comes good again…” by Dominic Frisby, Money Week. Today folks, by popular demand, we’re talking gold.. It’s had a nice summer run. What now?

Safe haven gold extends rally to 11-month high after North Korea nuke test and U.S. warns of ‘massive’ response. Asian and European stocks fall, bonds flat, gold, silver, palladium, Swiss franc rise as Korea tensions flare as North Korea tests ‘hydrogen bomb’. North Korea prepares for possible ICBM launch says S. Korea. U.S. warns of ‘massive,’ ‘overwhelming’ military response to North Korea after meeting with Trump. Trump weighing new economic sanctions that target China.

Gold set to shine as Washington stumbles. “Bet on gold’s diversifying properties rather than political stability”. World’s largest asset manager believes Trump and political drama in the U.S. means gold likely to rise. Real rates flattening out and rising political instability – Blackrock’s Koesterich. “For now my bias would be to stick with gold” – Blackrock. U.S. debt ceiling issue to be fractious as bankrupt U.S. hits $20 trillion debt. Investors will again turn to gold in coming political strife

Don’t let “traditional biases” stop you from diversifying into gold – Dalio on Linkedin. “Risks are now rising and do not appear appropriately priced in” warns founder of world’s largest hedge fund. Geo-political risk from North Korea & “risk of hellacious war”. Risk that U.S. debt ceiling not raised; technical US default. Safe haven gold likely to benefit by more than dollar, treasuries.

Silver Mining Production Plummets 27% At Top Four Silver Miners by SRSRocco Report
In an interesting change of events, production at four of the top primary silver miners plummeted during the second quarter of 2017. This goes well beyond normal fluctuations in mining companies production figures during different quarterly reporting periods.

Gold consolidates on 2.5% gain in July as the dollar has fifth monthly decline. Trump administration and vicious “civil war” politics casting shadow over America and impacting dollar. All eyes on non farm payrolls today for further signs of weakness in U.S. economy. Gold recovers from 1.7% decline in June as dollar falls. Gold outperforms stocks and benchmark S&P 500 YTD.

‘Mother of all debt bubbles’ keeps gold in focus. Global debt alert: At all time high of astronomical $217 T. India imports “phenomenal” 525 tons in first half of 2017. Record investment demand – ETPs record $245B in H1, 17. Investors, savers should diversify into “safe haven” gold. Gold good ‘store of value’ in coming economic contraction.

Gold seasonal sweet spot – August and September – is coming. Gold’s performance by month from 1979 to 2016 – must see table. August sees average return of 1.4% and September of 2.5%. September is best month to own gold, followed by January, November & August.

Dublin property investors had better hope that Brexit happens soon. They should also hope that it’s not just a ‘hard’ Brexit, but a granite Brexit — a Brexit that’s as hard as possible. They should be betting on the buffoonery of Boris Johnson, down on both knees praying for a massive barney between Davis and Barnier.

John Mauldin of Mauldin Economics latest research note, Prepare for Turbulence, is excellent and a must read warning about the coming financial crisis. Mind refreshed from what sounds like a wonderful honeymoon and having had the time to read some books outside his “comfort zone” he has come to the conclusion that we are on the verge of a “major financial crisis, if not later this year, then by the end of 2018 at the latest.”

“Financial Crisis Of Historic Proportions” Is “Bearing Down On Us”. John Mauldin of Mauldin Economics lata“Financial Crisis Of Historic Proportions” Is “Bearing Down On Us”.
John Mauldin of Mauldin Economics latest research note, Prepare for Turbulence, is excellent and a must read warning about the coming financial crisis.

– Silver’s plunge is nearing completion – Bloomberg analyst. Silver’s 10% sharp fall in seconds remains “mystery”. Plunge despite anemic global supply and strong demand .Total silver supply declined in ’16 – lowest level since ’13. Silver mine production down in ’16, first time in 14 years. Total silver supply decreased by 32.6 Mln Ozs in 2016
.Supply deficit in 2016- fourth consecutive year (see table). “Falling knife” caution but opportunity presenting itself

– Silver prices ‘flash crash’ before rebound– Silver hammered 7% lower in less than minute in Asian trading– Silver fell from $16 to $14.82, before recovering to $15.89– Silver plunge blamed on another ‘trading error’– Gold similar ‘flash crash’ last week and similar recovery– Hallmarks of market manipulation as $450 million worth of silver futures sold in minute– Trading ‘errors’ always push gold and silver lower. Why never higher?

600 new words entered our official lexicon this week as the Oxford English Dictionary announced the latest new additions to their online records.

Gold in USD – 1 Week – Massive selling at 0400 EST when U.S. markets closed and thin trading amid holidays in Muslim countries including Turkey, Singapore and Malaysia.
– Mystery is that “fat fingers” in gold market are always sell trades that push prices lower

The Irish Times has teamed up with GoldCore, Ireland’s first and leading gold broker, to offer you the chance to win a beautiful, freshly minted Gold Sovereign coin (2017) which contains nearly one quarter of an ounce of gold and is ‘investment grade’ 22 carat pure gold.

The 11th edition of the annual “In Gold we Trust” is another must read synopsis of the fundamentals of the gold market, replete with excellent charts by our friend Ronald-Peter Stoeferle and his colleague Mark Valek of Incrementum AG.

Gold held steady on Thursday as investors awaited cues on market direction amid a number of geopolitical events later in the day that could boost the safe-haven demand for the metal.

Gold prices break 6 year down trend on safe haven demand (see charts). Chinese gold demand set to surge 50% to 1,000 metric tonnes. Chinese demand for gold bars on track to surge more than 60 percent in 2017. Geopolitical risk internationally leading to safe haven demand. UK election, terrorism and rising tensions in Middle East supporting gold after attacks in London and attacks in Iran today.

Deposit bail in risk as stocks and bonds of Spanish bank – Banco Popular – crash. Banco Popular stock crashes most on record – down 63% this year to 34 euro cents. Spanish bank tells employees – “Don’t panic”. Risk of Spanish banking crisis as Banco Popular credit curve inverts. Banco Popular needs to find at least €4 billion more capital – analysts.

Do you think silver is poised to go higher? I sure do. That’s because I’m watching what is going on in the world’s silver ETFs. I’m also watching the mountain of forces that are piling up to push the metal higher.
Look at this chart. It shows all the metal held by the world’s physical silver ETFs (black line). And all the metal held by the world’s physical gold ETFs (blue line) …

The appalling attack in Manchester overnight in which over 22 people have been killed has led to a slight uptick in risk aversion in markets. Investors are cautious after police said they were treating a bombing at a concert in the Manchester Arena as a “terrorist incident”.

Cyber Attacks Show Vulnerability of Digital Systems and Digital Currencies – Cyberattacks expected to spread today in “second phase”– UK intelligence says scale of threat significant– Microsoft slams NSA for letting hacking tools cause global malware epidemic– Ransomware attack already crippled more than 200,000 computers in 150 countries– 1.3 million computer systems believed to be at risk

History of Gold – How the gold industry has changed over 50 years. Thomson Reuters GFMS have compiled an interesting high level history of the gold industry in the last fifty years. Topics covered and interesting historical facts to note include: Gold market size– Gold mine production “peaked in 2015”. South African production collapse from 1,000 tonnes.

Peak Gold and Silver On “Small Finite Planet” With Near Infinite Currency. Peak gold and silver and the case for peak precious metals on “our small, finite planet” was the topic for discussion on the latest episode of the the Keiser Report.

Gold bullion imports into China via main conduit Hong Kong more than doubled month-on-month in March, data showed on Tuesday as reported by Reuters. Net-gold imports by the world’s top gold consumer through the port of Hong Kong rose to 111.647 tonnes in March from 47.931 tonnes in February, according to data emailed to Reuters by the Hong Kong Census and Statistics Department.

The gold sovereigns – semi-numismatic gold coins made up of both gold sovereigns and half gold sovereigns dating from the reigns of Victoria, Edward VII and George V – were discovered inside an old piano after it was donated to a school last year.

David McWilliams has written an interesting article in which he puts forward the case that Trump is likely to turn on the “enemy within,” the Federal Reserve and bully them into “printing money.” He points out that this was seen in 1971 when Nixon bullied the Fed into printing and debasing the dollar. McWilliams says this would be bad for stocks markets which would fall in value as was seen in the 1970s.

Silver production sees “huge decline” in Peru. Production -12% in one month in 2nd largest producer. Silver decline is due to ‘exhaustion of reserves’ in Peru. GFMS recognise that ‘Peak Silver’ was reached in 2015. Global silver market had large net supply deficit in 2016. Silver rallied 13.5% in Q1 in 2017. Base metal production accounts for 56% of silver mining.

President Donald Trump sent currency markets into a tizzy late Wednesday when he signaled his preference for a weaker dollar. “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me,” Trump told the Wall Street Journal.

Perth Mint’s silver bullion sales rise 43% in March. Perth Mint’s monthly gold coin, bars sales fall 12%. Gold silver ratio of 32 – 32 times more silver ounces sold. Gold: 22,232 oz and Silver: 716,283 oz – bullion coins and minted bars sold. Gold is 2.6% higher and silver surged 3.1% in the shortened week with markets closed for Good Friday tomorrow.

Gold price breaks above key 200-day moving average. Gold hits 5-month high on back of investor nervousness. Safe haven has 10% gains in 2017 after 9% gains in 2016. Gold options signal more gains as ETF buying increases. Geopolitical uncertainty over North Korea & Middle East. Tensions high -World awaits US move & Russia response.

Bank of England implicated in LIBOR scandal by BBC. “We’ve had some very serious pressure from the UK government and the Bank of England about pushing our Libors lower.” “This goes much much higher than me”- UBS’ Tom Hayes. Libor distraction as all markets are manipulated today. Central bank’s “rigging” bond markets and likely gold.

Gold silver oil spike after U.S. bombs Syria. Gold and silver spike 1% as oil rises 1.4%. Gold breaks 200 day moving average, 4th week of gains. Stocks fall after U.S. strikes in Syria rattle markets.  U.S. missiles hit airbase; Lavrov says no Russian casualties; Russia deploys cruise missile frigate to Syria.

Gold, silver two of the best performing assets in the first quarter of 2017 with gains of  8% and 14% respectively. Gold outperforms benchmarks – S&P 500 up 6%, MSCI (All Country World Index) up 6.4% (see tables). Nasdaq and German DAX rise 11.8% and 7.6%. Silver best performing currency in quarter. Five best performing currencies in Q1 are in order – silver, bitcoin, Mexican peso, Russian ruble and gold.

As the UK triggered its formal departure from the European Union yesterday, gold demand from UK investors remained ongoing and robust with increased numbers of British investors diversifying into physical gold in order to hedge the considerable uncertainty and volatility that the coming months and years will bring.

Gold and silver jumped another 1% overnight in Asia, building on the respective 1.5% and 2.2% gains seen last week. The ‘Trump trade’ is fading, impacting stock markets and risk off has returned to global markets with the Nikkei, S&P 500 futures and European stocks weakening.

Considering the public’s waning trust in the banking system, many investors find themselves wondering how GLD stacks up to owning the real thing. When you look at both assets more closely, it’s clear that gold ETFs and gold bullion are very different investments.

Peak gold – Biggest gold story not being reported. Gold ‘Mining Zombie Apocalypse’ caused miners to slash exploration budgets. Decline in gold production at world’s top 10 gold mining companies – Byron King. “No new big mines being built in the world today” – Glencore CEO Glasenberg. Primary global gold output declined in 2016 – Thomson Reuters via Mining.com.

The cost of buying and selling gold. How to buy gold on the cheap. How to avoid paying capital gains tax (CGT) on your gold. Open an account with one of the online bullion dealers – the likes of GoldMoney, GoldCore or Bullion Vault. Gold Sovereigns and Gold Britannias make for a considerable saving on cost because of the CGT exemption.

James Rickards: Long-Term Forecast For $10,000 Gold. James Rickards, geopolitical and monetary expert and best selling author of the ‘The New Case for Gold’ has written an interesting piece for the Daily Reckoning on why he believes gold will reach $10,000 in the long term.

Why gold retains value? Interesting unknown gold facts. “Prepare your jaws for a sizeable drop!” History, finite, rare and peak gold. “It is beautiful to look at…”. ‘Heavy metal’ – Thud sound of a gold bar (kilo). ‘Going for gold’ – Olympic gold medals to Chelthenham ‘Gold Cup’.

Art Market Bubble Bursting? Russian Billionaire Takes 74% Loss On “Investment”. $85 Million Gauguin Bought By Dmitry Rybolovlev in 2008. Christie’s auctioned the work at its evening sale in London. Global art sales plummet, but China rises as ‘art superpower’. China soon to dominates global art and gold market. Art price volumes doubled since 2009. As currencies debase super rich seek out stores of value. Gold remains accessible store of value for all. Stocks, bonds and many assets at record prices.

Gold up 1.5% in euros and dollars this week. Silver up 1.4% this week and now up 14.3% and is the best performing market YTD. Gold up 9% year to date – fourth consecutive higher weekly close and breaks resistance at $1,250/oz. Gold up 9.4% in euros year to date as Le Pen’s lead in polls widened. Gold up another 6.4% in sterling pounds year to date as ‘Hard Brexit’ looms.

Frank Holmes joins Lawrie Williams, Koos Jansen and many others in questioning the “official” Chinese gold demand numbers. Real gold demand is likely much higher than the official numbers. Inflation just got another jolt, rising as much as 2.5 percent year-over-year in January, the highest such rate since March 2012. Led by higher gasoline, rent and health care costs, consumer prices have now advanced for the sixth straight month.

Russia Gold Buying Returns – Adds Substantial One Million Ounces To Reserves In January. Russia gold buying returned in January with the Russian central bank buying a very large 1 million ounces or 37 metric tonnes of gold bullion. The increase in the gold reserves came after Russia did not buy a single ounce in December – a move seen as potentially a signal or an olive branch to the U.S. and the incoming Trump administration.

“The eurozone isn’t working …” warns Greenspan, “I view gold as the primary global currency” said Greenspan, “Significant increases in inflation will ultimately increase the price of gold”, “Investment in gold now is insurance…”

Gold prices rising & up 6.6% YTD. Signal “impending market volatility”. World has never been more uncertain (see chart). Fear in Wall Street versus Fear in Washington. Price of ‘plunge protection’ rising even as VIX remains low. Smart money diversifying into gold. Important to watch rising gold and rising bond yields. Gold may prove the “tell”.

London Gold Bullion Banks To “Open Vaults” In Transparency Push. London’s gold bullion market, which is centuries old, is said to be seeking transparency with plans to reveal how much gold bullion is held in vaults in and around London city according to gold bullion banks.

New research confirms that not just gold but also the other precious metals – silver, platinum and palladium bullion – act as safe havens, especially from ‘Economic Policy Uncertainty.’ This is something that is particularly prevalent today due to the ‘Hard Brexit’ impact on the UK and the Eurozone, risk of trade wars and heightened financial and geopolitical risk under the Trump Presidency.

2017 could be the year that the euro collapses according to Joseph Stiglitz writing in Fortune magazine and these concerns were echoed over the weekend by former Bundesbank vice-president and senior European Central Bank official, Jürgen Stark, when he said that the ‘destruction’ of the Eurozone may be necessary if countries are to thrive again.

Switzerland’s Gold Exports To China Surge To 158 Tonnes In December. Switzerland’s gold bullion exports to China saw a huge jump in December, climbing to 158 tons versus a much lower 30.6 tons in November – a jump of 416%.

Gold’s average gains in inauguration years of 15% since 1974. First year of new President frequently a time of increased uncertainties and risks. Gold rose 30% in the 12 months after Obama inauguration. Massive political uncertainty. President’s conflict with the CIA. ‘Strong dollar policy’ to end as U.S. has $120 trillion plus debt. Trump inherits Bush and Obama’s humongous debt.