From observing price action, there appears to be continuing underlying physical demand, and on Wednesday the Russian Central Bank confirmed that it had taken the opportunity of sub-$1200 prices to add 300,000 ounces of gold to their official reserves last month. It is also reasonable to suggest that in times of increasing economic and systemic tensions in the Eurozone, some central banks will swap euros for gold to rebalance their reserves. Full Story
Among other reasons, we hold gold as insurance because governments and central banks always devalue their fiat currencies and because, like the turtle, gold is reliable and safe – IT HAS NO COUNTER-PARTY RISK. Full Story
-“The world economy is like an ocean liner without lifeboats …” – HSBC - Four areas of high risk identified by HSBC - Risk of stock market crash - Pension funds and insurers may not meet obligations - Chinese recession may drag U.S. into recession or depression - Premature rate rise would expose very fragile global economy - “There aren’t enough lifeboats to go round” - Gold vital lifeboat when global ship strikes iceberg Full Story
By: Julian D. W. Phillips, Gold Forecaster - 22 May, 2015
As we said yesterday, “It is becoming clear that the Technical picture is not working as it has in the past when chart patterns dictated future moves.” Investors need to know why. We have mentioned in the past that Asian demand ignores the Technical picture and comes in when gold is below or around $1,200, but more than that is happening here. The gold market is evolving and will continue to do so throughout this year. Later in the year we will see a Shanghai ‘Fix’ in the Yuan. The Chinese gold market is far bigger in physical terms than most investors believe and deeply liquid, despite it being ‘buyers only’. Banks are extremely active in the gold market having woven it into the fabric of banking already. Gold is not exported, but the International arm of the Shanghai Gold Exchange will accommodate that now. So they are poised already to be a most significant part of the global gold market. Full Story
- “There is a global financial bubble” – Stock markets and bond markets at all time record highs – Medium to long term, gold’s “fundamentals look very sound” Full Story
Gold dipped $3.45 to $1204.75 in Asia before it bounced back to $1212.68 at about 10AM EST and then drifted back towards unchanged in the next four hours of trade, but it then rose to a new session high of $1213.10 after the release of today’s fed minutes and ended with a gain of 0.17%. Silver slipped to $16.978 before it climbed back to $17.289, but it then drifted back lower into the close and ended unchanged on the day. Full Story
- Bank of America advises owning gold - Markets in “Twilight Zone” transition period - Fed policy normalisation poses risks - Own gold and cash to protect against “cleansing drop in asset prices” - Data show markets disconnected from reality - Fragile system vulnerable to shock - Gold is hedge against systemic risks Full Story
By: Chintan Karnani, Insignia Consultants - 20 May, 2015
There is no big US economic data release. It will be a technical trade. Gold, silver and other commodities will track the US dollar. Yesterday US housing starts number is playing ding dong with the US dollar and commodity markets. Use sharp dips (if any) from here this week to invest for the long term. Next week gold June futures will expire. Option traders and medium term future traders have started building positions for the June to September period. Full Story
Gold fell $19.44 to $1205.86 by late morning in New York before it bounced back higher in afternoon trade, but it still ended with a loss of 1.4%. Silver slipped to as low as $16.943 and ended with a loss of 3.17%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 19 May, 2015
New York closed at $1,225.30 up 40cents over Monday’s close. Asia and London let it slip. The LBMA Gold price was set at $1,219.65 down $8.50 over Monday’s level. The euro equivalent stood at €1,089.12 up €11.89 while the dollar was stronger and the euro weaker at $1.1198 down from $1.1401 against the euro. Ahead of New York’s opening, gold was trading lower in London at $1,220.10 and in the euro at €1,090.15. Full Story
- London property falls most in nine months in May - Falls possibly due to pre-election fear of Labour housing policy - Surge in sterling dampens demand - Tory victory has led to surge of new sales - London market still overheated - Investors look for stores of value Full Story
Gold gained $7.29 to $1232.19 at about 2:30AM EST before it fell back to $1222.83 in the next 8 hours of trade, but it then bounced back higher in late morning New York trade and ended with a gain of 0.03%. Silver rose to as high as $17.771 and ended with a gain of 0.86%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 18 May, 2015
New York closed at $1,224.90 up $3.10 over Friday’s close. Asia took it up to $1,230. The LBMA Gold price was set at $1,228.15 up $11.85 over Friday’s level. The euro equivalent stood at €1,077.23 up €6.45 while the dollar was weaker and the euro stronger at $1.1401 up $1.1359 against the euro. Ahead of New York’s opening, gold was trading lower in London at $1,226.60.00 and in the euro at €1,075.63. Full Story
- Euro banks no more stable now than in run-up to 2008 crash - Banks in France, Spain and Italy are “highly vulnerable to failure” - Low quality bank equity not sufficient to withstand shock - Risk to system “enormously underestimated” - Investor deposits at risk of “bail-ins” Full Story
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