By: Chris Mullen, Gold Seeker Report - 9 March, 2018
Gold fell $9.20 to $1312.90 at about 8:30AM EST before it rallied back to $1324.90 by midday and then drifted lower into the close, but it still ended with a gain of 0.11%. Silver chopped between $16.347 and $16.672 and ended with a gain of 0.61%. Full Story
– International Women’s Day highlights the underreported UK Women’s pension crisis – 2.66 million affected by UK government’s change to state pension act – Women’s pension crisis is one of many in the UK, where there is a £710bn deficit for prospective retirees – Changes by government highlights the counterparty risks pensions are exposed to – Global problem as pensions gap of developed countries growing by $28B per day – Savers and investors should look to invest in gold as part of their pensions Full Story
The European central bank seems to have adopted a middle of the road strategy in light of Trump’s tax uncertainty. Traders were looking for an aggressive stance by the ECB on monetary withdrawal but were disappointed. The Euro fell and the US dollar gained. Gold fell following the US dollar gains. If US nonfarm payrolls comes in over 200,000 then gold and silver can fall more. I do not expect an interest rate hike by the Federal Reserve this month irrespective of the Month. But an April interest rate hike can happen. Full Story
By: Chris Mullen, Gold Seeker Report - 8 March, 2018
Gold fell $6.10 to $1319.10 in late morning New York trade before it bounced back higher into the close, but it still ended with a loss of 0.23%. Silver traded between $16.564 and $16.426 and ended unchanged on the day. Full Story
– Sales in London property market at ‘historic lows’ – 65% fall in pre-tax profits in 2017 to £6.5m reported by London estate agents Foxtons – Foxtons warns 2018 will ‘remain challenging’ for London property – Norway’s sovereign wealth fund is backing London’s property market – RICS: UK property stock hits record low as buyer demand falls – Own physical gold to hedge falls in physical property Full Story
By: Chris Mullen, Gold Seeker Report - 7 March, 2018
Gold fell $10.90 to $1322.80 in early afternoon New York trade before it edged back higher into the close, but it still ended with a loss of 0.64%. Silver slipped to as low as $16.437 and ended with a loss of 1.55%. Full Story
– Gold no longer fears or pays attention to Fed announcements regarding interest rates – Renewed interest in gold due to inflation fears and concern Fed won’t do enough to control it – Higher interest rates on horizon will make debt levels unsustainable – New Fed Chair warns “the US is not on a sustainable fiscal path” and could lead to an “unsustainable” debt load – Higher interest rates are good for gold as seen in the 1970s and 2000s – Gold markets aware that central banks are running out of financial weapons to deal with crises Full Story
Trade wars will increase as the Trump administration is considering clamping down on Chinese investments in the USA along with imposing tariffs on a broad range of Chinese imports. Gary Cohn resigning as Trump’s top economic advisor will be bearish for the US dollar and bullish for gold. Key US economic data releases begin from today with February US private ADP jobs number. It remains to be seen if economic data releases turn the focus away from Trump’s protection. Full Story
By: Chris Mullen, Gold Seeker Report - 6 March, 2018
Gold gained $18.90 to as high as $1338.50 in late morning New York trade before it edged back lower into the close, but it still ended with a gain of 1.07%. Silver rose to as high as $16.858 and ended with a gain of 1.89%. Full Story
– RaboDirect Ireland to close online savings accounts in Irish market on May 16 – RaboDirect holds over €3 billion in deposits from its 90,000 Irish customers – Irish savers now exposed to still indebted Irish banks and bail-ins – Marian Finucane heard recently that buying gold is for “ordinary people” and not just for “rich and posh people” – By owning gold “if banks go belly up again you would be covered” – Finucane Full Story
By: Chris Mullen, Gold Seeker Report - 5 March, 2018
Gold gained $5.80 to $1327.70 in Asia before it dropped back to $1317.40 by midafternoon in New York, but it then bounced back higher in the last 2 hours of trade and ended with a loss of just 0.17%. Silver waffled between $16.597 and $16.36 and ended with a loss of 0.48%. Full Story
The Italian election will have an impact on the euro and will also affect decision making among Eurozone members. Merkel gets a fourth term in Germany. I do not foresee a sustainable government in Germany. Merkel’s pro migrant chant will reduce if she needs to stay in power. Even new Italian leaders will support the need to take in less migrants. Full Story
The purpose of this update is to commemorate the Large Specs having their first net short position in silver since the site started 15 years ago, and also to consider how we can turn this to our advantage. Before we look at silver’s latest extraordinary COT chart and consider its implications, we will first quickly review the silver charts. Full Story
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