Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
UKIP No Longer About BrExit, Becomes BNP 2.0, Muslim Hate Party - 21st Mar 19
A Message to the Gold Bulls: Relying on the CoT Gives You A False Sense of Security - 20th Mar 19
The Secret to Funding a Green New Deal - 20th Mar 19
Vietnam, Part I: Colonialism and National Liberation - 20th Mar 19
Will the Fed Cut its Interest Rate Forecast, Pushing Gold Higher? - 20th Mar 19
Dow Jones Stock Market Topping Pattern - 20th Mar 19
Gold Stocks Outperform Gold but Not Stocks - 20th Mar 19
Here’s What You’re Not Hearing About the US - China Trade War - 20th Mar 19
US Overdosing on Debt - 19th Mar 19
Looking at the Economic Winter Season Ahead - 19th Mar 19
Will the Stock Market Crash Like 1937? - 19th Mar 19
Stock Market VIX Volaility Analysis - 19th Mar 19
FREE Access to Stock and Finanacial Markets Trading Analysis Worth $1229! - 19th Mar 19
US Stock Markets Price Anomaly Setup Continues - 19th Mar 19
Gold Price Confirmation of the Warning - 18th Mar 19
Split Stock Market Warning - 18th Mar 19
Stock Market Trend Analysis 2019 - Video - 18th Mar 19
Best Precious Metals Investment and Trades for 2019 - 18th Mar 19
Hurdles for Gold Stocks - 18th Mar 19
Pento: Coming QE & Low Rates Will Be ‘Rocket Fuel for Gold’ - 18th Mar 19
"This is for Tommy Robinson" Shouts Knife Wielding White Supremacist Terrorist in London - 18th Mar 19
This Is How You Create the Biggest Credit Bubble in History - 17th Mar 19
Crude Oil Bulls - For Whom the Bell Tolls - 17th Mar 19
Gold Mining Stocks Fundamentals - 17th Mar 19
Why Buy a Land Rover - Range Rover vs Huge Tree Branch Falling on its Roof - 17th Mar 19
UKIP Urged to Change Name to BNP 2.0 So BrExit Party Can Fight a 2nd EU Referendum - 17th Mar 19
Tommy Robinson Looks Set to Become New UKIP Leader - 16th Mar 19
Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - 16th Mar 19
Towards the End of a Stocks Bull Market, Short term Timing Becomes Difficult - 16th Mar 19
UKIP Brexit Facebook Groups Reveling in the New Zealand Terror Attacks Blaming Muslim Victims - 16th Mar 19
Gold – US Dollar vs US Dollar Index - 16th Mar 19
Islamophobic Hate Preachers Tommy Robinson and Katie Hopkins have Killed UKIP and Brexit - 16th Mar 19
Countdown to The Precious Metals Gold and Silver Breakout Rally - 15th Mar 19
Shale Oil Splutters: Brent on Track for $70 Target $100 in 2020 - 15th Mar 19
Setting up a Business Just Got Easier - 15th Mar 19
Stock Market Elliott Wave Analysis Trend Forercast - Video - 15th Mar 19
Gold Warning - Here Are the Stunning Implications of Plunging Gold Price - Part 1 - 15th Mar 19
UK Weather SHOCK - Trees Dropping Branches onto Cars in Stormy Winds - Sheffield - 15th Mar 19
Best Time to Trade Forex - 15th Mar 19
Why the Green New Deal Will Send Uranium Price Through the Roof - 14th Mar 19
S&P 500's New Medium-Term High, but Will Stock Market Uptrend Continue? - 14th Mar 19
US Conservatism - 14th Mar 19
Gold in the Age of High-speed Electronic Trading - 14th Mar 19
Britain's Demographic Time Bomb Has Gone Off! - 14th Mar 19
Why Walmart Will Crush Amazon - 14th Mar 19
2019 Economic Predictions - 14th Mar 19
Tax Avoidance Bills Sent to Thousands of Workers - 14th Mar 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast March to September 2019

Global Precious Metal Roundtable - Greece, China, Manipulation, Interest Rates and Outlook

Commodities / Gold and Silver 2015 Jul 17, 2015 - 09:00 PM GMT

By: GoldCore

Commodities

- Recent events in Greece have undermined trust  in the EU
- Sentiment towards gold cannot get much worse
- Increase in interest and demand for gold recently
- Elephant in room is manipulated gold and silver market
- Will sharp slowdown in China see fall or rise in gold demand?
- Gold served its function as safe haven in recent months
- History shows that gold prices rise with interest rates
- Gold has performed well in most currencies this year


The latest ‘Global Precious Metal Roundtable’ was recorded Wednesday and featured Jordan Eliseo of ABC Bullion,  Bron Suchecki of the Perth Mint and Ron Stoeferle of Incrementum and Mark O’Byrne of GoldCore. Recent events in Greece and the EU, very poor sentiment towards, gold and silver manipulation, the relationship between gold prices and rising interest rates and indeed the outlook for gold were discussed.

The panelists agreed that trust in politics in the EU had been completely undermined with the latest ‘deal’ between the ECB, EU and Greece. The game of extend and pretend at the expense of people and entire socieites is now plain to see and euro-skepticism is on the rise.

These developments and recent events in China have caused a surge of interest in Goldcore’s research guides and market updates. However, despite record account openings from the UK and Ireland, the U.S. and Canada, many investors are funding accounts but holding off on buying due to the most recent bout of price weakness and very negative sentiment – particularly in the media.

Sentiment towards gold is very poor and the panelists agree that a catalyst may break that sentiment with Ronald pointing out that as prices rise investors tend to want to buy.

Gold has actually served its function in recent months. If you were in Greece with its capital controls or China with its collapsing stock market gold performed its role as safe haven.

With regards to manipulation, Mark pointed out that when central banks print vast sums of cash to buy bonds to suppress interest rates the last thing they want to see is a rise in gold prices. While there is no “smoking gun” commentators such as those at GATA have amassed a large body of circumstantial evidence and many astute and leading analysts in the gold market have come to the conclusion that gold is manipulated.

Manipulation should not be primary focus of analysts but important to keep an open mind and look at as one potential factor in the market. Ultimately supply and demand will dictate prices in the long term and manipulation will only work in the short term.

It was agreed that, historically, gold prices have risen in line with nominal interest rates. It is only an environment of positive real interest rates that is not so favourable for gold. The simplistic narrative that suggests that rising interest rates will be bearish for gold is incorrect. Indeed it would have far worse implications for stock markets and property markets and yet this is rarely warned of.

Gold has actually performed well in most currencies this year. In Euro and Aussie dollar terms, gold has delivered a healthy and sustainable 5% return so far in 2015. Investors should pay attention to prices in their own currencies – not simply gold in U.S. dollar.

Mark’s concluding comments were that it is important to focus on gold’s proven role as a safe haven, as an important diversification and hedging instrument in a portfolio. All the empirical data, academic and independent research clearly shows gold is a safe haven over the long term.

Bullion protects people from falling stock markets as seen in the 30% collapse in Chinese stocks recently. It has protected Greek investors and savers – from sharp falls in stock, bond and property markets. Indeed it has protected people in Greece from the recent draconian bank and safety box deposit withdrawal restrictions  and from capital controls.

The ‘Global Precious Metal Roundtable’ can be watched here

Must-read guides to international bullion storage:
Essential Guide to Gold Storage in Switzerland
Essential Guide to Gold Storage in Singapore

MARKET UPDATE

Today’s AM LBMA Gold Price was USD 1,143.00, EUR 1,049.25 and GBP 730.68 per ounce.
Yesterday’s AM LBMA Gold Price was USD 1,145.10, EUR 1,050.12 and GBP 732.79  per ounce.

For the week, gold is marginally lower in dollars and pounds but has eked out gains in euros to above €1,050 an ounce.


Gold in USD – 1 Week

Yesterday, gold fell $4.20 to $1,144.10 an ounce and silver slipped $0.10 to $15.01 an ounce. Gold in Singapore for immediate delivery was flat and gold bullion in Switzerland was marginally lower.

Gold looks set for a fourth weekly loss, the longest retreat since February despite strong coin and bar demand – particularly in Germany and wider Europe and indeed in the U.S.

U.S. Mint gold bullion coin sales surpassed the January 2015 level yesterday and are currently at the highest level since January 2014.


Gold in EUR – 1 Week

China has announced a smaller than expected increase in its gold reserves. China’s gold reserves stood at 53.31 million fine troy ounces or 1,658 metric tonnes by the end of June, the People’s Bank of China announced today.

It was the first public adjustment to its reserve figures in more than six years. It last announced its reserve figure in April 2009, when the level was increased to 33.89 million troy ounces from 19.29 million troy ounces.

Chinese gold reserves increased by 57 percent and China’s holdings have now surpassed those of Russia to become the fifth-largest. The U.S. is believed to have the biggest reserves at 8,133.5 tons.

Gold is no longer used to back the trillions and trillions of paper and digital money of today, however it clearly remains money contrary to assertions to the contrary. Gold bullion remains a substantial part of central bank reserves in the U.S. and Europe. China became the world’s second-largest economy in 2010 and has stepped up efforts to internationalize its currency – the yuan.

This is the continuation of the trend of China positioning the yuan as global reserve currency and we would not be surprised if China begins to accumulate a minimum of 100 metric tonnes a month going forward.  The Chinese are pushing for full convertibility of the RMB and increasing their gold holdings will create confidence in the fledgling reserve currency and aid them in this regard.


Gold in GBP – 1 Week


The short term trend remains lower. Gold may be in the process of having  one last sell off and capitulation. The move lower this week may signal the start of that phase.

Good physical supply demand fundamentals and a very supportive macroeconomic backdrop are being ignored and the momentum driven and increasingly computer driven futures market is dominating and pushing prices lower again.

Concerns about a Fed interest rate increase are also weighing on the market. Although to an extent we would be surprised if that was not already priced into the gold market – as it has been very well flagged at this stage.

Silver for immediate delivery was flat at $15.04 an ounce, marginally lower for a fifth day. Spot platinum fell 0.6 percent to $1,008.51 an ounce, while palladium fell 1.1 percent to $625.95 an ounce.

This update can be found on the GoldCore blog here.

Stephen Flood
Chief Executive Officer

IRL
63
FITZWILLIAM SQUARE
DUBLIN 2

E info@goldcore.com

UK
NO. 1 CORNHILL
LONDON 2
EC3V 3ND

IRL +353 (0)1 632 5010
UK +44 (0)203 086 9200
US +1 (302)635 1160

W www.goldcore.com

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

GoldCore Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules