This has been the first down year for gold in 13 years. Gold bugs are looking tired, drawn and poorer. What’s gone wrong for the precious metal?
If you take the view from Mount Olympus then the gold price has suffered from a switch by global investors into the very old stock market rally and a big hike in gold taxes in India, the biggest market for physical gold. At the same time China has... read more
Today’s AM fix was USD 1,231.75, EUR 911.60 and GBP 760.57 per ounce.
Friday’s AM fix was USD 1,241.75, EUR 918.59 and GBP 766.75 per ounce.
Gold remained unchanged Friday, closing at $1,243.20/oz. Silver slipped $0.12 or 0.6% closing at $19.87/oz. Platinum fell $5.50 or 0.4% to $1,437.74/oz, while palladium dropped $6.50 or 0.9% to $729.72/oz. Gold and silver both fell on the week at 3... read more
And We’re Back…
In the past two weeks we have highlighted the importance of Russia and the world’s central banks to the bullish gold price narrative.
In our recent article “From Russia with Gold”, we detailed that Russia has the 2nd largest unmined gold reserves in the world. Its gold production sinc... read more
In George Orwell’s seminal work 1984, there’s a really great scene early in the book between Winston (the main character) and Syme, a low-level functionary at the Ministry of Truth.
Syme is working on the 11th Edition of the Newspeak Dictionary, and he explains to Winston how t... read more
The relationship between gold and commodities is essentially a simple one. If you look at long-term charts of oil priced in gold for example, you find that they have been more constant than oil priced in paper currencies. In 1965, gold was at $35 and oil was priced at $2.90 per barrel, so priced in gold oil was 0.083 ounces. Today gold is $1250 and oil is $95, so oil is 0.076 ounces. Therefore... read more
Silver and other precious metals just can’t seem to get a break. There are several reasons one can think of for their lackluster performance on days like today: 1) the supposed FED taper 2) a skyrocketing stock market seemingly indicating all is well with the world, and 3) a sense that the US dollar represents the “cleanest dirty shirt,” as they say. When you add to this that commodity fu... read more
Today’s AM fix was USD 1,241.75, EUR 918.59 and GBP 766.75 per ounce.
Yesterday’s AM fix was USD 1,248.50, EUR 929.64 and GBP 775.76 per ounce.
Gold fell $1.50 or 0.12% yesterday, closing at $1,243.20/oz. Silver climbed $0.14 or 0.71% closing at $19.99/oz. Platinum rose $4.60 or 033% to $1,389.50/oz, while palladium climbed $3.78 or 0.53% to $714.75/oz.
Many traders and investors a... read more
On 15 November 1923 decisive steps were taken to end the nightmare of hyperinflation in the Weimar Republic: The Reichsbank, the German central bank, stopped monetizing government debt, and a new means of exchange, theRentenmark, was issued next to the Papermark (in German: Papiermark). These measures succeeded in halting hyperinflation, but the purchasing power of thePapermark was complet... read more
Kaye: “The major news that nobody cares about is China has now announced something we’ve been anticipating for quite some time, which is they are now going to be invoicing their oil imports in renminbi. This is another major step in China sidestepping the US dollar as the world’s reserve currency....
This means that China will have bilateral trading arrangements with Russia and th... read more
David Einhorn begins his discussion on the market warning that "certain aspects of the market are very much in bubble," with investors "dismissing valuation metrics." "The market is confused," between useful products and real profit streams, he suggests for a number of headline-grabbing higly speculative names. More broadly, Einhorn believes real damage has been done by Fed... read more
