Today’s AM fix was USD 1,330.75, EUR 1001.24 and GBP 864.79 per ounce.
Friday’s AM fix was USD 1,327.75, EUR 998.76 and GBP 861.73 per ounce.
Gold rose $1.50 or 0.11% on Friday and closed at $1,333.00/oz. Silver fell $0.17 or 0.84% and closed at $20.03. Gold and silver both gained last week 2.98% and 2.77% respectively.
Gold inched lower today after three weeks of bullish sentiment saw gains for the yellow metal. Caution arrived as investors await the U.S. Federal Reserve, the Bank of England and the ECB's policy meetings this week. Bullish bets on gold futures and options increased this week from a fourth month high seen last week; on speculation that the U.S. Fed will keep interest rates low reported the CFTC on Friday.
Gold 5 Year - (Bloomberg)
At GoldCore we have been monitoring the activity of gold buyers with China and India top of the list, in the main due to the significant quantities both countries are ‘consuming.’ What is behind this significant rise in both public and private sector purchases and is it sustainable?
The July edition of Insight aptly titled ‘As The Crisis Deepens, Gold Flows East’ builds on our recent commentary and offers another viewpoint on why there is a marked flow of gold from west to east.
The next three editions of Market Update will quote extensively from ‘As The Crisis Deepens, Gold Flows East’ as we delve deeper into the story and its implications for our financial well being.
Crisis: the new normal
The parlous state of world financial markets has been underlined in the last few months with the selloff of all asset classes: stocks, bonds, commodities, and of course, silver and gold. We are just about due for a crisis.
We have had them like clockwork over the last thirty years. 1981-82, 1987, 1994, 2000-01, 2008-09: the intervening periods have been between six and seven years. But today there is an additional factor: the world faces a severe energy shortage that caps real growth prospects. Any realistic “solution” to this is intergenerational, making that light at the end of the tunnel very dim indeed for most adults alive today. One doesn’t electrify a transportation network overnight, or even in ten years.
World Conventional and Unconventional Oil Production and Price - (Campbell)
In spite of a huge rise in the price of oil, world oil production has been unable to climb. The production plateau is bounded on the upside by what the world economy can bear in terms of a price rise and on the bottom by what most businesses and people can afford to pay. This regime has ruled since the global conventional oil production peak in 2005, and there is no sign of this ending.
To download a copy of 'As The Crisis Deepens, Gold Flows East,’ please click here.
Recommended Content
Editors’ Picks
EUR/USD drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price holds strength ahead of US core PCE inflation
Gold price holds onto gains near $2,200 in Thursday’s European session. The precious metal exhibits firm footing ahead of the United States core PCE Price Index data for February, which will be published on Friday.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.