Gold has surged another 4% this week to bring year to date gains to 20% in dollar terms, 19% in euro terms and 24% in sterling terms. We were interviewed by PickingAlpha.com yesterday afternoon and looked at what is currently driving gold prices higher in all currencies.
The sudden rise of gold prices and whether it is sustainable was considered. As was the British economy in the run up to Brexit referendum and the vulnerability of sterling due to the second largest current account deficit in the UK’s post war history and London’s property bubble.
The impact of the Chinese slowdown and the 1% rise of the Indian Duty tax, followed by country’s numerous jewelers’s strike and the outlook for Chinese and Indian demand were also looked at.
Gold is the strongest currency in the world so far this year. Gold prices began the year at $1,062.25/oz, €974.32 and £716.36 per ounce. Prices have surged in all currencies internationally and today’s AM fix was $1,271.50, €1,158.67 and £898.93 per ounce.
Or to put it more correctly, fiat currencies are being devalued and again losing value versus gold … as they do over the long term.
Listen to interview here
LBMA Gold Prices
04 Mar: USD 1,271.50, EUR 1,158.67 and GBP 898.93 per ounce
03 Mar: USD 1,241.95, EUR 1,141.48 and GBP 882.24 per ounce
02 Mar: USD 1,229.35, EUR 1,131.53 and GBP 881.54 per ounce
01 Mar: USD 1,240.00, EUR 1,141.70 and GBP 886.09 per ounce
29 Feb: USD 1,234.15, EUR 1,131.46 and GBP 890.95 per ounce
Gold and Silver News and Commentary
Gold Snaps Back to Bull Market as Prices Surge on Haven Demand – Bloomberg
Gold holds near 13-month high ahead of U.S. jobs data – Reuters
Gold prices are at their highest in more than a year with key technicals in play – Marketwatch
Gold price: It’s official – bull market is back – Mining.com
Hong Kong exchange will launch a gold futures contract that’s actually gold – Bloomberg
Gold Is Starting To “Trade Like Money” says Rickards – Bloomberg Video
Central Banks Extend Longest Gold-Buying Spree Since 1965: Chart – Bloomberg
What Will Be Golden Ruling on London’s Bullion Market? – Platts
London’s Property Market Heading For Fall – Money Week
We’re in the Eye of the Financial Hurricane – Casey Research
JPMorgan Goes Underweight Stocks, Says Buy Gold – Zero Hedge
Read more here
‘7 Real Risks To Your Gold Ownership’ – New Must Read Gold Guide Here
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