GOLD PRICE IS SURGING – People Flocking To Safe Haven Asset Due To Global Chaos
The animal spirits were asleep, but they’re waking up again,” Mark O’Byrne, a director at broker GoldCore Ltd. in Dublin, said by phone. “We have all these latent threats that have been around for a while, Trump, European elections, Brexit, and they’re all just becoming a little more acute.”
Gold futures for June delivery rose 0.8 percent to settle at $1,288.50 an ounce as of 1:43 p.m. on the Comex in New York. O’Byrne predicted prices could run to $1,400 an ounce by the end of the year.
The latest leg-up came after U.S. President Donald Trump declared a preference for a weaker dollar and France’s right-wing candidate Marine Le Pen led in polls before the first round of presidential elections.
The Credit Suisse Fear Barometer neared an all-time high this week, a warning sign as the list of economic and political concerns grows. The index measures the cost of buying protection against declines in the S&P 500 Index.
In the Bloomberg weekly survey, 14 respondents reported a bullish view, compared with one bear and two neutral.
In other precious metals:
Silver futures for May delivery rose 1.1 percent to $18.51 an ounce.
Platinum futures for July delivery gained 1 percent to $977.40 an ounce on the New York Mercantile Exchange.
Palladium futures for June delivery lost 0.1 percent to $795.90 an ounce.
The Royal Mint’s gold sales jumped by a fifth in the first three months of the year, according to figures obtained under freedom of
Following month-on-month declines in the first two months, March gold sales jumped 263pc in volume terms, according to the information sent by email.
Gold sold and stored by the mint under its Signature Gold programme, which allows the partial ownership of bars held in its vault, jumped 178pc in March, compared with a year earlier.
The increase in purchases follows a sharp gain in prices, with spot metal increasing in each of the first three months, the longest run since 2012, according to data compiled Gold miners jump as jitters prompt haven buying US stocks fall, led by economically sensitive sectors such as techs and financials gold “gold price” “gold bullion” “gold coin” “buy gold” trade “stock market” commodity commodities silver “cash 4 gold” “sell gold” “gold vault” “gold storage” demand “silver coin” usd trading forex “forex trading” comex nyc “new york” london delivery “physical gold” price asset 2017 2018 future world history historic “safe haven” safety investment savings “savings account” “bank account” banking debt credit “credit card” currency gbp pound success collapse bitcoin bull run jim rogers gerald celente
The dollar index, a measure of the buck against a basket of peers, slid 0.3 per cent. Federal Reserve chair Janet Yellen’s remarks on Monday signalling a gradual pace in interest rate rises also helped lift gold, which offers no yield. GOLD PRICES jumped to new 5-month highs above $1286 per ounce Thursday morning but curbed their gains for non-Dollar investors after the US currency fell hard on President Trump’s comment that the greenback “is getting too strong.”
Despite easing from the 13-year highs reached immediately after Trump’s election last November, “Partially [this strength] is my fault because people have confidence in me,” Trum After weak demand hit the global benchmark LBMA Gold Price auction amid Tuesday’s $20 jump in spot prices, one major bullion bank today told BullionVault it has seen mining-producers selling gold on the current surge. Indeed, the yield on the 10-year U.S. Treasury note fell to a five-month low on Wednesday, while the yield on the two-year note also declined, along with the value of the Udollar. Bullion is highly sensitive to U.S. interest rates, which raise the opportunity cost of holding nonyielding, dollar-denominated gold.