Smart money continues to accumulate gold and silver coins. Demand for American Eagle silver coins has also been strong, with year-to-date sales already reaching an annual record at 44.67 million ounces, breaking the full-year record of 44 million ounces in 2014
While gold prices continue to languish in the doldrums and are on course for their worst month since 2013, global demand and especially Chinese retail, investor and official demand continues to remain very robust. Indeed, China looks likely to see a new record demand for gold annually again in 2015.
In a statement, the People’s Bank of China thanked the IMF for the recommendation and said it was “an acknowledgment of the progress in China’s recent economic development, reform and opening up”.
They say people get the governments they deserve; well, they get the institutions and an regulators they deserve, too. Apathy is the greatest destroyer of liberty.
“From the mass psychology perspective, Gold is very close to putting in a bottom. Sentiment investors, contrarian investors and investors who are familiar with the concept of mass psychology should consider taking a closer look at the precious metal’s sector now”.
The world is awash with debt. With central banks increasing their balance sheets through quantitative easing, simultaneously pushing down interest rates and taking huge chunks of the market out of circulation, investors have had to stray beyond developed market government bonds in search of yield.
The debt to GDP ratio for the entire world is 286%. In other words, global debt is almost 3 times the size of the world economy. Both public and private debt are exploding and - despite what mainstream economists think - 141 years of history shows that excessive private debt can cause depressions.
"We've had 12 consecutive years of silver deficits" which "can begin to apply upward pressure to prices in subsequent periods" - Thomson Reuters
From both a political and economic perspective, the terrorists could hardly have chosen a more vulnerable moment to strike, with Europe wearied by years of crisis, paralysed by political indecision and shipwrecked by incompetent policy.
Editors Note: GoldCore believe that blockchain technology will revolutionise the world of finance, payments and money and may have an impact on the world on a scale of that of the internet. If you thought the “internet” was disruptive, well you ain't seen nothing yet ... the blockchain cometh!
Editor’s Note: Last week gold price fell to 5 year lows and weakness again saw canny buyers accumulate on the dip. Sales of U.S. Mint gold coins jumped the most in nearly three months. The 2015 $10 American Gold Eagles actually sold out.
Editor’s Note: The tragic events in Paris, terrorism and war throughout the world, show geopolitical risk remains high. These risks will likely impact economies and financial markets and will see continuing safe haven demand for gold. “The future is uncertain and gold is the most effective insurance against that.”
In the next financial crisis, physical gold held outside the banking system in safe vaults in safe jurisdictions will prove to be a “financial cushion” to individuals, companies, pension funds, family offices, and indeed nations.
Gold bullion coin and bar demand surged in Q3 as gold’s continuing COMEX driven price weakness in July and sharp falls in stock markets in China and globally in August saw store of wealth buyers internationally again accumulate bullion.
It is important to note that the current weakness of gold is primarily in dollar and sterling terms. For investors in Canada, Australia, New Zealand and the EU gold is once again acting as a hedge.