Gold Price Rises After Currency Wars Reignite As China Devalues

DAILY PRICES
Today’s AM LBMA Gold prices were USD 1,116.80,
EUR 1003.23 and GBP 717.18 per ounce.
Yesterday’s AM LBMA Gold prices were USD 1,113.25, EUR 1008.97 and GBP 713.74
per ounce.

Gold in USD - 1 Year
Gold and silver rose on the COMEX yesterday - up 0.5% to $1,108.70 and silver was up 0.6% to $15.34 per ounce.
This morning, gold is 0.85% higher to $1,119 per ounce. Silver is up 0.1% to $15.47 per ounce.
Platinum and palladium are 0.5% and 1% higher to $996 and $610 per ounce respectively.

Gold Rises After Currency Wars Reignite As China Devalues

• China surprised global markets yesterday by devaluing its currency on concerns about sharply decelerating Chinese economy
•  We were not surprised as had said that this was likely as the Chinese economic numbers are bogus
• The devaluation was condemned by U.S. politicians as a grab for an unfair export advantage

Mark Hill via Merck Investments

• China's central bank set its official guidance rate down nearly 2 percent to 6.2298 yuan per dollar
• It was the biggest one-day fall since a massive devaluation in 1994
• The devaluation hit global equities and U.S. oil prices, with investors fearing a new currency war
• Gold prices ticked higher as the move will increase deflation pressures in the U.S. and could lead to the Fed not being able to increase interest rates
• As expected - currency wars and competitive currency devaluations are set to escalate once again
• Gold, silver and tangible assets will benefit once again

Read more on GoldCore.com

Comments

[Bopper09]

I think it's stupidity to measure an ounce of gold to a failing currency. 

If I have more gold / silver this year than I did last year, I'm more wealthy.

[Grandad Grumps]

So does this mean that China is heading into stagflation ... or is already there?

China does not have low interest rates like the rest of the world. Without growth or inflation how will they pay the interest to the banks?

[Crocodile]

Wait till China depegs from the dollar; when that happens, then "game-over" after QE4 will officially begin.   Get you storehouses in order and most important be reconciled to Jesus or else die in all of your accumulated sin.  You have be duly warned; it is coming.

[ramgold2206]

cant beat the yellow metal... its ALWAYS been about gold

https://www.karatbars.com/?s=ramgold2206

[CheapBastard]

Someone found a ZH'ers gold he lost in a boating accident:

Teen Finds Gold Bar While Swimming In German Lake

http://www.huffingtonpost.com/entry/girl-finds-gold-bar-german-lake_55cb...

[Spungo]

I like how the cartoon needs to explain that the yellow items are gold.

[Agstacker]

First thing I noticed too, never underestimate the stupidity of the American public.

[tenpanhandle]

shit - I thought they were cubes of butter; you know, part of that old guns and butter argument.

[TeethVillage88s]

I have some Questions:

http://www.zerohedge.com/news/2015-08-06/gold-bullion-demand-chindia-hea...

[KingdomKum]

we few,  we happy few,  we band of silver hoarders  .  .  .

[OldPhart]

Yeah, well, maybe that 'on the bottom of the lake' idea is such a good one after all...

Little shit finds gold bar at bottom of lake.

[tenpanhandle]

Kind of looks like the tungsten is showing through in the scratched area of that bar.

[Dead Canary]

..we band of buggered.

[tenpanhandle]

Note to self:  do not join Dead Canary's band.