Gold Bullion Holds Its Own As Media Stocks Collapse

Gold Holds Its Own As Media Stocks Collapse [8]

• Gold is holding its own but that hasn’t stopped many gold bears from using this as an opportunity to disparage the yellow metal
• A recent Bloomberg article points out that the gold rout has cost China and Russia $5.4 billion

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• An amount that would sound colossal were it not for the fact that U.S. media companies such as Disney and Viacom collectively lost over $60 billion for shareholders in as little as two days last week

• Above are the weekly losses for just a handful of those companies. Compared to many other asset classes, gold has held up well, even after factoring in its price decline

  Daily Prices
  Today’s AM LBMA Gold prices were USD 1,113.25, EUR 1008.97 and GBP 713.74 per ounce.
  Yesterday’s AM LBMA Gold prices were USD 1,094.80, EUR 998.50 and GBP 707.74 per ounce

  Gold and silver rose on the COMEX yesterday - up 1% to $1,103.30 and silver surged 3% to $15.24 per ounce. Both metals saw similar gains in euro, sterling and other currencies.

  This morning, gold is 0.8% higher to $1,114 per ounce. Silver is up 0.82% to $15.46 per ounce.

  Platinum and palladium are 1.1% and 1.8% higher to $999 and $624 per ounce respectively.

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Important News

“Dollar weakness due to Fed comments contributed to the gains” said GoldCore – Market Watch
Gold falls from 3-week high as China move lifts dollar – Reuters
China Slashes Yuan Reference Rate by Record 1.9% – Bloomberg
Refiner Say Modi Plan to Tap India’s Gold Hoard Falls Short – Bloomberg
Ravaged by Oil’s Collapse, Venezuela Now Has a Big Gold Problem? – Bloomberg
 

Important Analysis

Stocks are a ‘disaster waiting to happen': Stockman – CNBC
China Enters Currency War – Devalues Yuan By Most On Record – Zero Hedge
The Dow Has Already Fallen Nearly 900 Points From The Peak Of The Market – The Economic Collapse
The ‘Big Long’ – Goldman Sachs And HSBC Buy 7.1 Tons Of Physical Gold – Seeking Alpha
Germans and Slovaks stand ready to scupper Greek deal as Athens insists agreement is near – The Telegraph

See Knowledge & Breaking News on www.GoldCore.com   [11]