"Gold prices to reach $1,400 before the end of the year" - GoldCore

"Gold prices to reach $1,400 before the end of the year" - GoldCore

by MarketWatch

Gold finished sharply higher on Monday, recouping roughly half of last week’s loss, as declines in the U.S. stock market and growing tensions between the U.S. and North Korea lifted prices for the yellow metal to the highest settlement in more than a week.

December gold rose $14, or 1.1%, to settle at $1,311.50 an ounce. Prices, which lost about 2.1% last week, saw their highest finish since Sept. 15, according to FastSet data as reported by Marketwatch.

“The backdrop for gold today is as bullish as it has been in a long time,” said Mark O’Byrne, research director at GoldCore in Dublin.

Gold in USD (5 years) 

He expects gold prices to reach $1,400 before the end of the year.

With President Donald Trump “in the White House and the political situation in the U.S. and globally more uncertain than it has been in many years, gold will almost certainly continue to see robust safe-haven demand,” he said.

“This should push gold higher in the coming months.”

Recent military tensions between North Korea and the U.S. and its allies has helped to underpin gold’s haven status as a hedge against a sudden escalation in geopolitical tension.

According to media reports Monday, North Korean Foreign Minister Ri Yong Ho told reporters that Trump’s tweet that leader Kim Jong Un “won’t be around much longer” was a declaration of war, and Japanese leader Shinzo Abe on Monday called a snap general election in a bid to consolidate power in the midst of a diplomatic crisis with North Korea.

Gold is “coming out of a bear market, and “the technical position looks better and better after gold bottomed in December 2015,” said O’Byrne.

“Since then, we have seen a series of higher lows and higher highs.”

“Global demand remains robust with strong demand being seen in many sectors—especially in the ETFs and also in Chinese demand", he said.

Gold is also considered a counter to what some market participants have described as lofty levels for U.S. equities potentially ripening for a correction.

The Dow Jones Industrial Average DJIA, -0.24% and the S&P 500 index SPX, -0.22% recently touched all-time highs, but traded broadly lower to start the week.

Gold gained even as the ICE U.S. Dollar Index DXY, +0.24% which measures the buck against a half-dozen currencies, was up 0.5%.

The two markets often move inversely as a weaker dollar can make commodities pegged to the currency, including most of the world’s gold, more appealing to buyers using weaker monetary units.

The dollar strengthened against the euro, which was under pressure after a heavy drop in support for mainstream parties in Germany’s general election on Sunday left the way forward in doubt for German Chancellor Angela Merkel’s conservative alliance.

News and Commentary

GoldCore expect "gold prices to reach $1,400 before the end of the year" (MarketWatch.com)

North Korea Tensions Drives Gold up 1.2% (Bloomberg.com)

Tech stocks, North Korea tensions drag Asian markets down (MarketWatch.com)

Fed’s Kashkari again says more Fed rate hikes are a bad idea (MarketWatch.com)

Euro Drops, Stocks Mixed as Korean Crisis Simmers: Markets Wrap (Bloomberg.com)

 Bullion surges as North Korea tensions resurface. Source: Bloomberg

Video: We’re Reaching Peak Gold (Bloomberg.com)

It makes sense to invest in gold now (Rediff.com)

It's the Debt Stupid! (Campaigner.com)

Here's how indoor farming can help feed 9.1 billion people by 2050 (MarketWatch.com)

Investors Take Cover in Gold as North Korea Threatens War: Chart (Bloomberg.com)

Gold Prices (LBMA AM)

26 Sep: USD 1,306.90, GBP 969.59 & EUR 1,105.38 per ounce
25 Sep: USD 1,295.50, GBP 957.89 & EUR 1,089.26 per ounce
22 Sep: USD 1,297.00, GBP 956.15 & EUR 1,082.09 per ounce
21 Sep: USD 1,297.35, GBP 960.56 & EUR 1,089.00 per ounce
20 Sep: USD 1,314.90, GBP 970.53 & EUR 1,094.79 per ounce
19 Sep: USD 1,308.45, GBP 969.30 & EUR 1,091.25 per ounce
18 Sep: USD 1,314.40, GBP 970.16 & EUR 1,100.68 per ounce

Silver Prices (LBMA)

26 Sep: USD 17.01, GBP 12.67 & EUR 14.43 per ounce
25 Sep: USD 16.95, GBP 12.57 & EUR 14.27 per ounce
22 Sep: USD 16.97, GBP 12.52 & EUR 14.18 per ounce
21 Sep: USD 16.95, GBP 12.58 & EUR 14.24 per ounce
20 Sep: USD 17.38, GBP 12.84 & EUR 14.48 per ounce
19 Sep: USD 17.15, GBP 12.70 & EUR 14.31 per ounce
18 Sep: USD 17.53, GBP 12.94 & EUR 14.66 per ounce

Recent Market Updates

- Commodities King Gartman Says Gold Soon Reach $1,400 As Drums of War Grow Louder
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- Gold Investment “Compelling” As Fed May “Kill The Business Cycle”
- “This Is Where The Next Financial Crisis Will Come From” – Deutsche Bank
- Global Debt Bubble Understated By $13 Trillion Warn BIS
- Bitcoin Price Falls 40% In 3 Days Underlining Gold’s Safe Haven Credentials
- Gold Up, Markets Fatigued As War Talk Boils Over
- Oil Rich Venezuela Stops Accepting Dollars
- Massive Equifax Hack Shows Cyber Risk to Deposits and Investments Today
- British People Suddenly Stopped Buying Cars
- Buy Gold for Long Term as “Fiat Money Is Doomed”
- Conor McGregor – Worth His Weight In Gold?

Important Guides

For your perusal, below are our most popular guides in 2017:

Essential Guide To Storing Gold In Switzerland

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Essential Guide to Tax Free Gold Sovereigns (UK)

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exartizo Sep 26, 2017 3:03 PM Permalink

...do you always, always, always pump gold Mr. GoldCore, you fucking idiot?

Perhaps you can find out for us how many of your "followers" have collectively lost their collective asses in gold since the last time you Pumped it?

Gold has it's place in a portfolio. But not now dumbass.

Michigander Sep 26, 2017 1:35 PM Permalink

Bullion will never see its real un-manipulated value, until centralized control is destroyed. Decentralization is coming and you oldbugs will have bitcoin and the blockchain to thank. It is already happening with Unity Ingot and Bitcoin gold.

Conax Sep 26, 2017 1:06 PM Permalink

It has a hard time getting up when the hebes of wall street are all piled  upon its silly face.I guess the Beloved Orange Julius has no interest in real price discovery or free markets.  All hail his Loudness! Harrumph, Harrumph!He will fix the rude negroes of the NFL, no matter what it takes, as this ship of fools cracks up on the rocks of reality sometime soon.Shoon. 

BobEore Sep 26, 2017 9:01 AM Permalink

U know a market is well and truly


when its' perennial cheerleaders and lead hustlers celebrate a


"Gold will NEVER see any signs of life again till all these ghouls have rolled over n died." - Bob E Bling... BLING WORLD NEWS.