Gold Bullion +2% for Week vs Falling Dollar as Trump's Troubles Spread to Turkey

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Published : May 19th, 2017
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Category : GoldWire
GOLD BULLION recovered $5 per ounce from a dip below $1250 on Friday, heading for a 2.1% weekly gain as world stock markets cut their mid-week losses despite fresh pressure on US President Donald Trump over his team's foreign connections and Middle East policies.
Government bond yields ticked higher again, and the Dollar fell to new post-Trump election lows versus the single Euro currency.
That held gold bullion prices for Eurozone investors €5 per ounce below last week's finish at €1119.
"Uncertainty surrounding political developments in the US is likely to keep the greenback under pressure over the short-term and should support gold," says a trading note from Swiss bullion refiners and finance group MKS Pamp.
With Team Trump now under investigation by ex-FBI chief Robert Mueller over former security advisor Michael Flynn, reports today blamed Flynn – then being paid to lobby for the Turkish government – for blocking plans to arm Kurdish separatists against the ISIS terrorists in Syria, plans put into action by the Trump administration since Flynn's sacking over his contact with Kremlin officials during last year's US election campaign.
Videotape emerged Thursday apparently showing Turkey's President Recep Tayyip Erdoğan speaking to his security staff immediately before what former Republican presidential candidate John McCain‏ called "an attack on peaceful protesters" outside the Turkish Embassy in Washington on Wednesday.
"[This] despicable display of thuggery & repression is absolutely unacceptable," on US soil McCain said Thursday.
Russia's deputy foreign minister meantime called last night's attack by US forces on Iran-backed militia supporting Syria's President Bashar al-Assad "unacceptable [and] brazen."
Trump today flies out to Saudi Arabia today for his first foreign trip since taking office, meeting with the oil-rich Islamic nation's royal family.
"In a market environment characterised by high risk aversion," says a note from Germany's Commerzbank – now apparently set to close its Luxembourg-based bullion division – "gold appears to be in demand again as a safe haven at present."
Giant gold-backed ETF the SPDR Gold Trust (NYSEArca:GLD) in fact shrank Thursday as stockholders liquidated shares, reducing the amount of bullion need to match its value by 1 tonne to one-month low at 850 tonnes.
24hGold - Gold Bullion +2 for ...
Meantime in India, the world's No.2 consumer nation, "Wedding season is coming to an end [and] footfalls in showrooms were going down drastically in last few days," Reuters quotes Mumbai jewelry and bullion wholesaler Ashok Jain of Chenaji Narsinghji.
"Some buyers are waiting for a price correction."
Silver prices today tracked gold bullion's bounce after failing to make new 2-week highs on Thursday, trading 2.2% higher for the week against the fast-falling US Dollar at $16.84 per ounce.
Platinum also traded 2.1% up for the week mid-afternoon in London, heading for its highest Friday finish in three at $941 per ounce.
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Data and Statistics for these countries : Georgia | Germany | India | Iran | Luxembourg | Russia | Saudi Arabia | Syria | Turkey | All
Gold and Silver Prices for these countries : Georgia | Germany | India | Iran | Luxembourg | Russia | Saudi Arabia | Syria | Turkey | All
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"Giant gold-backed ETF the SPDR Gold Trust (NYSEArca:GLD) in fact shrank Thursday as stockholders liquidated shares, reducing the amount of bullion need to match its value by 1 tonne to one-month low at 850 tonnes."

Once again, I see these claims being made here but I still have yet to see any verifiable evidence to support any of these claims. How reliable are GLD's holding reports? GLD does not give retail investors the right to redeem for any of its mystery physical gold holdings. This fact alone ensures the GLD shares to be nothing more than paper at the end of the day. GLD also has a glaring audit loophole in their prospectus that states they have no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this backdoor to the fund. Some other red flags I've stumbled upon, verified and welcome everyone else to verify for themselves:

"Did anyone try calling the GLD hotline at 866▪320▪4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I asked about how much of the gold was insured, the representative proceeded to act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors."

"I remember there was a highly publicized visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities."
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"Giant gold-backed ETF the SPDR Gold Trust (NYSEArca:GLD) in fact shrank Thursday as stockholders liquidated shares, reducing the amount of bullion need to match its value by 1 tonne to one-month low at 850 tonnes." Once again, I see these claims being  Read more
Sam Maher - 5/19/2017 at 9:07 PM GMT
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