Gold Falls 3% In Week to One-Month Low At $1,464/oz As Banks and Hedge Funds Sell COMEX Futures Aggressively

◆ Gold is down 3% this week on concentrated selling of gold futures on the COMEX in New York.

◆ Stocks in Asia fell and European indices were mixed today due to conflicting signals between China and the U.S. regarding progress in resolving the trade war which is damaging global economic growth.

◆ Gold has gained over 14% in dollars and by much more in other currencies year to date due to the protracted trade wars, geopolitical uncertainty and deepening economic and monetary risks.

◆ The outlook is ‘as good as gold’ and this correction or futures manipulation lower was needed in order to set the stage for gold’s next leg up and the safe haven asset challenging the $1,600/oz level in the coming weeks.

◆ Cost averaging into physical gold coins and bars in your possession or in fully segregated secure storage remains prudent.

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