Gold, Silver Primed For Break Outs as Recession Looms

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Published : June 17th, 2019
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Category : Market Analysis

GoldCore Note

Gold and silver have weakened today and have fallen from the 14 month high seen on Friday. Spot gold was down 0.4% at $1,338.30 per ounce in early U.S. trading. It surged to $1,358.04 on Friday, its highest level since April 11th, 2018.

The return of risk appetite as seen in gains for many stock market indices and some gains for the dollar on relatively good U.S. retail sales data may have led to the weakness.

Gold in USD – Monthly – 10 Years

Gold has had four weeks of gains and a correction is to be expected. However, given the Fed looks set to ease monetary policy again, we would expect any correction to be short and shallow.

Expectations for a rate cut and monetary easing at the July meeting remain at 85% according to the CME’s FedWatch tool.

There are increasing signs that many economies internationally are on the verge of recession. This too will support gold and it looks like it is set to break above major resistance between 1,370/oz and 1,400/oz in the coming weeks.

News and Commentary

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Massive Blackout Hits Tens of Millions in South America

Watch video here

Gold Primed for a Bigger Breakout – Charts Show

Silver Prices at 26-year Low in Relation to Gold, Should Investors Buy?

When Silver Breaks Out Above $22-$24 — Will Quickly Surge to +$85/oz

Silver: an Explosive Feel to the Precious Metal Now

The Growing Risk of a 2020 Recession and Crisis – Roubini  

Own Gold & Silver Coins (CGT Free in the UK) Stored In Zurich With Six Months Free Storage

LBMA Gold Prices (USD, GBP & EUR – AM/ PM Fix)

14-Jun-19 1352.45 1351.25, 1069.79 1070.33 & 1200.03 1201.80
13-Jun-19 1335.80 1335.90, 1054.21 1052.69 & 1182.85 1184.81
12-Jun-19 1336.65 1332.35, 1049.27 1045.76 & 1179.99 1177.26
11-Jun-19 1322.65 1324.30, 1040.53 1041.30 & 1168.96 1170.42
10-Jun-19 1328.60 1328.60, 1046.94 1048.66 & 1175.41 1175.94
07-Jun-19 1334.30 1340.65, 1049.16 1052.14 & 1184.19 1184.60
06-Jun-19 1336.65 1335.50, 1053.15 1051.17 & 1189.62 1185.92
05-Jun-19 1337.75 1335.05, 1052.01 1049.22 & 1185.38 1184.99
04-Jun-19 1323.60 1324.25, 1045.51 1043.77 & 1177.47 1177.26
03-Jun-19 1313.95 1317.10, 1039.47 1042.35 & 1175.99 1175.38

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Mark O'Byrne is executive and research director of which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
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