Key Gold and Precious Metals News, Commentary and Charts This Week
With Brexit around the corner and stock markets plunging in October – is now the time to invest in gold is asked by This Is Money this week. They kindly mention GoldCore as a leading “online bullion dealer” of physical gold (bars and coins) and informed their readers how “buyers can ask to have it stored, for a charge, or delivered”.
However, the primary focus of markets this week was the U.S. mid term elections in which, largely as expected, the Democrats took the House and the Republicans held the Senate.
We looked at the outcome of the election and the ramifications for markets in the short term and more importantly the long term outlook for markets and the dollar in our latest .
Another important development this week was the return of ETF gold demand in a volatile October to compliment the already robust global demand seen in Q3, according to the latest World Gold Council research.
Gold coin and bar demand jumped 28% to 298.1t in Q3 as investors and store of value buyers took advantage of the lower gold price and sought protection against currency weakness and tumbling stock markets. Global gold ETFs and similar products rose in October by 16.5 tonnes(t) to 2,346t which was the equivalent to US$1.0bn in inflows.
The global gold repatriation trend continued with Venezuela back in the headlines in this regard as they struggled to get their hands on the $550 million worth of
Investors globally are getting more concerned about Brexit and the risks it poses to UK banks and the UK economy to the point that some are engaging in a (hint: Eisman) and UK investors and financial advisers are again looking at gold favourably.
All in all a busy and interesting week in markets and in the gold market and again there were more pros than cons.
From all the GoldCore team – have a great weekend!
Charts and Tables this Week
Source: USDebtClock.org
Source: Bloomberg
Market Updates and Key News this Week
AMERICAN ELECTIONS FARCE AS POLITICIANS IGNORE THE LOOMING $121.7 TRILLION DEBT CRISIS
Gold ETFs See Strong Demand In Volatile October After Robust Global Gold Demand In Q3
Venezuela Seeks To Repatriate $550 Million Of Gold From London
Big Short’s Eisman Is Shorting U.K. Banks on Brexit
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Today’s News and Commentary
Gold Prices (LBMA AM)
08 Nov: USD 1,223.45, GBP 932.02 & EUR 1,071.01 per ounce 07 Nov: USD 1,235.05, GBP 938.64 & EUR 1,074.62 per ounce 06 Nov: USD 1,234.85, GBP 947.75 & EUR 1,083.58 per ounce 05 Nov: USD 1,231.60, GBP 946.61 & EUR 1,081.96 per ounce 02 Nov: USD 1,235.50, GBP 948.00 & EUR 1,079.83 per ounce 01 Nov: USD 1,223.25, GBP 950.47 & EUR 1,075.85 per ounce
Silver Prices (LBMA)
08 Nov: USD 14.49, GBP 11.06 & EUR 12.70 per ounce 07 Nov: USD 14.67, GBP 11.15 & EUR 12.77 per ounce 06 Nov: USD 14.70, GBP 11.25 & EUR 12.89 per ounce 05 Nov: USD 14.74, GBP 11.33 & EUR 12.96 per ounce 02 Nov: USD 14.82, GBP 11.38 & EUR 12.95 per ounce 01 Nov: USD 14.45, GBP 11.19 & EUR 12.68 per ounce
