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The conductor maybe changing the guard. The firmness in gold just may be based on demand. We know central banks have been accumulating gold.
They know the currency market is unsettling and trade tensions have added more to the uncertain world. Global gold demand last year was up 4% on 2017. This annual increase was driven by the highest central bank buying in 50 years together with accelerated investments in bars and coins. And this global gold demand continues this year. It grew over 1,000 tonnes in the first quarter 2019, up 7% from last year, according to the World Gold Council. This shows a continuation of the strong pattern of gold accumulation. China’s central bank remains a big gold buyer for five straight months. In April alone, according to the People’s Bank of China, their reserves rose over 60 million ounces. That is, they’ve acquired almost 60 tonnes of gold since December. And even with this, their reserves are low by international standards. This means they will continue on this gold accumulation path. China has been the biggest consumer of many tangible assets and gold is no exception.
India is right behind them. According to Commerzbank, Indian gold buying picked up significantly last month. Preliminary data shows India purchased 121 tonnes of gold in April alone. That’s 65% more than March. And part of this is growing central bank purchases. Indians appreciate buying on weakness and this is what we’re seeing. Wedding season and Hindu festivals in India gave a boost as well since gold is the traditional gift giving. Trade tariff tensions and tariffs in general is good for gold. It’s become a sensitive global subject and the markets are reacting vulnerably. Warren Buffett said it simply “A U.S.--China trade war would be bad for the whole world.” Gold would benefit as a safe haven. The Fed’s abrupt change on the path for interest rates is another positive for gold... and bonds. Both have been moving together in recent years mainly on safe haven needs.
But once gold closes and stays above $1300, the upcoming C rise will be beginning. And we all know what potential that means. For newcomers, C rises are the best rise in a bull market. Gold tends to rise to new highs and it’s the best leg up in the market. This means we could see the February high tested and surpassed. But most interesting is to see if gold has the strength to surpass the very strong resistance this time around. If not, no need to worry. The Summer months tend to be seasonally slow months for the yellow metal. And the month of June has seen more lows than any other month. Last year it was August. This also means we could see an uneventful gold price for a few more months. And if we do, it it’ll be fine within the bigger picture.
On the exploration supply side, despite bucket loads of money being thrown into exploration, there is a dearth of Tier 1 discoveries. And still nothing much in hospitable lands, or lands where mining is going to h
...in a straight line but stocks directly linked to commodities such as gold or oil seem to behave slightly differently to others. Gold could continue its run for who knows how long and trail Centamin’s share price along with it. If you sell and the run slows you were right but if you sell and the gold price gains momentum you were wrong, you jumped ship to early...
Approaching the Maginot-line. - According to Greyerz, 1350 is the 'Maginot line', a line of resistance. The original Maginot line was a line of defence/resistance built by the French to prevent a German invasion. It was breached in a few days in 1940. - Let's hope it can be breached in a few days in 2019.
'Imagine me on the Maginot line sitting on a mine in the Maginot line' (George Formby war-time song)
Spot gold traded above $1,330 per ounce, highest since last February as the investors to turn to gold and other assets in light of the latest tech stock slump, as well as the recent comments made by the Federal Reserve Chairman Jerome Powell. Speaking at the Federal Reserve Bank of Chicago, Powell said that the Fed is ready to act to "sustain the expansion" amid trade worries.
Gold climbed 0.65% to go for $1,334.10 per ounce at 8:36 am CET, while silver jumped 0.43% to sell for $14.88 per ounce at the same time. Platinum gained 0.51%, changing hands for $824.21 per ounce at 8:37 am CET, while the price of palladium dropped 0.56%, to go for $1,341.20 per ounce a minute later.
Europe trades slightly higher premarket, Italy in focus
Major markets in in Europe were in the green on Wednesday during premarket trading in London, Paris and Frankfurt, with minor gains expected at the start of today's session. Investors focused on reports that the government in Rome was mulling breaching the 3% budget deficit ceiling. Meanwhile, local media reported that the European Commission was set to launch an infringement process against Italy later today.
The FTSE 100 was 0.06% higher during premarket at 8:49 am CET. The German DAX increased 0.04%, while the French benchmark CAC 40 rose 0.03%.
The euro gained 0.10% against the greenback to sell for 1.1262 at 8:50 am CET.
Platinum jumps over 3% as gold reaches 3-month high
Precious metals traded with gains on Monday as investors sold their tech stocks on Wall Street on reported preparations of broad antitrust probes into practices of Facebook, Google, Amazon and Apple. Meanwhile, President of the Federal Reserve Bank of St. Louis James Bullard said that an interest rate cut "may be warranted soon" amid global trade tensions and weak inflation. Increased probability of an interest rate cut coming on July 31 was also seen by CME.
Platinum spiked 3.52% at 10:32 pm CET, going for $822.14 per ounce, its highest level in two weeks. Gold traded at the highest level since February 27, increasing 1.46% and selling for $1,324.74 per ounce at 10:33 pm CET. Silver extended gains at 10:35 pm CET to reach level unseen since May 16, at $14.79 per ounce.
Palladium, which is widely used in the auto industry, added 0.11% at the same time, selling for $1.329.92. Earlier in the day, Fiat Chrysler and Toyota reported higher sales in the United States last month.
He's most probably very busy with his ongoing work in Egypt. I'm certain he hasn't forgotten about his friends on here though and from past experience that before much longer he will be popping in,especially if he has has come across any reliable news that he feels is important.