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Monday, 6/14/2021 14:18
GOLD PRICES extended a decline to over 3-week lows on Monday, falling as the US Dollar held at 1-month high on the currency market while the G7 group of Western nations ended its summit in Cornwall, England vowing to counter China's global influence, writes Atsuko Whitehouse at BullionVault.
Also discussing debt relief and investment in Africa, the G7 Summit saw France's President Emmanuel Macron call for the International Monetary Fund to " sell some of our [joint] gold reserves...because [they] have risen in value because of the [Covid] crisis.
"We should give this excess profit to the poorest countries, particularly in Africa, that need it today," Macron went on, echoing calls made during the global financial crisis of a decade ago which resulted in sales to India's central bank.
"Not in 20 or 30 years. Today."
New data meantime say speculators cut their bullish betting on gold for the first time in almost 2 months last week, ahead of the US Federal Reserve's decision on interest rates and possibly "talking about talking about starting to taper" QE money creation and bond purchases this Wednesday.
Spot gold prices dropped as much as 2.1% to hit $1854 per ounce Monday lunch time in London, the weakest since 19 May.
Prices for silver, primarily an industrial metal, fell only 0.8% in contrast to $27.69, albeit reversing last week's gain.
"The price action suggests that the speculative market was heavily long [on gold] as of Friday and that the culling of positioning continues in Asia today," a market analyst said to Reuters.
Latest data show that hedge funds and other leveraged speculators in Comex gold futures and options in fact cut their bullish betting for the first time in eight weeks over the 7 days to last Tuesday.
Despite also trimming their bearish bets as a group, that pushed the net long position of Managed Money traders down 2% from the biggest since the biggening of 2021.
Macron seems as out of touch with the exploitation of gold mining workers in some countries and the price manipulation by the paper sales on Comex!
Macron is not the smartest guy in the room, or the most worldly. MIstake a day seems to be his mantra. Good luck to the French, you get what you elect. We are suffering downunder...but apparently we are doing so well. A lot of small businesses wil shut their doors, especially if another shut down is called by the Chief Health Officers.
Quite so Mr Gnome, but then the Brexiteers will be rejoicing this big deal by Boris s heralding in a new dawn for the UK which might lead to 0.02% in 15 years!
Oh yes it's easier for Bits under 35 to move to Oz and vice versa?
Oh you will be able to buy UK made cars (What UK cars they are European) and Scotch whisky more cheaply!
Trade secretary Liz Truss said: “The UK exported £5.4 billion worth of services, including £1.4bn of insurance and pension services and £780m of financial services, to Australia in 2020.
Oop's when Scotland gets independence and rejoins the EU Whisky tariffs will apply to Oz!
In the meantime the Irish backstop problem still remains and our UK ports are in such a state of congestion that thousands of trucks are being parked up in hastily built truck parks that don't conform to UK planning regulations which is causing light , noise and air pollution to nearby residential areas!
An article in Politico last week stated EU officials and diplomats were discussing an emergency plan to solve the impasse over the Brexit settlement in Northern Ireland that would see Ireland’s access to the bloc’s single market for goods restricted.
Mairead McGuinness rejected the suggestion, saying: “There is no interest here at the Commission or in the European Union to make the problem an Irish problem because clearly this is a Brexit problem.
“It is a decision of the United Kingdom, which they took in my view without due consideration of the wider implications and what we’ve been trying to do since that date of that referendum is work towards agreements with the United Kingdom to minimise the disruption and the damage.”
She continued: “I would like to stress very clearly that that is not on the agenda here, and that there is again and remains huge sensitivity for the island of Ireland and Ireland as a full member of the European Union.”
Commons Speaker Lindsay Hoyle angrily reprimands Downing Street for giving a COVID-19 press conference before addressing MPs!
I can't understand how Boris gets away with this, it's like something from a Monty Python sketch!