Some metrics for this month of September29 Sep 2021 22:11
Gold in dollar terms has fallen 4.9%.
Polymetal share price has fallen 16.7%.
The pound has fallen 3.2% against the dollar and the Russian rouble.
The UK Royal Mint stock for 100g gold bars is just one solitary bar and the same for some higher weight bars from what I saw tonight.
The price to buy gold bars in the UK is at a significant premium if you can get any at all and the price has not fallen in pounds sterling during September. It has broadly stayed around £1280 an ounce spot price (to buy its a lot higher).
The USA currency DXY basket is up 2% despite any threat of a default next month which nobody takes seriously.
The USA Treasuries for 10 years has moved up 0.3% in the month although it fell 0.05% today which did not make a blind bit of difference to gold or Polymetal. Its important to note that earlier in the year the move to 1.2% to 1.7% in USA Treasuires was already applied to drop gold from $1910 to $1810 so the same gimmick is played again although the Treasury averaged across the year has not changed that much at all and is only a tiny bit higher overall.
In the meantime we are heading to winter. A number of countries and a number of USA States are noticing that the protection afforded by the Covid-19 vaccines is rapidly waning. Booster attempts may partly hold the line, but without therapies on the market, it is likely that further impacts on Covid-19 could disrupt economies and certainly exhaust hospital capacity yet again. It may also undermine continuation of vaccine uptake and governments may respond in curbing economic activity once again. I therefore wonder if the December low that we often get is being farmed in early for certain parties to close short positions, acquire stocks of gold and then only make some available at much higher prices to Joe and Jane public for when bad things hit the fan. Tony
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