Gold

Gold Reaches $2,000/oz Prior to Two “Concerted Attacks” In Futures Market

The King Report

“Anyone that’s been around the block a few times with gold knows that at some point ‘they’ will stage a concerted effort to drive gold lower.”

December gold hit $2,000 at 21:19 ET Monday. It then retreated and traded sideways until 22:50 ET. Then someone slammed gold down to $1,955 in 20 minutes. This is obvious “impact trading.” Gold then traded sideways for over four hours. (see red line above).

At 3:27 ET another attack on gold commenced. December gold finally bottomed at $1,927.50 at 3:51 ET.

Gold rebounded sharply after Goldman hiked its target price to $2,300.

The duo concerted attacks on gold suggest that someone with stature has transitioned from being alarmed about gold to being afraid of gold. …

Today the July gold contract expires, so gold could be volatile. Physical gold is in short supply, so entities that are short July gold better have the stuff. Perhaps this is why gold was attacked on Tuesday. …

[Warren] Buffett and many others have proclaimed that owning “good” common stocks is a far better inflation hedge than gold.

This is mostly true as long as the business is domiciled in a country that has a solid belief in the rule of law and justice as practiced by constitutional oversight.

However, gold is a far better and safer option in a banana republic or totalitarian regime. Common stocks owners, especially private equity, should be very, very alarmed at where the United States is heading.

From The King Report via GATA

NEWS and COMMENTARY

Gold’s Record Rally Fuelled by Unlikely Buyers – Bloomberg

Gold pauses as markets seek confirmation on Fed policy – Reuters

Currencies ease on virus worries ahead of Fed – Reuters

Chinese banks urged to switch away from SWIFT as U.S. sanctions loom – Reuters

It Is Time to Abandon Dollar Hegemony – Foreign Affairs

FT Asserts Gold Is Not a “Particularly Good Investment” Despite Returns Of Over 10% Per Annum In Last 20 Years (see table below) – FT via GATA

Goldman says gold will surge another 20% and hit $2,300 in the next year, driven by rock-bottom interest rates

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

28-Jul-20 1931.65 1940.90, 1499.15 1501.48 & 1647.70 1654.23
27-Jul-20 1940.55 1936.65, 1511.30 1504.78 & 1659.56 1647.70
24-Jul-20 1893.85 1902.10, 1486.67 1490.30 & 1631.55 1638.09
23-Jul-20 1882.35 1878.30, 1480.28 1477.47 & 1624.47 1621.54
22-Jul-20 1851.00 1852.40, 1462.85 1456.91 & 1604.82 1598.44
21-Jul-20 1823.20 1842.55, 1436.86 1449.35 & 1594.21 1608.36
20-Jul-20 1810.30 1815.65, 1437.92 1438.18 & 1580.21 1590.87
17-Jul-20 1802.90 1807.35, 1435.47 1442.45 & 1578.98 1581.07
16-Jul-20 1804.60 1807.70, 1438.09 1436.04 & 1583.72 1581.56
15-Jul-20 1809.30 1804.60, 1436.22 1441.31 & 1582.96 1579.57
14-Jul-20 1798.20 1801.90, 1436.58 1440.62 & 1583.14 1581.71
13-Jul-20 1808.05 1807.50, 1435.23 1432.26 & 1598.32 1591.68
10-Jul-20 1805.75 1803.10, 1433.40 1427.33 & 1599.35 1594.84

 

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