Posts
Gold fell again today despite very robust physical demand in western markets and especially the UK. Gold fell to a ten-day low despite a surge in gold demand in the UK.
Expectations that Britain could vote to leave the European Union in Thursday’s referendum have receded somewhat but remain and this is leading to very significant UK gold demand.
Over the last 5 days, we have had record demand from both Irish and UK retail and high net worth clients acquiring bullion in advance of the important poll. Other bullion dealers in the UK and indeed mints are reporting similar surging demand.
The Royal Mint has seen demand for gold “rocket” as investors seek sanctuary in safe haven gold due to increased volatility in stock and fx markets and concerns about the outlook for the UK economy and sterling (see News).
Two opinion polls yesterday showed the “Remain” camp had recovered some ground in the referendum debate though a third poll found those wanting to leave were ahead by a whisker.
As ever, speculative money in the futures market appears to be dictating gold prices in the short term. We expect the very robust physical demand will lead to a sharp bounce in gold prices in the medium term.
Gold News and Commentary
Gold Holds Two-Day Slump as Investors Count Down to Brexit Vote (Bloomberg)
Fed cautious on rates due to Brexit, hiring slowdown: Yellen (Reuters)
Gold Posts Biggest Loss in Four Weeks as Chances of Brexit Ebb (Bloomberg)
Switzerland gold exports jump 20% to 177.3 mt in May, highest this year (Platts)
Euroclear looks to apply blockchain to gold market (Coin Desk)
Prudent Brits Rush To Buy Gold Bars, Stuff Them In Home Safes (Zero Hedge)
Whatever Britons Decide, Bet on Gold Price Volatility to Profit (Bloomberg)
Why Gold, Why Now? (Holmes via Minyanville)
Economic Anxiety in Divided America (Max Keiser)
A look at the global economic malaise through Deutsche Bank (Marketwatch)
Read More Here
Gold Prices (LBMA AM)
22 June: USD 1,265.00, EUR 1,122.31 and GBP 862.98 per ounce
21 June: USD 1,280.80, EUR 1,129.67 and GBP 866.72 per ounce
20 June: USD 1,283.25, EUR 1,132.08 and GBP 877.49 per ounce
17 June: USD 1,284.50, EUR 1,142.05 and GBP 899.41 per ounce
16 June: USD 1,307.00, EUR 1,161.14 and GBP 922.01 per ounce
15 June: USD 1,282.00, EUR 1,141.49 and GBP 903.04 per ounce
Silver Prices (LBMA)
22 June: USD 17.20, EUR 15.23 and GBP 11.72 per ounce
21 June: USD 17.36, EUR 15.34 and GBP 11.78 per ounce
20 June: USD 17.34, EUR 15.30 and GBP 11.85 per ounce
17 June: USD 17.37, EUR 15.43 and GBP 12.19 per ounce
16 June: USD 17.71, EUR 15.79 and GBP 12.54 per ounce
15 June: USD 17.41, EUR 15.51 and GBP 12.26 per ounce
14 June: USD 17.25, EUR 15.37 and GBP 12.17 per ounce
0 comments:
Post a Comment