Daily Market Update

ECB Creates EUR 750 Billion To Buy ‘Safe Haven’ Bonds; Pound Falls To Near Record Low in Gold

◆ “There are no limits to our commitment to the euro,” ECB President Christine Lagarde pronounced as the ECB began to create an additional EUR 750 billion in order to buy government and corporate debt in an emergency move overnight.

◆ Gold prices in euros are marginally higher at €1,369/oz and in British pounds gold has gained another 0.5% to £1,289/oz very close to the all time record nominal high of £1,304.50/oz (See charts and table below).

◆ Gold in pounds has surged over 8.4% since Monday; Sterling is coming under massive selling pressure yesterday and fell to multi decade lows due to deepening concerns about the impact of the virus and the lock down of London on the City of London, UK financial markets and banks the economy.

◆ The ECB’s drastic move to “QE to infinity” was prompted by sharply slowing EU economies, the collapse of European and global stock markets and European bond markets beginning to come under pressure with yields moving higher.

◆ The move has seen Italian and other vulnerable European bonds move higher overnight and yields move lower in the short term …

◆ Stock markets globally saw more massive falls yesterday prior to Asian and European markets appearing to stabilise this morning

◆ Oil prices crashed another 13% yesterday, the 3rd largest fall in history which pushed prices to 20 year lows; Demand is falling due to massive contraction in the aviation, tourism and associated industries and the coming massive economic contraction.

◆ Demand for gold and silver bullion remains near record highs and supply is anemic at best. We have suspended deliveries but clients can still secure bullion in GoldCore Secure Storage. We continue to see assets moving to our vaults from digital gold platforms and investors concerned about gold ETFs viability in the event of the many custodians and sub custodians getting into difficulty or in the event of another systemic crisis.



Gold in Euros (15 Years)


Gold in GBP (15 Years)


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NEWS and COMMENTARY

Massive Surge in Silver Bullion Buying: Totally Distorted & Broken Markets

ECB announces €750bn pandemic purchase programme

European markets shun ECB stimulus package and head for lower open

Wall Street extends recent selloff, puts Dow on course to erase ‘Trump-bump’

Pressure growing for U.S. Federal Reserve to lend directly to U.S. businesses: sources

U.S. oil plunges to 18-year low as lockdowns trigger market meltdown

Bullion bank and central bank precious metals collusion

Analyst doesn’t get it but at least silver coin premiums astound him



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

18-Mar-20 1506.00 1498.20, 1254.50 1271.22 & 1367.00 1378.04
17-Mar-20 1472.35 1536.20, 1212.04 1275.66 & 1331.00 1400.40
16-Mar-20 1504.65 1487.70, 1223.28 1210.54 & 1346.36 1338.93
13-Mar-20 1588.15 1562.80, 1258.61 1248.83 & 1422.66 1407.30
12-Mar-20 1636.65 1570.70, 1284.28 1246.35 & 1457.11 1410.96
11-Mar-20 1662.50 1653.75, 1284.78 1279.01 & 1468.65 1462.25
10-Mar-20 1657.40 1655.70, 1269.40 1273.23 & 1460.00 1455.86
09-Mar-20 1676.60 1672.50, 1280.75 1272.94 & 1469.04 1462.10
06-Mar-20 1687.00 1683.65, 1296.80 1290.85 & 1490.13 1484.31
05-Mar-20 1647.45 1659.60, 1274.47 1284.70 & 1474.63 1482.69



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Mark O'Byrne
Executive Director

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