Gold and Silver ETFs “Backed Only By The Good Faith Of Banks and Brokerages”

Today’s AM fix was USD 1,591.50, EUR 1,221.98 and GBP 1,062.42 per ounce.

Yesterday’s AM fix was USD 1,582.50, EUR 1,216.37and GBP 1,065.30 per ounce.
Both gold and silver rose by almost 1% yesterday. Gold rose $12.20 and closed at $1,593.30/oz. Silver closed at $29.15/oz.

Silver is trading at $29.08/oz, €22.44/oz and £19.51/oz.

Platinum is trading at $1,590.25/oz, palladium at $767.00/oz and rhodium at $1,200/oz.

Gold remains near the highest level in almost two weeks on prospects of further currency debasement from central banks in Europe, Japan, the UK and the U.S. and continuing robust physical demand in Asia.

The spectre of stagflation threatens the UK economy due to concerns that sterling weakness will contribute to even higher inflation amid very weak economic growth and the likelihood of a recession – likely a severe one.

Markets are pricing in a jump in inflation as inflation expectations, as measured by the difference between nominal and inflation-linked bond yields, ticked up to near 3.3% yesterday.

Recent poor economic data and the appalling UK fiscal position are rightly leading to concerns of stagflation as was seen in the 1970’s. Conditions that make owning gold and silver vitally important to own in order to protect and grow wealth.

The ECB confirmed that they will maintain their accommodative stance “as long as necessary” and the Federal Reserve and BOJ are committed to ultra loose monetary policy for the foreseeable future.

Gold in GBP – YTD (Bloomberg)

U.S. asset manager Van Eck Global has filed with the SEC to launch two gold and silver exchange-traded funds that will allow investors to redeem their shares for physical precious metals.

Van Eck Global has offices around the world and managed approximately $36.6 billion in investor assets as of December 31, 2012.

Silver in GBP – YTD (Bloomberg)

The two new products will add to Van Eck’s line-up of commodities-focused ETFs, including its Gold Miners ETF and the Junior Gold Miners ETF and mutual funds.

Van Eck filed its regulatory papers late on Monday. The gold trust filing says a "secondary objective is to provide investors with an opportunity to invest in gold through the shares and to be able to take delivery of gold bullion in exchange for their shares."

Most precious metals ETFs do not allow their shareholders to take physical delivery, and those that do often charge a higher management fee to offset the extra costs related to physical redemption.

There are currently about 20 major global gold- and silver-backed ETFs, and dozens other exchange-traded products “backed only by the good faith of banks and brokerages” according to Reuters (see News).

NEWS 

Spectre of Stagflation Haunts UK – FT

Gold Trades Near Two-Week High on Stimulus, Rising Asian Demand – Bloomberg

Gold holds near two-week high on euro zone concerns – Reuters

Van Eck files to launch redeemable U.S. gold, silver ETFs – Reuters

COMMENTARY

"Sell JPY, Buy Gold, and Go To Sleep" – Zero Hedge

My Switch From Gold to Silver Mantra – SilverSeek

Fed’s Exit Can Only Be Debt and Currency Devaluation Via Gold – GoldSeek

Gold Breakout Attempt with Higher Volume – Got Gold Report

Mark O'Byrne

Also on news-goldcore-com

Videos

Episode 5 of The M3 Report with Steve St Angelo

What we can Learn from the International Gold Market

Jim Rogers Interview 2022

Blog posts

Ross Geller inspires Bank of England policy

This morning the UK pound slumped as one of the world’s oldest central banks pressed hard on the panic button. The Bank of England was seen to be shouting ‘Pivot! Pivot! Pivaat!’ as they announced they would temporarily suspend their programme to sell gilts and will instead buy long-dated bonds.  In a statement, the bank […]

READ MORE

Episode 5 of The M3 Report with Steve St Angelo

Is the energy crisis something that can be resolved? Was it always inevitable? Will renewable energy make it all OK? Are Western financial policies to blame? All this and more in today’s The M3 Report! If you’re not already subscribed to GoldCoreTV then click here right now to make sure you’re all set to watch the fifth […]

READ MORE

Brace Yourself for the Impact

Fed’s message this week – higher rates, lower economic growth, higher unemployment. The Fed hiked interest rates by 75 basis points for the third straight meeting and the statement said that the committee anticipates further increases. The Summary of Economic Projections (SEP) showed that the median projection is for a further 1.25% increase by yearend. […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Episode 5 of The M3 Report with Steve St Angelo

What we can Learn from the International Gold Market

Jim Rogers Interview 2022

Blog posts

Ross Geller inspires Bank of England policy

This morning the UK pound slumped as one of the world’s oldest central banks pressed hard on the panic button. The Bank of England was seen to be shouting ‘Pivot! Pivot! Pivaat!’ as they announced they would temporarily suspend their programme to sell gilts and will instead buy long-dated bonds.  In a statement, the bank […]

READ MORE

Episode 5 of The M3 Report with Steve St Angelo

Is the energy crisis something that can be resolved? Was it always inevitable? Will renewable energy make it all OK? Are Western financial policies to blame? All this and more in today’s The M3 Report! If you’re not already subscribed to GoldCoreTV then click here right now to make sure you’re all set to watch the fifth […]

READ MORE

Brace Yourself for the Impact

Fed’s message this week – higher rates, lower economic growth, higher unemployment. The Fed hiked interest rates by 75 basis points for the third straight meeting and the statement said that the committee anticipates further increases. The Summary of Economic Projections (SEP) showed that the median projection is for a further 1.25% increase by yearend. […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE