Gold Hits New Record Highs On Currency Debasement, Brexit and U.S. China Risks

Gold in USD – 3 Days


◆ Gold has surged to new record highs in British pounds at £1,422/oz, is touching near record highs in euros at €1,607/oz and is 1.8% higher this week in dollars to $1,738/oz, near a new 8 year high.

◆ Gold’s gains on all currencies are due to concerns about the outlook for global economies and global currencies in an era of currency debasement on a scale never before seen in world history.

◆ Other risks have not gone away and are set to rear their ugly heads again. These include major geopolitical, monetary and systemic risks from the pandemic and attendant global lockdown, from Brexit and risks to the viability of the Eurozone itself and of course U.S. China tensions are bubbling over once again.

◆ Gold is consolidating near record highs in euros and is the second  best performing asset (only the 30 year US bond has done better) in the world in 2020 year to date in all currencies.

◆ Gold is 14% higher in dollars,18% higher in euros and 22% higher in embattled sterling year to date.

◆ It is again acting as a hedge and a safe haven exactly when investors need one and most analysts including Goldman Sachs believe it will continue to do so in the coming years with Goldman advising that the case for diversifying into gold is ‘as strong as ever.’



NEWS and COMMENTARY

Gold hits over three-week high as Sino-U.S. tensions heat up

Euro zone first-quarter growth plunge deepest on record as coronavirus hits

Credit rating ‘Fallen angel’ danger at record high: S&P Global

Virus-hit German economy plunges into recession


World stocks win a respite, oil prices jump over 3%

Fed Buys $305 Million of ETFs at Launch of Historic Program

Unemployment ticks higher in China as coronavirus shock to economy persists

Sweden ‘s leading expert: Global lockdown ‘pushing serious cases into the future,’ collapsing economy and fabric of society



Watch and Read Other Key Points From Interview Here



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

14-May-20 1716.40 1731.60, 1403.67 1420.09 & 1587.84 1603.98
13-May-20 1699.85 1708.40, 1383.85 1394.74 & 1568.11 1573.09
12-May-20 1703.45 1702.40, 1381.84 1379.80 & 1574.50 1565.87
11-May-20 1698.80 1702.75, 1375.35 1378.55 & 1570.20 1571.81
07-May-20 1688.65 1704.05, 1366.29 1387.78 & 1565.21 1582.38
06-May-20 1698.90 1691.50, 1373.56 1366.73 & 1574.71 1564.13
05-May-20 1696.30 1699.55, 1363.83 1363.72 & 1566.36 1562.91
04-May-20 1703.70 1709.10, 1371.14 1374.63 & 1558.72 1563.83
01-May-20 1673.05 1686.25, 1332.08 1347.15 & 1523.14 1536.68

30-Apr-20 1716.75 1702.75, 1373.92 1361.69 & 1577.86 1568.91
29-Apr-20 1706.00 1703.35, 1371.97 1368.64 & 1569.69 1568.10
28-Apr-20 1708.10 1691.55, 1367.68 1357.98 & 1571.11 1559.27
27-Apr-20 1717.25 1714.95, 1381.36 1380.19 & 1582.96 1581.18
24-Apr-20 1727.25 1715.90, 1401.32 1391.59 & 1604.96 1589.09
23-Apr-20 1727.55 1736.25, 1399.49 1405.84 & 1601.78 1608.64



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Mark O'Byrne

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