Gold Investments Market Update – UBS: “Unprecedented” Physical Demand in Past Three Weeks in Europe, India and Asia

Gold

Dollar weakness, firm oil and continuing tension in the Caucasus are leading to gold remaining well bid this morning. Warnings from NATO to Russia to stay out of Ukraine and calls for the European Union to be ready for “hard headed engagement” with Moscow are not doing much to help confidence in already nervous markets.

Besides increasing geopolitical risk – the risk that mother nature and weather can pose is being felt again. Energy markets remain on edge as tropical storm Gustav is looking like it will become a hurricane. Crude oil and natural gas have risen on a forecast that Gustav will be the most damaging hurricane since Hurricane Katrina as it moves toward production platforms in the Gulf of Mexico.

And all this is happening against a backdrop of already very robust physical demand.

UBS has issued a buy recommendation this morning due to substantial long liquidation on the COMEX, the belief that the dollar is overbought and will resume its bear market and due to “unprecedented physical gold demand”.

Today’s Data and Influences

Economic focus in the US today is on the second estimate of Q2 GDP which incredibly is expected to see the growth estimate revised upwards. Weekly jobless numbers also feature.

Gold and Silver

Gold is trading at $832.60/833.30 per ounce (1100 GMT).
Silver is trading at $13.73/13.76 per ounce (1100 GMT).

PGMs

Platinum is trading at $1453/1463 per ounce (1100 GMT).
Palladium is trading at $292/298 per ounce (1100 GMT).

Mark O'Byrne

Also on news-goldcore-com

Videos

Why Gareth Soloway is “unbelievably bullish” on gold and silver

Gold and Silver Chart Analysis January 2023 with Patrick Karim

Gold, Rate Hikes and The Central Bank Illusion?

Blog posts

Why Gareth Soloway is “unbelievably bullish” on gold and silver

Click below to watch What’s going on with the gold price? Is the silver price set for a further pullback? Technical analysis expert Gareth Soloway of InTheMoneyStocks joins Dave Russell of GoldCore TV for a monthly look at the gold and silver charts. Volatility has returned to the precious metals markets with bot #gold and […]

READ MORE

US Federal Reserve Sticks To The Script But For How Long?

Those watching the gold price and price of silver will have noticed the sharp uptick following the Federal Reserve’s announcement, yesterday. This was despite the Fed doing exactly what everyone expected them to do. For now, the Federal Reserve is sticking to its relatively well-telegraphed plan but how long will it be until they need […]

READ MORE

China and the US at sovereign debt war

US dollar hegemony has long been a standard feature of the global financial and economic system. But developments in recent years and months (weeks, even) suggests there are more than a handful of countries who are looking to rely less on the US dollar. Instead countries who have long been at the mercy of the […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Why Gareth Soloway is “unbelievably bullish” on gold and silver

Gold and Silver Chart Analysis January 2023 with Patrick Karim

Gold, Rate Hikes and The Central Bank Illusion?

Blog posts

Why Gareth Soloway is “unbelievably bullish” on gold and silver

Click below to watch What’s going on with the gold price? Is the silver price set for a further pullback? Technical analysis expert Gareth Soloway of InTheMoneyStocks joins Dave Russell of GoldCore TV for a monthly look at the gold and silver charts. Volatility has returned to the precious metals markets with bot #gold and […]

READ MORE

US Federal Reserve Sticks To The Script But For How Long?

Those watching the gold price and price of silver will have noticed the sharp uptick following the Federal Reserve’s announcement, yesterday. This was despite the Fed doing exactly what everyone expected them to do. For now, the Federal Reserve is sticking to its relatively well-telegraphed plan but how long will it be until they need […]

READ MORE

China and the US at sovereign debt war

US dollar hegemony has long been a standard feature of the global financial and economic system. But developments in recent years and months (weeks, even) suggests there are more than a handful of countries who are looking to rely less on the US dollar. Instead countries who have long been at the mercy of the […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE