◆ Gold is 15% higher in dollars, 18% higher in euros and 23% higher in sterling year to date as safe haven demand sees gold act as a hedge again.
◆ Silver has under-performed gold in the short and medium term and is only 1% higher year to date in dollars, 4% in euros and 9% higher in British pounds.
◆ The gold silver ratio has fallen from 125 to 100 as silver starts to outperform gold again as it does in gold and silver bull markets. Silver remains very undervalued versus gold, versus property markets and versus risk assets in general.
◆ Gold is now outperforming the 30 year US bond and is the best performing asset in 2020 year to date in all currencies. It is even outperforming the tech giants with the Nasdaq 100 only 6.8% higher year to date.
◆ Stock markets have fallen sharply and risk assets in general including the tech monopolies and property markets are vulnerable as the global economy contracts massively.
◆ Government bonds including U.S. Treasuries are also vulnerable given the strong possibility of a sovereign debt crisis in the increasingly bankrupt U.S. and increasingly bankrupt world.
NEWS and COMMENTARY
Gold steady, firm dollar offsets recession support
Venezuela files claim to force Bank of England to hand over gold
S&P stumbles as Moderna sinks on report questioning trial results
C.B.O. now forecasting 38% decline in GDP in Q2, with 26 million fewer people employed
Euro rallies on Franco-German proposal for recovery fund: 500 billion euros
‘We are fully prepared to take losses’ on coronavirus bailouts, Mnuchin says
G7 finance ministers discuss accelerating economies as countries reopen: U.S. Treasury
What matters most in gold and silver – Butler
GATA asks CFTC if it has ever audited Comex gold
Gold Price Analysis: Probes $1,750 as US dollar stays sluggish
GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)
19-May-20 1735.25 1737.95, 1416.14 1418.34 & 1584.11 1589.01
15-May-20 1734.85 1735.35, 1422.06 1427.67 & 1604.39 1602.60
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
