Gold Jumps to Highest in Six Years at $1,436 – Safe Haven Demand as Rising Risks

GoldCore Note

Gold surged over $1,436/oz this morning, it’s highest level in almost six years as an escalation of US sanctions on Iran added to heightened geopolitical uncertainty and uncertainty in global markets.

Market participants are also concerned about the G-20 summit this weekend where it is hoped that President Donald Trump and China’s Premier Xi Jinping will meet to discuss the deepening trade war. 
Gold has closed above $1400 for first time since 2013 as investors diversify into safe haven gold to hedge the growing global risks including the risk of much looser monetary policies again and of zero percent and negative interest rates.

The Fed and ECB have suggested there may be interest rate cuts and other central banks also pivoted to a more dovish position. Investors have responded by buying gold bullion coins and bars, allocating funds into gold exchange-traded funds and greatly adding to net long positions in US gold futures and options.

The outlook for gold is very positive in the coming months, however we would be concerned that this rally may have over extended itself. It may be vulnerable to a correction in the short term, specifically in the next few days prior to month end.

We would like to see a monthly close above $1,400 at the end of this week which marks the end of June. That would be very bullish from technical perspective and would likely propel gold even higher next week. A correction in the short term may mean that a slightly longer period of consolidation is needed prior to moving to higher levels and moving to test the $1,500/oz level.

News and Commentary

Gold Jumps to Highest in Six Years as Rising Risks Boosts Havens

Gold Prices Soar to New Five Year High Above Above $1,400, Palladium Jumps Above $1,500

Gold Climbs Towards 6-yr Peak on Dovish Central Banks, Iran Tensions

Traders Are Pricing in a Full Three Fed Rate Cuts by December (Chart)

Anti-dollar Trade Makes Outlook for Gold Much More Bullish

Watch video here

Gold Has More Upside Than Downside, Macquarie Wm Says (Video) 

Trump Says Fed ‘Blew It’

Down the Yellow Brick Road: China Buying Gold & Dumping Dollar Assets as Trade War With US Escalates

Somebody’ Finally Cares About Gold

Finally, FOMO Arrives for Gold

LBMA Gold Prices (AM/ PM Fix – USD, GBP & EUR)

24-Jun-19 1405.45 1405.70, 1102.58 1105.30 & 1233.56 1235.05
21-Jun-19 1388.35 1397.15, 1095.96 1101.93 & 1228.55 1233.12
20-Jun-19 1381.65 1379.50, 1086.25 1087.74 & 1222.90 1221.27
19-Jun-19 1342.40 1344.05, 1066.67 1066.64 & 1198.36 1199.43
18-Jun-19 1344.55 1341.35, 1073.22 1070.67 & 1201.89 1198.09
17-Jun-19 1333.20 1341.30, 1059.49 1065.13 & 1188.81 1193.09
14-Jun-19 1352.45 1351.25, 1069.79 1070.33 & 1200.03 1201.80
13-Jun-19 1335.80 1335.90, 1054.21 1052.69 & 1182.85 1184.81
12-Jun-19 1336.65 1332.35, 1049.27 1045.76 & 1179.99 1177.26
11-Jun-19 1322.65 1324.30, 1040.53 1041.30 & 1168.96 1170.42
10-Jun-19 1328.60 1328.60, 1046.94 1048.66 & 1175.41 1175.94

Mark O'Byrne

Also on news-goldcore-com

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Lawrence Lepard – Living in a World with Inflation

Lawrence Lepard Portfolio Manager and advocate of sound money, is our guest on this episode of GoldCore TV. With 40% of money in the US being created in the last 2 years, we ask Lawrence if the Fed is trapped. If so will this mean that it is going to be very difficult for them […]

READ MORE

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

This is a Long Term Bullish Pattern for Gold – Gareth Soloway on GoldCore TV

“This is a long term bullish pattern for gold!” – Gareth Soloway Gold In this latest episode of GoldCore TV, Gareth Soloway joins Dave Russell to discuss what what the charts are suggesting for the stock markets, bond markets and #bitcoin. In addition to this he also takes a look at his gold price forecast 2021 and beyond.Gareth identifies the key levels that […]

READ MORE

Featured

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

How High is Too High for Rising Government Bond Yields?

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Lawrence Lepard – Living in a World with Inflation

Lawrence Lepard Portfolio Manager and advocate of sound money, is our guest on this episode of GoldCore TV. With 40% of money in the US being created in the last 2 years, we ask Lawrence if the Fed is trapped. If so will this mean that it is going to be very difficult for them […]

READ MORE

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

This is a Long Term Bullish Pattern for Gold – Gareth Soloway on GoldCore TV

“This is a long term bullish pattern for gold!” – Gareth Soloway Gold In this latest episode of GoldCore TV, Gareth Soloway joins Dave Russell to discuss what what the charts are suggesting for the stock markets, bond markets and #bitcoin. In addition to this he also takes a look at his gold price forecast 2021 and beyond.Gareth identifies the key levels that […]

READ MORE

Featured

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

How High is Too High for Rising Government Bond Yields?

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE