Gold and Silver Gained 2% and 3% Last Week While Stocks Dropped Nearly 5%

  Close Gain/Loss On Week
Gold $1248.40 +$10.10 +2.19%
Silver $14.63 +$0.25 +3.25%
XAU 67.94 +2.40% +5.40%
HUI 153.93 +2.58% +6.13%
GDM 560.05 +2.34% +5.32%
JSE Gold 1201.13 -0.09 +9.31%
USD 96.60 -0.14 -0.61%
Euro 114.10 +0.24 +0.80%
Yen 88.80 +0.01 +0.67%
Oil $52.61 +$1.12 +3.30%
10-Year 2.856% -0.031 -4.86%
Bond 143.90625 +0.34375 +2.27%
Dow 24388.95 -2.24% -4.50%
Nasdaq 6969.25 -3.05% -4.93%
S&P 2633.08 -2.33% -4.60%

Weekly Performance (Source: GoldSeek)

 


December’s Month to Date Performance (Source: FinViz)

Gold acted as a safe haven last week and is again acting as a safe haven in December.

It has performed well despite the rout in stocks in Ireland and globally. U.S. stocks including the S&P500 and Nasdaq were down nearly 5% last week, while gold was 2% higher and silver over 3% higher.

Gold and silver saw even larger gains in euros, pounds and most other fiat currencies and are seeing gains in most fiat currencies in 2018.

With the risk of a U.S. recession increasing and U.S. stock indices near record highs, it is a good time to rebalance portfolios.

As is frequently the case, gold can suffer in the initial market sell off and be correlated with risk assets. However, it tends to bottom quicker and bounce and display an inverse correlation to risk assets.

This is especially the case over the long term – on a monthly, quarterly or annual basis.

Gold has consolidated after its recent sell off. Gold ETF and physical demand globally and especially in China remains robust and this should push gold higher in the New Year.

Markets being sentiment and momentum driven this could mean the recent correction in gold is over. Technical driven traders are likely to take signal from the recent price gains, in the face of stock market sell offs, and many will be seeking to reverse short positions and go long gold.

Gold appears to have bottomed and looks set to have a strong 2019 given the increasingly positive fundamentals.

 

 

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News and Commentary

Stocks Fall on Heightened Trade Worry; Dollar Dips (Bloomberg.com)

Asia stocks fall after Chinese trade data misses expectations (MarketWatch.com)

Gold steady near 5-month peak, soft U.S. jobs data supports (Reuters.com)

French central bank and JP Morgan team up to boost Gold Lending (BullionStar.com)

India and United Arab Emirates to stop using U.S. dollars in trade (GulfNews.com)


Source: Bloomberg

All Around the World, Central Bank Independence Is Under Threat (Bloomberg.com)

European Disunion & Monetary Drug Withdrawal – John Mauldin (GoldSeek.com)

BIS gold swaps fall in November but bank continues secret trading (Gata.org)

Stock Selloff Boosting Gold (SeekingAlpha.com)

I Would Not Wait For A Correction To Get Into Gold (SeekingAlpha.com)

South African Gold Industry Enters Final Phase of Slow Death (Bloomberg.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA PM)

07 Dec: USD 1,241.20, GBP 972.98 & EUR 1,091.51 per ounce
06 Dec: USD 1,236.45, GBP 971.48 & EUR 1,091.66 per ounce
05 Dec: USD 1,236.15, GBP 970.13 & EUR 1,090.16 per ounce
04 Dec: USD 1,239.25, GBP 966.74 & EUR 1,086.45 per ounce
03 Dec: USD 1,231.05, GBP 966.00 & EUR 1,084.92 per ounce
30 Nov: USD 1,220.45, GBP 956.95 & EUR 1,073.75 per ounce

Silver Prices (LBMA)

07 Dec: USD 14.49, GBP 11.34 & EUR 12.73 per ounce
06 Dec: USD 14.38, GBP 11.28 & EUR 12.68 per ounce
05 Dec: USD 14.48, GBP 11.34 & EUR 12.75 per ounce
04 Dec: USD 14.55, GBP 11.35 & EUR 12.77 per ounce
03 Dec: USD 14.39, GBP 11.31 & EUR 12.69 per ounce
30 Nov: USD 14.24, GBP 11.16 & EUR 12.52 per ounce


Recent Market Updates

– Irish Central Bank Refuses To Discuss Gold Reserves In Bank of England Vaults
– “Fake Markets” To Lead to Global Financial Crisis? – Goldnomics Podcast
– Gold Is “Coiled” and Looks Set To Surge Like Natural Gas — Bloomberg Intelligence
– “Collapse Of Civilisation Is On The Horizon” – Attenborough Warns World Leaders
– Deutsche Bank May Cause The Next Global Crisis
– Ireland’s Mr Gold Reveals Nuggets Of Wisdom For When The Next Crash Comes
– BREXIT May Lead to UK Property Crash and Depression
– General Motors And General Electric Highlight The Ponzi Scheme That Is The US Economy
– A Worldwide Debt Default Is A Real Possibility
– Risk of Lower Lows in Gold Remains Prior to Spectacular Rally to Follow

 

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