Gold Falls 3% In Week to One-Month Low At $1,464/oz As Banks and Hedge Funds Sell COMEX Futures Aggressively

Gold is down 3% this week on concentrated selling of gold futures on the COMEX in New York.

Stocks in Asia fell and European indices were mixed today due to conflicting signals between China and the U.S. regarding progress in resolving the trade war which is damaging global economic growth.

Gold has gained over 14% in dollars and by much more in other currencies year to date due to the protracted trade wars, geopolitical uncertainty and deepening economic and monetary risks.

The outlook is ‘as good as gold’ and this correction or futures manipulation lower was needed in order to set the stage for gold’s next leg up and the safe haven asset challenging the $1,600/oz level in the coming weeks.

Cost averaging into physical gold coins and bars in your possession or in fully segregated secure storage remains prudent.


MARKET UPDATES THIS WEEK

Gold Futures Fall On Trade Deal Hopes; Central Banks of China, Russia, Turkey Buy Gold

Deutsche Bank On The Verge Of Creating The EU’s “Lehman Moment”?

Gold ETF and Central Bank Gold Buying Supports Gold Demand In Q3

Video: Has Germany Increased Its Gold Reserves For The First Time In 21 Years?


NEWS and COMMENTARY

Gold drops to a 3-month low as yields climb on signs of progress U.S.-China trade talks

Gold slides over 1% to one-month low on trade deal hopes

Global debt surges to record high $188 Trillion: IMF chief

China’s Gold Buying Spree Pauses In October After 10 Months Of Purchases

Sterling falls after Bank of England split on interest rate cut

Stocks Suddenly Drop On Reports “Fierce Internal Opposition” To Tariff Rollbacks

Wall Street hits fresh record high on trade progress

Dozens killed & injured in attack on Canadian gold miner convoy in Burkina Faso




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

07-Nov-19 1484.10 1484.25, 1153.44 1156.82 & 1339.40 1341.76
06-Nov-19 1488.55 1486.05, 1155.26 1154.51 & 1342.23 1341.31
05-Nov-19 1504.60 1488.95, 1166.37 1156.17 & 1352.18 1344.67
04-Nov-19 1509.20 1509.45, 1168.57 1169.52 & 1352.39 1353.98
01-Nov-19 1509.85 1508.80, 1165.76 1164.49 & 1354.79 1351.28
31-Oct-19 1506.40 1510.95, 1163.09 1168.57 & 1348.53 1356.53
30-Oct-19 1490.15 1492.10, 1156.65 1159.81 & 1340.39 1342.74
29-Oct-19 1492.75 1486.75, 1164.79 1155.20 & 1347.80 1338.37
28-Oct-19 1505.05 1492.40, 1172.89 1160.94 & 1356.95 1345.55
25-Oct-19 1504.65 1513.45, 1171.82 1180.79 & 1353.28 1364.22
24-Oct-19 1488.85 1496.55, 1154.75 1163.12 & 1338.03 1346.45

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Mark O'Byrne

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