– Gold supported near $1,300/oz ahead of important British Brexit no-confidence vote
– Gold is consolidating in range between $1,280 and $1,300/oz (over £1,000/oz and €1,100/oz) – A break of resistance at $1,300 will likely see gold rise rapidly in all currencies
– Physical demand for gold coins and bars has picked up in the UK and Ireland, aided by Brexit uncertainty
Gold is holding steady today supported by a very tentative recovery in equities. Bullion should be supported as caution deepens ahead of a no-confidence vote on British Prime Minister Theresa May’s government and other geopolitical risks including the US government shutdown loom large in investors minds.
Physical demand for gold coins and bars has picked up in the UK and Ireland, due to Brexit and UK political uncertainty.
British opposition Labour Party leader Jeremy Corbyn called a vote of no confidence in the UK government, to be held at 1900 GMT today, after May’s Brexit deal was defeated by lawmakers on yesterday.
A Jeremy Corbyn government would not be good for the pound and would benefit gold in sterling terms.
The date set for Britain’s departure from the European Union is March 29, but as the deadline approaches quickly, markets are hoping that there will be an extension.
The increased likelihood of a disorderly Brexit and the extension of a U.S. government shutdown have helped keep gold which is well supported near a more than six-month high of $1,300 per ounce.
Most stock markets globally have stabilised after strong volatility and sharp falls at the end of last year. Rightly or wrongly they are taking much comfort from the resumption of China-U.S. trade talks.
The likelihood that the Fed will slow or indeed stop its interest rate hikes is also making gold increasingly attractive to investors.
News and Commentary
Gold Prices (LBMA PM)
15 Jan: USD 1,289.35, GBP 1,002.99 & EUR 1,127.67 per ounce
14 Jan: USD 1,293.70, GBP 1,007.02 & EUR 1,129.27 per ounce
11 Jan: USD 1,298.80, GBP 1,012.91 & EUR 1,123.96 per ounce
10 Jan: USD 1,292.40, GBP 1,012.98 & EUR 1,121.54 per ounce
09 Jan: USD 1,281.30, GBP 1,006.41 & EUR 1,118.32 per ounce
08 Jan: USD 1,291.90, GBP 1,006.71 & EUR 1,121.62 per ounce
07 Jan: USD 1,291.50, GBP 1,013.83 & EUR 1,129.03 per ounce
Silver Prices (LBMA)
15 Jan: USD 15.60, GBP 12.13 & EUR 13.65 per ounce
14 Jan: USD 15.61, GBP 12.13 & EUR 13.61 per ounce
11 Jan: USD 15.68, GBP 12.23 & EUR 13.60 per ounce
10 Jan: USD 15.70, GBP 12.33 & EUR 13.63 per ounce
09 Jan: USD 15.62, GBP 12.27 & EUR 13.64 per ounce
08 Jan: USD 15.64, GBP 12.24 & EUR 13.64 per ounce
07 Jan: USD 15.75, GBP 12.35 & EUR 13.77 per ounce
Recent Market Updates
– Turbulence and Brexit Make Safer Options Like Gold and Cash Essential
– Where Will The “Pending” Financial Crisis Originate?
– Gold and Silver Prices To Rise To $1,650 and $30 By 2020? Video Update
– Gold Outlook 2019: Uncertainty Makes Gold A “Valuable Strategic Asset” – WGC
– Blackrock Say Gold Will Be A “Valuable Portfolio Hedge” In 2019
– Financial Advice In 2019: Own Gold To Hedge $250 Trillion Global Debt Bubble – GoldCore In Irish Times
– China Adds 320,000 Ounces To Gold Reserves – First Central Bank Purchase Since October 2016
– Gold At 6 Month High At $1,300 and All Time Record Highs In Australian Dollars Over $1,870
– Gold Hedges Stock Market Falls In 2018 – Gains 2.7% In Euros and 3.8% In Pounds
– Hope For Best In 2019 But Prepare For Worst by Increased Allocations to Gold and Silver – Outlook 2019 Podcast
– Prepare For Global Debt Bubble Collapse – Outlook 2019