Daily Market Update

Invest In Gold As a Hedge In Cashless Society – Ex IMF Rogoff

– Invest in gold as a hedge, in pensions & as a store of value – Rogoff
– Investing in and owning gold as a hedge will become more important as it will have “enormous value” in a cashless society

– Bitcoin and cryptocurrencies are not an effective replacement for paper money … but gold’s role is likely to increase as cash is used less and “the trend towards digital currencies” will benefit gold
– “There is an incredible disconnect between the fact that cash is disappearing in legal, tax-compliant transactions but exploding in terms of how much central banks are printing” says Rogoff
– It makes sense for investors, HNW individuals, pension funds and central banks to invest a “percentage of their assets in gold” as a hedge
– “Gold is also likely to increase in value” as central bank and global investment demand increases
– “As a hedge, gold has enormous value…” Rogoff concludes

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News and Commentary

Gold ends lower, building on a weekly decline (MarketWatch.com)

Gold rises as weak U.S. economic data drags dollar (Reuters.com)

Trump to sign border bill, declare emergency: McConnell (Bloomberg.com)

Weakest U.S. retail sales since 2009 cast pall over economy (Reuters.com)

Bitcoin trading in crisis-stricken Venezuela has just hit an all-time high (CNBC.com)

South African Gold Output Plunges Most in Six Years in December (Bloomberg.com)

The Case for Gold – The Economist (Gata.org)

Headlines Say There’s No Inflation, But Look at What’s Getting More Expensive (CNBC.com)

Intercontinental Exchange admits metals market vulnerability to rigging (Bloomberg.com)

6,000 miners to lose jobs but South Africa doesn’t care about gold price suppression (FT.com)

The Italians Want To Sell Some Gold: Well Now, There Might Be A Problem With That (SilverDoctors.ocm)

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Gold Prices (LBMA PM)

14 Feb: USD 1,305.65, GBP 1017.49 & EUR 1,158.50 per ounce
13 Feb: USD 1,311.15, GBP 1017.45 & EUR 1,158.79 per ounce
12 Feb: USD 1,311.60, GBP 1021.21 & EUR 1,163.00 per ounce
11 Feb: USD 1,306.40, GBP 1014.81 & EUR 1,157.08 per ounce
08 Feb: USD 1,311.10, GBP 1012.04 & EUR 1,156.65 per ounce
07 Feb: USD 1,310.00, GBP 1009.49 & EUR 1,154.11 per ounce
06 Feb: USD 1,313.35, GBP 1013.51 & EUR 1,152.86 per ounce

Silver Prices (LBMA)

14 Feb: USD 15.58, GBP 12.17 & EUR 13.83 per ounce
13 Feb: USD 15.69, GBP 12.13 & EUR 13.85 per ounce
12 Feb: USD 15.81, GBP 12.30 & EUR 14.01 per ounce
11 Feb: USD 15.70, GBP 12.16 & EUR 13.88 per ounce
08 Feb: USD 15.78, GBP 12.18 & EUR 13.92 per ounce
07 Feb: USD 15.71, GBP 12.20 & EUR 13.87 per ounce
06 Feb: USD 15.73, GBP 12.15 & EUR 13.82 per ounce

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Mark O'Byrne
Executive Director


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