Gold Marginally Lower Despite Oil Collapse; Stocks Fall Sharply

Gold in USD – 3 Days

Gold prices are 1.4% lower today after seeing a 1.5% gain yesterday as traders sought refuge in safe haven gold as oil prices collapsed even further. Year to date in 2020, WTI crude is down 67% and Brent crude is down 73%.

Safe haven demand continues and the oil collapse will intensify this safe haven demand. Oil producing nations and oil and commodity linked currency nations will likely now seek to diversify their foreign exchange reserves and acquire physical gold as will the people in these nations.

The shortage of small and large gold bullion coins and bars continues and may deepen as prices move higher and we enter the next phase of the crisis – a massive economic crisis.
The U.S. Mint suspending gold coin production now along with silver coin production (see below) will exacerbate the strong demand and limited supply challenges and may lead to premiums remaining elevated.

Due to our direct relationships with leading refineries and as Authorised Distributors of government mints, we continue to sell gold bars (1 oz, kilo and 400 oz) and silver bars (1,000 oz) and gold coins including Gold Sovereigns (for immediate delivery) and Britannias (late May delivery) and Gold Nuggets or Kangaroos in volume. Online trading is suspended and you must call our trading trade to order coins and bars for delivery and storage. Our premiums have risen to reflect the rise in wholesale premiums from our mint and refinery partners, but we continue to have some of the most competitive premiums in the world.



NEWS and COMMENTARY

Swiss Gold Exports to U.S. Jump to at Least Eight-Year High: 43.2 tons in March

Gold pares losses as oil rout hammers risk appetite

Price on June US crude futures tumble 30%; May contract falls further into negative territory

European shares tumble on oil crash, dour earnings

Oil crash hits stocks, dollar gains as investors shun risk

U.S. Mint Plant Halts Gold Coin Output Just as Demand Is Surging (see chart below)






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

20-Apr-20 1684.95 1686.20, 1349.14 1355.70 & 1547.63 1551.98
17-Apr-20 1693.15 1692.55, 1362.48 1354.04 & 1564.47 1555.79
16-Apr-20 1717.85 1759.50, 1378.57 1382.91 & 1581.45 1589.06
15-Apr-20 1712.25 1718.65, 1367.92 1377.33 & 1566.02 1580.99
14-Apr-20 1715.85 1741.90, 1367.36 1383.07 & 1567.91 1588.26
09-Apr-20 1662.50 1680.65, 1339.48 1348.22 & 1529.00 1538.13
08-Apr-20 1649.05 1647.80, 1328.27 1330.27 & 1517.00 1513.14
07-Apr-20 1652.20 1649.25, 1344.23 1333.75 & 1519.53 1511.21
06-Apr-20 1636.60 1648.30, 1330.72 1341.06 & 1515.49 1526.66
03-Apr-20 1609.75 1613.10, 1310.66 1315.97 & 1490.47 1495.34


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Mark O'Byrne

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