Gold At 6 Year High In Euros At €1,288 as ECB Says Outlook Is “Worse and Worse”

Gold rose to a six and a half year high in euros at €1,288/oz yesterday prior to giving up the gains as it succumbed to profit taking in volatile trading during and after the ECB meeting.

Gold in Euros – 10 Years – GoldCore.com

Gold spiked to its highest level since 2013 in response to the more dovish ECB policy statement. It then quickly changed course following the release of upbeat US durable goods orders data for June which saw it give up gains in all currencies. Stock markets rose before giving up gains as did gold.

Today, gold prices have edged higher and recovered a part of yesterday’s intra-day sell off. Gold is currently set for a small weekly gains in most currencies including euros and pounds with stronger gains for the week seen in the embattled Australian dollar.

The euro hits two-year lows against the dollar and six year lows against gold after the ECB signaled ‘stimulus’ which will involve interest rate cuts and the likely return to digital euro creation in order to support Eurozone bond markets and economies.

Mario Draghi’s ECB announcement was in line with the consensus as he signaled interest rate cuts in the near future as the economic outlook is “getting worse and worse”.

Silver soared to a more than one-year high on increasing expectations that the ECB, the US Federal Reserve and other major central banks will have to adopt a ultra loose monetary policies again to prevent a global recession.

Uncertainty in the Middle East and tensions between the Iran and the UK and the U.S. should support gold and may lead to increased safe haven demand.

Britain has sent a warship to accompany all British-flagged vessels through the Strait of Hormuz, a change in policy announced by new PM Johnson’s government yesterday. The UK government had previously said that it did not have the resources to do so.

U.S. Secretary of State Mike Pompeo said in a television interview yesterday that he would go to Iran and talk to the Iranian people, amid rising tensions between Tehran and Washington.



Gold Prices via LBMA (AM/ PM Fix – USD, GBP & EUR)

25-Jul-19 1426.35 1416.10, 1143.08 1132.88 & 1281.86 1265.85
24-Jul-19 1425.55 1426.95, 1142.29 1142.70 & 1279.86 1279.69
23-Jul-19 1417.55 1425.55, 1140.42 1145.29 & 1268.14 1277.01
22-Jul-19 1424.45 1427.75, 1142.69 1143.63 & 1270.04 1272.13
19-Jul-19 1437.05 1439.70, 1148.06 1148.88 & 1278.11 1281.48
18-Jul-19 1420.90 1417.45, 1139.70 1135.94 & 1264.74 1263.51
17-Jul-19 1400.80 1410.35, 1129.61 1135.61 & 1249.09 1256.90
16-Jul-19 1416.10 1409.85, 1136.85 1134.79 & 1260.05 1256.88
15-Jul-19 1416.25 1412.40, 1127.76 1127.24 & 1255.93 1253.79



News

Gold Falls 1% Despite ECB Poor Outlook

Euro Hits a 2-year Low as ECB Signals More Easing is on the Way

Wall Street Recedes From Record High Following Weak Results, Draghi

Fed to Cut Rates for First Time in a Decade This Month: Poll

Newmont Goldcorp Profit Drops More Than Expected on Cost of Deals, Idle Mines

Former Trader for Scotia Capital, Bear Stearns Confesses to ‘Spoofing’ Monetary Metals

Commentary

Gold Isn’t Necessarily an Investment — It’s Life Insurance 

The $6 Trillion Pension Bailout is Coming

$1.6 Trillion Fund Spots a New, Ticking Time Bomb in the Market

Chinese Bank With $100 Billion in Assets is About to Collapse

CFTC Settles Charges Against Former JPM Metals Market Manipulator Edmonds

Today’s Climate Change is Worse Than Anything Earth Has Experienced in the Past 2,000 Years

Click Here to Listen to the latest GoldCore Podcast

Buy, Transfer & Store Gold and Silver in Zurich, Switzerland – Six Months Free Storage


Receive our free Daily or Weekly Updates by signing up here and click here to subscribe to GoldCore’s You Tube Channel

Mark O'Byrne

Also on news-goldcore-com

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

The Inflation Tide is Turning!

In our post on January 28, 2021 “Gold, The Tried-and-True Inflation Hedge for What’s Coming!” we outlined four reasons that we expect higher inflation over the next several years. The brief bullet points are: Money Supplies have risen dramatically Commodity Prices are rising again Reduced Globalization as ‘Made at Home’ policies are proliferating Pent up […]

READ MORE

Tavi Costa- The Fed is Trapped

Tavi Costa of Crescat Capital joins Dave Russell of GoldCore TV this week. He highlights the basic pillars of inflation and why owning tangible assets like gold and silver is now more important than ever. Watch the full interview to find out more. Watch the Video to Learn More Make sure you don’t miss a […]

READ MORE

Featured

Gold posts its first loss in 11 sessions as Trump’s speech ebbs Iran war worries

READ MORE

China and Russia Are Buying Gold and They Don’t Care How Much It Costs

READ MORE

Gold Is Overvalued in Short-Term, Says Goldcore’s O’Byrne

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

The Inflation Tide is Turning!

In our post on January 28, 2021 “Gold, The Tried-and-True Inflation Hedge for What’s Coming!” we outlined four reasons that we expect higher inflation over the next several years. The brief bullet points are: Money Supplies have risen dramatically Commodity Prices are rising again Reduced Globalization as ‘Made at Home’ policies are proliferating Pent up […]

READ MORE

Tavi Costa- The Fed is Trapped

Tavi Costa of Crescat Capital joins Dave Russell of GoldCore TV this week. He highlights the basic pillars of inflation and why owning tangible assets like gold and silver is now more important than ever. Watch the full interview to find out more. Watch the Video to Learn More Make sure you don’t miss a […]

READ MORE

Featured

Gold posts its first loss in 11 sessions as Trump’s speech ebbs Iran war worries

READ MORE

China and Russia Are Buying Gold and They Don’t Care How Much It Costs

READ MORE

Gold Is Overvalued in Short-Term, Says Goldcore’s O’Byrne

READ MORE