Daily Market Update

Gold Surges To £1,175/oz, Near Record £1,179/oz In GBP, As Sterling Falls Sharply


Gold prices have surged in British pounds today as sterling fell sharply on
concerns that Boris Johnson may lead the UK and EU into a “hard Brexit.”

Gold surged to 1,175/oz and nearly touched the all time record nominal high of £1,179/oz as the pound fell on international markets.

Gold gained nearly 0.5% in dollars ahead of the meeting of the U.S. Federal Reserve. Due to the slowing U.S. and global economy, they are expected to signal how big an interest rate cut the world’s biggest economy might take.

Irish bonds saw selling, as did global stock markets before what is expected to be the first cut in U.S. rates since the financial crisis.

Gold has gained in all currencies today but especially in the embattled British pound. It is not just the ‘no deal’ Brexit that is leading to sharp falls in the pound. Trade wars, falling interest rates in the UK and globally, the slowing London and UK property market and the slowing UK and global economy are all contributing to the fall in sterling.

Gold in GBP – Monthly, 10 Year – GoldCore.com

As are the very large UK deficits and the completely unsustainable debt position. While all the focus is on Brexit, the UK faces the very real risk of a debt and currency crisis.

Britain has over $8 trillion in external debt and is the 2nd largest debtor in the world after the U.S.

True UK government debt exceeds £5 trillion as pension liabilities are not counted in the official numbers. Total UK debt (government, private, business & bank debt) as a percent of GDP is over 500% which in itself creates the risk of a currency crisis.

Gold Price Performance GBP



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

26-Jul-19 1418.25 1420.40, 1140.27 1144.70 & 1273.02 1275.95
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



News

Pound Suffers Further Slide After Boris Johnson Takes Brexit Hard Line

UK PM Johnson’s No-deal Brexit Gamble Hammers Sterling

Weak Pound: More to Falling Sterling Than No-deal Brexit Fears

Gold Ends Marginally Higher Ahead of Kickoff of Fed Policy Gathering

Gold Firms on Fed Rate-cut Bets; Focus on Future Guidance

Commentary

GBP: The Sterling Meltdown – ING

Gold Fever Breaks Out in New ‘Bubble Game’ as Fed Preps a Cut 

A Fed Interest Rate Cut is in the Bag. What Then?  

Why We Should Fear Easy Money

Trump Debt Plan Is Crazy as Hell: Stockman – Bloomberg

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Mark O'Byrne
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