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In Gold We Trust Report 2019
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Zippyjuan
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dannno
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Bitcoin has never been hacked. Bitcoin exchanges have been hacked.
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A few weeks ago, you may have seen the story of a British member of Parliament reading into the official record a lengthy synopsis of precious metal price manipulation, the sordid involvement of the bullion banks and the risks these banks pose to the global financial system.
If you missed the headlines at the time, here's a recap from Chris Powell at GATA as well as the official transcript from the Parliament's website:
Many thanks to Andy for his time today and for his ongoing efforts in the fight to create a fair and just pricing system for the precious metals.
https://www.tfmetalsreport.com/podcast/9587/important-discussion-andrew-maguire?page=4
If you missed the headlines at the time, here's a recap from Chris Powell at GATA as well as the official transcript from the Parliament's website:
- http://www.gata.org/node/19223
- https://hansard.parliament.uk/Commons/2019-07-08/debates/A6D6620D-4A27-4...
Many thanks to Andy for his time today and for his ongoing efforts in the fight to create a fair and just pricing system for the precious metals.
https://www.tfmetalsreport.com/podcast/9587/important-discussion-andrew-maguire?page=4
Gold & Silver Price Manipulation – The Greatest Trick ever Pulled
There is probably no other topic in the gold and silver markets which incites heated debate more than the subject of precious metals price manipulation.
That prices in the precious metals markets are manipulated is not speculation, it is fact, a fact made clear again recently by the Commodity Futures and Trading Commission´s (CFTC) ruling against investment bank Merrill Lynch Commodities Inc (MLCI) for spoofing pricing of gold and silver futures contracts on the COMEX exchange.
The number of investigations, legal cases, class actions and financial headlines involving precious metals manipulation are now so pervasive that it’s hard to keep track of which cases are in motion and which investment banks are under scrutiny at any given time.
But beyond the profit and greed driven bullion bank manipulations gold and silver prices, there is also the issue of central bank policy interventions to suppress the gold price by outright gold sales or using the opaque and secretive gold leasing and lending market. This is a less talked about manipulation given the secrecy of everything to do with central banks and gold, as well as a reluctance of the financial media to broach the subject and a reluctance of regulators to ´go there´ by even looking at central bank gold market activities.
The motivations for such central bank interventions include protecting the existing financial system, engineering low real long term interest rates, and preventing gold acting as a barometer of inflation.
But beyond even commercial bank manipulation of gold and silver metals prices and central bank policy manipulation of gold, there is arguably another form of manipulation in the precious metals markets which is far more influential in subduing price discovery and which takes the form of the very structure of how these markets trade vast quantities of futures contracts and synthetic and paper gold and silver positions that are completely unconnected with any underlying physical metal.
The home of this trading is of course on the US COMEX exchange and the unallocated gold and silver markets in London. Both venues of which are ruled by the LBMA bullion banks.
Conclusion – The Greatest Trick ever Pulled
Manipulating gold and silver prices by spoofing futures trades and cancelling them is one thing.
Central bank intervention into physical gold markets to dampen the gold price is another.
But perhaps the most far reaching yet unappreciated method of manipulation is sitting there in plain sight, and that is the very structure of the contemporary ‘gold’ and ‘silver’ markets where prices are established by trading in vast quantities of fractionally-backed synthetic gold and silver credit, be it in the form of vast quantities of unallocated positions that are ‘gold’ or ‘silver’ in name only, or in the form of gold and silver futures which haven’t the slightest connection with CME approved precious metals vaults and warehouses.
By siphoning off demand for real gold and silver and channeling it into unbacked or fractionally-backed credits and futures, the central banks and their bullion bank counterparts have done an amazing job in creating an entire market structure of futures and synthetics trading that is unconnected to the physical gold and silver markets. This structure siphons off demand away from the physical precious metals markets, and in doing so, creates a system of price discovery which is nothing to do with physical gold and silver supply and demand.
Apart from fractional-reserve banking, precious metals market structure is perhaps one of the biggest cons on the planet. So next time you think of precious metals manipulation, remember that in addition to spoofing and secretive central bank gold loans, the entire structure of the precious metals markets is unfortunately one big manipulation hiding in plain sight.
https://www.bullionstar.com/blogs/r...-manipulation-the-greatest-trick-ever-pulled/
There is probably no other topic in the gold and silver markets which incites heated debate more than the subject of precious metals price manipulation.
That prices in the precious metals markets are manipulated is not speculation, it is fact, a fact made clear again recently by the Commodity Futures and Trading Commission´s (CFTC) ruling against investment bank Merrill Lynch Commodities Inc (MLCI) for spoofing pricing of gold and silver futures contracts on the COMEX exchange.
The number of investigations, legal cases, class actions and financial headlines involving precious metals manipulation are now so pervasive that it’s hard to keep track of which cases are in motion and which investment banks are under scrutiny at any given time.
But beyond the profit and greed driven bullion bank manipulations gold and silver prices, there is also the issue of central bank policy interventions to suppress the gold price by outright gold sales or using the opaque and secretive gold leasing and lending market. This is a less talked about manipulation given the secrecy of everything to do with central banks and gold, as well as a reluctance of the financial media to broach the subject and a reluctance of regulators to ´go there´ by even looking at central bank gold market activities.
The motivations for such central bank interventions include protecting the existing financial system, engineering low real long term interest rates, and preventing gold acting as a barometer of inflation.
But beyond even commercial bank manipulation of gold and silver metals prices and central bank policy manipulation of gold, there is arguably another form of manipulation in the precious metals markets which is far more influential in subduing price discovery and which takes the form of the very structure of how these markets trade vast quantities of futures contracts and synthetic and paper gold and silver positions that are completely unconnected with any underlying physical metal.
The home of this trading is of course on the US COMEX exchange and the unallocated gold and silver markets in London. Both venues of which are ruled by the LBMA bullion banks.
Conclusion – The Greatest Trick ever Pulled
Manipulating gold and silver prices by spoofing futures trades and cancelling them is one thing.
Central bank intervention into physical gold markets to dampen the gold price is another.
But perhaps the most far reaching yet unappreciated method of manipulation is sitting there in plain sight, and that is the very structure of the contemporary ‘gold’ and ‘silver’ markets where prices are established by trading in vast quantities of fractionally-backed synthetic gold and silver credit, be it in the form of vast quantities of unallocated positions that are ‘gold’ or ‘silver’ in name only, or in the form of gold and silver futures which haven’t the slightest connection with CME approved precious metals vaults and warehouses.
By siphoning off demand for real gold and silver and channeling it into unbacked or fractionally-backed credits and futures, the central banks and their bullion bank counterparts have done an amazing job in creating an entire market structure of futures and synthetics trading that is unconnected to the physical gold and silver markets. This structure siphons off demand away from the physical precious metals markets, and in doing so, creates a system of price discovery which is nothing to do with physical gold and silver supply and demand.
Apart from fractional-reserve banking, precious metals market structure is perhaps one of the biggest cons on the planet. So next time you think of precious metals manipulation, remember that in addition to spoofing and secretive central bank gold loans, the entire structure of the precious metals markets is unfortunately one big manipulation hiding in plain sight.
https://www.bullionstar.com/blogs/r...-manipulation-the-greatest-trick-ever-pulled/
The History of the World is a History of Gold
While gold had circulated as money for thousands of years, the nineteenth century saw the advent of formal gold standards where countries linked their currencies formally to gold, and gold coinage circulated freely as currency. This was led by Britain in 1816 which took the initiative to move to a full gold standard, defining the value of Britain’s currency, the pound sterling, in terms of gold. Gold coins circulated freely as domestic currency, and paper bill currency was convertible into gold. It was at this time, in 1817, that the modern gold Sovereign was introduced by Britain’s Royal Mint.
The era of the classical gold standard (in which countries linked their currencies to gold ) really got underway later in the nineteenth century, spurred by the growth of worldwide gold supply following the major gold discoveries in the US, Australia and South Africa. Germany introduced a gold standard in 1871. Belgium, France, and Switzerland did likewise in the 1870s, followed closely by Italy and Holland, and Japan in 1897. The US, which had introduced a bimetallic standard of gold and silver in 1792, moved to a full gold standard in 1900.
During the First World War, many countries, including Great Britain, suspended gold convertibility, while the US kept its gold standard in place at an official gold price of $20.67 per troy ounce. Following the post-war Genoa Conference in 1922, a new ‘gold exchange standard’ was launched where countries could link their currencies to the British pound and US dollar, with the dollar and pound convertible into gold.
Britain re-entered this new gold standard in 1925, but dropped out again in 1933, with many participating countries also dropping out at that time. The US then went off its gold standard domestically in 1933, inflating its money supply and outlawing gold ownership for US citizens. In 1934, the US government enacted legislation transferring all Federal Reserve held gold held to the US Treasury, while raising the official gold price to $35 per ounce, further inflating the US money supply. At that time the US money supply was still 40% backed by gold.
Gold was the anchor of this system with the US dollar officially convertible into gold at $35 per ounce. Currencies of participating countries were then convertible into the US dollar at fixed par values. Only central banks and government monetary authorities were permitted to convert US dollars into gold at this official price of $35 per ounce via the US Treasury ‘gold window’, managed by the New York Federal Reserve.
As gold traded freely elsewhere in the world at higher ‘free market’ prices than the $35 per ounce official price, the guardians of the IMF system subsequently spent years intervening into the London market with physical gold sales in an attempt to keep the international market price of gold as close as possible to the official price of $35 per ounce.
They did so through the Bank of England and the US Federal Reserve, initially informally in the 1950s and then more formally in the 1960s with the infamous London Gold Pool of eight central banks from the US, Britain, France, Germany, Switzerland, the Netherlands, Belgium, and Italy, coordinated by the Bank of International Settlements (BIS) in Switzerland. When market speculative activity became so intense that the US ran out of acceptable gold bars in early 1968 to supply the gold price suppression scheme, the London Gold Pool collapsed in March 1968.
The US then fully scrapped the gold ratio requirement (gold backing) of the US dollar money supply which at that time had fallen to 25%. From March 1968, central banks were still able to convert US dollar surpluses to physical gold using the US Treasury’s gold window at the New York Fed. However, due to continued demand by foreign central banks to swap their surplus US dollars for US Treasury gold, this agreement was famously reneged on by the US in August 1971, with the announcement by US President Richard Nixon that the US was closing the ‘gold window’ and suspending convertibility of US dollars into gold.
This move essentially ended the Bretton Woods system of fixed exchange rates tied to gold, and the system’s demise ushered in a new era of unconstrained money supply growth, freely floating exchange rates, and a sharp rise in the US dollar price of gold throughout the 1970s.
https://www.bullionstar.com/blogs/bullionstar/the-history-of-the-world-is-a-history-of-gold/
While gold had circulated as money for thousands of years, the nineteenth century saw the advent of formal gold standards where countries linked their currencies formally to gold, and gold coinage circulated freely as currency. This was led by Britain in 1816 which took the initiative to move to a full gold standard, defining the value of Britain’s currency, the pound sterling, in terms of gold. Gold coins circulated freely as domestic currency, and paper bill currency was convertible into gold. It was at this time, in 1817, that the modern gold Sovereign was introduced by Britain’s Royal Mint.
The era of the classical gold standard (in which countries linked their currencies to gold ) really got underway later in the nineteenth century, spurred by the growth of worldwide gold supply following the major gold discoveries in the US, Australia and South Africa. Germany introduced a gold standard in 1871. Belgium, France, and Switzerland did likewise in the 1870s, followed closely by Italy and Holland, and Japan in 1897. The US, which had introduced a bimetallic standard of gold and silver in 1792, moved to a full gold standard in 1900.
During the First World War, many countries, including Great Britain, suspended gold convertibility, while the US kept its gold standard in place at an official gold price of $20.67 per troy ounce. Following the post-war Genoa Conference in 1922, a new ‘gold exchange standard’ was launched where countries could link their currencies to the British pound and US dollar, with the dollar and pound convertible into gold.
Britain re-entered this new gold standard in 1925, but dropped out again in 1933, with many participating countries also dropping out at that time. The US then went off its gold standard domestically in 1933, inflating its money supply and outlawing gold ownership for US citizens. In 1934, the US government enacted legislation transferring all Federal Reserve held gold held to the US Treasury, while raising the official gold price to $35 per ounce, further inflating the US money supply. At that time the US money supply was still 40% backed by gold.
Gold was the anchor of this system with the US dollar officially convertible into gold at $35 per ounce. Currencies of participating countries were then convertible into the US dollar at fixed par values. Only central banks and government monetary authorities were permitted to convert US dollars into gold at this official price of $35 per ounce via the US Treasury ‘gold window’, managed by the New York Federal Reserve.
As gold traded freely elsewhere in the world at higher ‘free market’ prices than the $35 per ounce official price, the guardians of the IMF system subsequently spent years intervening into the London market with physical gold sales in an attempt to keep the international market price of gold as close as possible to the official price of $35 per ounce.
They did so through the Bank of England and the US Federal Reserve, initially informally in the 1950s and then more formally in the 1960s with the infamous London Gold Pool of eight central banks from the US, Britain, France, Germany, Switzerland, the Netherlands, Belgium, and Italy, coordinated by the Bank of International Settlements (BIS) in Switzerland. When market speculative activity became so intense that the US ran out of acceptable gold bars in early 1968 to supply the gold price suppression scheme, the London Gold Pool collapsed in March 1968.
The US then fully scrapped the gold ratio requirement (gold backing) of the US dollar money supply which at that time had fallen to 25%. From March 1968, central banks were still able to convert US dollar surpluses to physical gold using the US Treasury’s gold window at the New York Fed. However, due to continued demand by foreign central banks to swap their surplus US dollars for US Treasury gold, this agreement was famously reneged on by the US in August 1971, with the announcement by US President Richard Nixon that the US was closing the ‘gold window’ and suspending convertibility of US dollars into gold.
This move essentially ended the Bretton Woods system of fixed exchange rates tied to gold, and the system’s demise ushered in a new era of unconstrained money supply growth, freely floating exchange rates, and a sharp rise in the US dollar price of gold throughout the 1970s.
https://www.bullionstar.com/blogs/bullionstar/the-history-of-the-world-is-a-history-of-gold/
DOJ Accuses JPMorgan's Precious Metals Trading Desk Of Being A Criminal Enterprise
Who would have thought that JPMorgan's precious metals trading desk is the functional equivalent of the mafia, and that its one-time leader, Blythe Masters, was the mafia's don?
Well, almost everyone who didn't mind being designated a conspiracy theorist for years. And now comes vindication, because this has just been confirmed by the DOJ, which accused the PM trading desks at JPMorgan of being deeply involved in what prosecutors described as a "massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants."
In an indictment unsealed on Monday morning, the DoJ charged Michael Nowak, a JPMorgan veteran and former head of its precious metals trading desk and Gregg Smith, another trader on JPM's metals desk, in the probe. (Blythe Masters was somehow omitted).
“Based on the fact that it was conduct that was widespread on the desk, it was engaged in in thousands of episodes over an eight-year period -- that it is precisely the kind of conduct that the RICO statute is meant to punish,” Assistant Attorney General Brian Benczkowski told reporters.
Here's where it gets extra interesting: according to Bloomberg, the unusually aggressive language embraced by prosecutors reminds legal experts of indictments utilizing the RICO Act - a law allowing prosecutors to take down 'criminal enterprises' like the mafia by charging all members of the organization for any crimes committed by an individual on behalf of the organization.
https://www.zerohedge.com/markets/t...harged-massive-gold-market-manipulation-fraud
Who would have thought that JPMorgan's precious metals trading desk is the functional equivalent of the mafia, and that its one-time leader, Blythe Masters, was the mafia's don?
Well, almost everyone who didn't mind being designated a conspiracy theorist for years. And now comes vindication, because this has just been confirmed by the DOJ, which accused the PM trading desks at JPMorgan of being deeply involved in what prosecutors described as a "massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants."
In an indictment unsealed on Monday morning, the DoJ charged Michael Nowak, a JPMorgan veteran and former head of its precious metals trading desk and Gregg Smith, another trader on JPM's metals desk, in the probe. (Blythe Masters was somehow omitted).
“Based on the fact that it was conduct that was widespread on the desk, it was engaged in in thousands of episodes over an eight-year period -- that it is precisely the kind of conduct that the RICO statute is meant to punish,” Assistant Attorney General Brian Benczkowski told reporters.
Here's where it gets extra interesting: according to Bloomberg, the unusually aggressive language embraced by prosecutors reminds legal experts of indictments utilizing the RICO Act - a law allowing prosecutors to take down 'criminal enterprises' like the mafia by charging all members of the organization for any crimes committed by an individual on behalf of the organization.
https://www.zerohedge.com/markets/t...harged-massive-gold-market-manipulation-fraud
Central Bank Issues Stunning Warning: "If The Entire System Collapses, Gold Will Be Needed To Start Over"
An article published by the De Nederlandsche Bank (DNB), or Dutch Central Bank, has shocked many with its claim that "if the system collapses, the gold stock can serve as a basis to build it up again. Gold bolsters confidence in the stability of the central bank's balance sheet and creates a sense of security."
R. Paul: Why central banks hold gold reserves?
Bernanky: ... tradition!
An article published by the De Nederlandsche Bank (DNB), or Dutch Central Bank, has shocked many with its claim that "if the system collapses, the gold stock can serve as a basis to build it up again. Gold bolsters confidence in the stability of the central bank's balance sheet and creates a sense of security."
R. Paul: Why central banks hold gold reserves?
Bernanky: ... tradition!
NorthCarolinaLiberty
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- Oct 11, 2010
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Right; just like with the "climate crisis." The difference is that no one makes you read Zero Hedge versus the government proposed restrictions for "climate change."
Zippyjuan
Banned
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- Feb 5, 2008
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- 49,008
The actual article is not the "gloom and doom" that Zerohedge portrays it as. It does not even hint at any economic problems or imminent collapse. It just tries to list some of what it considers benefits to them having gold. Read it here:
https://www.dnb.nl/en/payments/goud/index.jsp
China, Russia, Brazil, India, And Now UAE: Everybody Wants A Gold Trading Platform
China started something when they opened the Shanghai Gold Exchange where physical gold is traded to a global market.
Russia began trading gold futures on the Moscow Exchange which was followed by China and Russia announcing they would open the BRICS Gold Exchange to assist the other members of the BRICS alliance to acquire more gold.
This was followed by India stating they would be pursuing a gold spot exchange market
and next up is the United Arab Emirates (UAE) announcing they, too, are going to open a physical gold trading platform.
This is all pointing towards what seems to be a likely conclusion – a new gold pricing mechanism that is operated by the Shanghai Gold Exchange instead of COMEX in Chicago and New York or the LBMA in London.
It seems that slowly and surely, the major gold producing nations of Russia, China and other BRICS nations are becoming tired of the dominance of an international gold price which is determined in a synthetic trading environment which has very little to do with the physical gold market.
The Shanghai Gold Exchange’s Shanghai Gold Price Benchmark which was launched in April 2016 is already a move towards physical gold price discovery, and while it does not yet influence prices in the international market, it has the infrastructure in place to do so.
All of this movement in the physical gold market started in 2002 and just a few years later we are seeing a massive network of gold platforms outside the western world developing.
https://www.zerohedge.com/commoditi...now-uae-everybody-wants-gold-trading-platform
China started something when they opened the Shanghai Gold Exchange where physical gold is traded to a global market.
Russia began trading gold futures on the Moscow Exchange which was followed by China and Russia announcing they would open the BRICS Gold Exchange to assist the other members of the BRICS alliance to acquire more gold.
This was followed by India stating they would be pursuing a gold spot exchange market
and next up is the United Arab Emirates (UAE) announcing they, too, are going to open a physical gold trading platform.
This is all pointing towards what seems to be a likely conclusion – a new gold pricing mechanism that is operated by the Shanghai Gold Exchange instead of COMEX in Chicago and New York or the LBMA in London.
It seems that slowly and surely, the major gold producing nations of Russia, China and other BRICS nations are becoming tired of the dominance of an international gold price which is determined in a synthetic trading environment which has very little to do with the physical gold market.
The Shanghai Gold Exchange’s Shanghai Gold Price Benchmark which was launched in April 2016 is already a move towards physical gold price discovery, and while it does not yet influence prices in the international market, it has the infrastructure in place to do so.
All of this movement in the physical gold market started in 2002 and just a few years later we are seeing a massive network of gold platforms outside the western world developing.
https://www.zerohedge.com/commoditi...now-uae-everybody-wants-gold-trading-platform
In Gold We Trust Report 2020
This year's In Gold We Trust report was presented at an international press conference and live online event on May 27, 2020.
The authors of the report are the two fund managers Ronald-Peter Stoeferle and Mark Valek of Liechtenstein-based Incrementum AG.
The more than 300-page In Gold We Trust report is world-renowned and has been named the “gold standard of all gold studies” by the Wall Street Journal.
Last year's edition was downloaded more than 1.8 million times. This makes In Gold We Trust, which will be published for the 14 h time this year, one of the most widely read gold studies internationally. The Chinese version of the In Gold We Trust report will be published in autumn 2020.
The following topics are covered in the In Gold We Trust report 2020, among others:
► Review of the most important events in the gold market in recent months
► An analysis of the impact of the Covid-19 crisis on the price of gold
► The increasing importance of gold in times of de-dollarization
► Silver – ready to fly high?
► Gold and cryptocurrencies
► Gold mining stocks: The bull market has started.
► Outlook for the gold price development in this decade: A gold price of around USD 4,800 can be expected in 10 years, even with a conservative calibration of our gold price model.
In Gold We Trust-Report: The Dawning of a Golden Decade - press conference
The 2020 In Gold We Trust Report: The dawning of a Golden Decade (teaser)
Content
Gold in the last 12 months.
Only a few weeks after publishing last year’s Report we surpassed the resistance zone of around 1360 and gold entered a new phase of the bull market. We can expect new all-time high, also in US dollar terms. Looking at more recent days, we see that gold did exactly what it was supposed to do and served as the solid rock during the turbulent times of the corona-crisis.
Gold in times of MMT, helicopter money and corona
Last year we already predicted, that dark recession clouds where forming. The yield curve inverted and many other signals where all point towards an upcoming recession. Even though COVID19 broke the camels back we want to stress that even without it we would have run it problems. In the current crisis even more drastic measures were taken by central banks and governments. In the current climate even things like MMT and helicopter money seem very likely. This would be positive for the gold price.
Gold as the save heaven during the debt crisis
With governments entangled in the zero-interest rate trap, gold will likely become even more important when countries are faced with rising inflation and can’t do much about it.
Silver, golds lighter brother
This year we dedicated a howl part of the In Gold We Trust report taking a look at the silver market in great detail. Currently silver is very cheap compared to gold, we hold the view, that this will change as soon as the bull market in gold really takes off.
Mining stocks and Gold
The light is shining on mining stocks again. Over the last four yearlong bear market, mining companies have cleaned house and are now ready for the upcoming party. Generalists have entered the market again and many other factors like the rising gold price have given mining stocks a good tailwind.
Also featured in this year´s In Gold We Trust Report are articles looking at the De-Dollarization, gold as seen in the bible. We also take a look at gold demand in Asia, the stock to flow ratio and many more.
Timetable:
0:15 Title and the IGWT team and sponsors.
1:30 Review of the last 12 months.
3:35 Gold in times of MMT, helicopter money and corona.
5:11 Gold as the save heaven during the debt crisis.
6:22 Silvers silver lining.
7:28 Mining stocks: the party has begun!
8:58 Other articles in the IGWT Report 2020
10:30 Quo Vadis, Aurum?
IGWT Report, extended version
IGWT Report, compact version
This year's In Gold We Trust report was presented at an international press conference and live online event on May 27, 2020.
The authors of the report are the two fund managers Ronald-Peter Stoeferle and Mark Valek of Liechtenstein-based Incrementum AG.
The more than 300-page In Gold We Trust report is world-renowned and has been named the “gold standard of all gold studies” by the Wall Street Journal.
Last year's edition was downloaded more than 1.8 million times. This makes In Gold We Trust, which will be published for the 14 h time this year, one of the most widely read gold studies internationally. The Chinese version of the In Gold We Trust report will be published in autumn 2020.
The following topics are covered in the In Gold We Trust report 2020, among others:
► Review of the most important events in the gold market in recent months
► An analysis of the impact of the Covid-19 crisis on the price of gold
► The increasing importance of gold in times of de-dollarization
► Silver – ready to fly high?
► Gold and cryptocurrencies
► Gold mining stocks: The bull market has started.
► Outlook for the gold price development in this decade: A gold price of around USD 4,800 can be expected in 10 years, even with a conservative calibration of our gold price model.
In Gold We Trust-Report: The Dawning of a Golden Decade - press conference
The 2020 In Gold We Trust Report: The dawning of a Golden Decade (teaser)
Content
Gold in the last 12 months.
Only a few weeks after publishing last year’s Report we surpassed the resistance zone of around 1360 and gold entered a new phase of the bull market. We can expect new all-time high, also in US dollar terms. Looking at more recent days, we see that gold did exactly what it was supposed to do and served as the solid rock during the turbulent times of the corona-crisis.
Gold in times of MMT, helicopter money and corona
Last year we already predicted, that dark recession clouds where forming. The yield curve inverted and many other signals where all point towards an upcoming recession. Even though COVID19 broke the camels back we want to stress that even without it we would have run it problems. In the current crisis even more drastic measures were taken by central banks and governments. In the current climate even things like MMT and helicopter money seem very likely. This would be positive for the gold price.
Gold as the save heaven during the debt crisis
With governments entangled in the zero-interest rate trap, gold will likely become even more important when countries are faced with rising inflation and can’t do much about it.
Silver, golds lighter brother
This year we dedicated a howl part of the In Gold We Trust report taking a look at the silver market in great detail. Currently silver is very cheap compared to gold, we hold the view, that this will change as soon as the bull market in gold really takes off.
Mining stocks and Gold
The light is shining on mining stocks again. Over the last four yearlong bear market, mining companies have cleaned house and are now ready for the upcoming party. Generalists have entered the market again and many other factors like the rising gold price have given mining stocks a good tailwind.
Also featured in this year´s In Gold We Trust Report are articles looking at the De-Dollarization, gold as seen in the bible. We also take a look at gold demand in Asia, the stock to flow ratio and many more.
Timetable:
0:15 Title and the IGWT team and sponsors.
1:30 Review of the last 12 months.
3:35 Gold in times of MMT, helicopter money and corona.
5:11 Gold as the save heaven during the debt crisis.
6:22 Silvers silver lining.
7:28 Mining stocks: the party has begun!
8:58 Other articles in the IGWT Report 2020
10:30 Quo Vadis, Aurum?
IGWT Report, extended version
IGWT Report, compact version
Basically, what we call the price of gold is a result of two benchmarks: the price for gold futures in New York, at the Comex (biggest exchange for gold futures), and the price for unallocated gold in London, within the so-called London Bullion Market (biggest market for unallocated gold accounts).
It seems that trade volume is leaving the Comex, as market participants don't trust Comex gold futures anymore as these are not backed by physical gold.
London's gold futures Exchange, the LME, will replace the Comex.
The LME is owned by Chinese banks.
According to A. Maguire, the Chinese are going to push the POG up in the 2,200-2,500 area.
It seems that trade volume is leaving the Comex, as market participants don't trust Comex gold futures anymore as these are not backed by physical gold.
London's gold futures Exchange, the LME, will replace the Comex.
The LME is owned by Chinese banks.
According to A. Maguire, the Chinese are going to push the POG up in the 2,200-2,500 area.
Last edited:
Created4
Member
- Joined
- Dec 15, 2007
- Messages
- 3,470
So the Chinese are behind moving the Gold trading from NY to London? Do you think this is because they will stop buying U.S. Treasury notes, or expect the U.S. to default on their debts?
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