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World Gold Council
23 января, 00:34

Bitcoin and Gold – Outlook and Safe Haven?

Bitcoin and Gold – Outlook, Volatility and Safe Haven Diversification – Recent performance of Bitcoin and Gold– Price outlook– Bitcoin, China and capital flight– Exchanges of value?– Can bitcoin rival gold as a safe haven?– ‘Bitcoin vs Gold’ or ‘bitcoin and gold’?– Importance of diversification– Conclusion: A monetary and financial revolution? Recent performance of bitcoin and gold What does the recent volatility and surging price of bitcoin mean for the future of the crypto-currency and does its recent outperformance mean that it may supplant gold as a safe haven currency? Can bitcoin rival gold as a safe haven? Do bitcoin’s recent price gains herald gains for gold in 2017? Bitcoin in USD – 1 Month via Coin Desk 2016 was a pivotal year for both the gold price and the price of bitcoin. In dollar terms, both made new gains that have not been since in the last four years. However, the fledgling digital currency greatly outperformed gold. Gold climbed 8.6 per cent in dollars last year, outperforming both US Treasuries and the US Dollar itself. Despite ending its four year decline and gold being higher in all major currencies, sentiment in the media and among investors remains tepid towards gold as it had a poor second half to the year and failed to end the year above its July high of $1,366. This despite strong gains in dollar and euro terms and surging over 31% in British pound terms and protecting UK investors and savers from sterling’s devaluation. In contrast, 2016 saw the bitcoin price climb by more than 100% (see FT chart). With a climb of 126% it greatly outperformed all major fiat currencies in 2016. In terms of significant developments in the gold market, 2016 was very important for gold. John Hathaway’s recent Tocqueville Gold Strategy Investor Letter pointed to two bullish factors that came to fruition in 2016 and will continue to benefit gold. Namely: First is the new Shariah Gold Standard, launched by AAOIFI and the World Gold Council, and brought to your attention here. This opens up investing in physical gold to approximately 25% of the world’s population – over 100 million investors “Second, is the incorporation of gold as a settlement currency to facilitate trade between oil-producing nations and the world’s largest hydrocarbon importer, China. Russia, Saudi Arabia, and Iran are settling most, if not all, of their energy sales to China in yuan convertible into physical gold via the Shanghai Gold Exchange” 2016 was also a year of significant maturing for bitcoin, this was in part thanks to the developments made in the underlying technology – the blockchain – but also because it had a year of lower volatility. It also began to react to macroeconomic developments, indicating that bitcoin traders and some buyers are now considering its role in the world beyond the cryptocurrency system, and instead as a form of currency hedge. Last year was the first time in which we really saw the bitcoin price start to react to surprise economic factors, namely the hike in Federal Reserve rates last month. The Washington Post writes: “When Greece threatened to leave the European Union in 2015, investors surged into the digital currency. The same thing happened when Britain voted to leave the European Union last year, and when Donald Trump defied polls to win the U.S. presidential election. Recent economic surprises in China, India and Venezuela that threatened to destabilize those countries’ paper currencies sparked an interest in the digital alternative as well.”  Bitcoin began to act more like gold – a  hedge against geo-political, systemic and monetary risks. Outlook for in 2017 The outlook for both bitcoin and gold looks positive in 2017. There are many positives for both gold and bitcoin as prices and holdings of both assets look set to benefit from speculators and investors’ desires for diversification, alternative currencies and safe havens. Gold price predictions for 2017 range from $1,100 to $1,600 and beyond. Following a near 9% jump in 2016 a Bloomberg survey of analysts expect, on average, a climb on 13% this year. Goldcore, one of the analysts surveyed by Bloomberg sees gold reaching an annual high of $1,600 per ounce and closing the year over $1,400/oz. Should analysts’ expectations play out, it will be the metal’s biggest rally since 2010. Regardless of where analysts sit on the gold price axis, they all agree that Trump, Brexit and ongoing upset in the EU  are likely to be supportive for gold. Not to mention negative real rates, inflationary policies and ongoing problems in the Eurozone banking system. A survey on CoinDesk showed expectations for bitcoin to finish north of $1,400. Interestingly only a small percentage of those surveyed pointed to macroeconomic factors as the reason for the price climb, many in the bitcoin community still look inwardly to the technological improvements that are ongoing within the cryptocurrency, as support for higher prices. A report from SaxoBank, released early December, also saw the potential economic impact of Trump’s governance and inflationary expectations as well as tense relations with Russia and China, as having a positive effect on the bitcoin price. The Bank made the ‘outrageous’ prediction that the bitcoin price could rise to as much as $2,000 as a result. As we have already seen happen with gold, Saxo Bank believe it is not impossible to think that Russia and China, will move to accept bitcoin as a ‘partial alternative to the USD’. “If the banking system as well as sovereigns such as Russia and China move to accept bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the block-chains decentralised system, an inability to dilute the finite supply of bitcoins as well as low to no transaction costs gains more traction and acceptance globally.” The start to bitcoin’s year has been promising, if volatile. On January 4th, the price reached multi-year highs over $1,129 per bitcoin. Since then, it has dropped by as much as 33% to as low as $776. In recent days it stabilised at $800 and today it has surged over 6% to $880. Both gold and bitcoin continue to benefit from their positions as borderless, autonomous currencies. Not only will they grow in appeal as countries look to diversify away from the US Dollar, protect themselves from cyber hacks and Trump uncertainties, including his tweets, but also as populist politicians of the left and right increasingly encroach on the roles of central bankers. This is something that we are just starting to see in 2017 and looks set to continue for the foreseeable future. Jim Rickards points to President-elect Donald Trump’s possible decision to staff the Federal Reserve’s board with politicos. This will inevitably lead to inflation, according to Rickards: “I’ve never known a politician who’s meddled in central bank policy to cause deflation.” Bitcoin, China and capital flight The volatility in the bitcoin price in January has largely been thanks to China. Much of the bitcoin activity (and subsequent interest from the government) was attributed to capital flight from the country as the yuan continues to be devalued and fall in value. The FT writes “ The rally had caught the attention of Chinese regulators concerned that the currency was being use to facilitate capital flight. Authorities had gotten wind of the fact that some of their citizens were using it to take cash out of the country while circumventing strict regulations. People would buy bitcoin onshore, then sell it offshore for another currency, and move the money to a bank account. In the past six months, the yuan has accounted for 98 per cent of bitcoin trading.” The PBoC released two separate statements on 6th January, both of which reminded (and quoted) readers of a 2013 statement stating bitcoin was not a currency and warning buyers of the risks involved. This is in stark contrast to Chinese official pronouncements re gold which has tended to be very positive – including at one stage encouraging Chinese people to diversify into physical gold. Then, last week the PBoC purportedly stated that it will be carrying out ongoing investigations into China-based bitcoin exchanges. This prompted a 14% price crash. Investigations at the moment appear to be interpreted as making sure exchanges are not faking the volumes going through sites (something the West has long been vocal about), as well as taking measures to prevent money laundering. No one knows what the impact or extent of the Chinese government’s decisions will be. It’s unlikely that these leaks and announcement were by accident, given that the price and volatility were both covered on Chinese State television. Put in perspective one wonders how big a deal this really is. At the moment, the bitcoin market cap is around $12.9 billion, in contrast the total amount of currency outflow from China was $320 billion. The majority of capital flight from China, is not happening via bitcoin. Although it is obviously the reason for increased bitcoin activity. Given only 16 million bitcoin exists, it is impossible that a significant proportion of the 1 billion plus Chinese citizens are stocking up on the cryptocurrency. For many bitcoin exchanges in China, increased transparency and more questions from the PBoC is only a good thing. The volatility seen in the last few weeks has masked a number of positive developments for bitcoin. The announcements in regard to regulation and monitoring are welcome for an asset that is still untrusted by the majority of the financial world. In order for the market (and supporting ecosystems) to mature the currency most experience the same hurdles and be subject to the same scrutiny we see in other currencies and asset classes. This is a familiar situation for gold. For a long-time we have been drawing attention to the activity in China, in terms of exchange developments and gold controls. It has been the controller of the physical gold market for many years, and how much the government owns and imports has been the source of much speculation and research. However, recently gold too has come under scrutiny  by the Chinese government due to concerns over capital flight. Last year gold import controls were put in place in an attempt to prevent currency leaving the country. In turn, this may have contributed to a spike in the demand for bitcoins. These are examples of how gold and not bitcoin are being used as currency hedges and safe havens. For some a maturing in the bitcoin market may be seen as a threat to gold. However, bitcoin has undoubtedly opened up the minds of many to alternative currencies, and the development and evolution of the bitcoin and cryptocurrency market will likely benefit gold and attitudes towards it. Exchanges of value When I talk to anyone about bitcoin or gold, one of the first questions I am asked is ‘if it’s money, where can I spend it?’ For sure, bitcoin is easier to spend than gold, on a day-to-day basis. However, as we have covered in recent articles, the technology that supports bitcoin (blockchain) is making it easier for gold to play a more significant role in daily spend (whether one wants to spend their gold, or not, is for another time). Owning bitcoin and gold have been very useful for people in countries which have suffered financial crisis and currency crisis in recent months. Take, for example, currency controls in South American countries and India, to name a few. To spend and store bitcoin has little cost and is easy if you have even basic technology know how. If you own gold in a vault in Switzerland – you can simply sell it and have your  funds wired to your bank account in another jurisdiction. You then can access your currency by using your credit and debit cards. In recent months and years, we have seen growth in gold imports across several countries whose monetary and political systems continue to come under threat. India, China and Turkey just to name a few. Turkey’s own President Erdogan is calling for citizens to convert their foreign holdings into gold and lira: “For those who have foreign currencies under the pillow, come change this to gold, come change this to Turkish lira. Let the lira win greater value. Let gold win greater value…” Both assets have come up against regulatory and legal issues when it comes to being able to use them as mediums of exchange. In worst case scenarios and for periods of time you may not be able to use gold or bitcoin in monetary transactions. Then their ability to potentially act as safe havens and stores of long-term value would become more important. Can bitcoin rival gold as a safe haven? We have seen gold’s role as a store of long-term value clearly during the financial crisis in recent years and indeed throughout history. Indeed, there is a significant body of academic and independent research which clearly shows that gold is a hedging instrument and a safe haven asset. We have been at the forefront of educating about gold’s diversification benefits and safe haven properties since 2003. Bitcoin has not proven itself in this regard just yet. It relies on the internet and technology to be functional. The idea of crossing borders as a refugee and there being little access to technology is a situation which is all too common to millions of people today alas. However, this is a situation gold has coped with very well over hundreds of years of human migration in times of both war and peace. Again in recent years, a nest egg of even a small amount of physical gold has helped people start new lives in foreign countries. When it comes to the security of gold and bitcoin, you will hear different opinions. Both can be stolen, and there are recent examples of thefts in both markets. Both need to be owned and stored in the safest ways possible. How secure they are depends on you own them and where you store them. For Nick Szabo, highly respected cryptographer and rumoured Satoshi Nakamoto, bitcoin is more secure than gold. He argues than in its history, gold has been very insecure and points to several lootings by explorers (the Spanish from the Aztecs, the English from the Spanish) by way of example. This is less of a risk if you own gold in a discreet, well hidden place in your home or office in indeed in secure storage in safer jurisdictions internationally such as Switzerland and Singapore. In contrast to gold, says Szabo, bitcoin is secured by a private key to a a secured address. How you store the private key is up to you – whether online, a piece of paper or even in your head. Information, Szabo argues, is easier to protect than something physical. With the threat of cyber security growing on a daily basis it is reasonable to see security as more of a threat to bitcoin than gold. Although many gold providers are also exposed to cyber risks. Bitcoin’s security and functionality relies on technology, servers, the internet, the grid and electricity. One of the cases for gold’s strong outlook is because of the growing threat of cyberwarfare, something the cryptocurrency is unfortunately more exposed to. In truth all assets carry some security risk, but much of the threat to bitcoin’s security comes down to its relative newness and whilst it matures so do the abilities and tricks of cyber hackers. When we think about security for gold, we mainly think about government confiscation. For the bitcoin community this is the asset’s saving grace – it is yet to be confiscated by a government. In truth, this is rare in gold and there are no recent examples. It is not an occurrence that is impossible to imagine for bitcoin. The fact is, a government is perfectly able to outlaw either asset and demand it be handed over to the government. However, in practice this is very unlikely goven the tiny amount of people who own gold and bitcoin in the world.# Bitcoin fans will argue that their asset is easier to hide, but surely no one would argue that you should break the law. Instead, diversification of storage is important for both assets. This is to reduce both the risk of government confiscation and cyber attacks.  Bitcoin vs Gold or ‘bitcoin and gold’? “People are using [bitcoin] similar to how they use gold…They use it as a risk-off trade when they’re concerned about what’s going on in the capital markets.” Statements such as this by Chris Burniske, an analyst at ARK Investment Management, to the Washington Post have a tendency to make gold investors nervous. It can plant a seed of doubt into investors’ minds that markets are going to turn off from gold and focus efforts on bitcoin during times when they would normally turn to gold. Those who are still asking if they should by bitcoin or gold are often basing it on the fact that by the end of 2016 bitcoin had doubled in price whilst gold climbed 8.43%. Both had outpaced the S&P 500, the US Dollar and US Equities over the long term. Granted, gold did not have the year bitcoin did, but it did not do badly. For example, at the beginning of 2016 gold continued to prove itself as a safe haven (the best performing asset, following silver in the first half of the year) and reached its 2016 high post-Brexit vote in July. Certainly, when bitcoin first arrived in the mainstream consciousness, bitcoin versus gold was a big question. This was mainly down to the fact that bitcoin was pitched as the new gold, by many  journalists. However, I believe the majority of those who are already invested in either gold and/or bitcoin are pretty much over this issue. Currently bitcoin plays a different role to gold. For want of an analogy, bitcoin is more the cash, whilst gold is more the savings. It is likely that we will see those looking at securing their wealth across both assets. This is likely to be done in a similar way that we see gold investors also buy silver, and divide holdings between stored bars and coins kept at home. In the last couple of years, gold and bitcoin bugs have joined forces and many people, especially younger tech savvy people, own both perceiving benefits to holding both forms of money. Importance of real diversification Investment and now currency diversification is extremely important, especially in a world of growing uncertainties and an increasing number of surprises whether politically, economically or even socially. Gold has long been an asset that is important to own in a diversified portfolio and in order to protect wealth. It is only of late than bitcoin is also looking to play a role, especially as gold controls in China saw buyers turn to bitcoin. However, as discussed above, we do not believe the debate over gold and bitcoin investment is an either/or. In 2012 the World Gold Council released research that found the presence of gold in a portfolio ‘is a significant contributor to portfolio efficiency by reducing risk-adjusted returns and reducing expected losses’. They found that holding between 2.6% and 9.5% of one’s wealth in gold assets can help achieve beneficial diversification. For bitcoin, the focus is still on returns, rather than its role as a safe haven or currency hedge, although we suspect this will change. A oft quoted fact is if you had bought $200 in bitcoin in 2011, it would be worth $1 million today. It is possible for us to take any asset and demonstrate staggering returns over a perfectly chosen period. The fact is that for now, the bitcoin investment market is too new and under reported to know what role the currency may play. There is also a dearth of quality bitcoin investment vehicle and at present buying bitcoin directly is the best way to benefit from price gains. However, as we have discussed above, owning bitcoin directly can bring its own security risks and this is something there is little education and understanding about. In contrast, holding gold as part of a balanced portfolio and as a safe haven asset has been part of the public consciousness for centuries and remains understood by many today – especially in Asia. Conclusion: A monetary and financial revolution? At the moment, bitcoin is very much the darling of the alternative currency world and sections of the media. However, it is still very young. There are far more ‘what ifs’ in its future than there are for gold. Whilst there is currently no argument for or against why bitcoin will be an obsolete asset in 100 years from now, gold has history and over 2 billion people holding it. I personally do not think that bitcoin’s future is at risk but then as 2016 has shown, we really cannot predict anything. Gold has stood the test of time and has withstood thousands of years of technological, political and economical change. Bitcoin, as a technology-based currency is yet to experience any of these things. For all we know, another cryptocurrency may well usurp bitcoin due to more technological advances and the ability to avoid the volatility and government threats that bitcoin currently experiences. We really do not know. The psyche that has people shifting into alternative currency hedges is the same one that is surprising the media and pollsters when it comes to discontent and worry over the political and economic system amongst the electorate. Soon the mainstream will begin to ask why this is happening and start to take it seriously. When this happens bitcoin will likely no longer be a novelty and gold will again be seen as the prudent safe asset to hold in your portfolio. In all likelihood both assets will continue to benefit from the factors that have made them preferred assets in times of uncertainty recently. Politics is much harder to predict these days, but the long-term demand for gold, and short-term demand for bitcoin has shown them both to be good currencies to hold when the going gets tough or unpredictable. The question for bitcoin is whether this will continue. The financial revolution that bitcoin has driven (the thought that anyone can diversify from the modern monetary system) is beneficial for gold and we may well continue to see a split in what would have been primarily gold demand, now being split between both bitcoin and gold – especially among the millienials and the tech savvy younger generations. This is not a bad thing for gold. Increasingly, gold and bitcoin may be seen as very much complementary assets, but bitcoin buyers should be aware of the volatility of bitcoin and of how speculative it remains today. Those considering buying should only own a very very small percentage of their wealth in bitcoin. While gold and silver can constitute as much as 20% of a diversified portfolio – bitcoin should be less than 3% or 4% of one’s wealth. Also, if buying bitcoin, it is prudent to apply the same logic to owning bitcoin as they do for gold – diversify, own the currency in the safest ways possible – including some offline in secure ‘cold’ storage and monitor the wider political, financial and monetary environment.   KNOWLEDGE IS POWER For your perusal, below are in order of downloads our most popular guides in 2016: 10 Important Points To Consider Before You Buy Gold 7 Real Risks To Your Gold Ownership Essential Guide To Storing Gold In Switzerland Essential Guide To Storing Gold In Singapore Essential Guide to Tax Free Gold Sovereigns Please share our research with family, friends and colleagues who you think would benefit from being informed by it. www.GoldCore.com

18 января, 14:00

Трамп и золотая политика

Сегодня самой популярной на Западе темой является попытка понять феномен Трампа. Правда, вместо анализа действительных причин, там все больше все сводится к чисто сиюминутным частностям. Повлияли ли на мнение американцев последствия взлома хакерами частной почты Клинтон? Были ли это путинские хакеры или какие-то другие? Кому и что пообещал Трамп, чтобы заведомо несистемного кандидата "для мебели" […]

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18 января, 10:39

Золото - это показатель обесценивания валют

Вот уже на протяжении нескольких десятилетий покупательная способность золота только растёт на фоне девальвации валют. Ситуация с бумажными деньгами выглядит совсем по-другому.

Выбор редакции
18 января, 10:39

Цена золота - это показатель обесценивания валют

Вот уже на протяжении нескольких десятилетий покупательная способность золота только растёт на фоне девальвации валют. Ситуация с бумажными деньгами выглядит совсем по-другому...

17 января, 15:55

Physical Gold Will ‘Trump’ Paper Gold

Physical Gold Market Will Trump Paper Gold John Hathaway of Tocqueville Funds says the physical gold market will defeat the paper gold market leading to a much higher price for the monetary metal in the coming months and years in his Tocqueville Gold Strategy Investor Letter (Fourth Quarter 2016 Investor Letter): Gold rose 8.5% for the year while gold-mining stocks (XAU – Philadelphia Gold and Silver Index stocks) rose 75%. On an annual basis, results were highly satisfactory. However, there was considerable drama beneath the surface that left precious metals investors in a state of anxiety by year-end. Precious metals and mining shares rose sharply through August, and then spent the rest of the year giving back much of the first-half gains. The second half downtrend accelerated into early December, following the unexpected victory by Trump and a hawkish statement after the December Federal Open Market Committee (FOMC) meeting. The question of the hour is whether the 2016 gains were merely a countertrend rally following a four-and-a-half-year decline from all-time highs in 2011, or the beginning of a new leg in the secular bull market that began in 1999, during which gold rose from less than $300/oz. to $1900 in August 2011. We judge the weight of current sentiment, mainstream media opinion, and technical analysis to be extremely bearish, comparable to year-end 2015 just prior to the dramatic gains that followed. We believe that, based on prevailing negativity, the next big change in the gold price will be substantially higher. If so, the 2016 second-half correction will have established a durable higher low from the advance that began at year-end 2015, and would be the precursor to the continuation of the secular advance that began in 2000. Fundamentals of physical supply and demand remain positive, and are reinforced by the current extended regime of precious metals prices too low to justify expanded mine supply. Global mine output has plateaued; it now seems likely to decline through 2020 and perhaps into the middle of the next decade. As shown in the chart below, discoveries of new ore bodies are at a 25-year low, while the time required to bring new ore bodies into production continues to lengthen, and now stands at nearly 20 years. Physical demand continues to show steady secular growth, primarily in Asia. Consumption by Turkey, India, China, and Russia alone have exceeded global mine supply since 2013, which means that inventories of physical metal held in Western vaults are being depleted to meet that demand. Two recent developments (largely ignored by mainstream media) will, in our opinion, significantly strengthen the demand for and usage of physical metal. First, a new Shariah gold standard was approved in December 2016: The AAOIFI [Accounting and Auditing Organization for Islamic Financial Institutions], in collaboration with the World Gold Council (WGC) and Amanie Advisors, has approved what will become known as the Shariah Gold Standard. This is a set of guidelines that will expand the variety and use of gold-based products in Islamic Finance. (Jan Skoyles, Goldcore Research, 12/16) We believe that this will lead to the creation of investment products such as gold ETFs for the Islamic world (25% of global population), a market that has not been penetrated. While estimates of the potential market size vary wildly, and this development is in its early days, it seems to us that it is a major positive for future physical gold consumption ... This is an excerpt and the full letter can be accessed at the Tocqueville website here KNOWLEDGE IS POWER For your perusal, below are in order of downloads our most popular guides in 2016: 10 Important Points To Consider Before You Buy Gold 7 Real Risks To Your Gold Ownership Essential Guide To Storing Gold In Switzerland Essential Guide To Storing Gold In Singapore Essential Guide to Tax Free Gold Sovereigns Please share our research with family, friends and colleagues who you think would benefit from being informed by it. Gold and Silver Bullion - News and Commentary Gold prices rise as Brexit worries stoke safe-haven demand (Reuters.com) Gold Burnishes Haven Credentials Ahead of Brexit Speech, Trump (Bloomberg.com) Trump helps gold scale highest levels since November (Reuters.com) Brexit Plans Rattle Pound and Stocks as Gold Rises (Bloomberg.com) U.S. stock futures fall as investors brace for earnings, Trump inauguration (MarketWatch.com) What a Contrarian Investor Really Does - Stepek (MoneyWeek.com) Pound falls over fears Britain will lose single market access (Telegraph.co.uk) Gold Is Headed Above $6,000 (KingWorldNews.com) Too Many Alligators to Drain the Swamp? (JaytaylorMedia.com) Cash Ban Gives India Gold Lovers No Way to Buy Wedding Rings (Bloomberg.com) Gold Prices (LBMA AM) 17 Jan: USD 1,217.50, GBP 1,003.59 & EUR 1,141.65 per ounce16 Jan: USD 1,202.75, GBP 997.56 & EUR 1,135.40 per ounce13 Jan: USD 1,196.35, GBP 978.85 & EUR 1,123.25 per ounce12 Jan: USD 1,206.65, GBP 984.39 & EUR 1,135.82 per ounce11 Jan: USD 1,187.55, GBP 979.25 & EUR 1,128.41 per ounce10 Jan: USD 1,183.20, GBP 974.60 & EUR 1,118.12 per ounce09 Jan: USD 1,176.10, GBP 968.75 & EUR 1,118.59 per ounce06 Jan: USD 1,178.00, GBP 951.35 & EUR 1,112.27 per ounce05 Jan: USD 1,173.05, GBP 953.55 & EUR 1,116.16 per ounce Silver Prices (LBMA) 17 Jan: USD 17.00, GBP 13.91 & EUR 15.87 per ounce16 Jan: USD 16.82, GBP 13.94 & EUR 15.87 per ounce13 Jan: USD 16.76, GBP 13.76 & EUR 15.74 per ounce12 Jan: USD 16.91, GBP 13.77 & EUR 15.87 per ounce11 Jan: USD 16.79, GBP 13.84 & EUR 15.96 per ounce10 Jan: USD 16.66, GBP 13.73 & EUR 15.76 per ounce09 Jan: USD 16.52, GBP 13.57 & EUR 15.69 per ounce06 Jan: USD 16.45, GBP 13.30 & EUR 15.54 per ounce05 Jan: USD 16.59, GBP 13.47 & EUR 15.80 per ounce Recent Market Updates - Physical Gold Will ‘Trump’ Paper Gold- Gold Lower Before Trump Presidency – Strong Gains Akin To After Obama Inauguration- Gold Rallies To $1,207 After Trump Press Conference Shambles- Prince Owned Land and Gold Bars Worth $800,000- Gold Price In GBP Up 4% On Brexit and UK Risks- 2016 Past is 2017 Prologue- Gold Gains In All Currencies In 2016 – 9% In USD, 13% In EUR and Surges 31.5% In GBP- Trump’s Twitter “140 Characters” To Push Gold To $1,600/oz in 2017?- 2017 – The Year of Banana Skin- US: Five Must Gold See Charts – Gold Miners Are “Running Out” of Gold- Royal Mint And CME Make A Mint On The Blockchain?- China Gold and Precious Metals Summit 2016 – GoldCore Presentation- Trumpenstein ! Who Created Him and Why? www.GoldCore.com

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16 января, 19:49

Индия снизила импорт золота в 2 раза в декабре, за 2016 г - на 34%

Импорт золота в Индию в декабре 2016 года составил $1,961 млрд, говорится в материалах министерства торговли и промышленности страны, сообщает Интерфакс. Это на 48,49% меньше, чем за аналогичный месяц предыдущего года. Как писал ранее World Gold Council (WGC), денежная...

16 января, 09:33

Утренний обзор

Доброе утро! 21-22 января в Вене пройдет встреча мониторингового комитета состоящий из представителей ОПЕК и других государств, на которой будет обсуждаться не только сокращения добычи нефти, но и экспорта. Позитивным фактором для нефтяного рынка стали данные о том, что Китай увеличил в декабре импорт нефти до рекордных 8,56 млн баррелей в день. Темпы прироста поставок за год оказались рекордными за последние 6 лет и составили 13%. В 2017 году подъем импорта, как ожидается, продолжится и может составить 5%. Bank of America Merrill Lynch отмечает, что ОПЕК предпринимает значительные усилия по восстановлению равновесия на нефтяном рынке, и нефть может подорожать до $70 за баррель. В пятницу вечером вышел отчет по буровым от Baker Hughes, который показал снижение на 6 штук или на 0,90%, до 659 единиц. В годовом выражении показатель вырос на 9 штук, или на 1,38%. Интересное мнение по нефти высказал глава совета фонда ЦСР Алексей Кудрин «Развитие в США добычи сланцевой нефти повлияет на рынок, поэтому рассчитывать на то, что у нас цена нефти будет устойчиво высокой, от 60 долларов за баррель  и выше, не стоит. Она будет между 40-60 долларами за баррель в ближайшие 5-10 лет. В принципе это будет держать цену в пределах 40-50 долларов за баррель» Мой прогноз по нефти на 2017 smart-lab.ru/blog/371272.php World Gold Council опубликовал несколько трендов, котороые поддержат тренд на золото. 1 Возрастающие политические и геополитические риски на фоне выборов в Европе в 2017 году, а так же переговоров Великобритании о выходе из ЕС. 2 Растущие инфляционные ожидания 3 Переоцененные фондовые рынки.До сих пор инвесторы использовали облигации для защиты своих капиталов в случае коррекции на фондовых рынках, но при росте ставок это не самая действенная стратегия. Тогда значимость золота как инструмента для диверсификации портфеля и хеджирования от риска убытков возрастает. 4 Долгосрочный рост в Азии. Азиатские страны стали богаче, и их спрос на золото вырос. Суммарная доля Индии и Китая в закупках золота выросла с 25% в начале 1999-х до 50% в 2016 году. В США продолжают выходить отчеты компаний, По оценкам аналитиков, прибыли компаний, входящих в список Standard & Poor's 500, выросли в IV квартале на 3,8%, а в банковской отрасли подъем составил 5%. Прибыль и выручка JPMorgan IV квартале превзошли ожидания рынка.Годовая прибыль была рекордной. Прибыль Bank of America выросла на 43% в октябре-декабре, между тем выручка не дотянула до прогноза — $19,99 млрд против ожидавшихся $20,58 млрд. Wells Fargo сократил прибыль на 5,4%, на уровне ожиданий рынка, выручка почти не изменилась, но оказалась заметно ниже консенсус-прогноза. Чистая прибыль американской инвестиционной компании Blackrock по итогам 2016 года снизилась на 5,4% по сравнению с 2015 годом и составила 3,17 миллиарда долларов.Генерального директор компании Лоренс Финк отметил, что слабые финансовые показатели связаны с сильным укреплением американской валюты после президентских выборов в США и глобальной неопределенностью. «Инвесторы пересматривают свой подход к активному управлению и распределению активов и портфеля по недвижимости» По словам главного инвестиционного директора Guggenheim Partners Скотта Майнерда долгосрочная тенденция повышения цен 10-летних гособлигаций США может смениться на противоположную, если их доходность превысит 3% годовых. Портфельные управляющие, включая Билла Гросса из Janus Capital Group Inc. и Джеффри Гундлаха из DoubleLine Capital, предупреждают, что «бычий» цикл на рынке гособлигаций может закончиться в этом году на фоне роста процентных ставок после трех десятилетий устойчивого снижения. Доход от инвестиций Guggenheim Total Return Bond Fund с активами в объеме $4,2 млрд по итогам прошлого года составил 6,2%, опередив по этому показателю подавляющее большинство своих конкурентов. Последние пять лет его доходность составляла в среднем 6,1%, что выше показателей практически всех его конкурентов. Фонд вкладывает средства в ценные бумаги, обеспеченные активами и ипотекой, государственные и корпоративные бонды. Сургутнефтегаз может выплатить дивиденды по префам на уровне обыкновенных акций. Как вариант компания может выплатить 56 коп на привилегированные акции и 55 на обыкновенные. Эксперты уже отмечали, что 2015 год, скорее всего, станет последним годом высоких дивидендов «Сургутнефтегаза». Свое вью на бумагу я описывал в блоге, ситуация на данный момент не претерпела каких — либо изменений. smart-lab.ru/blog/371483.php Сегодня Американские площадки закрыты в связи с празднованием дня Мартина Лютера Кинга, а уже завтра весь мир будет следить за риторикой премьера Великобритании на предмет вариантов Brexit. Хочу напомнить  Тереза Мэй считает, что Великобритании, вероятно, придется покинуть единый европейский рынок, назвав восстановление контроля над иммиграцией в качестве своего приоритета в переговорах о выходе страны из Евросоюза. Т.Мэй подтвердила, что Великобритания введет в действие статью 50 Лиссабонского договора (формально запускающую процедуру Brexit) до конца марта текущего года. Тогда же она планирует обнародовать основные цели правительства в переговорах о выходе из ЕС. Ее помощники признают, что ЕС не позволит Великобритании сохранить доступ к единому европейскому рынку на прежних условиях после Brexit с учетом жесткой позиции Т.Мэй по вопросам контроля иммиграции и свободы от юрисдикции Европейского суда. smart-lab.ru/blog/373403.php Фьючерс на индекс РТС торговался в диапазоне 115000 — 120000, попытки пробить нижнюю границу пока не увенчались успехом. На данный момент индексы ММВБ и РТС находятся «в продаже» так что играть целесобразно с отскоков от шорта.

14 января, 08:43

Дональд Трамп, золотой пузырь и отчаянная попытка не взорваться

Сегодня самой популярной на Западе темой является попытка понять феномен Трампа. Правда, вместо анализа действительных причин, там все больше все сводится к чисто сиюминутным частностям. Повлияли ли на мнение американцев последствия взлома хакерами частной почты Клинтон? Были ли это путинские хакеры или какие-то другие? Кому и что пообещал Трамп, чтобы заведомо несистемного кандидата "для мебели" стать не только главным претендентом на победу, но и реально выборы выиграть? Все это конечно любопытно, но к действительным причинам произошедшего имеет достаточно вторичное отношение. Трампа в Овальный кабинет на самом деле привела экономика. Точнее, критичная поломка еще где-то на уровне фундаментальных законов господствующего ныне фундаментального понимания механики процессов, в свое время сформулированных еще британским бароном Джоном Мейнардом Кейнсом в первой четверти ХХ века. А наиболее наглядно это видно на примере нынешних цен на золото.

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10 января, 14:00

Биржевые фонды распродают золото

Биржевые фонды, инвестирующие в золото, в декабре зафиксировали отток клиентских средств и были вынуждены продавать драгметалл для его покрытия, сообщает во вторник Всемирный совет по золоту (WGC). На конец месяца объем золота на балансах фондов составил 2,1424 тысячи тонн. Запасы сократились на 4% или 96,9 тонны.

07 января, 23:15

How The West Has Been Selling Gold Into A Black Hole

Submitted by Koos Jansen, BullionStar.com Kindly be advised to have read my posts The Mechanics Of The Chinese Domestic Gold Market and The Great Physical Gold Supply & Demand Illusion before continuing. In December 2016 Chinese wholesale gold demand, measured by withdrawals from the vaults of the Shanghai Gold Exchange (SGE), accounted for 196 tonnes, down 9 % from November. December was still a strong month for SGE withdrawals due to the fact the gold price trended lower before briefly spiking at the end of the month, and the Chinese prefer to buy gold when the price declines (see exhibit 1). In total Chinese wholesale gold demand reached an astonishing 1,970 tonnes in 2016. But will these huge tonnages bought by China ever have an impact on the gold price? I think it will. Exhibit 1. Exhibit 2. As in previous years, SGE withdrawals were mostly supplied through imports, in 2016 at approximately 1,300 tonnes. And as in previous years, SGE withdrawals were roughly twice the size of Chinese consumer gold demand. The latter is published by all “leading” consultancy firms, such as the World Gold Council and Thomson Reuters GFMS. Because these firms have systematically underreported and eclipsed Chinese gold demand since 2007, a significant share of the financial industry is unaware China has imported 5,000 tonnes in the past years, which is not allowed to be exported. My hypothesis is that this 5,000 tonnes decline in above ground gold reserves outside of the Chinese domestic market will make gold rally stronger in a future bull market than it did in previous bull markets. To the extent many investors are uninformed about the shrinking volume of troy ounces available outside of China, their ignorance will boost any price rally coming. In this post I would like to share my thoughts on how the gold price is correlated to trade in above ground reserves, and how China has slashed these reserves to the tune of 5,000 tonnes, which will significantly impact the next leg up in gold. Correlated: The Gold Price And UK Gold Trade Since many decades large investors in the West set the price of gold. Ever since, the heart of the Western gold wholesale market has been London in the United Kingdom. There is thus a correlation between the gold price and the volume of gold net imported or exported by the UK. In Asia, on the other hand, gold market participants are more price sensitive, implying they buy low and sell high (the opposite of Western investors). I’ve described this trend frequently on these pages, but the same can be read in books by gold author Timothy Green. In The Prospect For Gold from 1987 Green states: Exhibit 3. Thank you Nick Laird from Goldchartsrus.com for the book tip! Before we discuss the connection between Western supply and demand trends to developments in the Chinese gold market of the past decade, let me first recapitulate that global physical gold supply and demand is far in excess of the statistics the World Gold Council and GFMS publish. Below is a chart that shows the quarterly averages of all physical supply and demand categories as disclosed by the World Gold Council from Q1 2002 until Q4 2015. These numbers are more or less the same as figures by GFMS. Exhibit 4. We can see that over the course of 13 years, the majority of supply consisted of mine output (73%) and the majority of demand consisted of jewelry consumption (64%). (Note, the categories official sector, net producer hedging and ETFs can be either supply or demand and volumes can greatly vary per quarter. Though, only in 1 of 52 quarters examined has ETF demand been greater than jewelry consumption (Q1 2009). In all other quarters official sector, net producer hedging and ETFs supply or demand has not been greater than mine output or jewelry consumption.) If the data by the World Gold Council regarding physical gold supply and demand would be exhaustive, mine output and jewelry consumption should have a positive correlation to each other and the price of gold. But they don’t. Have a look at the next chart. Exhibit 5.1. During the bull market from 2002 until 2011 jewelry consumption decreased and it hardly ever transcended mine output. In turn, mine output gradually ascended over this time horizon while the gold price increased six fold! Are the forces between jewelry demand and mine supply driving the medium/long term price of gold? No, clearly not. This shows the data by the World Gold Council is incomplete. (I should add that mine output does have a correlation to the gold price in the very long term as it can take more than ten years to setup a gold mining project. See the next chart.) Exhibit 5.2. In contrast to the data by the World Gold Council, we can observe a strong correlation between the medium/long term gold price and institutional supply and demand flowing through London. View the chart below. Exhibit 6. Strangely, institutional supply and demand are categories not included in the World Gold Council’s data - or in any other precious metals consultancy firm's data that I’m aware of. Because in the UK there are no refineries, no gold mines and local consumption demand and scrap supply is immaterial, all gold that is visibly (non-monetary) imported and exported must either relate to ETF holdings stored in London, or Western institutional supply and demand. When we compute the ratio between both, ETF flows compound to roughly 35 % of the UK’s net flow (import minus export) and as a consequence approximately 65 % is Western institutional supply and demand. Effectively the majority of the UK’s net flow is Western institutional supply and demand. Hereby, consider that all supply and demand categories disclosed by the World Gold Council more or less equal each other (exhibit 4), so for the sake of simplicity we‘ll state that total mine output + scrap supply versus jewelry consumption + bar and coin + industrial demand meets outside the UK and doesn’t set the medium/long term price of gold. The UK’s net flow, on the other hand, is highly correlated to the medium/long term price of gold. Note how nearly every month the change in net flow corresponds with the direction of the gold price (exhibit 6). Less granular, from the moment my data starts in 2005 the UK has been a net importer until 2012 on a rising price of gold. From 2013 until 2015 the UK was a net exporter on a declining price of gold. And in the first quarter of 2016, when the gold price saw its strongest move up since 1986, the UK was a net importer. Coincidence? I think not. We can conclude that Western institutional supply and demand in above ground gold reserves is driving the medium/long term price of gold. As it’s likely the price of gold could not have gone up from 2002 until 2011 if there had been no UK net imports, and it’s likely the price of gold could not have gone down from 2013 until 2015 if there had been no UK net exports. (Short term the gold price is pushed around in the paper markets.) We can think of Western institutional supply and demand (the UK net flow) like this: the majority of the gold gross imported into the UK is demand from above ground reserves outside the UK, and the majority of the gold gross exported from the UK is supply to above ground reserves outside the UK. When the UK is a net importer that means there is a net pull on above ground reserves outside the UK, which corresponds to a rising gold price. When the UK is a net exporter the inverse is true. Here it becomes apparent that the amount of above ground bullion is essential for future price developments. The Chinese Black Hole Let’s turn to China. In the introduction I stated China is importing a lot more gold than is known in the financial industry because most investors base their knowledge on data by the World Gold Council. More precise, China has imported 5,000 tonnes from 2007 until 2016 in addition to what the World Gold Council has portrayed through their demand statistics. Let’s get our minds around this through some charts. As an example, I’ve drawn a chart showing Chinese gold supply and demand for 2015 (last year I have complete data of). Exhibit 7. We don’t know every exact data point for China, but we do know GFMS demand (purple) and apparent supply, consisting of domestic mine output (green), scrap supply (yellow) and net import (blue). From here on we’ll use GFMS data, as GFMS publishes scrap supply numbers for China and the World Gold Council doesn’t. According to GFMS Chinese consumer gold demand in 2015 was 867 tonnes. To meet demand GFMS presents 450 tonnes was domestically mined and scrap supply accounted for 225 tonnes. Indirectly GFMS states China net imported 192 tonnes to complete the supply and demand balance in the Chinese domestic market (exhibit 7). For the additional 1,383 tonnes imported GFMS has floated all sorts of excuses, which I‘ve debunked here and here. The bottom line is, in addition to the 192 tonnes GFMS reports as imported in 2015 to meet consumer demand, China imported 1,383 tonnes to meet institutional demand and all this metal is not allowed to be exported. If we repeat the same exercise for every years since 2007, the aggregated net imports by China that have not been included in the statistics by GFMS account for 5,000 tonnes. See the next chart.  Exhibit 8. Conclusion You can see now, China has enormously diminished above ground reserves outside of the Chinese domestic market without all investors around the world being fully aware. In my humble opinion this will make the price of gold go up turbo charged next time the West shows interest in the metal. In The Prospect For Gold Green states: Exhibit 9. “Selling gold is not a one way street”, wrote Green in 1987. But guess what. Since a few years - from the moment China became an elephant player in the physical market - selling gold is a one way street! Western sell-offs are transhipped to China but do not return. The global gold game has changed. Exhibit 10. The consequence is that there are less above ground reserves outside of China for Western investors to buy in a forthcoming bull market, which will elevate the dollar bid per unit gold – in other words the gold price measured in US dollars per troy ounce. Courtesy BBC. Keep in mind, this phenomenon (China importing vast quantities in addition to Chinese consumer gold demand as disclosed by GFMS) has greatly materialized in 2013, when gold entered a bear market after an 11-year run up. In the previous bull market (2002-2012) above ground reserves outside of China had not been slashed yet. So the ramifications of this phenomenon will only be felt during the next leg up. Is there any proof to substantiate my hypothesis? I think so. Early 2016 there was some renewed interest in yellow metal from large Western investors. When the price of gold started to climb it went practically vertical ending the first quarter of 2016 up 16.7 %, the strongest quarter since 1986. Coincidence? I think not. It went up strong as it did because there were fewer ounces in above ground reserves available. Exhibit 11. A study on how much above ground reserves there are outside China will be saved for a future blog post.

06 января, 17:51

Россия - лидер по покупкам золота в 2016 г.

В новом мировом списке стран-держателей золота Россия очень сильно выделяется на фоне остальных крупных стран. Иордания и Мозамбик также обратили на себя внимание своими покупками драгметалла...

06 января, 13:52

Банк России единственный в мире, кто покупает золото

Россия остается главным покупателем золота в мире. По итогам декабря 2016 г. Центральный банк приобрел еще 32,1 тонны драгоценного металла. В то время как регуляторы других стран не проводили каких-либо значимых изменений в структурах своих резервов.Таким образом к концу предыдущего года в хранилищах Банка России находилось более 1,6 тыс. тонн золота. За 2016 г. Россия купила почти 201 тонну металла, увеличив тем самым свои запас на 14%. За этот же период резервы Китая выросли всего лишь на 80,3 тонны. Таким образом наша страна сократила свое отставание от Поднебесной до 227 тонн.Если такие темпы продолжатся, то уже через 2 года Россия обгонит Китай и выйдет на 6 место по объемам золота в резервах. Если переводить в доллары, то по состоянию на 06 января стоимость драгоценного металла оценивалась в 57 млрд. долларов, что составляет около 15% от золотовалютных резервов России. Однако стоит отметить, что данные Центрального банка и Всемирного золотого совета отличаются. Согласно информации, предоставленной нашим регулятором, в начале декабря более 64 млрд. долларов было размещено в золоте, а это около 1,75 тыс. тонн. Следовательно, если за последний месяц 2016 г. Россия купила еще 32,1 тонну, то общий объем золота в резервах страны составил 1,78 тыс. тонн или уже 16,6% от общей доли ЗВР.РезюмеБанк России активно использует золото как альтернативный инструмент для хранения средств. На фоне того, что большинство валют теряют по отношению к доллару, для регулятора остается все меньше ликвидных активов для инвестирования.Скорее всего, доля золота продолжит увеличиваться в золотовалютных резервах страны, а вложения в долговые бумаги третьих стран будет уменьшатся, тем самым Банк России обезопасит себя от страновых рисков.Ссылка на статью Может быть интересно:Китай ввел новые ограничения на валютном рынке страны США могут потеснить ОПЕК и Россию на рынке нефтиТрейдеры с оптимизмом смотрят на золотоДругая статистика:Объемы золота в резервах центральных банков мирПозиции трейдеров по золоту

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24 декабря 2016, 14:43

Шариатский золотой стандарт начал свою работу

В начале декабря был запущен шариатский золотой стандарт, о чём сообщил Всемирный совет по золоту (World Gold Council) и Организация по бухучёту и аудиту для исламских финансовых учреждений.

23 декабря 2016, 08:01

2016: Not really a golden year, more a light plating

2016 was marked by two distinct halves for gold. The year started off on a rip, for the price anyway. It rocketed higher, fueled by flights to safety, havens for cash. Ultra-low US interest rates. Cash wasn’t king; gold stole the show, albeit it was short-lived. Now we’re approaching year-end and looking at that spot […] The post 2016: Not really a golden year, more a light plating appeared first on The Barrel Blog.

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15 декабря 2016, 18:58

"Золото расти не будет"

Золото с января по ноябрь 2016 года подорожало на 23%, но в течение месяца упало на 10%, до $1163 за унцию. С чем связано увеличение спроса на золото в текущем году и ждать ли роста цен в будущем, на какие страны приходится половина всех продаж золота в мире, а также почему китайская молодежь не любит покупать золотые изделия местного производства -- об этом в интервью "Газете.Ru" рассказал директор World Gold Council Джон Маллиган.

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15 декабря 2016, 18:58

"Золото расти не будет"

Золото с января по ноябрь 2016 года подорожало на 23%, но в течение месяца упало на 10%, до $1163 за унцию. С чем связано увеличение спроса на золото в текущем году и ждать ли роста цен в будущем, на какие страны приходится половина всех продаж золота в мире, а также почему китайская молодежь не любит покупать золотые изделия местного производства - об этом в интервью "Газете.Ru" рассказал директор World Gold Council Джон Маллиган.

15 декабря 2016, 13:20

«Титаны финансов» начали войну за рынок золота в Лондоне

Самые крупные воротилы в сфере финансов ведут борьбу за контроль над рынком золота в Лондоне, ежегодный объем которого составляет $5 трлн. В наши дни этот трехсотлетний центр торговли вынужден адаптироваться к цифровому веку.

15 декабря 2016, 06:03

Лондон в центре борьбы за влияние на рынок золота

Самые крупные воротилы в сфере финансов ведут борьбу за контроль над рынком золота в Лондон. В наши дни этот трёхсотлетний центр торговли вынужден адаптироваться к цифровому веку...

14 декабря 2016, 15:57

Shariah Gold Standard Is “Revolutionary” – Mark Mobius

Shariah Gold Standard Is "Revolutionary" Says Mark Mobius One of the world's leading investors, Mark Mobius told a gold conference in Dubai that the new 'Shariah Gold Standard' is both "innovative and revolutionary" and importantly will bring "transparency" to the physical gold market which suffers from a lack of trust. Source: Bloomberg The executive chairman of Templeton Emerging Markets Group was speaking at the 'Gold in Islamic Finance' conference organised by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the World Gold Council and Amanie Advisors and held in Dubai last Thursday. "This standard is a God send. We have a global standard for gold. This is innovative and revolutionary" said Mark Mobius. Dr Mobius drew the audiences attention to the growth potential in both the emerging markets and Islamic World of 1.6 billion people and some 100 million investors. "This Shariah gold standard is a Godsend for those Islamic households that would like to invest in gold funds" He drew attention to the economic growth of both the UAE and China and the growing middle classes and their increasing sophistication in terms of embracing tecnnology in terms of smartphone and internet penetration. ETFs represent 30% of all mutual funds and this is growing rapidly he said, but these ETFs pose some risk and they are 'following the crowd.' He is monitoring the growth in gold ETF inflows, plus the 'stealth buying' being done by central banks such as Russia and China. Gold Vs MSCI World Islamic Index (2007 to 2016) - Mobius at 'Gold in Islamic Finance' conference Mobius emphasised the importance of the fact that the new Shariah gold standard is all about the ownership of the underlying asset - allocated physical gold coins and or bars. He noted that the payment or exchange of cash must happen at the exchange of ownership. He emphasised there will be a credibility problem even for gold-backed ETFs. He stated that the "issue of physical gold is a big one" and that just storing gold at the NY Fed Reserve in exchange for a receipt is not prudent. Large bullion banks act as custodians for the gold held in gold ETFs and the custodians are generally subject to supervision by the Federal Reserve Bank of New York, the Federal Deposit Insurance Corporation (FDIC) and the Bank of England. "Just trusting the NY Fed has your gold is no longer going to be enough...Global investors are rightly demanding more transparency around physical gold custody due to a lack of trust..."  The new Shariah Gold Standard is one of the reasons that Mobius is bullish on gold in 2017 and in the long term. He believes that gold will advance by 15 percent  before the end of 2017 as the Federal Reserve will go slow on increasing interest rates leading to increased gold bullion demand. For more information on the Shariah Gold Standard and its ramifications for Islamic finance, the gold market and gold prices, please read see our research:Shariah Gold Standard Approved for $2 Trillion Islamic Finance Market and Islamic Gold – Vital New Dynamic In Physical Gold Market   Gold and Silver Bullion - News and Commentary Gold inches up as dollar slips ahead of Fed rate decision (Reuters.com) Gold eases as U.S. Fed meets, global stock indexes rise (Reuters.com) Gold Beaten Down as Fed’s Rate-Hike Countdown Enters Final Hours (Bloomberg.com) Central London house prices plunge amid Brexit fears and stamp duty hikes (Standard.co.uk) SWIFT confirms new cyber thefts, hacking tactics (CNBC.com) Finance Titans Face Off Over $5 Trillion London Gold Market (Bloomberg.com) Doug Casey: “sell all your bonds” (CaseyResearch.com) Mrs. O’Leary’s Cow and the Next Crisis (InternationalMan.com) India’s Gold Play Driving Silver Prices Higher? (TheStreet.com) Radical Modi could leave a trail of destruction (Reuters.com) Gold Prices (LBMA AM) 14 Dec: USD 1,160.95, GBP 917.38 & EUR 1,091.99 per ounce13 Dec: USD 1,157.35, GBP 911.18 & EUR 1,090.80 per ounce12 Dec: USD 1,154.40, GBP 916.82 & EUR 1,089.41 per ounce09 Dec: USD 1,168.90, GBP 927.64 & EUR 1,100.75 per ounce08 Dec: USD 1,174.75, GBP 925.47 & EUR 1,088.64 per ounce07 Dec: USD 1,171.25, GBP 929.62 & EUR 1,092.19 per ounce06 Dec: USD 1,171.15, GBP 918.18 & EUR 1,086.94 per ounce Silver Prices (LBMA) 14 Dec: USD 17.11, GBP 13.52 & EUR 16.07 per ounce13 Dec: USD 17.01, GBP 13.39 & EUR 16.04 per ounce12 Dec: USD 16.86, GBP 13.34 & EUR 15.90 per ounce09 Dec: USD 16.95, GBP 13.45 & EUR 16.03 per ounce08 Dec: USD 17.13, GBP 13.50 & EUR 15.88 per ounce07 Dec: USD 16.77, GBP 13.32 & EUR 15.64 per ounce06 Dec: USD 16.79, GBP 13.17 & EUR 15.63 per ounce Recent Market Updates - Silver Fixing By Banks Proven In Traders Chats- Euro Crisis and Contagion Coming In 2017- ECB ‘Bazooka’ Reloaded Until At Least December 2017 – Euro Gold Rises 1%; 13% YTD- UK £6 Billion Worse Off After Multi Billion Pound Gold “Accounting Error”- Buy Silver – May Replace Gold As Money In India- Shariah Gold Standard Approved for $2 Trillion Islamic Finance Market- Potential “Systemic Crisis In Eurozone” After Italy Votes No, Renzi Resigns- Gold and Silver Will Protect From Coming Financial Crash – Rickards- RBS Fail Bank of England Stress Test- Peak Silver – Supply Deficits Mean Higher Prices- Bail In Risk – €4 Trillion Banking System In Italy Poses Contagion Risk as Referendum Looms- Gold Down 13.5% In 13 Days – Trump Bearish For Gold?- War On Cash Just Got Real – India and Citibank In Australia

14 декабря 2016, 13:35

Золото: "финансовые титаны" начали войну за Лондон

Самые крупные воротилы в сфере финансов ведут борьбу за контроль над рынком золота в Лондоне, ежегодный объем которого составляет $5 трлн. В наши дни этот трехсотлетний центр торговли вынужден адаптироваться к цифровому веку.