Author: Sirhc

Gold Will Beat U.S. Stocks in Turbulent Market, Strategists Say

Sirhc

Gregor Stuart Hunter, Bloomberg News

A worker lifts a gold ingot from a cooling bath at the Uralelectromed Copper Refinery, operated by Ural Mining and Metallurgical Co. (UMMC), in Verkhnyaya Pyshma, Russia, on Thursday, July 30, 2020. Gold surged to a fresh record Friday fueled by a weaker dollar and low interest rates. Silver headed for its best month since 1979. Photographer: Andrey Rudakov/Bloomberg

(Bloomberg) — Gold and U.S. stocks could part ways during a fresh round of market turbulence, ending a three-month period in which their returns were almost yoked.

Renewed deterioration of the global economy and more lockdowns to prevent Covid-19 from spreading should hit equities but leave gold standing, according to Societe Generale.

“While the correlation between gold and equities has turned unambiguously positive since the March lows in risk assets, another serious bout of risk aversion could cause the performances of equities and gold to diverge,” SocGen strategists including Jitesh Kumar wrote in a note dated Aug. 4, echoing comments from other strategists.

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How China & Russia’s De-Dollarization Could Boost Record Gold Rally

Sirhc

China and Russia are ditching the U.S. dollar at a faster pace. In the process, they are fueling the record rally in gold.

  • In U.S. dollar terms, the price of gold has hit a new record high at $2,055.
  • Strategists and politicians fear that the U.S. dollar is at risk due to various macro factors.
  • Russia and China’s acceleration of the “de-dollarization” process puts more pressure on the dollar.

China and Russia are ditching the U.S. dollar at a faster rate. In the process, they are indirectly fueling the record gold rally.

Since July 1, the price of gold has increased from $1,454 to $2,055 at the most recent peak–a gain of 41.3%.

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1869 Seated Liberty Dollar NGC PR66

Sirhc

Scintillating, Silvery and Seated

Notwithstanding the reported mintage of 423,700 1869 Seated Liberty dollars for circulation and 600 proofs, the issue is especially elusive in high grade in either format, especially so in the higher Mint State grades. Apparently most of those coins were either melted at some point or exported to the Orient, which in the end amounts to virtually the same fate. The NGC population is just 11 with 5 higher. Much lighter, brighter and more appealing looking in hand.

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Gold Price Surges Over $2,000/oz For The First Time In History

Sirhc

Gold Breaks $2,000/oz and Surges to $2,042/oz – New All Time Record Nominal Highs

◆ Gold surged past the important $2,000/oz level to a new record high today due to concerns about the outlook for stocks, bonds and other assets in an increasingly vulnerable U.S. and global economy.

◆ Gold has surged to new record highs in all major currencies today including new record highs in British pounds at £1,554/oz and in euros at €1,720/oz due to concerns about the outlook both for assets and currencies such as the euro, pound and all fiat currencies.

◆ The price of gold surged over $2,042/oz, supported by the mounting virus and economic lockdown fallout and record deficit spending by governments and central bank currency creation to buy bonds and others assets in the debt laden financial system.

◆ The explosion and destruction in Beirut highlighted the risk of war in a very unstable Middle East and a scramble for safe haven assets as some 2,700 tonnes of ammonium nitrate exploded in Beirut, reducing parts of the Lebanese capital to rubble.

◆ Gold has reached new record nominal highs due to a combination of financial, economic, monetary and geopolitical risks and many analysts are forecasting further gains in the coming months with the $3,000 per ounce level being call for by many analysts including GoldCore.

◆ There are increasing concerns about the value of the dollar and other currencies due to currency creation on a scale not seen since Weimar Germany. This comes at a time when savers are not getting any yield on their bank deposits and are increasingly facing negative rates on depreciating currencies.

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PRECIOUS-Gold bursts through $2,000/oz barrier to new record

Sirhc

* Gold needs a period of consolidation -technical analysts

* Silver rises to more than 7-year high

By Eileen Soreng

Aug 5 (Reuters) – Gold soared to a record high on Wednesday as a weakening dollar, falling returns on U.S. bonds and a break above historic resistance at $2,000 an ounce added momentum to buying by investors seeking a safe store of value.

As the COVID-19 pandemic has roiled markets, gold has gained nearly 35% this year and is one of 2020’s best performing assets.

Investors fear economic stimulus unleashed in response to the pandemic will trigger inflation, devaluing other assets, and keeping bond yields historically low, which enhances the appeal of non-yielding gold.

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