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As G&S Central kicks off another week, we take a look at not one but two countries (not the U.S.) who are seeing their gold demand drop to surprisingly low levels. The other 66% of today’s news is focused on gold and the economy as they meet in the stock market along with gold’s dance with the U.S. dollar.
Let’s dig in…

International
India Gold Demand Plunges as Country Grapples with COVID-19
Gold imports have slumped in the nation of India as the country continues to deal with its own pandemic and subsequent economic lockdown, which has forced the nation’s economic activity to grind to a halt. This has led to India’s weakest H1 gold market in decades. Gross gold demand contracted by a whopping 64 percent YoY! India imported only 99 tons of gold in H1 this year, a drop of…
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Stock Market
Fund Managers Scaling Back on Bonds and Buying Gold Instead
Bonds became the capital market’s darling when the coronavirus pandemic hit. Investors suddenly wanted safe havens like Treasury debt. Meanwhile, as yields are at record lows, fund managers at institutional investors are now scaling back on bonds and instead buying more gold. The devaluation in the greenback could spur more investors to hold more gold as a store of value. Investors can diversify using gold without having to hold physical gold through exchange-traded funds (ETFs). Gold’s rally is a dream come true for precious metals investors—the commodity continues to gain as the uncertainty of the market continues. As the demand for safe havens like precious metals continues, this only helps to…
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Commentary
Which One Will Ultimately Win? Gold or Interest Rates and Treasuries?
Last week brought some interesting results in the markets, particularly gold and silver. Investing Haven locked in a 22% profit on one silver miner in their Momentum Investing Portfolio, and that occurred in three months’ time. The also got out of precious metals positions on Wednesday, just below what they believe is a top that mines on the short to medium term. They do think gold and silver rose too fast, and need a break. READ MORE OF THEIR FORECAST BASED ON THEIR INTERMARKET ANALYSIS ([link removed])
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Economy
Gold Drops 2% as Dollar Jumps on U.S. Jobs; Retreat Seen Temporary
On Friday, gold posted its biggest fall in more than two months—dropping 2% in response to the dollar rebounding on a better-than-expected recover in U.S. jobs in July. However, the yellow metal price stayed well above the $2,000 per ounce mark, indicating that its setback could be temporary. The 0.8% rise on the greenback, the most in a day since March and which elevated the Dollar Index back above the 93.5 level, was also unlikely to be sustained, said forex analysts. “We think that USD shorts were covered ahead of this report,” TD Securities said in a forex market note for the day. “A better data print now leaves the USD bid as tenuous. We see attractive risk/reward to lean short” the dollar. The Labor Department said the United added 1.8 million jobs in July, slowing from…

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Commentary
Why is Everyone Buying Gold?
“Gold bugs” are those investors who are perpetually bullish on gold, and they have always been considered a sort of “paranoid fringe of the financial world.” They have clung to the notion that hoarding the shiny metal is a hedge against disaster…and lately, they are looking correct. “I told you so” is something gold bugs have been saying a lot lately, as gold is the best performing traditional asset in the world. Now, everyone—serious investors to newly minted day traders—are talking up the good point about gold. A recent survey of 1,000 people found that one in six Americans bought gold or other precious metals in the last three months, and about one in four were seriously thinking about it. On Robinhood, a popular online trading platform, the number of their users holding two of its largest gold funds has tripled since January. Now, it appears we are all gold bugs, and it’s tempting to attribute this
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International
South African Gold Industry Slowly Dying—Will Platinum Be Next?
South Africa’s gold industry has been fading for many years, and the coronavirus is undercutting the industry in SA even more with power and water shortages, along with draconian government policies. This has prompted SA gold producers to cut spending over the past decade on mines that are responsible for 75% of global platinum supply. COVID-19 is accelerating that trend by lowering the demand for the catalytic converters that are the largest users of yellow metal…READ MORE ([link removed])
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Gold Silver Central

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