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We are halfway through the week, and gold has made a big bounce back up over $2,000 per ounce as of Tuesday. Will it remain above that threshold—at least awhile? Another article makes a case for having gold in your portfolio, and today we take a look at what the Chinese gold market has done this past week.
Let’s dig in…
Price
Gold Gets Two Gains in-a Row, Settles Above $2,000 Again
On Tuesday, gold came back strong regaining it’s price above the $2,000 mark for the first time in about a week amid persistent weakness in the U.S. dollar and slack in government bond yields.
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Commentary
You Really Don’t Have Any Gold In Your Portfolio?
Scott Chambers on the BFI Capital blog makes a case for gold in your portfolio—he starts by looking at an interview on CNBC which aired July 30th with Sharmin Mossavar-Rahmani, the chief investment officer of private wealth management at Goldman Sachs, and her “simplistic” view of gold. According to Schamber, Mossavar-Rahmani thinks “gold is only appropriate if you have a very strong view that the U.S. dollar is going to be debased.” He goes on to call her entire reasoning “a very simplistic view.” He then dives into gold as a deflation hedge: “We have seen the global economy in a deflationary state for several years now. Even though central banks have been employing a level of quantitative easing unseen ever before, deflationary forces have trumped inflationary ones. We’ve discussed this at length in a post written in May by Frank Suess: “Deflation or Inflation? Take Your Piack…At that time our
conclusion was as follows:”
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International
China’s Gold Market Stayed Steady in July Despite Local Gold Price Discount Widening
China saw its gold prices surge in July—a dynamic that was fostered by an easing monetary environment globally along with a bullish gold price momentum—in fact, gold set some new records for China in July. One example is the LBMA Gold Price AM in USD jumped by 11% whereas the SHAUPM rose 7.4% in the month as RMB continued to appreciate, both breaching record highs. And even though the heightened volatility in Chinese equity markets after mid-July attracted many gold investors, a 14% surge in… READ MORE ([link removed])
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Commentary
Gold Heading Toward $2300 As Global Tensions Increase
“Gold’s sell-off was driven by a rebound in 10-year real rates after falling to record lows in negative territory. Demand for gold this year has been driven mostly by record inflows to gold exchange-traded funds, so the price reaction was exaggerated and should be seen in the context of the sharp price runup prior to the pullback.”
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Commentary
Silver Outperforms Gold Most of the Time – Here’s Some Evidence
Since 2011, the track record for silver has always been one where the grey metal underperforms gold. Annual average gold prices rose more than those of silver every year from 2012 through 2019 with the exception of 2016, and into Q1 of 2020. During this period, the silver proponents have been repeatedly suggesting that this would reverse course. This year, it has, but only after the price of silver fell to a historically low value relative to gold. Now, we see the gold:silver price ratio has risen to a record 126:1 in the middle of March, 2020. Since that month, the ratio has fallen to 74:1. In the third week of July 2020 silver prices broke out… READ MORE
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Commentary
VIDEO: INVESTORS SHOULD REMAIN NETURAL ON GOLD
On this video, Brian Belski, chief investment strategist at BMO Capital Markets, joins BNN Bloomberg to discuss investing in gold stocks and private security amid market uncertainty.WATCH VIDEO ([link removed])
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Gold Silver Central
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