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We have gathered a plethora of precious metals news to kick off the week—and if you are environmentally conscious, you will like the news coming out of Great Britain—their first precious metals refinery is about to open for business and its processing is much more environmental-friendly than most refineries around the globe. Also, there is a CIO of a private bank who makes a case for holding onto gold for now. You do not want to miss his reasons why…all this and more.
Let’s dig in…

Commentary
Video: All Roads Lead to Gold
Gold prices have been neither stable nor constant—that’s just one of the myths busted by Jeffrey Christian of the CPM Group. In this video, Christian talks about some common misperceptions while reinforcing the benefits gold does provide investors. Gold’s purchasing power has declined mightily from 1700 and has fluctuated sharply over time. Christian shares why this occurred, and why it is still wise for you to own gold in your portfolio.
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Economy
Gold Speculators Edge Bullish Bets Lower This Past Week
The large precious metals speculators pushed their bullish positions a bit lower in the gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The gold futures non-commercial contracts that are traded by big speculators and hedge funds, totaled a net position of 223, 518 contracts in the data reported through Tuesday, August 18. This was a weekly dip of -535 net contracts from the previous week—in that week there were a total of 224,053 net contracts. The week’s net position was the result of…
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Commentary
A CIO Take on Gold: Why You Should Hold the Yellow Metal
Stephane Monier is the Chief Investment Officer for the Lombard Odier Private Bank. In this commentary we found on the Gold Hub blog, Monier makes a case for holding onto your gold for right now. He writes, “The nature of the gold market has shifted through the COVID-19 pandemic as consumers spend less and investors increasingly turn to the precious metal as a portfolio hedge and diversifier…Gold has risen 15% year to date and traded at USD 1,801/oz. on 17th of July. That is near its historic close of USD 1,875.25/oz on 2nd of September, 2011. At these levels, why own gold in a portfolio? The combination of low-to-negative government bond yields plus a weakening U.S. dollar, and most importantly, … READ MORE ([link removed])
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Economy
Sneak Peek at Gold’s Upcoming Macroeconomic Events This Week
There won’t be any significant macroeconomic data releases that could impact the risk sentiment on Monday. However, on Tuesday and Wednesday, these key reports will be coming out:

SEE THE REPORTS AND WHERE TO FIND THEM ([link removed])

International
India Plagued by Gold-Empty Jewelry Shops—Will Dubai Exports Boost Market?
Last week, dealers of physical gold in India saw the highest discounts in more than six weeks, as buyers continued to stay away, even as more yellow metal came into the country from the United Arab Emirates. India normally ranks second behind China in gold consumption and was trading around 51,800 rupees ($691.24) per 10 grams, having surged to a record high of 56,191 rupees earlier this month. “A significant amount of gold was imported from Dubai last week and customs cleared that this week. But demand is not there because of volatile prices,” said Chanda Venkatesh, managing director of CapsGold, a bullion merchant in the city of Hyderabad. Discounts of up to… READ MORE
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International
Great Britain Gets Their First Precious Metals Refinery
The UK will be operating its first commercial refinery that extracts precious metals from electronic waste. And there is something unique about this refinery—it will be the world’s first to use bacteria instead of cyanide-based processes. A New Zealand startup is behind the project: Mint Innovation. They plan to open the refinery in the U.K. within the next year, at a location in Cheshire, north of England, after delays caused by the COVID-19 pandemic. Great Britain’s exit from the EU has created an urgent need for the refinery, as a United Nations report concluded that at least $10bn US dollars of gold platinum and other precious metals were ending up in dumps every year in the country’s growing mountain of e-waste. When the Commons environmental audit committee launched it’s inquiry into… READ MORE ([link removed])
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Gold Silver Central

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