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Greetings gold investors—we have a smorgasbord of delicious precious metals and economic news for you on this Thursday. We start with some international news about a gold refinery that was taken over by a band of pirates in the country of Kyrgyzstan…we then look at how the greenback may be “down” but it is not enough close to being “out”… We also found an intriguing forecast on what gold prices are likely to do after the November election. That’s one you don’t want to miss.
Let’s dig in…

International
A Gold Refining Plant Has Been Seized by Unidentified Terrorists
A band of unidentified marauders stormed into a gold refining plant in Kyrgyzstan’s Chuy Region, taking the facility hostage on Tuesday, according to plant administrators reporting what happened to the TASS news agency. "Today, unidentified people forced their way into the territory and seized a number of cabinets in the administration complex, not letting anyone in," an administration representative said. According to him, the people, who illegally stormed the building, are threatening the administration to give them all documents. "We have no clue who could be behind these people," TASS was told.
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Economy
The Dollar Might Be Weaker, but is Still King of the Currencies
The main argument is that in the long run the global hegemon also tends to be the issuer of the dominant reserve currency. This much-envied position has changed hands frequently over the past 3,000 years or so. Hence, it is a reasonable assumption that the US will lose it at some point, also because China's economic and geopolitical power is growing fast. Nevertheless, the experience of the UK a century ago suggests a country can remain the issuer of the dominant reserve currency long after its relative economic and geopolitical decline has become apparent.
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Stock Market
Gold ETF Holdings Soar to Record Highs Thanks to ‘Dip-Buyers’
“There seems to be a battle between [precious metals] investors going on,” notes Georgette Boele, precious metals strategist at ABN Amro Bank NV. The last few weeks have seen Gold ETFs register significant inflows (6 days in a row most recently) as precious metal prices have been lower and the infamous 'dip-buyers' take advantage of these lower prices to stack some more paper gold. Bullion prices have come under pressure as real yields have accelerated amid positional shifts by investors around the election and fiscal stimulus.
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Commentary
Big Question: Will Gold Prices Soar or Plunge After the Election?
The US presidential race is on and with less than a month until the 2020 election, political tensions are running high. This is causing volatility in the financial markets as the future price of currency, commodities, and stocks is uncertain. The effect of the election on the price of gold is a topic of passionate debate. It is generally understood that the value of the US dollar correlates with the price of gold. A high dollar value means a lower price for gold while a weaker dollar means a higher price for gold. Some believe a President Trump win will increase the value of the dollar and a Biden win will decrease it, but no one knows for sure and equally the opposite could come true.

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Commentary
Here’s Why Banks are Getting Out of Commodities
If there is one thing I learnt after 41 years of trading it is that it takes a very special kind of person to be a banker. I should mean that kindly, but I am afraid I don't. I had reason to develop my jaundiced point of view when I struggled to set up 27 years ago. No bank worth its salt wanted to see the commodity acorn that I was or recognize the fine little oak tree I hoped to become. That is, no one from Moscow Narodny, ING, BNP, Bank of Ireland, Allied Irish, ANZ or any other of the famous commodity lenders. 'Do come back when your net worth's $10 mln', the nice lady from ING said, adding helpfully, 'You see, we have big overheads so only take accounts that can earn us $250,000 in fees'. READ MORE
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Commentary
Why China’s Economic Recovery is Good for Gold
The Chinese are known to drive a hard bargain. But when it comes to buying gold in China, demand trumps every other concern. Yesterday, I explained that gold is a crucial element in Chinese weddings. And that's not the only firsthand experience I've had with China and gold. What I learned along the way is that when the Chinese want gold, price doesn't matter. And that goes a long way to explaining why the metal can rise much higher from here. Let me explain... If the Chinese want gold, they'll pay any price for it. This became especially clear to me in 2012, during gold's last major bull market. I was in Hong Kong which, at that time, had become a gold-shopping capital for Chinese tourists. The city's tax-free status meant you could buy gold jewelry for just a couple of percentage points over the spot price, plus a small craftsmanship fee. Gold was trading close to $1,800 an ounce. I was curious how much
the jewelry shops along Nathan Road were selling it for, so I looked around. READ MORE ([link removed])
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Thanks,
Gold Silver Central

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