As investors return from holiday travels, they could not help but notice how the dollar lost some more of its strength but at the same time gold also continued to drop. What is going on? We have the latest news for you, along with a compelling commentary from a Swiss analyst who says there are three financial resets on the table. Which one will prevail? Or will all three fall into place? Find out in today’s precious metals news.

Let’s dig in…

Commentary
There are 3 “Resets” On the Financial Table, and They All Lead to Gold

Lately there has been talk about financial resets, like “The Great Reset.” There are actually three major resets, according to Egon von Geyerz, Founder and Managing Partner of Matterhorn Asset Management in Zurich, Switzerland. He also compares WEF Founder Klaus Schwab to the fictional James Bond nemesis Goldfinger.

IS SCHWAB A MODERN GOLDFINGER? WHAT ARE THE 3 RESETS?

Latest News
Dollar Loses Strength While Gold Continues to Drop

Here is what you need to know on Monday, November 30: The American dollar was the worst performer on Friday, falling against all of its major rivals, but the pound. The EUR/USD pair was the best performer, reaching a fresh 2-month high of 1.1963. The GBP/USD pair fell for a second consecutive day as the Brexit drama continues. On Friday, EU’s chief negotiator Michel Barnier traveled to London for in-person discussions, as the critical issues remain unsolved. The EU and the UK keep playing the blame game, accusing each other of…

International
Military Troops Enter Largest Armenian Gold Mine

This week, the Armenian leadership has reached an unprecedented height in its state management achievements. Prime Minsiter Nikol Pashinayan and his government did not stop at the successful campaign to undermine the Armenian regional position and the epic loss in the Second Nagorno-Karabakh War. Now, they are losing their largest gold mine, which was controlled by the Armenians for the last few decades. On November 26, Azerbaijani troops entered the Sotk gold mine, which is located in the Gegharkunik province of Armenia, right on the border with the disputed region of Nagorno-Karabakh. The mine reserves are estimated at more than 130 tons. GEOPROMINING GOLD, which operates this mine, is one of…

International
Gold Craze Sweeps Turkey – Government Struggles to Control Situation

A year of crisis for the lira has kept people in Turkey buying gold at a record pace. Now the appetite for more bullion risks becoming a drag on the currency just as a rally struggles to regain momentum.

In the two weeks after Turkish President Recep Tayyip Erdogan cleared out the leadership ranks blamed for failing to stabilize the lira and draining reserves, Turkish retail investors and firms added US$2.2 billion to their gold holdings, taking them to US$36.4 billion, or almost triple the total last year, Turkish central bank data showed.

Commentary
Income Inequality and The Gold Standard

Imagine that you earn $40,000 a year and your boss doubles you at $80,000 a year. Business was good to you both in 2013, and you received a 25% raise for your efforts. Not bad, and your boss gets to share in this good fortune too with an extra $25,000 (about 30%). You’re going to make $50,000 in 2014 and your boss will pull in $105,000. Are you happy with this deal? Probably. But wait, income inequality just increased! Your boss originally outpaced you by 100%, but now his salary is 110% higher than yours. To read the brouhaha going around right now, this situation is cause for alarm. Income inequality has increased and despite the fact that everyone is doing better than they once were, one group is doing relatively better.

Latest News
COVID-19 Lockdowns Accelerating Move to Digital & Automation

The coronavirus lockdown is hastening digitalization and automation in the mining industry, major firms and their partners said this week, helping to get more work done at remote mines, even if operators are far away.

That trend will drive down costs quicker, leading to smaller, cleaner mines where more can be done with fewer people, industry officials said at the Imarc mining conference in the southeastern Australian city of Melbourne.

“The pandemic has forced us to think about how we can do more of the work that had to happen on site, remotely... (and) how we do those tasks with less people,” said Suresh Vadnagra, chief technology officer at Newcrest, one of the world’s largest gold-mining firms.

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