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In today’s precious metals news, we look at gold investors voting down excessive payouts, how the fear of inflation has prompted gold to bounce back, China's slowly increasing gold demand, Russia's first ever hold of more gold than U.S. dollars, and more.
Let’s dig in…
Latest News
Gold Investors Vote Down ‘Excessive’ Executive Payouts Amid Deals
Gold investors critical of lavish executive payouts plan to vote down compensation at upcoming annual shareholder meetings, as soaring prices for the precious metal spur deal making. It is the latest knock against an industry that had only recently won back investor favor after being shunned due to disappointing returns. Miners who overspent on acquisitions in the 2011 gold boom have curbed premiums that led to billions in impairments when prices later crashed. But investors say change-of-control provisions allowing for multi-million-dollar executive windfalls remain commonplace.
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Latest News
Gold Bounces Back While Investors Distracted by Inflation Fears
Gold gained about 1% on Tuesday, bouncing off a one-month low touched in the last session, as focus returned to prospects of inflation driven by more U.S. fiscal stimulus under President-elect Joe Biden. Spot gold was up 0.7% at $1,857.63 per ounce at 1218 GMT. On Monday, prices touched their lowest level since Dec. 2. U.S. gold futures gained 0.4% to $1,858.50. “It’s quite clear that the money markets are factoring a very sizeable fiscal stimulus spend from the Democrats, some bounce in inflation,” said Ross Norman, an independent analyst.
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International
China Slowly Increasing Gold Demand
December is always a positive month for Chinese gold demand as represented by reported withdrawals from the Shanghai Gold Exchange (SGE) because it is a month in which traders and fabricators start to stock up ahead of anticipated gold demand for Chinese New Year gifting activity. This year, the Chinese New Year falls on February 12th, initiating a week-long holiday when official institutions, like the SGE itself, will be closed. Many other businesses will also be closed for this Golden Week holiday period, although there will also be something of a retail shopping spree – not least in stores selling gold bullion and artefacts.
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International
For the First Time Ever, Russia Holds More Gold Than Greenbacks
For the first time ever, Russia holds more gold than US dollars. According to a Central Bank of Russia report published this week and analyzed by Bloomberg, gold made up 23% of the Central Bank of Russia’s reserves as of the end of June. The bank’s share of dollar assets dropped to 22%. In 2018, more than 40% of Russian reserves were in dollars.
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Commentary
24 Tactics Now for Gold, Silver, and Platinum
Stewart Thompson from 321Gold makes a list of twenty-four tactics for investors to consider. Here are the first few: 1. The traditional Chinese New Year “firecracker rally” for gold may be a dud this year, but investors who followed my “buy into $1788 and sell some into $1966” recommendation are in great shape. 2. Please click here now. Double-click to enlarge this weekly buy and sell zones chart. The $1767 low and the $2089 high should be the new zones of interest for gold investors. 3. Gold could decline to $1767 or even $1671. If that happens, I will urge all investors to take buy-side action with physical market gold, silver… and the miners.
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Commentary
Gold Forecast: Gunning for $2,000 Over 2021
Gold (XAU/USD) plunged more than 4 percent on Friday. The yellow metal has swung wildly since the start of the new year – first surging to a high of $1,959 out of the gate in 2021, then dropping to a low of $1,828/oz. However, the bullish story may not be over yet, in the opinion of Bart Melek, Head of Commodity Strategy at TD Securities.
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