Today’s AM fix was USD 1,376.75, EUR 1,069.15 and GBP 903.62 per ounce. Yesterday’s AM fix was USD 1,377.00, EUR 1,070.01 and GBP 904.32 per ounce.
Gold fell $6.00 or -0.43% yesterday to $1,386.70/oz and silver finished +0.71%.
Nothing has changed regarding the positive fundamentals of the physical gold market.
All that has changed is that the price of gold is again lower due to the machinations of technical traders and speculators. Paper gold sales are again trumping massive physical demand, however, this cannot go on for much longer and the patient will again be handsomely rewarded.
U.S. markets are again having a wild party and all speculators are invited. Stocks are at an all-time high, the country is basking in its new found energy ‘independence,’ there is a perception that the housing market is showing green shoots of recovery and the great bellwether, the employment numbers, showed better than expected gains in April.
Tragically, it appears, the U.S. and other investors are again borrowing to buy stocks, confident that prices can only go in only one direction. All of this euphoria can be traced to the monetary expansion policies of the U.S. Fed and across the sea to Europe to the Bank of England and the ECB, and over to Japan and the ‘la la land’ of ‘Abenomics’.
Does history repeat itself? Can we learn from money printing throughout history?
Of course we can.
Global currency debasement on a scale never before seen in history will not end well - for savers and most investors.