Gold, Silver & Other Precious Metals 17 (May 19 - Jan 23)

[behappyalways]

“People are selling gold and silver positions to finance equity positions or other situations,” he added.

Gold tumbles over 4% in virus-led rout
https://www.cnbc.com/2020/03/12/gold-ma ... focus.html

[behappyalways]

Gundlach Sounds Alarm on ‘Paper Gold’ ETFs Raking in Billions
https://www.bloomberg.com/news/articles ... n-billions

[behappyalways]

Bank of America Says Gold Will Hit $3,000 an Ounce
https://m.youtube.com/watch?v=rbGuL82MwKs

[investar]

3000 is "putting your neck out there"!

But others are also increasing their prospects:

TD Securities with 1900
https://www.kitco.com/news/2020-04-20/T ... ities.html

and CIBC with 1800
https://www.mining.com/cibc-raises-gold ... ock-picks/

I also think that POG will go up. But when everything crashes like in week2/week3 of March, then also gold stocks (unfortunately).

[winston]

Precious Metals Are a Steal at Today’s Prices

by Ben Morris and Drew McConnell

Since mid-March, the Fed’s total assets have jumped by more than $2 trillion, or roughly 55% …

One of the simplest ways to buy gold in your brokerage account is with the SPDR Gold Shares Fund (GLD). The fund buys and stores physical gold in secured vaults.

As of yesterday’s market close, GLD held about 34 million ounces of gold. If you multiply that by the price of gold (about $1,685) and divide that by the number of GLD shares (361 million), you get $158.70, the approximate price per share of GLD.

In other words, when you buy GLD, your investment is backed by physical gold.

For gold, $3,000 an ounce isn’t a longshot… It’s likely.

Source: DailyWealth.com

https://dailytradealert.com/2020/05/02/ ... ys-prices/

[investar]

Investors make big bets on silver closing gap with gold:
https://www.ft.com/content/0574157b-76b ... 6ac32fb3b8

Hedge funds bet on gold:
https://www.ft.com/content/ecd9c6d5-6c4 ... 41efd5af67

[investar]

SILVER TO BE CRITICAL TO SOLAR POWER GENERATION MARKET OVER NEXT 10 YEARS:

https://www.silverinstitute.org/silver- ... -10-years/

[winston]

'We expect a considerable drop in gold prices', says ABN Amro

by Anna Golubova

“We continue to think that positions are too crowded and that prices are too high to recommend re-entering longs,” ABN Amro precious metals analyst Georgette Boele wrote in a report last week.

Long-term, ABN Amro is not that bullish on gold, projecting the yellow metal to finish Q3 at $1,650 an ounce and Q4 at $1,700 an ounce.

In 2021, the Dutch bank is more bullish, penciling in gold trading at $1,800 by year-end.

Source: Kitco News

https://www.kitco.com/news/2020-06-01/- ... -Amro.html

[winston]

US attracts record amount of gold from Switzerland as pandemic upends market

by Peter Hobson

LONDON (June 18): Switzerland exported 126.6 tonnes of gold worth around US$7 billion to the United States in May — the biggest monthly shipment on record — as high prices in New York continued to pull in metal, customs data showed on Thursday.

Swiss shipments to China and India, usually the two largest buyers, remained near rock bottom.

The coronavirus crisis has turned the global gold market on its head, with purchases of jewellery and gold bars in Asia falling sharply, while investors in the West stock up on bullion as a safe asset to weather a period of turmoil.

Source: Reuters

https://www.theedgemarkets.com/article/ ... nds-market

[winston]

83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal

by Tyler Durden

The 83 tons of purportedly pure gold stored in creditors’ coffers by Kingold as of June, backing the 16 billion yuan of loans, would be equivalent to 22% of China’s annual gold production and 4.2% of the state gold reserve as of 2019.

Source: Zero Hedge

https://www.zerohedge.com/markets/83-to ... ng-scandal