Gold pushed at $1240 today (spot market) as the Dow Jones Industrials were down 800 points in early trading after closing down 800 points Tuesday. Stock markets were closed Wednesday in honor of President George H. W. Bush’s passing.
Worldwide demand for gold rose 6.2 tons year-over-year in Q3, led by robust central bank buying of 148.4 tons, the highest level of quarterly new purchases since 2015, reports the World Gold Council. Bar and coin demand by individual investors climbed 298 tons.
The housing market is one of the leading indicators of economic activity, and the US market is suffering its longest slump in four years. Sales of previously owned homes fell 3.4% in September from August and were down 4.1% from last year, for the seventh straight month of declines.
… says Daniel Arbess, CEO of Xeriorn Investments, in a recent Wall Street Journal op-ed. The essence of his article is that debt crises take place when markets underwrite and buy too much bad debt and that the fixes for the 2008 World Financial Crisis (WFC) was the piling on of still more debt. The
Over the last two weeks, the Dow Industrials rose eight of the ten sessions, tacking on more than 800 points for a 3.2% increase and spreading optimism that the bull market is back on track. The Dow hit two records highs this week. According to the Wall Street Journal, investors seems less concerned about the
Morgan Stanley, a longtime establishment investment house, recently released a report on gold that stated: “We rarely use gold in our asset allocation, but occasionally there are opportunities and currently we see one of them.” Morgan Stanley & Co.’s global commodity strategist has a $1,300 per ounce price target on gold by year end.
Silver has hit $50 twice in my 45 years in precious metals bullion business, January 1980 and April 2011. Both times would have been excellent times to have sold. I did not see either and was not a seller. What will be the right move the next time silver hits $50, sell or hold?
Alan Greenspan, Federal Reserve chairman 1987 – 2006, says unfunded entitlement programs are the biggest threat to the dollar. Before discussing how to rectify this problem, consider just how big this problem is.
Historically gold puts in nearly 100% of its annual gain between early July and the end of February, which means that now, right in the middle of all the pessimism about gold (and silver), is the time to add to your precious metals holdings.
So I think now of all times this is a good time to have a large allocation to metals, really for the first time in many years. — Jared Dilllian, The Daily Dirtnap, August 1, 2018.