Thursday, August 13, 2020

GOLD RISES 35 CENTS TO $1310.75/SILVER DOWN ONLY ONE CENT TO $15.71 AS BOTH METALS HOLD DESPITE CHINA BEING OFF FOR THEIR LUNAR NEW YEAR

by Harvey Organ, Harvey Organ Blog:

BANK OF ENGLAND LOWERS FORECAST FOR GROWTH FOR GREAT BRITAIN/ALSO ECB LOWERS GROWTH FOR THE EU/GERMAN 10 YR BONDS CLOSE AT .12//USA ANNOUNCES THAT CHINA AND THE USA ARE VERY FAR APART AND XI AND TRUMP MAY NOT MEET PRIOR TO THE MARCH 1 DEADLINE/DOW DROPS 220 POINTS

GOLD: $1310.75 UP $0.35 (COMEX TO COMEX CLOSING)

Silver:   $15.71 DOWN 1 CENT (COMEX TO COMEX CLOSING)

“THE VALUE OF THE DOLLAR HAS NO GUARANTEE WHATSOEVER”

by Egon Von Greyerz, Gold Switzerland:

The statement above is of course totally accurate for a country running budget and trade deficits for over half a century with a total debt, including unfunded liabilities, in the hundreds of trillions of dollars.

It could have been said today, but it actually dates back to August 1971 when the People’s Daily in China declared the beginning of the end for the monetary system of the capitalist world.

The Battle for Venezuela’s Gold Serves as a Lesson in Counterparty Risk

by Clint Siegner, Money Metals:

He who controls the gold makes the rules. That old adage applies aptly to the present crisis in Venezuela.

An international battle for control of Venezuela’s gold is currently underway. At stake is the country’s political future – and with it, the global market for its immense oil reserves.

In a desperate effort to cling to power, Venezuelan strongman Nicolas Maduro has been depleting his country’s gold reserves.

The oil-rich nation once had gold reserves of over 160 tons. But in recent months, Venezuela has sold off dozens of tons of gold to allies such as Turkey, United Arab Emirates, and Russia in exchange for euros and other globally recognized currencies.

THE CROOKS CONTINUE TO USE GLD GOLD TO RAID

by Harvey Organ, Harvey Organ Blog:

GOLD DOWN $4.85 TO $1310.40/SILVER DOWN 13 CENTS TO $15.72 BUT NOT TO BE ALARMED: CHINA IS AWAY FOR ANOTHER 2 DAYS AND THEN GOLD AND SILVER WILL BE BACK UP/GERMAN INDUSTRIAL PRODUCTION PLUMMETS AGAIN FOR THE SECOND STRAIGHT MONTH/MORE SWAMP STORIES FOR YOU TONIGHT

GOLD: $1310.40 DOWN $4.85 (COMEX TO COMEX CLOSING)

Silver:   $15.72 DOWN 13 CENTS (COMEX TO COMEX CLOSING)

2019 Looks Bullish for Silver

by Peter Schiff, Schiff Gold:

Last year was tough for silver with lower demand muting prices. But the Silver Institute is bullish on the white metal for 2019, projecting a rebound in demand coupled with lower mine output. 

According to the Silver Market Trends 2019 statement, preliminary estimates point toward a minor 0.3% increase in total supply last year as demand contracted by about 3%.