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Gold and Silver Prices
Gold prices saw choppy trading this week. Despite a rise in prices on Friday, the yellow metal ended the week lower as the dollar strengthened against other currencies.
“Gold prices rose in London Friday, on a combination of investor demand and speculative buying, restoring a little shine to the metal after from recent losses.
Spot gold was up 1% at $1,275.25 a troy ounce in morning European trade, moving within a narrow $13 range. The precious metal is still up 20% since the start of the year, buoyed by past dollar weakness and investor demand, despite losing ground since the beginning of the month….” (“Gold Rises, Recouping Recent Lost Ground,” WSJ, 5/13/16.)
Gold ended the week down $14.90, closing at $1,273.80. Silver prices closed at $17.18, down $0.36.
Fed Policies May Send Gold Prices 5 to 10 Times Higher – MarketWatch
Cody Willard, author of MarketWatch’s Revolution Investing newsletter, told readers that dangerous Federal Reserve policies may cause gold prices to rise 5 times or more.
“I've met hedge fund manager Stan Druckenmiller a couple times … He's made billions of dollars investing money for George Soros and his own clients in the hedge fund he ran for 20 years. I ran across his name over the weekend, as some of you might have, in must-read articles after his appearance at the annual Sohn Conference in New York.
“Druckenmiller was wildly bullish on gold... He also was concerned about corporate debt and the Fed's endless easy-money policies. My own analysis and writings reflect much of what Druckenmiller is talking about…
“I am writing up a new report about the short- and long-term outlook for gold, which is obviously related to all of the same topics that Druckenmiller is highlighting. Long-story short: … all signs do point toward a higher price for gold, both in the near term and my lifetime, during which I expect a five- to 10-fold increase in price. Negative interest rates, more of the Fed’s quantitative easing (QE) and a race to devalue every major currency in the world are quite bullish for gold. The timing of all those things are affecting the gold market right now…
“Whether it's Trump, Clinton or anybody else in the White House, these trillions of dollars of economic movement and debt and financial engineering from governments and corporations and wars and starvation and natural disasters and the risk of our Internet/electrical/defense networks failing and so on ... the fundamentals can't be undone now….” (“I’m with Stan Druckenmiller — gold has every reason to rise,” MarketWatch, 5/9/16.)
JP Morgan Tells Clients to Invest in New Gold Bull Market – CNBC
JP Morgan’s global head of fixed income, currencies and commodities told investors that gold has begun a new, long term bull market.
“Gold prices are surging this year, and that has one of Wall Street's largest banks flocking to the yellow metal. ‘We're recommending our clients to position for a new and very long bull market for gold,’ JPMorgan Private Bank's Solita Marcelli said Tuesday on CNBC's "Futures Now.
“After seeing three back-to-back years of losses, the precious metal has rallied 20 percent in 2016. And that's just the start of the next leg higher, according to Marcelli. ‘$1,400 is very much in the cards this year…
“The firm's global head of fixed income, currencies and commodities reasoned that, with so many negative interest rate policies around the world, gold will continue to be bought as an alternative currency… ‘Central Banks may consider diversifying their reserves [as they anticipate] negative rates on existing holdings,’ said Marcelli, when discussing the commodity as safe-haven trade… ‘Gold is looking more and more attractive every single day… As a nonyielding asset, it has a minimal storage cost, so when you compare it to negative-yielding assets, it actually has a positive carry." (“Gold has entered a new bull market: JPMorgan,” CNBC, 5/11/16.)
Record Gold Demand in 1st Quarter of 2016 As Investors Seek Safe Haven Asset
The World Gold Council (WGC) issued its report regarding gold demand in the first quarter of 2016. The WGC reported that gold experienced its strongest Q1 on record, with demanding soaring 21%.
“Gold demand grew 21% to 1,289.8t – the strongest Q1 on record. Investment drove gains… Shifts in the global economic and financial landscape have created a positive environment for gold investment in recent months. Uncertainty abounds:
The swirling uncertainty created by this mix of factors undermined confidence in traditional asset classes… During the first quarter, the US$ gold price appreciated by 17% on the strength of investor conviction. This was matched by local price gains in markets across the globe…
As unconventional monetary policies – including the use of negative interest rates – expand, central banks continue to purchase gold as diversification remains a top priority... There is little doubt that central banks’ enthusiasm for gold remains resolute….” (“Gold Demand Trends First Quarter 2016,” WGC, 5/16.)
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