Real time market
Gold $1,473.04 -0.62 (-0.04%)
Silver $16.84 -0.03 (-0.15%)
Platinum $939.66 0.98 (0.1%)

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Release Date:  Saturday, September 21, 2019
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METALS MARKET UPDATE – WHAT YOU NEED TO KNOW
  • Gold prices rose on Friday due to a weaker dollar.
  • Gold is up approximately 17% for the year.
  • Middle East tensions further bolstered gold as U.S. considers action against Iran for attack on Saudi oil fields. 
  • Gold ended the week at $1,517.70/oz. Silver closed at $18.07/oz.

https://in.reuters.com/article/global-precious/gold-up-on-soft-dollar-set-for-first-weekly-gain-in-four-idINKBN1W50BO?rpc=401&

METALS NEWS –

Gold's top performance has bolstered the fortunes of countries like Russia and China who have poured dollars into gold. Analysts such as banking giant Citigroup see gold continuing its rise to new records.  

  • Gold has outperformed equities eight of the last nine times there has been stress on financial markets. "A recent study by the World Gold Council, shows during times of stress on financial markets gold usually outperforms equities. In fact, the metal has done so during eight of the last nine shocks to financial markets starting with 1987's Black Monday on Wall Street through to last December's rout on US markets.  https://www.mining.com/the-8-times-since-black-monday-stocks-investors-wish-theyd-held-gold/
  • Gold could reach $5,000 said Pierre Lassonde, chairman of Franco-Nevada. "'I think gold is in a good place. The financial demand is being driven by negative interest rates. Should the U.S. treasury 30-year bond yield ever, ever go negative, like in Germany and France, God bless, we're looking at $5,000 gold,' he said.." Long term, Mr. Lassonde believes could ultimately reach the amazing price of $12,500 per ounce.  https://www.thestreet.com/video/gold-prices-could-see-25000-in-future-15096101
  • Gold could rise above $2,000 in the next two years said Citi's research commodities director Aakash Doshi. "What happens when the business cycle turns in the U.S.? What happens if you have a manufacturing recession globally spill over to the U.S. consumer… then in that environment you could see the Fed go back to zero very quickly and that would be in line with other central banks are doing globally. We think the theme of central bank convergence, of very low or negative interest rates, a very accommodative monetary policy and potential negative real rates is a benefit for gold."   https://finance.yahoo.com/video/gold-could-soar-record-high-191416674.html
  • Todd Horwitz, chief market strategist of BubbaTrading.com, observed the technical trends signal big moves for gold and silver. "The patterns are once again starting to show some clarity -- gold a little stronger than silver -- but both are setting up for a big move. Gold has lifted from support and shows very positive signs of another up move. Silver has narrowed into a pattern that will lead to a big move in either direction. Since Silver has held support, we expect that move to be higher." https://www.kitco.com/commentaries/2019-09-20/Gold-and-Silver-setting-up-for-a-big-move.html
  • Britons are rushing to buy gold in the face of a messy Brexit from the EU. "As Brexit upends U.K. politics and hammers the pound, some Britons are searching for a haven—and the chance to make a quick buck—in the gold market. Gold prices have soared world-wide in 2019, lifted by falling interest rates, worries of a global recession, and instability in Hong Kong and the Middle East. In the U.K., where the narrow streets of the City of London sit above one of the world's biggest hoards of bullion, Brexit uncertainty has injected further vim into the market." https://www.wsj.com/articles/britons-seek-brexit-haven-in-gold-market-11568376003
ECONOMIC NEWS –

Recession fears and the possibility of negative interest rates continued to worry investors while a Federal Reserve bank was forced to intervene to prevent a shock to the financial system.

  • A Federal Reserve Bank was required to intervene when overnight borrowing rates skyrocketed, threatening the global financial system. "The spike in overnight borrowing rates forced the New York Federal Reserve to come to the rescue with a special operation aimed at easing stress in financial markets. It was the NY Fed's first such rescue operation in a decade, the last occurring in late 2008. 'It's unprecedented, at least in the post-crisis era,' said Mark Cabana, rates strategist at Bank of America Merrill Lynch." https://www.cnn.com/2019/09/17/business/overnight-lending-rate-spike-ny-fed/index.html
  • The former International Monetary Fund director and future president if the European Central Bank, Christine Lagarde, is warning that the world economy is threatened by several events and central bank policies. "She sees a world economy where growth is 'fragile' and 'under threat' from trade frictions and Brexit, and perhaps an over-reliance on the efforts of central banks like the ECB… Those threats have undercut confidences and business investment as well as exports, and global growth could by some estimates fall to the slowest pace since 2008 at the start of the financial crisis." https://www.afp.com/en/news/15/lagarde-urges-policymakers-resolve-manmade-economic-threats-doc-1kf8pr1
  • Former Congressman and fiscal conservative Ron Paul believes the Federal Reserve will join other central banks to adopt negative interest rates resulting in a massive bond collapse. "'We will join the rest of them and go to total negative rates in hopes that that will be the solution,' he told CNBC's "Futures Now" on Thursday. 'We've never had as many currencies in negative interest rates. $17 trillion worth of bonds [are] in negative interest rates. It's never existed before. And, that's a bubble. So, we're in the biggest bond bubble in history, and it's going to burst.'" https://www.cnbc.com/2019/09/15/ron-paul-us-interest-rates-are-going-negative.html
  • America's top CEOS are forecasting lower economic growth for the year. "'This quarter's survey shows American businesses now have their foot poised above the brake, and they're tapping the brake periodically,' Business Roundtable President Joshua Bolten said in a statement. "Uncertainty is preventing the full potential of the economy  from being unleashed, limiting growth and investment here in the U.S.'" https://www.cnbc.com/2019/09/18/america-top-ceos-lower-economic-growth-forecast-for-the-year.html
  • The equities markets and the Federal Reserve are on a collision course according to Blackstone's chief investment strategist Joseph Zidle. "'You've got a market that this year has traded off of hopes for coordinated global central bank easing …That's the only reason why we're up 20% year to date. We're certainly not there because of fundamentals … Any bull market can produce 10-20% pullbacks. We saw that in the fourth quarter of last year,' Zidle said. 'I wouldn't rule out something that's on the order of 10-20%.'" https://www.cnbc.com/2019/09/18/fed-market-are-on-a-collision-course-over-interest-rates-blackstone.html