Market Update GoldCore
As The Crisis Deepens, Gold Flows East - Epilogue
Today’s AM fix was USD 1,323.75, EUR 999.20 and GBP 870.29 per ounce.
Yesterday’s AM fix was USD 1,331.50, EUR 1,002.79 and GBP 875.35 per ounce.
Gold fell $3.50 or 0.26% yesterday and closed at $1,322.80/oz. Silver gained $0.10 or 0.51% and closed at $19.82.
Gold rose in early Asian trading , then fell back to lose some of its early gains in anticipation of the the Federal
Reserve’s statement. The statement, which offered no hint of a stimulus pullback, prompted an afternoon rally but the
price ended the day’s trading with a loss of 0.26%. Silver finished the day with a gain of 0.51%.
As The Crisis Deepens, Gold Flows East - Epilogue
An intended consequence of publishing 'As The Crisis Deepens, Gold Flows East’ was to create discussion and feedback, not just among GoldCore’s own customer base, but among the many thousands that
pick up our Market Update via sites such as ZeroHedge and Max Keiser.
GoldCore and Insight is not breaking new ground here, we are simply attempting to bring some clarity, in our way, to a very complicated
issue, an issue that has serious implications for the stability and growth of our respective economies.
So, when you draw fire from a recognised commentator in the energy field you expect the rebuttal to be logical and more
importantly, properly researched. It was then with some surprise that we read Andrew McKillop’s article in yesterday’s
edition of The Market Oracle.
In the internet age, McKillop demonstrates how easy it is to fire off 1,200 words without due care and attention. Much
like the way the U.S. Fed, the Bank of England, the Bank of Japan and the E.U. central bank are printing money.
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As The Crisis Deepens, Gold Flows East
Over the last three decades what began as a trickle of gold and silver moving east has become a flood. This is precisely
what one should have expected. Loose and looser American fiscal and monetary policy has led to the export of dollar
inflation to those countries – notably China – that have pegged their currencies to the dollar.
The obvious consequence of higher prices abroad has led to higher demand for precious metals as a store of value in the
same countries.
Headline topics covered July's Insight:
• Crisis: the new normal
• In a zero sum game, someone has to be the loser
• The business model: speculation
• When the data is bad, make up the data
• Gold and silver: huge demand meets too much leverage
ENDS