In this week's video I take a look at the charts of gold, silver, platinum, palladium, and copper and offer some thoughts on where I see prices moving next. In the case of gold, which has enjoyed a fantastic run-up from $1180 to $1570 this year (in the process breaking out of a six year base), price is pulling back and bull flagging at the 61.8% Fibonacci retracement. Does it make a push down to $1400 to backtest the entire move? Will silver find support at $16.60 or are we moving lower? Will palladium continue its historic march hire, or will it meet resistance at future levels?
I discuss all this and more in today's ten minute video. As always, whether you agree or disagree with my analysis, I would love to hear your feedback.
Demand for gold as a reserve asset strengthened considerably in 2018, rising by 74% compared to 2017, in response to the geopolitical and macro-economic environment. It also broadened. Our flagship training programme for reserve managers, held in conjunction with the National University of Singapore, received a record number of applications from central banks globally keen to learn how gold can help them meet their safety, liquidity and other objectives. Our mid-year central bank survey reported that one-fifth of central banks surveyed intended to increase their gold holdings over the next 12 months, with none planning a decrease.
Republic Metals, founded in 1980, is one of the largest precious metals refiners in the world, and an LBMA and COMEX good delivery producer. The company's private minting business recently accounted for nearly 70% of North American privately minted production.
On November 5th, after months of attempting to sell the business to Valcambi, Republic Metals filed for Chapter 11. The bankruptcy resulted from an audit that revealed more than $100M in missing inventory. For more information, please refer to this article: Bankruptcy judge approves case-management procedures for Republic Metals
Thankfully, we have very limited exposure in the bankruptcy proceedings. Other precious metals companies are not so fortunate. We have sold Republic Metals branded bars for several years, and we will continue to make a two-way market for their products, but we will no longer actively sell their products on our website.
However, Republic Metals minted our Texas Gold Rounds and Texas Mint Gold Bars. As a result of the bankruptcy, we will be minting these products through Sunshine Mint (SMI) going forward, the same company that manufactures blanks for the United States Mint. This process will take time, and we will likely be out of stock on Texas Mint gold products for several months. We will send out communications as soon as these products again become available. Silver products are minted elsewhere and inventories remain unaffected.
We greatly appreciate your patience and understanding.
President & Co-founder
Texas Precious Metals
Private storage facility for gold, silver, platinum and palladium bullion offers fully segregated storage and state-of-the-art security; largest in South Texas
Texas Precious Metals, a leading online precious metals company, has announced the opening of its private underground bullion depository. The facility is entombed in concrete with three layers of concentric protection, bulletproof doors at all access points, armed security, and 24/7/365 interior and exterior surveillance. Texas Precious Metals Depository is also monitored remotely by county and city law enforcement, who are situated within one mile of the facility, and is 100% insured by Lloyd’s of London.
Gold 2048 brings together industry-leading experts from across the globe to analyze how the gold market is set to evolve in the next 30 years.
Key insights from authors such as George Magnus, senior economist; Rick Lacaille, Global Chief Investment Officer of State Street Global Advisors; and Michelle Ash, Chief Innovation Officer at Barrick Gold include:
- The expanding middle class in China and India, combined with broader economic growth, will have a significant impact on gold demand.
- Use of gold across energy, healthcare, and technology is changing rapidly. Gold’s position as a material of choice is expected to continue and evolve over the coming decades.
- Mobile apps for gold investment, which allow individuals to buy, sell, invest and gift gold will develop rapidly in India and China.
- Environmental, social and governance issues will play an increasing role in re-shaping mining production methods.
- The gold mining industry will have to grapple with the challenge of producing similar levels of gold over the next 30 years to match the volume it has historically delivered.
FOR MORE INFO, VISIT HERE.
Q2 gold demand of 953.4t was 10% lower than 2016, while H1 demand slowed 14% to 2,003.8t. Y-o-y comparisons are affected by record ETF inflows in 2016: demand from this sector slowed dramatically after last year’s H1 surge. Central bank net purchases of 176.7t were also slightly lower in the first half (-3%). By contrast, bar and coin investment improved, as did jewellery demand, although the latter remains weak in a long-term context. Technology demand also made modest gains.
When we think of wealth today, we often think of the massive personal fortunes of business magnates like Bill Gates, Jeff Bezos, or Warren Buffett. However, it is only since the Industrial Revolution that measuring wealth by one’s bank account has been a norm for the world’s richest.
For most of recorded human history, in fact, the lines around wealth were quite blurred. Leaders like Augustus Caesar or Emperor Shenzong had absolute control of their empires – while bankers like Jakob Fogger and Cosimo de Medici were often found pulling the strings from behind.
While the dollar was almost always regarded as the most prestigious US silver coin, it was not consistently produced. The half dollar was in fact much more important in everyday commerce and the development of the American economy. Its absence from today’s circulating coinage belies this important role it played in the monetary history of the United States.
During the 1780s, the currency system in the newly-founded United States was, to put it simply, a mess. The economy was still reeling from the inflationary collapse of the Continental Dollar. There was very little specie (gold or silver coinage) in circulation, and even copper coins were hoarded. Counterfeit coppers and underweight coppers often served as substitutes in commerce. The economy suffered greatly from this lack of circulating coinage.
The Capped Bust design, created by Philadelphia Mint engraver William Kneass, was featured on seven different United States coin denominations. The motif was first unveiled in 1809 and lasted until 1839. At the time, it was the longest-lasting United States coinage design; prior motifs tended to only last a few years at a time. The design was not only popular among the generic public, but it was also relatively easy to produce. Whereas earlier designs were difficult to execute with an even and complete strike, Capped Bust coins were usually well-made.