Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By BullionVault.com (Reporter)
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

Buying Gold on Dips 'the Way Forward' But ETFs Quiet, Middle East Tensions Spread

Wednesday, June 7, 2017 6:10

% of readers think this story is Fact. Add your two cents.

Adrian Ash is head of research at BullionVault, the world-leading gold trading & ownership service online…

BUY GOLD prices retreated from 7-week highs against the Dollar on Wednesday, dipping below $1290 per ounce as world stock markets rallied from yesterday’s drop but crude oil continued to fall despite worsening Middle East tensions.

The self-declared Islamic State group claimed responsibility for 12 murders in Iran’s capital Tehran, with gunmen today attacking a session of Parliament and a suicide bomber attacking the tomb of radical ‘founding father’ cleric Ayatollah Khomeini.

Saudi Arabia this morning called on neighboring Qatar – now under a diplomatic and trade freeze by other Middle East states – to sever ties with Palestinian terrorists Hamas and the now banned former Egyptian election winners the Muslim Brotherhood.

Formerly backed by Iran, Hamas said the remarks “constitute a shock for our Palestinian people and the Arab and Islamic nations.”

With gold losing $5 from Tuesday’s highs, silver today dropped near last week’s closing level beneath $17.60 before recovering 6 cents. Crude oil edged further below $50 per barrel of Brent crude.

“Gold still in high demand,” claims German financial services group Commerzbank’s commodities team, pointing to Tuesday’s 4-tonne inflow to the bullion needed to back shares in the largest stockmarket-traded gold product, the SPDR Gold Trust (NYSEArca:GLD) – “its biggest daily inflow in nearly seven weeks.”

Taking the GLD’s holdings back to only a 5-week high however, that size of inflow was seen every day on average from late-May to early-July 2016, either side of the UK’s Brexit referendum.

Tuesday’s growth also matched only 70% of the GLD’s strongest 3-month daily average inflows, seen from January to March 2009.

Gold ETF holdings for leading European provider ETF Securities shrank 0.5% by end-Tuesday from the end of May, but held 1.2% larger from this time last month.

Shanghai premiums meantime fell to $6.45 overnight compared to London quotes – a new 6-week low – as Chinese Yuan prices failed to match the metal’s Dollar rate rise, suggesting an improvement in local supply over demand.

“However, there is no denying gold has its buy boots on,” says a note from London broker David Govett at Marex Spectron. “I suspect we will touch $1300 at some point.

“Being long of gold is the way forward…There have been numerous opportunities to buy dips and I would continue to do this.”

Factory orders in Germany fell hard in April, new data meantime said Wednesday, down 2.1% from March against analyst forecasts of a 0.4% slip.

Italy’s retail sales also fell and missed analysts forecasts.

Spain’s failing and debt-laden Banco Popular was meantime given to Santander – one of the world’s largest commercial banks – for just €1, wiping out shareholders and ‘junior’ bondholders under the Eurozone currency union’s Single Resolution Board, created at the start of 2015, run by former German financial regulator Elke Koenig, and previously untested in a bank failure.

Prices to buy gold in Euros dipped Wednesday from 1-month highs at €1150 per ounce. UK Pound gold rates slipped below £1000 per ounce ahead of tomorrow’s snap General Election.

Formerly City correspondent for The Daily Reckoning in London and head of editorial at the UK’s leading financial advisory for private investors, Adrian Ash is the editor of Gold News and head of research at BullionVault – winner of the Queen’s Award for Enterprise Innovation, 2009 and now backed by the mining-sector’s World Gold Council research body – where you can buy gold today vaulted in Zurich on $3 spreads and 0.8% dealing fees.

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

Source: https://www.bullionvault.com/gold-news/buy-gold-060720173

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).

Comments

Online:
Visits:	1,604,509,166
Stories:	8,153,472