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

By HfjNUlYZ (Reporter)
Contributor profile | More stories

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

Comex Bears Split as Gold Prices Gain in UK and Euro Terms on Fresh Brexit and Italy Headlines

Tuesday, November 27, 2018 7:20

% 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…

GOLD PRICES held unchanged against a rising US Dollar on Tuesday, edging higher for UK and European investors as Brexit and Italy’s budget deficit again led the headlines.

With gold prices trading at last week’s finish of $1223 per ounce, China and European stock markets meantime fell after US President Trump told the Wall Street Journal it’s “highly unlikely” the White House will hold off raising import tariffs on $200 billion of goods to 25% despite his planned meeting with Chinese President Xi Jinping at this weekend’s G20 summit in Buenos Aires.

“When [such] concerns [over a trade war are] elevated,” says Australian bank ANZ’s bullion analyst Daniel Hynes, “investors have tended to seek haven in the US Dollar itself rather than gold.

“It has been an issue plaguing the gold market for a while now.”

Delayed by last week’s Thanksgiving holiday, new data from US regulator the CFTC showed overnight that hedge funds and other speculators cut their bearish bets against gold on Comex futures and options contracts faster than they cut their bullish bets as a group last week.

Altogether the so-called ‘Manged Money’ category stayed net negative on gold prices for the 19th week in a row.

Overall however, and including that Managed Money position, non-industry traders flipped back to positive after their first week of net negative betting in five.

Large non-commercial positions first broke away from the Managed Money’s net negative betting in mid-October, turning positive on gold’s steep rally from $1085.

Managed Money traders also stayed bearish on silver prices for the 19th week in succession as of last Tuesday – the CFTC’s reporting date – trimming their net negative position to the equivalent of 5,056 tonnes.

That’s equal to one-fifth of annual world silver mine output.

Managed Money traders were meantime bullish on platinum for a 3rd week running, albeit with a net positive position equivalent to just 13 tonnes, some 6.9% of projected 2018 global mine output.

Platinum prices, like gold, today held unchanged in Dollar terms for the week so far, trading at $844 per ounce.

Silver however fell 3 cents to $14.25 per ounce.

The British Pound meantime fell near its lowest value of this month so far, pushing the UK gold price in Pounds per ounce up to the top of its recent range at £960.

Set to lose next month’s Parliamentary vote on her Brexit deal on declared positions, Prime Minister Theresa May today agreed to a TV debate on the terms for leaving the European Union with opposition Labour Party leader and long-time anti-EU politician Jeremy Corbyn.

Back on the currency market, the Euro today fell near 2-week lows versus the Dollar, buoying the gold price for French, German, Italian and Spanish investors to €1082 – barely 1% below late-October’s jump to 4-month highs.

After senior figures from Italy’s left-right coalition government hinted they could revise the 2019 budget deficit of 2.4% of GDP – saying “it is not a question of decimal places” – Prime Minister Giuseppe Conte issued a joint letter with them saying that “the objectives already fixed are confirmed.”

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/gold-prices-112720182

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:	1,603,102,229
Stories:	8,149,023