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Gold Surges to All Time Record High Over $1,940/oz

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GoldSeek

◆ Gold prices have surged through the all time record nominal high of $1,915/oz in 2011 to over $1,942/oz today due to concerns about the outlook for stocks, bonds and other assets amid a very vulnerable U.S. and global economy.

◆ Gold has surged to new record highs in all major currencies today including new record highs in British pounds at £1,514/oz and in euros at €1,660/oz due to concerns about the outlook both for assets and currencies such as the euro, pound and all fiat currencies.
 

Asset Performance 2020 YTD (Source: Finviz)

◆ Silver has surged another 6% today alone to $24.27/oz and is building on the strong gains of over 18% seen last week. As expected silver is playing catch up to gold and has had gains of 35.5% in July. We expect to also reach record nominal highs in the coming months and challenge the $50/oz level seen in 2011 and 1980.

◆ Most analysts including ourselves believe the gains seen in both gold and silver are sustainable and we expect to see gold rise above $2,000/oz in the coming weeks and silver will target $30/oz as despite the recent gains, it remains undervalued versus gold and versus stocks.

◆ Gold and silver’s gains in all currencies are due to concerns that global currencies will be devalued in the coming months and years as currency creation and debasement on a scale never before seen in world history intensifies.

◆ A sharp global recession or Depression is inevitable and the only question is how severe and how long it will be. Already indebted economies are vulnerable due to overblown fears about the virus and due to massive over reactions in the draconian global lock-downs which are badly impacting families and family businesses and destroying small to medium enterprises globally.

◆ There remain many major geopolitical, monetary and systemic risks such as Brexit and risks to the viability of the Eurozone itself, very significant tensions with an increasingly powerful China and indeed risks to the banking sector and large systemically important banks such as Deutsche Bank.

◆ Gold and silver will also benefit from the civil war politics in the U.S. as Trump and Biden limber up for what is set to be the most vicious election battle in American history which could further destablise an already vulnerable U.S. and the U.S. dollar.

NEWS and COMMENTARY

Gold shoots $30 higher to fresh record above $1,900

Gold soars to all-time high as dollar dive boosts safety rush

Gold Reaches Record Highs vs the US Dollar, Silver Soaring towards $25

Gold rallies to record and euro tops $1.17 while European travel stocks slump on Spain quarantine

Mnuchin says $1 trillion GOP coronavirus relief plan ready, will ‘move very quickly’ with Democrats

Authers: A mighty short squeeze may be building in gold

The Case for Holding Gold
 

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

24-Jul-20 1893.85 1902.10, 1486.67 1490.30 & 1631.55 1638.09
23-Jul-20 1882.35 1878.30, 1480.28 1477.47 & 1624.47 1621.54
22-Jul-20 1851.00 1852.40, 1462.85 1456.91 & 1604.82 1598.44
21-Jul-20 1823.20 1842.55, 1436.86 1449.35 & 1594.21 1608.36
20-Jul-20 1810.30 1815.65, 1437.92 1438.18 & 1580.21 1590.87
17-Jul-20 1802.90 1807.35, 1435.47 1442.45 & 1578.98 1581.07
16-Jul-20 1804.60 1807.70, 1438.09 1436.04 & 1583.72 1581.56
15-Jul-20 1809.30 1804.60, 1436.22 1441.31 & 1582.96 1579.57
14-Jul-20 1798.20 1801.90, 1436.58 1440.62 & 1583.14 1581.71
13-Jul-20 1808.05 1807.50, 1435.23 1432.26 & 1598.32 1591.68
10-Jul-20 1805.75 1803.10, 1433.40 1427.33 & 1599.35 1594.84
09-Jul-20 1812.45 1812.10, 1434.01 1431.74 & 1600.57 1600.08
08-Jul-20 1799.35 1811.10, 1438.40 1438.74 & 1596.38 1598.48

Mark O’Byrne

Executive Director

www.GoldCore.com

http://news.goldseek.com/GoldSeek/1595858469.php

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