Gold Up 5.5% YTD – Hard Brexit Cometh and Weaker Dollar Under Trump

GOLD PRICES UP 5.5% YTD – CONCERNS OF “CALAMITOUS SELF-HARM” TO EU FROM BREXIT AND TRUMP DOLLAR COMMENTS SUPPORT GOLD

Gold prices extended their run of gains to a seventh session and added another $12 to $1,215 an ounce yesterday. Gold prices have consolidated on those gains today and are now up 5.5% in dollar and sterling terms and 5% in euro terms year to date.

gold-prices-ireland-2017Gold in USD – 1 Year

Gold bullion has risen every day except one so far in 2017, building on the 8.1 percent gain in 2016. Investors are concerned about the huge uncertainty facing us from a ‘Hard Brexit’ and the potential for political and financial contagion in the EU as we head into the new year.

Although the pound bounced higher after recent sharp falls, the FTSE 100 fell 1.5% and suffered worst day since immediate aftermath of the EU referendum.


U.K. Prime Minister Theresa May confirmed the UK will have a “Hard Brexit” and will leave the European Union’s single market while seeking a new arrangement on the customs union.

May warned EU politicians that the UK is prepared to crash out of the EU if it cannot negotiate a reasonable exit deal in a speech where her tough talking rhetoric prompted key figures in Brussels to say that the country was on track for a “Hard Brexit”.

The prime minister told EU counterparts that any attempt to inflict a punitive outcome on the UK would be an “act of calamitous self-harm” for the EU because the UK would retaliate and slash taxes to attract companies from across the world.

Although May said that the UK could be the EU’s “best friend” if the article 50 divorce talks went well, in a one-hour address intended to spell out the UK’s negotiating strategy, she also said she was prepared to walk away from the EU.

If that were not enough for markets to digest, the Donald Trump is just three days away from being sworn in as the next U.S. president.

U.S. President-elect Trump told the Wall Street Journal that the strong dollar is “killing” the ability of U.S. companies to compete, sending the greenback reeling yesterday.

His comments also appeared to send U.S. equity markets lower. The S&P 500 Index and the Dow Jones Industrial Average fell 0.3 percent and the NASDAQ Composite fell by more, falling 0.6 percent due to a selloff in biotechnology shares.

Credit Card Limits Increased To 50,000 (£ $ €)

Due to ongoing requests for higher credit and debit card transactions, we have increased our maximum card transaction sizes from 5,000 to 50,000 GBP, EUR or USD.

  • You can now lock in prices online and transact immediately for up to 50,000 (GBP, EUR or USD) on your Visa and Mastercard credit cards (not American Express) for one transaction

  • We do not limit card payments to 50,000 per day but to 50,000 per individual transaction. This means that clients can do a number of transactions for 50,000 on a single day. Certain banks may have restrictions in this regard.

  • In the volatile markets of today, this added liquidity is advantageous and, to our knowledge, these are the highest credit and debit card transaction limits in the bullion market. This will be attractive to investors seeking to lock in prices without having to wait for funds to clear first.

  • Credit and debit card rates have come down significantly and are now 1.9% for credit cards and 0.45% for debit cards. Please keep in mind that this is subject to your own credit card limits.

  • More information here

Gold and Silver Bullion – News and Commentary

Trump policy concerns keep gold near 8-week high (Reuters.com)

Trump sends shivers through stock market on ‘too strong’ dollar comments (MarketWatch.com)

Commodities Round-up: Palladium surge extends into third week, gold spikes again (IBTimes.co.uk)

Gold settles at 2-month high on Brexit, Trump jitters (MarketWatch.com)

The Coin? Gold. Its ‘Real Value’? Lady Liberty Is Black. (NYTimes.com)

Gold Market in 2017 – Six Major Trends Support Gold (Gold.org)

Brexit: May’s threat to Europe: Warns of EU “act of calamitous self-harm” (TheGuardian.com)

Further Decline in International Reserves Heralds “Economic Chaos” (Plata.com)

Brexit Plus Trump Have Sent Gold on a January Winning Streak (Bloomberg.com)

Trump’s Options for Weakening Dollar Extend Far Beyond Tweeting (Bloomberg.com)

7RealRisksBlogBanner

Gold Prices (LBMA AM)

18 Jan: USD 1,212.50, GBP 984.91 & EUR 1,134.78 per ounce
17 Jan: USD 1,217.50, GBP 1,003.59 & EUR 1,141.65 per ounce
16 Jan: USD 1,202.75, GBP 997.56 & EUR 1,135.40 per ounce
13 Jan: USD 1,196.35, GBP 978.85 & EUR 1,123.25 per ounce
12 Jan: USD 1,206.65, GBP 984.39 & EUR 1,135.82 per ounce
11 Jan: USD 1,187.55, GBP 979.25 & EUR 1,128.41 per ounce
10 Jan: USD 1,183.20, GBP 974.60 & EUR 1,118.12 per ounce
09 Jan: USD 1,176.10, GBP 968.75 & EUR 1,118.59 per ounce

Silver Prices (LBMA)

18 Jan: USD 17.12, GBP 13.93 & EUR 16.01 per ounce
17 Jan: USD 17.00, GBP 13.91 & EUR 15.87 per ounce
16 Jan: USD 16.82, GBP 13.94 & EUR 15.87 per ounce
13 Jan: USD 16.76, GBP 13.76 & EUR 15.74 per ounce
12 Jan: USD 16.91, GBP 13.77 & EUR 15.87 per ounce
11 Jan: USD 16.79, GBP 13.84 & EUR 15.96 per ounce
10 Jan: USD 16.66, GBP 13.73 & EUR 15.76 per ounce
09 Jan: USD 16.52, GBP 13.57 & EUR 15.69 per ounce


Recent Market Updates

– Bitcoin and Gold – Outlook and Safe Haven?
– Physical Gold Will ‘Trump’ Paper Gold
– Gold Lower Before Trump Presidency – Strong Gains Akin To After Obama Inauguration
– Gold Rallies To $1,207 After Trump Press Conference Shambles
– Prince Owned Land and Gold Bars Worth $800,000
– Gold Price In GBP Up 4% On Brexit and UK Risks
– 2016 Past is 2017 Prologue
– Gold Gains In All Currencies In 2016 – 9% In USD, 13% In EUR and Surges 31.5% In GBP
– Trump’s Twitter “140 Characters” To Push Gold To $1,600/oz in 2017?
– 2017 – The Year of Banana Skin
– US: Five Must Gold See Charts – Gold Miners Are “Running Out” of Gold
– Royal Mint And CME Make A Mint On The Blockchain?
– China Gold and Precious Metals Summit 2016 – GoldCore Presentation

www.GoldCore.com

via http://ift.tt/2iQczid GoldCore

Leave a Reply

Your email address will not be published. Required fields are marked *