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Daily Gold Market Report

Gold turns to upside on list of concerns; Yahoo report citing Goldman says ‘super-rich’ buying physical gold

(USAGOLD – 12/10/2019) – Gold turned to the upside during London trading hours as the financial markets eyed Thursday’s UK election, the Fed meeting that begins today and the China tariff deadline coming up on Sunday. The yellow metal is up $7.50 at $1468.50. Silver is up 10¢ at $16.73. Another factor in today’s pricing might be the Bank for International Settlements report released over the weekend suggesting recent problems in the overnight repo money market are longer-term and structural rather than a temporary glitch. Fed Chairman Jerome Powell is likely to face questions about those rescue operations in tomorrow’s post-FOMC meeting press conference.

“Since the end of 2016,” says Goldman Sachs in an advisory covered by Yahoo Morning Brief today (The world’s super-rich are hoarding gold), “the implied build in non-transparent gold investment has been much larger than the build in visible gold ETFs.”  In other words, safe haven investors are hedging with actual coins and bullion over paper gold ETFs. “Finally,” says Goldman, “this build can also reflect hedges by global high net worth individuals against tail economic and political risk scenarios in which they do not want to have any financial entity intermediating their gold positions due to the counter-party credit risk involved.”

Chart of the Day

HowMuch graphic of gold reserves by country in map form

Image courtesy of HowMuch.net (Click to enlarge)

Chart note:  “In 2010,” says HowMuch, “the world’s central banks stopped selling gold and started accumulating it. As gold provides a hedge against economic uncertainty and currency manipulation, the action of these central banks gives us insight as to which countries are most capable of handling an economic storm. . .A common theme in economics is ‘those who own the gold make the rules.’ Recent statistics suggest a large disparity between the top gold holders in the world and those governments holding less of the yellow metal.”


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