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GoldCore

Founded in Dublin in 2003, GoldCore were Ireland’s first gold broker and are now Ireland’s most established and trusted gold broker. GoldCore are an Irish based and Irish owned company who have become one of the leading gold brokers in the world, serving clients throughout Ireland and in over 45 countries internationally.

Articles by GoldCore

Cyber Attacks Show Vulnerability of Digital Systems and Digital Currencies

10 days ago

Cyber Attacks Show Vulnerability of Digital Systems and Digital Currencies – Cyberattacks expected to spread today in “second phase”- UK intelligence says scale of threat significant- Microsoft slams NSA for letting hacking tools cause global malware epidemic- Ransomware attack already crippled more than 200,000 computers in 150 countries- 1.3 million computer systems believed to be at …

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History of Gold – Interesting Facts and Changes Over 50 Years

13 days ago

History of Gold – How the gold industry has changed over 50 years Thomson Reuters GFMS have compiled an interesting high level history of the gold industry in the last fifty years. Topics covered and interesting historical facts to note include: – Gold market size- Gold mine production “peaked in 2015”- South African production collapse from 1,000 tonnes- South African gold was …

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Silver Investment Case Remains Extremely Compelling

16 days ago

Silver Investment Case Remains Very Compelling Are we near a turning point in silver’s relentless decline?Avert your eyes – this is one ugly silver chartGold silver ratio at 75 shows real value of silverMining CEO explains why silver could reach $136.67Buy silver low, sell high Money Week The silver price has been in sharp decline for …

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Regulation fears may impede silver manipulation

27 days ago

Fear of regulation may impede bank’s from manipulating London’s silver benchmark

New regulations in 2018 have spooked bullion banks and silver fix operators
Lack of liquidity in silver fix auction has lead to high volatility in the market
Silver benchmark has strayed from spot price multiple times since 2016
No new silver benchmark operator lined up to take over in the Autumn
No smoke without fire as actions point to silver price manipulation
Silver remains suppressed and at a low price for investors stocking up

Gold fixing in London at NM Rothschild and Sons began in September 1919

Simple economics tells us that markets and prices are driven by demand and supply. Unfortunately, this isn’t always the case in the silver market. However, the threat of new regulations may be putting a stop to some bullion banks from fiddling the London silver benchmark.
Silver price manipulation is always a thorny issue and one that has been taken on by academics, lawsuits, by veteran silver analyst Ted Butler and by the Gold Anti-Trust Action Committee (GATA). As we have reported previously, allegations of silver price manipulation are far past the point of rumours, in the last couple of years bullion banks have been called to account for their behaviour. Deutsche bank even agreed to settle out of court and pay $38m, in response to a class-action lawsuit.

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Silver, Platinum and Palladium as Safe Haven Investments

April 21, 2017

Silver, Platinum and Palladium as Safe Haven Investments 
 – Silver, platinum and palladium see increased role as investment vehicles- Increase in academic output on the white precious metals is in line with this- Silver and particularly gold are safe haven assets- Silver was a safe haven at times during which gold failed to be- Platinum and palladium less so but have diversification benefits- Silver manipulation is possible and indications of, if not legal proof- Benefits platinum and palladium could provide as money not been fully addressed- Main focus in investment drivers is price – not on drivers of physical demand- Platinum, palladium and silver have different relationships with other assets and divergent abilities in hedging risk- White precious metal investors should employ a buy-and-hold strategy- Silver markets have become more efficient since 1977- White precious metals are increasing in investment importance- Research shows hedging role and diversification benefits of precious metals
by Jan Skoyles, Editor Mark O’Byrne
A review of the academic literature on the financial economics of silver, platinum and palladium has recently been conducted by Vigne, Lucey, O’Connor and Yarovaya.

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Silver Production Has “Huge Decline” In 2nd Largest Producer Peru

April 19, 2017

Silver Production Has "Huge Decline" In 2nd Largest Producer Peru
 – Silver production sees "huge decline" in Peru- Production -12% in one month in 2nd largest producer- Silver decline is due to ‘exhaustion of reserves’ in Peru- GFMS recognise that ‘Peak Silver’ was reached in 2015- Global silver market had large net supply deficit in 2016- Silver rallied 13.5% in Q1 in 2017- Base metal production accounts for 56% of silver mining- Base metal demand under threat from global economy- Own financial insurance of silver coins and bars
Investors and silver stackers should position themselves for falling silver production around the globe. Peru has just posed another 12% fall in silver production – Peak Silver is here.
SRSrocco Report has drawn attention to falling silver production in Peru and how this is likely to be echoed across the globe in the wake of the looming debt crisis in an article published yesterday.
The world’s second largest silver producer, Peru, has reported a 12% fall in February’s silver production to 323.1 metric tons, from the same period last year.
As written about in SRSrocco’s report on the matter, Peru’s ‘silver production fell 12% to 323.1 metric tons (mt) this February versus 367.4 mt the same month last year.’

The author calculates that this is a fall of 1.5 million ounces (44mt) in just one month.

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Perth Mint Silver Bullion Sales Surge 43% In March

April 13, 2017

Perth Mint Silver Bullion Sales Surge 43% In March
– Perth Mint’s silver bullion sales rise 43% in March – Perth Mint’s monthly gold coin, bars sales fall 12% – Gold silver ratio of 32 – 32 times more silver ounces sold- Gold: 22,232 oz and Silver: 716,283 oz – bullion coins and minted bars sold- Gold is 2.6% higher and silver surged 3.1% in the shortened week with markets closed for Good Friday tomorrow
The Perth Mint’s silver bullion sales of coins and bars surged 43% in March. Silver sales climbed about 43 percent in March to 716,283 ounces from 502,353 ounces in February, according to a Perth Mint blog post.
Gold bullion coins and minted bars fell in March to the lowest since August last year. Sales of gold coins and minted bars slipped about 12 percent in March to 22,232 ounces from 25,257 ounces a month earlier, the mint said on its website.

Chart shows total monthly ounces of gold and silver shipped as minted products by The Perth Mint to wholesale and retail customers worldwide. It excludes sales of cast bars and other  activities including sales of allocated/unallocated precious metal and Perth Mint Silver and Gold Certificates.
The Perth Mint is the largest gold refinery in Australia, the world’s No. 2 gold producer after China. It is one of the largest gold and silver refineries in the world.

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Gold Surges Above Key 200 Day Moving Average $1270 Level

April 12, 2017

Gold Surges Above Key 200 Day Moving Average $1270 Level
– Gold price breaks above key 200-day moving average- Gold hits 5-month high on back of investor nervousness- Safe haven has 10% gains in 2017 after 9% gains in 2016- Gold options signal more gains as ETF buying increases- Geopolitical uncertainty over North Korea & Middle East- Tensions high -World awaits US move & Russia response- Russia says chemical attack was terrorist "false flag"- Poor March jobs report shows US economy vulnerable- French elections still tight and Le Pen still has chance

Gold prices surged another 2% to a five-month high above $1,270 amidst geopolitical uncertainty and weak US economic data.
The break above the 200-day moving average has cleared the way for a run towards $1,300/oz. It means that gold continues to be one of the best performing assets in 2017 with gains of 10.3% year to date building on the 9% gains in 2016.

Gold’s move was a traditional flight to safety following the US’ missile attack on Syria and Trump making aggressive sounds regarding intervention against North Korea including tweets.
The weak jobs report also prompted fears that future Fed interest rate hikes could be delayed or slowed and this has provided further support for the price of gold.
Tensions between Syria, Russia, North Korea and the US underline the serious geo-political risks.

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Pensions Crisis Is Unavoidable and Here

April 10, 2017

Pension Crisis In U.S. and Globally Is Unavoidable
by Lance Roberts
There is a really big crisis coming.
Think about it this way. After 8 years and a 230% stock market advance the pension funds of Dallas, Chicago, and Houston are in severe trouble.

But it isn’t just these municipalities that are in trouble, but also most of the public and private pensions that still operate in the country today.
Currently, many pension funds, like the one in Houston, are scrambling to slightly lower return rates, issue debt, raise taxes or increase contribution limits to fill some of the gaping holes of underfunded liabilities in their plans. The hope is such measures combined with an ongoing bull market, and increased participant contributions, will heal the plans in the future.
This is not likely to be the case.
This problem is not something born of the last “financial crisis,” but rather the culmination of 20-plus years of financial mismanagement.
An April 2016 Moody’s analysis pegged the total 75-year unfunded liability for all state and local pension plans at $3.5 trillion.
That’s the amount not covered by current fund assets, future expected contributions, and investment returns at assumed rates ranging from 3.7% to 4.1%. Another calculation from the American Enterprise Institute comes up with $5.2 trillion, presuming that long-term bond yields average 2.6%.

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Why Now Is The Time To Invest In Gold and Silver – Schroders

April 6, 2017

Invest In Gold and Silver – Now Is The Time – Schroders 
Schroders is one of the leading investment managers in the world. It is a global asset management company, founded in 1804 and based in the UK. The company employs over 4,100 people worldwide across 37 offices in 27 different countries around Europe, America, Asia, Africa and the Middle East and manages ove £400 billion in assets.
by David Thorpe of What Investment
James Luke, Commodities fund manager at Schroders, believes now is a good time to invest in gold and silver.

Gold bars at bullion dealers Goldcore, in London, U.K. in 2010 Photographer: Chris Ratcliffe/Bloomberg

He said, ‘The primary reason for investing in commodities, and especially gold and silver, should always be as an inflation hedge. Given the printing of money by the world’s central banks through quantitative easing, there is every reason to argue that higher inflation is coming in the future.
Gold and silver investments in particular remain very under-owned. Some investors fear the prospect of an increasing base interest rate in the US is reason alone to avoid these types of investments.
However, although past performance is not a reliable indicator of future results, the gold price has tended to rise from the beginning to the end of Federal Reserve (Fed) hiking cycles.

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Heraeus Gold Refinery Buys Swiss Refiner Argor-Heraeus

April 5, 2017

Heraeus Gold Refinery Buys Swiss Refiner Argor-Heraeus
– Heraeus gold and precious metals refinery buys Swiss refinery Argor-Heraeus- Heraeus reported to have paid "few hundred million euros for the remaining Argor shares"- Argor-Heraeus "goodwill" alone reported to have been valued at over "half a billion Swiss francs"- Global technology & precious metals refiner Heraeus will acquire stakes from Commerzbank and Austrian Mint- Heraeus involved with Argor-Heraeus since 1986- Swiss refinery Argor Heraeus once fully-owned by UBS- Heraeus to profit from Argor’s competence for gold and silver refining and international footprint- Prudent Germans know history and understand the value of gold

Employee holds one hundred gram Heraeus gold bar at bullion dealers Goldcore, in London, UK in 2010 Photographer: Chris Ratcliffe/Bloomberg

Heraeus, the family owned German global technology and precious metals refining company has announced that it is to buy one of Switzerland’s largest gold and silver refineries, Argor-Heraeus.
Heraeus gold and precious metals refinery is one of the world’s largest provider of precious metals services and Heraeus gold bars are some of the most trusted gold bars in the markets.
It is rumoured to have agreed to pay some €300 million for the 67% stake, taking its total holdings up to 100%.

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Irish Government To Issue Free Gold Coin To Protect Citizens From Brexit’s Impact On Euro and EU

April 1, 2017

Irish Government To Issue Free Gold Coin To Protect Citizens From Brexit’s Impact On Euro and EU
– Unprecedented move to see Irish government issue free gold coin to Irish citizens– Controversy as Irish government plans for Irish people to own 1 ounce of gold– Irish Finance Minister said the “little people” were exposed due to risks from Brexit and the end of the euro– “Gold can be stored for a long time … doesn’t lose its value for the population as a means of savings”– Politicians in Ireland criticise move as “too generous” to Irish Americans given Ireland still close to bankruptcy

In an unprecedented move the Irish government is issuing and dispatching a free gold coin to all Irish citizens and foreign persons of Irish heritage.
In a controversial move, the Ministry of Finance plans for Irish people to own at least 1 ounce of gold bullion. The Irish Finance Minister said the “little people” were exposed due to the many risks that Brexit poses to Irish companies and the Irish economy and indeed the risks posed to the EU and the euro itself.
Irish politicians on the left have criticised the move as being “too generous.” They said that wealthy Irish Americans should not benefit from the move given that there is a homeless crisis in Ireland and given that the state was still close to bankruptcy.
Speaking on condition of anonymity the Irish Finance Minster Mr D.

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‘Most Secure Coin In World’ ?

March 29, 2017

‘Most Secure Coin In World’ ? 
 – New pound coin ‘most secure coin in world’ ? – New British £1 coins much harder to counterfeit- Pound coin uses "secret" cutting edge technology- Coins uses ‘iSIS’ technology which may involve RFID tags- Central banks, governments may be able to track coins- Libertarians and privacy advocates will have concerns-  "Secure coin" yes but real risk is that savings not secure due to currency debasement- Now new risk to bank deposits as all digital wealth exposed to hacking and cyber fraud- Sound as a pound? Safer to stick with true "coin of the realm" – Gold and silver Sovereigns and Britannias  (VAT and CGT free) are only truly secure coins

The UK launched what is being touted as the "most secure coin in the world" yesterday – the day before Brexit day.
People have reacted with mixed emotions regarding the introduction of the newly designed pound coin which entered circulation yesterday. The new coins have been created using “cutting edge technology” by the Royal Mint
The new 12-sided coin will replace the current one, which has been in use for three decades. The current pound coin will remain legal tender alongside the new coin for just over six months until 15 October this year, after which retailers are under no obligation to accept it.
The pound coin will be harder to counterfeit. In May 2015, a survey by the Royal Mint found that some 2.

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Peak Gold – Biggest Gold Story Not Being Reported

March 22, 2017

– Peak gold – Biggest gold story not being reported- Gold ‘Mining Zombie Apocalypse’ caused miners to slash exploration budgets- Decline in gold production at world’s top 10 gold mining companies – Byron King- “No new big mines being built in the world today” – Glencore CEO Glasenberg- Primary global gold output declined in 2016 – Thomson Reuters via Mining.com- 2016 was first year of fall in mine production since 2008- Rising safe haven demand from ‘Trumpflation’ and  geopolitical tensions and falling mine supply should lead to "much higher gold prices"- What happens when the unstoppable force of robust global demand for gold meets the immovable object of a small, finite, rare and dwinding supply of physical gold?
South Africa Gold Production
We have written about ‘peak gold’ and the ramifications of the underappreciated peak gold phenomenon for the gold market since 2008. The risk of falling gold production and a consequent reduction in supply are slowly percolating into the mainstream and analysts are asking whether 2015 or 2016 marked the year of peak gold production.
Byron King has written about this increasingly important supply factor in the gold market and brings together the views and research of Glencore CEO, Ivan Glasenberg, Thomson Reuters GFMS and others.

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Gold Up 1.8%, Silver Up 2.6% After Dovish Fed Signals Slow Rate Rises

March 16, 2017

Gold Up 1.8%, Silver Up 2.6% After Dovish Fed Signals Slow Rate Rises
– Gold up 1.8%, silver up 2.6% – Fed signals slow rate rises- Dollar sells off as Fed raises 0.25% to target range of 0.75 percent to 1 percent on inflation outlook and "ebullient" stocks- Gold’s biggest 1 day percentage gain since September 2016- Fed raises rates for only the third time since crisis- Fade out Fed "jibber jabber" and focus on still ultra low rates (see chart)- Rising rates bullish for gold as seen in 1970s and 2003 to 2007 (see table)- Silver rose 26% in 2003, 14% in 2004, 29% in 2005 and 46.6% in 2006- Raise is too little, too late … Dovish Fed creating asset bubbles- Dutch pro EU government have marginal win and populist Wilders does not see gains expected- Pro-EU Dijsselbloem PvdA party likely biggest losers – risking his position as head of  Eurogroup of Euro zone’s finance ministers- Europeans will continue to reject increasingly undemocratic federal EU super state and risk of contagion remains high- Geopolitical risk in form of Brexit talks and French elections seeing safe haven demand in UK, France and other EU countries
Gold in USD – 24 Hours
Gold rallied 1.8 percent yesterday as the U.S. Federal Reserve raised interest rates by an expected 25 basis points for the second time in three months.

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Gold $10,000 Coming – “Time To Prepare Is Now”

March 11, 2017

James Rickards: Long-Term Forecast For $10,000 Gold
James Rickards, geopolitical and monetary expert and best selling author of the ‘The New Case for Gold’ has written an interesting piece for the Daily Reckoning on why he believes gold will reach $10,000 in the long term.
Gold in USD Adjusted for Inflation 1970-2017 – Macrotrends.net
He warns of the many systemic and geopolitical risks including the EU elections, from nuclear North Korea, tensions with Iran and "rapidly rising tensions between the U.S. and increasingly powerful China in the South China Sea."
James Rickards believes that the EU elections "could potentially bring the future of the European Union into grave doubt" and that the "bottom line" is that "there are plenty of potential geopolitical shocks that could threaten the current system, in addition to existing concerns about a stock market collapse or debt crisis."
"The time to prepare is now" advises Rickards.
From the Daily Reckoning:
I believe the Fed is preparing to raise into weakness and will have to reverse course in April or May. What happens to gold then? It’s going to go higher again, because the Fed will cheapen the dollar, and that’s very bullish for gold. So I expect gold to take off in the spring and finish the year very strongly. It could challenge $1,300 or $1,400.
Now, as many of my readers know, my long-term forecast is for $10,000 gold.

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Gold $10,000 Coming – “Time To Prepare Is Now”

March 11, 2017

James Rickards: Long-Term Forecast For $10,000 Gold
 
James Rickards, geopolitical and monetary expert and best selling author of the ‘The New Case for Gold’ has written an interesting piece for the Daily Reckoning on why he believes gold will reach $10,000 in the long term.
 

Gold in USD Adjusted for Inflation 1970-2017 – Macrotrends.net
 
He warns of the many systemic and geopolitical risks including the EU elections, from nuclear North Korea, tensions with Iran and "rapidly rising tensions between the U.S. and increasingly powerful China in the South China Sea."
 
James Rickards believes that the EU elections "could potentially bring the future of the European Union into grave doubt" and that the "bottom line" is that "there are plenty of potential geopolitical shocks that could threaten the current system, in addition to existing concerns about a stock market collapse or debt crisis."
 
"The time to prepare is now" advises Rickards.
 
From the Daily Reckoning:
 
I believe the Fed is preparing to raise into weakness and will have to reverse course in April or May. What happens to gold then? It’s going to go higher again, because the Fed will cheapen the dollar, and that’s very bullish for gold. So I expect gold to take off in the spring and finish the year very strongly. It could challenge $1,300 or $1,400.

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Gold $10,000 Coming – “Time To Prepare Is Now”

March 11, 2017

James Rickards: Long-Term Forecast For $10,000 Gold
James Rickards, geopolitical and monetary expert and best selling author of the ‘The New Case for Gold’ has written an interesting piece for the Daily Reckoning on why he believes gold will reach $10,000 in the long term.
Gold in USD Adjusted for Inflation 1970-2017 – Macrotrends.net
He warns of the many systemic and geopolitical risks including the EU elections, from nuclear North Korea, tensions with Iran and "rapidly rising tensions between the U.S. and increasingly powerful China in the South China Sea."
James Rickards believes that the EU elections "could potentially bring the future of the European Union into grave doubt" and that the "bottom line" is that "there are plenty of potential geopolitical shocks that could threaten the current system, in addition to existing concerns about a stock market collapse or debt crisis."
"The time to prepare is now" advises Rickards.
From the Daily Reckoning:
I believe the Fed is preparing to raise into weakness and will have to reverse course in April or May. What happens to gold then? It’s going to go higher again, because the Fed will cheapen the dollar, and that’s very bullish for gold. So I expect gold to take off in the spring and finish the year very strongly. It could challenge $1,300 or $1,400.
Now, as many of my readers know, my long-term forecast is for $10,000 gold.

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Gold Investing 101 – Beware eBay, Collectibles and “Pure” Gold Coins that are Gold Plated

March 7, 2017

Gold Investing 101 – Beware eBay, Collectibles and "Pure" Gold Coins that are Gold Plated (Part I) 

Investors looking to gold again but gold buyers need to exert caution
‘Wolves of Wall Street’ ready to hungrily gobble up life savings of unsuspecting ‘widows and orphans’
Like all markets are few bad apples in gold market
Need to do due diligence on company buying from
Avoid companies marketing gold plated coins as "pure gold" coins
Collectible coins do not capture the value of  gold and are not safe havens 
Not liquid and pricing similar to art market
Own gold bullion coins as insurance, to reduce counter party risk and to preserve wealth

Last year gold demand reached a three-year high and the gold price finished up 8% in dollars, 13% in euros and 31% in British pounds.
2017 has picked up where 2016 left off. Uncertainty with regard to both the political and financial outlook and a growing demand to hold assets outside of the banking system is seeing safe haven demand for gold and gold is 6% higher in dollars and by more in other currencies.
It is little wonder, therefore, that many investors are again looking to invest in gold and sometimes silver in order to diversify their portfolios and reduce risk.

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“Think About and Prepare For” Euro Catastrophe

March 6, 2017

"Think About and Prepare For" End Of Euro – TV3 Agenda Interview
David McWilliams interviewed Lara Marlowe and Cormac Lucey about the elections in France (April 23 and May 7) for TV3’s Agenda and the short interview about the French elections, Le Pen and the risks posed to the euro is a must watch.
Key points covered- "Could the French say ‘au revoir’ to the euro?"- Brexit vote and Trump election given a "lot of cold chills"- Le Pen has "promised to take France out of euro"- Her election would be "catastrophic for Europe and the euro"-  "If people break out from the lunatic asylum … Ireland should leave the euro…"- ‘Going bankrupt slowly and then suddenly’ as per Hemingway’s warning- "Money moves when it is panicked …"- This is now not a "fringe" concern – deep insiders are warning- Lack of rational debate about risks – blindly dismiss concerns-  "Seeing a slow motion bank run…"- "Think about and prepare for…"

Interview can be watched on TV3 here (Begins 15.43)
 
Gold and Silver Bullion – News and Commentary
Debt deadline in the U.S. is something that is being largely ignored (MarketWatch.com)
Gold steadies after fall on Fed rate hike expectations (Reuters.com)
Yen Gains, Topix Falls on Korean Missile Report (Bloomberg.com)
Deutsche Bank seeks to raise $8.5B in capital (MarketWatch.com)
CME and Reuters to stop providing LBMA silver price benchmark (Reuters.

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Trump Avoid Debt Crisis ? “Extremely Unlikely” – Rickards

March 2, 2017

Trump Avoid Debt Crisis ? "Extremely Unlikely" says Rickards
The upcoming March 15 U.S. debt ceiling deadline is something that is being largely ignored by markets and most media for now. Despite it being just 9 trading days away. This will change in the coming days and is one of the many reasons why we are bullish on gold.
Source: CNN
James Rickards writing for the Daily Reckoning today looks at the important ‘next signal to watch’ and explains that Trump and his advisors believe they can avoid a debt crisis through higher than average growth.

The Congressional Budget Office, CBO, estimates that inflation and real GDP will each grow at about 2% per year in the coming ten years. This means that nominal GDP, which is the sum of real GDP plus inflation, will grow at about 4% per year. Since debt is incurred and paid in nominal terms, nominal GDP growth is the critical measure of the sustainability of U.S. debt. 

Rickards warns that while this is "mathematically possible", it is "extremely unlikely":
"A debt-to-GDP ratio is the product of two parts — a numerator consisting of nominal debt and a denominator consisting of nominal GDP. In this issue, we have focused on the numerator in the form of massively expanding government debt. Yet, mathematically it is true that if the denominator grows faster than the numerator, the debt ratio will decline.

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Art Market Bubble Bursting – Gauguin Collapses 74% To $22 Million

March 1, 2017

Art Market Bubble Bursting – Gauguin Collapses 74% To $22 Million
– Art Market Bubble Bursting?- Russian Billionaire Takes 74% Loss On "Investment"- $85 Million Gauguin Bought By Dmitry Rybolovlev in 2008- Christie’s auctioned the work at its evening sale in London- Global art sales plummet, but China rises as ‘art superpower’- China soon to dominates global art and gold market-  Art price volumes doubled since 2009- As currencies debase super rich seek out stores of value- Gold remains accessible store of value for all- Stocks, bonds and many assets at record prices- Gold half it’s real price in 1980
Te Fare by Paul Gauguin – Source: Christie’s
Russian billionaire Dmitry Rybolovlev paid €54 million or $85 million for a landscape by Paul Gauguin in a private transaction in June 2008. Yesterday, he incurred a whopping 74% loss on his store of value "investment" as reported by Bloomberg:
Gauguin’s 1892 landscape “Te Fare (La Maison)" fetched 20.3 million pounds ($25 million), including commission, at Tuesday evening’s sale of Impressionist and modern art at Christie’s in London. Rybolovlev will net about $22 million based on the hammer price. The auction house had estimated the value at $15 million to $22.4 million. The buyer was a client of Rebecca Wei, president of Christie’s Asia.
The Gauguin was one of four Rybolovlev pieces offered for sale on Tuesday.

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Oscars Debacle – Movies More Costly As Dollar Devalued

February 27, 2017

Oscars Debacle – Movies More Costly As Dollar Devalued

Cost of Best Picture winners show very significant devaluation of the dollar
Average cost to make an Oscar winning film is over $43 million – in gold terms, this is over 106,000 ounces
Four $15 million films show nearly 100% difference when priced in gold ounces
Oscar fiasco was courtesy of error by accountants PWC
Whilst the price of the films remained the same, the cost in gold ounces fell from 11.53% of the cost to make the Departed, in 2009 to just 6.4% in 2012
In an error prone, irrational and volatile world, gold retains value over time …

The Oscars – the drama of the dollar
Oscars night seemingly sent Warren Beatty and Faye Dunaway a bit La La as they declared the wrong film the winner of the Best Picture Award at the Oscars, last night.
Instead of announcing ‘Moonlight’ as the winner of the industry’s highest accolade, they read out ‘La La Land’. Cue a few awkward moments, no doubt some heads rolling behind the scenes of the Dolby Theatre and a Daily Mail headline of ‘FAKE OSCARS FIASCO.’
Which it wasn’t really, just a bit odd after a very slick night.
Moonlight was the story of a man who grows up unsure and occasionally uncomfortable about who he is. La La Land is a musical love story about a couple trying to make it in LA – a city known for destroying hopes and throwing many hopefuls to the wayside.

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The Oscars – Gold Plated and Debased Like Dollar

February 26, 2017

The Oscars – Worth Their Weight in Gold?

89th Oscars to air this weekend
Oscars have been dipped in 24 karat gold since 1929
If the Oscars were made of solid gold they would weigh 330 ounces
330 ounces of gold is worth $408,210 at today’s prices (nearly €400k & £330k)
Oscars cannot be sold, making them a tricky investment piece
Steven Spielberg keeps his gold Oscar with the Academy for ‘safe-keeping’
Shows importance of owning gold in safest ways
Price of gold has climbed from $20.67 since the first Oscars ceremony to over $1,237 today

‘We All Dream In Gold’ read the strap line for last year’s Academy Awards. This is no doubt still the case for the nominees of the 24 awards set to be given out at this Sunday’s 89th Oscars.
Since the first awards in 1929 nearly 3,000 oscar statues have been awarded to the lucky darlings of the film industry. After the teary speeches, after-parties and press junkets following their win, what is left for those who have achieved the highest-level of recognition in the film industry?

Winning an Oscar is an expensive business, studios spend millions trying to get their hands on at least one, each year. But film and celebrity is a fickle trade and few people can remember who received Oscars last year, let alone when they were first launched in 1929.

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Gold Up 9% YTD – 4th Higher Weekly Close and Breaks Resistance At $1,250/oz

February 24, 2017

Gold Up 9% YTD – 4th Higher Weekly Close and Breaks Resistance At $1,250/oz
 

Gold up 1.5% in euros and dollars this week
Silver up 1.4% this week and now up 14.3% and is the best performing market YTD
Gold up 9% year to date – fourth consecutive higher weekly close and breaks resistance at $1,250/oz
Gold up 9.4% in euros year to date as Le Pen’s lead in polls widened
Gold up another 6.4% in sterling pounds year to date as ‘Hard Brexit’ looms
French and Dutch elections pose risks to Eurozone itself and the entire European Union project
Euro contagion risk on renewed concerns this week about new debt crisis due to extremely high public debt and very fragile banks in Greece, Italy and Portugal

Finviz.com
Gold pushed to near a four month high amid heightened political uncertainty in the U.S. and the EU this morning.
Gold rose another  $6.40, or 0.5%, to $1,258 an ounce and is currently set for a 1.5% gain this week. It is higher for a second day today and looks set for a fourth consecutive week of gains which is positive from a technical and momentum perspective.
All precious metals have made gains, gold, silver, platinum and palladium, as both the euro and the dollar weakened.
Silver jumped another 1% to $18.25 an ounce. Silver was set for a weekly gain of 1.3%, a ninth straight week of advances and is now 14.3% higher year to date. The best performing market in the world.

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Gold The “Ultimate Insurance Policy” as “Grave Concerns About Euro” – Greenspan

February 20, 2017

Gold The "Ultimate Insurance Policy" as "Grave Concerns About Euro" – Greenspan
"The eurozone isn’t working …" warns Greenspan
"I view gold as the primary global currency" said Greenspan
"Significant increases in inflation will ultimately increase the price of gold"
"Investment in gold now is insurance…"
Source: Getty
Alan Greenspan, the former head of the Federal Reserve has warned that the euro may collapse, saying that he has "grave concerns" about its future.
The imbalances in the economic strength of euro area countries make the continued function of the single currency area a primary concern, said former US Federal Reserve chairman Alan Greenspan in an interview (February issue of "Gold Investor") with the World Gold Council.
He suggests the inequality is largely down to a north/south geographical divide which means the division between the northern and southern EU countries is too big. The bloc’s more prosperous nations such as Germany consistently fund the deficits of those in the south, and that simply can’t go on, said Greenspan.
"The European Central Bank (ECB) has greater problems than the Federal Reserve. The asset side of the ECB’s balance sheet is larger than ever before, having grown steadily since Mario Draghi said he would do whatever it took to preserve the euro,” he said.

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Gold Prices Up 5.8% YTD – Trump ‘Honeymoon’ Ends

February 10, 2017

Gold Prices Up 5.8% YTD – Trump ‘Honeymoon’ Ends
Gold prices continued to shine this week reaching $1,244.70 per ounce and and has posted gains in five of the last six weeks. This week it reached a new three-month high – it’s highest since the Trump win and has climbed over 6% this year, beating the gains made in the same period in 2016.

The yellow metal has climbed 4.30% in the US dollar, 3.38% in the Euro and 1.35% in the sterling, in the last 30 days. This week gold is marginally higher in dollars and pounds but 1.5% higher in euro terms after the euro weakened on concerns of contagion due to the unresolved issues with Greece and other so called "PIIGS" nations and their still vulnerable banks and economies.
This performance has surprised many commentators and analysts as gold’s three month high has come at a time when stock prices are also breaking records.
When we are asked in years to come what we learnt from the Trump administration, the first thing that will come to mind is ‘Rules no longer applied.’
Whether you are for or against Trump, there is no denying that the rule book of what elected politicians should and should not do has been wholly torn to pieces and thrown out the window.
For starters, Trump appears to expect to be busy during his first 100 days putting in place exactly what he promised he would do, during his election campaign. This is almost unheard of.

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Blockchain – Central Banks Banking On It As Debase Currencies

January 25, 2017

Blockchain – Central Banks Banking On Blockchain
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust …”
Satoshi Nakamoto (Unknown person or persons who designed bitcoin and created its original reference implementation, Bitcoin Core)
Source: Photosteve101 via Flickr
Fiat currency debasement and failure is why gold has survived and thrived for thousands of years  and indeed in recent years. It is why bitcoin is becoming more popular, with its growing market cap and ever-expanding ecosystem.
It is hard for central banks to dictate the value and supply of gold in the long term. Although they have tried and failed. This was seen during and after the London Gold Pool when gold prices surged from $35 to $850 in just 9 years and again in recent years when banks were found to be attempting to fix and manipulate gold prices. Manipulation frequently works in the short term but over the long term, the all powerful forces of supply and demand in the global market place will determine prices.
Similarly, it will be hard for central banks to dictate the value of bitcoin over the long term. Akin to gold, very limited supply and increasing global demand should determine prices rise in the long term.

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Sharia Standard May See Gold Surge

January 24, 2017

Sharia Standard May See Gold Surge In Value
"The introduction of a Sharia standard for gold will not only be good for investors but also for gold producing countries and even individual mining operations", according to The National in an article published this morning.

Gold bars in a gold shop in Saudi Arabia. Gold has long played a role in Muslim society as a store of wealth. Fahad Shadeed / Reuters

"The new Sharia gold standard is very important as it allows Islamic investors to access and gain exposure to physical gold in a safer and more efficient manner," says Mark O’Byrne, the executive director at the bullion trader GoldCore in London.
"It will increase the diversity of available Sharia gold-compliant investment products and spark greater emphasis on the role of physical gold coins and bars."
GoldCore research shows that if just 1 per cent of Islamic finance goes into gold, demand could increase by up to an enormous 1,000 tonnes a year. Even if demand comes in at half that it means the gold market will undergo a considerable shake-up.
Last month the Sharia Standard was approved as a collaboration between the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the Islamic standard-setting body, and The World Gold Council (WGC) in London.

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Gold To 2 Month High As Fiery Trump Declares New American Order

January 23, 2017

Gold price to 2 month high as fiery Trump declares New American Order
– ‘Trumponomics’: Politics and economic policy in 140 characters- The ‘intelligence’ according to Trump- Trump, Putin and Russia – the great bromance- Trump – Bull in a China shop- Trade and currency wars with China and other nations- Trump – Fan of gold and golden tweets- Conclusion – Trump may be the ‘Golden Ticket’
by Jan Skoyles, Editor Mark O’ByrneOn Friday Donald J Trump became the 45th President of the United States of America.

Gold prices were surprisingly muted on Friday but did begin to rise towards the end of trading and rose from below $1,200 to over $1,212 per ounce before closing slightly lower at $,207.60 per ounce.
Gold is looking very healthy technically and has risen for four weeks in a row and reached a two month high this morning at $1,219.43 per ounce – its highest since November 22nd.   According to Bloomberg holdings in gold-backed ETFs climbed for the fifth day in a row by 0.9 tons.
Gold is gaining on increasing investor concern about the Trump Presidency and uncertainty regarding what is set to be his radically different term in office. The dollar has continued to weaken as markets prepare for major changes to US trade, economic and foreign policies.
The British pound has hit a five week high, along with the yen and 10 year US Futures.

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