Here is our Friday digest of the important news, commentary, charts and videos we were informed by this week.
Market jitters and volatility have returned this week and the sell-off in US government bonds led to sharp falls on Wall Street centered on the very overvalued tech sector and the NASDAQ.
Gold is 1.3% higher for the week as of mid-morning European trading today. It needs to close positively this week in order to confirm a possible trend change.
A lower close this week, despite the significant volatility, would be bearish in the short term and suggest that gold needs a period of further consolidation before the bull market can resume in earnest.
It is too soon to tell if this week marks the much-anticipated turning point for gold but it certainly felt like an important week in the markets.
We had an excellent client event in our new offices in Dublin on Wednesday evening and over 60 clients attended and enjoyed presentations by Mark O’Byrne and Stephen Flood. There was a very interesting Q&A session with some very informed clients. It was the first of many events – Galway, Cork, Manchester, London, NYC etc in the coming months.
Charts This Week
Gold Up 2.5 Percent On Thursday After Global Stock Rout (Finviz)
(Bloomberg)
(Bloomberg)
(Bloomberg)
Stock Buybacks Have Soared Faster Than Capital Spending (U.S. Global Investors)
Total Shares Outstanding of S&P 500 Consumer Staples Companies Are Plunging (U.S. Global Investors)
The Barrick-Randgold merger will create the world’s largest gold miner, valued at $18 billion (U.S. Global Investors)
News and Commentary
Source: Bloomberg
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Gold Prices (LBMA AM)
11 Oct: USD 1,201.10, GBP 910.31 & EUR 1,040.27 per ounce
10 Oct: USD 1,186.40, GBP 902.02 & EUR 1,033.00 per ounce
09 Oct: USD 1,187.40, GBP 910.26 & EUR 1,036.01 per ounce
08 Oct: USD 1,194.80, GBP 914.86 & EUR 1,040.67 per ounce
05 Oct: USD 1,201.10, GBP 921.48 & EUR 1,045.08 per ounce
04 Oct: USD 1,199.45, GBP 925.02 & EUR 1,043.28 per ounce
Silver Prices (LBMA)
11 Oct: USD 14.40, GBP 10.90 & EUR 12.45 per ounce
10 Oct: USD 14.38, GBP 10.92 & EUR 12.50 per ounce
09 Oct: USD 14.33, GBP 10.98 & EUR 12.51 per ounce
08 Oct: USD 14.47, GBP 11.10 & EUR 12.61 per ounce
05 Oct: USD 14.64, GBP 11.23 & EUR 12.73 per ounce
04 Oct: USD 14.63, GBP 11.27 & EUR 12.72 per ounce
