The Brexit deadline of December 31st, the date beyond which the transition or implementation period cannot be extended, now looms large and the dreaded “No-Deal” Brexit outcome looks increasingly possible by the day.

There is plenty of brinkmanship, rhetoric and passionately held views on the Brexit issue and recent days have seen this again. It is and will continue to be a highly partisan and divisive issue.
It is important to tune out the political noise and realise that whether you are pro-Brexit or anti-Brexit, it will impact most British people’s finances and wealth in a negative way, particularly those who are complacent and unprepared.
The initial response to the COVID-19 coronavirus and the now second UK lockdown is set to badly impact the UK economy and

Today we are taking our weekly look at the charts for gold and silver.
Republicans and Democrats continue to play the “will they, won’t they?” game over another stimulus package in a Covid19 ravaged US economy. An agreement on a package will ultimately be seen as positive for the markets but, with the US Election just weeks away this may prove to prolong negotiations or postpone decisions until the results of the election are clear and accepted by all.

Will Gold Now Retest $1,930?
As you can see from the gold chart below, gold has rallied on positive stimulus news and pulled back as negotiations stall.
After the previous “false break” above $1,910, gold once again closed above this level which opens up a retest of $1,930. However, the short-term upward trend line

Today we are taking our weekly look at the charts for gold and silver.
Corvid 19, the US Election and US Financial Stimulus talks have given gold plenty to digest over the last week. On a short term basis gold has been taking a lot of signal from the fortunes of the stock markets and increased hopes of agreement of a financial stimulus package gave a boost to both stock markets and the gold price. Gold ran in to significant resistance and failed to close above the short term resistance level around $1,930 and close to the 50 day moving average as can been seen from the chart below.
The subsequent news of the failure in stimulus negotiations weighed then on both markets with gold finding support at the long term trend line.
With so many major market moving event

In today’s video GoldCore’s Mark O’Byrne is interviewed by the Wealth Research Group, discussing the start of a new bull run for gold and silver and what we can expect.
Some of the areas Mark touches on today include…
What investors are currently buying
The importance of owning physical gold
Comparing golds performance with previous highs
Investors motivations for purchasing gold
What people are fearing; the size of the national debt, inflation or deflation?
Silver’s volatility and how to allocate it in your portfolio
The effect of Covid-19 on precious metals supply chains and physical premiums

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Gold Outperforms All Assets In 2020 YTD as Enters

The chart of silver at the moment shows that it is poised for a breakout move.
It has failed on a number of occasions recently to close above resistance at $24.40. If we do see it closing above this level that could signal a quick move up to the next major resistance at $26.50.
However it is also also finding support from the major upward trend line that has held since the March lows and a break below this could signal a retest of the recent lows (approx. $22.65) and ultimately support further down at $19.50.

Silver Prices, 2019-2020 – Click to enlarge
With the precious metals markets being heavily influenced at the moment by the vagaries of the stock market and the relative strength of the US dollar, any “News-bomb” will have a increased impact on the

Markets have struggled to find a clear direction as they attempt to digest US election news, debate performance, the impact of increased Covid-19 restrictions in many countries and vaccine news.
The charts of gold and silver reflect the battle for dominance between the Bulls and the Bears.
Today’s silver chart is a bit more crowded and busy than usual.
Silver has continued to close just above the major trend line support from the March lows. It is also trading below both the 20 and 50 Day Moving Averages.
A close below this trend line support could signal further short term weakness for the white metal with support coming in at the recent low closes around $22.75. A close below this and from a technical point of view we wouldn’t see much support above the $19.50

Anxiety about an increase in Covid19 cases and fears of a second wave coupled with revelations of historic money laundering practices of major global banks weighed heavily on financial markets yesterday.
Precious metals were not immune to the sell off which saw gold below $1,900 and silver off a whopping 12% during intraday trading.
The following charts show the short term support that halted the rout in precious metals by the end of the day.
With the negative news pushing gold through the 50 day moving average and previous short term support at $1,925 (Support #1) it continued the sell off falling as low as $1,880. As with most markets the daily close is significant for traders and gold closed just above the previous support of $1,910 (Support #2).

Gold Sell

Since it’s sell-off from it’s early August high, gold has been stuck in an ever decreasing range.
Having had a remarkable rally to an intra-day high of $2,078 on the 7th of August Gold has traded sideways and consolidated. This has been viewed by many market commentators as a healthy pause in gold’s bull rally as when markets go parabolic they tend to retrace just as fast.
The underlying rationale for owning gold has not change over the last month and some would say that it continues to increase. However, stock markets returned to their uptrend and gold traded sideways in an ever tighter range.
It is once again testing the top of the short term range and a close above $1,975 could quickly see a retest of $2,000. However, a failure at these levels could set up a

◆ Central Banks Are “Gold’s Greatest Ally” and They Will Push Gold Prices Much Higher

Jim Rickards holds gold bar in Zurich vault
You’re likely aware of the price action in gold lately. Gold has rallied from $1,591 per ounce on April 1 to $1,782 per ounce as of today. That’s a 12% gain in less than three months.
My earlier forecast was that gold would hit $1,776 by the Fourth of July. I guess I was a bit early!
Today’s price of $1,782 per ounce is the highest since 2012 and a 70% gain from the low of $1,050 per ounce at the end of the last bear market in December 2015.
The history of gold bull markets (1971–80 and 1999–2011) shows that the most powerful gains come toward the end of the bull market, not at the beginning.
That means even if you’ve missed out on the

◆ Gold is the top performing asset in the world in the first half of 2020, outperforming all stock markets including the S&P 500 and the Nasdaq and outperforming “safe haven” U.S. government bonds (see table above).
Gold had an 18% gain in dollars in the first half of 2020 as risk assets, especially stock markets, fell sharply with the S&P down 4.5% and other stock markets down more than 10% (see table).
Gold gained 18.6% in euros and by 25% in British pounds as the UK economy had the worst contraction since 1979 and the pound was further devalued.

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The historical data in the last 20 to 40 years shows that seasonally gold and silver tend to do poorly in June and very well in the summer months in July and August and extending into September. Indeed late June and

◆ World’s wealthy are being urged by their financial advisers to hold more gold as they question the strength of the stock market rally and are concerned about the long-term impact of global central banks’ cash splurge.
ZURICH /LONDON (via Reuters) – As stock markets roar back from the coronavirus led rout, advisers to the world’s wealthy are urging them to hold more gold, questioning the strength of the rally and the long-term impact of global central banks’ cash splurge.
Before the COVID-19 pandemic, most private banks recommended their clients hold none or just a tiny amount of gold.
Now some are channelling up to 10% of their clients’ portfolios into the yellow metal as the massive central bank stimulus reduces bond yields – making non-yielding gold more

◆The world is having serious doubts about the once widely accepted presumption of American exceptionalism.
The era of the U.S. dollar’s “exorbitant privilege” as the world’s primary reserve currency is coming to an end. In the 1960s French Finance Minister Valery Giscard d’Estaing coined that phrase largely out of frustration, bemoaning a United States that drew freely on the rest of the world to support its overextended standard of living.
For almost 60 years, the world complained but did nothing about it. Those days are over.
Already stressed by the impact of the Covid-19 pandemic, U.S. living standards are about to be squeezed as never before. At the same time, the world is having serious doubts about the once widely accepted presumption of American

James Rickards holds a gold bar in a vault near Zurich, Switzerland. The bar is a so-called LBMA “good delivery” bar which weigh 400 ounces (over 99.9% purity), and is worth about $700,000 at current market prices. In 1971 it was worth $14,000.
◆ WHY GOLD?
That’s a question I’m asked frequently. It’s usually followed by a comment along the lines of, “I don’t get it. It’s just a shiny rock. People dig it out of the ground and then put it back in the ground. What’s the point?”
I usually begin my reply by saying, “It’s not a rock, it’s a metal” and then go from there.
I have a lot of sympathy in these conversations. The fact that people don’t know much about gold today is not exactly their fault. The economics establishment of policymakers, academics and central

◆ WORLD SILVER SURVEY 2020 from the SILVER INSTITUTE
GLOBAL SILVER DEMAND EDGED HIGHER IN 2019, WITH INVESTMENT DEMAND UP 12%, WHILE SILVER MINE SUPPLY FELL FOR THE FOURTH CONSECUTIVE YEAR
Global silver demand was pushed higher in 2019, with a 12 percent increase in investment demand as retail and institutional investors focused their attention on the long-term investment appeal of the white metal.
Favorable structural changes, such as vehicle electrification and a rebound in the key field of photovoltaics, fueled solid industrial demand.
Total global silver demand in 2019 grew by 0.4 percent despite an ongoing global trade war affecting many industries.
Silver industrial demand was resilient, slipping by 0.1 percent last year, with several key segments of

◆ GoldCore are delighted to publish the 14th edition of the annual “In Gold We Trust” report, “The Dawning of a Golden Decade” by by our friends Ronald-Peter Stoeferle & Mark J. Valek of Incrementum AG.
Gold prices should rise to over $5,000/oz and may rise as high as $9,000/oz in the coming decade and by 2030, according to the respected report.
Gold is “on everyone’s lips again” and “we are now in a new phase of the bull market”.
The question that now occupies every gold-interested person is, how does the Covid-19 pandemic affect the price of gold? The authors take a deep dive into this question, as well as a whole spectrum of other topics.

Gold bull and bear markets, 1971-2020 – Click to enlarge
The following topics are covered in the In Gold We Trust

Published on Independent Trustee Company (27/05/2020)
◆ With the current level of uncertainty in world markets we have received numerous requests for information on how self directed pension schemes (pre and post retirement) can hold gold and silver.
It is accepted that if gold bullion is held via a gold certificates ( Perth Mint Certificates with GoldCore) or in Secure Storage in a variety of local or international locations with GoldCore, then it is not considered a ‘pride in possession’ article or ‘tangible moveable property’, and so fulfills Revenue investment requirements for small self-administered pension schemes.
This opportunity allows scheme members to avail of the diversification benefits and return potential of gold bullion in conjunction with other

Watch Video Update (Live 12/05/2020
◆ The massive global debt driven “Everything Bubble” is bursting due to the pandemic and more specifically the governments draconian economic lockdowns
◆ A dollar crisis is inevitable with U.S. government debt surging by some $2 trillion in a matter of weeks and ballooning to over $25 trillion
◆ Wall Street has just been bailed out at the expense of Main Street and families and businesses in the U.S. and throughout most of the industrial world
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◆ Gold and particularly silver remain good value for those looking for safe havens to hedge the risk of financial dislocations and collapse
◆ Due to ongoing price manipulation in the futures market they have yet to price in the scale of the coming crisis; silver is

Gold in USD – 3 Days – Click to enlarge
“Yes It Will. The Only Question Is When” – WATCH HERE
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Gold Surges To New Record Highs in Euros at €1,581/oz and $1,726/oz in Dollars
Gold prices surged to new all time record highs in euros and other digital fiat currencies today due to concerns about the outlook for risk assets and currencies in an era of unprecedented economic and monetary risk.

Gold Will Reach $3,000/oz: “Fed Can’t Print Gold” and Is “Ultimate Store Of Value” – Bank of America
Gold in USD – 3 Days Gold prices are 0.7% higher today after falling just 0.3% yesterday as traders sought refuge in safe haven gold as oil prices collapsed

Gold prices are 0.7% higher today after falling just 0.3% yesterday as traders sought refuge in safe haven gold as oil prices collapsed lower again.
Oil slumped to nearly $15 a barrel, its lowest since 1999 as the economic fallout from government lockdowns and the shutting down of entire economies impacts risk assets and commodities dependent on economic growth. WTI crude is now down 81% and Brent crude down 71% so far in 2020.
Gold price forecasts are being revised higher by banks and gold analysts. Bank of America raised its 18-month gold-price target from $2,000 to $3,000 an ounce — more than 50% above the existing nominal record price – in a report titled “The Fed Can’t Print Gold.”
Gold is the ultimate store of value according to BofA. Gold should reach

◆ Gold prices surged to new all time record highs in euros and other digital fiat currencies today due to concerns about the outlook for risk assets and currencies in an era of unprecedented economic and monetary risk.
◆ Gold prices rose to a more than seven-year high in dollars today at $1,726/oz (see chart below) as mounting fears of a steeper global economic downturn due to draconian government lock downs increase and highlight gold bullion’s safe haven qualities.
◆ Gold surged to €1,581/oz (see chart above) as the single currency came under selling pressure as concerns deepen about Italy and other periphery nation’s banks and economies and due to increased risks to the euro and the monetary union.◆ Gold surged to £1,375 per ounce and is testing gold’s record

◆ GoldCore remain open for business unlike many dealers, mints and refineries (see News below) and we continue to buy bullion coins and bars and sell gold bars (1 kilo). The supply situation changes hour to hour.
◆ We, like the entire industry have experienced record demand in recent days and the global supply of gold and silver bullion coins (legal tender 1 oz) and gold bars (in 1 oz and 10 oz formats) has quickly evaporated. We continue to have gold bars (1 kilo) for now.
◆ Most of the largest gold refineries and mints in the world have closed their refining and minting operations for the next two weeks and this suspension in production may become longer which is and will badly impact supply.
Large gold mining companies have mothballed some of their gold

“Let’s Deal With The Facts Now” – Watch Interview Here
◆ Markets have collapsed around the world as we predicted as the ‘Giant Ponzi Everything Bubble’ meets the massive pin that is the coronavirus’ impact on already vulnerable indebted economies.
◆ Stocks have crashed and bond markets and banks may be next … “bank holidays”, bail-ins and currency resets are likely
◆ The virus is a final “snow flurry” which is unleashing the financial and economic avalanche.
◆ “Let’s just deal with the facts now and stop the bullsh*t and the lies and the nonsense that goes on out there”
◆ Those who prepare themselves, their families and their businesses for the coming dislocations, will proper. It is that simple.
◆ We must not allow ourselves to be riddled with fear and it is

◆ Stock markets around the world are collapsing today as the financial and economic implications of the impact of the pandemic on already massively indebted companies and governments is realised.
◆ Investors are liquidating en masse risk assets from equities to industrial commodities, while gold has held its ground.
◆ The FTSE 100 is down 5.8% in early trade, while Frankfurt’s DAX 30 plunged 6.8% the CAC 40 tumbled 6.5% and Dublin’s ISEQ index collapsed another 7.5%.
◆ Asian stock markets, already after having seen massive falls this year, crashed even further. The Nikkei in Tokyo ended down 4.4%, while Australia’s ASX lost 7.4%, the ASX 200’s worst day since the 2008 financial crisis. Hong Kong closed down 4.4%, while Singapore, South Korea and Indonesia each

◆ Gold prices rose by 0.6% today as the Bank of England slashed rates in an emergency move to 0.25% and the ECB looks set to follow as it warned of a 2008 style crisis overnight.
◆ The Bank of England slashed its main interest rate to 0.25 percent this morning in a emergency move to combat the fallout from the coronavirus outbreak on the UK economy. Gold only saw a marginal gain of 0.45% in sterling to £1,285/oz but remains near all time record highs of £1,304.20/oz.
◆ ECB president Lagarde warned EU leaders last night that without coordinated action, the EU “will see a scenario that will remind many of us of the 2008 Great Financial Crisis.” Lagarde indicated the ECB will also take emergency measures as soon as tomorrow or Friday.

Spot Gold Price USD/oz –

◆ Gold surges 3% and has largest daily gain since June 2016 as the Fed delivers a surprise emergency rate cut, the first since 2008
◆ Gold has gained over 10% in dollars and by more in other currencies so far in 2020 and along with U.S. Treasuries, it is a one of the best performing assets in 2020 as stock markets globally fall sharply (see 2020 Asset Performance table)
◆ G7 officials say there will be “appropriate” policy moves in a desperate attempt to prevent the the COVID-19 epidemic from leading to a global recession and financial crisis; it appears likely that there will be coordinated central bank action in a move to ultra loose monetary policies

2020 ASSET PERFORMANCE
(Reuters) – Gold surged over 3% yesterday after the U.S. central bank cut interest rates

On “Bloomberg Commodities Edge”, Bloomberg’s Alix Steel and Naureen Malik talk with Jeff Currie, global head of commodities research at Goldman Sachs. They discuss Goldman’s bullish stance on gold.
Gold is gaining on mounting speculation China and other central banks will unleash stimulus to counter the economic pain from the coronavirus outbreak, boosting liquidity in the market and devaluing currencies.
UBS are also bullish on gold as a hedge on dollar and geopolitical risk.
Goldman: 3 Key Reasons Why We Are Bullish On Gold
◆ Geopolitical risk.
Many risks including a potential war with Iran and the coronavirus. The pandemic may lead to a drop in Chinese demand in the short term, following by an increase in demand from China (Editors note: and globally)

IGTV interviewed Mark O’Byrne, Research Director at GoldCore about the outlook for gold and silver bullion.
He is bullish on both precious metals in the medium and long term. The fundamentals are very strong with strong central bank demand and ETF gold holdings reaching an all time record high due to deepening political and economic risks.
Silver at $18/oz and one eightieth of the price of gold is fundamentally undervalued and at some stage it will surge in value to catch up with gold.
There will likely be a global recession and a global financial crisis and this will see gold and silver become valuable hedging and safe haven assets again.
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Is Silver the Most Undervalued Asset Today?
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Lot No 210, a 1937 coin set comprising gold sovereigns and £5 coins in a leather case, which sold for £8,000. Photograph: Wotton Auction Rooms
◆ Gold coins including gold sovereigns found in drawers of deceased retiree’s cottage sell at auction for £80,000
◆ British gold coins including gold sovereigns from the Royal Mint found in drawers and cupboards of cottage fetch £80,000; one British gold sovereign found in a sugar bowl
◆ Auctioneer John Rolfe expected little before he entered damp, rat-infested property near Stroud
◆ “There was a coin here, a coin there. If I opened a drawer there were more coins.” He even found a coin among sugar cubes in a bowl.
◆ “It was mind-blowing. I felt like a pirate in a grotto”
via Yahoo:
An empty house was found to be full of

Via Bloomberg
Gold climbed for a fourth day as investors weighed the unfolding coronavirus crisis, including a stark warning from the head of the World Health Organization about the potential for more cases beyond China and signs the disease is spreading in the key Asian trading hub of Singapore.
Prices rose as the death toll from the outbreak topped 900 and WHO Director-General Tedros Adhanom Ghebreyesus voiced concern over the spread from people with no travel history to China, saying “we may only be seeing the tip of the iceberg.” In Singapore, there are two confirmed cases in the central business district, according to a building manager and separate company.
Bullion’s trading near the highest since 2013 as investors assess the impact of the disease on global

By Randall W. Forsyth via Barron’s
◆ With no opportunity cost to holding a zero-yield asset such as gold, investors increasingly are adding it to their portfolios as a hedge.
◆ Gold retains its intrinsic value, something no paper currency has managed to do over history.
◆ Gold is insurance. Insurance isn’t supposed to make you rich; it’s supposed to keep you from being poor. The best thing to happen is your insurance never pays off because nothing bad happens.
◆ Hope for the best, but better to prepare for the worst.
A nice rock can help. “Nice rock.”
That was the dismissive assessment of gold by a snarky investor in a recent television advertisement for a cryptocurrency fund.
She apparently was unperturbed by the massive, 50%-plus drop in Bitcoin from its peak