What is “The Great Reset” and How to Prepare

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 is

As we continue to await the official result of the US Election, in the short-term financial markets remain volatile.

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.

A resurgent coronavirus pandemic in the United States and the prospect of improving growth abroad are souring some investors on the dollar, threatening a years-long rally in the currency.

Gold futures ended higher for a fifth straight session Thursday, with the most-active contract just short of notching a settlement record, highlighting feverish demand for bullion amid the worst pandemic in over a century.

Gold fell by nearly 6% yesterday and silver by a whopping 15%, the largest one day loss in over 7 years. The futures market saw massive volumes of selling with over 1.6 bn ounces of silver contracts sold yesterday. That’s a value of over $40 billion.

Investment in gold has risen during pandemic. The value of gold coins and bars stored for clients by Irish precious metals broker GoldCore has surged 68pc so far this year to more than €100m.

The value of gold coins and bars stored for clients by Irish precious metals broker GoldCore has surged 68pc so far this year to more than €100m.

Gold prices last week topped the $2,000-per-ounce level for the first time as investors seek havens from the pandemic.

“We are seeing demand on a scale which has not been seen since the early stages of the global financial crisis in 2009 and we expect that to continue in the coming months,” said GoldCore CEO Stephen Flood.

NEWS and COMMENTARY

Gold loses ground as dollar firms; investors eye U.S. stimulusSilver rallies over 6%; Gold ends higher as China-U.S. tensions seen escalatingWhy Is Everyone Buying Gold?Yields hold near historic lows on economic slowdown fears

Dollar

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.