Gold Falls 3% In Week To One-Month Low At $1,464/oz As Banks And Hedge Funds Sell COMEX Futures Aggressively

November 8, 2019

◆ Gold is down 3% this week on concentrated selling of gold futures on the COMEX in New York.

◆ Stocks in Asia fell and European indices were mixed today due to conflicting signals between China and the U.S. regarding progress in resolving the trade war which is damaging global economic growth.

◆ Gold has gained over 14% in dollars and by much more in other currencies year to date due to the protracted trade wars, geopolitical uncertainty and deepening economic and monetary risks.

◆ The outlook is ‘as good as gold’ and this correction or futures manipulation lower was needed in order to set the stage for gold’s next leg up and the safe haven asset challenging the $1,600/oz level in the coming weeks.

◆ Cost averaging into physical gold coins and bars in your possession or in fully segregated secure storage remains prudent.

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Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth. 

78 percent of the yearly gold supply--is made into jewelry.

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