• English
  • Deutsch
  • Español
  • Français
  • Italiano
  • Русский
  • Polski
  • 日本語
  • 简体中文
  • 繁體中文
  • Daily audit
  • Help
  • Contact
  • Deposit
  • Login
  • Open account
  • ABOUT US
    • About BullionVault
    • In the press
    • Reviews
    BUY/SELL BULLION
    • Live order board
    • Daily price
    • Regular Investing
    INVESTMENT GUIDE
    • Guide to gold
    • -How to buy gold
    • -Gold investment
    • -Gold investment plan
    • -Investment insurance
    • -Compare asset performance
    • Guide to silver
    • -How to buy silver
    • Guide to platinum
    • -How to buy platinum
    GOLD NEWS
    • Gold news front page
    • -Gold price news
    • -Opinion & analysis
    • -Market fundamentals
    • -Gold/Silver Investor Index
    • -Infographics
    CHARTS
    • Gold price
    • Silver price
    • Platinum price
    • Price alerts
  • Login
  • Open account
  • BUY/SELL BULLION
  • Live order board
  • Daily price
  • Regular Investing
  • INVESTMENT GUIDE
  • Guide to gold
    • ⤷
    • How to buy gold
    • Gold investment
    • Gold investment plan
    • Investment insurance
    • Compare asset performance
  • Guide to silver
    • ⤷
    • How to buy silver
  • Guide to platinum
    • ⤷
    • How to buy platinum
  • GOLD NEWS
  • Gold news front page
    • ⤷
    • Gold price news
    • Opinion & analysis
    • Market fundamentals
    • Gold/Silver Investor Index
    • Infographics
  • CHARTS
  • Gold price
  • Silver price
  • Platinum price
  • Price alerts
  • ABOUT US
  • About BullionVault
  • In the press
  • Reviews
  • Help
  • Contact
  • Daily audit
    • English
    • Deutsch
    • Español
    • Français
    • Italiano
    • Русский
    • Polski
    • 日本語
    • 简体中文
    • 繁體中文

Gold News

Live support

NEED HELP? ASK US NOW

Search form

Gold News front page

Gold Price News

Silver Prices +4% for Week, Gold Ratio Falls as India's Akshaya Tritiya Finds Only 'Token' Buying

More...

Gold Investing In Depth

Learn about gold bullion bars

Learn about gold bullion coins (and costs)

Gold investment: Why & how?

Gold Investment Analysis

  • Latest Gold Investor Index
  • Diversification: Gold as investment insurance
  • 40-year Asset Performance Comparison Table

Gold Articles

Opinion & Analysis

Gold Price News

Investment News

Gold in History

Gold Books

Gold Investor Index

Gold Infographics

Archive

  • April 2018 (22)
  • March 2018 (45)
  • February 2018 (31)
  • January 2018 (38)
  • December 2017 (31)
More...

List of authors

Gold Prices Rally Near 3-Month Lows Amid Saudi Purge and Yemen Attack

Monday, 11/06/2017 16:02
GOLD PRICES rose in all major currencies outside a rallying British Pound on Monday, gaining as crude oil hit 2-year highs amid political turmoil and violence in the Middle East.
 
Gold prices rallied back to $1272 per ounce as oil futures rose to their highest Dollar price since mid-2015, breaching $62 per barrel of Brent crude after the weekend's "purge" and detention by new crown prince Mohammed Bin Salman of numerous Saudi princes, senior ministers and high-profile figures including Al-Waleed bin Talal.
 
One of the world's top 50 richest people according to Forbes magazine, Al-Waleed is reportedly one of the largest individual shareholders in US finance giant Citigroup (NYSE:C), as well as tech giant Apple (Nasdaq:AAPL) and social media site Twitter (NYSE:TWTR). 
 
Iran-backed Hezbollah today accused Saudi Arabia of "imposing" its will on the Middle East through Saturday's resignation of Lebanon's prime minister Nasrallah Hariri.
 
Saudi forces meantime launched their "worst [yet]" attack on anti-government, Iran-backed Houthi rebels in the Sanaa province of neighboring Yemen – from where a missile was fired at Saudi capital Riyadh this morning.
 
Asian and European stock market recovered early losses and US equities also traded unchanged near Friday's fresh all-time record highs on the Dow, S&P and Nasdaq indices.
 
After consumer sentiment in the Eurozone was last week reported rising back to its peaks of the 2001 Tech Stock and 2007 global banking bubbles, the monthly Sentix survey today said investor sentiment towards the German economy has never been higher.
 
Last week's fall towards 3-month lows in the gold price saw speculators in US Comex futures and options cut their bullish bets, net of bearish positions, to the smallest size in 12 weeks.
 
However, that net speculative long position amongst the 'Managed Money' category held 37% above its historic average.
Chart of 'Managed Money' category's net spec' long in Comex gold futures and options. Source: BullionVault via CFTC
 
Silver positioning also retreated on the latest data, down to a 3-week low but still 134% above its historic average.
 
Silver today outran the small rise in gold prices, gaining 0.8% by late afternoon in London to trade at $17 per ounce – a level beaten only 6 times in the last 5 months.
 
Platinum also outpaced the gains in gold prices, trading up to $921 and gaining almost $100 per ounce from January's 14-year lows against the US Dollar.
 
"Platinum demand for [diesel auto] catalysts fell 20% from 2007 to 2016," reports Japan's Nikkei newspaper today, contrasting with a 50% rise in demand for palladium - primarily used in catalysts to clean emissions from gasoline engines.
 
Demand for platinum jewelry in No.1 consumer market China "has declined sharply since Xi Jinping's regime implemented its anti-extravagance campaign," the paper quotes Bruce Ikemizu at bullion and commodities bank ICBC Standard in Tokyo.
 
Sales of new vehicles in the UK fell 12% last month from a year earlier, new data said today, with sales of diesel cars falling by one-third.
 
Meantime in Brussels, Catalonia's "rebel" ex-governor and colleagues were told today they have to attend court on 17 November to hear Spain's extradition request to the Belgian authorities.
 
"This is not just about Catalonia. This is about democracy itself," claims Carles Puigdemont today in the UK's left-leaning Guardian newspaper.
 
Shanghai gold premiums today rose above $10 per ounce, just ahead of the historical average, as gold slipped more than the Chinese Yuan against the US Dollar.
 
"[This] physical interest out of the Far East soon provided the impetus for a leg higher" in Dollar prices, says the Asian trading desk of Swiss refiners MKS Pamp.
 
"Gold will be looking to interest broadly between $1265-1270 to restrict further downside moves, with further interest at the 200 [day moving average] around $1262."
 
Golfing and dining with Japanese leader Shinzo Abe in what US and Chinese media have dubbed a "bro-mance", Donald Trump allegedly said Japan should have shot down North Korea's missile tests when they passed overhead earlier this year.
 
Pyongyang launched the first of this year's missile tests when Trump and Abe previously met at Trump's Mar-a-Largo resort in Florida.

 

  • Reddit logo
  • Facebook logo
  • Twitter logo
  • Google logo
  • Yahoo logo
  • LinkedIn logo
  • Digg logo
  • StumbleUpon logo
  • Technorati logo
  • del.icio.us logo

Adrian Ash is director of research at BullionVault, the physical gold and silver market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews, or get more from Adrian Ash on Google+

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News, RSS links are shown there.

Follow Us

Facebook Youtube Twitter LinkedIn

 

Mobile apps

 - live trading 24/7

 - buy & sell instantly

 - up-to-the-second charts

 

 

 

Daily news email
Go to 'communications settings' 

Get the latest daily gold price news free by email

Latest gold news by email

 

 

 

Gold Investor Index
3 April 2018

Gold Investor Index

Gold investing slips despite stockmarket drop

 

 

 

Moneycontrol
28 March 2018

Moneycontrol

3 key signals in gold

 

 

 

Daily Express
22 February 2018

Lehman Brothers collapse, 2008

10 years after the financial crisis

 

 

 

Is Bitcoin the answer?
7 December 2017

Bitcoin bitcoin bitcoin bitcoin bitcoin

Paul Tustain on money, gold and Bitcoin

 

 

 

  •  Syndicate Gold News
  •  Email us

Market Fundamentals

  • China's Gold Mining Output Shrinks Again
  • Silver Trading 'Oversold' on Record High Short Position
  • 2018 Gold Price 'Could Hit $1450'
More...
  • Cost calculator
  • Cookies
  • Terms & conditions

©BullionVault Ltd 2005-

  • Twitter
  • Facebook
  • Google Plus
  • LinkedIn
  • YouTube