Despite gold hitting an all-time high yesterday, the world’s pre-eminent investment bank, Goldman Sachs, has just again upped their price forecast for both gold and silver “the currency of last resort”, stating "with more downside expected in US real interest rates we are once again reiterating our long gold recommendation from March and are raising our 12-month gold and silver price forecasts to $2300/oz and $30/oz respectively from $2000/oz and $22/oz."

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Last month COMEX, the largest gold futures exchange in the world, saw an all-time record 5.5m oz or 170 tonne of gold physically delivered when the ‘norm’ is around just 100-500oz. Silver deposited into depositories, ETFs and funds just hit another new all time weekly record. Demand is exploding at a time that COVID-19 is restricting supply. We discuss why and present an info graphic on how this all works amid COVID-10 restrictions.

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GLOBAL RACE FOR PHYSICAL GOLD UNCOUPLES FROM PAPER

FOOLS GOLD

Pictures paint a thousand words so today we succinctly present 7 charts laying out the value proposition for both gold and silver right now.

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After another very strong night in the northern hemisphere last night gold, at US$1872 is just $30 off its all time high of US$1900 whilst silver smashed through $23 to a 7 year high but still less than half its US$48 high in 2011 and the GSR sits at 81. In Aussie terms gold is back above $2600 and now $120 off the $2745 all-time high in March this year and silver at $32.40 is more than $10 off its 2011 high. We discuss what is driving this surge now.

https://www.ainsliebullion.com.au/gold-silver-bullion-news/why-are-gold-and-silver-surging-/tabid/88/a/2309/default.aspx

You may at first be a little confused this morning. The news is spruiking gold shooting higher last night and of course silver like a rocket, up $23.70 (1.3%) to $1843 and $1.43 (7.2%!) to $21.32 respectively. However in AUD gold is this morning down $9 or 0.35% and silver up $1.55 or 5.5% respectively. You can say thanks to the EU and our RBA respectively that you get to buy at comparatively suppressed prices before the inevitable fall. 

We discuss and look at other drivers behind this metal rally. Spoiler alert, by the end of the article silver jumped nearly 5% higher again!

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Another week and another massive inflow of silver into ETF’s, some 19,230,000 oz or nearly 600 tonne in just one week.  We also reveal Perth Mint’s latest figures, the bigger picture behind them, and discuss the premiums right now.

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Few people in the Australian finance industry are respected more than Hamish Doulass, founder and chairman of Magellan Financial Group with nearly $100 billion of funds under management, and their listed entity in the top 40 of the ASX200. In an insightful and honest investor letter he addresses the economic “known unknowns” abounding today and how their funds are handling them.

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Love them or loath them, you wouldn’t want to be a bank right now. Stuck between a rock and a hard place they have balance sheets asymmetrically exposed to Aussie property prices at a time when the majority of property analysts are forecasting sizeable price declines, unemployment is over 13% and the country’s central bank, the RBA just described the current situation as "the biggest contraction since the 1930s". We discuss their bad loan provisioning after shocking data from the US last night.

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Samsung, the South Korean smartphone giant that has been experimenting with bitcoin for some time, is doubling down on cryptocurrency.

Today’s article is a must read. We don’t say that often. We look at the current set up for silver that looks very much like that of 1979 and 2008 from which it launched ahead of gold with 400-800% gains. Whilst gold bottomed in late 2015, it is now looking like silver’s 9 year bear market ended in March. We first share the Silver Institute’s first half yearly interim report on demand and supply as well.