Trade deals and tariffs, coupled with weak US labour market data, dominated sentiment last week, while both the Fed and Bank of Japan held rates steady as they monitor the impact of tariffs on prices.
On July 9th, WGC's Senior Market Strategist, Joe Cavatoni, led an insightful discussion reviewing the last 6 months, followed by the outlook for geopolitics and gold, with a focus on central bank demand.
Central banks reported 12t of net buying in June via the IMF and other public data sources. Demand moderated during the month: monthly gross purchases of 31t were offset by gross sales of 18t.
In June, China’s wholesale gold demand remained weak, ending H1 with little changes compared to 2023. Chinese gold ETFs saw their seventh consecutive monthly inflow, pushing both of their assets under management and holdings to record highs. Meanwhile, the People’s Bank of China reported no gold reserve changes.
Our survey of 525 professional investors in North America reveals that gold ownership is commonplace, and many of its investment benefits widely recognised.
We published a new primer on #gold last week at the same time as #golddemandtrends
"Gold Market Size and Structure"
https://t.co/CHEvweEjJW https://t.co/WK4clZHwks
#Gold at an all-time high today in USD terms?
Or not?
Gold has traded much higher today and you may see headlines that it hit an all-time high in US dollars.
Although the active Comex future price hit an all-time high this morning, the spot (OTC) price did not. https://t.co/INjTLK754p
Nearly 4t of inflows into physically-backed #gold ETFs yesterday... https://t.co/df7ZZO4tZn
#Gold's Q1 performance told an interesting story as financial cracks began to appear. How do you think the rest of the year will play out? https://t.co/IsjtY8v80u
The 2023 “Shunto” sent positive signals to Japanese employees regarding possible pay increases amid a backdrop of elevated inflation in the region. Shunto – the wage negotiations between major corporations and unions that take place every March – provides pay level guidance for all Japanese employers, large and small.
Our ETF report for March, released last week, shows that inflows into physically-backed #gold ETFs of 32 were seen last month. https://t.co/bsQVpDkB8h
Spot #gold has fallen about $26/OZ so far today and is just below $1980/oz. https://t.co/5uvLpIIy2U
All-time highs for #gold – a thread
Gold hit a new all-time high this morning, posting $1944.71/oz during late Asian trading and is currently near that level.
There has been a LOT of coverage of the all-time-high on social media – who knew there were so many #gold experts??? https://t.co/OfjfFhoa7R
Gold at $1800/oz: a short thread.
Gold is trading just above $1800/oz after hitting a fresh 8-year high this week. Not much appears to stand in the way of #gold challenging the all-time high of $1921/oz set in September 2011. https://t.co/aoJYd8gmhR
What a ride it has been for GCM0, the June-expiry Comex #gold contract.
One month ago it was trading at a $15/oz premium to the spot gold price.
Now it's trading at a $10/oz discount.
(short thread) https://t.co/X4Xy8kwOtO
Comex #gold premium to OTC gold has climbed sharply as this chart from Bloomberg shows.
On 23/03 at 6am the EFP stood at about $6/oz. A day later, this has blown out ot more than $20/oz.
Due to shortages of investment gold and difficulties in shipping metal around. https://t.co/IILG0v5eSl
Good Morning. #Gold is trading just below $1490/oz on Monday morning in Europe, showing further signs of consolidating, as it has done over the past week. https://t.co/k5AzdCzSIV
Heavy selling has been seen across all four precious metals this morning. Gold has dropped $50/oz and is now trading around $1477/oz.
The break of the 200 day moving average - at about $1500/oz - seems to have triggered stop-loss selling.
RSI now oversold FWIW. https://t.co/Db5oDuRYaS
