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Gold Price Rises After Currency Wars Reignite As China Devalues


 -- Published: Wednesday, 12 August 2015 | Print  | Disqus 

DAILY PRICES
Today’s Gold prices were USD 1,116.80, EUR 1003.23 and GBP 717.18 per ounce.
Yesterday’s Gold prices were USD 1,113.25, EUR 1008.97 and GBP 713.74 per ounce.
[LBMA AM prices]

Gold in USD

Gold in USD – 1 Year
Gold and silver rose on the COMEX yesterday – up 0.5% to $1,108.70 and silver was up 0.6% to $15.34 per ounce.

This morning, gold is 0.85% higher to $1,119 per ounce. Silver is up 0.1% to $15.47 per ounce. Platinum and palladium are 0.5% and 1% higher to $996 and $610 per ounce respectively.

Gold Rises After Currency Wars Reignite As China Devalues

  • China surprised global markets yesterday by devaluing its currency on concerns about sharply decelerating Chinese economy
  • We were not surprised as had said that this was likely as the Chinese economic numbers are bogus
  • The devaluation was condemned by U.S. politicians as a grab for an unfair export advantage

Currency Wars

Mark Hill via Merck Investments

  • China’s central bank set its official guidance rate down nearly 2 percent to 6.2298 yuan per dollar
  • It was the biggest one-day fall since a massive devaluation in 1994
  • The devaluation hit global equities and U.S. oil prices, with investors fearing a new currency war
  • Gold prices ticked higher as the move will increase deflation pressures in the U.S. and could lead to the Fed not being able to increase interest rates
  • As expected – currency wars and competitive currency devaluations are set to escalate once again
  • Gold, silver and tangible assets will benefit once again

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 -- Published: Wednesday, 12 August 2015 | E-Mail  | Print  | Source: GoldSeek.com

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