-- Published: Wednesday, 11 May 2016 | Print | Disqus
By: Mark O'Byrne
Gold bullion is a “long term insurance policy” according to James Steel, chief commodities analyst at HSBC, who spoke with Tom Keene about what’s driving gold markets on “Bloomberg Surveillance” yesterday.
(Source: Bloomberg)
In Bloomberg’s “Single Best Chart,” Keene displays inflation adjusted ‘London gold prices’ going back to 1950.
Steel is cautious on gold in the short term but positive in medium and long term and thinks gold will “churn higher.”
When asked about whether he has a “message for gold bugs … people who have Krugerrands in their dressing room drawer”, Steel spoke of gold’s portfolio insurance benefits and “the diversification argument is the most powerful … it is an insurance policy”.
Watch interview here
Gold Prices (LBMA AM)
11 May: USD 1,264.85, EUR 1,111.04 and GBP 875.90 per ounce (To be updated)
10 May: USD 1,264.85, EUR 1,111.04 and GBP 875.90 per ounce
09 May: USD 1,277.75, EUR 1,121.54 and GBP 884.68 per ounce
06 May: USD 1,280.25, EUR 1,121.06 and GBP 883.04 per ounce
05 May: USD 1,275.75, EUR 1,114.95 and GBP 879.23 per ounce
04 May: USD 1,280.30, EUR 1,114.18 and GBP 883.59 per ounce
Silver Prices (LBMA)
11 May: USD 17.04, EUR 15.00 and GBP 11.82 per ounce (To be updated)
10 May: USD 17.04, EUR 15.00 and GBP 11.82 per ounce
09 May: USD 17.33, EUR 15.21 and GBP 11.99 per ounce
06 May: USD 17.31, EUR 15.15 and GBP 11.93 per ounce
05 May: USD 17.38, EUR 15.21 and GBP 12.01 per ounce
04 May: USD 17.18, EUR 14.96 and GBP 11.86 per ounce
Mark O'Byrne
Executive Director
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-- Published: Wednesday, 11 May 2016 | E-Mail | Print | Source: GoldSeek.com
