As Brexit Looms and Stocks Plunging In October – Now May Be The Time to Invest in Gold
-- Published: Friday, 9 November 2018 | Print | Disqus
Key Gold and Precious Metals News, Commentary and Charts This Week
With Brexit around the corner and stock markets plunging in October – is now the time to invest in gold is asked by This Is Money this week. They kindly mention GoldCore as a leading “online bullion dealer” of physical gold (bars and coins) and informed their readers how “buyers can ask to have it stored, for a charge, or delivered”.
However, the primary focus of markets this week was the U.S. mid term elections in which, largely as expected, the Democrats took the House and the Republicans held the Senate.
Another important development this week was the return of ETF gold demand in a volatile October to compliment the already robust global demand seen in Q3, according to the latest World Gold Council research.
Gold coin and bar demand jumped 28% to 298.1t in Q3 as investors and store of value buyers took advantage of the lower gold price and sought protection against currency weakness and tumbling stock markets. Global gold ETFs and similar products rose in October by 16.5 tonnes(t) to 2,346t which was the equivalent to US$1.0bn in inflows.
The global gold repatriation trend continued with Venezuela back in the headlines in this regard as they struggled to get their hands on the $550 million worth of Venezuelan gold stored in the Bank of England.
Investors globally are getting more concerned about Brexit and the risks it poses to UK banks and the UK economy to the point that some are engaging in a “Big Short” of UK banks (hint: Eisman) and UK investors and financial advisers are again looking at gold favourably.
All in all a busy and interesting week in markets and in the gold market and again there were more pros than cons.
From all the GoldCore team – have a great weekend!
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