Gold Surges To All Time Record High Over $1,940/oz
-- Published: Monday, 27 July 2020 | Print | Disqus
◆ Gold prices have surged through the all time record nominal high of $1,915/oz in 2011 to over $1,942/oz today due to concerns about the outlook for stocks, bonds and other assets amid a very vulnerable U.S. and global economy.
◆ Gold has surged to new record highs in all major currencies today including new record highs in British pounds at £1,514/oz and in euros at €1,660/oz due to concerns about the outlook both for assets and currencies such as the euro, pound and all fiat currencies.
◆ Silver has surged another 6% today alone to $24.27/oz and is building on the strong gains of over 18% seen last week. As expected silver is playing catch up to gold and has had gains of 35.5% in July. We expect to also reach record nominal highs in the coming months and challenge the $50/oz level seen in 2011 and 1980.
◆ Most analysts including ourselves believe the gains seen in both gold and silver are sustainable and we expect to see gold rise above $2,000/oz in the coming weeks and silver will target $30/oz as despite the recent gains, it remains undervalued versus gold and versus stocks.
◆ Gold and silver’s gains in all currencies are due to concerns that global currencies will be devalued in the coming months and years as currency creation and debasement on a scale never before seen in world history intensifies.
◆ A sharp global recession or Depression is inevitable and the only question is how severe and how long it will be. Already indebted economies are vulnerable due to overblown fears about the virus and due to massive over reactions in the draconian global lock-downs which are badly impacting families and family businesses and destroying small to medium enterprises globally.
◆ There remain many major geopolitical, monetary and systemic risks such as Brexit and risks to the viability of the Eurozone itself, very significant tensions with an increasingly powerful China and indeed risks to the banking sector and large systemically important banks such as Deutsche Bank.
◆ Gold and silver will also benefit from the civil war politics in the U.S. as Trump and Biden limber up for what is set to be the most vicious election battle in American history which could further destablise an already vulnerable U.S. and the U.S. dollar.
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.