Mark O'Byrne's Contributions

The World Gold Council Publishes Gold’s Q3 Summary

The 27 member states of the EU will meet in Brussels today and tomorrow. The agenda includes, Greece’s progress in debt talks with creditors, organizing a common eurozone budget and initial discussions for the proposed EU banking union.

Gold And Silver Capped Until After U.S. Election?

U.S. election years tend to see gold underperform vis-à-vis other years and this was seen in 2004 (+4.7%) and 2008 (+5%) when gold saw only marginal gains compared to the 17% annualised dollar returns seen in that decade.

China to Challenge US Dollar Reserve Currency Status

Gold edged up $3.40 or 0.19% in New York yesterday which saw gold close at $1,778.50. Silver initially climbed to $34.848 then it fell off in afternoon trading and finished with a loss of 0.06%.

Eurozone Unemployment at Record Levels

As living standards fall and livelihoods are being wretched voter anger is becoming increasingly palpable, especially in countries such as Spain and France. History provides countless lessons as to the political consequences of detached economic policies and their real effects.

“Do You Own Gold?” Ray Dalio at CFR: “Oh Yeah, I Do”

Ray Dalio, founder and co-chief investment officer of Bridgewater Associates, L.P. and one of the most successful hedge fund managers of all time told Maria Bartiromo last week that he owns gold and that he sees no “sensible reason not to own gold”.

Weidmann Warns Printing Money Work of the Devil

The most vocal critic of the ECB’s recent ultra loose monetary policy, Jens Weidmann, the influential head of the German Bundesbank, has again attacked current ECB monetary policy.

Fed ‘Currency Debasement 3’ (QE3) Sees Gold and Silver Surge 2% and 4.3%

Bernanke’s announcement of further money printing and ultra loose monetary policies saw gold and silver surge in all currencies yesterday. Gold rose $34.30 or 1.98% in New York and closed at $1,732.00. Silver soared to a high of $34.781 and finished with a gain of 4.34%.

Gold Imports to China from Hong Kong Double Again on Haven Demand

Gold imports by China from Hong Kong rose in July as Chinese people renewed their buying of gold to hedge against financial market’s turmoil and weaker currencies with increasing concerns about the Chinese economy and stock and property markets.

JPM and Goldman See $1,800/oz Gold By Year End

Iran, Middle East and Inflation Risks Cited

Research houses, analysts and banks are revising their estimates for year end 2012 gold prices higher. They believe that concerns about inflation and demands for gold as a store of value should lead to higher gold prices by the end of 2012. JP Morgan and Goldman Sachs have overnight revised upwards there year end forecasts to $1,800/oz and $1,840/oz respectively.

Gold’s Rise to Continue Above $2,500/oz on Negative Real Interest Rates

Gold prices languished from 1980 to 2000 and had declining correlations with debt levels because GDP growth was sufficient to mute fears about budget and deficit issues. The current economic recovery has been too weak to support a sustained rise in real rates above the 2% level that has acted an inflection point for gold prices.

Gold Option Traders Most Bullish Since Bottom In October 2008

Gold is mostly unchanged as investors gear up for the US Fed chairman, Ben Bernanke’s speech tomorrow. Market participants are focussed again on the short term and the silly “will he, won't he?” debate re Bernanke at the Jackson Hole symposium.

Precious Metals ‘Perfect Storm’ As MSGM Risks Align

Gold climbed $14.60 or 0.88% in New York yesterday and closed at $1,669.40. Silver surged to a high at $30.81 and finished with a gain of 2.28%. The precious metals have broken out this week with sharp gains being seen in all four precious metals.

Gold and Platinum Surge as Mining Unrest Spreads

Platinum has gained 5.7 percent to $1,557.95 an ounce so far this week, heading for its biggest weekly advance since the five days through Jan. 13.

“Gold Ponzi Schemes” Revealed - Physical Gold Favored Over Derivatives

Gold continued gains on Friday receiving a boost from Angela Merkel’s comments saying she supported ‘Super’ Mario Draghi’s pledge “to do whatever it takes” to save the euro.

Soros Gold Action Speaks Louder Than Trumpeted ‘Bubble’ Words

Soros' recent renewed allocation to gold has been far less trumpeted than his gold 'bubble' remark and much trumpeted liquidation of gold holdings in May 2011. Some have suggested that Soros was misinterpreted regarding his gold bubble remark and may have meant that gold will in time become the "ultimate bubble".

Cash Out of Gold and Send Kids to College?

The Financial Times published an interesting article on Wednesday by a Tokyo-based analyst with Arcus Research, Peter Tasker, entitled of 'Cash out of gold and send kids to college'. The article is interesting as it is an articulate synopsis of those who are either negative on and or bearish on gold.

Silver Market Sees ‘Anomalies’ and ‘Devious Efforts’ - CFTC’s Chilton

Recent dollar strength and a lack of clarity in the minds of many market participants regarding whether the ECB or the US Federal Reserve Bank will employ more quantitative easing to prevent double dip recessions and even depressions may be partly to blame for gold’s lack of gains recently.

Gold Swap Dealers Go Net Long for Only Third Time

The sharp losses in the gold mining sector Friday and last week could presage further weakness today but the higher weekly closes for gold and silver were constructive from a technical perspective.

LIBOR Manipulation Leads to Questions Regarding Gold Manipulation

This latest price weakness is confusing many market participants and causing further jitters to some owners of gold. Our conversations with people in the industry and our own experience makes us confident that this is another paper driven sell off drive primarily by speculative, leverage interests on the COMEX.

Gold More than 50% Below Real Record High of 32 Years Ago

Gold edged up $1.20 or 0.07% yesterday in New York and closed at $1,627.40/oz. Gold remained steady in Asia seeing gradual gains which continued in European trading.

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