WGC Unveils Social Responsibility Report by the Gold Industry

According to the report, the pandemic has had an impact on businesses across the globe.

SEATTLE (Scrap Monster): The Gold Responsibility & Paramount Mission” summit held in Beijing on November 6th provides social responsibility report by the gold industry on prevention and control during times of crisis. The report, prepared jointly by the China Gold Association, Shanghai Gold Exchange, World Gold Council and Sina Finance, focuses on the efforts undertaken by the Chinese gold industry in overcoming the difficulties of the time.

According to the report, the pandemic has had an impact on businesses across the globe. However, all major gold companies were holding fast to the front line of epidemic prevention and control. All these companies formulated and implemented anti-epidemic measures, which helped them to resume production in a timely and regulatory manner. Also, gold regulatory bodies and industry trade associations played leading role in mobilizing the entire industry back into action.

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Gold rebounds as Fed’s new inflation strategy boosts investor appetite

The fallout from the US Fed’s new inflation strategy continued on Friday, with investors finding comfort that policy will remain accommodative. This saw the ANZ China Commodity Index ending the session up 0.2%. This capped off a positive week for commodities, with the CCI rising 0.6%. Industrial metals led the complex, with nickel and copper recording strong gains. Precious metals were also stronger, with gold rising 1.3% over the week. Crude oil gained, sending the energy sector higher. Bulk commodities ended the week lower, as iron ore fell. Agriculture was down over the course of the week.

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PRECIOUS-Gold bursts through $2,000/oz barrier to new record

* Gold needs a period of consolidation -technical analysts

* Silver rises to more than 7-year high

By Eileen Soreng

Aug 5 (Reuters) – Gold soared to a record high on Wednesday as a weakening dollar, falling returns on U.S. bonds and a break above historic resistance at $2,000 an ounce added momentum to buying by investors seeking a safe store of value.

As the COVID-19 pandemic has roiled markets, gold has gained nearly 35% this year and is one of 2020’s best performing assets.

Investors fear economic stimulus unleashed in response to the pandemic will trigger inflation, devaluing other assets, and keeping bond yields historically low, which enhances the appeal of non-yielding gold.

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Gold has room to overshoot to the topside

Commerzbank technical analysis on gold is looking for it towards $2000:

  • is on course for the 1921.50 September 2011 high
  • there is room for an overshoot to the top of a 49-year channel at 1983.00 … our long-term target …  should hold the initial test and provoke some profit taking
  • Forays above 2000 are expected to remain short-lived”  

Support is offered by the 55-day ma at 1797 

  • and the four-month uptrend at 1795
  • Below 1795 lies the 1765 May high. This guards the 1670 June low.

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Goldman Sachs has a new blowout forecast for gold

Critical information for the U.S. trading day

A weaker day is setting up for stocks on Tuesday, as optimism over U.S. stimulus progress and vaccine news starts to fade, and attention turns to the start of a two-day Federal Reserve meeting.

The asset that stole the show on Monday, of course, was gold GCQ20, 0.69%, which climbed to $1,931 an ounce, the highest settlement in history. That juiced the crowd expecting $2,000 an ounce soon, and leads us to our call of the day from Goldman Sachs, which has ditched its own $2,000 forecast and says we’re going to see $2,300 an ounce in the next 12 months.

The bank also lifted its silver outlook to $30 from $22 an ounce.

Driven by “a potential shift in the U.S. Fed toward an inflationary bias against a backdrop of rising geopolitical tensions, elevated U.S. domestic political and social uncertainty, and a growing second wave of COVID-19 related infections,” gold’s surge to new highs lately has outpaced gains for real rates and other alternatives to the dollar, said a team of analysts led by Jeffrey Currie.

“Combined with a record level of debt accumulation by the U.S. government, real concerns around the longevity of the U.S. dollar as a reserve currency have started to emerge,” said the team.

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