Silver Price Forecast – Silver Continues to Underperform FX Empire
Reuters/Peter Hirschberg/5-4-2020
“An internal Chinese report warns that Beijing faces a rising wave of hostility in the wake of the coronavirus outbreak that could tip relations with the United States into confrontation, people familiar with the paper told Reuters.”
USAGOLD note: Unexpected and ominous fallout from the coronavirus crisis …… China says its citizenry should prepare for “armed confrontation” with the United States as a worst-case scenario. This situation will likely act on the gold market in the weeks ahead once investors have had a chance to fully calibrate the threat. By the length and depth of this article, Reuters indicates its own level of concern.
Cartoon courtesy of MichaelPRamirez.com
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China’s gold trade sees robust growth in Q1
China.org/5-1-2020
“China’s gold market grew substantially in the first quarter (Q1) of 2020 as investors sought safe-haven assets amid the COVID-19 outbreak, according to the China Gold Association (CGA). The combined turnover of all gold products on the Shanghai Gold Exchange (SGE) soared 54.08 percent to 6.4 trillion yuan (about 907 billion U.S. dollars) in Q1, the CGA data showed.”
USAGOLD note: We suspect that gold demand throughout Asia will spike as lockdowns are lifted. The World Gold Council reported investment demand in the West up and jewelry demand in Asia down for the first quarter. One wonders what might happen with already stressed bullion supplies if both demand sources run strong the rest of 2020.
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