Gold And The Great Unraveling | Michael Oliver

Saturday, November 10, 2018
By Paul Martin
November 10, 2018

Metals & Markets: This week we have a new guest to our podcast, Michael Oliver. Tune in for a hard hitting gold & silver update and a whole lot more…

Michael Oliver interviewed by James Anderson for SD Bullion

Gold and silver markets closed in the red this week.

Recent spot price weakness has been attributed to significantly lowering crude oil prices with some blends down over 20% in price over the last five or so weeks, as well US dollar index strength has now blown past levels not seen since the summer of 2017.

The gold spot price closed the week around $1,211 US dollars per troy ounce. The silver spot price finished this week around the $14.22 oz mark in US dollar terms.

In industry news, two noteworthy events occurred since our last Metals & Markets wrap (where we just covered Venezuelan US gold sanctions in the second half or our podcast).

This past week, the Bank of England reportedly denied Venezuela’s recent gold repatriation request from London, citing concerns that the Maduro regime would simply use said gold for itself and not the Venezuelan citizenry.

On the reported Bank of England denial of Venezuela gold repatriation, one might consider the larger ramifications for other nations such as Bolivia, Ecuador, Brazil, and India all of whom currently store large gold reserves in London as well.

This past Monday November 5th, Republic Metals Corporation, one of the largest bullion refineries in the United States, declared bankruptcy.

The Republic Metals bankruptcy will add to supply side pressures to the US bullion industry, and may be further exacerbated if silver and gold spot prices continue to fall in the weeks and or months to some.

Both ongoing stories were and will continue to be covered on the Silver Doctors website ahead.

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