Prices and Charts
| Looking to sell your gold and silver? | |
|---|---|
| Buying Back 1oz NZ Gold 9999 Purity | $4435 |
| Buying Back 1kg NZ Silver 999 Purity | $1688 |
Gold Hits Another All-Time High in NZD and USD
Gold in New Zealand dollars jumped over $100 again this week. Up $122 to hit another all-time high at $4675 today. The RSI overbought/oversold indicator remains in very overbought above 70 (circled in blue). So this would say gold is overdue a pullback. However as we saw during March and most of April this year, gold can stay overbought for many weeks at a time. So it could still run even higher from here.
But buy zones to watch for upon any pullback are all the round numbers. From $4500 all the way down to $3900. Which coincides with the 200 day moving average and the upper margin of the previous uptrend channel. Not so sure we’ll see that mark in a real hurry though.
In USD terms gold also hit a new all time high. Up $39 from last week to $2788. This is certainly a very strong bull market that continues to sneak mostly under the radar. Round numbers are also the buy zones from $2700 down. With $2500 being the new major support level.
NZD Silver Dipping After Hitting a New 13 Year High
Silver in NZ dollars was down $1.06 from last week to $56.63. It dropped overnight after hitting a new 13 year high yesterday. The RSI is close to overbought but it looks like silver is heading towards the all time NZD high above $60. That will be a major test to see if silver can break through there on the first try.
In USD silver was down $1.06 or 3% to US$33.77. Dipping down from the next overhead resistance level at US$35. But it looks like silver is on its way to retest the all time high at US$50.
Silver looks to have joined gold in the “buy any minor dip club”.
Weaker Kiwi Dollar Boost Local Metals Prices
We’ve already noted how both gold and silver in NZ dollars respectively hit all time and 13 year highs this week. A weaker Kiwi dollar played a part in this, falling 74 basis points from last week to 0.5963. The Kiwi is close to retesting the green uptrend line now. But if it can bounce off there, this still may be the start of a longer term uptrend.
Need Help Understanding the Charts?
Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:
Gold and Silver Technical Analysis: The Ultimate Beginners Guide
Continues below
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Uncertain When to Sell Your Gold? This Week’s Guide Might Help
In this week’s feature article, we discuss when it might be time to sell your gold. The article introduces several indicators to watch for, such as changes in the Dow-to-gold ratio and shifts in real interest rates. It also covers how market demand and economic cycles can impact the decision to sell. Along with alternatives to a full sell-off, considering if holding onto some gold might still be prudent.
If you’re curious about key signs for an optimal selling point, this article offers a clear roadmap for making a well-timed decision when the market is right.
Check it out below
When Will You Know It’s Time to Sell Gold?
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Capital Rotation Into Gold, 1930, 1972, 2002 and… Now
This graphic shows that 10 out of 12 markets or measures have now entered a bear market versus gold. There are only 3 other dates that this has happened…
BRICS Pay Announced. But What is the BRICS Unit?
The BRICS meeting continued this past week. Just like last year, there were plenty of rumours about an announcement of a gold backed BRICS currency. But like last year that didn’t eventuate. However there was a bit of noise about BRICS Pay, which sounds like it is quite similar to Wepay in China at the retail level.
“BRICS has announced a new payment system called BRICS Pay.
The payment app is currently being live-tested at the BRICS business forum at the International Trade Centre in Moscow, ahead of next week’s BRICS Summit in Kazan.
This is a quote, directly from the BRICS Pay website:
“BRICS Pay might be a cornerstone for payments for Sovereign and Prosperous Nations.
Achieving financial independence is paramount for nations seeking political, energy, food, technological, and other forms of sovereignty.
Full control over financial resources is necessary for countries to achieve true sovereignty. This pursuit is a shared goal among nations striving for independent policies and the well-being of their citizens.”
On the BRICS Pay website, mention is also made of “The Unit,” a proposed new currency, and BRICS CLEAR, an interstate digital settlement system for cross-border securities settlement.
This Gulf News covers BRICS Pay in some detail. But here’s a summary:
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring ways to reduce their dependence on the US dollar. One ambitious proposal is the creation of a BRICS digital currency, known as “BRICS Pay.”
What is BRICS Pay?
BRICS Pay is a digital currency platform designed to facilitate cross-border transactions within the BRICS alliance. It aims to streamline trade, investment, and microfinance, while also reducing reliance on the US-dominated SWIFT system.
How does BRICS Pay work?
BRICS Pay is built on blockchain technology, offering a secure and transparent system for transactions. It allows for the exchange of currencies between BRICS nations, potentially leading to faster and more cost-effective payments.
Challenges and Opportunities
While BRICS Pay holds significant potential, it faces several challenges:
- Economic Divergence: The BRICS nations have diverse economic structures and development levels.
- Political Will and Cooperation: Strong political will and cooperation among member nations are crucial for success.
- Infrastructure and Technology: Establishing a robust financial infrastructure and payment platform is essential.
- Interoperability: BRICS Pay needs to be interoperable with traditional global financial systems.
- Regulatory Hurdles: Aligning diverse regulatory frameworks across BRICS nations is a major challenge.
Summary of the BRICS Meeting
As happens at every BRICS Summit, there is a declaration which outlines the decisions, goals, and agreements between the members.
Here is what was in the declaration relating to currency and banking:
1. The leaders of the BRICS countries express their commitment to enhancing financial cooperation within BRICS. They support the use of local currencies in financial transactions between BRICS countries and their trading partners.
2. The document tasks the Finance Ministers and Central Bank Governors of the BRICS countries to continue considering local currencies, payment instruments, and platforms. They are to report back to the BRICS leaders by the next Presidency.(next year)
3. The BRICS Contingent Reserve Arrangement (CRA) is recognized as an important mechanism to forestall short-term balance of payments pressures and strengthen financial stability. The document expresses support for the CRA mechanism improvement via envisaging alternative eligible currencies and welcomes the finalization of the amendments to the CRA documents.
4. The New Development Bank (NDB) is recognized for its role in promoting infrastructure and sustainable development of its member countries. The document expresses support for the further development of the NDB and the improvement of corporate governance and operational effectiveness of the NDB.
5. The document welcomes the BRICS Interbank Cooperation Mechanism (ICM) focus on facilitating and expanding innovative financial practices and approaches for projects and programs. This includes finding acceptable mechanisms of financing in local currencies. Continued dialogue between the ICM and the NDB is encouraged.
There may not have been a gold backed currency announced. But there was this:
“Russia is in talks with other BRICS members about creating an international precious metals exchange to ensure fair pricing and trade growth, the country’s Finance Minister Anton Siluanov said in a statement on Thursday.
…The BRICS precious metals exchange would rival Western trading platforms, such as the London Metal Exchange, and would protect trade from sanctions imposed by the West on BRICS members Russia and Iran.”
These are all just further steps along the road to the end of the dollar as global reserve currency. These changes happen slowly… until one day they happen fast!
So make sure you have your protection in place as no one knows when the “fast” day will arrive.
Please get in contact for a gold or silver quote, or if you have any questions:
- Email: orders@goldsurvivalguide.co.nz
- Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
- or Shop Online with indicative pricing
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