This Week:
- Why Gold Bullion is Your Financial insurance
- All $10,000 Cash Transactions and $1,000 International Transfers Now Reported to N.Z. Police
- Rickards: Gold Price Has Been Locked to SDRs and Global Monetary Reset is Under Way
Prices and Charts
Gold in NZD Still Holding Above the 200 Day Moving Average
In US Dollar terms gold dipped to new 2018 lows this week (see the lower half of the below chart). However with the NZ Dollar weakening sharply, the local price of gold is actually up for the week by 0.88%.
USD gold may well have formed a bottom yesterday after touching the uptrend line from late 2015. So if the Kiwi dollar remains fairly weak (more on that shortly), we could see a challenge of the $1900 mark again before too long.
We’re Seeing the Same Pattern in Silver
The USD price of silver (bottom half of the below chart) also made a new low for 2018 yesterday before jumping back today. We saw a false breakout higher in silver last month from the multiyear wedge formation. So perhaps we are witnessing a false break lower now too?
Meanwhile in NZ dollar silver is holding above the moving average lines and remains close to breakout levels. Much like gold we could see NZD silver push higher if the Kiwi dollar remains weak.
Kiwi Dollar Even Weaker
You can see in the below chart that the NZ dollar clearly broke below the horizontal support line at 0.68. Yesterday the Kiwi even dipped briefly below 0.67.
The 5 year chart below shows the NZ dollar is at its lowest point for over 2 years. It now sits not too far above the multiyear low at 0.62. But the Kiwi remains extremely oversold so we are still waiting for a bounce higher in the short term.
However if the NZ dollar weakness persists and we get a bit of strength in US gold and silver prices, we could see some new highs in local precious metals prices in the months ahead.
Seasonally June is often also the weakest month for gold, making now a good time to buy.
Learn more about that here: Does Gold Seasonality Affect the NZ Dollar Gold Price?
Unsure About Any Terms We Use When Discussing 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:
Continues below
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Gold Mining Shares Moving Higher – Leading Indicator for Gold
Another positive currently is that gold mining shares have been moving higher over the past week. Even while gold itself has been falling.
As NIA pointed out 2 days ago:
“Historically, gold miners have led gold prices higher, with miners breaking out before the price of gold and making their largest gains during the early stages of major gold rallies. By GDX rising big despite gold sitting near its 2018 low, it is an extremely bullish sign that a major gold rally is ahead.”
All $10,000 Cash Transactions and $1,000 International Transfers Now Reported to N.Z. Police
Financial privacy in New Zealand took a blow this week when new reporting rules for banks and financial institutions came into force. All cash transactions over $10,000 will now be reported by banks to the police regardless of whether they appear suspicious or not.
We also outline the current and future reporting requirements for gold and silver dealers. So learn more about upcoming changes when you buy gold and silver.
Rickards: Gold Price Has Been Locked to SDRs and Global Monetary Reset is Under Way
Have you read about the IMF Special Drawing Rights (SDRs)?
The latest research from Jim Rickards points to the gold price being “locked” to the SDR since the Chinese Yuan was added to the SDR in 2016.
It’s an interesting theory and worth checking out…
Your Questions Wanted
Remember, if you’ve got a specific question, be sure to send it in to be in the running for a 1oz silver coin.
Why Gold Bullion is Your Financial Insurance
Each week we write about what the gold price is doing and where it may go in the future.
But this week we’ve written an article about why only thinking about the profit potential of gold is perhaps a mistake.
If you have trouble convincing anyone of the need to hold gold, then this may help. We compare gold to a standard insurance policy for your house or car, and see how similar it is.
Although there is also a key difference and advantage with gold…
Have you got your financial insurance yet? Remember it’s too late to buy insurance once the “house is on fire”.
New Gold and Silver Deals Page
After a deal on gold or silver? We have a new deals page. Check out bulk price specials on 1 kg silver coins, 100 oz silver bars and backdated gold maples.
Shop Gold and Silver Deals
So head over and see all the new products available today.
- 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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GATA’s Chris Powell this week highlighted a reprint of an analysis by Jim Rickards in his latest Gold Speculator letter. Rickards argues: “…that the great “global monetary reset” often speculated about is already underway, as indicated by the recent close correlation between the gold price and the International Monetary Fund’s super-currency, the Special Drawing Right, […]
Do you buy gold with the expectation it will go up in price? Perhaps this isn’t the best way to think of gold. See why you should think in terms of wealth protection first, rather than profit potential… We prefer not to talk about gold being an investment. Investing is what you do with any […]
Last March we wrote about the upcoming changes in financial reporting requirements in New Zealand. New Banking rules set to come into force in November will mean any cash transactions over $10,000 will have to be reported to police by New Zealand banks. On top of this banks will also have to alert the Police […]
This Week: What Type of Silver Bar Should I Buy? RBNZ: Too Early to Say for Central Bank Digital Currency – Reading Between the Lines The Chicago Plan: The Final Assault in the War on Cash Prices and Charts Looking to sell your gold and silver?Visit this page for more information Buying Back 1oz NZ Gold 9999 Purity $1766 Buying Back 1kg […]
