This Week:
- Why is it More Expensive to Buy Silver in New Zealand?
- Should I Buy Gold and Silver Coins or Bars?
- New Zealand’s Harsh International Border Rules Making the News Overseas
- Swiss Refiner MKS Pamp on Short Squeeze For Gold
- Former RBNZ Governor: A decade of high debt and loose money comes home to roost
Prices and Charts
NZD Gold Jumped Just Under 1% This Week
Now not too far from the 2018 highs above $1900 set in May. Gold in NZ dollars is also not too far from testing overhead resistance around the $1925 level.
With so little interest in gold it’s hard to believe that the New Zealand dollar price is not far from the 2016 high just under $1950. The chart is showing a lot of price pressure building up around that $1900 region. We might not be too far from a break through of that level.
NZD silver also performed well this week – up 1%. Silver is holding above the 50 day moving average (MA) and looks to be building to challenge the 200 day MA. Silver looks to have made a solid bottom at the $21.50 area.
The Kiwi dollar once again was turned back at the 50 day moving average mark. We’d expect the NZ dollar to perhaps move sideways for a bit. But instead it just keeps making lower highs and lower lows. Locked in a downtrend, the weak Kiwi remains the number one reason for New Zealanders to buy gold and silver currently. Read more >>
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:
New Zealand’s Harsh International Border Rules Making the News Overseas
Sovereignman.com reported on how New Zealand’s International Border Has Become a “No Rights Zone”.
Simon Black explained how in 1215 the Magna Carta guaranteed certain rights to the people of England… and restrictions on King John’s power.
Then in 1678, King Charles II ran out of money, and demanded extra taxes from his knights, and imprisoning those who refused to pay.
He was forced to signed the writ of Habeas Corpus in exchange for more money. Black elaborates further:
“Habeas Corpus said that government officials could not imprison people for no good reason. Prisoners had the right to go before a judge to determine if their imprisonment was justified.
Just because the government accused you of something didn’t mean they could do whatever they wanted to you.
In 1791, the Bill of Rights enshrined into law the right to speak out against officials, the right to be considered innocent until proven guilty, and to be secure against unreasonable search and seizure.
These concepts of individual rights were shaped in the UK and US. But they apply universally.
Unfortunately, some governments seem determined to erase all this progress.
If you’re traveling to New Zealand, you should be aware of the Customs and Excise Act of 2018. It just went into effect at the beginning of October.
New Zealand Customs and Border agents can now demand passwords for any electronic devices you bring into the country. They can download the entire contents of your phone or laptop, and search through it for evidence of a crime.
Agents could always search phones and laptops at the border. But now they can fine you up to $5,000 ($3,300 USD) for refusing to hand over the passwords, codes, and encryption keys to your devices.
The new law also allows Customs agents to collect biometric data from anyone entering the country. That means they can take your fingerprints, photo, or iris scans, store them, and share them.
And even worse, New Zealand’s Customs website explains:
“Making an arrest without a warrant can now be done with no limitation to timeframe.”
So now you officially have no rights at the New Zealand border.
Agents can search your electronics without cause, and fine you for refusing to give out your password. They can collect, store, and share any of your biometric data they want.
They can arrest you without a court order, and hold you for as long as they like.
It’s not like New Zealand is some third world country… They actually adopted the Habeas Corpus Act in 1881 while under British rule.
Along with the the UK, USA, Australia, and Canada, New Zealand’s legal system is part of the Western tradition. This is the legal basis, starting with the Magna Carta, that protects common people’s rights against overreaching authorities.
These countries also make up the Five Eyes intelligence alliance… They have all agreed to share secrets from their spy agencies with one another.
For a visualization of the Five Eyes Alliance, just look at a map of Oceania from George Orwell’s 1984—the dystopian classic portraying the ultimate authoritarian police state.
And unfortunately, New Zealand isn’t the only Five Eyes government acting like Big Brother—the embodiment of the omnipresent surveillance state in 1984.”
…They treat everyone like a criminal, they say, to protect the innocent.
They search the innocent to protect their rights.
Habeas Corpus, the right to be secure against unreasonable search and seizure, the rights of the accused… these are quickly becoming lost to the memory hole of history.”
Source.
The old line of “if you’ve nothing to hide you have nothing to fear” always gets trotted out when these destruction of civil liberties occur.
But the complete side-stepping of these centuries old laws upon which supposed civil western society was born is concerning.
911 was used as an excuse to bypass these laws in the US.
We’re not sure what the excuse is here in N.Z., but probably protection from the “bad guys” is the reason being used here too.
But what if a not particularly honest customs officer forced you to open an encrypted flash drive containing private keys for some cryptocurrency holdings? Then made a copy of these? What proof would you have when your crypto holdings disappeared?
These changes haven’t made the news too much here. Unfortunately it’s probably just another number higher on the dial on the stove-top, as the frog in the pot is slowly cooked without realising it.
Continues below
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Swiss Refiner MKS Pamp: Gold Now Reaching Level That Will “squeeze further shorts out of the market and see gold toward $1250”
The gold trading desk at Swiss Refiners MKS Pamp in their update this week said:
“Supportive price action around $1210-1220 should restrict declines amid current global political uncertainty, while a test through $1230-1235 will likely squeeze further shorts out of the market and see gold toward $1250.”
While German Commerzbank said:
“We believe gold is likely to have received its biggest boost [last week] from short covering.”
They noted the record size of the net short position ahead of last Thursday’s price jump.
“If this entire quantity were to be bought back, the gold price would no doubt increase considerably.”
This short covering rally idea even was published on Forbes yesterday:
Gold Could Experience Mother-Of-All Short Covering
So keep a close eye on gold if you’re looking to buy in the coming weeks.
Why is it More Expensive to Buy Silver in New Zealand?
We updated a very old article of ours this week. After a prospective client from the USA pointed out that our prices for a monster box of silver coins was not too different from what he saw in the USA.
Silver is still a little more expensive in New Zealand though. Here’s why:
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.
Should I Buy Gold and Silver Coins or Bars?
A common question when buying gold or silver is whether to go for coins or bars.
In this article we also look at the rationale for buying locally refined products versus imported bars and coins.
Former RBNZ Governor: A decade of high debt and loose money comes home to roost
Alan Bollard joins the line up of ex-central bankers sounding warnings about “loose money” that occured on their watch. We’ve heard “warnings” from Greenspan and Bernanke in the USA in recent years. And former UK prime minister and chancellor of the exchequer Gordon Brown just last month warned we were sleepwalking into a crisis.
Now Bollard says:
“It may be that some future economic risks are not yet fully priced into markets. Already there have been significant swings in exchange rates as the US reserve currency strengthens and some third countries are considering erecting new tariff structures themselves.
Apec finance ministers are convening to address these issues, including growth prospects and how to make tax policies, financing and economies more effective and inclusive. But now, as they prepare their advice for the region’s leaders, including Prime Minister Jacinda Ardern, to meet here in November, there is another issue on the agenda – new economic and financial risks.
Since the global financial crisis, financial sector debt has decreased appropriately, but cheap credit has brought mounting debt in the private sector and state-owned enterprises in emerging markets. Deteriorating local currencies and tightening international monetary policy could make it difficult to service some of this debt. Tariff increases causing domestic inflation would worsen policy options.
Ten years ago, we saw how badly managed financial risk could hurt the world’s economies. A decade later, we do not want to see how badly managed economic risk could trigger another financial crisis.”
Nice to see these guys giving warnings even if they are many years too late and aren’t offering any real suggestions to counteract the risks that built up on their watch!
Make sure you have some protection in case their warnings eventuate.
And make sure your own debt levels aren’t too high. Pay down some debt if you can.
Check out the deals going currently.
- 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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