Prices and Charts
Gold in NZ Dollars Hits Pulls Back After New 6 Year Record High
After setting a new 6 year high last week, gold in New Zealand dollars has pulled back this week.
But it’s still sitting above $1960 today.
With the NZ dollar so oversold (see chart further down the page), we could see that bounce higher. If so then the local gold price could pull back further yet too. Maybe to the 50 day MA at $1920?
Silver fell about twice as far as gold did this week. NZD silver is now back at the bottom of the consolidation range it has traded in since early March. So there is now real clear direction for silver. As we keep saying we will need to see a solid breakout by gold for silver to follow.
NZ Dollar Lower Again
Meanwhile the NZ dollar continues on its downward trajectory. Setting a new low today at 0.6500. As noted already the Kiwi is very oversold, so a bounce higher from here would not surprise.
However further lows still seem likely in the longer term. 0.64 is the next line of support to watch for.
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:
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How Does War Affect the Gold and Silver Price?
Tensions have escalated recently between the USA and Iran.
Various incidents have taken place after Trump decided to try to cut off Iran’s oil exports in a bid to get Tehran back to the negotiating table over its suspected nuclear weapons programme.
Trump this week warned “Iran would be met with “great force” if it attacked U.S. interests in the Middle East”.
While the BBC reports: “All of the ingredients for a confrontation are there: a lack of clarity in the US approach; the potential desire by Iran to push matters to the brink; and a series of incidents in the region itself (the recent sabotage against a small number of oil tankers and the rocket attack near the US compound in Baghdad) which demonstrate that there are elements on the ground eager to inflame tensions and test the US administration’s resolve.”
As always with these skirmishes it’s very difficult to tell bluster and bombast from true intentions.
But interestingly a Reuters poll shows that half of all Americans believe that the United States will go to war with Iran “within the next few years”.
Who knows what is going on behind the scenes? But nonetheless there is certainly more tension in the region than there has been for some time.
So it’s worth considering what impact would such a war have on the gold price? Is it as simple as war causes gold prices to rise?
We’ve done a bit of research into this topic. Check it out below.
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.
Reminder: The Dangers of Paper Gold and Abdicating Management of Your Wealth
In the news this week, a reminder of the dangers of trusting someone else to manage your wealth. And also why you shouldn’t confuse “Investing” and “Wealth Protection”.
Businessman on trial over $10 million taken from investors
“Steven Robertson allegedly took $10 million from investors in his share and gold trading companies, but instead he spent the money on himself and his business expenses.
Robertson, 46, has pleaded not guilty to 47 charges laid by the Financial Markets Authority in the High Court in Auckland.
…Robertson, who owned PTT Limited (Prosper Through Trading), allegedly promised 22 investors big returns on investments made in share gold and commodities, but instead used their money to buy , jewellery, cars, dining out and renovations, as well as paying his mortgage and business expenses the court heard on Monday.”
If you’re after a quick buck, then best take your chances with the “traders”.
But if you want wealth protection then you’ve come to the right place. Get in touch with any questions you have:
- Email: firstname.lastname@example.org
- Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
- or Shop Online with indicative pricing
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