Prices and Charts
The Gold Correction is Underway
The gold correction we expected (see: USD Gold Breakout – 6 Year High Above $1400 – What Happens Now?) is underway.
NZD gold is down just under 2% from last week. It was even lower than that level yesterday. But this morning bounced back.
The unknowable question now is how far will gold correct?
We outlined some levels to watch for last week in the post mentioned above. So check that out for more detail.
However we’d guess $2050 remains a good mark to watch for.
But there is also the chance we see gold consolidate in a more sideways range for a bit. This too would work it back down to more neutral levels on the RSI overbought/oversold indicator.
You may choose to split any buying you wish to do so you don’t get stuck waiting on the sidelines.
Meanwhile silver is down too. Just not quite so much as gold.
Having broken above it, NZD silver now sits right on the multi year downtrend line.
So we’re still waiting for silver to play catch up with gold.
The New Zealand dollar moved higher during the week. But has pulled back today. So the Kiwi remains stuck in the 0.65 to 0.67 range it’s been in since April.
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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New Zealand Bank Deposit Protection Scheme – Does N.Z. Have Bank Deposit Insurance?
The government announced a proposed bank deposit protection scheme last week.
So we delve into what is effectively a limited government guarantee of bank deposits will look like.
You’ll see:
- The history of bank guarantees in New Zealand
- What we don’t yet know about the proposed bank deposit protection scheme
- Will bank deposits held by a Kiwisaver scheme be covered?
- Does a government guarantee make our banks safer?
- How does it compare to other countries?
- An alternative to relying on the bank deposit protection scheme
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.
Derivatives – a Beginner’s Guide to “Financial Weapons of Mass Destruction”
Have you noticed lately there is still plenty of discussion over Deutsche Banks derivative portfolio and the risks this places on the global financial system?
Greg Hunter at USA Watchdog recently interviewed Charles Nenner on the subject of Deustche Bank.
While others think: “The black hole surrounding derivatives is just as dark today as it was in 2008 – and just as dangerous.”
So just what are these mysterious derivatives?
Read on to learn about:
- The history and origin of derivatives
- How derivatives morphed from farmers friend to financial weapons of mass destruction
- Why do interest rate derivatives now make up so much of the total derivative pool?
- What do these derivatives mean for New Zealand?
- How NZ bank derivatives have grown too
- How to protect yourself from derivative Risk
Get Your Wealth Protection
A key theme of both this weeks articles is protection.
Gold and silver are wealth protection.
They’ll give you peace of mind – once you own the physical metals.
Give us a call if you have any questions about buying either.
- 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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How safe are your bank deposits? Does New Zealand have a bank deposit insurance scheme? Or is there a government bank deposit guarantee? The short answer is no. New Zealand doesn’t currently have a bank deposit protection scheme. However this may be about to change. The Labour/New Zealand First government announced a plan on 24 […]
Following the 2009 financial crisis, the term derivatives has been firmly embedded in todays lexicon. With the failure of Bear Stearns in 2008, and subsequent bailout of multiple other too big too fail banks, the term “derivative” was popping up everywhere. Then in 2012 we had JP Morgan’s $7 billion trading loss on credit derivatives […]
The New Zealand central bank is aiming to increase the amount of capital New Zealand Banks must hold. Why would they want to do this? Does the Reserve Bank of New Zealand (RBNZ) see some troubles looming on the horizon? Read on to find out… IMF’s Dire Warning on Global Economy In the Herald in […]
USD Gold this week broke above the key level of US$1400. Just under a week ago it broke above $1375. What happens now? Prior to this breakout, gold had attempted to break through this overhead resistance at $1375 six times in recent years. But now that the breakout has occurred, gold in USD is at […]
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