Sinking Currencies – Gold Goliath

Posted on :Aug 12, 2015

Gold prices are hitting a three week high in early Wednesday trading as bargain hunters jump back in. Gold last reported a.m. is $1124.40 and silver is $15.60.

Silver offers an unprecedented opportunity as it is currently available for $8.40 per ounce below production costs. Mining companies cannot continue producing silver at a loss.

China devalued the Yuan for a second day forcing global stocks to fall under the hammer. The S & P index lost 1.4% in early trading today and Stoxx Europe fell 3%.  China’s yuan led the biggest two-day slide in Asian currencies since 2008. The decision on Tuesday to devalue the yuan and shift to a more market-determined rate sparked concern that any slowdown in the world’s second-largest economy will spill over to the European and American markets.

China’s yuan devaluation also sparked safe-haven demand for gold adding to concerns that more countries will weaken their currencies. Gold for immediate delivery climbed for a fifth day, the longest run since May, and increased as much as 1 percent to $1,120.02 an ounce.

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