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Golden Star Resources, Ltd. Message Board

studebaker1940 291 posts  |  Last Activity: 2 hours 3 minutes ago Member since: May 14, 2008
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  • Credit Suisse is forecasting that gold will hit $1,500 an ounce by the early part of next year on prolonged macroeconomic uncertainty.

    The bank said gold, up sharply so far this year, already hit its prior forecast after the U.K. vote last week to leave the European Union. Back in April, Credit Suisse had expected gold to hit $1,350 an ounce by the first quarter of 2017.

    “The common argument we hear from gold participants is that gold is currently benefitting from a fear trade on Brexit, and that may indeed be the case,” Credit Suisse said in a report late Wednesday. “But we think this recent fear trade leads to something more enduring as the surprise Brexit vote has solidified and intensified macro and political uncertainty and extended the time frame for a negative real rate environment in the U.S. and potentially abroad.”

    Now, the bank sees gold averaging $1,475 in the fourth quarter and $1,500 in the first quarter of next year. Still other supportive influences include continued central-bank diversification into gold and uncertainty ahead of the November presidential election. Credit Suisse forecast gold supply deficits for this year and next, projecting increased demand from exchange-traded funds and hoarding of bars and coins.

    “Meanwhile, we continue to expect mine supply to decline over the next three years,” Credit Suiise said.

    Credit Suiise also upped its silver forecast to $19.50 an ounce by the fourth quarter. The bank listed a “long-term” outlook of $20, with the gold/silver ratio returning to 65 to 1.

    “Silver market deficits drive our higher price forecast as we see increased ETF demand and lower our
    expectation for mine supply,” the bank said.

    Credit Suiise looks for a physical silver supply deficit of 114 million ounces this year and 55 million next year, before returning to balance in 2019. Mine supply is expected to be flat in 2016.

    By Allen Sykora of Kitco News

    Sentiment: Strong Buy

  • “Billionaire Investor George Soros Warns of EU Dissolution Amid Brexit
    Geoff CADDICK

    Disintegration of the European Union (EU) is possible and practically inevitable after the United Kingdom (UK) voted for the exit from the EU, known as Brexit, billionaire investor George Soros said Saturday.

    MOSCOW (Sputnik) — On Thursday, the United Kingdom held a referendum to determine whether or not the country should leave the EU. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.

    “Now the catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible,” Soros has written in a commentary on the website Project Syndicate.

    While the consequences of Brexit for the UK can be such that the “UK itself may not survive,” according to Soros, “the implications for Europe could be far worse.”

    On Tuesday, world-renowned economist Soros predicted that Brexit would be a catastrophe for the UK economy, stressing that the pound would drop by 15-20 percent, and his estimations appeared were confirmed following the referendum. "The EU truly has broken down and ceased to satisfy its citizens’ needs and aspirations. It is heading for a disorderly disintegration that will leave Europe worse off than where it would have been had the EU not been brought into existence."

    A demonstrator holds a placard during a protest against the outcome of the UK's June 23 referendum on the European Union (EU), in central London on June 25, 2016.
    © AFP 2016/ JUSTIN TALLIS
    Petition Calling London to Join Independent Gathers Over 150,000 Signatures
    Soros called for "serious program of Eurozone reform, which would have to include a genuine banking union, a limited fiscal union, and much stronger mechanisms of democratic accountability," noting that "time is not on Europe’s side."

    Following the Brexit referendum, several other EU states witnessed the requests for holding the referendum on the exit from the EU.

    On Saturday, a petition to hold a referendum on Finland's membership in the EUhas been launched by the country's nationalist Finns Party, gathering over 10,000 signatures so far, local media reported.

    Also on Saturday, the Slovakian far-right People's Party – Our Slovakia on Saturday launched the petition to Brexit-style referendum, and Marine Le Pen, the leader of France’s National Front (FN) party, said that French President Francois Hollande has rejected the possibility of a Brexit-style referendum to be held in France which her party is calling for.

    Sentiment: Strong Buy

  • Q3 Should Be Good For Junior Gold Miners – CIBC

    Wednesday June 29, 2016 11:01

    (Kitco News) - Junior gold miners have significantly outperformed the gold market and one Canadian bank sees more potential for this mining sector as the market enters into seasonally strong period.

    Since the start of the year, Market Vectors Junior Gold Miners ETF (NYSEARC: GDXJ) has rallied more than 112% -- benefiting from gold’s nearly 25% rally -- and equity analysts at CIBC World Markets said in a report Wednesday that there is still room for prices to move higher in the next quarter.

    Gold Chart

    “Entering what we expect to be a seasonally strong period for gold prices in Q3, we recommend that investors should be adding weight to their exposure in gold equities and think the junior segment will offer the greatest upside to a move in the underlying commodity,” wrote Jeff Killeen and Daniel Gavin, the two authors of the report.

    The analyst said that their two top picks in the junior sector space is Pretium Resources (TSX: PVG) and Premier Goldmines (TSX: PG).

    One of the reasons the bank is bullish on the junior sector is because of the lack of growth potential among mid-tier and major producers. They explained that that if these sector are to grow, they will have to acquire companies that have resource potential.

    The analysts noted that merger-and-acquisition activity has picked up as True Gold, Claude Resources, St Andrews Goldfields, Lakeshore Gold and Kaminak have all been purchased within the last six months. However, they added that gold prices have to rise higher before there is a significant pickup in M&A activity.

    The report noted that the junior sector offers more “torque” to higher gold prices compared to producers and decline less rapidly in a weakening gold price environment.

    CIBC is only the latest in the growing choir of analysts who have highlighted the junior sector as the best opportunity for investors. Last week, in an interview with Kitco News, Brent Cook, geologist and editor of the popular newsletter Exploration Insights, said that early-stage and early-stage pre-discovery companies offer the most potential for investors as majors look for new projects.

    “Your share prices are way up there, so major mining companies can afford to pay for these deposits with paper. They need to replace the ounces they are producing,” he said. “They aren’t doing that internally so we are going to see a lot more purchase.”

    By Neils Christensen of Kitco News;

    Sentiment: Strong Buy

  • CME Group Increasing Margins For Comex Gold Futures
    Monday June 27, 2016 08:50

    (Kitco News) – Margins will rise for Comex gold futures at the close of business on Monday, according to a notice from exchange operator CME Group.

    In the case of the main Comex gold contract, the margin for new speculative positions will rise to $6,050 from $4,950. The maintenance margin for existing speculative, plus all hedge positions, will rise to $5,500 from $4,500.

    Margins act as collateral on trades in the futures market. CME Group said the increase was “per the normal review of market volatility to ensure adequate collateral coverage.”Margins will rise for Comex gold futures at the close of business on Monday, according to a notice from exchange operator CME Group.

    In the case of the main Comex gold contract, the margin for new speculative positions will rise to $6,050 from $4,950. The maintenance margin for existing speculative, plus all hedge positions, will rise to $5,500 from $4,500.

    Margins act as collateral on trades in the futures market. CME Group said the increase was “per the normal review of market volatility to ensure adequate collateral coverage.”

    At one point Friday, most-active gold futures were up some $100 an ounce after the U.K. voted to leave the European Union, before finishing with a gain of nearly $60. There was also volatility in other markets. As a result, CME Group also increased margins for a number of currencies, including the euro, British pound and Japanese yen futures, as well as interest-rate futures, including 10-year U.S. Treasury notes.

    By Allen Sykora of Kitco News

    Sentiment: Strong Buy

  • Please listen to this presentation because it encapsulates what Bill Holter and I have been saying for generations. The time is now. The people coming out of their MSM induced coma now will not be moved by market camouflage. They cannot care less as they have never owned a security or commodity. No politician can deny and convince others in that state of denial that the system is totally broken.

    The sheeple are waking up, and the grounds of political, economic and social order is shaking. It cannot be stopped.

    This man who is free of filters is joy to hear.

    Nigel Farage tells MEPs: You’re not laughing now

    He was jeered as he addressed the parliament during an emergency debate on the UK’s vote to leave the EU.

    Mr Farage, who was jeered by some MEPs, said EU politicians were “in denial” about the eurozone and migration.

    EC president Jean-Claude Juncker asked Mr Farage: “You were fighting for the exit, the British people voted in favour of the exit. Why are you here?”

    Mr Juncker said the will of the British people must be respected, but said the Leave campaign had “fabricated reality” with some of its claims.

    “Isn’t it funny,” Mr Farage said.

    “When I came here 17 years ago and said I wanted to lead a campaign to get Britain to leave the Europeans Union, you all laughed at me.

    “Well you’re not laughing now.”

    He called for a “grown up and sensible attitude to how we negotiate a different relationship”, and declared: “Most of you have never done a proper job in your lives.”
    He called for a "grown up and sensible attitude to how we negotiate a different relationship", and declared: "Most of you have never done a proper job in your lives."

    He was told the comment was not acceptable by Parliament president Martin Schulz, who lambasted the heckling MEPs for "acting like UKIP".

    The UK's EU commissioner Lord Hill, who announced his resignation in the wake of the Brexit vote, was given an ovation by MEPs.

    Sentiment: Strong Buy

  • studebaker1940 studebaker1940 Jun 29, 2016 7:59 AM Flag

    LORD Z I doubt seriously that anyone here cares if you are impressed or not. I am impressed by your gall.PS That is not a good thing. BAAAABYE

    Sentiment: Strong Buy

  • Reply to

    JUST FOR YOU WILDTHING

    by studebaker1940 Jun 27, 2016 9:07 AM
    studebaker1940 studebaker1940 Jun 28, 2016 3:26 PM Flag

    To tell you the truth , so do I

    Sentiment: Strong Buy

  • Reply to

    JUST FOR YOU WILDTHING

    by studebaker1940 Jun 27, 2016 9:07 AM
    studebaker1940 studebaker1940 Jun 28, 2016 12:28 PM Flag

    Wasn't taken as an insult MARTY. I mostly just post it because it seems to give WILDTHING fits

    Sentiment: Strong Buy

  • Reply to

    JUST FOR YOU WILDTHING

    by studebaker1940 Jun 27, 2016 9:07 AM
    studebaker1940 studebaker1940 Jun 28, 2016 10:56 AM Flag

    MARTY you mean you think that I and HENHOUSE are manipulating this premarket. I only post when there seems to be unusual activity and most everything I post can be found if one looks hard enough.

    Sentiment: Strong Buy

  • Reply to

    JUST FOR YOU WILDTHING

    by studebaker1940 Jun 27, 2016 9:07 AM
    studebaker1940 studebaker1940 Jun 28, 2016 8:02 AM Flag

    NANOO, NANOO WENDY. This is Mork from Ork. You have found out my devious plan. I will have to disintegrate you with my lazier beam.

    Sentiment: Strong Buy

  • Reply to

    Goodbye for now GSS, time to move on

    by bjohnson8400 Jun 17, 2016 10:52 AM
    studebaker1940 studebaker1940 Jun 27, 2016 5:44 PM Flag

    MFRANK you gotta do what you feel comfortable with. I try not to rag on legitimate posters. My situation is a little different , do not have to sell at this time and I have made a bit with my last purchases. Still behind some overall, but in a much better place than 2-3 months ago. Good luck.

    Sentiment: Strong Buy

  • studebaker1940 by studebaker1940 Jun 27, 2016 9:07 AM Flag

    Golden Star Resources, Ltd Common Stock Real Time Stock Quotes
    GSS
    $0.6785
    *
    0.044
    6.93%

    *Real-Time - data as of 6/27/2016 9:04:02 AM
    46,230 $ .74
    (07:07:27 AM) $ .6501
    (08:17:22 AM) $.74

    Sentiment: Strong Buy

  • Bravo Brexit!
    June 24, 2016
    David Stockman

    At long last the tyranny of the global financial elite has been slammed good and hard. You can count on them to attempt another central bank based shock and awe campaign to halt and reverse the current sell-off, but it won’t be credible, sustainable or maybe even possible.

    The central banks and their compatriots at the EC, IMF, White House/Treasury, OECD, G-7 and the rest of the Bubble Finance apparatus have well and truly over-played their hand. They have created a tissue of financial lies; an affront to the very laws of markets, sound money and capitalist prosperity.

    So there will be payback, clawback and traumatic deflation of the bubbles. Plenty of it, as far as the eye can see.

    On the immediate matter of Brexit, the British people have rejected the arrogant rule of the EU superstate and the tyranny of its unelected courts, commissions and bureaucratic overlords.

    As Donald Trump was quick to point out, they have taken back their country. He urges that Americans do the same, and he might just persuade them.

    But whether Trumpism captures the White House or not, it is virtually certain that Brexit is a contagious political disease. In response to today’s history-shaking event, determined campaigns for Frexit, Spexit, NExit, Grexit, Italxit, Hungexit and more centrifugal political emissions will next follow.

    Smaller government—–at least in geography—–is being given another chance. And that’s a very good thing because more localized democracy everywhere and always is inimical to the rule of centralized financial elites.

    The combustible material for more referendums and defections from the EU is certainly available in surging populist parties of both the left and the right throughout the continent. In fact, the next hammer blow to the Brussels/German dictatorship will surely happen in Spain’s general election do-over on Sunday (the December elections resulted in paralysis and no government).

    When the polls close, the repudiation of the corrupt, hypocritical lapdog government of Prime Minister Rajoy will surely be complete. And properly so; he was just another statist in conservative garb who reformed nothing, left the Spanish economy buried in debt and gave false witness to the notion that the Brussels bureaucrats are the saviors of Europe.

    So the common people of Europe may be doubly blessed this week with the exit of both David Cameron and Mariano Rajoy. Good riddance to both… At the same time, the anti-Brussels parties of both the left (Podemos) and the right (Ciudadanos) are certain to make further gains. But even then, Spanish politics will remain splintered and paralyzed. There will emerge no government strong enough or willing enough to execute Brussels’s inevitable dictates in the event that drastically over-valued Spanish bond market goes into a tailspin and requires another EU intervention.

    And that’s the next leg of the Brexit storm. To wit, sovereign bond prices throughout Europe have been lifted artificially skyward by the financial snake-charmers of Brussels and the ECB. The massive rally in Spain’s 10-year bond after Draghi’s “whatever it takes” ukase was not due to Spain becoming more credit worthy or the fact that its unemployment rate has dropped from 26% to a mere 20%.

    The whole plunge of yields from 7% to a low of 1% about a year ago was due to a front-runners’ stampede. That is, the fast money crowd was buying on repo what the ECB promised to take off their hands at ever higher prices in due course. They were shooting the proverbial ducks in a barrel.

    But as global “risk-off” gathers worldwide momentum, look-out below. There will be no incremental bid from Frankfurt for a flood of carry trade unwinds. That’s because the ECB will soon be embroiled in an existential crisis as the centrifugal forces unleashed by Brexit tear apart the fragile consensus on which Draghi’s lunatic monetary experiments depended.

    In particular, the populist political insurgencies throughout Europe are as much anti-German as they are anti-immigrant. It is only a matter of time before German acquiesce in the ECB’s massive bond buying campaign—–which essentially bails out the rest of Europe—–will be abruptly ended by an internal revolt against Merkelite accommodation.Moreover, Spain is by no means unique. Italy’s Five-Star movement, which just came from winning 9 out of 10 mayoral contests including Rome, will surely now be energized mightily. Its Northern League ally has already called for a referendum on exiting the euro.

    Needless to say, Italy’s fiscal circumstance is far more dire than even Spain’s. The likelihood that its 10-year bonds are money good at last week’s 135 basis points of yield are between slim and none. Either the threat of an exit or a 5-Star/populist coalition government would send the front-runners who scarfed up Italy’s bonds running for the hills.

    Since Italy owes upward of $2 trillion on it government accounts alone, its bond market is an explosion waiting to happen. And that means its bedraggled banks are, too.

    That’s because one feature of the Draghi Ponzi was that national banks in the peripheral nations started buying up their own country’s rapidly appreciating sovereign debt hand-over-fist. Italy’s banks own upwards of $400 billion of Italian government debt.

    That’s the one and same Italian government that cannot possibly cope with its existing 135% debt to GDP ratio. And that’s also before the populists take power and are forced to bailout the country’s already insolvent banking system. The latter will suffer from a shock of capital and depositor flight after the current government falls(soon), and Prime Minister Renzi joins Cameron and Rajoy at some establishment rehab center for the deposed.During the last financial crisis our elite rulers cried financial “contagion”. That scary story generated panic among the politicians and acquiescence in their crooked regime of massive bailouts and relentless money pumping.

    The effect of was to bailout the gamblers from the Greenspan/Bernanke housing and credit bubble, and then to shower unspeakable windfalls on the 1% as the central banks reflated an even more monumental bubble during the regime of QE, ZIRP and NIRP.

    But now the world’s financial rulers are going to be on the receiving end of an even more virulent and far-reaching political contagion. That is, a tidal wave of voter demands to emulate the British people and take back their countries and their governments from the financial elites and politicians like Cameron who are their bagmen.

    This time populist and insurgent politicians are not going to roll-over for the rule of unelected central bankers and the international financial apparatchiks of the IMF and related institutions.

    In that context, it can be confidently said that the Eurozone and ECB are finished. That’s because the monstrously inflated euro-bond market that Draghi created will implode if the front-running speculators lose confidence in the scheme.

    At length, it will become evident that Draghi’s “whatever it takes” gambit was the single most foolish act in the history of central banking. It assumed that the rule of the financial elite was limitless and endless.

    Brexit proves that both assumptions are wrong. Now every nook and cranny of the world’s bloated and radically mispriced financial casinos will face the same shock to confidence.

    Central bankers everywhere will be on the run. Just in the nick of time.

    Sentiment: Strong Buy

  • Shocking Interview From A Legend On Brexit And The Global Chaos That Is Coming
    June 22, 2016

    Today a legendary trader and investor gave King World News an interview that was quite shocking about what surprise action to expect in gold and global stock markets the aftermath of the Brexit vote. Victor Sperandeo has been in the business 45 years, and has worked with famous individuals such as Leon Cooperman and George Soros. Below are the warnings and predictions issued by Sperandeo.

    Victor Sperandeo: “The key is that Breixt isn’t really a legal vote, it’s an advisory vote. If “leave” wins by a small margin and there is a stock market crash, there is a printing press to buy that crash and global stock markets will come right back. The reason for that is because the vote to leave is more advisory. This is what people don’t understand. Meaning, it’s just an advisory vote to leave but it’s not mandatory for Great Britain to leave the EU.

    The “Brexit” vote outcome currently is still a coin flip. I believe that the “New World Order” globalists are particularly at risk if the UK exits, since the EU is their model for world government. However, if the vote is to “leave” it will most likely be temporary. Who says so?“To be sure, the British government isn’t REQUIRED TO ACT on a successful vote for Brexit; the referendum is merely ADVISORY and not mandatory. And David Cameron, the U.K.’s prime minister, is an opponent of the Brexit proposal so one can expect that he will use every means necessary to keep Britain in the European fold.”The World Can Collapse At Any Time
    Victor Sperandeo continues: “If Great Britain votes to “remain,” then gold will selloff a little bit. So there will be a reaction in the gold market. But gold is now in a bull market and so it will continue to go much higher over time. Any serious professional understands that the world can collapse at any time — it’s just a question of, what will trigger the collapse? It’s going to happen, it’s just a question of, when? Having said that, it’s very difficult to make money shorting stocks because governments don’t want global stock markets heading down and fighting virtually all of the world governments is dangerous business…Sperandeo just told KWN there is now trouble at the Comex and the world financial system is on the brink
    After Brexit Shocker There Is Trouble At The Comex And The Global Financial System Is On The Brink
    June 24, 2016
    After Brexit Shocker There Is Trouble At The Comex And The Global Financial System Is On The Brink

    In the wake of the stunning Brexit outcome in Britain there is trouble at the Comex as the price of gold surges and the global financial system is now on the brink. This is why emergency central bank intervention is taking place.

    Victor Sperandeo has been in the business 45 years, and has worked with famous individuals such as Leon Cooperman and George Soros. Below is what Sperandeo had to say in the aftermath of the Brexit shocker.

    Victor Sperandeo: “Right now I would be a buyer of the FTSE and a buyer of the British pound. I would also stay long gold at this point. I have 85 percent of my pension fund long gold and I would be a buyer on any dips.

    What’s more important is that there is virtually no gold at the Comex. If the longs ask for delivery and they can’t deliver, then there will be a force majeure. Meaning, they will settle for cash and that will send the price of gold much, much higher.

    And now we will see more European countries doing their own version of Brexit and the real problem is that the central banks of the world are out of ammunition. This is the beginning of the end of the EU. This puts the world financial system in a precarious position to say the least and it’s the reason why central banks are desperately intervening in global markets.” ***Due to the enormous volatility in the aftermath of the Brexit vote, KWN will be releasing updates and interviews all day today.

    Sentiment: Strong Buy

  • Gold’s rally to its highest point in more than two years is putting renewed focus on the mining sector, with many analysts seeing more potential, despite the sector posting nearly 100% gains since the start of the year.

    Overnight, as the U.K. voted in favor of leaving the European Union, Comex August gold futures drove to a high of $1,362.60 an ounce, which is having a significant impact on the mining sector.

    The mining sector, especially precious-metals miners, is one of the only bright spots in an equity market Friday that is seeing a sea of red. The S&P 500 Index is down 2.73% on the day, with the Dow Jones Industrial Average down 2.68%. The Market Vectors Gold Miners Exchange-Traded Fund (NYSEARC: GDX) is up 5.63% on the day and the Market Vectors Junior Gold Miners ETF (NYSEARC: GDXJ) is up 4.63% on the day; both precious metal ETFs gapped higher at the open, benefiting from higher gold prices.

    Currently GDX is up more than 88% since the start of the year and GDXJ is up a whopping 111%.

    Brent Cook, geologist and editor of the popular newsletter Exploration Insights, said that he is not surprised that gold companies are doing well as gold is now on the radar of the general investor community.

    Although the sector is overvalued, he added that there is still more potential as investor demand is outweighing supply. He added this supply-and-demand discrepancy will only be exacerbated as gold prices continue to push higher.

    “There aren’t enough companies out there to feed the need of investors,” he said. “I think we are going to continue to see higher prices. We have seen the bottom in gold and in the next two, three, five years, [mining] will be a good place to be.”

    Not only is investor demand strong, but Cook added that with no major high-quality, companies themselves are facing a dearth of new supply.

    “The place to be is in early-stage discovery and even early-stage pre-discovery,” he said.

    As the overall gold price goes up and investors continue to shift into the mining sector, Cook explained that companies will soon start to take more chances, buying these early deposits with the hope that it will turn into something bigger.

    “Your share prices are way up there, so major mining companies can afford to pay for these deposits with paper. They need to replace the ounces they are producing,” he said. “They aren’t doing that internally so we are going to see a lot more purchase.”

    Cook added that even with prices up 111%, he still likes the GDXJ and recommends investors look at creating a basket of early-stage explorers that have the most potential in the current market development.
    In a research note Friday, equity analysts at Citigroup said that they are upgrading mining equities to neutral from bearish, with specific interest in precious metals.

    “We have run a number of scenarios for the miners and on average the diversified mining companies show more earnings robustness than the pure-play companies; the bright light remains precious companies which are likely to benefit from a rising gold price,” the analysts said in their note.

    Equity analysts at BMO Capital Markets are also bullish on the mining sector in the near term and see potential for larger, liquid precious-metals companies as they expect gold prices to push to $1,400 later in the year.



    By Neils Christensen of Kitco News

    Sentiment: Strong Buy

  • Reply to

    Pathetic!

    by boehmer Jun 24, 2016 9:26 AM
    studebaker1940 studebaker1940 Jun 24, 2016 11:12 AM Flag

    That may be true with some posters, but I always read most rational posts.I do not think that the "bought deal" is the BOGEY MONSTER that some have portrayed it as. If the mine management could predict the future with any accuracy they wouldn't be in management, they would be rich. I think they do what their training and instincts guide them to do. They secured additional financing at what seemed at the time a reasonable deal. No one is going to lend money to a risky venture without taking some skin off their behind. And they gave a little to get a little . And no rational person would have thought that England would exit the European Union . Even the bookies were thinking that the vote would be for staying and they usually are on the right side or they would be out of business.. All that being said I respect your opinion BJOHNSON8400 and yours BOEHMER and yours STEVERBUSH. WILDTHING AND POOPSIE are entirely another matter. Hope we all make money here.

    Sentiment: Strong Buy

  • HSBC looks for gold to challenge $1,400 an ounce in the wake of the U.K. vote on Thursday to exit the European Union.

    As New York trading was getting under way, the Comex August gold contract had been as high as $1,362.60 an ounce, before correcting back to $1,326.90 as of 8:12 a.m. EDT, still up $63.80, or 5%, for the day.

    “We anticipate a sizable ‘safe-haven’ inspired trade in gold following the U.K.’s vote to leave the EU and gold prices to rally significantly to reach $1,400/oz,” said James Steel, chief precious-metals analyst with HSBC.

    The argument for a gold rally is straightforward, he continued.

    “The link is the interconnection between gold and wider financial markets,” he said. “In periods of uncertainty, gold is often one of the few perceived ‘safe-haven’ assets with liquidity. It is also historically negatively correlated with risk-on assets.”

    So far, those risk assets – such as global equities and industrial commodities like copper and oil – are all on the defensive Friday.

    HSBC’s forex team looks for the British pound to fall to $1.25 by the end of the third quarter and the euro weakening to $1.10 by year-end. The pound – which already hit a three-decade low – was last quoted at $1.3706 after an overnight high of $1.5006, and the euro was down to $1.10633 after an overnight high of $1.14242.

    Gold could be a destination for the flow of some of these funds seeking a new home, Steel continued.

    “This could have a notably bullish impact on gold, as the bullion market is significantly smaller than the forex markets and even relatively modest purchases by forex market standards can impact prices,” he added. “The drive higher may be more than 10% in the longer term if there were to be broader concerns about the future direction of the EU after the vote.”

    By Allen Sykora of Kitco News

    Sentiment: Strong Buy

  • Notes From Underground: The Answer to Brexit is 23 Skidoo
    Yra Harris

    In the early days of the 20th century there was a colloquialism: 23 Skidoo. Wikipedia’s definition: A slang American term popularized during the early parts of the last century. It generally refers to leaving quickly, being forced to leave quickly by someone else, or taking advantage of a propitious opportunity to leave, that is, “getting out while the getting’s good.” If I was a British voter I would adhere to the wonderful thought of the Spectator article published last week (h/t OB).

    The fear-mongering from the globe’s self-selected elite is predicated on concerns about the potential for large financial losses from the entire European project to be cast asunder as many other EU nations seek to depart from the “shared responsibility” of a grand vision of the Davos elite. The Brits need to blow up the EU to save it from itself. If Britain votes to stay, the average U.K. citizen will find herself trapped in the EURO and wind up a major creditor to the debt the ECB is accumulating. The fear of Britain being left out of world trade is a bogeyman with no substance.

    The G-7 recently admonished the Brits for having the “audacity” to seek out its own trade deals with China rather than being a servant of the demands of the U.S. and its subordinates. Read the Spectator piece and form your own opinions about the June 23 vote. For me it’s skidoo.

    ***Today, Janet Yellen offered no surprises in her testimony to the U.S. Senate. There was a good discussion about Brexit and, even more importantly, an appropriate questioning on the importance of the Labor Market Condition Index. Chair Yellen explained that the significance of the LMCI provides a glimpse at the rate of change in a variety of variables. Currently the rate of change is deteriorating, which is making the Fed cautious about the employment picture. Still, the Fed chair spent more time answering questions about diversity in the Fed appointments.

    Senator Shelby tried to pin down the Fed Chair on the centeral bank’s exit strategy from its massive balance sheet expansion but Ms. Yellen dodged that issue as she so adroitly did Steve Liesman question at the Fed press conference. It all comes down to the market response to the Brexit vote. Until then, skidoo from position risk. Trade with fervor, invest with fear.

    Sentiment: Strong Buy

  • Gold prices are moderately higher in evening U.S. trading Thursday, as early Brexit vote results show the "leave" camp is performing better than expected in a referendum regarding the United Kingdom's future existence in the European Union. Keep in mind there is still much vote-counting to be done in the next few hours. However, one key district, Sunderland, showed a large lead for the leave camp over the stay camp. The very early returns prompted gold to bounce and the British pound to sell off. Also, even if the stay camp wins the referendum, it could be a case of "buy the rumor, sell the fact" in markets--whereby the markets that had trended one way in the days ahead of the vote, may now reverse course as the expected result becomes fact. August gold was last up $6.00 an ounce at $1,269.00.

    Sentiment: Strong Buy

  • Reply to

    new announcement soon

    by bm45bms Jun 17, 2016 2:18 PM
    studebaker1940 studebaker1940 Jun 23, 2016 7:24 AM Flag

    It must be miserable to be you WILDTHING

    Sentiment: Strong Buy

GSS
0.645-0.0040(-0.62%)Jun 30 4:01 PMEDT