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Gold Stalls as UBS Tells Buyers ‘Get Out’ Before Losses Worsen

Scorpio

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Gold Stalls as UBS Tells Buyers ‘Get Out’ Before Losses Worsen​

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Gold Stalls as UBS Tells Buyers ‘Get Out’ Before Losses Worsen


Ranjeetha Pakiam
Mon, August 16, 2021, 4:36 AM




(Bloomberg) -- Gold slipped after finishing strongly last week, with UBS Group AG warning investors to rethink their bullion holdings as the global economy recovers and the greenback strengthens into next year.
Bullion had been clawing back some ground over the past week after better-than-expected U.S. jobs data sent prices tumbling on bets the Federal Reserve may start paring back massive monetary stimulus soon. This week, investors will parse through a speech by Chair Jerome Powell, as well as minutes of the Fed’s latest meeting, for more clues about the likely timeline for tapering. Figures for U.S. retail sales are due Tuesday.
“The message must be: if you have a tactical position, get out; if you have a strategic position, hedge it,” said Dominic Schnider, head of commodities and Asia Pacific foreign exchange at UBS Global Wealth Management CIO Office. “In a world that looks better, why would you want to hold so much insurance asset, and that simply means the market needs to balance at the lower level.”

Prices could drop closer to $1,600 an ounce, while silver may fall to $22 an ounce or lower, Schnider said in a Bloomberg TV interview on Monday. Platinum may be a better investment in the precious metals space due to its greater industrial exposure, he added.
Others are more optimistic, with Goldman Sachs forecasting that prices will hit $2,000 toward the end of the year as consumer and central-bank purchasing pick up. It’s also sticking with a $30-an-ounce price target for silver, analysts including Sabine Schels and Daniel Sharp said in an emailed note.
Traders will likely focus on the retail sales numbers to gauge the strength of the country’s recovery, said John Feeney, business development manager at Sydney-based bullion dealer Guardian Gold Australia. “Gold has also now recovered above the level of last Monday’s open, before the flash crash event, so we expect the low of Aug. 9 to be a significant medium-term bottom.”

Spot gold traded 0.2% lower at $1,775.46 at 10:34 a.m. in London, after rising 1.5% on Friday. The Bloomberg Dollar Spot Index held steady, after a 0.5% drop in the previous session. Silver, platinum and palladium all declined.

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nickndfl

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somehow, the condition of the 'global economy' and the 'strength of the greenback' have made absolutely no sense
with regards to any correlation to the spot price of metals, in what? a decade or more?


now, i can see the reason for the ammo, but those toys?

i wanna hang out with you for a bit...get some good video, we can make some money!

:2 thumbs up:

but, there have to be females involved, otherwise, that's a Deal Breaker
Inflation Bucko, inflation. Next time prices drop you should stock up on buttplugs and flip them when supply is squeezed.
 

Silvergun

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Do articles like that work? Who in their right mind is going to sell physical gold right now while the world is on fire? (Literally in CA)
 

Casey Jones

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I would say this is a Narrative, as banksters dump derivatives to drive the price down - the better for Central Banks to buy at a discount.

I used to fear the dollar collapse. Then I knew I was as ready for it as I could be. Now, with all the threats, all the Death Jabs...and all of it driven by the lust Big Pharma has for printed-up new fiat they want...I really, REALLY...WANT the dollar to go splat.

The sooner the better.
 

anywoundedduck

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Trust UBS. Sell, sell , sell!
 

Buck

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i'm gonna delete...i can't get rid of the quotes though...but i didn't do it man...
 

RebelYell

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Bring it. Please do the same for ammo and sex toys.
I understand that it is always good to get more gold. And ammo is something one uses up so one needs to purchase more. But, at your age, don't you already have all the sex toys you need? Or do you wear them out?
 

Goldhedge

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GET OUT!
 

nickndfl

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I understand that it is always good to get more gold. And ammo is something one uses up so one needs to purchase more. But, at your age, don't you already have all the sex toys you need? Or do you wear them out?
It's not like you can buy an extended warranty for them like a toaster.
 

Voodoo

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UBS owns some of the Dominion voting patents. Why the F^%%$ would you listen to any of their "advice".
 

the_shootist

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Gold slipped after finishing strongly last week, with UBS Group AG warning investors to rethink their bullion holdings as the global economy recovers and the greenback strengthens into next year.

Oh dear ! Am I more of an expert than these gasbags ?
By December 2021 the dollar will be stronger than it is today (March 7, 2021). Silver goes down to $20.00.

January, February, March, April, May was the time to get out ---but in those days Redit hooligans ruled