From this week's extraordinarily exciting Heraeus Weekly Bulletin:
Gold in the area of conflict between current economic developments
The US economy is picking up, affecting the attractiveness of gold.
At the beginning of the year, fears of a recession were in the foreground. Many assumed that the US Federal Reserve (Fed) would stop raising interest rates and head towards a rate cut. On the back of this, gold rallied and closed the gap to its all-time high, especially as the US dollar weakened and bond yields fell. But with the Fed's current optimism about the economy, the tide is turning. In the face of persistent core inflation, the Fed could keep interest rates high or even raise them further. This move strengthens the US dollar and pushes gold prices below $1,900/oz. But gold is not giving way: Even with rising real interest rates and the highest bond yields since 2007, the price of the precious metal remains impressively stable. In the near term, the stronger US dollar could keep gold prices under pressure. Interest rate futures now imply a 40 percent chance of another rate hike by the end of the year. Not so long ago, on the other hand, a rate cut was expected as the next step. In addition, speculative positions in FX forwards are very large short positions against the US dollar at levels that have historically led to a reversal and subsequent appreciation of the dollar. However, should US consumer spending falter, a recession would ensue, and gold prices could recover as a result. Looking at US GDP growth and employment data, the US economy seems fine, but economic data is not consistently good. The ISM manufacturing PMI in July was below 50 for the ninth straight month (i.e. activity was down) and industrial production fell in May, June and July. The service sector is holding up, but bank lending standards are being tightened. Now that interest rates on loans are much higher, consumer spending is likely to slow. When consumer spending shrinks, a recession is almost inevitable. As a result, this would lead to falling bond yields, interest rate cuts, falling real interest rates and a weaker dollar, which in turn should be beneficial to gold.
Gold ETF holdings continue to fall. Global ETF outflows totaled 1.39 million ounces in August alone, taking total holdings below 90 million ounces, the lowest level since March 2020. Investors liquidated their positions as gold fell from $1,978/oz in mid-July to $1,890/oz a month later in August. Gold investors may be waiting for the peak in US interest rates, which has regularly preceded gold price increases since 2000. Gold recovered from below $1,900/oz last week as the RSI was oversold. The dollar strengthened while bond yields fell as the chance of an earlier rate cut increased on weak US PMI advance readings. This reinforces the evidence that the US economy is slowing down.
Silver outperformed the other precious metals last week. After finding support around the late June low, it is up nearly 6% week-on-week. Rising expectations that China will need to take further stimulus measures to boost its economy are supporting base metal prices. Copper and nickel are already up 3.7% and 4.9%, respectively, over the past few weeks. So far, economic stimulus in China following the easing of Covid restrictions has been limited, with few direct interventions. Problems are looming in China's real estate market, raising hopes for bigger and more effective policies, particularly in the industrial sector.
Silver investors acted similarly to gold investors in August. ETFs worldwide recorded outflows of more than 4 million ounces of silver during the month. Outside of silver ETFs, non-commercial traders have reduced long positions in silver futures. Net long positions have fallen to 39 million ounces on August 22nd from 219 million ounces in July. Silver prices closed last week at $24.08/ounce, the gold:silver ratio dipping to just over 79 at the close last Friday.
There is hardly anything to add to this week's high-quality weekly bulletin from Heraeus, with the exception of the fact that a confirmed recession in the USA should first cause the gold price to fall further and then only second step gold and silver first begin the recovery wave to the upside, ahead of most other asset classes.
Unfortunately, it is still too early for this, and the possibility of further falling prices is still there.
The active appeal to every reader to exchange parts of their debt money for gold and silver right now could hardly be more urgent than today, because the timetable until the New Order will expire can currently only be a matter of a few days or weeks.
The proceedings surrounding the ICEJ's VISA affair with our priority targets, Dr. Jürgen Bühler and David Parsons indicates that we are in advanced development and close to the last lesson.
The crisis in Jewish-Christian relations can only be resolved through the relationships we have formed between Jews and Ephraimites, and our Jewish brothers recognize this and also the overall legal context surrounding our organization and its work.
We must therefore assume that Day X can still take place this year, which is why EVERY READER is called upon to act now, because from a moment onwards the real scarcity of gold and silver for the whole world will become apparent and access is only guaranteed by a much higher price than now.
Then it will forever be said that this was the final phase of massively undervalued gold and silver prices that most people didn't recognize as the greatest opportunity of their lives.
If you have understood the context, then you can still strike at the Trust today, because our silver and gold-covered certificates in the Trust-Exchange are the unbeatable price hits on the entire European, if not international, market.
In addition, the Trust offers distinctive gold and silver products, of which the Silver TempleCoin as payment for the house of God in Jerusalem is our absolute highlight.
Even right now, just under 2 weeks before Sukkot, when every Israelite in the Holy Land should celebrate a lavish party with the silver brought there, the Silver TempleCoin is God's money to celebrate this festival and tithe to Jerusalem to wear. If you don't manage to do this, you can also organize your payment through our trust.
Just write your purpose in the order.
Get the 2nd edition here
Especially with larger exchange quantities, our new TempleCoin 777.5g silver bar, numbered, makes sense to lay a good foundation for future silver depots in Jerusalem, the actual and genuine TempleTreasury entrusted by the Sanhedrin.
The Trust already wishes you a nice time preparing for Sukkot!
The Trust's silver holdings increased last week to 222104.89 grams.
The gold stock has remained the same at 1803.64 grams.
Shavuot Special Edition Sanhedrin:
You can find our 1 gram GoldCard here:
And as I said, you will find the real hit of our offer in our Trust_Exchange, where you can buy gold and silver-covered certificates at the absolute best price without having the classic storage problem.
Each certificate is individually covered by us with one gram of silver or gold, which is held in our own LBMA account. Each certificate can be traded in our own trading system and company certificates are also available.
The price of the silver and gold-backed certificates is unbeatable.
You can easily and quickly join the Ephraim National Gold & Silver Trust:
You can gain access to the trust for a one-off membership payment of 100 euros with the Ephi-Card as a prerequisite for access. So make sure that the TrustAccount is only for EphiCard holders.
If you don't have an Ephi ID card yet, you can take out one here together with the trust account for an additional 100 euros for the Ephi card.
Check out the TempleCoin Shop for more exciting products . Shalom