#: Note added 4th February:
“Slower economic growth and a crackdown on corruption helped knock Chinese jewellery demand to 608 tonnes, 33 percent below the previous year’s “extraordinary” levels, it said. Physical bar demand fell 53 percent to 171 tonnes, a five-year low… The drop in buying in China helped drive a 19 percent fall in global physical gold demand, with all areas declining except central bank buying, the (GFMS) report said. World jewellery demand fell 11 percent.”
#: This posting was first posted on 29th January and was re-titled and revised on 2nd February 2015
THE VALUE OF GOLD AS STATELESS MONEY
With the froth out of gold prices we can review potential wealth protection advantages that come with owning gold.
I am preparing a review and discussion on the LBMA 2015 forecasts and the factors likely to affect demand for gold and gold prices in 2015. If you would like to read the review when it is published please send an e-mail to email@example.com and we will keep you posted.
The 2015 LBMA Precious Metals Price Forecasting Competition:
The LBMA 2015 forecasts published on the 29th January are accessible on this link
The headline comment in the LBMA report reads:
“Forecast contributors are predicting that the gold price will remain broadly flat in 2015, but are more bullish on the prospects for the other metals.”
The average forecast for gold for the year 2015 was $1211.
The following comment is from a January 8th 2015 posting on this website
“…on current indications forecast prices for gold will probably be in a range between a low of $1000 and a high of $1300. Analysts with a very bearish outlook may forecast a low price below $1000. Those with a very bullish outlook may forecast a high in the range of $1400 and, with dramatic and seismic changes in global economic and geo-political conditions, current expectations could change”
Price forecasts for the LBMA competition include the analyst’s reasons for taking a bullish, bearish or neutral position. This information is useful. But no forecaster can predict with certainty the consequences of major events and disruptions playing out on the world stage.
As stateless money gold, if bought at a sensible price , can provide security against risks and disruptions associated with all national currencies.