My Gold News | 21 February 2023

Gold is becoming a punching bag [Global Nuggets Newsletter]

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‘Gold is becoming a punching bag’ as the US dollar strengthens further.

But a substantial correction is forecast going forward.

Global Nuggets


According to Edward Moya from OANDA, gold is being punished right now due to US dollar strength and is likely to drop further in the near future. Silver has had a battering too, all for the same reason. But analysts are confident that both metals will likely see a substantial rebound once the current crisis clears. We have seen this pattern for some time, as the US$ gets stronger each week, despite some alarming geopolitical forecasts which would make many investors rush for precious metals as a safe-haven protection strategy. Just this week, for example, commentators have been openly talking about the increasing likelihood of war between China and the US, with the Guardian newspaper claiming that China is making active preparations for armed conflict. Layered into this, the Washington Post claims that almost 50% of Americans believe that the US will have a civil war in the next 10 years. Are we heading back into the ‘Guns, Gold and God’ mindset that is so strong for many Americans?

Both gold and silver remain attractive long-term investments

On a lighter side, I wanted to turn my attention to the Queen. At 96, we’ll all agree that she’s had great innings and still manages a smile with a twinkle despite her mobility difficulties. Many of us are familiar with her effigy (image) on global coinage has become a symbol of her continuity, but what will happen when she passes on? Having been on the executive board at the UK Royal Mint for several years, this was a subject that was very ‘front of mind’ and, although a sensitive one, was something that needed to be seriously addressed. If Prince Charles was to become her successor, then an effigy would need to be agreed upon in advance. But for several years, this was not done as he didn’t want to tempt fate. Additionally, tradition states that each monarch faces in a different direction. The Queen always faces to the right on coins, whereas her father, George VI, faced to the left. However, Prince Charles let it be known that he didn’t want his effigy to face to the left, possibly breaking a 300-year-old tradition. I won’t go into why he insisted on facing to the left – call us at MyGold if you really need to know! So, we’ll have to wait not only to see what Charles III’s effigy looks like and which way he faces. Useless trivia, maybe, but fascinating all the same.

This Week's News

Gold and silver shaky as US dollar strengthen further

China makes firm preparations for war

Russia switches off gas supply to Germany

50% of Americans expect a civil war soon

Why does the Queen face to the right on coins? 


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