Gold News: 17 July, 2020

Gold Price: $1800.05. Gold at $2000 more likely, hedge fund sees gold at $3000, Russia boosts gold reserves, Indians spending more on gold than on weddings.

Gold and gold-backed cryptocurrency news for the week ending 17 July, 2020.

Gold Price (USD/OZ)

17 July 2020: $1,800.05 [View live gold price.]

Change from last week: -$1.49 (-0.08%)

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Gold News Around The Web

India gold price boosted as lockdown hits smuggling - [BullionVault]

What if gold does go to $5,000 or $10,000? - [Kitco]

“With gold hitting nine-year highs this month—and staying above $1,800—readers are asking for guidance on what to do if gold not only reaches new nominal highs, but blows by $2,000 and keeps going. What if it really does go to $5,000 an ounce, $10,000… or higher?”

Doomsday hedge fund sees gold topping $3,000 an ounce - [Bloomberg]

Gold at $2,000 is now even more likely, Goldman says. Here’s how to trade the commodities recovery. - [Barrons]

Precious metal: the gold-standard investment when a crisis hits? - [The Guardian]

“Fuelled by low interest rates and the prospect of a recession, gold has hit record highs. So is it worth buying now?”

Inflation is up – and so is gold - [FX Empire]

The gold rally is approaching a speed bump - [Seeking Alpha]

Invesco launches GBP-hedged version of $11.8bn physical gold ETC - [ETF Strategy]

Russia continues to boost gold reserves, adds further $2.7 bln to int’l assets - [Sputnik News]

Russia sells more gold than gas for the first time in 30 years - [Economic Times]

Nigeria to boost gold mining sector - [Anadolu Agency]

“250,000 people to be employed as Nigeria set to make $500M in annual revenue through gold mining.”

Horizon Minerals is about to be Australia’s newest gold producer - [Stockhead]

Indians are buying more gold from the money they would otherwise have spent on big fat weddings - [Business Insider]

Gold smuggler arrested on Sino-North Korean border - [Daily NK]

“Two mines run by trading companies under the Central Committee and MSS in South Pyongan Province are at the top of the list of suspected sources of the gold.”

Gold-backed Crypto News

News related to gold-backed cryptocurrencies:

Precious metal stablecoin plugs into gold frenzy

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