Summary
- There have been significant events since the last Bullion Market Update, including an assassination attempt on Donald Trump, the leading US Presidential candidate.
- Trump was hit by a bullet in the top portion of his right ear but was otherwise unharmed.
- On Friday, July 19th, 2024, a cyber shutdown affected many banks, airlines, and media companies worldwide due to a supposed IT update, causing major disruptions.
- Crowdstrike, a major global cybersecurity firm and World Economic Forum partner, was blamed for the shutdown.
- The World Economic Forum is known for creating dramatic scenarios about global cyber panics and system shutdown threats.
- The cyber shutdown caused worldwide system failures, canceling flights, and making ATMs non-functional, which experts consider the biggest IT failure in history.
- The incident highlighted the importance of owning physical bullion and keeping cash on hand due to the lack of backup plans in a digitally dependent world.
- Gold recently reached a new nominal record price high, and silver and gold markets were active in July before recent sell-offs.
- Spot silver closed the week at $29.25 per ounce, and spot gold closed just under $2,400 per ounce, after hitting nearly $2,500.
- Younger generations, Gen Z and Millennials, are investing in bullion at almost double the rate of Boomers and Gen X, according to a Metals Focus report.
Lots of craziness has passed since we Bullion Market Updated two weeks ago.
Some in the form of live bullets aimed at assassinating the former and current leading US Presidential candidate Donald Trump.
Thankfully only the top portion of his right ear was struck and he was otherwise unharmed.
Today, Friday July 19th, 2024 the western world awoke to a new cyber shutdown brought on by a supposed IT update which shut down many banks, airlines, and media companies causing major disruptions with Microsoft service applications worldwide.
The finger was pointed directly at a major global cybersecurity firm ironically called Crowdstrike which turns out to be a World Economic Forum partner.
The same transnational organization that likes to make dramatic trailers and wear game footage about global cyber panics and system shutdown threats.
And so today many millions of workers and those seeking services were left in the digital world lurch as system failures worldwide caused canceled flights, ATMs not to function, and basically the biggest IT failure in world history according to experts.
In an increasingly digitally leveraged world that seems hell bent on having next to no backup plans or systemic redundancy responses in case of grid failures. This is one of the big driving forces to owning prudent physical bullion positions outright as well as rainy day physical fiat cash on hand.
After this short break, we will get into silver and gold market gyrations over the past few weeks as fiat US dollar gold recently hit a new nominal record price high a few days ago.
The spot silver and gold markets have had a hot month of July until recent sell offs to close this week.
The price slam in silver was most pronounced with the spot silver price closing the week at $29.25 oz bid.
The spot gold price closed the week just under $2400 oz bid after hitting a record nominal price high in fiat US dollars just below $2,500 oz.
The spot gold silver ratio has been rising with gold's relative strength over silver of late, the spot GSR closing this week at 82.
Physical bullion premiums remain relatively low with major gold and silver bullion sales this weekend at SD Bullion.
Western world media reported this week that the younger Generation Z and Millennial generations are sticking bullion at almost double the percentage allocations that elder boomers and Gen X generations are.
City of London establishment consultancy Metals Focus summed up the week's and the month of July 2024 sentiment in gold like so this week.
Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital went on CNBC international this week to echo last week's long term gold 40% coverage price forecast citing the BRICS building consensus view on sovereign gold savings long term.
Have a listen to his longer term take on where we are heading globally in gold.
That is going to be all for this week's SD Bullion Market Update.
As always to you out there.
Take great care of yourselves and those you love.
