»feine adressen – finest« – Berlin 3 18
Event: VKBI-Sommerfest · Hotel: Spa-Suite, Steigenberger · Automobile: Der neue Porsche Macan · Travel: Malediven
Event: VKBI-Sommerfest · Hotel: Spa-Suite, Steigenberger · Automobile: Der neue Porsche Macan · Travel: Malediven
Erfolgreiche ePaper selbst erstellen
Machen Sie aus Ihren PDF Publikationen ein blätterbares Flipbook mit unserer einzigartigen Google optimierten e-Paper Software.
finest investment | 19 b<br />
The Current Situation on the Gold Market -<br />
A Comment by Wolfgang Wrzesniok-Roßbach, CEO of Degussa Goldhandel<br />
Currently, the price of gold is falling, particularly as a<br />
result of sales in the USA. There, not only hedge funds but also<br />
private investors (directly and indirectly via pension funds) are<br />
exiting the gold market. There are various reasons for this behavior:<br />
On the one hand, it is the low volatility of the gold market<br />
that discourages investors because it does not promise any shortterm<br />
profit opportunities; on the other hand, the robust US economy<br />
generally reduces fear of the future and thus the need for<br />
hedging.<br />
Another factor that should not be underestimated is the fact that<br />
the traditionally sceptical, but at the same time very precious-metals<br />
affine population groups in the US believe that President<br />
Trump is »one of their own« in the White House and are therefore<br />
also likely to buy less gold at the moment.<br />
The low level of demand in the USA is reflected in massive outflows<br />
of gold in the form of coins, which are floating from the<br />
USA to Europe in particular and have ensured that the premiums<br />
for coins in Germany have fallen sharply at times and that the<br />
business of minting companies around the world is thus also<br />
suffering.<br />
Furthermore, it cannot be ruled out that central banks from countries<br />
currently in crisis could also sell gold. Traditionally, however,<br />
such sales are only made public after a long delay, so that at the<br />
moment it can only be speculated about.<br />
First and foremost, Turkey would be a candidate for such behaviour,<br />
as in the light of the economic and financial problems, it will<br />
certainly have a need for foreign exchange. It is also interesting to<br />
note that Turkish private investors are currently selling gold and<br />
thus buy the lira (which has now become much cheaper). Since the<br />
Turkish population has traditionally been extremely affine to gold,<br />
such behaviour could also have (albeit limited) effects on the world<br />
market price.<br />
In order to turn the mood around in favour of gold worldwide in<br />
consideration of the higher supply, a disruptive shock event is probably<br />
needed on the economic and financial markets. The possible<br />
dangers for these markets are already being discussed (too high<br />
share prices, further developments in Turkey with effects on southern<br />
European banks, debt levels in China, economic problems in<br />
South Africa, Venezuela, Argentina, etc.). Should something happen<br />
here, the price of gold will presumably rise very quickly,<br />
because then the speculators, who currently have uncovered minus<br />
positions on the gold market, will also have to cover them fast.<br />
By the way, German customers are not discouraged by the recent<br />
fall in prices. They are taking advantage of the fall in prices to<br />
make massive purchases, and we were not the only ones who had<br />
the best sales in the last 1.5 years in July. And the traditionally<br />
quiet holiday month of August was also very satisfactory.<br />
All in all, we expect the market to remain rather calm for the time<br />
being. Initial profit taking by short speculators, an end to central<br />
bank sales (and at the same time purchases by other central banks<br />
such as Russia, China, etc.) and a stable demand on the part of<br />
private customers will prevent the gold price from continuing to fall<br />
significantly in value. However, should there be a sudden and<br />
massive disruption in the economic or financial markets, the price<br />
of gold will quickly rise by 10 percent and more.<br />
www.degussa-goldhandel.de<br />
Das Tor für Visionäre.<br />
rhe-grundbesitz.com<br />
Investment-Immobilien: Wohn- und Geschäftshäuser, Büroimmobilien, Baugrundstücke<br />
Investment-Immobilien: Wohn- und Geschäftshäuser, Büroimmobilien, Baugrundstücke