The consultancy issued the outlook while releasing its annual Gold Survey report early Thursday in London. In 2019, gold posted its highest annual average in six years.

And the rally likely is not over, said Cameron Alexander, manager of precious-metals research with Refinitiv. The macroeconomic backdrop should remain supportive for gold, with political and economic uncertainties likely to lead to stock-market volatility and higher risk aversion, Alexander said.

“Central banks’ monetary policy is likely to remain on the loose side, with a possibility of at least one interest-rate cut from the U.S. Fed later in the year, particularly should the U.S. economy show renewed signs of stagnation,” said Alexander. “While demand from key Asian markets will likely remain weak this year, ongoing central-bank purchases and renewed investor interest will lend support for higher gold prices.

“We therefore expect gold to average $1,558/oz in 2020, with a possibility to test and move beyond $1,700/oz later in the year.”

During 2019, gold averaged $1,392 an ounce, a year-on-year gain of 10% and the highest annual average since 2013, Refinitiv said. The average for the second half of 2019 was $1,477 an ounce, which was up 13% from the first half and 21% higher year-on-year.

“The spike in the price was largely attributed to a pick-up in investor interest, particularly among the professional investor community, which was evidenced by positioning on Comex and a surge in inflows into gold ETPs [exchange-traded products],” Alexander said.

“Renewed interest was driven by an escalation of geopolitical tensions, increased concerns over the global economic and trade prospects as well as the gold’s improved price outlook. Furthermore, gold’s appeal was boosted by a shift among the world’s key central banks towards a more accommodative monetary policy to support slowing growth and weak inflation.”

Net managed-money positions jumped by 15%, or 104 metric tons, in the second half of 2019, Refinitiv said. While backing off from the peak, the 819 tons as of year-end was still an increase of 362% from the end-of-2018 level. Meanwhile, ETP investors added 387 tonnes of gold during 2019, with global holdings reaching a new historical high of over 2,700 tonnes by year-end, Refinitiv said.

However, bar and coin retail investment fell by 17% in the second half of 2019, Refinitiv said. Bar demand in India fell by 53%, hurt by higher import duties and high prices in the local currency. China, meanwhile, posted a 2% rise in bar investment during the second half, driven by a pullback in the domestic equity market and rising trade tensions with the United States. Global coin fabrication fell by an estimated 17% to 135 tonnes in the latter part of 2019, the metals-research firm reported.

Gold consumption by the jewelry sector also declined, with fabrication demand falling by 17% in the second half of the year, the consultancy reported. This demand fell in China by 10% amid a slowing economy and higher gold prices. India’s jewelry demand fell by 36% in the second half of the year.

On the supply side, Refinitiv said environmental concerns and a crackdown on illegal mining led to a fall in gold output during in 2019.

By Kitco News

The People’s Bank of China said China’s gold reserves stood at 1,658 tonnes at the end of June, a rise of more than 600 tonnes over the six year period.

On Friday the country’s central bank – which is battling credibility issues after its surprise devaluation of the renminbi turned out not to be a “once-off” – updated the figures again saying gold reserves increased 1.1% or 19 tonnes during the month of July to 1,677 tonnes.

Platts News reports it’s a sign of greater transparency by China’s central bank “ahead of a push by the country to be included in the International Monetary Fund’s reserve currency basket.”

China has surpassed Russia in the list of countries with the largest stash of the yellow metal, placing it in the fifth position, after the US, Germany, the International Monetary Fund, Italy and France, according to the World Gold Council.

Gold has benefitted from the turmoil on currency markets unleashed by the PBOC this week after the renminbi’s daily reference rate against the US dollar was lowered by 1.8%, the largest such adjustment in its history.

After subsequent falls the Chinese currency has now stabilized which also pushed gold off its highs for the week. Gold was last trading at $1,113 an ounce in New York, down slightly on the day, but well off near-five year lows of $1,084 struck last week.

Priced in renminbi, the price of gold is up 7% for the week.

Gold prices shed some 20% last year and, to hear the mainstream media tell it, they’ll lose another 20% this year.

Well, these armchair prognosticators are wrong. Gold is going to rebound this year.

I’ll give you four reasons why:

Gold prices have already taken the market’s hardest punch. If they haven’t already bottomed, they’re close.

Fed tapering won’t be as bad as everyone thinks.

Trouble in the Eurozone and Asia will increase the risk profile of the global economy and prompt another round of stimulus.

Demand is set to rise.

Don’t believe me? See for yourself…

Don’t Fear the Fed

Gold has been trending lower since it peaked above $1,900 an ounce in September 2011.

It fell nearly 40% to its June 2013 low of about $1,200. Since then, it’s recovered to where it currently sits, which is around $1,250 an ounce.

Now, you may not believe gold has actually bottomed (and maybe it hasn’t quite yet), but at the very least, it’s no longer in a free fall.

That’s important, because the biggest threat to gold prices last year was Fed tapering — that is, it wasn’t until Federal Reserve Chairman Ben Bernanke hinted at monetary tightening that gold really spilled.

But now tapering has arrived, and lo and behold, it’s not as bad as everyone thought.

To begin with, the Fed has only reduced bond market purchases by $10 billion. It’s still pumping $75 billion into the economy each month. That’s an awful lot of liquidity.

Even if the Fed continues at that pace, trimming $10 billion from its purchases at each meeting, it will still take all of 2014 to bring its purchases to a halt. And that’s provided the economy stomachs the blow during an election year — something I don’t think is likely.

That means U.S. monetary expansion is going to continue through all of 2014 and probably into 2015 as well. Furthermore, part of Bernanke’s plan to pacify the markets was promising interest rates wouldn’t rise until at least 2015. We’ll just have to see about that.

Finally, as I mentioned last month, Fed tapering will have a far bigger impact on the stock market, which we all know is overvalued at this point. As investors flee equities, they’ll once again return to traditional safe havens like gold.

And that flight to safety will be exacerbated if there’s trouble in the global economy, which there almost certainly will be.

Looser Monetary Policy

To begin with, none of the problems we sought to fix during the last crisis have truly been solved. Banks have effectively stymied regulatory reform by lobbying Congress. Sovereign debt remains an albatross in many countries around the world (including this one). And economic growth hasn’t accelerated.

Worse still, new problems are cropping up.

With its major economies losing steam, the Eurozone is edging perilously close to deflation. Japan has been trying to inflate its way out of trouble, just as it has been for the past 20 years. And the outrageous growth numbers we’re used to seeing out of China have dwindled.

Other emerging markets, like Brazil, Thailand, Indonesia, and Singapore, have all lost their footing as well.

So while the United States is ratcheting back stimulus, seemingly every other country in the world is gearing up to go in the opposite direction.

As 2014 unfolds, we’re likely to see more central banks loosen monetary policy to reignite growth, eroding the values of their currencies in a race to the bottom. That could lead to a slowdown, pause, or even reversal of Fed tapering…

And thus, higher demand for gold.

The Asian Contagion

In fact, demand is already on the rise, spurred by lower prices.

Chinese gold buying has noticeably picked up at the start of 2014, helped by the approach of Chinese New Year.

Indeed, gold is of serious cultural and psychological importance in Asia — more so than in the West. And as I mentioned, China’s economic outlook isn’t as rosy as it once was. There are very real concerns about China’s stability. A property market/real estate bubble, industrial over-capacity, and domestic debt growth are serious red flags, and no one knows that better than the Chinese themselves.

The state may run the media, but its citizens aren’t blind. And they’ve been scoffing up gold since private ownership restrictions were lifted back in 2002.

Turnover on the Shanghai Gold Exchange has been around a six-month high. Volumes for the exchange’s two main gold contracts have averaged more than 22 tons so far this year, compared with an average daily turnover of 18 tons in December and 16 tons in November.

Furthermore, demand in Asia could be even greater if India would relax its gold import restrictions. Remember, India raised duties on gold imports several times last year. They currently stand at 10%. And a minimum of 20% of all gold imported must be exported before further imports can be made.

However, that may be about to change…

Analysts with HSBC said in a recent research note that Indian authorities are in discussions to relax the import restrictions.

As it stands right now, the supply is just enough to feed the Chinese market. If the Indian market were opened back up, there would actually be a shortage of supply.

To sum it all up: Monetary policy in 2014 is likely to be looser — not more restrictive — than most observers think. And we may even see outright defaults in the Eurozone. That will trigger a flight out of fiat currencies — including the dollar — and back into gold. Meanwhile, prices are already in the process of bottoming, and demand is coming back to life.

Ultimately, gold prices will probably revisit $1,400 an ounce this year — despite what the critics tell you — and may even shoot higher.

Get paid,

Jason Simpkins

Gold prices shed some 20% last year and, to hear the mainstream media tell it, they’ll lose another 20% this year.

Well, these armchair prognosticators are wrong. Gold is going to rebound this year.

I’ll give you four reasons why:

Gold prices have already taken the market’s hardest punch. If they haven’t already bottomed, they’re close.

Fed tapering won’t be as bad as everyone thinks.

Trouble in the Eurozone and Asia will increase the risk profile of the global economy and prompt another round of stimulus.

Demand is set to rise.

Don’t believe me? See for yourself…

Don’t Fear the Fed

Gold has been trending lower since it peaked above $1,900 an ounce in September 2011.

It fell nearly 40% to its June 2013 low of about $1,200. Since then, it’s recovered to where it currently sits, which is around $1,250 an ounce.

Now, you may not believe gold has actually bottomed (and maybe it hasn’t quite yet), but at the very least, it’s no longer in a free fall.

That’s important, because the biggest threat to gold prices last year was Fed tapering — that is, it wasn’t until Federal Reserve Chairman Ben Bernanke hinted at monetary tightening that gold really spilled.

But now tapering has arrived, and lo and behold, it’s not as bad as everyone thought.

To begin with, the Fed has only reduced bond market purchases by $10 billion. It’s still pumping $75 billion into the economy each month. That’s an awful lot of liquidity.

Even if the Fed continues at that pace, trimming $10 billion from its purchases at each meeting, it will still take all of 2014 to bring its purchases to a halt. And that’s provided the economy stomachs the blow during an election year — something I don’t think is likely.

That means U.S. monetary expansion is going to continue through all of 2014 and probably into 2015 as well. Furthermore, part of Bernanke’s plan to pacify the markets was promising interest rates wouldn’t rise until at least 2015. We’ll just have to see about that.

Finally, as I mentioned last month, Fed tapering will have a far bigger impact on the stock market, which we all know is overvalued at this point. As investors flee equities, they’ll once again return to traditional safe havens like gold.

And that flight to safety will be exacerbated if there’s trouble in the global economy, which there almost certainly will be.

Looser Monetary Policy

To begin with, none of the problems we sought to fix during the last crisis have truly been solved. Banks have effectively stymied regulatory reform by lobbying Congress. Sovereign debt remains an albatross in many countries around the world (including this one). And economic growth hasn’t accelerated.

Worse still, new problems are cropping up.

With its major economies losing steam, the Eurozone is edging perilously close to deflation. Japan has been trying to inflate its way out of trouble, just as it has been for the past 20 years. And the outrageous growth numbers we’re used to seeing out of China have dwindled.

Other emerging markets, like Brazil, Thailand, Indonesia, and Singapore, have all lost their footing as well.

So while the United States is ratcheting back stimulus, seemingly every other country in the world is gearing up to go in the opposite direction.

As 2014 unfolds, we’re likely to see more central banks loosen monetary policy to reignite growth, eroding the values of their currencies in a race to the bottom. That could lead to a slowdown, pause, or even reversal of Fed tapering…

And thus, higher demand for gold.

The Asian Contagion

In fact, demand is already on the rise, spurred by lower prices.

Chinese gold buying has noticeably picked up at the start of 2014, helped by the approach of Chinese New Year.

Indeed, gold is of serious cultural and psychological importance in Asia — more so than in the West. And as I mentioned, China’s economic outlook isn’t as rosy as it once was. There are very real concerns about China’s stability. A property market/real estate bubble, industrial over-capacity, and domestic debt growth are serious red flags, and no one knows that better than the Chinese themselves.

The state may run the media, but its citizens aren’t blind. And they’ve been scoffing up gold since private ownership restrictions were lifted back in 2002.

Turnover on the Shanghai Gold Exchange has been around a six-month high. Volumes for the exchange’s two main gold contracts have averaged more than 22 tons so far this year, compared with an average daily turnover of 18 tons in December and 16 tons in November.

Furthermore, demand in Asia could be even greater if India would relax its gold import restrictions. Remember, India raised duties on gold imports several times last year. They currently stand at 10%. And a minimum of 20% of all gold imported must be exported before further imports can be made.

However, that may be about to change…

Analysts with HSBC said in a recent research note that Indian authorities are in discussions to relax the import restrictions.

As it stands right now, the supply is just enough to feed the Chinese market. If the Indian market were opened back up, there would actually be a shortage of supply.

To sum it all up: Monetary policy in 2014 is likely to be looser — not more restrictive — than most observers think. And we may even see outright defaults in the Eurozone. That will trigger a flight out of fiat currencies — including the dollar — and back into gold. Meanwhile, prices are already in the process of bottoming, and demand is coming back to life.

Ultimately, gold prices will probably revisit $1,400 an ounce this year — despite what the critics tell you — and may even shoot higher.

Get paid,

Jason Simpkins

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A diamond cut to certain angles and proportions will determine its beauty as well as value. Most of the diamonds being cut in the marketplace are cut to maximize on weight retention which results in the diamond being cut either too shallow or too deep. A shallow or deep cut diamond will result in significant light leakage.

Too shallow :L ight escapes from th sides causing the diamond to  lose its brilliance.

Too deep : Light escapes from th bottom causing the diamond to appear dull and lifeless.

The Shallow cut diamond will appear opaque and glassy while the Deep cut diamond will face up smaller than its actual carat weight and display black center .

While the proportionate Ideal Cut diamond will refracted maximum light through the table and Crown facets to your eyes.

An Ideal cut diamond is a diamond which is cut to a certain set of tolerances and parameters for all of its 58 facets which will result in maximum brilliance and light return. Think of it this way; a diamond is faceted as a collection of mirrors. When these facets are placed at certain angles in relation to each other they will allow light entering through the table to be evenly distributed throughout the entire diamond and then reflected back out through the table to your eye. 

In order to create an ideal cut diamond, the diamond cutter will have to sacrifice rough carat weight in order to fashion a smaller, albeit more beautiful diamond. Cutting more diamond means cutting away more money, literally!

The  ideal cut diamond  cutter must posses a superior level of ability and craftsmanship, and will need time and patience, as this requires considerably more time and effort than commercial quality diamonds.

As the diamond industry has evolved and diamond shoppers have become more savvy and educated, ideal cut diamonds have become tremendously popular for the discriminating consumer who insists on the very best cut quality diamonds.