All Time Record Gold Transactions Reported By LBMA

Today’s AM fix was USD 1,410.25, EUR 1,085.98 and GBP 926.94 per ounce.
Yesterday’s AM fix was USD 1,406.25, EUR 1,083.90 and GBP 926.75 per ounce.

Gold climbed $19.00 or 1.36% yesterday to $1,413.80/oz and silver also gained 1.25%.

Gold is marginally lower today in dollars but higher in other currencies but remains near a two-week high and is heading for the best week in a month in all currencies, with a gain of 2% in dollar terms. 

The South African rand has collapsed 7.7% against gold this week again showing gold’s hedging properties.


Cross Currency Table – (Bloomberg)

The precious metals have been weak again in May with gold falling 4.4% despite this weeks’ recovery. Silver is down 7% and platinum by 2.6%. Palladium has recovered from recent weakness and those who accumulated on weakness are set for the best month since November after it surged 6.6% in May.

Weakness in gold and silver is leading to robust demand internationally as store of value buyers accumulate gold and silver on this dip. This is particularly the case in Asia where premiums remain robust and supply demand imbalances remain.

The persistent strong demand of this week began on the price falls in April. This demand is clearly seen in the London gold and silver trading data released by the London Bullion Market Association (LBMA) yesterday.

London gold trading jumped to a 20 month high in April and silver volumes surged 25% after the price falls led to an increase in physical buying, the LBMA said in a report.

Trading in gold averaged 24.1 million ounces a day in the London market, the most for any month since gold reached record nominal highs in August 2011, the LBMA said in a statement yesterday as reported by Bloomberg.

 The 24.1 million ounces was a 10% increase on March when 21.8 million ounces a day were traded.

Silver volume surged nearly 25% to 165.2 million ounces a day, up from 132.5 million ounces in March.

There were 5,395 gold transactions on average per day, the highest on record, while silver transfers at 1,007 a day were the second-highest ever, according to the report.


Gold Spot $/oz, 60 days, 30 minutes – (Bloomberg)

Gold fell 14% in London in the two trading sessions ended April 15, the biggest drop in more than 30 years, on ‘speculation’ that Cyprus or other European countries would sell holdings in the precious metal, the LBMA said. 

The price has rebounded as much as 13% through early May as demand increased for gold coins and jewelry.


Gold Spot $/oz, Daily, 3 Year – (Bloomberg)

“April was characterized by continued offloading of both metals by ETF funds,” the LBMA said. “But this was more than offset by strong physical demand, particularly from India,” the world’s biggest consumer.

The value of gold transferred in April increased about 3% from the previous month to a daily average of $35.8 billion, the LBMA said. Silver values climbed about 9% to $4.17 billion a day.

The South African rand collapsed 7.7% against gold this week. In the same way that Japanese people preserved their wealth through gold ownership this week and in recent months (stock falls and currency devaluation), gold has protected South African people from currency devaluation in recent years and again this week. More importantly, it will do so in the coming years.

GoldCore attending Jim Sinclair Q&A in London on June1st.
We are attending Jim Sinclair’s Q&A session which is on from 1-5pm this Saturday at the Hilton Hotel in Heathrow, London. We would be delighted to meet up after Jim’s session so please don’t hesitate to contact Mark O’Byrne (mark.obyrne@goldcore.com) or Michael O’Brien (michael.obrien@goldcore.com)

NEWS
Gold above $1,400 for best close in over two weeks – MarketWatch

Gold Heads for Best Week Since April as Fed May Keep Stimulus – Bloomberg

Gold gains on hopes Fed stimulus will stay, ETF holdings up – Reuters

London Gold Trade Reached 20-Month High After Price Drop – Bloomberg

COMMENTARY
Gold Debate 2013: Bulls versus Bears – Association of Mining Analysts

Would It Make Sense For The Fed To Not Manipulate The Gold Price? – Zero Hedge

West Desperate As Gold Heads East & Silver Set To Soar – King World News

Keiser Report: Love, Trade, Recession and  Gold – Max Keiser

For breaking news and commentary on financial markets and gold, follow us on Twitter.

Mark O'Byrne

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