IMPORTANT NEWS Gold Slips On Renewed Bets For U.S. Rate Hike In June – Reuters Gold Prices Decline As Fed Officials Split Over June Rate Gain – Bloomberg Gold Extends Losses After Fed Minutes – MarketWatcch Greece Will Make $485 Million Loan Payment To IMF On Thursday: Government Source – Reuters Armed Robbers Steal Gold […]
Today’s AM fix was USD 1,363.50, EUR 1005.90 and GBP 848.15 per ounce. Yesterday’s AM fix was USD 1,299.75, EUR 973.16 and GBP 813.97 per ounce. Gold climbed $56.40 or 4.3% yesterday, closing at $1,366.30/oz. Silver rose $1.37 or 7% to $23.09/oz. Platinum was up 3% to $1,460/oz, while palladium rose 1.7% to $715.75/oz.
Friday’s AM fix was USD 1,374.50, EUR 1,028.59 and GBP 880.30 per ounce. Today is the Summer Bank Holiday in the UK. Gold and silver surged higher Friday after trading sideways in consolidation mode Monday to Thursday. Gold rose 1.6% and silver surged 4% on Friday. For the week, gold rose $21.70 or 1.7% to $1,396.30/oz and silver rose $0.92 or 3.45% to $23.98/oz. Platinum was 1% higher to $1,541/oz for the week, while palladium fell 1.6% to $750/oz.
Today’s AM fix was USD 1,285.75, EUR 972.34 and GBP 847.84 per ounce. Yesterday’s AM fix was USD 1,323.75, EUR 999.20 and GBP 870.29 per ounce. Gold fell $12.50 or 0.94% yesterday and closed at $1,310.30/oz. Silver also followed suit and dropped $0.16 or 0.81% and closed at $19.66. Gold rose in early Asian trading, then fell back to lose some of its early gains on the back of better than expected economic data. U.S. manufacturers reported best figures since June 2011. Silver finished the day with a gain of 0.81%.
Today’s AM fix was USD 1,323.75, EUR 999.20 and GBP 870.29 per ounce. Yesterday’s AM fix was USD 1,331.50, EUR 1,002.79 and GBP 875.35 per ounce. Gold fell $3.50 or 0.26% yesterday and closed at $1,322.80/oz. Silver gained $0.10 or 0.51% and closed at $19.72.
Today’s AM fix was USD 1,330.75, EUR 1001.24 and GBP 864.79 per ounce. Friday’s AM fix was USD 1,327.75, EUR 998.76 and GBP 861.73 per ounce. Gold rose $1.50 or 0.11% on Friday and closed at $1,333.00/oz. Silver fell $0.17 or 0.84% and closed at $20.03. Gold and silver both gained last week 2.98% and 2.77% respectively.
The LBMA, or London Bullion Market Association, offers "over-the-counter" (OTC) wholesale trading of gold and silver bullion between members. The LBMA operates the worlds largest OTC gold market, trading an average of $13.9 billion worth of bullion (equivalent to 18.3 million ounces, or 52,875 Good Delivery bars) each day. Because of its importance to the global bullion trade, the LBMA oversees spot dealing in gold and silver for most of the world.
Our Market Update on Friday led to queries regarding the nature of "paper gold". The important difference between actual physical gold and paper gold is something we have addressed frequently since 2003.
The World Gold Council has released the Q1 2012 Gold Demands Trend report. Gold demand grew 16% over the past 12 months to 1,098 tonnes which had a value of just $59.7bn spent on gold in the entire world in Q1 2012. While global demand was down 5% from the record high of Q4 2011, it was significantly higher than demand in Q1 2011 suggesting that demand may be consolidating at these higher levels. Investment Demand
'Gold Bullion Or Cash' has been launched today. It is an interesting and informative video made to educate people about gold bullion and why gold is safer than cash in the long term. 'Gold Bullion Or Cash' is a well produced, high quality, educational short video about paper money and gold.
Infographic from Number Sleuth.
Reuters interviews Mark O'Byrne of GoldCore about the outlook for investor demand for gold, and the best way to own gold today. You can read the interview here.
Dr. Dr Constantin Gurdgiev, Head of Research with St Columbanus AG, member of the investment committee of GoldCore and the adjunct lecturer in finance in Trinity College, Dublin. Of all asset classes in today’s markets, gold is unique. And for a number of reasons.*
Contributing editor to Money Week, Dominic Frisby, has just released an excellent video - ‘Gold: Independent Money’. A picture paints a thousand words and a video hundreds of thousands of words and this is a very informative video about our modern monetary system, fiat currencies and gold. It shows how fiat money has led to wars, massive debt, social inequality, economic bubbles, rampant consumerism, and environmental destruction.
Irish people have a rare opportunity to get within touching distance and see a gold bullion bar at the Trinity Science Exhibition. The 'Elements: The Beauty of Chemistry' exhibition opened on Friday in the Science Gallery at Trinity College Dublin (TCD) and runs from July 15th until September 23rd.
GoldCore has just launched an interesting and informative video – 'GoldNomics' – in order to help further educate the public internationally about gold. * 'GoldNomics' conveys gold's historical and continuing importance * Gold's extreme rarity, liquidity & safe haven status explained * Video uses music, images, facts and quotations to show how gold is a proven store of value throughout history and an important diversification today
Selected highlights of the latest ‘Popular Delusions’ note from Société Générale’s Dylan Grice:
Gold bugs of the world, unite! You have nothing to lose but your exposure to fiat currencies. Or so says leading hedgie and Wall Street throw back Paul Tudor Jones, who in his latest missive to investors has gone soft at the knees for the yellow metal: "I have never been a gold bug. It is just an asset that, like everything else in life, has is time and place. And now is that time." Rousing stuff indeed.
Gold has surpassed its all time record high ($1,033/oz) of some 18 months ago today, and surged to a new record nominal high over $1,040/oz this morning. The reasons for gold's new record historic high and likely continuing strength in the coming months are the same fundamental factors that have been driving the gold market higher in recent months.
Gold Bullion Unique as No Counterparty Risk Gold is unique among asset classes as it is the only asset class not dependent on the performance of auditors, management, corporations, financial institutions, banks, politicians and governments. Nor should physical gold be dependent on the performance of trustees, custodians and or sub custodians. Gold does not depend on the performance and health of the wider economy and as importantly when you buy gold in its physical form there is no third party liability or credit risk. Or at least there should not be. Gold has an intrinsic value in and of itself that is not contingent on someone else’s or some entities performance or mere promise to pay. Thus, gold in its physical form is still the ultimate form of financial insurance. This is why every major central bank in the world still maintains a significant portion of their reserves in gold bullion and many, such as the Chinese, are now increasing their gold bullion reserves.
Goldnomics Podcast - Gold, Stocks, Bitcoin in 2018. Everything Bubble Bursts? [iframe sandbox="allow-popups allow-same-origin allow-scripts" src="//player.blubrry.com/id/29580649/#time-0&darkOrLight-Light&shownotes-ffffff&shownotesBackground-444444&download-ffffff&downloadBackground-003366&subscribe-ffffff&subscribeBackground-fb8c00&share-ffffff&shareBackground-1976d2" width="300px" height="138px"] Press play to listen to podcast In this our first GoldNomics podcast we take a look at the major financial market themes[...]
Gold and Silver Bullion - News and Commentary Gold prices notch fifth week of gains in a row (MarketWatch.com) Gold notches 5th week of gains, palladium hits record (Reuters.com) London Housing Woe Endures as Prices Drop to 2 1/2-Year Low (Bloomberg.com)[...]
Gold and Silver Bullion - News and Commentary Bitcoin Heads to Bigger Wall Street Stage as CME Debuts Futures (Bloomberg.com) Bitcoin Hits New All-Time High At $19,659.50 (GoldSeek.com) The EU has signed a deal to integrate 23 armies (WeForum.org) Seasonally, January[...]