Gold is marginally lower today despite sharply weaker oil prices (Light Sweet Crude Oil Future – Combined – FEB09 : -5.14%) and a slightly higher dollar (US DOLLAR INDEX: 83.01 +0.6%). There was significant volatility last week and such volatility often portends a big move up or down. Given the strong fundamentals, gold’s next move is likely to be up, especially as investment demand for gold coins, bars, certificates and exchange traded funds remains very robust. Concerns regarding the dollar’s long term health (and other major currencies) given the likelihood of trillion dollar deficits in the next few years are likely contributing to gold remaining well bid at these levels. Gold was capped above $890 last week and commodity index reweighting was probably a factor but safe haven demand for bullion remains strong and there are determined buyers at these levels (particularly for gold bars and bullion coins such as Kruggerands from high net worth investors as Merrill Lynch recounted to the Daily Telegraph). Many government mints, wholesalers and refiners internationally continue to ration gold and silver bullion. The Perth Mint of Western Australia, one of the world’s largest refiners (produces some 10% of the world’s bullion annually) and Australia’s biggest wholesaler of gold coins and bars has rationed its sales with the global financial crisis sparking a new gold rush according to the Daily Telegraph in Australia (see News section today).
Gold Investments Market Update – Many Government Mints, Wholesalers and Refiners Internationally Continue to Ration Gold and Sil
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