Gold Investments Market Update – UBS: “Unprecedented” Physical Demand in Past Three Weeks in Europe, India and Asia

Gold

Dollar weakness, firm oil and continuing tension in the Caucasus are leading to gold remaining well bid this morning. Warnings from NATO to Russia to stay out of Ukraine and calls for the European Union to be ready for “hard headed engagement” with Moscow are not doing much to help confidence in already nervous markets.

Besides increasing geopolitical risk – the risk that mother nature and weather can pose is being felt again. Energy markets remain on edge as tropical storm Gustav is looking like it will become a hurricane. Crude oil and natural gas have risen on a forecast that Gustav will be the most damaging hurricane since Hurricane Katrina as it moves toward production platforms in the Gulf of Mexico.

And all this is happening against a backdrop of already very robust physical demand.

UBS has issued a buy recommendation this morning due to substantial long liquidation on the COMEX, the belief that the dollar is overbought and will resume its bear market and due to “unprecedented physical gold demand”.

Today’s Data and Influences

Economic focus in the US today is on the second estimate of Q2 GDP which incredibly is expected to see the growth estimate revised upwards. Weekly jobless numbers also feature.

Gold and Silver

Gold is trading at $832.60/833.30 per ounce (1100 GMT).
Silver is trading at $13.73/13.76 per ounce (1100 GMT).

PGMs

Platinum is trading at $1453/1463 per ounce (1100 GMT).
Palladium is trading at $292/298 per ounce (1100 GMT).

Mark O'Byrne

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