Gold Record High in Yen – Rush to Sell Jewelery, Buy Coins and Bars

Today’s AM fix was USD 1,581.50, EUR 1,207.16 and GBP 1,032.24 per ounce. 
Yesterday’s AM fix was USD 1,572.50, EUR 1,205.26 and GBP 1,026.50 per ounce.

Gold climbed $12.20 or 0.78% yesterday to $1,584.70/oz and silver surged to a high of $28.06 and finished +2.68%. 


Yen versus Currencies and Precious Metals, YTD –( Bloomberg)

Soros’ yen “avalanche” would appear to have begun with the yen having fallen by 9.5% against gold in 5 trading days since last Thursday leading to record nominal highs in the yen at over 0.1577 million yen per ounce this morning.

The higher gold prices have led to a curious anomaly in Japan where the public has again been selling gold in cash for gold schemes, often due to being under financial pressure, while some Japanese investors and savers have diversified into gold coins and bars both of which have seen an increase in demand in recent days.

“We are seeing buyback from the general public," a physical dealer in Tokyo told Reuters and there are reports of shortages of coins and bars and premiums increasing on bullion coins.

There are also reports of shortages of bullion coins and bars in Thailand and in Singapore where premiums on certain bullion coins which are legal tender and have favourable tax treatment, such as American gold and silver eagles, have risen due to tightness in the market and delays of three to four weeks for delivery. 


Cross Currency Table – (Bloomberg)

Ms. Nakamura, a 50-year-old mother of two, told the Wall Street Journal that she is considering buying some new gold, even as she is cashing in her old holdings due to financial needs. 

She said she has been roaming department stores checking the price of gold jewelry and surfing online to compare prices. "I didn’t think the [store] prices now are that expensive. I’ve heard rumors that there’s a shortage of gold so I’m thinking it might be best to buy now."


Gold in Yen, 1 Year – (Bloomberg)

As we told the Wall Street Journal overnight regarding the Japanese situation, “the smart money is buying gold.”

“Given the BOJ’s determination, there’s no doubt you’re going to get 2% inflation, and there’s a risk it might be much, much higher.”


Gold in Yen in Nominal Terms Since 1971 – (Bloomberg)

“For those who are prudent, diversifying into gold makes sense."

As the Japanese are finding out, global diversification and allocations to precious metals remain fundamentally important for savers and investors internationally and will protect from inflation, currency devaluation and confiscation in the coming years.

NEWS
Gold Near One-Week High as Stimulus Outlook Tempers SPDR Drop – Bloomberg

Gold gains on Japan policy; firm equities may weigh – Reuters

China Gold Imports From Hong Kong Rebound on Decline in Prices – Bloomberg

Gold settles at highest level in over a week – Market Watch

COMMENTARY
"For those who are prudent, diversifying into gold makes sense" – Wall Street Journal

Fraud and collapse in the Irish banking system – Max Keiser

Short Squeeze? Silver Surges Most In 7 Months – Zero Hedge

Gold And The Great Inflations – CPI Financial

Comex Gold Inventories Collapse By Largest Amount Ever On Record – Bull Market Thinking

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

Mark O'Byrne

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