Daily Market Update

GoldCore Precious Metals Update – IMF Gold Sales Hoovered up by Governments

Gold
As some strength returned to the beleaguered dollar overnight, the appetite for financial insurance in the form of gold waned slightly. Gold slipped as low as $995/oz in early morning trading but has rebounded to be currently trading just above $1000/oz. The news that the IMF are to sell over 400 tonnes of gold into the market was widely expected and therefore this news was largely priced in. Also, the sales will fall within the terms of the newly agreed Washington Agreement that limits central bank sales to 400T per year for the next five years.

In recent weeks, China, Russia and India have expressed an interest in buying the IMF gold. Reuters reports overnight that China is considering buying the IMF gold, citing two unnamed government sources. Potentially more significant is the rumour that China may discuss its gold plans at the G20. China surprised the market and many analysts earlier this year with the news that it had lifted its own stocks of gold to 1,054 tonnes from 400 tonnes when it last reported its holdings in 2003. It should be remembered that 403.3 tonnes of gold is worth some $13 billion dollars which is a tiny fraction of the Chinese $2 trillion of dollar reserves – let alone the Russian, Indian, OPEC and other creditor nations dollar reserves.

Silver
Silver has fallen off slightly and is trading at $16.60/oz.

Platinum group metals
Platinum is trading at $1311/oz. Palladium is at $298 and rhodium at $1,575/$1,675.

Stephen Flood
Chief Executive Officer

I am the CEO of GoldCore. We help investors buy and store gold and silver easily and cost effectively. We work with clients of every variety from wealth family offices to everyday people. We provide the very best market data and client service and we care deeply for our clients interests.

Read more...
Category
Archives
Popular

Gold steady; U.S. govt shutdown worries investors

Gold and Silver Bullion - News and Commentary Gold steady; U.S. govt shutdown worries investors (Reuters.com) Stocks Mixed, Dollar Flat With Shutdown in Focus (Bloomberg.com) Palladium flows from west to east to meet industry demand (Reuters.com) METALS START THE WEEK ON[...]

READ MORE

Gold ETF Assets Climb to Highest Since 2013

Gold and Silver Bullion - News and Commentary Gold ETF Assets Climb to Highest Since 2013 (Bloomberg.com) Gold firm as dollar sinks further (Reuters.com) Australia Is Cashing In on Gold ETFs (Bloomberg.com) South Korea now requires verified ID to trade cryptocurrencies[...]

READ MORE

Central Bank Of Russia Adds A Record 223 Tons Of Gold In 2017

Gold and Silver Bullion - News and Commentary Gold steady on weak dollar; stocks surge as U.S. government shutdown ends (Reuters.com) Asian Stocks Reach Fresh Record High; Oil Climbs (Bloomberg.com) U.S. Stocks Gain as Senate Votes to End Shutdown (Bloomberg.com) Demand[...]

READ MORE