Shanghai Gold Exchange Sees Volumes Jump 24% In Year

Today’s AM fix was USD 1,582.50, EUR 1,216.37and GBP 1,065.30 per ounce.
Yesterday’s AM fix was USD 1,577.50, EUR 1,213.28 and GBP 1,058.37 per ounce.

Silver is trading at $29.18/oz, €22.53/oz and £19.71/oz. Platinum is trading at $1,605.25/oz, palladium at $773.00/oz and rhodium at $1,200/oz.

Gold rose $3.00 or 0.19% and closed yesterday at $1,581.10/oz. Silver rose to $29.09 and finished +0.1%.


Cross Currency Table – (Bloomberg)

Gold gained for the third straight session, the longest rally this year, on the realisation that the European crisis may worsen. Fitch Ratings cut Italy’s credit rating by one level on Friday. Fitch downgrading Italy is likely providing support as is robust demand in Asia, particularly China.

Average daily trading combined volumes on the three main gold contracts on the Shanghai Gold Exchange in the first two months of the year jumped 24% on the year, according to Reuter’s calculations.


Shanghai Share Index, 5 Year – (Bloomberg)

"The strong physical demand in China is the main reason behind gold’s resilience," a Beijing-based trader told Reuters. Physical demand prospects out of China remain positive in the weeks ahead, UBS AG said  according to Bloomberg.

China is very vulnerable to a property crash and its own economic crisis. The Chinese stock market has performed very poorly in recent years and Chinese people realise the importance of gold as a store of value.


Gold In Chinese Yuan, 5 Year – (Bloomberg)

The market continues to digest the better than expected U.S. jobs data with the risks still emanating from Italy and the Euro zone. Contagion in the Eurozone and indeed currency crises remain real risks – risks which are being completely ignored … for now.

Sentiment is as bad as we have seen it in recent years which suggests to us that while gold may go lower in the short term – we are close to a bottom.

The global debt crisis is far from over and when it erupts anew, gold’s appeal as an important diversification and safe haven will be appreciated once again.

Webinar: Everything you need to know about Silver in 60 minutes.

Date: Tomorrow- 13th March, 2013, 1900 – 2000 GMT

Speakers: David Morgan publisher of the Morgan Report and GoldCore Research Director Mark O’Byrne

Do you want answers on why silver should be part of your investment portfolio and why silver is a form of saving and financial insurance? Do you want to know the safest way to own silver? Do you want the opportunity to put your own questions to two leading world authorities on silver? We’ll help you in this complimentary webinar, "Everything you need to know about Silver in 60 minutes."

To register click here!

 

NEWS
Gold futures log highest close of month – Market Watch

Gold sticks in range as growth hopes weigh, Asia buying supports – Reuters

Gold Little Changed as ETP Holdings Extend Drop Amid Recovery – Bloomberg

Gold Gains for Third Day as Europe Concern Boosts Haven Appeal – Bloomberg

COMMENTARY
Don’t Be Sucked In – Euro Zone Will Break Up – Reuters

Staring Armageddon In The Face But Hiding It With Official Lies –Paul Craig Roberts – Paul Craig Roberts

Presenting The Currence Crises, Devaluations And Regime Changes Since The Collapse Of The Gold Standard – Zero Hedge

Central Bankers’ ‘Crackpot Monetary Ideas’ Are Leading To A Breakdown Of Society – Business Insider

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

 

Mark O'Byrne

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