Daily Market Update

German Legislator Seeks Repatriation Of All The Bundesbank’s Gold

Today’s AM fix was USD 1,247.75, EUR 922.01 and GBP 758.93 per ounce.
Yesterday’s AM fix was USD 1,254.75, EUR 925.88 and GBP 763.32 per ounce.

Yesterday’s closing fix in London was USD 1,255.75, EUR 925.87 and GBP 764.11 per ounce. The U.S. markets were closed for a national holiday.

Gold and silver prices were lower today. There is more market speculation that the Fed will again reduce its bond buying programme at its January 29th meeting. However, recent data and corporate earnings have been quite poor which may prevent any further ‘tapering’.

The Bundesbank plans to repatriate 30 to 50 metric tons of gold stored in New York this year under a plan to repatriate home half of its bullion reserves held abroad.

The central bank transferred 32 tons of gold from Paris and five tons from New York last year, according to a Bundesbank spokesman. The bank expects to repatriate the reserves at a pace of about 50 tons a year. The Bundesbank said a year ago it will repatriate 674 tons of gold from vaults in Paris and New York by 2020 to restore public confidence in the security of Germany’s reserves. The stockpile is worth $27.2 billion in current prices.

Meanwhile a German legislator and a member of the governing coalition in the German Parliament, Philip Missfelder, is calling for repatriation of all of the German Bundesbank’s gold vaulted abroad.

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Mark O'Byrne
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