Today’s AM fix was USD 1,253.50, EUR 919.12 and GBP 757.04 per ounce.
Yesterday’s AM fix was USD 1,270.00, EUR 927.82 and GBP 767.14 per ounce.
Gold fell $13.30 or 1.05% on yesterday to $1,255.10/oz. Silver slipped $0.28 or 1.41% to $19.63/oz.
Gold is marginally lower today in dollars but higher in yen and emerging market currencies. The fall in stock markets and in currency values in many emerging markets should support gold and is leading to an increase in demand for physical gold.
Gold in U.S. Dollars, Jan 2014 – (Bloomberg)
Turkey, South Africa, Ukraine, Venezuela and especially Argentina have all seen sharp falls in their currency. Those with an allocation to gold have again protected their investments and savings.
Eurozone governments vulnerable to insolvency such as France, Spain, Italy, Portugal, Greece and Ireland should impose a “wealth tax” on their citizens, Germany’s Bundesbank proposed yesterday.
The German central bank raised the idea of an emergency “capital levy” in its monthly report.
The Bundesbank said that the levy would have to be a one-off “imposed in conditions of extraordinary national crisis”, in order to limit negative consequences for investment, and potential capital outflows.
It acknowledged that a nation in crisis would have difficulty making a convincing case to depositors and investors that any such levy would be a one-time measure.
We have argued consistently for the last 10 years that investment diversification is vitally important in order to protect and grow wealth. The very real likelihood of bail-ins means that savings diversification has to be considered.
Find out why Singapore is now one of the safest places in the world to store gold in our latest gold guide – The Essential Guide To Storing Gold In Singapore
NEWS FROM AROUND THE WORLD
Gold Steady Ahead Of Fed; Stimulus Outlook In Focus
Gold Flows East As Bars Recast For Chinese Defying Slump
Platinum Producers Build Stockpiles To Beat Strike
3,000kg Of Gold Being Smuggled In A Month: Chidambaram
Bundesbank Calls For Capital Levy To Avert Government Bankruptcies
MARKET COMMENTARY
Scrambling Gold Mints Around The World Plead: "We Can’t Meet The Demand, Even If We Work Overtime"
This Is What Banks Do When They Go Broke
Video: Gold Rush: Double Bottom Or A Flight To Safety?
Global Economy 2.0 Collapsing; 3.0 Growing Rapidly
Let Banks Fail Is Iceland Mantra As 2% Joblessness In Sight
