Today’s AM fix was USD 1,239.50, EUR 915.57 and GBP 749.67 per ounce.
Yesterday’s AM fix was USD 1,247.75, EUR 922.01 and GBP 758.93 per ounce.
Yesterday, gold fell $10.10 or 0.8% to $1,241.80/oz. Silver slipped 0.44 or 2.2% to $19.82/oz.
Gold fell to its lowest level in a week today. Singapore Bullion Market Association (SBMA) Secretary Albert Cheng told Bloomberg overnight that Singapore’s gold fix plan is still in process. Singapore is positioning itself as Asia’s global precious metals hub.
A Wall Street Journal report cited the Fed may announce another $10 billion cut in its money printing programme during their upcoming meeting on January 28-29. This may have put pressure on gold.
A Reuters poll shows analysts favour platinum group metals over gold and silver for 2014.
The IMF raised its global growth forecast for the first time in 2 years. It is worth remembering how the IMF, like the credit rating agencies failed to warn regarding the global financial crisis.
Today, the Bank of Japan releases its monetary policy decision.
New research from the Portola Group shows that currency debasement by the U.S., China, Japan and the Eurozone has increased the yearly money supply by a whopping $50 trillion in one year. Staggeringly, total annual global GDP is only $75 trillion.
The result of endless currency printing will be currency devaluations and savers will again be hurt. Therefore, diversification into precious metals remains vital in order to protect wealth.
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NEWS FROM AROUND THE WORLD
Gold Near Week Low On US Stimulus Prospects, Growth Outlook|
Gold Settles Lower In Pullback From Five-Week High
Gold Seen Averaging $1,219 in LBMA Survey After 2013’s Slide
Gold Price-setting Banks Form Committee, Meeting Tuesday
Century-Old London Gold Fix Said to Face Overhaul Amid Scrutiny
Britain Back To Old Bad Habits – Expect Trouble Ahead
Economic Tragedy Ahead – Own Physical Gold and Silver
Evidence Of Gold Price Suppression Is Everywhere
Entire System May Collapse In 2014
Money Supply Increase From China, U.S., Japan & Eurozone Staggering $50 Trillion In 1 Year