My name is Shawn Ozbun, and our goal is to keep you up to date with what’s going on in the world of Gold and Silver by providing you with current news and precious metals pricing.
The Silvertowne Vault Cast is brought to you by www.Silvertowne.com
Thanks for tuning into another episode of the SilverTowne Vault Cast. I hope that you had a great Thanksgiving holiday! Today we are going to talk a little about how banks and countries are buying record amounts of gold and we will talk a tiny bit about the upcoming fiscal cliff. Before we get into all that, I want to remind you that you can subscribe to the Silvertowne vault cast on YouTube and in the iTunes Store. I would really appreciate it if you would take a few minutes to leave some feedback and maybe subscribe if you really like the show.
Now lets go ahead and get into todays precious metals pricing!
Gold - $1732.81 Up 3.32
Silver - $33.41 Up .07
Platinum - 1575.00 Down 1.50
Palladium - $647.00 Down 1.51
Financial News:
Soros Buying Gold as Record Prices Seen on Stimulus
Gold’s 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever.
The metal will rise every quarter next year and average $1,925 an ounce in the final three months, or 12 percent more than now, according to the median of 16 analyst estimates compiled by Bloomberg. Paulson & Co. has a $3.62 billion bet through the SPDR Gold Trust (GLD), the biggest gold-backed exchange- traded product, and Soros Fund Management LLC increased its holdings by 49 percent in the third quarter, U.S. Securities and Exchange Commission filings show.
Central banks from Europe to China are pledging more steps to boost growth, raising concern about inflation and currency devaluation. Investors bought 247 metric tons through ETPs this year, exceeding annual U.S. mine output. While both sides said talks Nov. 16 between President Barack Obama and Congress over the so-called fiscal cliff were “constructive,” the Congressional Budget Office has warned the U.S. risks a recession if spending cuts and tax rises aren’t resolved.
“We see gold as a hedge against the follies of politicians,” said Michael Mullaney, who helps manage $9.5 billion of assets as chief investment officer at Fiduciary Trust in Boston. “It’s a good time to garner some protection in portfolios by having some real asset like gold.” Read More...
Brazil raises gold holdings by 17.170 tonnes in Oct
Kazakhstan raised its bullion reserves by 7.527 tonnes to 111.543 tonnes.
Turkey raised gold holdings by 17.543 tonnes to 319.907 tonnes in October. It also revised its September figures upwards by 6.843 tonnes to 302.361 tonnes, the data showed.
Turkey allows commercial banks to use gold as collateral for loans, and changes to its balance sheet are often connected to such activity.
Central bank buying of gold has been a major support to gold prices XAU=, which hit record highs a year ago and are still holding above $1,700 an ounce, more than double their level of five years ago. Read More...
Gold gains on weak dollar, U.S. fiscal cliff talks in focus
Gold futures edged higher during European morning hours on Monday, as investors continued to monitor negotiations among U.S. lawmakers to avoid the looming fiscal cliff.
There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the seven weeks left before the January 1 deadline.
Weakness in the U.S. dollar also contributed to gains. The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was down 0.15% to trade at 81.14.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
Now I’m personally not really that concerned about the fiscal cliff like most people are. I think they will come to some type of an agreement but I don’t think its really going to matter. I more concerned about an economic collapse and ramped inflation. I think we need to be more concerned about that future. One way that you can protect your wealth in my opinion is by owning some precious metals to help hedge against that incoming inflation. Read More...
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For the best source for acquiring gold and silver please contact Silvertowne at 1-877-477- coin, that’s 1-877-477-2646 or you can visit us at www.silvertowne.com. Silvertowne has been a trusted precious metals and numismatics dealer since 1949.
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[Disclaimer] Shawn Ozbun is not a licensed financial adviser, there is risk associated with all investment including gold and silver. You should seek advise from a licensed financial expert before making a purchase.
