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.
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Gold - $1386.43 Down $5.54
Silver - $23.68 Down $0.17
Platinum - $1491.00 Down $3.50
Palladium - $697.00 Up $0.00
Gold Stabilizes As Traditional Consumers Replace Investors
The gold price is back over $1400 an ounce thanks to a double-dose of trouble, but that’s not the important news about the commodity which also acts as a currency.
Of greater significance than fear about the crisis in Syria, and the potential for a fall in South African gold production caused by a miners walkout, is the return of a missing class of gold buyer; the consumer.
Over the past six months, as the gold price tumbled to a multi-year low of $1192 an ounce in June, jewelry and coin buyers have picked up where investors in bullion and exchange-traded funds (ETFs) have left off.
Until the price fall, some traditional gold buyers had been squeezed out of the market by investors during the 12-year bull market which saw gold peak at $1920/oz in late 2011.
As the heat has gone out of gold, perhaps due to changing U.S. monetary policy, consumers have made a return, especially in the Middle East, China and India where gold is a customary gift.
Fear will remain a primary driver of short-term gold price movements but what the re-entry of jewelry buyers means is that a new floor is being inserted in the price, perhaps setting the scene for a more substantial rise in future years. Read More...
U.S. Silver-Coin Sales Top 2012 as Investors Buy at Record Pace
Sales of American Eagle silver coins by the U.S. Mint this year surpassed the total for all of 2012 as investors snap up precious metals at a record pace and spark a rebound in prices.
About 33.75 million ounces of the silver coins were sold so far in 2013, compared with 33.74 million in 12 months last year, according to data on the mint’s website. In January, sales reached an all-time high of 7.498 million, and averaged 3.65 million a month since then as demand heads closer to the annual record of 39.868 million reached in 2011.
Silver prices surged into a bull market last month and have gained 29 percent from a 34-month low on June 28, sparked by demand for precious metals as an alternative asset. Holdings in exchange-traded funds backed silver rose to a record 20,082 metric tons on Aug. 30 and are up 5.9 percent this year. Bets on higher prices for the precious metal advanced for the three straight weeks, data from U.S. Commodity Futures Trading show. Read More...
Gold Imports to China From Hong Kong Climb on Physical Demand
Gold shipments to China from Hong Kong increased in July as importers took advantage of local prices that were an average 2.1 percent higher than global markets and as mainland investors bought jewelry and coins.
Net imports, after deducting flows from China into Hong Kong, were 113 metric tons, from 101 tons a month earlier, according to calculations by Bloomberg. Mainland buyers purchased 129 tons in July, including scrap, compared with 113 tons in June, data from the Hong Kong government showed today.
China’s total gold consumption this year may jump by 29 percent to reach 1,000 tons, overtaking India to become the world’s largest gold consumer, according to the World Gold Council. China and India together account for more than half of the world’s gold demand, according to the council.
China’s purchases in July were 70 percent higher than the 75.8 tons in the same month last year, according to the data from the Hong Kong Census and Statistics Department. Mainland China doesn’t publish such data.
Exports of gold to Hong Kong from China were 16 tons in July, according to a separate Statistics Department statement, compared with 11.7 tons in June and 30 tons in July 2012. Read More...
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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.
