From GoldCore
China's Gold Volume “Shot Through The Roof” Yesterday Ahead Of Lunar New Year
Cross Currency Table – (Bloomberg)
Gold 'Lures' Japan's Pension Funds, Govt Targets Inflation – Business Week
Be very sceptical of your fund manager's priorities – The Irish Times
COMMENTARY
Sterling crisis looms as UK current account deficit balloons – The Telegraph
Japan May Or May Not Mint Quadrillion Yen Coins, But It Will Monetize European Debt – Zero Hedge
US Mint Bullion Coin Sales – GoldSeek
Russell: The 60-Year Shocker, Silver Shorts & Gold – King World News
China's Gold Volume “Shot Through The Roof” Yesterday Ahead Of Lunar New Year
Today’s AM fix was USD 1,653.75, EUR 1,261.06 and GBP
1,028.07 per ounce.
Yesterday’s AM fix was USD 1,653.75, EUR 1,267.82 and GBP 1,029.60 per ounce.
Yesterday’s AM fix was USD 1,653.75, EUR 1,267.82 and GBP 1,029.60 per ounce.
Silver is trading at $30.38/oz, €23.25/oz and
£18.95/oz. Platinum is trading at $1,569.50/oz, palladium at $672.00/oz and
rhodium at $1,150/oz.
Cross Currency Table – (Bloomberg)
Gold fell $9.90 or 0.6% in New York yesterday and closed at
$1,646.40/oz. Silver slipped to a low of $29.84 and finished with a loss of
0.2%.
Gold’s losses in recent days have been more pronounced in
dollar terms as gold’s price fall in euros, pounds and other fiat currencies has
been far more modest (see charts). Given the challenges facing all currencies in
2013 the price decline is likely another correction prior to further gains.
Gold edged up on Tuesday as the euro held steady on to two
days of gains on hopes that the European Central Bank will not cut interest
rates at a meeting this week.
A Reuter’s poll of economists forecast no rate cut but they
cannot agree on whether there will be further cuts in the next few months due to
a muddled Eurozone economy.
Data showed Eurozone sentiment improved for its 5th month in
a row, based on a drop in Spanish jobless figures and a successful Greek bond
repurchase.
Harmony Gold, South Africa’s 3rd biggest gold producer said
its Kusasalethu mine remains closed and could be shut permanently with the loss
of around 6,000 jobs after managers received death threats and police were shot
at.
Reuters report that Asia's physical market has picked up so
far this year, with buyers tempted by last week's big drop in prices -- when
prices retreated to as low as 1,626 per ounce -- and on demand ahead of the
Lunar New Year, traders said.
The trading volume on the Shanghai Gold Exchange's 99.99 gold
physical contract shot through the roof on Monday, hitting a record of 19,504.8
kilograms, after double-counting transactions in both directions.
"Physical demand is very strong," said a Beijing-based
trader. "It's a combination of the attraction of lower prices as well as
pre-holiday demand."
But such appetite could waver if prices recover towards
$1,700, he added.
U.S. gold gained 0.1 percent to $1,648.60. Shanghai's 99.99
gold traded at 331.58 yuan a gram, or $1,658 an ounce - a $10 premium over spot
prices, compared to single-digit premium most of last year.
Technical analysis suggested that spot gold could edge higher
to $1,665 an ounce, and a previous target of $1,625.79 has been temporarily
aborted, said Reuters market analyst Wang Tao.
Bloomberg quoted Feng Liang, an analyst at GF Futures Co., a
unit of China’s third-biggest listed brokerage who said “the recent price drop
has attracted some purchases, evidenced by the volumes in China,” “Whether this
rebound can be sustained depends on the emergence of physical buyers, especially
from China and India, at a time when demand is meant to be strong.”
In China, demand typically picks up before Christmas and
lasts through the Lunar New Year in February. India’s wedding season, a
peak-consumption period for gold jewelry, runs from November to December and
from late March through early May. The countries are the two biggest bullion
consumers.
Gold
Snaps Three-Day Drop on Signs of Increased Chinese Demand -
ReutersGold 'Lures' Japan's Pension Funds, Govt Targets Inflation – Business Week
Be very sceptical of your fund manager's priorities – The Irish Times
COMMENTARY
Sterling crisis looms as UK current account deficit balloons – The Telegraph
Japan May Or May Not Mint Quadrillion Yen Coins, But It Will Monetize European Debt – Zero Hedge
US Mint Bullion Coin Sales – GoldSeek
Russell: The 60-Year Shocker, Silver Shorts & Gold – King World News
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