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Updated 14:00 13/05/21

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December Gold News 2013

American gold exports for the first nine months in 2013 have surpassed the total amount exported in 2012. Out of the 416mt exported so far this year, Switzerland received 130.9 mt, Hong Kong 176.3 mt and the United Kingdom 26mt. These figures only include gold bullion and ignore gold exported in other forms. In total 573 mt of gold have been exported from the US in the first nine months of the year.
18 Dec 2013, 10:50 a.m.
Duncan Richardson
Both gold and silver are trading slightly higher this morning as the market waits for the latest announcement from the Federal Reserve. The Fed is due to release a new policy statement following their latest two day meeting. Investors are cautious as any reduction in the Fed’s $85 billion asset purchase program would act as a drag on the gold and silver price.
18 Dec 2013, 9:30 a.m.
Duncan Richardson
Outflows from the largest 14 exchange traded products (ETP’s) continues, and are expected to see their first annual decline since the products were first traded a decade ago. In total the funds have seen a 31% decline down to 1,813.3 tonnes. Experts are predicting that the outflow will continue into 2014 if the price of gold continues to slide. The amount held in ETP’s peaked on the 20th of December 2012 with 2,632.52 tonnes held.
17 Dec 2013, 10:53 a.m.
Duncan Richardson
The Bank of America Merrill Lynch are forecasting the gold price will average $1,294 per ounce in 2014. They are predicting gold will remain under pressure as they expect the Fed to taper back on their $85 billion monthly asset program, known as quantitative easing. In addition, the bank are forecasting that silver and platinum will outperform gold in 2014.
17 Dec 2013, 10:51 a.m.
Adam Pike
Countries bordering India have seen their gold imports soar since India introduced its gold import tax earlier in the year. Indian government officials are concerned this extra demand is being smuggled through its borders. India introduced its import tax to stop its widening current account deficit and halt the fall in the rupee against the US dollar.
16 Dec 2013, 9:30 a.m.
Adam Pike