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Updated 14:00 13/05/21

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February Gold News 2014

The world’s largest physically backed exchange traded fund SPDR Gold Shares (GLD) posted gains of more than 5% in February and saw positive inflows for the first time in 13 months. According to the World Gold Council GLD added 10.5 tonnes of gold in February and finished the month with a total holding off 803.7 tons.

Will Rhind Managing Director of the World Council cites strong physical demand from both Chinese consumers and the Chinese central banks for gold’s strong performance in 2014, and believes gold can continue to perform well in a low interest rate environment.

28 Feb 2014, 2:26 p.m.
Victoria Hewitt-Marsh

Researchers from New York University have concluded the London gold fix may have been manipulated by bankers for over ten years. The gold fix is a benchmark used by Central Banks and industry to value gold. Authors of the report Albert Metz and Abrantes-Metz concluded the following.

“The structure of the benchmark is certainly conducive to collusion and manipulation, and the empirical data are consistent with price artificiality.” The authors also added, “It is likely that co-operation between participants may be occurring.”

This is the first piece of research which supports the notion that the five permanent members of the gold fix, ...

28 Feb 2014, 10:44 a.m.
Duncan Richardson

Gold supply declined in 2013 as gold recycling slowed and mine production decreased according to Daniel Hooijer gold analyst and partner at KPMG. He also notes that investors are moving away from investing in gold mining shares and exchange traded products in favour of physical bars, coins and jewellery.

Hooijer concludes the reduction in exploration activity due to high costs has resulted in fewer mine discoveries, which in time will negatively impact future replenishment of gold reserves.

28 Feb 2014, 10:43 a.m.
Duncan Richardson

Janet Yellen, the new chair of the Federal Reserve announced yesterday that Fed does not have the authority to regulate bitcoin as it falls outside the banking system. The statement follows pressure from Democrat Senator Joe Manchins to regulate bitcoin and protect U.S. consumers.

During the address Yellen also discussed a number of other issues including recent U.S economic data, the political turmoil in the Ukraine and developments in payment technologies.

28 Feb 2014, 10:43 a.m.
Duncan Richardson

Democrat Senator Joe Manchin is calling for an outright ban on bitcoin. In a letter sent to both Janet Yellen and U.S. regulators, Manchin described the digital currency as “unregulated and unstable.” The Senator is also concerned that the inherent structure of bitcoin attracts criminals who have used bitcoins to purchase guns and drugs.

Manchin also believes the volatility of bitcoin compounds the problems and cites the recent closure of the bitcoin exchange Mt.Gox as an example.

Manchin’s call for a ban follows recent comments from the Alabama Securities Commission and Texas Securities Board warning consumers about bitcoin. This new call for ...

27 Feb 2014, 10:37 a.m.
Adam Pike

Conroy Gold and Natural Resources announced yesterday they are closer to establishing a productive mine at its Clontribret site in Monaghan.

Results from the recent survey are positive with a gold bearing anticline identified. Company Chairman Richard Conroy added, “This is very encouraging and, indeed, exciting news as in addition to the widths of gold which have been encountered during drilling, it adds further geological evidence that the Clay Lake gold target could have the potential for high tonnage and overall gold content,”

The company has just raised a further half a million pounds to help with further development of the site.

27 Feb 2014, 10:37 a.m.
Adam Pike

Gold dipped 0.4% yesterday from its 17 week high after the release of positive housing data from the U.S. fuelled speculation that the Fed will continue with its plan to taper quantitative easing.

Gold dropped as investors took profits following the news that U.S. home sales reached a 5 year high.

Gold is on course for its second straight month of gains as investors remain concerned with turmoil in the emerging markets and data suggesting the U.S economy is slowing.

The world’s largest ETF SPDR Gold Trust remained unchanged yesterday following three positive days.

27 Feb 2014, 10:36 a.m.
Adam Pike

Following MtGox’s decision to take itself offline earlier this week and halt all customer transactions, reports are circulating that up to £210 Million has been stolen due to a flaw in transaction processes. The flaw apparently allowed criminals to trick the transaction process into sending double the amount of bitcoins.

Japan’s authorities have started to investigate the company and Japan's chief cabinet minister has promised action will be taken if necessary.

CEO Mr Mark Karpeles issued a statement today to address concerns he had gone into hiding and confirmed he was “working very hard with the support of different parties" to address ...

26 Feb 2014, 2:48 p.m.
Duncan Richardson

An American couple in their 40s have found a stash of rare gold coins worth $10 million on their property in Northern California. The hoard was found inside a rusty metal can whilst the couple were out walking their dog.

The coins are dated between 1847 and 1894, are uncirculated and are in excellent condition. Some of the coins are so rare that experts believe they could fetch over $1 million each.

The discovery is being seen as one off the largest finds of treasure in U.S. history. One of the previous largest finds was in 1985 when construction workers found $1 ...

26 Feb 2014, 11:05 a.m.
Victoria Hewitt-Marsh

Gold finished Asian trading at $1,340 per ounce, just below the four month high as data out of the U.S. raises questions over the health of the U.S. recovery.

Housing figures out of the U.S. indicated that the sector was losing momentum and consumer confidence was softening. The SPDR Gold Trust reported that its holdings rose 0.26% to 803.70 tons yesterday.

Silver finished 0.1% up at $21.965 per ounce, palladium was 0.3% higher at $733.75 per ounce and platinum closed 0.4% up at $1,434.50.

26 Feb 2014, 11:05 a.m.
Victoria Hewitt-Marsh

Gold imports from Hong Kong into mainland China dipped in January as jewellers and fabricators reduced orders on expectation that demand would weaken following the Lunar New Year holidays.

According to data analysed by Bloomberg news net imports totalled 83.6 tonnes in January, compared with 91.9 tonnes in December.

In 2013 China consumed 1,066 tonnes of gold and overtook India as the largest user of gold, as demand for gold bars and jewellery soared as Chinese consumers took advantage of the biggest price decline since 1981.

26 Feb 2014, 11:04 a.m.
Victoria Hewitt-Marsh

Turkey has reduced its gold holdings in January by 31.171 tonnes according to data released by the International Monetary Fund (IMF). The drop comes after Turkey significantly increased its gold holdings in 2013, following the Central Banks decision to allow commercial banks to hold a percentage of their reserves in gold.

The IMF data also confirmed that the Euro area increased their holdings in January by 7.776 tonnes to 10,787 tonnes. The gold reserves of Germany and the United States remained unchanged in January at 3,387.247 tonnes and 8,133.715 tonnes respectively.

The Cypriot Central Bank also confirmed they have no intention to ...

25 Feb 2014, 10:49 a.m.
Adam Pike

Following a series of technical issues bitcoin exchange MtGox has taken itself off line. Early this month the exchange halted all customer withdrawals after the firm identified a flaw, which enabled thieves to trick the transaction process into sending double amount of bitcoins.

MtGox is yet to issue any formal statements regarding it decision to go off line and whether it would be back. Bitcoins value has plummeted since the problems first came to light on the 7th of February and currently trades at $419 per coin.

25 Feb 2014, 10:48 a.m.
Adam Pike

Commodity strategists at U.S. bank Morgan Stanley are forecasting gold will struggle to maintain its current value and are predicting gold will average $1,160 for 2014 and $1,138 for 2015. They believe gold will face considerable headwinds as real interest rates, bond yields and U.S. dollar rise.

The strategists considers gold’s recent rise as a mere bounce that was overdue after five negative quarters and heavy outflows from exchange traded products.

25 Feb 2014, 10:37 a.m.
Adam Pike

Andrew Huszar former Fed official and architect of the Federal Reserve’s first QE program has hit out against Feds response to the economic crisis. In an interview with Kingworld news Huszar discusses the Feds attempt to exit QE, gold, inflation and much more.

Although, Huszar believes the Fed was wright to step in and save the banks in 2008, he is extremely concerned that the Fed is still persisting with QE five years on.

“I don’t even think we have begun to see the costs of this experiment. And I think (that with) the Fed trying to exit from the buying phase, ...

24 Feb 2014, 10:56 a.m.
Duncan Richardson

Legendary blogger and investor Dennis Gartman has just turned bullish on gold. During an interview with the Hard Asset Investor Gartman explains why he has turned positive on gold.

Gartman believes global gold production will decline as major miners start to curtail production as they struggle to mine profitably. Secondly, he believes the major central banks will continue the policy of injecting reserves into the system which will be positive for gold.

Finally, Gartman cites backwardation in the gold futures market as an important indicator that world gold supplies are tight.

21 Feb 2014, 11:11 a.m.
Victoria Hewitt-Marsh

To stop the current spate of gold smuggling into India, the finance ministry is suggesting all gold jewellery and bullion brought into the country via India’s 19 international airports will have to be declared to custom officials.

The objective of the rule is to help officials check customs duty fraud and record all the gold bullion and jewellery imported into India.

The Indian government has also recently increased the import tariff on gold and silver to $421 per 10 grams from $404, and $663 per kilogram from $635 respectively. The finance ministry plans to introduce the rules by the end of next ...

21 Feb 2014, 11:10 a.m.
Victoria Hewitt-Marsh

As strikes enter their fourth week at three of largest platinum mines in South Africa, Chinese company Long March Capital is considering asset purchases in the sector once again.

According to Managing Partner Kwong “If the industry survives and makes a profit then that would be a good signal to look at investing.”

Lonmin, Impala Platinum Holdings Ltd and Anglo American Platinum have reportedly lost $399 million dollars in revenue since the strikes started. Since the start of the labour crisis the share prices have plummeted and Kwong believes the worst is now over.

21 Feb 2014, 11:08 a.m.
Victoria Hewitt-Marsh

The Swiss Federal Customers Administration Department has released its first gold trade data since 1980 and the results indicate that gold is flowing east.

According to the figures released in an e-mailed report Switzerland exported 80% of its gold and silver bullion to Asia. With the report confirming the majority of gold originated from London.

The export data confirmed 44% of all exports went to Hong Kong, 14% to India, 8.6% to Singapore, 7.9% to the United Arab Emirates and 6.3% to China.

20 Feb 2014, 11:22 a.m.
Duncan Richardson

Gold dropped 0.8% to $1,310.74 per ounce yesterday following clarification from the Federal Reserve that they plan to continue to taper their monthly asset purchase program known as quantitative easing.

According to Industry analyst James Steel, you would normally expect to gold to underperform when monetary policy is tightening. In addition, he believes gold will consolidate further but is confident that gold will remain above the $1,300 psychological threshold.

SPDR the largest exchange traded product experienced a 0.7% outflow to 795.61 tonnes the largest outflow since December 23rd.

Silver, platinum and palladium all traded negatively yesterday.

20 Feb 2014, 11:21 a.m.
Duncan Richardson

Over the last thirty years on the back of abundant oil the UAE has become of the world’s richest countries, however, all this wealth has come at a cost. As income rose so did the population’s waist bands with more and more people eating western style fast food. As a result 35% of adult population are classified as obese and the government is now concerned.

The situation has become so bad the government has come up with a radical idea by offering dieters 1 gram of gold for each kilogram shed in weight.

It is estimated that by 2022 obesity related diseases ...

20 Feb 2014, 11:20 a.m.
Duncan Richardson

According to the Indian finance ministry is considering reducing the gold import duty to between 6-8% by the end of February.

The tax was introduced to stop India’s current account deficit widening and to ease downward pressure on the Indian rupee. With the current account now under control many industry insiders believe the government is preparing to reduce the tax.

As a result of the tax gold smuggling into India has soared and during the last wedding season premiums rocketed to over $130 per ounce. The tax has had little effect as Indian consumption increased by more than 100 tonnes in ...

20 Feb 2014, 11:10 a.m.
Duncan Richardson

A shop in London offering customers the ability to exchange cash for Bitcoin has just opened a stone throw away from London’s financial district.

Once customers have handed over their cash they are given a voucher containing a unique code which is then imputed into Azteco website. Company founder, Akin Fernandez set the company up with the objective of making it easier for customers to buy bitcoin.

Azteco will face stiff competition as a number of companies are vying to launch the first Bitcoin ATM in London later this year.

20 Feb 2014, 11:09 a.m.
Duncan Richardson

Silver bullion coins sales reached record levels in 2013 as investment demand soared.

Sales of the U.S. silver American eagle rose 26% to 42,675,000 coins; the most ever since the coin was first minted in 1986. The demand for silver coins was strong across the globe with sales of the Austrian Philharmonic rising by 62%, the Canadian Maple increasing by 60% and the Perth mints silver Kookaburra increased by 41%.

Demand for coins in 2014 has also been strong with the U.S. mint reporting 6.5 million coins have already been sold.

As well as coin sales, soaring investor interest in silver exchange traded ...

19 Feb 2014, 10:56 a.m.
Duncan Richardson

It is emerging that South African Standard Bank is set to purchase Deutsche Bank’s seat on the gold and silver price setting process commonly known as the fix. Market insiders believe Standard Bank is in pole position to buy the seat if they want it and can agree a price. Importantly the deal would be accepted by the other four permanent members of the fix. So far neither bank has made comment on the potential sale.

Deutsche Bank announced their intent to withdraw from the fix following German regulator Bafin’s investigation into the bank over potential manipulation of the precious metals ...

19 Feb 2014, 10:55 a.m.
Duncan Richardson

Following a 1.1% rise yesterday silver has now posted 13 days of positive returns, which is the longest rally in 45 years, as investors seek safe haven investments amid concerns the global recovery is faltering. So far this year silver has risen by 13% as retail demand for coins and jewellery increased.

On the 14th February silver crossed above the 200 day moving average and closed yesterday at $21.9348 per ounce.

Gold is up 9.6% this year, while the dollar has performed poorly against a basket of major currencies.

19 Feb 2014, 10:55 a.m.
Duncan Richardson

For the seventh year in a row China is the world’s largest producer of gold with annual production topping 428 tonnes. China’s consumption figures also continue to climb with jewellery sales reaching 400 billion Yuan in 2013. China also has the second largest gold reserves and is set to become the leading centre for gold.

Although China’s appetite for gold remains robust their official Central Bank reserves stand at 1,054 tonnes which only accounts for only 1.1% of their foreign reserves. In Germany and the U.S. gold currently represents over 65% of their countries foreign reserves.

18 Feb 2014, 11:02 a.m.
Adam Pike

Platinum prices have picked up as workers at the three largest platinum mines take their strike action into a third week. Combined, Anglo American Platinum, Lomin and Imapala Platinum produce 60% of the worlds Platinum.

Initially the strike had little impact on the price with existing inventories meeting supply. As the strike enters its third week inventories are now starting to dwindle with experts estimating that 5,000 ounces of palladium and 10,000 ounces of platinum production are being lost each day.

As a result platinum is up 4% this year to $1,428.40 per ounce and palladium is trading at $736 per ounce ...

18 Feb 2014, 11:01 a.m.
Adam Pike

Despite the introduction of the 10% gold import tax gold demand in India rose by 13% in 2013 to 975 tonnes according to the World Gold Council. Jewellery demand climbed 11% to 612.7 tons and investment demand in 2013 increased by 16% to 362.1 tonnes. Demand significantly dropped off in the second half of the year as a result on the gold import tax.

Total gold demand may be significantly higher as illegal gold smuggling into India may be as much as 10-20 tonnes per month.

Industry experts are forecasting that gold demand will be between 900 and 1,000 tonnes in 2014.

18 Feb 2014, 11:01 a.m.
Adam Pike

Silver rose 7.5% last week to close at its highest level since November as physical demand picked up. Silver continues to perform against a backdrop of poor U.S. economic data and turmoil in the emerging markets.

Over the last thirty years the world has consumed more silver than has been mined and the long term outlook for silver remains bullish as no other metal has the combined strength, ductility and malleability that silver does.

Demand for U.S. Silver coins almost quadrupled in January.

17 Feb 2014, 10:25 a.m.
Victoria Hewitt-Marsh

Gold bullion for immediate delivery reached $1,330.03 an ounce on Friday its highest close since October 2013, as investors seek safe haven assets as concerns rise that the U.S. economy is slowing.

Gold is up 10% this year as retail demand for coins and bars picks up and inflows into exchange traded funds turns positive.

Platinum, Palladium and silver all traded higher on Friday.

17 Feb 2014, 10:25 a.m.
Victoria Hewitt-Marsh

Petropavlovsk share price increased by 25% to 91p last week upon news that its current hedging program finishes later this year leaving the company exposed to the spot price.

Fresnillo the Mexican gold and silver miner rose 20% to 971p, helped by strong metal prices and the news that its explosives permit at Herradura and Soledad mines has been reinstated.

UK listed African Barrick Gold climbed 16% to 273p helped by gold’s strong performance and news that production increased by 3% to 641,931 ounces. Although, it is worth noting that Barrick’s all in sustaining costs of production remains above the current spot ...

17 Feb 2014, 10:24 a.m.
Victoria Hewitt-Marsh

Gold is currently trading above $1,300 an ounce for the first time in three months following worse than expected retail and jobless data out of the U.S.

Retail sales figures fell by 0.4% in January far greater than the 0.1% which had been predicted. The weekly jobless claims rose by 8,000 to 339,000 missing market expectations.

Economists don’t believe the data will result in the Federal Reserve altering their plan to scale back on their monthly asset purchases. The Fed’s aggressive monetary easing has been the main factor driving gold higher since the 2008 economic crisis.

Silver finished yesterday 0.3% up following ...

14 Feb 2014, 10:40 a.m.
Duncan Richardson

Turkey’s gold reserves have increased by over 300% since 2004 according to the latest figures released from the World Gold Council. The central bank buying began to accelerate in the final quarter of 2011 and the total amount held currently stands at 490.25 tonnes.

The latest data also reveals that many emerging economies have followed Turkey's lead and increased their reserves. Russia and China have been two of the biggest buyers increasing their reserves to 1,015 and 1,054 tonnes respectively.

The total amount of gold within the Eurozone fell by 12% to 10,782 tonnes over the last decade.

14 Feb 2014, 10:40 a.m.
Duncan Richardson

Scottish cryptocurrency enthusiast Derek Nisbet is planning on launching Scotcoin with the aim of bringing power back to the Scottish people. He plans on pre-mining 98 billion coins and distributing them evenly across the Scottish population.

“I want to bring together those passionate about doing something to build an amazing cryptocurrency that can really benefit Scotland and the Scottish people, helping to remove those chains around our current financial central banking woes along with the ridiculous bureaucracy that now exists”, the developer wrote on the coin’s official website.

The coin is yet to launch, but once completed potential users ...

14 Feb 2014, 10:39 a.m.
Duncan Richardson

2013 was the year that China overtook India as the largest consumer of gold. According to the Xinhua news agency a large proportion of the consumption was driven by a new class of investor known as ‘dama’ investors - bargain-hunting, middle-aged women. Typically the women are married mothers aged between 40 and 60.

Following last year’s price decline, Chinese dama’s spent around 100 billion Yuan purchasing 300 tonnes of gold in a 10 day period.

The China Gold Association confirmed yesterday that china consumed 1,176.4 tonnes in 2013 up from 832.2 tonnes in 2012.

13 Feb 2014, 11:23 a.m.
Adam Pike

India’s Minister for State Finance JD Seelan has confirmed in writing there are no plans this month to reduce the 10% gold import tax.

The tax was introduced last year to reduce an expanding current account deficit which in turn was negatively affecting the value of the Rupee. Since the introduction of the gold tax India has dropped below China as the world’s number one gold consumer.

Gold smuggling has dramatically increased since the introduction of the restrictions, with authorities estimating 1-3 tonnes of gold are being smuggled into India each month.

13 Feb 2014, 10:19 a.m.
Adam Pike

After slower than expected sales in January the U.S. mint has confirmed silver coin sales have dramatically picked up in February with 1.7 million Silver Eagles already sold.

Although U.S. mint sales only represent a small percentage of the precious metals market they do act as a good indicator to the overall demand in the retail sector.

12 Feb 2014, 11:22 a.m.
Adam Pike

A 500 tonne gap in China’s gold consumption figures has sparked speculation that Chinese central bank took advantage of last year’s price drop to stock up on gold.

The latest consumption data would indicate that China produced and imported far more gold than what was consumed by their citizens, which has led to speculation that the remainder was bought by the central bank.

The last time the Chinese central bank updated the markets on their gold holdings was way bank in 2009.

12 Feb 2014, 10:02 a.m.
Duncan Richardson

During an interview with legendary gold and silver investor John Embry has predicted silver will potentially trade over $100 an ounce.

John believes gold and silver will make significant moves higher as the weakness in the economy and financial system come to light. John is also predicting silver could outperform gold by four to one.

In a fantastic interview John also discusses silvers industrial applications and the recent reports that JPMorgan have built up the largest physical stockpile of silver ever recorded.

12 Feb 2014, 10:01 a.m.
Duncan Richardson

Gold bullion for immediate delivery rose 1% to $1,287 per ounce, the highest price since November.

Gold has rallied as investors attempt to forecast the Fed’s stimulus policy, with many anticipating that the Fed may stop its tapering process which would be bullish for gold. Continued strong demand from China has also put upward pressure on the price.

Silver, Platinum and Palladium all finished positive yesterday.

11 Feb 2014, 10:40 a.m.
Victoria Hewitt-Marsh

Bitcoin’s value slumped on Friday from $700 to $540 after Mt. Gox the largest Bitcoin trading exchange announced there is a flaw in the software that allows fraud.

On Friday Mt. Gox suspended all transfers to external Bitcoin addresses after unusual activity was detected. The exchange confirmed that criminals had fooled the software into sending transactions twice.

Mt. Gox has seen its popularity decline over the last 12 months as new competitors including BTC China, Bitstamp and BTC-e entered the market.

11 Feb 2014, 10:38 a.m.
Victoria Hewitt-Marsh

Russian gold production increased by 12.8% in 2013 according to the Gold Industrialists Union. In total 254 tonnes was produced which included output from mines, refined scrap and gold as a by-product of other metals.

Mine production increased by 8.2% to 214 tonnes.

The Gold Industrialists Union had previously forecasted total Russian gold production for 2013 would be 240 tonnes.

11 Feb 2014, 10:37 a.m.
Victoria Hewitt-Marsh

China’s gold consumption rose 41% last year to exceed 1,000 tonnes for the first time according to information released on the China Gold Association website. In total, China consumed 1,176.40 tonnes in 2013 with bullion demand increasing by 43% to 716.50 tonnes and jewellery demand climbing 57% to 375.73 tonnes.

China’s gold consumption figures do not included demand from China’s Central Bank whose reserves stand at 33.89 million ounces.

10 Feb 2014, 2:52 p.m.
Adam Pike

Following a dramatic fall in the value of the Turkish Lira and increased gold prices, Turkey’s gold imports slumped 80% in January to just 6 tonnes.

The falling value of Lira against the US dollar has made gold more expensive and as a result negatively effected gold demand.

The Turkish population have a long held tradition of purchasing gold as a hedge against currency debasement and is one of the world’s top 5 consumers of gold.

10 Feb 2014, 2:51 p.m.
Duncan Richardson
Institutional investor Eric Sprott believes the U.S. has run out of gold. During an interview with Kingworld news Sprott added, “I really believe that the decline last year was orchestrated because the (Western) central banks have run out of gold. To think that the US Treasury, which theoretically had 8,000 tons of gold, could only deliver 5 tons to Germany. The dots you can connect are so obvious that there is no gold there (in US vaults).”
10 Feb 2014, 2:51 p.m.
Duncan Richardson

Legendary gold investor Peter Schiff has told CNBC that once the Fed reverses its current tapering process and increases its stimulus program gold will skyrocket.

“At some point, gold's going to go straight up like a moonshot," Schiff said on Tuesday's edition of "Futures Now." "Maybe it's going to take Janet Yellen to come out and call off the taper. Or maybe she's going to have to say, 'We're doing more of it, we're going to start increasing it.”

Schiff was one of the few investors who predicted both the housing crisis and current bull run in precious metals.

6 Feb 2014, 11:27 a.m.
Duncan Richardson

Over the last 24 hours most of the leading crytocurrencies increased in value, bitcoin rose by 3.43% and dogecoin 3.07%. Vertcoin’s value increased by a massive 167% to $2 a coin and is now the 23rd most valuable coin based on market capitalization.

Bitcoin was boosted by the announcement that will now accept Bitcoin for hotel bookings in over 200,000 hotels.

Bitcoin ATM’s are also set to appear on the streets of London later this month, as two start-ups compete to offer the service in the capital.

6 Feb 2014, 11:26 a.m.
Duncan Richardson

Gold expert James Turk believes gold is extremely undervalued and there’s an imbalance between supply and demand. Speaking at the latest mining conference in Cape Town, Turk also added. “The writing is on the wall for the dollar and other currencies. The monetary system is breaking down and central banks are serving their own interests. The return to gold is inevitable.”

Turk is concerned that a new global crisis is brewing with interest rates rising in many countries, worsening the debt burden.

6 Feb 2014, 11:26 a.m.
Duncan Richardson

Gold closed higher yesterday after the release of disappointing U.S. employment data left the markets uncertain over the strength of the U.S. recovery.

U.S employers only added 175,000 workers in January which was lower than analysts had forecasted. December’s figures were also downgraded to 227,000 from 238,000.

Following the data release gold spiked to a session high of $1,273.26 an ounce and the value of the dollar fell, gold eventually finished the day 0.2% up at $1,256 per ounce.

6 Feb 2014, 11:24 a.m.
Duncan Richardson

Silver analyst Ted Butler has just revealed some remarkable information regarding the physical silver market. According to Butler’s analysis JP Morgan (JPM) has accumulated between 100 and 200 million physical ounces.

If correct this would be the largest physical holding ever accumulated and would eclipse the amount held by the Hunt brothers at the peak of 1980’s bull run. Butler speculates that JPM has used their ability to set the silver price via the paper market, while simultaneously benefiting from a suppressed price to increase their physical holdings.

5 Feb 2014, 11:41 a.m.
Adam Pike

The World Gold Council has warned that if the gold price trades below $1,200 for a sustained period world production is likely to decline. According to the council, around 30% of the industry becomes unprofitable if prices remain below the $1,200 threshold.

The World Gold Council is an industry trade lobby whose members include major gold miners.

5 Feb 2014, 10:42 a.m.
Adam Pike

According to Australian state broadcaster ABC, 100 bitcoin ATM’s are ready to be launched onto the streets of Australia. The company behind the launch Australian Bitcoin ATM’s will be distributing the machines nationwide. CEO Chris Guzowski explained how the ATM’s would work.

“You can type in how many bitcoins you want to sell, then our ATM goes onto an overseas bitcoin exchange and executes that transaction for you and will spit out the cash for which you sold the bitcoin for. And the opposite also applies, so you can put the cash in and purchase bitcoin.”

4 Feb 2014, 2:55 p.m.
Victoria Hewitt-Marsh

Chief economist at Casey Research Bud Conrad has outlined why he is convinced now is the best time to invest in gold. Bud cites continued physical demand from Asia, depleting Comex inventories, Germany’s decision to repatriate their gold and shortages in the gold market as reasons why investors should be buying physical gold.

Bud also added “now is the time to stake your claim in gold, we know that paper money will become worthless in the short term, the biggest seller has just shifted its actions to becoming a buyer. That makes this a good time to accumulate gold and gold ...

4 Feb 2014, 2:55 p.m.
Victoria Hewitt-Marsh

Gold closed nearly 2% higher yesterday as world equities retreated after the release of disappointing manufacturing data out of the U.S. The Institute for Supply Management (ISM) factory activity report slipped from 56.5 to 51.3, its lowest level since May 2013.

The main U.S. stock market dropped by more than 2% and Japan’s Nikkei lost 4.2%, and at present all main European stock markets are in negative territory. Analysts expect the volatility in the equity markets to remain which in turn will be positive for gold in the short term.

4 Feb 2014, 2:55 p.m.
Victoria Hewitt-Marsh

Even though the Indian Government plans to reduce the gold import tax prior to the upcoming elections it is unlikely that it will reduced back the original 4% immediately. Instead, it is widely expected the reduction from 10% is likely to happen in a number of tranches.

According to an official source, The government is looking into the issue and there will be some reduction in import duty as the current account deficit has also come down to a comfortable level but it may not be brought back to the original level immediately,”

3 Feb 2014, 11:40 a.m.
Duncan Richardson

Gold coin demand at the US mint rose by 63% in January to levels not seen since last April. Silver sales at the mint almost tripled as investors took advantage of the latest price drop.

The mint sold 91,500 ounces of gold in January up from 56,000 ounces recorded in December, while silver sales rose to a one year high of 4.78 million ounces.

According to Scott Carter Chief Executive of Lear Capital “Any kind of uncertainty attracts people to gold and the long-term buyers accumulate gold every time there is a price drop.”

3 Feb 2014, 11:40 a.m.
Duncan Richardson

Haresh Soni, Chairman of the All India Gems & Jewellery Trade Federation has predicted that gold imports into India will drop below 500 tonnes if the Government does not lift the current gold import tax. Soni is predicting that Jewellery sales are likely to decline by up to 30% and manufacturing production by 40% if the 10% gold import tax remains.

3 Feb 2014, 11:40 a.m.
Duncan Richardson

Despite mining a record amount of gold in 2013 Randgold’s earning have been affected by the lower gold price. The company produced 910,373 ounces in 2013 up 15% from the previous year and expects production to top over a million ounces in 2014. Randgold made $325.7 million dollars profit on revenue of $1.27 Billion which is slightly below market forecasts.

According to Chief Executive Mark Bristow, Randgold plans to spend up to $60 million on exploration at a time when other producers are focusing on costs.

3 Feb 2014, 11:40 a.m.
Duncan Richardson