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November Gold News 2014

India, the world’s second largest gold consumer, has scrapped the unpopular 80:20 rule. The rule was introduced by the previous government and forced importers to export 20% of all the gold imported into the country.

The aim of the import tax was to help reduce the country’s current account deficit and protect the value of the rupee. The introduction of the tax caused gold imports to fall and smuggling to surge.

The move has surprised traders and industry experts and will be welcome news to jewellers and manufactures that previously faced difficulties sourcing ...

28 Nov 2014, 4:51 p.m.
Adam Pike

On Sunday the Swiss will go to the polls to vote on a referendum on gold. Referendums are part of Swiss life, last year there were 11 on topics ranging from abortion to the purchase of military jets.

On Sunday the Swiss will be asked the three questions regarding their countries gold. Mandate the Central Bank of Switzerland to hold 20% of their total reserves in gold bullion. Repatriate all Swiss gold vaulted in London and Canada, and stop all future sales of Swiss Central Bank gold.

The vote is being closely watched ...

28 Nov 2014, 10:28 a.m.
Duncan Richardson

The going financial crisis in Europe and endless QE programs around the globe has prompted a number of European countries to consider repatriating their gold. This week the Dutch successfully repatriated 122.5 tonnes from the New York Fed and populist movements in France, Germany and Switzerland are demanding their gold is returned home.

This week the Dutch National Bank (DNB) caught the market by surprise and announced they have successfully repatriated $5 billion worth of gold from New York. The Banks motive was to boost the public’s confidence in the DNB.

Meanwhile the ...

28 Nov 2014, 10:16 a.m.
Duncan Richardson

Former World Bank economist Peter Koenig believes the development of the BRIC’s Bank will mark a major step towards de-dollarization and a new monetary order. Koenig said, the BRIC’s nations are leading the way in the movement away from the dollar and towards a new viable alternative.

The economist warned that the global financial system is on the edge of a massive recession which will dwarf the recession of the 1930’s.

The dollars importance is already in decline. Ten years ago 90% of the world’s reserves were denominated in dollars, today that figure stands ...

28 Nov 2014, 10:15 a.m.
Adam Pike

Gold imports from Hong Kong into mainland China have risen for the third consecutive month as increased demand for gold jewellery offset slowing investment demand.

Net imports rose from 61.7 metric tonnes to 69 metric tonnes in October with jewellery sales rising 2.9%. The World Gold Council expects the expansion of Asian trading hubs to boost gold demand in China by 20% over the next three years. Last year China overtook India as the world’s largest consumer of gold. The gold market in China is developing fast as they aim to become the world’s premier ...

27 Nov 2014, 10:28 a.m.
Adam Pike

French opposition leader, Marine Le Pen, has sent a letter to the governor of Bank of France demanding the French repatriate all their gold. Le Pen’s right wing party is gaining momentum in France after winning May’s European elections and with current polling data suggesting Le Pen will beat President Hollande in the next presidential election.

Le Pen is demanding all French gold held abroad is repatriated to France and to stop all future sales and increase the role of gold as a reserve asset.

The letter from Le Pen comes only days ...

26 Nov 2014, 10:59 a.m.
Peter Walden

HSBC, Goldman Sacs, Standard Bank and German industrial giant BASF are being sued in a New York court for manipulating the platinum and palladium price.

The companies have been accused of manipulating the palladium and platinum London Fix and the options and futures price which is based on those fixes.

Plaintiff, Modern Settling LLC, a jeweller who buys precious metals and precious metal derivatives claims customers lost millions of dollars because the defendants shared customer information and used this data to “front run” future trades. All the companies accused have failed to comment ...

26 Nov 2014, 10:58 a.m.
Adam Pike

European Central Bank President (ECB), Mario Draghi, confirmed on Friday the ECB will not hesitate to implement drastic measures to halt the Eurozone falling into a deflationary lost decade.

Whilst speaking in Frankfurt, Draghi, painted a bleak picture of the European economy and stressed the need for policy makers to stop deflationary forces taking hold. Draghi confirmed he saw no improvement in the economy and stressed the ECB would be prepared to inject money into the economy if current stimulus measures fail. Growth in the Eurozone fell to 0.2% in the third quarter according to ...

25 Nov 2014, 10:37 a.m.
Duncan Richardson

Russia is to launch alternative to the Swift payment system in spring 2015.

Russia and China sign $400 billion Gas Deal settled in Yuan or Roubles

China signs currency swap deal with Qatar and Canada

BRICS Bank marks a major step to de-dollarization and a new monetary system

25 Nov 2014, 10:26 a.m.
Peter Walden

The gold price continues to trade close to the psychological $1,200 barrier. Whilst the price action has been relatively stable this week, today’s latest U.S GDP release will no doubt affect the value of the dollar and the gold price.

A positive GDP reading will boost the dollar and make gold purchases in other currencies more expensive. Better than expected growth will increase the calls for an increase in interest rates which in turn will be negative for the gold price.

Traders are also focusing on the upcoming Swiss gold referendum which takes ...

25 Nov 2014, 8:46 a.m.
Adam Pike

The Dutch National Bank (DNB) has successfully repatriated a large percentage of their gold vaulted at the New York Federal Reserve. In total 122.5 tonnes of gold have been shipped back to the Netherlands in what many have described a military like operation. According to the World Gold Council’s latest statistics, the Netherlands have 612.5 tonnes of gold which equates to around 50% of their total reserves.

The Dutch have been far more successful than Germany in getting their gold back from the U.S. In 2013, the Bundesbank said it would repatriate 374 tonnes of ...

24 Nov 2014, 10:26 a.m.
Duncan Richardson

The gold and silver price surged to a three week high on Friday on the news the Chinese Central Bank is to cut interest rates.

The rate cut is the first since 2012 and comes at a time when the Chinese economy is slowing. By lowering the cost of borrowing Central Banks hope lending will increase and in turn stimulate the economy. The rate cut follows recent decisions by the ECB and the Bank of Japan to deploy new stimulus measures in an attempt to boost a slowing world economy.

Gold is ...

24 Nov 2014, 10:25 a.m.
Peter Walden

The Dutch National Bank (DNB) has secretly repatriated 122.5 tonnes of gold from the Federal Reserve Bank in New York. The gold was repatriated by ship in secret operation.

Previously it was thought 11% of Hollands 612.5 tonnes of gold were vaulted in Holland, 51% in the U.S., 10% in Canada and remaining 18% in the United Kingdom. If the press release is correct 31% will now be stored in Holland, 31% in New York and percentages for Canada and Holland remain unchanged.

The consequences of this repatriation are massive as it confirms a number of ...

21 Nov 2014, 10:10 a.m.
Duncan Richardson

As gold trades below $1,200 per ounce it appears the movement of gold from West to East continues. October’s gold data confirms this trend is stronger than ever.

After ramping up their gold purchases in the third quarter Russia has bought a further 18.7 tonnes in October.

Gold imports into India the world’s second largest consumer has surged to 106 tonnes.

The world’s largest gold exchange traded fund the GLD experienced 25 tonnes of physical gold this month.

Currently it would appear that robust gold demand in the East is offsetting Western disinterest. Many ...

21 Nov 2014, 10:09 a.m.
Peter Walden

With the Swiss gold referendum less than two weeks away the latest poll suggests the Swiss public will reject the motion.

The poll which was undertaken by Swiss polling institute and research group Gfs Bern, puts the ‘yes’ at 38%, which equates to a 6% drop since the polling institute last forecast. On the other hand the ‘no’ campaign has gained momentum with their share of the vote increasing from 39% to 47%.

The ‘Save our Swiss Gold’ referendum will ask the Swiss public to vote on the following measures.

Mandate the Central Bank of ...

21 Nov 2014, 10:07 a.m.
Adam Pike

The gold price failed to hold above the psychological $1,200 threshold as fading support for the Swiss gold referendum weighed heavy on the market.

The gold price fell back after the latest poll suggested the Swiss would narrowly reject the proposal for the Swiss Central Bank to hold 20% of their reserve in gold, repatriate all Swiss gold held in the UK and Canada and stop all future sales of Swiss Central Bank gold.

Unsurprisingly the government and national bank are against the proposal as it would limit their ability to increase the national debt.

20 Nov 2014, 10:24 a.m.
Adam Pike

The risk of Europe entering a triple dip recession has increased according to credit rating S&P. In the agencies opinion the ECB’s current stimulus measures are destined to failure unless the Bank implements a full blown quantitative easing (QE) program. In the agencies opinion the ECB’s current loan program known as TLTRO’S cannot provide the level of stimulus needed.

There is a major battle taking place within Europe, on one side you have the Germans who are against quantitative easing and the potential inflationary consequences and on the other side you have the doves calling for further ...

19 Nov 2014, 10:45 a.m.
Duncan Richardson

Despite the gold price falling to recent four year low sentiment towards the yellow metal remains high. The price drop has done little to defer investors with exchange traded funds reporting positive inflows.

In November Jersey based ETF provider, ETF Securities, announced inflows into their gold ETF’s hit a seven week high as investors entered the market to take advantage of the price decline.

A recent survey undertaken by Lloyds Private banking confirmed gold as an asset class has the second highest positive sentiment figures among private investors.

Despite the rally in equity markets investor’s ...

19 Nov 2014, 10:44 a.m.
Peter Walden

European Central Bank (ECB) President, Mario Draghi, confirmed the ECB is willing to purchase government debt in a process known as quantitative easing in an attempt to stop the 18 member Eurozone falling into a deflationary spiral.

ECB official, Yves Mersch, went one step further can confirmed the ECB would be prepared to buy a variety of assets including gold, shares and ETF’s.

The ECB has already implemented a number of measures to stimulate the economy and raise inflation. With inflation well below the banks 2% target, it now appears these measures have failed.

Germany the Eurozone’s largest member is against such measures ...

18 Nov 2014, 11:29 a.m.
Adam Pike

David Cameron has issued a stark warning that “red warning lights are flashing on the dashboard of the global economy.” Writing in the Guardian newspaper following the G20 summit in Brisbane Cameron confirmed there are considerable headwinds facing the global economy that represent a high level of risk to British economy. Cameron added that the slowdown in the Euro Zone is already impacting British exports.

The PM’s warning came only days after Bank of England Governor Mark Carney said. “A spectre of stagnation was haunting Europe.” The warning comes at a time when data suggests the Euro Zone is on the ...

17 Nov 2014, 11:23 a.m.
Duncan Richardson

According to the Office of National Statistics (ONS) the UK’s total debt is £127 billion more than previously thought. To meet European accounting rules the UK government has been forced to revise the way they calculate the nation’s debt.

Taking into account the new accountancy rules the UK’s government total debt is £1.4 trillion. The annual deficit for 2014 is expected to be around £99 billion, which is £5 billion higher than previously forecasted.

The national debt is now higher because the ONS must include the cost for bailing out the banking industry in 2008 and the costs involved with quantitative easing. ...

17 Nov 2014, 11:22 a.m.
Adam Pike

The gold price fell as much as 1.1% during Asian trading to extend this week’s losses to 2.1%. A surging U.S. dollar and perceived robust U.S. economic data dented gold’s appeal as a hedge against the dollar and geopolitical uncertainty.

Following the Bank of Japans decision to ramp up quantitative easing the dollar has risen to a 7 year high against the weakening Japanese yen. In the last 3 months the dollar has surged over 10% against a broader basket of international currencies.

The gold market responded negatively to positive U.S employment data which suggested the number of Americans out of work ...

14 Nov 2014, 10:22 a.m.
Duncan Richardson

According the World Gold Council (WGC) the Central Bank of Russia purchased 55 tonnes of gold in the third quarter to become the world’s largest buyer of physical gold.

The Kremlin has tripled its official holding over the last decade to 1,150 tonnes, which is the world’s sixth largest holding. These reserves may provide Putin with vital firepower to defend the rouble against further declines in the currency markets. The rouble has declined significantly in recent weeks as U.S. lead sanctions start to impact the Russian economy.

The former Soviet States of Azerbaijan and Kazakhstan have also taken advantage of the lower ...

13 Nov 2014, 11:52 a.m.
Duncan Richardson

UBS, JP Morgan Chase, Citibank, HSBC and the Royal Bank of Scotland have collectively been fined £2 billion by US and UK regulators for manipulating the foreign exchange market (forex).

The forex is a global market for trading currencies with the main participants being the world’s largest financial institutions. $5.3 trillion is traded daily on the forex which is significantly more than either the stock or bond market. Approximately 40% of the world’s forex trading happens in London.

The Financial Conduct Authority fined the five banks £1.1 billion. Whilst U.S regulator the Commodity Futures Trading Commission (CFTC) fined the same five banks ...

12 Nov 2014, 10:48 a.m.
Duncan Richardson

Swiss regulator FINMA has confirmed it has uncovered serious misconduct at the UBS precious metals desk. The misconduct came to light following an investigation in potential Forex manipulation.

In its third quarter report UBS confirmed that a number of regulators are investigating manipulation of the precious metals markets.

12 Nov 2014, 10:48 a.m.
Adam Pike

Gold prices fell on Monday as investors took the opportunity to lock in profits following Fridays rally. Overnight the sell-off continued with gold dropping 1.68% in 24 hours to £725.95 per ounce.

Gold is typically held as hedge against a falling dollar with investors rushing into the yellow metal on any sign of dollar weakness. It’s not surprising gold’s recent decline has coincided with a strengthening dollar. The dollar has risen 10% against a basket of international currencies since July.

With the Bank of Japan debasing Yen with yet another quantitative easing program and bankers in Europe calling for further easing ...

11 Nov 2014, 10:08 a.m.
Duncan Richardson

Swiss banking giant UBS is expected to announce a settlement with financial regulators over allegations of misconduct at their precious metals and foreign exchange desk.

According to the Financial Times, UBS is one of six banks ready to announce they are to pay a total of $2.37 billion in fines to settle accusations of precious metals and foreign exchange manipulation. The six banks named in the report are Barclays Bank, The Royal Bank of Scotland, HSBC, Citigroup and JPMorgan.

Unlike the other banks UBS’s precious metals desk is incorporated into its foreign exchange department. The two departments shared the same management team ...

10 Nov 2014, 11:29 a.m.
Duncan Richardson

Fed chair Janet Yellen has told European Central Bankers they must do whatever it takes to stop deflation taking hold across the 18 member Eurozone.

“Central banks need to be willing to employ all available tools, including unconventional policies, to bolster economic expansion and reach their inflation targets.”

The message comes at a time when European Bank officials appear divided over whether they should implement a full blown quantitative easing program. Historically when Central Bank implement quantitative easing precious metals out perform traditional assets.

Despite low growth and high unemployment in the world’s largest trade bloc Yellen’s outlook for the global economy remains ...

10 Nov 2014, 11:29 a.m.
Adam Pike

With the gold price down £12.10 per ounce this week the gold market is looking to the Swiss gold referendum for some bullish news. The vote will take place on the 30th of November and will ask the Swiss population to cast their vote on the following measures.

The mandate by the Central Bank of Switzerland is to hold 20% of their total reserves in gold bullion.

To repatriate all Swiss gold vaulted in London and Canada, and to

Stop all future sales of Swiss Central Bank gold.

If the Swiss vote “yes” the Central Bank would need to spend $50 billion to bring ...

7 Nov 2014, 10:33 a.m.
Duncan Richardson

With the gold price trading under $1150 per ounce gold miners are cutting dividends, making redundancies, closing mines and halting exploration in order to survive.

According to Citi Bank analysts 75% of all gold mining companies have an all in cost of production of $1,200 per ounce. All in cost includes exploration, head office, interest and salary costs. If the price persists under $1,200 per ounce, gold miners may be forced to restructure their debt or face having their finance withdrawn. Highly leveraged producers may have to hedge future production or dilute shareholders equity. Gold mining shares are significantly more volatile ...

7 Nov 2014, 10:23 a.m.
Peter Walden

The U.S. Mint confirmed to its major wholesale partners they are temporarily out of silver American eagle coins following “tremendous demand” over the last couple of weeks.

The Mint confirmed the coin will only become available once sufficient silver supplies can be found. The announcement has not yet been made public, but a Mint representative confirmed they had sent an official update to their largest buyers.

This is not the first time the Mint has been under pressure to meet demand. From January to June of this year the Mint started to ration the coin in ...

6 Nov 2014, 10:14 a.m.
Adam Pike

For the fifth consecutive day a large number of gold futures have been dumped onto the market resulting in the gold price breaking down through key resistance levels. Suspiciously the contracts have been dumped onto the market at actually the same time each day, 00:30 ETF which coincides when the Japanese stockbrokers break for lunch.

One has to ask why someone would want to dump such a large amount of contracts onto the market at such an illiquid part of the day. Yesterday alone $1.5 billion worth of gold futures were dumped onto the market causing the ...

5 Nov 2014, 4:45 p.m.
Adam Pike

The gold price has fallen again this morning to a new four year low as a strengthening U.S. dollar drives investors away from gold.

The U.S. dollar is now trading at a 7 year high against the Japanese Yen after the Republicans won control of the US Senate in yesterday’s midterm elections.

Political analysts hope the victory will unlock the political stalemate in Washington which in turn should boost risker assets such as equities at the expense of gold.

The falling gold price has caused a surge in demand for bars and coins in both North America and Europe. Here at Bullionbypost ...

5 Nov 2014, 10:45 a.m.
Duncan Richardson

The Bank of Japan (BOJ) surprised the markets on Friday by announcing an expansion of their monetary stimulus program in an attempt to fight deflation and boost a faltering economy. Currently the Japanese economy is suffering from low growth and weak consumer spending. The BOJ hope the latest measures will weaken the Yen and boost exports.

In an unprecedented move the BOJ will ramp up their asset buying program from 60 trillion Yen a year to 80 trillion Yen. More startling was the BOJ decision to intervene directly into the Japanese stock market by purchasing shares in ETF’s and property investment ...

4 Nov 2014, 3:33 p.m.
Adam Pike

The gold and silver price fell again overnight to extend their current losing streak to four sessions. Gold and silver are now trading near a four year low as a strengthening U.S dollar is fuelling further sales.

The price of both metals surprisingly slumped on Friday after the Bank of Japan surprised the markets by boosting its existing QE program. In a loose monetary environment gold normally outperforms traditional assets.

During Asian trading the U.S dollar increased to four year high against a basket of major currencies which in turn dented gold’s appeal as a hedge against a weakening dollar.

The world’s largest ...

3 Nov 2014, 3:08 p.m.
Peter Walden