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September Gold News 2014

Bullion retailers around the globe are experiencing a significant pickup in sales as investors take advantage of lower prices. According the U.S Mint, American gold Eagle coin sales rose 84% in September to 46,000 ounces.

Near record highs in equities prompted many retail investors to rebalance their portfolios in favour of precious metals said Mr Beahm, Vice President of U.S. bullion retailer Blanchard & Co. The Mint data confirmed sales rose from 25,000 in August to 46,000 in September.

Australia’s Perth Mint also reported surging gold and silver coins sales in August. The sale of gold bars and coins rose 45% from ...

30 Sep 2014, 3:38 p.m.
Duncan Richardson

Southeast Asia’s largest stockmarket operator will start trading a 25 kilo gold bar contract as soon as next month. The Singapore Bullion Market Association (SBMA), The Singapore Exchange and the World Gold Council said the contract is unique and is the start of centralized kilo bar gold market.

The contract is made up of 25 1 kilo bars of at least 99.99% fineness, brand new and refined by an approved supplier and stored in a taper proof box.

Gold and silver sales in Singapore have soared as a result of the government removing the Goods and Services Tax which was previously levied ...

30 Sep 2014, 3:37 p.m.
Adam Pike

The gold price may be trading close to a 9 month low but demand from the super wealthy for gold and other precious metals is growing.

The super rich are typically buying 12.5 kilogram gold bars similar to the ones held by the world’s central banks. Here at Bullionbypost we have experienced a 243% increase in the sale of 12.5 kilogram bars this year.

According to precious metal analyst, Victor Thianpiriya, rising geopolitical tensions and increased money printing from central banks has strengthened gold’s appeal.

29 Sep 2014, 10:09 a.m.
Peter Walden

Bullion retailers throughout Germany reported a surge in sales last week as savvy investors took advantage of the falling gold price.

German customers are typically buying gold Canadian maple leafs and Australian nugget 1 oz. coins. Typically UK investors favour the 1 oz. gold Britannia’s and sovereign coins as they are exempt from capital gains tax

German customers are turning to gold once again as interest rates remain near zero and the political turmoil in the Ukraine and Middle East continues.

In dollar terms the gold price has fallen 12% from its yearly high off $1,380, whilst in euros the gold price has ...

29 Sep 2014, 10:09 a.m.
Adam Pike

According to the International Monetary Fund (IMF) the former Soviet states of Russia Kazakhstan, Azerbaijan and Ukraine all increased official gold reserves in August.

The Russian Central Bank added 35.769 million ounces whilst The National bank of Kazakhstan added 795,213 ounces. Russia is now the world’s sixth largest holder of gold.

With the conflict continuing in the East of Ukraine it’s unclear where the government is storing their gold. There have been reports suggesting Ukrainian gold was flown out of the country in March and now being stored at the Federal Reserve Bank in New York. Neither Central Bank has commented on ...

26 Sep 2014, 10:35 a.m.
Adam Pike

The UK government is set to make manipulation of commodities and Foreign Exchange benchmarks an illegal act. The Conservative government is desperate to revive confidence in the UK financial sector as it comes under pressure from emerging centres in the East.

The government lead review, which starts today, will have to decide if they wish to extend legislation regulating the Libor market to other benchmarks including gold, oil and currencies. The Conservative government hopes to have the legislation passed by the end of 2014 in preparation for the 2015 general election.

The UK financial sector was tainted following the libor scandal and ...

26 Sep 2014, 10:23 a.m.
Peter Walden

The gold price consolidated during Asian trading as share indexes fell across the region. Gold investors remain cautious amid concerns the recent dollar rally may continue. Currently the dollar is trading near a 4 year high against a basket of major currencies.

Economic data this week has been mixed with U.S. manufacturing data posting better than expected results counter balancing cooling economic growth in the Euro Zone.

U.S. lead air strikes against IS militants in Syria initially spurred demand as investors bought gold for its safe haven status. Historically gold bought as a safe haven asset in times of political and economic ...

24 Sep 2014, 9:53 a.m.
Adam Pike

The gold price ticked higher during Asian trading, but still trades near a nine month low. The gold price fell at the same time the world’s largest gold backed exchange traded funds (ETF’s) experienced outflows for the second consecutive day.

Holdings at the world’s largest ETF, The SPDR Gold Trust, fell to 774.65 tonnes, its lowest level since December 2008. The fund is often used to measure investor sentiment.

On the upside safe haven demand may return to the gold market today following the news the U.S. military and their allies have begun air strikes against the Islamic State in Syria. Typically ...

23 Sep 2014, 9:59 a.m.
Duncan Richardson

The Central Bank of Russia added 9.3 tonnes of gold to their reserves in August. Russia’s official gold reserves now stand at 1,113.5 tonnes the fifth largest in the world.

Since 2007 Russia has doubled its official reserves and have added to their holding almost every month. The latest figures indicate that the Central Bank of Russia has been buying gold directly from the country’s domestic gold market which averages around 20 tonnes per month.

In 2013 Russia was the world’s third largest producer of gold and many analysts are expecting them to overtake Australia for the number two spot in 2014.

As ...

22 Sep 2014, 10:39 a.m.
Duncan Richardson

The recent sell off in silver continued during Asian trading as investors unwound their long positions. Following Fridays 3.5% price drop silver now trades at a four year low af £10.84 per ounce. Traders began to liquidate their position as the U.S. dollar began to strengthen against a basket of major currencies. Comments from the Federal Reserve suggesting they are prepared to increase interest rates sooner than expected also weighed heavy on the price.

Unsurprisingly the gold, platinum and palladium price also fell on the news. Gold is currently trading at £744.12 per ounce, silver £10.86 per ounce, platinum £815.24 per ...

22 Sep 2014, 10:38 a.m.
Adam Pike

Gold imports into Pudong Airport in Shanghai have soared 200% in the last 2 months following the decision by the Shanghai Gold Exchange (SGX) to allow foreigners to invest directly into the Chinese gold market.

The Chinese have given assurances that contracts traded on the exchange will be free from price manipulation and each contract will have a guarantee of physical delivery. Prior to the exchange opening yesterday $15.98 billion worth of gold has been delivered to the exchange to back the new physically traded contracts.

In 2013 China became the world’s largest consumer and producer of gold. The SGX is the ...

19 Sep 2014, 11:14 a.m.
Duncan Richardson

Holdings in the world’s largest silver backed exchange traded funds (ETF’s) have soared to new record highs as investors took advantage of the latest price pullback.

The amount of silver bullion held by the six largest silver ETF’s has increased by 104 tonnes to a new record high of 17,135.04 tonnes. Demand recently surged after the silver price dropped below the key resistance level of $19. Typically an increase in tonnage is bullish and could signal that the silver market has bottomed.

Silver is popular with both retail investors and speculators who typically buy and hold for the long term. Gold ETF’s ...

19 Sep 2014, 11:13 a.m.
Adam Pike

As Scotland goes to the polls the enormity of the decision it is facing is now in sharp focus. The bookies who normally call it right are offering 4-1 on a ‘Yes’ vote meaning that a ‘no’ vote must be the likely outcome. However there is a good argument that the pollsters and bookies just might be wrong. The latest turnout is forecasted to beat all records with around 83% expected to have their say. This dramatic increase in turnout is likely to have come disproportionately from ‘yes’ voters who have never voted before or been engaged in any political ...

18 Sep 2014, 10:49 a.m.
Rob Halliday-Stein

Starting today China will give foreign investors the ability to invest in physically traded gold contracts denominated in Yuan. The Chinese have given investors assurances that the contract will be free from price manipulation and each contract will have a guarantee of physical delivery.

The Shanghai gold exchange will be located in the cities free trade zone and hopes to provide direct competition to the U.S. based Comex contract. The Chinese hope the new contract will eventually become the premier gold pricing mechanism.

Worryingly for the U.S. dollar more and more assets are being purchased without the need for dollars. Only a ...

18 Sep 2014, 10:20 a.m.
Peter Walden

Priced in U.S. dollars the gold price has fallen to its lowest level in 8 ½ months as the dollar continues to strengthen following comments from the Federal Reserve and concerns Scotland may vote ‘Yes’ for independence.

Yesterday head of the Fed, Janet Yellen, confirmed an interest rise is on the horizon which boosted the U.S. dollar.

The dollar is rising because the pound and euro are struggling not because the long term outlook for the dollar is improving. The pound has dropped significantly in recent weeks as investors become concerned Scotland may vote ‘Yes’ for independence. The euro has been dragged ...

18 Sep 2014, 10:20 a.m.
Adam Pike

In 2012 central banks across the world purchased 535 tonnes of gold, the most recorded since the mid 1960’s. Last year as the price of gold fell 28% central bank purchases slowed to 409 tonnes. This year analysts are predicting purchases to surge once again to over 500 tonnes.

Chinese officials have not updated their gold holdings since 2009, when they reported a total holding off 1,054 tonnes. Many believe China has been aggressively adding to their reserves with some estimating their total holdings could top 6,000 tonnes. If true, China would have the second largest gold reserves in the world ...

17 Sep 2014, 10:43 a.m.
Duncan Richardson

Gold imports into India soared 176% in August compared to last year as a result of the government’s decision to loosen import restrictions, however, the draconian 10% gold import remains in place.

Last year gold imports into India fell dramatically following the previous government’s decision to raise the gold import tax from 1% to 10%. The purpose of the tax was to reduce the country’s current account deficit and protect the value of the rupee. Prior to the introduction of the gold import duties India was the world’s largest consumer of gold.

As a result of gold imports surging from $739 ...

16 Sep 2014, 11:07 a.m.
Duncan Richardson

The Swiss will head to the polls on the 30th of November to vote in a referendum on gold. The vote gives the Swiss people the power to prohibit the Swiss Central Bank from selling anymore of their gold reserves and to ensure that 20% of the Central Banks assets are held in gold.

The Swiss parliament is strongly against the vote as it would stop their ability to print money. Switzerland was the last country in the world which backed their currency by gold. The official link with gold was removed in 2000 and in the following 13 years the ...

15 Sep 2014, 9:47 a.m.
Duncan Richardson

Nomura, Japans largest bank has warned investors to reduce their exposure in Britain and protect themselves against the “cataclysmic” impact of Scottish Independence.

Nomura suggested the pound could fall as much as 15% if the Scottish people vote “Yes” for independence on the 18th of September. A weakening pound could cause “a run on British assets” causing the investments of ordinary people to fall. The pound is currently trading near a 10 month low against the U.S. dollar.

The “Yes” campaign faulted yesterday following the news Lloyds Bank and the Bank of Scotland will move their head office south of the border ...

12 Sep 2014, 10:23 a.m.
Duncan Richardson

The gold price fell to a new 7 ½ month low during Asian trading as the U.S. dollar continued its recent rally. Easing tensions in the Ukraine also dampened gold safe haven status.

The dollar index which is a measure of the value of the U.S. dollar relative to a basket of foreign currencies, held close to a 14 month high as positive economic data increased expectations the Federal Reserve will raise rates sooner than expected. The gold price was also hurt after Ukrainian president Petro Poroshenko confirmed the majority of Russian troops in the east of the country had left ...

12 Sep 2014, 10:23 a.m.
Adam Pike

China the world’s largest consumer and producer of gold have confirmed the Shanghai Gold Exchange will launch a 100 gram, 1 Kilogram and 12.5 kilogram physical gold contract. The contracts will go live on the exchange on 29th of September.

The Exchange will be based in the city’s free trade zone and will have the capacity to hold 1,500 metric tons of gold. In time the exchange plans to launch physical contracts in silver, platinum and palladium.

In an attempt to capture growing demand in Asia the CME Group have also announced they will launch a 1 kilogram physical gold futures contract ...

11 Sep 2014, 10:15 a.m.
Peter Walden

China and Russia have agreed to settle more bilateral trade in Yuan and Rubles and increase cooperation between the countries largest banks. China and Russia have long been advocates of reducing their reliance on the U.S dollar for settling trade.

Russia’s motivation is clear as the U.S continues to push for ever increasing sanctions for their involvement in the East of Ukraine. Currently 32% of China’s $4 trillion foreign exchange reserves are invested in U.S treasuries. As a result China needs to diversify its foreign exchange reserves away from U.S. dollars.

In May the two countries signed a $400 billion gas deal ...

11 Sep 2014, 10:15 a.m.
Adam Pike

Traditionally the gold price rallies in September as the world’s second biggest consumer, India, prepares for the upcoming wedding season. Gold has provided investors with a positive return for 18 out of the last 22 years.

Secretary of the Indian Bullion and Jewellers Association, Surendra Mehta, told the Financial Times that demand is increasing but not surging. Mehta believes demand will be strong as families purchase gold ahead of the upcoming wedding season, but many will wait on the side-lines until the unpopular gold import tax is removed.

Gold demand in India has been subdued since the newly elected Prime Minister Narendra ...

10 Sep 2014, 9:57 a.m.
Duncan Richardson

If Scotland vote “Yes” for independence on the 18th of September, they could lay claim to a percentage of the UK's gold reserves. The UK’s gold reserves are the 18th largest in the world and are worth £7.84 billion.

The “Yes” vote appears to be gaining momentum and over the weekend as the Sunday Times opinion poll put the “Yes” to independence at 51% and the “No” vote on 49%. The pound fell over 1% on the news and is currently trading at a 10 month low against the U.S. dollar.

A spokesman for the UK Treasury department confirmed that if Scotland ...

9 Sep 2014, 10:21 a.m.
Duncan Richardson

Chuck Jeannes, the CEO at the world’s largest gold miner, Goldcorp, believes the industry will reach peak gold in 2015. Jeannes told the Wall Street Journal that global gold production is on the cusp of falling as all the easy to mine gold has been discovered.

According to Jeannes, “Only seven gold deposits holding more than 2 million ounces have been discovered this decade versus 22 in 1995 alone.”

In addition, the amount of time it takes mining companies to mine gold from a discovery is expected to increase to an average of 19.5 years.

Goldcorp confirmed last week that output for 2014 ...

9 Sep 2014, 10:11 a.m.
Peter Walden

The pound came under pressure as traders began to price in that Scots may actually vote 'Yes'. The 'Better Together' campaign's strongest argument so far has been that there is no coherent plan for Scotland's currency. The reliance on this argument may backfire if the Scots actually vote yes and a workable solution has to be found. The weakness in sterling highlights that an independent Scotland may have a significant impact on the finances of the remainder of the UK and not just north of the border

8 Sep 2014, 10:55 a.m.
Peter Walden

The Perth Mint’s silver coin sales reached a seven month high in August as investors took advantage of the silver price drop. Total silver coin sales reached 818,856 in August compared with 691,258 ounces in the corresponding month last year.

Gold coin sales also increased from the same period last year up to 36,369 ounces.

8 Sep 2014, 10 a.m.
Duncan Richardson

In a surprise move the European Central Bank (ECB) cut its main benchmark interest rate from 0.15% to 0.05% in an attempt to revive an ailing Eurozone economy. This latest cut comes only a month after the ECB reduced the rate from 0.25% to 0.15%.

The ECB has also decided to initiate an asset purchase programme which will involve the bank adding liquidity into the market via the purchase of debt products from Eurozone banks. The ECB had been under increasing pressure to act in the face of a faltering economy.

The move falls short of buying government debt in the form ...

5 Sep 2014, 10:31 a.m.
Duncan Richardson
As concern grows over the health of the eurozone economies, the ECB has announced a somewhat desperate looking reduction in interest rates from 0.15% to 0.05%. Highlighting that they have nowhere left to go with interest rates reductions they also announced a package of stimulus measures.

The Eurozone is polarised between those increasingly desperate to see stronger stimulus measures and the predominantly German view that nothing should be done which risks inflation and the integrity of the Euro. Mario Draghi, the Italian president of ECB, is finding it increasingly difficult to reach consensus. Soon after the conference he was ...
5 Sep 2014, 10:10 a.m.
Peter Walden

The gold price denominated in U.S. dollars fell yesterday as traders digested news of the ECB’s decision to cut interest rates. The palladium price rose sharply as geopolitical tension between Russia, Ukraine and NATO continued to concern investors.

The ECB’s interest decision will potentially increase gold’s demand as investors seek protection from loose monetary policy. Physical demand in the Eurozone may fall as gold becomes more expensive as a result of a weakening Euro.

Palladium prices rebounded from recent two week lows as investors became concerned geopolitical tension between Russia and the Ukraine could cause a reduction in supply. Russian currently accounts ...

5 Sep 2014, 1:17 a.m.
Adam Pike

The gold price rose yesterday as physical buying in Asia boosted demand. Despite yesterday’s advance the gold price is currently hovering near a two and a half month low. Traders are now focusing their attention towards this afternoon’s European Central Bank (ECB) meeting to see if the bank will initiate a new stimulus program. The ECB is coming under increased pressure to revive a sluggish Euro Zone economy.

Further stimulus should be positive for gold, however, the likely beneficiary will be the U.S dollar which in turn could be potentially negative for the gold price. The gold price is also likely ...

4 Sep 2014, 9:11 a.m.
Duncan Richardson

The gold price fell to a ten week low yesterday as the U.S dollar hit a 13 month high against a basket of major currencies. The lack of geopolitical news also encouraged traders to liquidate gold futures which resulted in further technical selling. The gold price fell $22.20 per ounce to $1,265.20 per ounce.

Positive economic data out of the U.S. was also negative for gold price with many traders speculating that the Federal Reserve will increase interest rates sooner than expected. Traders will now be focusing their attention on Thursdays European Central Bank (ECB) meeting for further information on how ...

3 Sep 2014, 9:38 a.m.
Adam Pike

The newly elected India government came to power on the premise they would reduce or eliminate the unpopular gold and silver import tax. Although the Modi government has loosened restrictions on gold imports the import taxes remain.

The import tax was introduced 2013 in an attempt to reduce the Indian current account deficit and protect the value of the Indian rupee. The taxes have proven successful in reducing gold imports, however, the Indian current account deficit remains stubbornly high.

The Indian Central Bank has a target of keeping the current account deficit below 2% of GDP in 2014. Economists forecast this would ...

3 Sep 2014, 9:38 a.m.
Duncan Richardson

Inflows in gold ETF’s fell in August following a strong July where investors poured money into the sector as geopolitical tensions in the Ukraine and the Middle East escalated.

Last week gold backed ETF’s experienced outflows of 6.5 tonnes to bring the total amount held in gold ETF’s to 1,726.4 tonnes. Silver ETF’s performed significantly better and added 45.3 tonnes last week to bring the total amount of silver held in silver backed ETF’s to 20,121 tonnes.

2 Sep 2014, 10:08 a.m.
Peter Walden

The gold price has fallen to its lowest level in nearly a week as a strengthening U.S dollar offset safe haven buying.

The palladium price continues to trade near a 13 year high as investors fear further sanctions against the world’s largest producer, Russia, could hit supply.

Gold is currently trading with a tight range despite geopolitical problems in the Ukraine and the Middle East. Traders are now focusing their attention on Thursdays European Central Bank (ECB) meeting where they expect the bank to outline their response to a faltering economy, low inflation and the slow pace of reform within the 18 ...

2 Sep 2014, 10:07 a.m.
Adam Pike

The palladium price has increased to its highest level in 13 years as investors fear the U.S. and Europe will further increase sanctions on Russia. During Asian trading the palladium price rose by 0.5% to $909.63 per ounce. Russia is the world’s largest palladium producer.

The European Union have agreed to increase the number of sanctions on Russia if the violence in the east of the Ukraine continues to escalate. The palladium price has advanced by 27% this year as a 5 month strike in South Africa reduced supply. Strong global cars sales has increased the metals demand as palladium is ...

1 Sep 2014, 10 a.m.
Duncan Richardson