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 analysts are forecasting the gold price will take off again once sentiment in the west changes. With the west choosing to alienate Russia it’s difficult to see Putin reducing Russia’s gold purchase.
Gold is currently trading at £760.83 per ounce, silver £10.36 per ounce, platinum £777.82 per ounce and palladium £496.57 per ounce.