Chart usGOLD   Chart usSILVER  
 
Food for thought
The combination of precise formulas with highly imprecise assumptions can be used to establish, or rather to justify, practically any value one wishes
Benjamin Graham  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1210.71-2.89
Silver 17.05-0.10
Platinum 1270.90-8.35
Palladium 774.60-1.90
WORLD MARKETS
DOWJONES 16805-236
NASDAQ 4422-71
NIKKEI 15662-420
ASX 5299-36
CAC 40 4361-5
DAX 93886
HUI 1961
XAU 810
CURRENCIES (€)
AUS $ 1.4398
CAN $ 1.4078
US $ 1.2631
GBP (£) 0.7824
Sw Fr 1.2084
YEN 137.4540
CURRENCIES ($)
AUS $ 1.1398
CAN $ 1.1143
Euro 0.7916
GBP (£) 0.6194
Sw Fr 0.9565
YEN 108.7990
RATIOS & INDEXES
Gold / Silver71.01
Gold / Oil13.81
Dowjones / Gold13.88
COMMODITIES
Copper 3.04-0.02
WTI Oil 87.65-1.46
Nat. Gas 4.030.01
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
CME Declares Force Majeure Due To “Operational Limitations” On NYC Gold Depository
Published : November 27th, 2012
810 words - Reading time : 2 - 3 minutes
( 1 vote, 5/5 ) , 1 commentary Print article
 
    Comments    
Tweet

 

 

 

 

Today’s AM fix was USD 1,747.25, EUR 1,349.54, and GBP 1,090.46 per ounce.
Yesterday’s AM fix was USD 1,747.25, EUR 1,347.56, and GBP 1,090.87 per ounce.

 

Silver is trading at $34.08/oz, €26.41/oz and £21.34/oz. Platinum is trading at $1,620.50/oz, palladium at $666.40/oz and rhodium at $1,065/oz.



Cross Currency Table – (Bloomberg)

Gold edged up $1.30 or 0.07% in New York yesterday and closed at $1,748.40. Silver traded off and recovered climbing to a high of $34.16 and finished with a gain of 0.12%.

 

Gold moved slightly upward today after Greece’s creditors reached a new bailout deal, which will help fund emergency aid for Athens.

 

The 34.4 billion euro in aid plus reducing interest rates on the bailout loans expect to cut Greek debt to 124% of GDP. The interest rates have been dropped to 50 basis points above the interbank rate so countries like Italy and Spain will be lending at a loss.

 

The Eurozone’s dangerous but easy policy choice of “extend and pretend” continues which is bullish for gold in the coming months.

 

Mark Carney has been named as the new governor of the Bank of England by Chancellor George Osborne.

 

Mr Carney, the governor of the Canadian central bank, will serve for five years and will hold new regulatory powers over banks.

 

Carney would be considered something of a monetary dove. The Goldman Sach’s alumni’s appointment means that ultra loose monetary policies will likely continue at the Bank of England leading to weakness in sterling – especially versus gold.

 

The US Commodity Futures Trading Commission said that institutions and hedge funds slightly raised their bullish bets on silver and gold futures in the week ending November 20th.

 

The White House and Republicans are still in a stalemate over the fiscal cliff. The White House press secretary said that President Obama is still waiting for a realistic proposal to look at.

 

“President Obama would be open to proposals that closed loopholes or capped deductions,” Carney said, “so long as raising the top tax rate remains on the table.”

 

Obama has asked for $1.6 trillion in higher revenues to pay down the debt. In the 2011 debt ceiling negotiations, Republicans were considering a plan that would involve only $800 billion in new revenue or half what is needed to avoid the cuts and pay down the deficit.

 

“Extend and pretend” will also likely be seen in the U.S. – with obvious ramifications for the medium and long term outlook of the dollar.

 

The Chinese Ministry of Industry and Information Technology said that China aims to produce between 420 and 450 tonnes of gold bullion in 2015, up about 25% from 2011, while consumption may reach 1,000 tonnes at that time.

 


XAU/EUR Currency, 1 Year – (Bloomberg)

 

CME Group declared a force majeure at one of its New York precious metals depositories yesterday, run by bullion dealer and major coin dealer Manfra, Tordella and Brooks (MTB), due to “operational limitations” posed by Hurricane Sandy.

 

MTB has “operational limitations” following Hurricane Sandy and can’t load gold bullion, platinum bullion or palladium bullion, CME Group Inc., the parent of the Comex and New York Mercantile Exchange, said today in a statement.

 

MTB must provide holders with metal at Brinks Inc. in New York to meet current outstanding warrants in relevant delivery periods with compensation for costs, Chicago-based CME said.

 

The CME said that MTB will not be able to deliver metal as the lower Manhattan company deals with "operational limitations" almost a month after the arrival of Hurricane Sandy.

 

MTB is one of five depositories licensed to deliver gold against CME's benchmark 100-troy ounce gold contract, held 29,276 troy ounces of gold and 33,000 troy ounces of palladium as of Nov. 23, according to data from CME subsidiary Comex.

 

In a notice to customers on Monday, CME declared force majeure for the facility, a contract clause that frees parties from liability due to an event outside of their control.

 

CME said that individuals holding MTB warrants or certificates for a specific lot of metal stored in the depository, may receive gold delivered from Brinks Co. (BCO) in New York. MTB is responsible for any additional costs incurred by customers receiving metal from Brinks, CME said.

 

"This shouldn't have a material impact on the way market participants are doing business," a CME spokesman said. "They'll still contact MTB if they want to take delivery on contracts," and MTB will arrange for delivery through Brinks according to Dow Jones Newswires.

 

In a notice posted to its website dated Nov. 12, MTB said the firm "sustained substantial damages" following Hurricane Sandy's arrival in New York City on Oct. 29, and had curtailed its operations.

 

The force majeure will remain in effect until further notice from the exchange, the CME said. The delivery period for CME's December-delivery precious metals futures begins on Friday.

 


XAU/GBP, Daily – (Bloomberg)

 

 

 

 

Data and Statistics for these countries : China | Greece | Italy | Spain | All
Gold and Silver Prices for these countries : China | Greece | Italy | Spain | All
Tweet
Rate :Average note :5 (1 vote)View Top rated
Previous article by
Mark O'Byrne
All articles by
Mark O'Byrne
Next article by
Mark O'Byrne
Receive by mail the latest articles by this author  
Latest comment posted for this article
How convenient for "Sandy' to give the Banksters time to cover!!! JIM Read more
james horne - 11/27/2012 at 3:34 PM GMT
Rating :  1  0
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Mark O'Byrne

Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
Mark O'Byrne ArchiveWebsiteSubscribe to his services
Most recent articles by Mark O'Byrne
10/2/2014
10/1/2014
10/1/2014
9/29/2014
9/26/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
 
       

How convenient for "Sandy' to give the Banksters time to cover!!! JIM
Rate :   1  0Rating :   1
EmailPermalink
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer