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Bullion Back to Level Before Jump & Later Slump

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Published : November 30th, 2012
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Gold prices rose back to $1,730 per ounce in early London trade on Friday – the same level seen just before last week's late jump and subsequent 2.0% sell-off on Wednesday.


Silver touched a new eight-week high just shy of $34.40 per ounce, while the broader commodities market ticked lower.


Major-government debt prices were flat. So too were European stock markets.


New data today showed euro-zone unemployment hitting a post-unification record of 11.7%.


The German Bundestag voted 473 to 100 to approve the latest €44 billion aid to Greece.


"[Gold demand from] central banks could help the price, specifically South American banks," says one London trader in a note


"But that's demand for the long run, and our days are made of shorter-term decisions."


Latest data from the US Mint showed a strong rise in sales of gold coins to retail dealers in late November.


Holdings in exchange-traded trust products (gold ETFs) rose globally to a new record high of 2,619.4 tonnes according to Bloomberg.


"[That's] proof that gold remains in high demand as a store of value and a safe haven despite all the price fluctuations," says this morning's note from Commerzbank in Frankfurt.


"My average [gold price] forecast for 2013 is $1,920," says David Jollie at Mitsui, the Japanese trading conglomerate. He was the winner in 2011 of the London Bullion Market Association's silver forecast.


"We expect investment demand to remain robust in China," adds the latest monthly report from Standard Bank's precious metals analysts here in London.


"The reasons for the expected rise in gold investment demand in China are broad-based and, we believe, very similar to those in many other countries...substantial monetary stimulus and low or negative real interest rates."


Speaking today to Reuters, Marcus Grubb, director for investment at market-development organization the World Gold Council, said "There's evidence already that the Chinese economy is bottoming out, and beginning to recover again.


"[Gold will] have strength into Q1 next year on Chinese New Year," Grubb added, forecasting a 10% rise in 2013 gold demand from this year's likely 800-tonne total.


"I think you'll see China perform strongly in 2013 as the economy recovers."



 

 

Companies Mentionned : Bullion | Metals X | Mitsui | Robust |
Data and Statistics for these countries : China | Greece | All
Gold and Silver Prices for these countries : China | Greece | All
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Adrian Ash is head of research at BullionVault.com, the fastest growing gold bullion service online. Formerly head of editorial at Fleet Street Publications Ltd – the UK's leading publishers of investment advice for private investors – he is also City correspondent for The Daily Reckoning in London, and a regular contributor to MoneyWeek magazine.
WebsiteSubscribe to his services
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