In the same category

Gold and Silver Trading Down to New Euro Lows as ECB Cuts 42 Words on QE

IMG Auteur
 
Published : March 09th, 2018
610 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire
GOLD and SILVER TRADING in London's wholesale bullion market saw prices hold firm in everything but the single Euro currency on Thursday as the European Central Bank dropped a commitment to boost its QE stimulus if the economic or financial outlook worsens.
Platinum prices also fell hard against the Euro as the ECB cut 42 words first used in March 2016 from its monetary policy statement.
In effect, the 19-nation central bank today said that no longer will it "stand ready to increase" or extend its monthly quantitative-easing purchases of Eurozone government or corporate debt.
But it will continue with QE at the current monthly pace of €30 billion, "intended to run until the end of September 2018, or beyond, if necessary."
Dollar, Sterling and Yen gold prices held little changed, with US quotes trading in line with last week's finish at $1325 per ounce.
But the Euro gold price fell steeply as the single currency jumped in frantic FX trading, dropping beneath €1066 per ounce for the first time since before Christmas.
24hGold - Gold and Silver Trad...
Platinum priced in Euro terms fell harder still, dropping below €724 per ounce for the first time in 12 weeks.
"Concerns about automotive demand continue to weigh negatively on platinum sentiment," says the mining-backed World Platinum Investment Council today, releasing full-year 2017 global supply and demand data and pointing to a 3% annual drop in industrial platinum demand for autocatalysts to clean emissions from diesel engines.
"We believe that these concerns are overdone," WPIC's CEO Paul Wilson says, "with other positive dynamics almost offsetting the drag from declines in Western Europe diesel share."
Silver also sank versus the Euro on Thursday, dropping again to €13.25 per ounce – a level seen last month for the time since July last year.
Latest data from London's bullion clearing banks say that silver trading volumes fell in January from end-2017's spike to two-decade highs.
Slipping 6% from December however, silver trading through London – heart of the world's bullion market – still totalled 2.2 times the last 20 years' monthly average according to the five banks reporting data as the London Precious Metals Clearing Ltd.
Gold trading volumes, in contrast, fell almost 17% from December's jump to the highest since Spring 2013's crash in bullion prices on the LPMCL figures, relayed by trade body the London Bullion Market Association.
24hGold - Gold and Silver Trad...
Establishing a new legal entity with the UK registrar in September 2017, the five member banks – HSBC, ICBC Standard, J.P.Morgan, Scotiabank and UBS – put the old structure into voluntary liquidation last October, filings show at Companies House.
"One of the benefits of the new structure has been to make the LPMCL more accessible to new members and to clarify the entry requirements," says a statement from Ruth Crowell – CEO of the LBMA, which is also registered as an officer of the new company – quoted today by Reuters.
With no on-the-record comment coming from any of the 5 member banks, "You can't have three or four banks making up reasons why people can't join," Reuters quotes a source at one of the LPMCL operators.
"We spent a lot of time with lawyers making sure it stood up to regulatory scrutiny."
Back in Frankfurt Thursday, and with Eurozone member state Latvia's chief central banker unable to attend the ECB meeting because of a corruption investigation, "Today's decision was unanimous," said ECB President Mario Draghi.
"Monetary stimulus remains necessary...[and] continued support is provided by the net purchases, the sizeable stock of assets, the forthcoming reinvestments, and by forward guidance on rates."
You can receive your first gram of Gold free by opening an account with Bullion Vault : Click here.
Data and Statistics for these countries : Georgia | All
Gold and Silver Prices for these countries : Georgia | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
The London Gold Market Report is the daily market review from BullionVault, the world's largest physical gold and silver market for private investors. A full member of professional trade body the London Bullion Market Association, BullionVault publishes the LGMR every day that the market is open, bringing you insider comment and analysis from the very center of the world's $240 billion-a-day physical gold trade, and putting the latest gold price action into its wider financial and economic context. Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
This is How You Can Dodge Facial Recognition Software
01:57Falconflight
With such insight and wit; you should be able to parlay it w/ a gig at Buzzfeed or HuffPuff.
Federalism, Not Breakup
01:22Falconflight
There are 50 states currently. There are currently 435 Congressman. There is nothing in the Constitution maxing Representatives at 435 or that st...
The Zeitgeist Wants What the Zeitgeist Wants
01:18Falconflight
I just posted my latest bumperstick: "Trump Won", next to my other sticker: "Police State USA! USA! USA!" My next sticker will read: "Arrest Me"....
Signs and Wonders
15 JanJim C.
It is very late in the game for some deus ex machina to save our Republic, especially given yesterday’s Joint Chief of Staffs memo indicating inten...
Signs and Wonders
15 JanThemis
It is becoming increasingly clear that America is a nation under judgment (see Jonathan Cahn's "Harbinger II".
Insurrection Versus Insurrection
14 JanThemis1
As an outsider, I see America moving toward some form of civil war. This will accelerate once food inflation takes off and people are struggling f...
Insurrection Versus Insurrection
12 JanJ.
Interesting times. Trump may have the intel, and the authority, to take action, but does he have the political power? Who will act on his orders?
Insurrection Versus Insurrection
11 JanJim C.0
The game is afoot! If President Trump has the hard evidence that the Democrat Party stole the election - a treasonous act - and given, as Kunstler...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS