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Today’s
AM fix was USD 1,732.75, EUR 1,362.23, and GBP 1,085.55 per ounce.
Yesterday’s AM fix was USD 1,715.00, EUR 1,347.42, and GBP 1,075.84 per
ounce.
Silver is
trading at $32.19/oz, €25.42/oz and £20.27/oz. Platinum is trading at $1,560.50/oz, palladium at $613.00/oz and
rhodium at $1,100/oz.
Gold rose $14.50 or 0.84% in New York yesterday and closed at
$1,732.80. Silver dropped to $31.62 in London, then hit a high of $32.412/oz in New York and finished with a gain of 1.76%.
Global Commodities – Prices and Data (5 Day)
Gold is 3.35%
higher and silver 4.53% higher this week in US dollars in the aftermath of
Obama's re-election.
Gold in euros
looks set to break out above €1,400/oz and is
4.1% higher and in sterling gold has risen 3.7% so far this week. Silver is 5.25% higher in euros and 4.8% higher in pounds.
Gold and
silver are set for higher weekly closes in all fiat currencies which may
negate the recent bearish short term technical picture and set the precious
metals up for the traditional yearend rally.
Gold in USD – 4 Weeks (Bloomberg)
The data
clearly shows that November is gold's strongest month and one of silver's
strongest months. December, January and February are also strong months -
prior to a period of weakness is often seen in March.
Gold edged up
on Friday heading for its first weekly gain in five weeks as Obama was
re-elected with the highest jobless rate since US President FDR in 1936.
The ECB and
BOE left interests unchanged as expected. However, Mario Draghi
commented that the euro zone economy shows negligible signs of recovering
before the year-end despite easing financial market conditions.
The
Fed’s ‘QE to infinity’ policy remains and it continues its programme from October 24th to purchase $40 billion per
month of mortgage debt and is committed to hold interest rates near zero
until mid-2015.
Gold in GBP – 4 Weeks (Bloomberg)
Gold in EUR – 4 Weeks (Bloomberg)
The Bank of
Japan on October 30th widened its asset-purchase program for the 2nd time in
two months, increasing it by 11 trillion yen to $128 billion.
The US fiscal
cliff and geopolitical tensions with Iran (Iranian warplanes fired on US
drones last week) only heighten the risk and uncertainty in the markets and
are driving safe haven money into gold.
China releases
various economic data today starting at 0130 GMT with CPI & PPI for
October.
NEWSWIRE
(Bloomberg) -- China Starting Gold ETPs Would Mean Demand Gain,
WGC’s Liu Says
ETPs would give domestic institutions, including pension funds, more
opportunities to invest in the precious metal, Roger Liu, the director of Far
East investments at the World Gold Council, said today at a conference in New
York.
China
currently has no domestic exchange-traded products backed by gold
(Bloomberg)
– Gold Should Be Thought of as Insurance Policy,
Wickwire Says
Investors should look at gold as an insurance policy for other financial
assets, Joseph Wickwire, who manages $4.5 billion
at Fidelity Investments, said today at the Bloomberg Portfolio Manager
conference in New York.
Macroeconomic
imbalances, reflationary policies and geopolitical tensions will drive prices
higher in the long term, Wickwire said. Investors
with risk-tolerant portfolios should hold the metal to hedge against
volatility in other markets, he said.
“Gold
pays off when stocks, bonds and currencies disappoint,” Wickwire said. “A little goes a long way.”
(Bloomberg) --
Pension Funds in Japan Increasing Investment in Gold, WGC Says
Jason Toussaint, managing director at the producer-funded World Gold council,
said in an interview in New York.
Seeing increased
dialogues among U.S. pension funds to look at commodities, including gold, as
an investment, Toussaint said.
Cross Currency Table – (Bloomberg)
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