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Today's AM fix was USD 1,624.00, EUR 1,308.94, and GBP
1,030.26 per ounce.
Yesterday’s AM fix was USD 1,615.25, EUR 1,306.84 and GBP 1,028.04 per
ounce.
Silver is trading at $28.95/oz,
€22.40/oz and £18.44/oz. Platinum is
trading at $1,495.75/oz, palladium at $604.70/oz and rhodium at $1,025/oz.
Gold rose $4.80 or 0.3% in New
York yesterday and closed at $1,620.70/oz –
its highest level in three months (since June 19). Silver dropped than
rallied back to $28.83 ending the day with a gain of 2.64%.
Gold Spot $/oz and 200 Day
Moving Average - August 2009 to Today - (Bloomberg)
Gold continues to be supported by the real risk of EMU
break up and further weakness in the euro, dollar and other currencies. Gold
continues to consolidate below its 200 day moving average at $1,644/oz.
Technically, gold needs to close above the 200 DMA.
Should this happen we could see quite significant short covering and more
speculative elements on the COMEX may sense blood and come in on the long
side in a more aggressive manner thereby propelling gold well above its
recent trading range.
Platinum hovered just above the 2 month high hit on
Monday over supply concerns from South Africa. Lonmin
is the world’s number three producer and accounts for 12% of global
platinum output. Industrial unrest has spread to other platinum mines in
South Africa which produces between 70% and 85% of the world’s platinum
(different estimates).
44 people died after violence and a massacre at Lonmin’s Marikana mine,
and the company is now waiting before firing the 3,000 workers as previously
planned, as the mine owners realized it would escalate the situation.
Gold bullion prices inched up despite trading volume
for US gold futures being on track to hit a 2012 low. Silver surged almost 3%
and there was speculation that platinum's rally may have made some of the
silver shorts close some of their massive concentrated short positions.
Platinum has surged 7% in the last 3 sessions bringing
its year to date gain to 7% outperforming gold and silver so far in 2012.
Russia continues to accumulate gold in its large
foreign exchange reserves. The reserves include monetary gold, special
drawing rights, reserve position at the IMF and foreign exchange.
Russia’s central bank increased its gold holdings
to 30.1 million troy ounces as of August 1st, from 29.5 million troy ounces a
month earlier, according to a statement published on its website today.
The gold reserves were valued at $48.7 billion at the
end of last month, Bank of Russia said in a statement.
Russia's gold and foreign exchange reserves rose to
$510.0 billion in the week to August 10 from $507.4 billion a week earlier,
central bank data showed last Thursday. Russia's gold and foreign exchange
reserves were $498.6 billion at the end of 2011.
This means that Russia now nearly has some 10% of its
foreign exchange reserves in gold bullion.
Russia’s Gold Holdings From 1993 to June 2012 -
(Bloomberg)
Since 2006, Russia has been gradually accumulating gold
in order to diversify and protect from devaluation of their dollar and euro
foreign exchange reserves and as part of a long term plan to position the
Russian rouble as an international reserve
currency.
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NEWSWIRE
(Bloomberg) – Silver Imports By China In July Rise To 272 Tons
Silver imports by China were 272 metric tons in July, according to data
released by the customs agency today. That compares with 223 tons in June.
Platinum imports were 7.4 tons in July, compared with 6.1 tons a month
earlier, data showed. Palladium imports were 1.97 tons, data showed.
(Bloomberg) -- IShares Silver
Trust Holdings Unchanged at 9,733 Metric Tons
Silver holdings in the IShares Silver Trust, the
biggest exchange-traded fund backed by silver, were unchanged at 9,733.39
metric tons as of Aug. 20, according to figures on the company’s
website.
Aug. 20 Aug. 17 Aug. 16 Aug. 15 Aug. 14 Aug. 13
2012 2012 2012 2012 2012 2012
Million Ounces 312.936 312.936 312.936 312.936 311.579
313.226
Daily change 0 0 0 1,356,958 -1,647,762 0
Metric tons 9,733.39 9,733.39 9,733.39 9,733.39
9,691.18 9,742.43
Daily change 0.00 0.00 0.00 42.21 -51.25 0.00
NOTE: Ounces are troy ounces.
(Bloomberg) –Bear Market In Tin Risks Global
Shortage
Indonesia idled about 70 percent of tin-smelting capacity in its biggest
producing region amid a three-month bear market, curbing the world’s
biggest exports and setting the stage for a global shortage.
Cross Currency Table – (Bloomberg)
NEWS
Gold futures settle at highest since June
- MarketWatch
Platinum hits 2-month high on South Africa supply
fear - Reuters
Platinum Climbs to Six-Week High; Gold Gains as SPDR
Assets Jump - Bloomberg
Low demand, high cost: platinum industry in for
tough times - MSN
US drought will lead to inflation and higher food
prices, says report – The Guardian
COMMENTARY
Is Apple Really Worth More Than The Sum Of
Microsoft, Dell, Google, Facebook And HP? – Zero Hedge
Embry - Apple, Gold, Manipulation & Financial
Implosion – King World News
Watch Out For A Silver Breakout Higher
– Max Keiser
Keiser Report: Consumption-tration
Camps – Max Keiser
Mark
O’Byrne
Goldcore
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