In the same category

Strongest US GDP in 2 Years Erases Week's Gold Price Gains, Platinum 'Oversold' Says HSBC

IMG Auteur
 
Published : November 29th, 2017
645 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 PRICES dropped on Wednesday as new data said the US economy expanded 3.3% per year between July and September, its fastest pace since 2014.
Falling from its 6th attempt above $1296 so far this week, the gold price lost $10 per ounce against a rising US Dollar while silver and platinum fell sharper still.
Broader commodity prices slipped for the second day running as major government bond prices fell, edging the yield offered by 10-year US Treasury debt up to 1-week highs above 2.35%.
North Korea's overnight missile test -- reported by the dictatorship of Kim Jong-un as proving Pyongyang could hit anywhere in the United States with a nuclear weapon -- saw US President Donald Trump vow to "take care of it."
But the test " appeared calculated to avoid crossing red lines that could provoke military action by Washington," according to the Wall Street Journal.
With gold prices erasing this week's previous 0.9% gain to the Dollar, silver fell twice as hard, hitting new November lows at $16.71 per ounce.
Platinum held firmer, fixing at its highest price since mid-September at London's AM benchmarking before halving this week's gain so far to 0.4% at $942.
"We regard platinum as being oversold and look for a recovery in prices," says a note from global investment and London bullion clearing bank HSBC.
"Concerns of loss of market share in the auto sector, while valid, may be exaggerated," says the note. 
"[Other] supportive factors, such as limited supply and a potential for increased investment [and] jewelry demand...have yet to buoy the market. Low prices have crimped mine investment."
24hGold - Strongest US GDP in ...
South Africa's Public Investment Corporation -- which runs $150 billion of assets for state-employee pensions -- today asked for two seats on the board of troubled platinum miner Lonmin (LSE:LON), raising what it called "urgent" concerns over the firm's leadership and challenges.
Also asking Lonmin to move its main stockmarket listing to Johannesburg from London, PIC owns some 30% of the world's No.3 platinum miner after stepping in when a 2015 rights issue failed to find enough private investment.
Non-profit organization the Mining Forum of South Africa this week called on the government to suspend Lonmin's operations over what it calls the miner's failure to comply with social and labour plans such as building 5,500 houses for employees planned in 2006.
Major stock markets meantime rose everywhere on Wednesday except China and the UK, where the FTSE-100 index fell as the Pound surged on the forex market on news of Britain doubling its "divorce payment" offer to the European Union.
With no official statement on the size of the deal  -- reported at EUR 55 billion by the BBC -- UK foreign secretary Boris Johnson called it a "fair offer" intended "to get the whole ship [of Brexit negotiations] off the rocks."
New survey data today put economic confidence across the 19-nation single Euro currency zone at a 17-year high, rising for the 6th month in a row.
Versus the Dollar however, the Euro fell further from Monday's 2-month highs, despite yesterday's US report of the worst trade deficit on goods for more than 2 years.
Meanwhile in Turkey -- the world's No.5 gold consumer nation, where bullion prices have hit record highs on a plunge in the Lira -- the prime minister today called opposition claims that President Recep Tayyip Erdoğan paid millions of dollars to offshore banks accounts "lies".
Next week's New York trial of Turkish-Iranian gold trader Reza Zarrab -- accused of breaching sanctions against Tehran -- may now be suspended after he pleaded guilty and turned witness for the prosecution of Turkish banker Mehmet Hakan Atilla over the same  multi-billion dollar allegations.
Zarrab is expected to testify later today, reports the New York Times.
You can receive your first gram of Gold free by opening an account with Bullion Vault : Click here.
Data and Statistics for these countries : China | South Africa | Turkey | All
Gold and Silver Prices for these countries : China | South Africa | Turkey | 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
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.