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Today’s AM fix was USD
1,718.00, EUR 1,317.59, and GBP 1,069.67 per ounce.
Friday’s AM fix was USD 1,728.25, EUR 1,329.53, and GBP 1,077.87 per
ounce.
Silver is trading at $33.49/oz, €25.80/oz and
£20.94/oz. Platinum is trading at $1,599.50/oz,
palladium at $676.50/oz and rhodium at $1,055/oz.
Cross Currency Table- (Bloomberg)
Gold fell $12.40 or 0.72% in New York on Friday and closed at $1,713.20/oz.
Silver slid to a low of $33.15 and finished with a loss of 2.43%. Gold was
down 1.94% for the week and silver was also off 1.97%.
Gold is marginally higher
today, after finishing its 2nd monthly decline in a row, despite safe haven
demand due to US ‘fiscal cliff’ and currency debasement concerns.
Interest in the yellow metal
as diversification remains robust. Yesterday, holdings in exchange-traded
products backed by gold climbed to a record for the 10th straight session,
reaching 2,619.4 metric tons, the latest data compiled by Bloomberg show.
Late Friday from Frankfurt,
Moody’s downgraded the euro zone’s bailout funds from the top
rating of Aaa to Aa1 on long-term debt. The rating
cut includes the European Stability Mechanism (ESM), the currency
zone’s brand new permanent rescue fund, and the temporary European
Financial Stability Facility (EFSF) were given
continued negative rating outlooks by Moody’s.
The Luxembourg-based funds
issued a statement noting that Moody’s decision “follows the
recent change of France’s long term rating from Aaa
to Aa1.”
The continuing financial
mess that is the Eurozone will support gold and gold prices in euros above
€1,300/oz.
China’s PMI increased
to a seven month high in November offering tentative signs that their economy
is recovering.
U.S. economic highlights on
Monday are Construction Spending and the ISM Index. Wednesday follows with
ADP Employment, Productivity, Factory Orders, and ISM Services. The Initial
Jobless Claims are published on Thursday. Friday’s highlights are the
November’s jobs data, Michigan Sentiment, and Consumer Credit.
GOLDS Commodity Daily, 2 Years – (Bloomberg)
November sales of U.S. American Eagle gold coins are on
track to be the best in 14 years as uncertainty surrounding the U.S. fiscal
cliff and the election of President Obama led to safe haven buying.
Buyers timing the market
also increased coin sales by buying during sharp price movements that
occurred in the beginning and end of November, coin dealers noted.
Bullion dealers in the U.S.
report an influx of high net worth individuals that are buying gold coins in
volume and taking physical possession of their bullion.
Month to date 131,000 ounces
of American Eagles sold, that tripled last year's November sales and is the
strongest November since 1998, data from the U.S. Mint's website shows.
In October, the U.S. Mint
sold 59,000 vs 50,000 ounces the previous year,
while November marked its 2nd successive monthly rise.
Coin banks have come in to
buy the stock as the mint usually ends 2012 coin production in early December
so it can begin minting the 2013 coins.
 
SILV Daily 2 Years, (Bloomberg)
American Eagle silver coin
sales more than doubled in November going from 1.384 million to 3.135 million
ounces. Silver coin sales were just shy of October's figure of 3.153 million
ounces.
Coin sales have not only
been boosted by dealers and collectors but by the uncertainty of the U.S.
presidential election and the US fiscal cliff as investors have turned to
them as a safe haven to protect their wealth.
American Eagle gold coin
sales are very seasonal with a bulk of investment seen at the start of the
year for the newly minted coins. Sales usually fall off in the summer and
then increase in September in sync with the Indian wedding season and also
following the lunar New Year, between January and February.
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