Gold In Japan Reaches Highest Since 1980 – Surging Demand Results In Delays To Buy Gold

◆ Gold has reached its highest price in Japanese yen since 1980 at 165,045/oz (see charts below) as the yen depreciates amid “global economy jitters”

◆ A surge in demand in Japan is resulting in gold buyers needing to wait “2-3 hours to close deals” on gold bars according to Japan’s largest gold broker Tanaka Kikinzoku

◆ Gold is up 16% year to date in Japanese yen and near 40 year nominal highs due to concerns about the outlook for the yen, the Japanese and the global economy

◆ There is a “global hunt for the safe haven precious metal amid worries that the U.S.-China trade row could further depress the global economy” according to Reuters (see story below)

◆ Tokyo Commodity Exchange (TOCOM) gold futures have been surging since August and one commodity brokerage said Japanese speculators were taking profits at these levels

◆ Gold in dollars is down 1% and silver 0.4% this week after sharp falls yesterday; This follows gains earlier this week and strong gains over the summer which have made gold one of the best performing assets this year with gains of 18.4%

Japan’s retail gold price clambers to highest since 1980 amid global economy jitters

Gold Prices (LBMA – USD, GBP & EUR – AM/ PM Fix)

05-Sep-19 1542.60 1529.10, 1257.06 1238.72 & 1397.44 1380.78
04-Sep-19 1538.80 1546.10, 1265.05 1269.97 & 1397.69 1403.86
03-Sep-19 1532.45 1537.85, 1278.06 1277.80 & 1400.35 1403.44
02-Sep-19 1523.35 1525.95, 1260.42 1265.01 & 1388.69 1391.51
30-Aug-19 1526.55 1528.40, 1253.14 1251.15 & 1382.75 1383.51
29-Aug-19 1536.65 1540.20, 1260.51 1262.96 & 1387.29 1392.03
28-Aug-19 1541.75 1537.15, 1263.31 1258.77 & 1389.89 1387.43