-- Posted Monday, 3 December 2012 | | Source: GoldSeek.com
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.
Friday’s AM fix was USD 1,728.25, EUR 1,329.53, and GBP 1,077.87 per ounce.
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.
Gold
ETF’s ramped up their third week of record high’s highlighting the fact
that 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.
NEWSWIRE
(Bloomberg) -- U.S. Mint Silver-Coin Sales Rose to 3.16 Million Ounces in Nov
U.S. Mint website shows estimated Nov. data.
Oct. sales were 3.15 million ounces.
(Bloomberg) -- LBMA Says Silver Trading Fell 21% to a Two-Year Low Last Month
Avg. daily trading was 98.1m oz last month, LBMA says in e-mailed statement.
Gold trading fell 12% to 19.9m oz in Oct.
“This reflects poor physical demand, particularly from India,” LBMA says. Banks also becoming more risk averse, it says
(Bloomberg) -- Silver Traders Increase Bets on Price Rise, CFTC Data Shows
Hedge-fund
managers and other large speculators increased their net-long position
in New York silver futures in the week ended Nov. 27, according to U.S.
Commodity Futures Trading Commission data.
Speculative long positions, or bets prices will rise,
outnumbered short positions by 38,733 contracts on the Comex division
of the New York Mercantile Exchange, the Washington-based commission
said in its Commitments of Traders report. Net-long positions rose by
772 contracts, or 2 percent, from a week earlier.
Silver futures fell this week, dropping 2.7 percent to $33.28 a troy ounce at today's close.
Miners,
producers, jewelers and other commercial users were net-short 56,792
contracts, an increase of 1,606 contracts, or 3 percent, from the
previous week.
(Bloomberg) -- Gold Traders Increase Bets on Price Rise, CFTC Data Shows
Hedge-fund
managers and other large speculators increased their net-long position
in New York gold futures in the week ended Nov. 27, according to U.S.
Commodity Futures Trading Commission data.
Speculative long positions, or bets prices will rise,
outnumbered short positions by 193,742 contracts on the Comex division
of the New York Mercantile Exchange, the Washington-based commission
said in its Commitments of Traders report. Net-long positions rose by
12,927 contracts, or 7 percent, from a week earlier.
Gold futures fell this week, dropping 2.3 percent to $1,712.70 a troy ounce at today's close.
Miners,
producers, jewelers and other commercial users were net-short 252,047
contracts, an increase of 15,983 contracts, or 7 percent, from the
previous week.
(Bloomberg) -- China to Start Gold, Bond ETFs ‘Very Soon’: Securities
China
will start gold, bond exchange- traded funds “very soon,” Shanghai
Securities News cites Wang Lin, head of the fund supervision department
at the China Securities Regulatory Commission.
China aims to continue speeding up QFII and RQFII approvals.
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