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Bank of Russia To Buy “Considerable Figure" Of Gold Tonnage

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Gold $1,562.42/oz Silver $28.30/oz Platinum: $1,430.00/oz

Bank of Russia To Buy “Considerable Figure" Of Gold Tonnage in 2012


Gold’s London AM fix this morning was USD 1,560.50, EUR 1,240.66, and GBP 996.04 per ounce.
Yesterday's AM fix this morning was USD 1,558.50, EUR 1,239.27, and GBP 993.62 per ounce.

Gold looks set to see a fourth consecutive monthly loss which will be bearish technically. Gold will need to rally nearly $100/oz between now and end of trading of next Thursday May 31st to not incur a monthly loss of some 6% in May.

XAU/EUR Currency Chart – (Bloomberg)

The debt crisis in Europe looks like it may spiral out of control and trigger a global economic slowdown and contagion which will again support gold in the long term.

Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange-traded fund, rose for a second day to 1,270.30 metric tons yesterday. Demand in Asia outside of India was “good” yesterday and interest in Europe is “evident,” UBS said in a report this morning.

XAU/GBP Currency Chart – (Bloomberg)

The IMF central bank gold demand figures for April were very bullish and suggest that central bank demand in 2012 may be even higher than the 456.4 tons added last year – which was the most in almost five decades.
The World Gold Council estimates that central banks will buy as much as 400 tons this year.

Today, the deputy chairman of Russia's central bank, Sergey Shvetsov, said that the Bank of Russia plans to keep buying gold on the domestic market in order to diversify their foreign exchange reserves.

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SILVER
Silver is trading at $28.30/oz, €22.60/oz and £1813/oz.

PLATINUM GROUP METALS
Platinum is trading at $1,430.00/oz, palladium at $588.70/oz and rhodium at $1,275/oz.
Please click here to read the rest of GoldCore’s Market Update.

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ends

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