Bank of Russia To Buy “Considerable Figure" Of Gold Tonnage
Having trouble viewing this email? Click here
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.
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.
GOLDNOMICS 2012 – GOLD BULLION OR CASH?
'Goldnomics 2012' can be viewed by clicking on the image above or on our YouTube channel.
It is an updated,
revised and refined version and follows in the footsteps of
the award winning ‘Goldnomics – Cash or Gold Bullion?’
video, which was the most watched video about gold bullion
in 2011 with over 165,500 views.
GOLDCORE'S GOLDSAVER
ACCOUNT
The GoldSaver Account allows anyone to buy and
save gold online from just $150, £150 or €150 per month.
GoldSaver gold holdings are purchased from the Perth Mint of Western Australia. It is stored in their secure vaults, insured and government guaranteed by the AAA rated Western Australian government. Deposits and gold holdings are also independently verified by our auditor on a monthly basis. Find out more about GoldSaver or sign up here.
We provide comprehensive pricing for South African
Krugerrands, American Eagles, Canadian Maple Leafs, British
Sovereigns, Silver Eagles, 1 Kilo Gold bars and many more.
We also provide live Perth Mint Certificate Programme prices
on gold, silver and platinum.
The GoldSaver Account
is a unique service that allows clients to purchase small
amounts of gold on a monthly basis in a secure and cost
effective manner. The GoldSaver Account is suitable for
investors of any size looking to diversify their savings.
The Perth Mint Certificate Programme
allows investors, savers, pension holders and companies to
own investment grade bullion which is stored in vaults in
the Perth Mint of Western Australia (est. 1899; AAA rating).
The programme is insured by Lloyds of London and is fully
guaranteed by the government of Western Australia.
GoldCore Secure Storage allows clients to store their
gold bullion in ultra secure vaults in Zurich, Hong Kong,
Singapore, London and internationally in a cost effective
manner. Bullion is held in custody and under a bailment
arrangement meaning that the client has a direct claim upon
the bullion held in their name.
GoldCore Limited is regulated by the Irish Financial
Regulator. Precious Metal services are an unregulated
activity.
ends