All Time Record Gold Transactions Reported By LBMA
All Time Record Gold Transactions Reported By
LBMA
Today’s AM fix was USD 1,410.25, EUR 1,085.98 and
GBP 926.94 per ounce.
Yesterday’s AM fix was USD
1,406.25, EUR 1,083.90 and GBP 926.75 per ounce.
Gold climbed $19.00 or 1.36% yesterday to $1,413.80/oz and silver also gained 1.25%.
Gold is marginally lower today in
dollars but higher in other currencies but remains near a
two-week high and is heading for the best week in a month in
all currencies, with a gain of 2% in dollar
terms.
GoldCore Market Performance Table
The South African rand has collapsed 7.7% against gold this week again showing gold’s hedging properties.
The precious metals have been weak again in May with gold falling 4.4% despite this weeks’ recovery. Silver is down 7% and platinum by 2.6%. Palladium has recovered from recent weakness and those who accumulated on weakness are set for the best month since November after it surged 6.6% in May.
Weakness in gold
and silver is leading to robust demand internationally as
store of value buyers accumulate gold and silver on this
dip. This is particularly the case in Asia where premiums
remain robust and supply demand imbalances remain.
Gold
Spot $/oz, Daily, 3 Year – (Bloomberg)
Gold Spot $/oz,
Daily, 3 Year – (Bloomberg)
London gold trading jumped to a 20 month high in April and silver volumes surged 25% after the price falls led to an increase in physical buying, the LBMA said in a report.
Trading in gold averaged 24.1 million ounces a day in the London market, the most for any month since gold reached record nominal highs in August 2011, the LBMA said in a statement yesterday as reported by Bloomberg.
The 24.1 million ounces was a 10% increase on March when 21.8 million ounces a day were traded.
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GoldCore attending Jim Sinclair
Q&A in London on June 1st.
We are attending Jim
Sinclair’s Q&A session which is on from 1-5 pm this
Saturday at the Hilton Hotel in Heathrow, London. We would
be delighted to meet up after Jim’s session so please
don’t hesitate to contact Mark O’Byrne
(mark.obyrne@goldcore.com) or Michael O’Brien
(Michael.obrien@goldcore.com)
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Insight: Cyprus, Energy & Gold: Wealth Protection In A
Lawless World
April's edition of Insight takes a close
look at the recent banking crisis in Cyprus and how it is
causing other states to consider the imposition of taxes on
depositors' savings. The reasoning behind these 'taxes' is
to part cover the colossal levels of indebtedness that most
nations find themselves in.
Chris Sanders, our Insight
April contributor, maintains that it is only capital
accumulation enabled by real economic growth that can
alleviate the massive levels of indebtedness. Unfortunately,
Sanders finds that this is nigh on impossible given the
excessive energy costs required, or as he puts it, 'the
marginal energy to power such growth is not there to do
so.'
On April 15th, a small number of traders executed a suspicious sale of futures on the COMEX in New York which resulted in an 18% fall in the price of gold. Sanders points out that on the one hand we have this level of indebtedness that isn't going to go away, and on the other, we have a financial system that appears to operate outside the general rule of law. When you take everything into account, Sanders surmises that it's all a great advertisement for holding gold or silver in secure storage on an allocated basis.
ends