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Gold--Insurance Against Economic Turmoil Posted February 20th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Precious metals prices edged higher on Thursday with a continuation of safe-haven buying as Gold advanced to $1,316.60 an ounce and silver rose to $21.67 an ounce, as investors are, once again, viewing precious metals as insurance against potential economic turmoil. "Physical markets are still strong, (and the) stock market sell-off is helping gold," said Pradeep Unni, of Richcomm Global Services.
"The market seems to be waiting for some kind of additional cues for the next immediate move. We will be in range bound trade until the next U.S. non-farm payrolls data. The Fed is sticking to its tapering process, but it's all discounted in the market."
There’s a “positive sentiment shift taking place amongst U.S. investors towards gold,” said UBS AG analysts Edel Tully and Joni Teves, in a report. “Gold has started to shed its stigma, if slowly,” wrote the pair. “Over the past thirteen months gold was either the favorite asset to short or to ignore completely. Recent developments, however, suggest that this is no longer the case, and momentum is returning.”
The Swiss Federal Customs Administration (SFCA) on Thursday reported that in January, Switzerland exported more than 80 percent of its gold and silver bullion and coins to Asia. The customs agency based in Bern, said the top destination was, of course, Hong Kong which received 44 percent of exports, India was a distant second at 14 percent, Singapore was third accounting for 8.6 percent of exports, United Arab Emirates came in at 7.9 percent and mainland China at 6.3 percent.
The SFCA reported that Switzerland imported 60 percent of that gold and silver bullion from the U.K. Meanwhile, data confirms that gold continues to flow from west to east and from the western banking system into strong hands of the Asian central banks, particularly the People’s Bank of China (PB oC).
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