London Silver Fix To End 117 Year Run Tangible Investments and GoCoins.com buy and sell rare coins, precious metals, fine art and jewelry.   BBB - Better Business Bureau
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London Silver FixTo End 117 Year Run
Posted May 15th, 2014

Los Angeles CA, May 15 (Tangible Investments) - by James O’Dell - The price of gold climbed $11.39 or 0.88 percent on Wednesday to close at $1,305.21 an ounce, as strength in the industrial precious metals helped to drive the gold price higher, while the Dow saw triple digit losses. Silver rose $0.22 or 1.13 percent to close at $19.75 an ounce, after briefly touching a two month high of $19.97 an ounce, while the gold/silver ratio fell to 66.09.
 
"What is going on in platinum and palladium does have an impact on gold at certain times like this when there are no strong drivers," said Societe Generale's Robin Bhar. Gold remains one of the better performing assets of 2014, having gained 8.5 percent to date, boosted in large part by safe-haven buying on mounting tensions in Eastern Europe, as well as solid physical demand from Asia and rising production costs. China's net gold imports through Hong Kong this year, in the three months to March, were around 275.6 tons and that compares to 210.5 tons during the same period last year.
 
Silver prices were bolstered on Wednesday by a report that physical demand for silver rose by 13 percent in 2013 to an all-time high. The rise last year in demand for silver was driven primarily by a 76 percent increase in the retail purchase of bars and coins as well as a firm recovery in the fabrication of jewelry and silverware.
 
The report also “confirmed our expectations that total identifiable investment demand, which includes physical bar investment, coins and exchange traded funds (ETF) inventories, rose by 27 percent to a three-year high at 247.2 Million oz last year,” said Julian Phillips, of GoldForecaster.com. The London Silver Market Fixing Ltd. announced on Wednesday that it will stop administering the London silver fixing, a 117-year institution, on Aug. 14, some believe the London Gold fixing may be next.
 
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