Tangible Investments

November 24

2014

Weekly Gold Market News

China Surprises Markets With Rate Cut As Asian Gold Demand Picks Up

Los Angeles CA, (Tangible Investments) - by James O’Dell - The price of Gold climbed $7.80 or 0.65 percent on Friday to finish the week at $1,201.60 an ounce, for a third straight weekly gain as demand edged higher in China following a surprise interest rate cut last week. The price of Silver added $0.16 or 0.98 percent to end the week at $16.45 an ounce while the Gold/Silver ratio fell to 73.05.

The week began with rising demand for bullion reported on the Shanghai Gold Exchange (SGE) following the latest slide in the Gold price, according to Mitsubishi.  “Heavy buying in Asia, together with the Russian central bank increasing its Gold holdings -- by 55 (metric tons) in Q3 according to the World Gold Council -- in order to protect its Gold-mining industry from sanctions, have reduced available metal in the London market of late, moving the forward curve into a slight backwardation,” said Mitsubishi.

Switzerland was a net exporter of Gold for the first time this year, said UBS last week. “Gross exports were the highest since February and of the 192.8 (metric tons) of Gold that were shipped out of Switzerland, 74 percent was headed for Asia,” said UBS.

The Gold price rallied mid-week after European Central Bank (ECB) executive board member, Yves Mersch, said that the assets being purchased by the ECB to bolster the economy would “theoretically” include Gold as an option. The market quickly responded by pushing the Gold price nearly $20 an ounce higher.

“We will do what we must to raise inflation and inflation expectations as fast as possible, as our price-stability mandate requires,” said ECB president Mario Draghi at a conference in Frankfurt on Friday. Some inflation expectations “have been declining to levels that I would deem excessively low,” he added. The next ECB policy meeting is less than two weeks away and the euro zone remains near economic stagnation as the government moves closer to launching a full-scale Fed-like quantitative easing (QE) program.

Meanwhile, the U.S. Geological Survey reported in its Mineral Industry Surveys publication that Gold production by U.S. Mines fell to 591,573 troy ounces in August of this year, an 11 percent decline from the 665,520 ounces of Gold output recorded last year. With the Gold price now falling below production costs at several mines, producers are being forced to shutter some of the lesser cost effective operations.

Preserve your wealth and secure your retirement by making a tangible investment in physical Gold and Silver in 2014. Call Toll Free 1.800.741.5014 and allow the friendly staff at Tangible Investments (learn about us here), owned and operated by world-renowned coin expert Silvano DiGenova, to assist you in your next purchase or sale. You may also want to allow one our Gold IRA specialists to construct for you a precious metals IRA tailored to your specific needs. We also hope you will share our site with your friends on Twitter and Facebook.

Latest Spot Prices

METAL BID ASK CHG$ CHG%
Gold 1191.80 1192.50 $6.10 0.51%
Silver 16.26 16.30 $0.27 1.63%
Platinum 1219.00 1222.00 $11.00 0.89%
Palladium 805.30 808.30 $1.65 0.20%

Other News This Week

Arts and Antiques Live Auction Hosted By Tangible Investments

Los Angeles CA, November 27 (Tangible Investments) - by James O Dell - Gold and Silver prices turned lower on Wednesday as Gold eased $3.10 or 0.26 percent in thin trading to close at $1,197.90... [Read More]

Investors Await Key Vote On Swiss Gold Initiative

TANGIBLE INVESTMENTS - Los Angeles - by James O Dell - Gold and Silver prices inched lower on Wednesday in thin pre-holiday trading with Gold easing a modest $2.40 to $1,198.60 an ounce, while Silver... [Read More]

Asian Gold Demand Remains Robust

Los Angeles CA, November 26 (Tangible Investments) - by James O Dell - Gold and Silver prices turned moderately higher on Tuesday with Gold adding $3.90 or 0.33 percent in thin pre-holiday trading to close... [Read More]

Gold Price Firms Above $1200 An Ounce As GDP Numbers Are Revised

TANGIBLE INVESTMENTS - Los Angeles - by James O Dell - Gold and Silver prices edged higher on Tuesday in this holiday shortened week with Gold gaining $1.40 to $1,198.50 an ounce, and Silver adding... [Read More]

About Tangible Investments

Led by renowned coin expert Silvano DiGenova, Tangible Investments is a leader in the Gold IRA, Bullion, Rare Coins, Jewelry, Fine Watches, Fine Art, and Antiques markets. With 30+ years in business and a collective 200+ years of industry experience, Tangible Investments is one of America's most successful rare coin traders and the top buyer in the country. Call Us Today at 1-888-655-9255 to see how we can help you diversify your portfolio and protect your retirement savings.

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