Tangible Investments

December 22

2014

Weekly Gold Market News

More European Nations Seeking Repatriation Of Gold Reserves

Los Angeles CA, (Tangible Investments) - by James O’Dell - Precious metals prices turned lower on Monday, after ending mixed on Friday, when Gold eased $4.00 or 0.33 percent to finish the week at $1,194.30 an ounce, against a stronger dollar and equities, after the Fed said it will proceed with patience in the timing of its first interest rate hike since 2006. Silver rose $0.17 or 1.07 percent to end the week at $16.07 an ounce while the Gold/Silver ratio fell to 74.32.

The week began with a sharp recovery in Gold that was said to be linked to Russia's failure to halt the ruble’s slide against hard currencies, even after boosting interest rates from 10.5 percent to 17 percent. The rate increase only slowed the ruble's descent, temporarily. The Russian Ruble has lost more than 55 percent against the U.S. dollar in 2014, due largely to slumping crude oil prices and Western sanctions against Russia for its role in the annexation of the Crimean peninsula from Ukraine in May.

In India, when the draconian import restrictions that were imposed on Gold in August of 2013, were lifted at the end of November, Indians embarked upon an importation spree. In spite of the fact that the restrictions were still in place for much of November, Gold imports soared to over 151.58 tons, a massive 571 percent increase over the same period last year.

Russia's deepening financial crisis continues to weigh on markets, as European equities fell 0.5 percent on Wednesday. The ruble plunged 19 percent to 80.10 to the dollar for the first time ever on Tuesday as Russia now mulls whether to initiate capital controls following the failure of the biggest interest rate increase in 16 years to instill confidence in the currency.

It was the worst slide in the ruble since 1998, the year Russia defaulted on its debt. Russia's failure to halt the collapse of the ruble on Tuesday has left the nation facing the possibility of a full scale currency crisis.

Switzerland has imposed its first negative deposit rate in nearly forty years and is threatening to take further action to halt the inflows of cash from Russia’s financial crisis. Swiss National Bank (SNB) President Thomas Jordan says that Russia's financial turmoil was a “major contributory factor” in its decision to introduce the 0.25 percent charge on sight deposits, the commercial bank holdings at the SNB.

Meanwhile, all across Europe, nations are demanding the repatriation of their Gold reserves, which are often stored in other countries. Holland, Belgium and Austria are following Germany in seeking the return of their Gold, while the Swiss made Gold repatriation a part of its Swiss Gold Referendum in November.

Why the sudden rush to bring home the Gold? Many believe it's due to lack of trust after years of speculation as to whether or not “official Gold” was being leased into the market. The question arises when investors continue to see China, India and Russia buying up the total current global mine supply and are curious as to how the rest of the world is being supplied.

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.

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Latest Spot Prices

METAL BID ASK CHG$ CHG%
Gold 1178.60 1179.30 $15.70 1.31%
Silver 15.73 15.77 $0.34 2.11%
Platinum 1188.30 1191.30 $8.70 0.72%
Palladium 812.60 815.60 $6.10 0.75%

Other News This Week

Russia Unlikely To Sell Gold Reserves

TANGIBLE INVESTMENTS - Los Angeles - by James O Dell - Gold and Silver prices retreated sharply on Monday with Gold easing $19.20 to $1,175.10 an ounce, even as Asian demand continued to provide some... [Read More]

Gold Showing Resilience In Face Of Stronger Dollar

Los Angeles CA, December 22 (Tangible Investments) - by James O Dell - Gold and Silver prices were higher in electronic trading on Monday amid increased buying interest from Asia, after ending mixed on Friday,... [Read More]

Russian Central Bank Still Adding To Gold Reserves

TANGIBLE INVESTMENTS - Los Angeles - by James O Dell - Gold and Silver prices were mixed on Friday with Gold easing $2.50 to $1,195.80 an ounce as the yellow metal consolidates below $1,200 an... [Read More]

Bullish Bets On Gold Higher Than This Time Last Year

Los Angeles CA, December 19 (Tangible Investments) - by James O Dell - Gold and Silver prices edged higher on Thursday, with Gold gaining $8.50 or 0.71 percent to close at $1,198.30 an ounce, in... [Read More]

Gold Edges Higher As More Nations Seek Repatriation Of Reserves

TANGIBLE INVESTMENTS - Los Angeles - by James O Dell - Gold and Silver prices edged higher on Thursday with Gold gaining $5.90 to $1,195.70 an ounce on bargain hunting and short covering, while Silver... [Read More]

About Tangible Investments

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