Royal Mint Runs Out of Sovereign Gold Coins on “Exceptional” Demand
Today’s AM fix was USD 1,226.00, EUR 900.61 and GBP 744.97 per ounce.
Yesterday’s AM fix was USD 1,226.50, EUR 902.50 and GBP 747.37 per ounce.
Gold fell $7.40 or 0.6% yesterday, closing at $1,224.90/oz. Silver slipped $0.31 or 1.56% closing at $19.56/oz. Platinum inched down $0.26, or 0.26%, to $1,410.49/oz and palladium fell $5.03 or 0.7%, to $733.47/oz.
Gold is slightly higher today but lower this week. Investor sentiment remains extremely bearish but physical buyers continue to accumulate at these low prices. The UK Royal Mint has run out of 2014 British gold sovereigns due to unprecedented demand.
Respected technical research analyst Louise Yamada predicts further falls in gold. She estimates a short term 19% drop to $1,000 in 2014. However she remains very bullish on gold in the long term.
Bloomberg’s analyst survey of 15 polled this week were the most bullish in a year on gold with only 2 bearish and four neutral. UBS sees near term support at $1,207.57/oz.
The U.K.’s Royal Mint, which traces its history back more than 1,000 years, ran out of 2014 Sovereign gold coins due to “exceptional demand” reported Bloomberg.
“Since the dip in the price of gold we have seen increased demand for our gold bullion coins from the major coin markets, and this presently shows no sign of abating,” the U.K. mint said in the statement. “The Royal Mint continues to supply to its customers and is increasing production to accommodate the higher demand.”
Coin stock availability has gone up and down in the past according to market demand, the mint said in a separate e-mail. Gold climbed to a three-week high of $1,248.51 on Jan. 6 as physical demand increased, particularly in China.
- advertisements -