Baltic Dry Index Collapses 39% In 9 Trading Days

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Today’s AM fix was USD 1,238.00, EUR 908.56 and GBP 753.91 per ounce.
Yesterday’s AM fix was USD 1,248.75, EUR 913.10 and GBP 760.97 per ounce.

Gold fell $11.40 or 0.91% yesterday, closing at $1,243.20/oz. Silver slipped $0.26 or 1.27% closing at $20.19/oz. Platinum rose to a two-month high of $1,446.75 yesterday on concern that industrial unrest at the world’s three biggest platinum producers will weigh on output in South Africa, the biggest producing country.

Gold retreated for a second session today. A rally in stock markets prompted by stronger than expected U.S. retail sales data may have led to profit taking.

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Platinum in U.S. Dollars - (Monthly - 2004 to Today)
 
China has granted licenses to import gold to two non Chinese banks for the first time, according to Reuters. The move to take advantage of the largest gold consumers is gathering pace. China's gold imports more than doubled last year to over 1,000 tonnes - ousting India as the biggest buyer - as demand soared to unprecedented levels.

 

The Baltic Dry Index,  a measure of commodity-shipping rates, has collapsed 39% in just the nine trading days of 2014. It has fallen from 2277 at the end of December 2013 to 1370 today. This key indicator of global economic health is a warning signal for the global economy in 2014.

Marc Faber told Bloomberg TV in an interview that, "I prefer physical gold and silver, platinum to bitcoin. How do you value a bitcoin? I can value gold to some extent and compare say gold to the quantity of money that is floating around the world, to the wealth increase, and to the monetary base increase, to the credit increase, and so forth and so on, and to the production costs. So I have an idea of where gold should be.”

A diversified precious metals portfolio with allocations to gold, silver, platinum and palladium remains prudent.

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