The World Gold Council Publishes Gold’s Q3 Summary

Tyler Durden's picture

From GoldCore Gold Bullion

The World Gold Council Publishes Gold’s Q3 Summary

Today’s AM fix was USD 1,748.00, EUR 1,331.71, and GBP 1,081.42 per ounce. 
Yesterday’s AM fix was USD 1,747.75, EUR 1,333.86 and GBP 1,082.33 per ounce.

Silver is trading at $32.96/oz, €25.26/oz and £20.52/oz. Platinum is trading at $1,657.50/oz, palladium at $648.40/oz and rhodium at $1,200/oz.

Gold inched up $1.05 or 0.6% in New York yesterday and closed at $1,748.70. Silver climbed up & down and hit a session high of $33.255 and finished trading with a gain of 0.61%.

Gold hovered on Thursday, maintaining gains from the last two days and watching for new stimulus from a European Union summit after little reaction to news from China that showed the economy’s seventh quarter of GDP contraction.

The 27 member states of the EU will meet in Brussels today and tomorrow.  The agenda includes, Greece’s progress in debt talks with creditors, organizing a common eurozone budget and initial discussions for the proposed EU banking union.

XAU/EUR Currency YTD – (Bloomberg)

The proposed ECB Bank as a single banking supervisor similar to the US Fed was received well by markets but is met with resistance from some of the bloc’s members- the strongest being Germany.

Greece is set to run out of money by the end of November without the €31.5 billion in external funding on offer and in the Sunday edition of Greece's Kathimerini newspaper, Greek Prime Minister Antonis Samaras said that he expected to reach a deal before the summit.

Investors are still waiting for Spain to seek a formal request for a bailout next month.

China's economy dropping for its 7th quarter was as expected. However, investors desire more policy clarity from Beijing with the leadership change next month, and speculate that further quantitative easing will be announced.

Cross Currency Table – (Bloomberg)

HSBC trimmed their 2012 gold forecast to $1,700/oz but raised its 2013 to $1,850 and 2014 to $1,775/oz.  The price targets were adjusted based on the views of the Fed's open-ended commitment to easing until U.S. labor markets improve, will continue support gold well into 2013.

The World Gold Council issued a summary on gold’s price performance in various currencies during the third quarter.  The report looks at influences that monetary policies and central bank actions have on gold.  

Gold’s 11.1% USD/oz return in 3Q was in response to central bank stimulus measures. Volatility decreased and generally correlated with other assets. 

Central banks announced a continuation of their unconventional monetary policy programmes in Q3 which mainly are used to lower borrowing costs and supporting financial markets.

Financial assets have responded to central bank policy announcements, but gold's reaction has been the strongest.

There is a consensus that these policies drive investment into gold purely due to inflation-risk impact. The World Gold Council believes that there are not one but four principal factors that provide further support to the investment case for gold: Inflation risk, Medium-term tail-risk from imbalances, Currency debasement and uncertainty, and Low real rates and emerging market real rate differentials.

To read the full report on the World Gold Council website  click here or access from GoldCore’s Research section.


For breaking news and commentary on financial markets and gold, follow us on Twitter.



Gold flat as investors eye China data, euro zone - Reuters

 Gold Set to Decline for First Day in Three Before Chinese Data - Bloomberg

Comex Gold Edges Higher on Euro Rally – Wall Street Journal



Quarterly Statistics Commentary Q3 2012 – The World Gold Council

Merkel defiant over euro crisis as general strike hits Greece – The Guardian

Fears grow over EU banking union plan – The Financial Times

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GetZeeGold's picture



I buy gold with my EBT's totally free!

malikai's picture

If I had one, I'd do it too.

GetZeeGold's picture



Comes with the Obama phone......check in the bottom of the box under the paperwork.

fnord88's picture

"Gold inched up $1.05 or 0.6% in New York"


WTF? Is this Bernank maths? That shit dont add up

e-recep's picture

i bought gold but i can't eat it. now what?

silverserfer's picture

cram it in your cramhole!

LongSoupLine's picture

Cliff Notes Summary:



fonzannoon's picture

Anyone here have a guess as to what Ben does when twist ends in Dec?  Does he use this bullshit data as his excuse to pull the plug or does he twist further down the curve and keep it going or full blown lsap?

GetZeeGold's picture



What part about QE to infinity don't you understand?

fonzannoon's picture

lol fair enough. Keep it simple eh?

Panafrican Funktron Robot's picture

Another way of thinking about it:

We're a whisker away from 105% debt to GDP ratio.  What probability do you assign to the U.S. Congress consistently passing budget bills that start turning that in the other direction?  In the absence of that scenario, debt devaluation through an increase in the total fiat in circulation is the only other alternative.  It doesn't matter what mechanism is used to employ the increase in circulated fiat, at the end of the day, given that gold is a store of value, it's nominal price will necessarily go up (even in the face of manipulation).

new game's picture

nothing ends unless the nukes start flying...

e-recep's picture

First time I hear an economic critic in an episode of the TV series Modern Family (s04e02) :

Alex : If she’s the future of America, then we should start using Chinese money now.

Luke : We already are.


jjsilver's picture

WGC is a banker front group

urbanelf's picture

These GoldCore "articles" should really say "GoldCore:..." in the title.  You know... so I can skip them.

TGR's picture

You can smell a goldcore article a mile away, and only need to read the first line in the extract. Goldcore's scribe can't write, cobbling together titbits from a weekly Factiva search, broken up with a few trite observations of the glaringly obvious. No insight, ever.

Bay of Pigs's picture

The fact they use info from the WGC speaks volumes.

Who are they kidding? Nobody around here.

disabledvet's picture

again: you will never here me complain about gold money. EVER. The basic job..indeed ONLY job of an American "political economist" is simply to lie about the extent to which your policies create inflation. oh, "and to bail out your buddies on Wall Street" of course so you have a nice cushy job once you've jacked the American people for all their worth. Now as to the gold "market"...listen, i love you guys...but even 100,000 tons of gold is a pretty puny market next to the 3.5 trillion cubic feet of natural gas currently in storage. As the Endless Wars We Didn't Really Want To Stop at All expand courtesy of the Insane Democrat Mind the value of this resource will simply move to "beyond priceless." already natural gas is up over 1.5 trillion in dollar terms in less than a year JUST FOR THAT WHICH IS IN STORAGE. And from whence comes all the hoarding you ask? Well...of course i don't need to answer that question here. when you're a serial currency debaser as the You Know Who are the reaction is swift and sure: prepare for an energy apocalypse. and that is exactly why Duke Energy keeps hitting one record high after another and why the coal trains from Wyoming to points east will have to have their tracks expanded from 4 wide to 12! now where's my popcorn honey! why do we need Hollywood when we have this!

cranky-old-geezer's picture

(<--- America going after Iran)


Chart watchers are gonna miss the coming gold explosion. 

Sudden events like that aren't predicted in their charts.

Gotta watch world events.

adamas's picture

I've started swapping my food stamps for gold. 

Bokkenrijder's picture

"HSBC trimmed their 2012 gold forecast to $1,700/oz but raised its 2013 to $1,850 and 2014 to $1,775/oz"


Those Muppets can't even plan until next week, but they can already 'forecast' the gold price in 2014, hahahaha!

MFLTucson's picture

HSBC trimmed their 2012 gold forecast to $1,700/oz but raised its 2013 to $1,850 and 2014 to $1,775/oz.  The price targets were adjusted based on the views of the Fed's open-ended commitment to easing until U.S. labor markets improve, will continue support gold well into 2013


This will make it 5 predictions in a row that were incorrect!  Beautiful, what assholes!