Today’s AM fix was USD 1,317.00, EUR 975.05 and GBP 817.66 per ounce.
Yesterday’s AM fix was USD 1,311.25, EUR 971.30 and GBP 817.08 per ounce.
Gold fell $3.40 or 0.26% yesterday, closing at $1,310.80/oz. Silver climbed $0.06 or 0.28% closing at $21.68. Platinum dropped $4.74 or 0.3% to $1,445.00/oz, while palladium rose $0.50 or 0.1% to $747/oz.
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Gold gained ground today and is up 0.6% as it tries to shake its longest losing streak in six months and the lowest prices seen in almost three weeks. Gold is range bound between $1,250/oz and $1,450/oz. The fundamentals including the current macroeconomic, systemic, geo-political and monetary conditions are favourable and suggest higher gold prices are likely in the coming months.
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Gold in US Dollars, 30 Day - (Bloomberg)
However in the short term, gold looks poor technically and a breakout above $1,360/oz and $1,450/oz will be needed to encourage more nervous buyers.
Gold sales from Australia’s Perth Mint, which refines most of the gold bullion from the world’s second largest producer, rose in October as a drop in prices to a three month low led to increased demand and the mint filled a backlog of orders according to Bloomberg [6].
Sales of coins and minted Perth Mint gold bars climbed 13% to 77,255 ounces last month from 68,488 ounces in September, according to data from the mint.While demand in October more than doubled from 30,430 ounces in August, sales were 31% lower than this year’s record in April.
“There’d be people buying while the price is low,” said Ron Currie, the Perth Mint’s sales and marketing director.
“We’re getting a lot more product out the door because of previous orders that we hadn’t been able to supply because of capacity,” Currie said.
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Gold in USD, 5 Year - (Bloomberg)
The U.S. Mint sold 755,500 ounces of American Eagle coins as of November 1st, compared with 753,000 ounces in all of 2012, according to data on the mint’s website. The mint sold 48,500 ounces in October from 13,000 in September and 11,500 in August.. Coin sales last month were still 77% lower than in April, when they surged to a 40 month high of 209,500 ounces. The Perth Mint sold 112,575 ounces of gold in April.
As bar and coins sales increased, demand waned for ETPs. Holdings tumbled 29% this year to 1,875.04 metric tons on November 4th, according to data compiled by Bloomberg. Assets have shrunk every month this year, the worst run on record.
The Perth Mint, which began operations in 1899, is owned by the Western Australian government and refines between 300 tons and 400 tons each year, including mined and scrap gold. Perth Mint gold bars [8] are rapidly becoming some of the most popular one ounce gold formats in the world.
Australia is the world’s biggest gold producer after China.
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