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’Kiss of death for gold?
This was the gold price on Wednesday:
To describe the move as “tanking” — we think — is fair.
It comes just days after the GLD gold trust officially dethroned the SPY (S&P 500) fund as the largest ETF by market value.
The eurozone central banks that ♥ gold…
Bullionvault’s head of research Adrian Ash has spotted an interesting trend among eurozone central banks this year.
Rather than selling gold, they’ve been buying it instead.
Not a lot.
But buying — mostly for gold coin trading purposes– nevertheless.
Silver shortage rumours abound [updated]
The blogosphere has been all-a-flurry with talk of silver bullion shortages this week — although mainly down to one particular website.
Zerohedge.
On Monday, the anonymous blog stated that the UK was the latest region affected by growing silver shortages after the small-scale British bullion dealer ‘Bullionbypost’ notified clients that the company had no remaining silver bars in stock.
The gold de-hedging effect is back
Just when some were beginning to warn about gold producers’ exposure to a fall in gold prices, because of their stubborn reluctance to re-start hedging programmes…
The price of a troy ounce of bullion does this:
The Comex gold inventory jigsaw
Here’s a fun game for a (relatively quiet) Tuesday.
Take the latest general gold inventory figures from the Comex exchange — these have been falling since around the beginning of August:
Then the exchange’s registered gold holdings — the portion of inventory that’s actually available for delivery against futures:
Quick, run for the Goldschläger!
Gold zoomed through fresh record highs on Wednesday. See this chart:
And it’s largely thanks to unprecedented demand stemming from Germany and Austria on the day. Or so we are told.
As Ed Tuly,
Introducing financial oil leasing
The concept of ‘leasing’ commodities has been well established in the gold market for a while.
The lease rate for gold is derived from daily gold forward rates (GOFO) published by the London Bullion Market Association.
Gold ETFs, caveat emptor
With gold prices on a tear of late it’s no surprise bullion-investing exchange-traded funds (ETPs) are facing more demand than ever from retail investors. As Barclays Capital noted on Thursday:
Speculative interest remains close to record highs and ETP holdings continue to grow.
Bull in a China bullion shop
Stories galore have been doing the rounds about China’s recent promotion of gold and silver investing to its general population. Mostly, these have focused on the sudden appearance of Chinese TV slots like this: