Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek Radio Nugget: Peter Schiff and Chris Waltzek
By: radio.GoldSeek.com

Janet Yellen Just Made History
By: Avi Gilburt

Gold Market Charts June 2017
By: BullionStar

Welcome To The Third World, Part 24: Illinois About To Default?
By: John Rubino

Asian Metals Market Update: June-29-2017
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Gain Again
By: Chris Mullen, Gold-Seeker.com

POSX Continues to S(t)ink
By: Craig Hemke

Republicans Craft the Next Great Healthcare Failure
By: Peter Schiff, CEO of Euro Pacific Capital

US Baits ISIS to Stage False-Flag Chemical Attack to Justify Greater US Attack against Syria
By: David Haggith

The Shift is On: Why Institutional Investors Are Buying Gold Again
By: Jeff Clark

 
Search

GoldSeek Web

 
Gold & Silver Rise as China's Long-Term Demand Forecast to Keep Growing



By: Adrian Ash, BullionVault


-- Posted Thursday, 1 November 2012 | | Disqus

London Gold Market Report

 

WHOLESALE PRICES to buy gold rose to 7-session highs in London on Thursday morning, touching $1726 per ounce even as new data showed US employment rising at its fastest pace since February.

The private-sector ADP payrolls report said the US added 158,000 jobs in October. Earlier data from the manufacturing sector in China, the world's #2 gold consumer, showed its slowdown to be easing.

However, "Over 17% of survey respondents reported a fall in the volume of new export orders," said the new Purchasing Managing Index report from HSBC/Markit Economics, "and just under 10% noted an increase."

Two-thirds of Chinese businesses reporting quarterly results to the stock market have seen a sharp rise in unpaid bills according to the Financial Times.

The People's Bank of China has this week pumped a record $60 billion-worth of liquidity into its domestic money market.

 

"Gold has been finding support on approach of $1700," says today's note from Standard Bank's commodities team.

"Our Standard Bank Gold Physical Flow index has risen substantially in the past few days," says Standard, with demand to buy gold in Asia and India "pick[ing] up."

Looking further ahead, and "supported by the continual income growth of [China's] emerging middle-income class, investment as well as gold products will benefit,"
says Albert Cheng, managing director for the Far East at market-development organization the World Gold Council.

"The longer-term growth of China's economy remains healthy."

The state-owned research group Antaike meantime forecasts that China's demand to buy silver will grow by 10% in 2013 to hit new record levels.

Alongside a large forecast for silver investment demand, the solar-panel industry is flagged as a key driver.

 

Back in Thursday's action, major-economy government bond prices slipped, nudging interest rates higher as Italian and Spanish bond prices rose, reducing their interest rate.

Silver extended what one analyst called Wednesday's "impressive advance" by reaching 2-week highs above $32.65 per ounce.

"We look for [gold price] support in the $1660 area," says a note from Barclays Capital, "to underpin a move higher toward the $1800 highs."

"Historically gold performs strongly in November," says a note from Commerzbank, "with monthly returns over the past 30/40 years around 1.40% the second strongest month of the year."

Slipping 3.2% from the end of September, prices to buy gold just put in their first monthly drop since May and their worst October since 2008's plunge of 17.4%.

Commodities overall also delivered their worst monthly returns since May, losing 4.1% in October on the S&P index of 24 natural resources and unwinding the last of 2012's gain to date.

Global stock markets lost 0.6%, says Bloomberg. Bonds of all kinds gave a positive return.

Silver prices lost 7.1% against the US Dollar. But while last month's sales of
silver Eagles by the US Mint slipped 3.1% from September, they hit a new October record at 3.15 million ounces.

Adrian Ash

 

Adrian Ash is head of research at BullionVault, the secure, low-cost gold and silver market for private investors online, where you can buy gold today vaulted in Zurich on $3 spreads and 0.8% dealing fees.

 

(c) BullionVault 2012

 

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events and must be verified elsewhere should you choose to act on it.


-- Posted Thursday, 1 November 2012 | Digg This Article | Source: GoldSeek.com

comments powered by Disqus




 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.