{"id":37820,"date":"2013-04-25T08:02:57","date_gmt":"2013-04-25T12:02:57","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=37820"},"modified":"2013-04-25T08:02:57","modified_gmt":"2013-04-25T12:02:57","slug":"gold-forecasts-split-at-10000-and-1000-as-etfs-sell-central-banks-buy-indian-dealers-cleaned-out","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2013\/04\/25\/gold-forecasts-split-at-10000-and-1000-as-etfs-sell-central-banks-buy-indian-dealers-cleaned-out\/","title":{"rendered":"Gold Forecasts Split at $10,000 and $1000 as ETFs Sell, Central Banks Buy, Indian Dealers Cleaned Out"},"content":{"rendered":"

London Gold Market Report<\/strong>
\nfrom Adrian Ash<\/strong>
\nBullionVault<\/strong><\/span><\/a>
\nThurs 25 Apr, 07:45 EST<\/strong><\/p>\n

WHOLESALE GOLD rose to an 8-session high just shy of $1450 per ounce in London trade Thursday morning, recovering 45% of this month’s near-record slump.<\/p>\n

Asian stock markets also ticked higher, but European shares were flat while commodities extended their rally.<\/p>\n

Silver prices were unchanged for the week so far at $23.30 per ounce.<\/p>\n

Gold priced in Sterling fell \u00a310 per ounce from an 8-session high of \u00a3946 as the Pound jump on news that the UK avoided recession \u2013 growing just 0.3% \u2013 in the first quarter of 2013.<\/p>\n

“Gold is continuing [its] recovery,” says the daily comment from the commodities team at Germany’s Commerzbank.<\/p>\n

“Rate-cut speculation ahead of next week’s [Eurozone central bank] meeting \u2013 and the prospect of continued ultra-loose US monetary policy following more weak economic figures \u2013 are lending buoyancy to the gold price.”<\/p>\n

Investors who\u00a0buy gold, writes Soci\u00e9t\u00e9 G\u00e9n\u00e9rale’s global strategist Albert Edwards in a new report, are making “a bet against central banks’ competency.”<\/p>\n

Given central banks’ track record, he adds \u2013 repeating his team’s\u00a0forecast of $10,000 gold\u00a0\u2013 “that’s certainly a bet I’d be happy to still take.”<\/p>\n

Money-creation leading to a surge in inflation is also the forecast from billionaire hedge-fund manager John Paulson, who\u00a0reportedly told clients on a webinar Wednesday\u00a0that he and his chief precious metals strategist \u2013 the highly respected former UBS analyst John Reade \u2013 are also “holding course” despite last week’s price crash.<\/p>\n

Dutch bank ABN Amro however \u2013 which this month said “the demise of gold [was] still at an early stage” \u2013 today revised its $1000 gold forecast from end-2015 to the end of 2014.<\/p>\n

“ETF [trust funds] still see sellers, but physical demand remains very strong,” says Moudi Raad at Swiss refining and finance group MKS.<\/p>\n

New York’s giant SPDR Gold Trust yesterday shed another 4 tonnes of gold, taking the bullion held to back its shares down to the lowest level since the start of September 2009 at 1093 tonnes.<\/p>\n

Over in India however \u2013 the world’s heaviest gold-buying nation \u2013 “We are unable to get supply,” Reuters quotes a state-bank dealer.<\/p>\n

“Refiners have sold out till second or third week of May. Gold for immediate delivery is quoted at\u00a0$10 on London prices.”<\/p>\n

Latest data from the International Monetary Fund meantime show that emerging-market central banks again chose to buy gold for their reserves in March.<\/p>\n

Russia led central-bank gold buying, adding 4.7 tonnes to reach 981 tonnes, while Turkey continued to pull in metal from its commercial banks, adding a further 33 tonnes to reach 409.<\/p>\n

“I think physical and central banks…those buyers are supporting the market,” Reuters quotes Yuichi Ikemizu at Standard Bank in Tokyo.<\/p>\n

“With this sharp decline in the price,” he adds, “I think South Korea is buying gold too. [It] always buys gold when the price comes off.”<\/p>\n

Adrian Ash<\/strong><\/span><\/a><\/p>\n

BullionVault<\/strong><\/span><\/a><\/p>\n

Gold price chart, no delay \u00a0\u00a0| \u00a0\u00a0Buy gold online<\/strong><\/span><\/a><\/p>\n

 <\/p>\n

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 and silver in Zurich, Switzerland for just 0.5% commission.<\/p>\n

 <\/p>\n

(c) BullionVault 2013<\/p>\n

 <\/p>\n

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 \u2013 and must be verified elsewhere \u2013 should you choose to act on it.<\/p>\n

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London Gold Market Report from Adrian Ash BullionVault Thurs 25 Apr, 07:45 EST WHOLESALE GOLD rose to an 8-session high just shy of $1450 per ounce in London trade Thursday morning, recovering 45% of this month’s near-record slump. Asian stock markets also ticked higher, but European shares were flat while commodities extended their rally. Silver … <\/p>\n

Continue reading “Gold Forecasts Split at $10,000 and $1000 as ETFs Sell, Central Banks Buy, Indian Dealers Cleaned Out”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-37820","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/37820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=37820"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/37820\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=37820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=37820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=37820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}