{"id":42347,"date":"2013-09-25T09:40:19","date_gmt":"2013-09-25T13:40:19","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=42347"},"modified":"2013-09-25T09:40:19","modified_gmt":"2013-09-25T13:40:19","slug":"gold-volumes-quiet-options-expiry-hong-kong-prepares-golden-week","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2013\/09\/25\/gold-volumes-quiet-options-expiry-hong-kong-prepares-golden-week\/","title":{"rendered":"Gold Volumes “Quiet” on Options Expiry as Hong Kong Prepares for Golden Week"},"content":{"rendered":"

London Gold Market Report<\/strong>
\nfrom Adrian Ash<\/strong>
\nBullionVault<\/strong><\/a><\/span>
\nWeds 25 Sept 09:00 EST<\/strong><\/p>\n

WHOLESALE gold held unchanged in London on Wednesday, moving around last week’s finish of $1325 per ounce as world stock markets and the US Dollar also reversed yesterday’s small moves.<\/p>\n

\u00a0Silver traded in a 15-cent range either side of $21.70 per ounce.<\/p>\n

\u00a0Major government bonds were flat. Crude oil and industrial commodities ticked higher.<\/p>\n

\u00a0“It will likely be a very quiet few days,” reckons brokerage INTL FCStone in a note, “at least until Friday, when we get some end-of-the-quarter book squaring.”<\/p>\n

\u00a0October gold options contracts on the US Comex expire today.<\/p>\n

\u00a0“We remain range bound,” agrees brokers Marex, “but the drop down towards 1300 yesterday and the subsequent good recovery will have deterred the bears for the time being.”<\/p>\n

\u00a0However, “speculation that the Feds will begin tapering as early as next month,” counters Commerzbank, “continues to pressure the yellow metal.”<\/p>\n

\u00a0London’s wholesale precious metals trading is likely to be subdued early next week, as trade group the London Bullion Market Association holds its annual conference from Sunday to Tuesday, this year in Rome.<\/p>\n

\u00a0China’s long Golden Week holidays are also likely to dent import demand from stockists, dealers report.<\/p>\n

\u00a0Ahead of Golden Week, the government of Hong Kong \u2013 a major tourist destination for mainland residents during these annual holidays \u2013 has banned “forced shopping” trips, says the\u00a0South China Morning Post.<\/p>\n

\u00a0Cut-price flights and hotel rooms were previously\u00a0subsidized by kick-backs<\/a>\u00a0from stores to tour operators who brought in large groups, the paper explains.<\/p>\n

\u00a0Almost one million mainland tourists went to Hong Kong in Golden Week 2012, theWall Street Journal\u00a0reported last October, “up nearly 25%” from the prior year. But sales of watches and gold jewelry “actually dropped” compared with 2011.<\/p>\n

\u00a0Gold prices<\/a>\u00a0for Chinese consumers have now fallen 25% since Golden Week 2012.<\/p>\n

\u00a0“We’re not seeing too much physical demand around,” Bloomberg today quotes senior vice-president Afshin Nabavi at Swiss refiner MKS in Geneva.<\/p>\n

\u00a0Elsewhere the newswire reports that for iPhone manufacturer Apple Inc., “bringing together China and gold is a recipe for success” after the US company\u00a0reportedly asked its suppliers<\/a>\u00a0last week to increase production of “gold-colored” plastic casings for the new 5S handset.<\/p>\n

\u00a0Forbes\u00a0says the same of gold-colored iPhone sales in India \u2013 now widely expected to take second place to China in physical gold demand this year.<\/p>\n

\u00a0“An assistant of the Punjab chief minister called me and asked for\u00a0five gold-colored iPhones<\/a>,” the magazine quotes a distributor for Apple products in the affluent Indian region.<\/p>\n

\u00a0Across in Thailand, meantime, YLG Bullion International Co. \u2013 the largest gold importer into the world’s 6th largest gold-buying nation last year \u2013 says its gold inflows will double in 2013 thanks to the surge in demand caused by gold’s 25% price drop.<\/p>\n

\u00a0YLG is also one of seven Thai companies calling for the launch of a formal bullion-contract exchange, the\u00a0Bangkok Post\u00a0reports, aiming to “enhance Thailand as\u00a0a regional gold trading hub<\/a>.”<\/p>\n

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

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

Gold price chart, no delay | Buy 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 fully allocated bullion already vaulted in your choice of London, New York, Singapore, Toronto or Zurich for just 0.5% commission.<\/p>\n

 <\/p>\n

(c) BullionVault 2013<\/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

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

London Gold Market Report from Adrian Ash BullionVault Weds 25 Sept 09:00 EST WHOLESALE gold held unchanged in London on Wednesday, moving around last week’s finish of $1325 per ounce as world stock markets and the US Dollar also reversed yesterday’s small moves. \u00a0Silver traded in a 15-cent range either side of $21.70 per ounce. … <\/p>\n

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