{"id":44637,"date":"2013-11-26T13:02:56","date_gmt":"2013-11-26T18:02:56","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=44637"},"modified":"2013-11-26T13:02:56","modified_gmt":"2013-11-26T18:02:56","slug":"overnight-rally-lost-gold-vietnam-announces-bargain-hunting-plan","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2013\/11\/26\/overnight-rally-lost-gold-vietnam-announces-bargain-hunting-plan\/","title":{"rendered":"Overnight Rally Lost in Gold, Vietnam Announces Bargain-Hunting Plan"},"content":{"rendered":"

London Gold Market Report<\/strong><\/p>\n

from Adrian Ash<\/strong><\/p>\n

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

Tues 26 Nov 11:45 EST<\/strong><\/p>\n

AN OVERNIGHT RALLY in gold evaporated in London trade Tuesday, pulling the metal back to last week’s closing level\u00a0of $1243\u00a0per ounce.<\/p>\n

“Gold’s rally over the past 24 hours,” said a note from bullion and investment bank Standard Bank earlier, “we ascribe to small-scale short-covering” by bearish traders closing their positions.<\/p>\n

\u00a0“We still expect selling into rallies to be the main strategy.”<\/p>\n

\u00a0Last week’s 4-month lows, says German refining group Heraeus, “led to a strong increase in demand” for investment bars.<\/p>\n

\u00a0“Private investors appear to have considered gold below $1250 a good buy-opportunity and reacted consequently.”<\/p>\n

\u00a0Overnight Tuesday, “Purchases of physical gold in Asia,” says the commodities team at Germany’s Commerzbank, “China in particular, may well also have helped prices recover.<\/p>\n

\u00a0“Demand for gold is likewise high in India, though only little gold is being imported due to the restrictions imposed by the country\u2019s government and central bank.”<\/p>\n

\u00a0“Evidences of renewed demand,” agrees a separate note from a London trading desk, “is emerging from [emerging-market] countries, Turkey and India mostly.<\/p>\n

\u00a0“[But] it is clearly not enough to counter the cyclical bear momemtum in gold that is currently building around the Fed, the taper and debt-ceiling.”<\/p>\n

\u00a0The State Bank of Vietnam, “foresee[ing] a downward trend in the price in the next six months or one year,” is planning to\u00a0buy gold<\/a>\u00a0for its foreign currency reserves, according to Vietnam.Net.<\/p>\n

\u00a0\u201cIt is still not clear about the timing,\u00a0but we have got ready<\/a>,” says director of the Foreign Exchange Department, Nguyen Quang Huy, at the central bank \u2013 currently not holding any sizeable gold reserves according to IMF data, and unlikely to try buying gold directly from private citizens rather than dealers, according to local analysts.<\/p>\n

\u00a0China’s top jewelry retailer, Chow Tai Fook, meantime reported better-than-forecast 6-month profits today, nearly doubling net income from March-Sept. 2012.<\/p>\n

\u00a0Shares in the world’s largest jewelry stock by market cap have slipped 1.1% so far in 2013, the newswire notes, compared with a 4.5% gain in Hong Kong’s broader Hang Seng index and a 26% drop in bullion prices.<\/p>\n

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

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

Gold price chart, no delay | Buy gold online<\/strong><\/a><\/span><\/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

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

London Gold Market Report from Adrian Ash BullionVault Tues 26 Nov 11:45 EST AN OVERNIGHT RALLY in gold evaporated in London trade Tuesday, pulling the metal back to last week’s closing level\u00a0of $1243\u00a0per ounce. “Gold’s rally over the past 24 hours,” said a note from bullion and investment bank Standard Bank earlier, “we ascribe to … <\/p>\n

Continue reading “Overnight Rally Lost in Gold, Vietnam Announces Bargain-Hunting Plan”<\/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-44637","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/44637","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=44637"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/44637\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=44637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=44637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=44637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}