Asia's Richest Man, Li Ka-Shing, Looking to Make Gold Investments
Today’s AM fix was USD 1,403.75, EUR 1,065.63 and GBP 899.67 per ounce.
Yesterday’s AM fix was USD 1,391.25, EUR 1,056.06 and GBP 893.09 per ounce.
Gold climbed $17.50 or 1.26% yesterday, closing at $1,411.80/oz. Silver surged $0.83 or 3.54%, closing at $24.26. Platinum rose $18.60 or 1.2% to $1,532.80/oz, while palladium inched up $2.97 or 0.4% to $715.47/oz just before the close.
Gold pulled back this morning on the open in Asia in an unusual manner which saw a quick almost instantaneous $8 drop from $1,412/oz to a price quote at $1,404.45/oz and then a recovery to $1,412/oz.
Thereafter gold gradually trended lower on technical selling and profit taking after breaching $1,400/oz and rising to $1,415/oz yesterday after Israel launched a test missile which heightened tensions in the region and President Obama received support from some senior republicans for a strike on Syria.
Friday's non farm payroll data may foreshadow the U.S. Fed's imminent decision on tapering to come at the FOMC meeting later this month.
Geopolitical concerns about conflict in the Middle East will support gold. The Middle East remains a powder keg and one wrong move could lead to conflict, higher oil prices and a new bout of 'risk off' sentiment which would support gold.
The gold mining strikes in South Africa are also supporting gold prices and industrial unrest, along with infrastructural and geological constraints, have greatly reduced production and therefore supply from South Africa.
According to Bloomberg, Asia’s richest man, Li Ka-Shing, is looking to make gold investments.
The Chinese born, Hong Kong business magnate, investor, and philanthropist is considered to be the richest person in Asia and the richest person of Chinese descent in the world. Forbes estimates he is the 11th richest person in the world with a net worth of $27 billion in U.S. dollars. Two of his sons are believed to be billionaires in their own right.
His primary operating company is Hutchison Whampoa Limited, owner of the mobile phone network, Three.