Cash Withdrawal Limits and “Bank Holidays” Coming? - InvestingChannel

Cash Withdrawal Limits and “Bank Holidays” Coming?

DAILY PRICES
Today’s Gold Prices:  USD 1106.35, EUR 980.85 and GBP 716.87 per ounce.
Yesterday’s Gold Prices: USD 1107.75, EUR 989.73 and GBP 720.32 per ounce.
(LBMA AM)

Gold rose 0.7% on the COMEX yesterday and rebounded from a one month low. The most active gold contract for December delivery gained $7.30, or nearly 0.7 percent, to settle at $1,109.30 per ounce. Gold rebounded on what appears to have  been short covering and a bit of safe haven buying.

GoldCore: Gold in USD - 1 Week
Gold in USD – 1 Week

Falling European equities indices likely supported gold and gave a safe haven bid. Yesterday, the FTSE 100 Index, fell 1.2 percent, while French stock market benchmark index CAC 40 was also down 1.46 percent. Asian share were mixed but mostly marginally down overnight and European shares are marginally lower again this morning.

Gold in Singapore was marginally lower and in early European trading gold remained under pressure. Silver, platinum and palladium are all also a bit weaker, with palladium the biggest faller, down 1.2% today.

Still gold is currently set for a third straight week of marginal losses. Unless, we rally sharply before the end of the day, gold is set for a 1.2% fall this week. Silver conversely is higher this  week and is up nearly 1%.

Palladium, which Russia has a near monopoly in terms of production,  is outperforming, however, on a weekly basis, with a gain of 1.6% this week. Platinum’s down 1.2% for the week.

Global demand for coins and bars remains robust and this is especially the case in China. One such indication of that demand is that yesterday, the Hong Kong CME contract saw the highest daily withdrawals of gold kilo bars from the exchange at 19.178 tonnes.

GoldCore: Comex Hong Kong Gold Withdrawals

Another indication is the massive Chinese gold bullion imports from the United Kingdom have seen a significant uptick this year. In the first half of 2015 they are at a whopping 112 tonnes, compared to 110 tonnes for the full year in 2014.

Read more on the GoldCore.com blog

IMPORTANT NEWS

Gold snaps a 10-session string of losses – MarketWatch
“Bullion buyers expect higher prices due to a combination of geopolitical, macroeconomic and monetary risk” – MarketWatch
Gold and Oil Back in Favor as Commodity Funds See First Flows in 6 Months – Bloomberg
LME says in talks on launch of precious metals derivatives – Reuters
Iranian troops join Russians in Syria fighting – Yedioth Internet

IMPORTANT COMMENTARY

Read more News and Commentary on GoldCore.com
Essential Guide to Storing Gold Offshore

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