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Shanghai Gold Exchange Sees Volumes Jump 24% In Year

Commodities / Gold and Silver 2013 Mar 12, 2013 - 10:39 AM GMT

By: GoldCore

Commodities

Today’s AM fix was USD 1,582.50, EUR 1,216.37and GBP 1,065.30 per ounce.
Yesterday’s AM fix was USD 1,577.50, EUR 1,213.28 and GBP 1,058.37 per ounce.

Silver is trading at $29.18/oz, €22.53/oz and £19.71/oz. Platinum is trading at $1,605.25/oz, palladium at $773.00/oz and rhodium at $1,200/oz.


Gold rose $3.00 or 0.19% and closed yesterday at $1,581.10/oz. Silver rose to $29.09 and finished +0.1%.

Cross Currency Table – (Bloomberg)

Gold gained for the third straight session, the longest rally this year, on the realisation that the European crisis may worsen. Fitch Ratings cut Italy’s credit rating by one level on Friday. Fitch downgrading Italy is likely providing support as is robust demand in Asia, particularly China.

Average daily trading combined volumes on the three main gold contracts on the Shanghai Gold Exchange in the first two months of the year jumped 24% on the year, according to Reuter’s calculations.

Shanghai Share Index, 5 Year – (Bloomberg)

"The strong physical demand in China is the main reason behind gold's resilience," a Beijing-based trader told Reuters. Physical demand prospects out of China remain positive in the weeks ahead, UBS AG said according to Bloomberg.

China is very vulnerable to a property crash and its own economic crisis. The Chinese stock market has performed very poorly in recent years and Chinese people realise the importance of gold as a store of value.

Gold In Chinese Yuan, 5 Year – (Bloomberg)

The market continues to digest the better than expected U.S. jobs data with the risks still emanating from Italy and the Euro zone. Contagion in the Eurozone and indeed currency crises remain real risks – risks which are being completely ignored ... for now.

Sentiment is as bad as we have seen it in recent years which suggests to us that while gold may go lower in the short term - we are close to a bottom.

The global debt crisis is far from over and when it erupts anew, gold's appeal as an important diversification and safe haven will be appreciated once again.

Webinar: Everything you need to know about Silver in 60 minutes.

Date: Tomorrow- 13th March, 2013, 1900 - 2000 GMT

Speakers: David Morgan publisher of the Morgan Report and GoldCore Research Director Mark O'Byrne

Do you want answers on why silver should be part of your investment portfolio and why silver is a form of saving and financial insurance? Do you want to know the safest way to own silver? Do you want the opportunity to put your own questions to two leading world authorities on silver? We'll help you in this complimentary webinar, "Everything you need to know about Silver in 60 minutes."

For the latest news and commentary on financial markets and gold please follow us on Twitter.

GOLDNOMICS - CASH OR GOLD BULLION?




'GoldNomics' can be viewed by clicking on the image above or on our YouTube channel:
www.youtube.com/goldcorelimited

This update can be found on the GoldCore blog here.

Yours sincerely,
Mark O'Byrne
Exective Director

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Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

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