Best of the Week
Most Popular
1.Election Forecast 2015 - Opinion Polls Trending Towards Conservative Outright Win - Nadeem_Walayat
2.UK Solar Eclipse - End Time Sign, Judgement Day, Doomsday! - Nadeem_Walayat
3.Gold And Silver - When Will Precious Metals Rally? Not In 2015 - Michael_Noonan
4.Preparing for the Next Stocks Bear Market - Forecast 2015-2016 - Gary_Savage
5.Is a Stock Market Crash Imminent? - David Eifrig
6.Gold Price Slumps as US Dollar Soars, What's Next? - Nadeem_Walayat
7.US Dollar Forex Pairs and Gold Chartology - Rambus_Chartology
8.Election Forecast 2015: The Day Labour Lost the General Election - Nadeem_Walayat
9.The ECB Should End QE Next Month - EconMatters
10.Silver Price Poised to Surge - Zeal_LLC
Last 5 days
Ed Miliband Debate Election 2015 Analysis - Labour Spending, Debt and Economic Collapse - 31st Mar 15
Gold and Misery, Strange Bedfellows - 31st Mar 15
Why are Interest Rates So Low? Ben Bernanke, Confused as Ever, Starts His Own Blog to Prove It - 31st Mar 15
Don’t Celebrate the U.S. Housing Market Recovery Yet - 30th Mar 15
A Middle East Nuclear Holocaust - 30th Mar 15
Peak Gold? – Goldman Sachs Research Warns of Peak Gold Production - 30th Mar 15
With Yemen Burning, Arab Spring II Is Underway - 30th Mar 15
No FED Bets From the BIS - 30th Mar 15
Election Forecast 2015 - Debates Boost Labour Into Opinion Polls Seats Lead - 30th Mar 15
Economic Recovery, Geopolitics and Detergents - 30th Mar 15
U.S. Dollar, Commodities and the Gold Miners GDXJ ETF Analysis - 30th Mar 15
Stock Market Short-term Downtrend - 30th Mar 15
David Cameron Election 2015 Debate Facts Check - Employment, Immigration, Debt & Deficit - 29th Mar 15
Stock Market About Ready to Crash! - 29th Mar 15
Reflections in a Golden Eye - Gold Market Rejection, Repatriation and Redemption - 28th Mar 15
Stock Market Inflection Point - 28th Mar 15
Gold And Silver - What Moved Price? Bab el-Mandeb And Uranus Square Pluto. What?! - 28th Mar 15
Stock Market Investment Parachutes; Do You Have Yours? - 28th Mar 15
Peak Gold Misunderstanding, is Gold About to Run Out? - 28th Mar 15
Deflation Watch: Key U.S. Economic Measures Turn South - 27th Mar 15
The Hard-Earned Truth About Recreational Real Estate - 27th Mar 15
Bitcoin Price Still in Important Territory - 27th Mar 15
Stocks Bear Market Conditions - Index Market Range Warning - 27th Mar 15
BEA Leaves Q4 2014 U.S. GDP Growth Essentially Unchanged at 2.22% - 27th Mar 15
Brazil Economy Victim of Vulgar Keynesianism - 27th Mar 15
Gold to Fuel Silver Price Upleg - 27th Mar 15
Gold and Silver Stocks Will Rise Again! - 27th Mar 15
Risk of ‘World War’ between NATO and Russia on Ukraine as Yemen Bombed - 27th Mar 15
FOMC Minutes Turned The Gold Tide - 27th Mar 15
Sheffield Hallam Election Battle 2015 - Lib Dems Go to War Whilst Labour Sleeps - 27th Mar 15
Gold Effect On Mining & Shale Wasteland - 27th Mar 15
How Stock Investors Should Play the 2016 Presidential Race - 26th Mar 15
MidEast Energy Alert: Why the Crisis in Yemen Could Get Ugly Very Fast - 26th Mar 15
Stock Market Downward Spiral of Dumbness - 26th Mar 15
The Monetary Approach Reigns Supreme - 26th Mar 15
Stock Market Large Gap Down, Despite the Algos' Push Back - 26th Mar 15
Crude Oil Surges, Gold price Spikes as Middle East Tensions Escalate - 26th Mar 15
The U.S. Housing Market Recovery Is Fabricated Optimism - 26th Mar 15
Why Yemen Is The Next Saudi-Iranian Battleground - 26th Mar 15
The Crude Oil Price Crash and China Economic Slow Down - 26th Mar 15
Global Financial Markets Are More Distorted Than Ever Before - 26th Mar 15
One More Stock Market Rally and Then a Huge Drop Expected - 26th Mar 15
Danger Will Robinson - Stock Market Crash Warning - 25th Mar 15
Learn the Basics of Corrective Elliott Waves - 25th Mar 15
Why CNBC Is Hazardous to Your Financial Health! - 25th Mar 15
Will Your Retirement Accounts Survive The Coming Tax Code "Revolution"? - 25th Mar 15
US Dollar - Americas Phoenix - 25th Mar 15
California’s Epic Drought: Only One Year of Water Left! - 25th Mar 15
What’s Wrong With Silver? - 25th Mar 15
SPX Futures Appear Weak. WTIC and Gold May Be at Max Retracement - 25th Mar 15
We’re at the Dawn of a “New Energy Age” - 25th Mar 15
A Very Weak U.S. Economic Recovery - 25th Mar 15
Zero UK CPI Inflation Rate Prompts Deflation Danger Propaganda For Fresh Money Printing - 25th Mar 15

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

US Economy Still on Life Support

India Doubles Silver Imports - Bullion Coin, Bar and ETF Demand Surging

Commodities / Gold and Silver 2013 Sep 06, 2013 - 01:07 PM GMT

By: GoldCore

Commodities

Today’s AM fix was USD 1,368.25, EUR 1,042.24 and GBP 877.87 per ounce.
Yesterday’s AM fix was USD 1,391.75, EUR 1,054.60 and GBP 891.06 per ounce.

Gold fell $25.20 or 1.81% yesterday, closing at $1,368.70/oz. Silver slid $0.32 or 1.36%, closing at $23.21.


Gold traded near its two week low in London, on track for its first consecutive weekly drop since July, as investors await the U.S. employment data (12:30GMT) that will foreshadow the U.S. Fed’s imminent decision on tapering. Yesterday, The Bank of England and European Central Bank kept their policies unchanged. Last night, the Bank of Japan did the same in line with expectations. The G-20 meeting in St. Petersburg of political and finance ministers began yesterday and has already created clashes amongst superpowers regarding the U.S. military strikes planned against Syria.

Silver Prices Dow Despite Lack of ETF Selling - (Bloomberg)

U.S. Mint gold and silver eagles sales fell sharply in August but it is important to note that demand for the entire year is set to be close to or at a new record and the fall comes after the huge record demand seen in recent months.

The U.S. Mint’s sales of silver coins are heading for a record again this year, with sales of 33 million ounces (1,026 tonnes) to late August already matching the level of the whole of 2012.

Many other mints including the Perth Mint, the Royal Canadian Mint and the Austrian Mint have also seen a fall in sales recently but are set for record or near record sales again this year.

The Royal Canadian Mint has just this week reported a surge in revenue and profitability for the second quarter of 2013. Revenue increased by 93.8% to $1.05 billion, while profit increased 93.0% to $11.0 million. This represented the first time in the Mint's history that quarterly revenue exceeded $1 billion. The strong results were driven by a sharp increase in bullion demand.

“This unprecedented result was due to the soaring demand for the Mint’s world-renowned gold and silver maple leaf bullion coins and sustained popularity of our expertly handcrafted numismatic products,” said mint president and CEO, Ian E. Bennett.

There was a 144% jump in gold maple leaf sales over the same period last year and a 60% surge in the the sale of Silver Maple Leaf coins to 6.4 million ounces from 4.0 million.

Silver Maple sales look like they may reach 24 million oz in 2013 which will beat the sales of 18.1 million in 2012 and possibly the 23.1 million record seen in 2011.

If one combines, Silver Maple and Silver Eagle sales, they look like they may be more than 68 million oz in 2013.

This demand from retail and high net worth store of wealth buyers, from just two mints, represents more than 10% of total world silver production of 787 million ounces in 2012.

Adding the sales of commemorative silver coins as well as sales from the other official mints, total figures for 2013 will more than likely top 2011's total of 118.2 million oz (2013 World Silver Survey).

Import restrictions and the war on gold in India, once the largest buyer of gold soon to be surpassed by China, has led to a surge in Indian silver imports which have doubled.

Thomson Reuters GFMS analyst Sudheesh Nambiath, estimates that India’s total silver imports have more than doubled from last year, reaching nearly 3,000 tonnes in the first half of 2013 compared with 1,900 tonnes in the whole of 2012, according to the Financial Times.

EU trade data show silver exports to India from the UK – traditionally the country’s top supplier – were 1,415 tonnes in the quarter to June, more than triple the previous year’s level and the highest quarterly total since 2008.

“Because of the restrictions on gold, traders shifted towards silver,” Mr Nambiath told the Financial Times, adding that demand for silver jewellery was likely to rise 20% year-on-year and that manufacturers already had full order books through to December.

There are also some positive signs from increasingly important China. Chinese investors demand for silver helped push prices to 31-year highs in 2011.

Inventories of silver on the Shanghai Futures Exchange have fallen sharply, down 60% since mid-February. And silver trading volumes on the Shanghai Gold Exchange (SGE) in the first half of the year were 36% higher even than the first half of 2011.

Another important bullish factor is investment demand in the western world which has remained robust. Silver ETF holdings have risen 6% since late 2012 from 0.608 billion ounces to 0.644 billion ounces today.

Silver ETF holdings have held up extremely well relative to gold ETFs, as investors have increased purchases for the past two years. As silver plummeted in value, certain silver investors continued to accumulate on the dip .

This is in marked contrast to the gold ETFs which have seen significant liquidations this year.

SPDR Gold Holdings fell 0.2% to 919.23 metric tons yesterday meaning that holdings have dropped 32% this year according to the SPDR data. Overall gold ETFs have seen a 25% fall in holdings or a liquidation of some 680 tonnes - much of which has been gobbled up in Asia.

“The smart money is getting in,” one trading house executive told the Financial Times. “I think lower prices are really starting to have an effect on demand.

Silver Shorts Cover En Masses As Price Rebounds - (Bloomberg)

Silver prices are down 21% in the same period, year to date despite robust demand for silver coins, bars and ETFs.

Silver has recently begun to recover from very oversold levels and has already risen 30% from the low of $18.23/oz seen on June 28th.

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

IRL
63
FITZWILLIAM SQUARE
DUBLIN 2

E info@goldcore.com

UK
NO. 1 CORNHILL
LONDON 2
EC3V 3ND

IRL +353 (0)1 632 5010
UK +44 (0)203 086 9200
US +1 (302)635 1160

W www.goldcore.com

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

GoldCore Archive

© 2005-2015 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Free Report - Financial Markets 2014