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Gold Robust Physical Demand

Commodities / Gold & Silver Dec 03, 2008 - 07:34 AM GMT

By: Mark_OByrne

Commodities Gold rose nearly 1% yesterday as the dollar gave up some of its gains in recent days. Gold has remained slightly weaker in European trading and this is likely because of continuing dollar strength, particularly against the euro.


In the short term there may be further selling and consolidation but the medium to long term fundamentals mean that gold should head markedly higher in the coming weeks, especially as demand remains robust and supply tight as seen in the near record ETF gold inventories and in COMEX warehouses.

COMEX gold inventories were rapidly depleted since last Friday – deliveries of the expired December contract took place on some 39% of contracts in just these three first days.

Figures from the NYMEX website which were updated overnight show that 1,147,300 oz of gold have been taken delivery of out of a registered inventory of 2,908,224 oz. or some 39.5% of registered inventories (“registered” metals are available for physical delivery) have been delivered in the first three days of possible delivery.

On the face of things there looks like there could be a possible default of the COMEX December gold contract as some analysts have been predicting. However, deliveries would have to accelerate in the remain delivery days (until December 29th) if this is to come to pass.

Sources:

[1] COMEX precious metals warehouse stocks: http://www.nymex.com/warehouse.aspx

[2] COMEX precious metals daily deliveries: http://www.nymex.com/media/delivery.pdf

By Mark O'Byrne, Executive Director

Gold Investments
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Gold and Silver Investments Ltd. have been awarded the MoneyMate and Investor Magazine Financial Analyst of 2006.

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We focus on the medium and long term global macroeconomic trends and how they pertain to the precious metal markets and our clienteles savings, investments and livelihoods. We emphasise prudence, safety and security as they are of paramount importance in the preservation of wealth.

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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: 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. Past experience is not necessarily a guide to future performance.

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Mark O'Byrne Archive

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