Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
NVIDIA THE KING OF THE METAVERSE! - 10th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
MATTERPORT (MTTR) - DIGITIZING THE REAL WORLD - METAVERSE INVESTING 2022 - 7th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
METAVERSE - NEW LIFE FOR SONY AGEING GAMING GIANT? - 6th Jan 2022
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

“Gold From The ATM” In Turkey As Gold Deposits Surge In Turkish Banks

Commodities / Gold and Silver 2012 Nov 26, 2012 - 06:46 AM GMT

By: GoldCore

Commodities

Today’s AM fix was USD 1,747.25, EUR 1,347.56, and GBP 1,090.87 per ounce.
Friday’s AM fix was USD 1,734.75, EUR 1,345.39, and GBP 1,088.37 per ounce.

Silver is trading at $34.12/oz, €26.43/oz and £21.40/oz. Platinum is trading at $1,616.00/oz, palladium at $660.50/oz and rhodium at $1,060/oz.


Gold rose $21.80 or 1.26% in New York on Friday and closed at $1,751.20. Silver hit a high of $34.16 and finished with a gain of 2.19%. Gold was up 2.28% for the week and silver soared 5.61% for the week.

Gold edged down on a Monday as speculators took their profits as prices rallied on thin volumes on Friday to their highest in a month on technical buying. A strong fall in the greenback triggered rapid gains in commodities and options-related buying on Friday.

XAU/USD 1 Year – (Bloomberg)

Tonight US Congress will meet to attempt to devise a plan to avert the US fiscal cliff which will throw the US into a spiral of tax hikes and budgetary cuts that will lead the US economy deeper into a recession this January.

Another short term ‘resolution’ will almost certainly be achieved which will allow the US to keep spending like a broke drunken sailor and which will again store up far greater fiscal and monetary problems. The scale of these deep rooted structural challenges is so great that they are likely to affect the US sooner rather than later.

The euro racked up a seven month high against the yen and is holding near a one month high against the US dollar as the meetings amongst Greek creditors continue and hope to reach an outcome today.

Greece’s goal is reducing the 190% debt to GDP ratio to a more manageable 120% in eight to ten years. The dilemma is that the IMF and eurozone finance ministers want to cease payments until a new deal is agreed because they have no guarantee that the financing won’t continue indefinitely.

Can Greek debt become manageable without creditors writing off some of the loans? France and Italy would vote to reduce interest repayments on already granted loans while other countries like Germany would not.

A consensus was reached when German central bank governor Jens Weidmann suggested that Greece could "earn" a reduction in debt it owes to euro zone governments in a few years if it diligently implements all the agreed reforms. The European Commission also supports this view.

Global investment demand for gold remains robust with the amount in exchange-traded products backed by the metal rising 0.1% to 2,606.3 metric tons.

Meanwhile reports of the death of the Indian gold buyer have again been greatly exaggerated as India's net gold import for domestic consumption is likely to be about 800 tonnes this year following a pick-up in demand during the festive season, according to the World Gold Council (WGC).

Last year, the net import for domestic consumption was 969 tonnes. This is a significant fall but not surprising considering the sharply rising price. It shows that the Indian cultural attachment to gold will continue and India may be becoming acclimatised to higher gold prices.

This week US economic data for Tuesday include Durable Orders, the Case-Shiller 20-city Index, Consumer Confidence, and the FHFA Housing Price Index. On Wednesday, New Home Sales and the Fed’s Beige Book are published. On Thursday, Initial Jobless Claims, GDP, and Pending Home Sales can be viewed. Friday’s data is Personal Income and Spending, Core PCE Prices, and Chicago PMI.

Cross Currency Table – (Bloomberg)

Gold deposits in Turkey have grown from 3.1 billion liras to 16 billion liras in the past year, Bloomberg reported on news reported in the daily Turkish newspaper Aksam which cited Denizbank AS gold banking group manager Cem Turgut Gelgor.

According to the Turkish bank Denizbank, one of the largest in Turkey, it collected 1.5 tons of gold in 7 months.

Deposits have increased from 500 kg to over 6 tons or over 192,000 ounces (worth some €260 million) over an unspecified period.

Kuveyt Turk Katilim Bankasi AS has added 3.8 tons of gold, Aksam quotes Kuveyt Turk product development group manager Mustafa Dereci as saying. Dereci said that Kuveyt Turk is providing new products such as “gold from the ATM.”

The World Gold Council estimates that there are around 5,000 tons of gold remaining outside the financial system, gold which the Turkish people have prudently accumulated over the years as a store of wealth to protect from currency depreciation and debasement.

Gold jewellery producer and wholesaler Karakas Atlantis Kiymetli Madenler AS is “working to bring unregistered gold into the system,” Chairman Kamil Karakas says in e-mailed statement today reported on by Bloomberg.

The gold wholesaler is meeting regularly with jewelers and banks in effort to draw unregistered gold assets into financial system.

Separately Turkey is aiming to position itself as a leading player in the gold jewellery and bullion industry by also becoming one of the leading gold and precious metal refining countries in the world.

Turkey is at a level to compete with international gold refining centers like Germany and Switzerland, Istanbul Gold Exchange deputy chairman Osman Sarac said today according to Dunya newspaper.

Turkey imports scrap gold mostly from Germany and the United Arab Emirates, the gold is turned into standard bullion coins and bars in Turkish refineries and exported.

Turkey imported 114.8 tons of gold by Nov. 14 this year, of which 46.6 tons was scrap, according to Istanbul Gold Exchange data.

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

© 2005-2019 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