Chinese demand for gold bars, coins and jewelry soared by 32% to record levels in 2013
Park Avenue Numismatics, Miami Beach, FL – February 19, 2014 – It’s no secret that Gold had it’s ups and downs in 2013 and investors got a little nervous. However, this was not the case in China and buyers just keep stepping up to the plate and bought more. In fact, Chinese demand for gold bars, coins and jewelry soared by 32% to record levels in 2013, even as the price of gold slumped 28%. The increase in buying saw China overtake India as the world’s top consumer of physical gold, importing 1,066 metric tons of the metal to India’s 975 metric tons in 2013, according to new data from the World Gold Council. In India, consumption increased by 13% but further growth was curbed by import restrictions aimed at narrowing the country’s current-account deficit. The sharp rise in Chinese consumption partially offset a steep fall in gold demand elsewhere. While international sales of gold bars, coins and jewelry grew by 21%, gold-backed exchange-traded funds liquidated 51% of their gold holdings, putting 800 metric tons of the metal back on the market. Gold has posted gains over the past several trading session and is now $1,320 an ounce.
Gold futures pushed higher on Friday
Park Avenue Numismatics, Miami Beach, FL – February 14, 2014 – Gold futures pushed higher on Friday, clearing $1,300 to trade at the highest level since November. This extends a rebound fueled by a combination of increased physical demand and in-flows into precious-metals exchange-traded funds. Gold jumped $16.70, or 1.3%, to $1,316.70 an ounce. This rally was fueled by softer U.S. economic data. Many analysts are bullish on the Gold trade due to the strong demand from China, an eventual easing of the import ban in India and the safe-haven demand for gold as a result of the turmoil in emerging markets.
Gold futures briefly topped $1,300 an ounce on Thursday
Park Avenue Numismatics, Miami Beach, FL – February 13, 2014 – Gold futures topped $1,300 an ounce on Thursday, posting the highest price for the precious metal in more than three months. This was due to a bigger-than-expected fall in January U.S. retail sales and a rise in weekly jobless claims helped fuel weakness in the dollar. Gold has already climbed around 3.5% during a six-session streak of gains. Silver is also up and and reached a high of $20.53 and ounce following eight-straight session of gains.
Gold is up around 5.9% since the beginning of the year
Park Avenue Numismatics, Miami Beach, FL – February 10, 2014 – Gold moves higher on Monday, adding to last week’s gains as Chinese buyers returned for a full week of trading after their Lunar New Year holiday kept them out most of last week. The reopen of China’s markets after being closed in celebration of Lunar New Year since Jan. 31 is a very good sign for the bullion markets and should help support gold prices. Gold opened got as high as $1,278.50 an ounce early in the trading session. Silver added on 24 cents to get above $20.00 an ounce. Gold is off to a great start in 2014. Gold is up around 5.9% since the beginning of the year. Many investors are flocking to the precious metal to find some safe-haven exposure as global equities retreated in the face of rising emerging market turmoil.
Precious metals were relatively flat on Thursday
Park Avenue Numismatics, Miami Beach, FL – February 6, 2014 – Precious metals were relatively flat on Thursday, with investors anxiously awaiting January U.S. jobs data, scheduled to be released early Friday morning. A rally in U.S. equities kept a cap on any gains as the market digested comments from the European Central Bank’s Mario Draghi and a fall in U.S. jobless claims. Gold settled in at $1,258.00 an ounce and Silver got as high as $20.28 an ounce, extending its 2% gain from a day earlier.
Gold futures climbed on Monday due to economic worries
Park Avenue Numismatics, Miami Beach, FL – February 3, 2014 – Gold climbed on Monday as a steep drop in U.S. stock market, ongoing economic concerns surrounding emerging markets and a disappointing reading for a U.S. gauge on manufacturing helped prices score their first session gain in three days. Gold added $20.10 to settle at $1,259.90 an ounce. Emerging markets also remain a major concern to the markets, helping safe-haven assets such as gold.
Gold futures settled higher today as emerging-market crisis fears get worse
Park Avenue Numismatics, Miami Beach, FL – January 29, 2014 – Gold futures settled higher today as emerging-market crisis fears get worse and a sharp decline for the stock market buoyed the precious metal’s investment appeal. Investors once again turned to the safe-haven trade and that also was a factor for buying gold as the market place remains concerned. Before the Federal Reserve news of further tappering, gold rose $11.40 to settle at $1,262.20 an ounce. Silver got as high as $20.07 an ounce.
The International Monetary Fund (IMF) has issued warnings on the global economy in its latest report.
Park Avenue Numismatics, Miami Beach, FL – January 22, 2014 –The IMF called the international economic recovery “fragile” and warned that emerging markets in particular were vulnerable to capital flight, which could derail that recovery. One economy, considered “emerging” just a couple of decades ago, is now challenging the US economy for world supremacy. China’s economic growth figures released indicate the country is growing almost four times as fast as the United States in dollar terms, rapidly closing the gap between the two economies. This has long-term, negative implications for the US dollar; since the dollar is currently the world’s reserve currency of choice. But what is bad for the dollar, tends to be stellar for gold. Especially with China’s official and private sector appetite for gold. China is said to be increasing its official gold reserves and surpassed India in 2013 as the number one consumer of gold. So as China’s economy gains supremacy, the Chinese appetite for gold should continue to expand.
Gold up 0.4% for the week after a fall in U.S consumer sentiment
Park Avenue Numismatics, Miami Beach, FL – January 17, 2014 – Gold futures are higher today, up 0.4% for the week, as a fall in U.S. consumer sentiment in January helped lift precious metals prices to their highest close in more than five weeks. Gold was as high as 1,256.20 an ounce. Silver hit $20.50 an ounce. Prices closed at their highest since Dec. 11th.
Gold holds it ground and closes with three straight sessions of gains.
Park Avenue Numismatics, Miami Beach, FL – January 13, 2014 – Gold futures climbed on Monday, with precious metal’s prices holding ground at their highest close in a month and scoring a third straight session gain in the wake of last week’s disappointing monthly U.S. jobs data.