Gold & Silver Digest: 8/12/13
The Gold & Silver Digest contains headlines of stories that members of this group deem relevant and/or interesting to precious metals enthusiasts.
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8/12/13 7:33 PM EST US close metals price quotes from Finviz
Gold rose nearly 2 percent on Monday, hitting its highest in nearly three weeks as strong Chinese gold consumption and an inflow to gold-backed exchange-traded funds fuelled hopes of resurgent physical and investment buying.
Silver soared more than 4 percent to a near two-month high on gold's coattails, while recent strong U.S. and Chinese economic activities prompted some investors to buy silver as an industrial play.
Comex gold futures prices ended the U.S. day session with good gains and hit a three-week high Monday. Short covering and fresh “fund” buying were featured. Reports Monday said gold-backed exchange traded funds saw decent inflows last Friday. Also, the latest Commitments of Traders report from the CFTC showed the funds are starting to get long gold futures again. December gold was last up $23.10 at $1,335.30 an ounce. Spot gold was last quoted up $21.30 at $1,336.50. September Comex silver last traded up $0.978 at $21.39 an ounce.
China’s stock market rallied Monday and hit a two-month high after some recent upbeat economic news and notions the Chinese government wants to inject fresh stimulus measures into its economy. The better China economic data and higher Chinese stock market are also bullish underlying factors for the precious metals and for the entire raw commodity sector.
Gold premiums in India, the world’s largest consumer last year, may extend their advance to a record as central bank restrictions halt imports.
The fees paid by jewelers to banks and other suppliers have jumped to about $40 an ounce over the London cash price from $30 in the week ended Aug. 2, said Haresh Soni, chairman of the All India Gems & Jewellery Trade Federation. Premiums may surge to $100 if the government doesn’t ease the rules, said Bachhraj Bamalwa, a director at the federation, which represents about 300,000 jewelers and bullion dealers.
Collectors and investors alike are eagerly awaiting the U.S. Mint's latest set of $10 gold coins honoring former first ladies, including the wife of Teddy Roosevelt and both wives of Woodrow Wilson.
The gold pieces are legal tender, but with the price of gold at more than $1,300 an ounce, these coins are struck for collectors.
Charles Nenner research has the dollar going down for years soon, Gold and Silver Prices to move past its recent highs soon.
With gold and silver stealing the spotlight in today’s trading, James Turk told King World News that what we are seeing right now in the gold and silver markets is “truly unprecedented.” He also told KWN that investors should brace themselves for a “historic” move in the metals. Below is what Turk had to say in this powerful interview.
Turk: “What is happening here in the gold market, Eric, is truly remarkable. It is a situation that undoubtedly will go down in the history books. Gold is now in its sixth week of backwardation. When we first spoke about this on July 8th, and KWN broke the news that gold had backwardated, gold jumped $22 that day.
Everywhere in the developed world, we are in the midst of an all-out World Currency War. To really drive the point home, let’s call it by something a little more striking: World (Currency) War I, or WCW1.
That means we need to be watching the generals in this war (read: the leaders in our government, Central Banks and finance ministries around the world) to help guide us in our own personal mission to make it safely with our wealth intact. You can see the next set of moves that are evolving in the market place, much of which is very bullish for gold and silver. Especially the bullion and physical coins themselves.
Many metal detectorists enjoy metal detecting in shallow water. That’s not really a surprise though since rivers and lake shores often yield significant treasures. Coins, relics, gold nuggets, silver, minerals, and more can be found in shallow waters but, to be successful in these tricky conditions, you’ll want to follow these tips from metal detecting pro Michael Bernzweig.
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