Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Seven Key Gold Charts - "Bull Market Ahead"

Seven Key Gold Charts - "Bull Market Ahead"

Today’s AM fix was USD 1,241.00, EUR 912.63 and GBP 754.68 per ounce.
Yesterday’s AM fix was USD 1,237.25, EUR 908.61 and GBP 757.19 per ounce.

Gold climbed $1.90 yesterday, closing at $1,240/oz. Silver slipped $0.12 closing at $20.10/oz.

Gold bars (1 oz) premiums are between 4.75% and 5.5% and are trading at $1,309.36. Gold bars (1 kilo) premiums are between 3% and 3.5% and are trading at $41,301.81. Premiums are steady.

Gold is marginally lower today after gaining yesterday on the U.S. inflation data that showed that the cost of living in the U.S. increased by the most in six months. This increased the appeal of gold as an inflation hedge.


GC - Comex Gold - (Sharelynx)

Deutsche Bank announced today that it will withdraw from gold and silver benchmark setting, or the London gold fix process but remains “fully committed to our precious metals business.”

The bank is just one of the five bullion banks involved in the twice-daily fixing for gold price setting. Deutsche Bank plans to sell its gold and silver fixing seats to another member of the London Bullion Market Association, said a source. The bank says it is scaling back its commodities business.

The timing of the move is interesting as at the same time Germany’s top financial regulator, Bafin, has interviewed employees of Deutsche Bank AG as part of a probe of potential manipulation of gold and silver prices. Deutsche will be aware that the Libor-rigging scandal led to fines of about $6 billion.

Yesterday, Bafin said possible manipulation of currency markets and precious metals prices is worse than the Libor rigging scandal.

Elke Koenig, the president of Bafin, said in a speech in Frankfurt yesterday that the allegations about the currency and precious metals markets are “particularly serious, because such reference values are based -- unlike Libor and Euribor -- typically on transactions in liquid markets and not on estimates of the banks.”
ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news