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

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news