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Showing posts with label Reuters. Show all posts
Showing posts with label Reuters. Show all posts
Iran to accept payment in gold from trading partners
http://en-maktoob.news.yahoo.com/iran-accept-payment-gold-trading-partners-174629165.html
By Tim Pearce | Reuters
Email
TEHRAN, Feb 28 (Reuters) - Iran will take payment from
its trading partners in gold instead of dollars, the Iranian
state news agency IRNA quoted the central bank governor as
saying on Tuesday.
Iranian financial institutions have been hit by sanctions
imposed by the United States and the European Union in an effort
to force Tehran to halt its nuclear programme.
Significant difficulties in making dollar payments to
Iranian banks have forced Iran's trading partners to look for
alternative ways to settle transactions, including direct barter
deals.
"In its trade transactions with other countries, Iran does
not limit itself to the U.S. dollar, and the country can pay
using its own currency," central bank governor Mahmoud Bahmani
was quoted as saying. "If a country should so choose, it can pay
in gold and we would accept that without any reservation."
The sanctions include a phased ban on importing oil from
Iran, which EU member states are to implement by July.
China and India, two of the largest consumers of Iranian
oil, have said they will continue imports, but Japan and Korea
have announced cuts to quotas following pressure from the United
States. As a result the value of Iran's rial has plummeted,
pushing the price of goods sharply higher across the country.
Western countries believe Tehran is trying to establish a
nuclear weapons capability, and the United States and Israel
have not ruled out military action against it. The Islamic
Republic says its nuclear ambitions are peaceful and that it
will hit back if targeted.
(Reporting by Hashem Kalantari; Writing by Marcus George;
Editing by Tim Pearce)
By Tim Pearce | Reuters
TEHRAN, Feb 28 (Reuters) - Iran will take payment from
its trading partners in gold instead of dollars, the Iranian
state news agency IRNA quoted the central bank governor as
saying on Tuesday.
Iranian financial institutions have been hit by sanctions
imposed by the United States and the European Union in an effort
to force Tehran to halt its nuclear programme.
Significant difficulties in making dollar payments to
Iranian banks have forced Iran's trading partners to look for
alternative ways to settle transactions, including direct barter
deals.
"In its trade transactions with other countries, Iran does
not limit itself to the U.S. dollar, and the country can pay
using its own currency," central bank governor Mahmoud Bahmani
was quoted as saying. "If a country should so choose, it can pay
in gold and we would accept that without any reservation."
The sanctions include a phased ban on importing oil from
Iran, which EU member states are to implement by July.
China and India, two of the largest consumers of Iranian
oil, have said they will continue imports, but Japan and Korea
have announced cuts to quotas following pressure from the United
States. As a result the value of Iran's rial has plummeted,
pushing the price of goods sharply higher across the country.
Western countries believe Tehran is trying to establish a
nuclear weapons capability, and the United States and Israel
have not ruled out military action against it. The Islamic
Republic says its nuclear ambitions are peaceful and that it
will hit back if targeted.
(Reporting by Hashem Kalantari; Writing by Marcus George;
Editing by Tim Pearce)
Italy top gold scrap buyer sees booming business
By Svetlana Kovalyova
MILAN | Wed Feb 1, 2012 1:49pm EST
(Reuters) - OroCash, Italy's biggest buyer of used gold jewelry, expects business to flourish this year with the opening of 150 new collection points in Italy and abroad as high gold prices and unfolding economic crisis prompt people to sell family assets.
MILAN | Wed Feb 1, 2012 1:49pm EST
(Reuters) - OroCash, Italy's biggest buyer of used gold jewelry, expects business to flourish this year with the opening of 150 new collection points in Italy and abroad as high gold prices and unfolding economic crisis prompt people to sell family assets.
Gold heads for biggest weekly drop since May
TIME TO BACK UP THE TRUCK AND LOAD UP?
SINGAPORE, Sept 16 (Reuters) - Gold extended losses on Friday, heading for its biggest weekly drop since May, after stock markets gained and the euro rose as the world's major central banks moved to ease funding for European banks in a coordinated effort to solve Europe's debt crisis.
[...]
Full post on Reuters HERE
Charts from Aden Sisters post on Kitco here
US Senate bill would force CFTC to act on position limits
* Sen Sanders to propose position limit bill next week
* Bill would force CFTC to curb oil market speculation
* Proposal latest effort to prod CFTC action
By Christopher Doering
WASHINGTON, June 2 (Reuters) - An outspoken U.S. senator who criticized the country's futures regulator for failing to crackdown on energy speculation said on Thursday he will introduce legislation next week that will force the agency to act.
Senator Bernie Sanders said...
PRECIOUS-Silver, gold near lifetime highs, dollar loses ground
* Gold still eyes $1,549/oz -technicals [ID:nL3E7FT033]
* Coming Up: U.S. personal income mm March; 1230 GMT (Updates prices)
By Lewa Pardomuan
SINGAPORE, April 29 (Reuters) - Silver and gold were within sight of historic highs on Friday and could resume an uptrend as the U.S. dollar held near three-year lows against a basket of currencies on hopes U.S. monetary policy would stay ultra-loose, keeping inflationary price pressures high.
A fresh batch of U.S. economic data in the form of rising claims for jobless benefits failed to rescue the dollar, which had dropped to its weakest level since July 2008 against other currencies before recovering slightly.
Silver barely moved, standing at 48.35 an ounce by 0625 GMT, after having rallied to a record at $49.51 an ounce on Thursday. Gold eased 75 cents to $1,534.20 an ounce after hitting a lifetime high around $1,538 an ounce in the previous session.
"If the dollar continues to weaken, then it's only likely to boost gold as well as silver as the inverse relationship between the two assets persists. I would say that for gold I am still looking for it to hit $1,600 this year," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.
"In the long term, I think, if we see silver prices at such a high level, then it could hurt the industrial demand."
But dealers said strong investment demand for silver would keep the metal at record levels, while a lack of scrap sales in the physical market suggested that investors expected more gains. Year to date, silver was up almost 60 percent, sharply above gold's 8 percent gain.
A bullish target at $1,549 per ounce is still intact for spot gold , based on its wave pattern and a Fibonacci projection analysis, according to Wan Tao, who is a Reuters market analyst for commodities and energy technicals.
"There's some selling but I would say it's very light," said a dealer in Singapore, who trades gold and silver. "It had been a very busy week, and I am glad today is Friday. It's all quiet, finally."
The CME Group Inc , parent of the Chicago Board of Trade, said on Thursday it would raise maintenance margins for COMEX 5000 Silver <0#SI:> futures by 13.2 percent, making it more expensive for silver speculators to trade in. [ID:nL3E7FS62K]
Soaring prices hurt the bottom line of certain manufacturers, including photography company Eastman Kodak , which said on Thursday a hike in raw material costs, particularly silver, led to a decrease in its film business revenue. [ID:nN28229826]
Trading was subdued in Asia, with Japanese financial markets shut for a public holiday. UK markets will be closed for the royal wedding. Premiums for gold bars were steady in Hong Kong and Singapore.
The dollar index , which tracks the currency's performance against a basket of major currencies, was down 0.1 percent at 73.030, having plumbed a three-year low of 72.871 on Thursday. It is down around 1.4 percent so far this week, on track for its biggest weekly drop since a 2.5 percent fall in the week to Jan. 16.
Sentiment for the dollar took a hit this week after the Federal Reserve said it was in no hurry to tighten its ultra-loose monetary policy, a move that gave investors the green light to keep using the dollar as a funding currency to buy higher-yielding assets.
"It all depends on the U.S. dollar, but I would say we only see a small amount of selling in the physical market," said a dealer in Hong Kong.
In the energy market, crude fell on Friday, after settling at a 31-month high in the previous session, on concerns that slowing growth in top consumer United States may pare demand, but a weaker dollar and unrest in the Middle East helped stem a slide in prices.
* Coming Up: U.S. personal income mm March; 1230 GMT (Updates prices)
By Lewa Pardomuan
SINGAPORE, April 29 (Reuters) - Silver and gold were within sight of historic highs on Friday and could resume an uptrend as the U.S. dollar held near three-year lows against a basket of currencies on hopes U.S. monetary policy would stay ultra-loose, keeping inflationary price pressures high.
A fresh batch of U.S. economic data in the form of rising claims for jobless benefits failed to rescue the dollar, which had dropped to its weakest level since July 2008 against other currencies before recovering slightly.
Silver barely moved, standing at 48.35 an ounce by 0625 GMT, after having rallied to a record at $49.51 an ounce on Thursday. Gold eased 75 cents to $1,534.20 an ounce after hitting a lifetime high around $1,538 an ounce in the previous session.
"If the dollar continues to weaken, then it's only likely to boost gold as well as silver as the inverse relationship between the two assets persists. I would say that for gold I am still looking for it to hit $1,600 this year," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.
"In the long term, I think, if we see silver prices at such a high level, then it could hurt the industrial demand."
But dealers said strong investment demand for silver would keep the metal at record levels, while a lack of scrap sales in the physical market suggested that investors expected more gains. Year to date, silver was up almost 60 percent, sharply above gold's 8 percent gain.
A bullish target at $1,549 per ounce is still intact for spot gold , based on its wave pattern and a Fibonacci projection analysis, according to Wan Tao, who is a Reuters market analyst for commodities and energy technicals.
"There's some selling but I would say it's very light," said a dealer in Singapore, who trades gold and silver. "It had been a very busy week, and I am glad today is Friday. It's all quiet, finally."
The CME Group Inc , parent of the Chicago Board of Trade, said on Thursday it would raise maintenance margins for COMEX 5000 Silver <0#SI:> futures by 13.2 percent, making it more expensive for silver speculators to trade in. [ID:nL3E7FS62K]
Soaring prices hurt the bottom line of certain manufacturers, including photography company Eastman Kodak , which said on Thursday a hike in raw material costs, particularly silver, led to a decrease in its film business revenue. [ID:nN28229826]
Trading was subdued in Asia, with Japanese financial markets shut for a public holiday. UK markets will be closed for the royal wedding. Premiums for gold bars were steady in Hong Kong and Singapore.
The dollar index , which tracks the currency's performance against a basket of major currencies, was down 0.1 percent at 73.030, having plumbed a three-year low of 72.871 on Thursday. It is down around 1.4 percent so far this week, on track for its biggest weekly drop since a 2.5 percent fall in the week to Jan. 16.
Sentiment for the dollar took a hit this week after the Federal Reserve said it was in no hurry to tighten its ultra-loose monetary policy, a move that gave investors the green light to keep using the dollar as a funding currency to buy higher-yielding assets.
"It all depends on the U.S. dollar, but I would say we only see a small amount of selling in the physical market," said a dealer in Hong Kong.
In the energy market, crude fell on Friday, after settling at a 31-month high in the previous session, on concerns that slowing growth in top consumer United States may pare demand, but a weaker dollar and unrest in the Middle East helped stem a slide in prices.
Precious metals prices 0625 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1534.20 -0.75 -0.05 8.08 Spot Silver 48.35 -0.06 -0.12 56.68 Spot Platinum 1841.74 6.64 +0.36 4.20 Spot Palladium 782.47 11.24 +1.46 -2.13 Euro/Dollar 1.4832 Dollar/Yen 81.51 (Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)
How gold went from $251 to $1,500
A look at the stops on gold's decade long road to $1,500
Posted: Wednesday , 20 Apr 2011
(Reuters) -
Gold struck a record high on Wednesday at slightly above $1,500 an ounce as a weak dollar buoyed sentiment in precious metals.
Following are key dates in gold's trading history since the early 1970s:
* August 1971 - U.S. President Richard Nixon takes the dollar off the gold standard, which had been in place with minor modifications since the Bretton Woods Agreement of 1944 fixed the conversion rate for one Troy ounce of gold at $35.
* August 1972 - The United States devalues the dollar to $38 per ounce of gold.
* March 1973 - Most major countries adopt floating exchange rate system.
* May 1973 - U.S. devalues dollar to $42.22 per ounce.
* January 1980 - Gold hits record high at $850 per ounce. High inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution prompt investors to move into the metal.
* August 1999 - Gold falls to a low at $251.70 on worries about central banks reducing reserves of gold bullion and mining companies selling gold in forward markets to protect against falling prices.
* October 1999 - Gold reaches a two-year high at $338 after agreement to limit gold sales by 15 European central banks. Market sentiment towards gold begins to turn more positive.
* February 2003 - Gold reaches a 4- year high on safe-haven buying in the run-up to the invasion of Iraq.
* December 2003-January 2004 - Gold breaks above $400, reaching levels last traded in 1988. Investors increasingly buy gold as risk insurance for portfolios.
* November 2005 - Spot gold breaches $500 for the first time since December 1987, when spot hit $502.97.
* April 11, 2006 - Gold prices surpass $600, the highest point since December 1980, with funds and investors pouring money into commodities on a weak dollar, firm oil prices and geopolitical worries.
* May 12, 2006 - Gold prices peak at $730 an ounce with funds and investors pouring money into commodities on a weak dollar, firm oil prices and political tensions over Iran's nuclear ambitions.
* June 14, 2006 - Gold falls 26 percent to $543 from its 26-year peak after investors and speculators sell out of commodity positions.
* November 7, 2007 - Spot gold hits a 28-year high of $845.40 an ounce.
* January 2, 2008 - Spot gold breaks above $850.
* March 13, 2008 - Benchmark gold contract trades over $1,000 for the first time in U.S. futures market.
* March 17, 2008 - Spot gold hits an all-time high of $1,030.80 an ounce. U.S. gold futures touch record peak of $1,033.90.
* September 17, 2008 - Spot gold rises by nearly $90 an ounce, a record one-day gain, as investors seek safety amid turmoil on the equity markets.
* Jan-March 2009 - Gold-backed exchange-traded funds report record inflows in the first quarter as financial sector insecurity spurs safe-haven buying. Holdings of the largest, the SPDR Gold Trust, rise 45 percent to 1,127.44 tonnes.
* February 20, 2009 - Gold rises back above $1,000 an ounce to a peak of $1,005.40 as investors buy bullion as a safe store of value as major economies face recession and equity markets tumble.
* April 24, 2009 - China announces it has raised its gold reserves by three-quarters since 2003 and now holds 1,054 tonnes of the precious metal, boosting expectations it may add further to its reserves.
* August 7, 2009 - European central banks opt to renew their earlier agreement to limit gold sales over a five-year period, setting the sales cap at 400 tonnes a year.
* September 8, 2009 - Gold breaks back through $1,000 an ounce for the first time since February 2009 on dollar weakness and concerns over the sustainability of the economic recovery.
* December 1, 2009 - Gold climbs above $1,200 an ounce for the first time as the dollar drops.
* December 3, 2009 - Gold hits record high at $1,226.10 an ounce, with dollar weakness and expectations for central banks to diversify reserves into gold driving prices higher.
* May 11, 2010 - Gold reaches fresh record high above $1,230 an ounce as fears over the contagion of debt issues in the euro zone fuel safe-haven buying.
* June 21, 2010 - Gold jumps to a new high at $1,264.90 an ounce as underlying fears over financial market stability and sovereign risk combine with dollar weakness to push the metal through resistance at its previous high.
* Sept 14, 2010 - Gold climbs back to record highs, this time at $1,274.75, as global markets reflect renewed uncertainty on the economic outlook.
* Sept 16-22, 2010 - Gold hits record highs for five successive sessions, peaking at $1,296.10, as investors flock to bullion after the Fed signals it may consider further quantitative easing, weakening the dollar and raising fears over future inflation.
* Sept 27 - Spot gold prices touch the $1,300 an ounce mark for the first time.
* Oct 7 - Gold rallies to a record high above $1,360 an ounce as the dollar comes under pressure from building expectations for the U.S. Federal Reserve to take extra measures to keep interest rates low and prop up the economy.
* Oct 13 - Gold jumped to record highs near $1,375 an ounce as the dollar continued to languish, with the U.S. unit coming under pressure after minutes from the Fed's September meeting signalled the U.S. economy may need further stimulus.
* Nov 8 - Gold prices break through the $1,400 an ounce mark for the first time as haven buying prompted by renewed budget problems in Ireland more than offset a sharp dollar bounce.
* Dec 7 - Gold reaches a fresh record high above $1,425 an ounce, driven by fund buying ahead of year-end, jitters over the euro zone debt crisis and speculation for further U.S. monetary easing.
* January 2011 - Gold prices fall more than 6 percent in their worst monthly performance in over a year as a revival in risk appetite diverts investment to higher-yielding assets.
* March 1 - Gold recovers to hit a record high at $1,434.65 an ounce as unrest in Tunisia and Egypt spreads across the Middle East and North Africa, boosting oil prices.
* March 7 - Gold extends record highs to $1,444.40 an ounce as oil prices hit their highest in 2- years after protests are quashed in Saudi Arabia and as violence in Libya rages.
* March 24 - The resignation of Portuguese prime minister Jose Socrates pushes the euro zone debt crisis back to centre stage, lifting gold prices to a record above $1,447 an ounce.
* April 20 - Gold climbed to a record high at $1,500.16 an ounce, supported by a weak dollar and concerns over a sovereign debt crisis.
(Compiled by Atul Prakash, Jan Harvey, Himani Sarkar and Amanda Cooper)
Posted: Wednesday , 20 Apr 2011
(Reuters) -
Gold struck a record high on Wednesday at slightly above $1,500 an ounce as a weak dollar buoyed sentiment in precious metals.
Following are key dates in gold's trading history since the early 1970s:
* August 1971 - U.S. President Richard Nixon takes the dollar off the gold standard, which had been in place with minor modifications since the Bretton Woods Agreement of 1944 fixed the conversion rate for one Troy ounce of gold at $35.
* August 1972 - The United States devalues the dollar to $38 per ounce of gold.
* March 1973 - Most major countries adopt floating exchange rate system.
* May 1973 - U.S. devalues dollar to $42.22 per ounce.
* January 1980 - Gold hits record high at $850 per ounce. High inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution prompt investors to move into the metal.
* August 1999 - Gold falls to a low at $251.70 on worries about central banks reducing reserves of gold bullion and mining companies selling gold in forward markets to protect against falling prices.
* October 1999 - Gold reaches a two-year high at $338 after agreement to limit gold sales by 15 European central banks. Market sentiment towards gold begins to turn more positive.
* February 2003 - Gold reaches a 4- year high on safe-haven buying in the run-up to the invasion of Iraq.
* December 2003-January 2004 - Gold breaks above $400, reaching levels last traded in 1988. Investors increasingly buy gold as risk insurance for portfolios.
* November 2005 - Spot gold breaches $500 for the first time since December 1987, when spot hit $502.97.
* April 11, 2006 - Gold prices surpass $600, the highest point since December 1980, with funds and investors pouring money into commodities on a weak dollar, firm oil prices and geopolitical worries.
* May 12, 2006 - Gold prices peak at $730 an ounce with funds and investors pouring money into commodities on a weak dollar, firm oil prices and political tensions over Iran's nuclear ambitions.
* June 14, 2006 - Gold falls 26 percent to $543 from its 26-year peak after investors and speculators sell out of commodity positions.
* November 7, 2007 - Spot gold hits a 28-year high of $845.40 an ounce.
* January 2, 2008 - Spot gold breaks above $850.
* March 13, 2008 - Benchmark gold contract trades over $1,000 for the first time in U.S. futures market.
* March 17, 2008 - Spot gold hits an all-time high of $1,030.80 an ounce. U.S. gold futures touch record peak of $1,033.90.
* September 17, 2008 - Spot gold rises by nearly $90 an ounce, a record one-day gain, as investors seek safety amid turmoil on the equity markets.
* Jan-March 2009 - Gold-backed exchange-traded funds report record inflows in the first quarter as financial sector insecurity spurs safe-haven buying. Holdings of the largest, the SPDR Gold Trust, rise 45 percent to 1,127.44 tonnes.
* February 20, 2009 - Gold rises back above $1,000 an ounce to a peak of $1,005.40 as investors buy bullion as a safe store of value as major economies face recession and equity markets tumble.
* April 24, 2009 - China announces it has raised its gold reserves by three-quarters since 2003 and now holds 1,054 tonnes of the precious metal, boosting expectations it may add further to its reserves.
* August 7, 2009 - European central banks opt to renew their earlier agreement to limit gold sales over a five-year period, setting the sales cap at 400 tonnes a year.
* September 8, 2009 - Gold breaks back through $1,000 an ounce for the first time since February 2009 on dollar weakness and concerns over the sustainability of the economic recovery.
* December 1, 2009 - Gold climbs above $1,200 an ounce for the first time as the dollar drops.
* December 3, 2009 - Gold hits record high at $1,226.10 an ounce, with dollar weakness and expectations for central banks to diversify reserves into gold driving prices higher.
* May 11, 2010 - Gold reaches fresh record high above $1,230 an ounce as fears over the contagion of debt issues in the euro zone fuel safe-haven buying.
* June 21, 2010 - Gold jumps to a new high at $1,264.90 an ounce as underlying fears over financial market stability and sovereign risk combine with dollar weakness to push the metal through resistance at its previous high.
* Sept 14, 2010 - Gold climbs back to record highs, this time at $1,274.75, as global markets reflect renewed uncertainty on the economic outlook.
* Sept 16-22, 2010 - Gold hits record highs for five successive sessions, peaking at $1,296.10, as investors flock to bullion after the Fed signals it may consider further quantitative easing, weakening the dollar and raising fears over future inflation.
* Sept 27 - Spot gold prices touch the $1,300 an ounce mark for the first time.
* Oct 7 - Gold rallies to a record high above $1,360 an ounce as the dollar comes under pressure from building expectations for the U.S. Federal Reserve to take extra measures to keep interest rates low and prop up the economy.
* Oct 13 - Gold jumped to record highs near $1,375 an ounce as the dollar continued to languish, with the U.S. unit coming under pressure after minutes from the Fed's September meeting signalled the U.S. economy may need further stimulus.
* Nov 8 - Gold prices break through the $1,400 an ounce mark for the first time as haven buying prompted by renewed budget problems in Ireland more than offset a sharp dollar bounce.
* Dec 7 - Gold reaches a fresh record high above $1,425 an ounce, driven by fund buying ahead of year-end, jitters over the euro zone debt crisis and speculation for further U.S. monetary easing.
* January 2011 - Gold prices fall more than 6 percent in their worst monthly performance in over a year as a revival in risk appetite diverts investment to higher-yielding assets.
* March 1 - Gold recovers to hit a record high at $1,434.65 an ounce as unrest in Tunisia and Egypt spreads across the Middle East and North Africa, boosting oil prices.
* March 7 - Gold extends record highs to $1,444.40 an ounce as oil prices hit their highest in 2- years after protests are quashed in Saudi Arabia and as violence in Libya rages.
* March 24 - The resignation of Portuguese prime minister Jose Socrates pushes the euro zone debt crisis back to centre stage, lifting gold prices to a record above $1,447 an ounce.
* April 20 - Gold climbed to a record high at $1,500.16 an ounce, supported by a weak dollar and concerns over a sovereign debt crisis.
(Compiled by Atul Prakash, Jan Harvey, Himani Sarkar and Amanda Cooper)
Belarus c.bank halts sales of gold for roubles
MINSK, April 15 (Reuters) - Belarus' central bank has stopped selling gold to local retail customers for Belarussian roubles BYR=, it said on Friday, after demand for precious metals soared due to expectations of a currency devaluation.
The bank did not explain its decision.
Belarus is in talks with Russia on a $3 billion bailout package that Minsk hopes will help it avoid a painful devaluation of the rouble and offset the large current account deficit.
Belarussians bought 470 kilograms of gold from the central bank last month, up from 209 kilograms in January and February together, as they sought to protect their savings.
Full story:http://af.reuters.com/article/metalsNews/idAFLDE73E16O20110415
A cross section of precious metal price forecasts
As gold prices hit another new all-time high and silver flirts with $42, expectations among analysts seem to centre around the $1,500 per ounce level for gold.
Gold prices hit all-time highs on Friday and silver rallied to its strongest since early 1980, buoyed by expectations U.S. monetary policy will stay loose, dollar weakness, high oil prices and global political risk.
Platinum and palladium prices were also well supported by interest in precious metals as an asset class and by expectations that demand for the autocatalyst metals will improve this year.
Gold held above $1,470 an ounce in midmorning trade on Friday, while silver was near $42 an ounce, platinum was just above $1,785 an ounce and palladium was near $765 an ounce.
Below are recent price forecasts for gold, silver, platinum and palladium.
Please note that dates given are those of the reports in which the forecasts appeared, which may differ from the dates on which they were made.
GOLDMAN SACHS (APRIL 15)
* Goldman Sachs said it sees gold prices at $1,480 on a three-month basis, rising to $1,565 on a six-month view and $1,690 over 12 months.
* "The gold rally continues to receive strong support from low U.S. real interest rates, with 10-year U.S. TIPS yields remaining generally below 1.00 percent over the past month," the bank said in a note.
BNP PARIBAS (APRIL 13)
* BNP Paribas said it sees gold prices at an average $1,500 an ounce in 2011, rising to $1,600 next year.
* The bank is forecasting silver at an average $41.40 an ounce this year, easing to $37.80 in 2012. The bank said it assumes the silver price will correct next year as a rise in U.S. interest rates curbs gold's price rise.
* BNP forecast platinum prices at an average $1,880 an ounce and palladium at an average $860 this year, rising to $2,050 an ounce and $990 an ounce respectively in 2012.
UBS (APRIL 11)
* UBS lifted its one-month gold price forecast to $1,500 an ounce from $1,450 an ounce previously, citing uncertainty over the U.S. quantitative easing policy, dollar weakness, elevated oil prices and inflation concerns.
* The bank left its three-month forecast unchanged at $1,400 an ounce. "The end of the Fed's quantitative easing policy, should it happen as scheduled by end-June, will be a challenge for gold, but not an insurmountable one," it said.
* UBS said it continues to believe silver prices will reach $50 an ounce, based "nearly exclusively" on speculative activity.
Central banks turn net gold buyers, cut euro zone debt: survey
(Reuters) - Central banks turned net buyers of gold last year and cut exposure to debt issued by euro zone members Greece, Ireland and Portugal, an annual survey of the world's reserve managers showed.
China gold demand growing at "explosive" pace: ICBC
http://www.reuters.com/article/2011/02/16/us-icbc-gold-idUSTRE71F1MO20110216
By Fayen Wong
SHANGHAI | Wed Feb 16, 2011 5:20am EST
(Reuters) - Demand in China for physical gold and gold-related investments is growing at an "explosive" pace and its appetite for the yellow metal is poised to remain robust amid inflation concerns, said an Industrial and Commercial Bank of China (ICBC) executive.
ICBC (1398.HK)(601398.SS), the world's largest bank by market value, sold about 7 tonnes of physical gold in January this year, nearly half the 15 tonnes of bullion sold in the whole of 2010, said Zhou Ming, deputy head of the bank's precious metals department on Wednesday.
"We are seeing explosive demand for gold. As Chinese get wealthy, they look to diversify their investments and gold stands out as a good hedge against inflation," Zhou told Reuters.
"There is also frantic demand for non-physical gold investments. We issued 1 billion yuan worth of gold-price-linked term deposits in 2010, but we managed to sell the same amount over just a few days in January this year," Zhou said, adding that such deposits would easily exceed 5 billion yuan ($759 million) this year.
Gold imports into China soared in 2010, turning the country, already the largest bullion miner, into a major overseas buyer for the first time.
The surge, which comes as Chinese investors look for insurance against rising inflation and currency appreciation, puts the country on track to overtake India as the world's top gold consumer and a significant force in global gold prices.
Gold prices jumped 30 percent in 2010 and struck an all-time high of $1430.95. Spot silver surged 83 percent last year and is currently hovering at around $30 per ounce.
Zhou said China's gold demand could grow at a stronger pace this year compared with 2010, as a choppy stock market and moves by Beijing to rein in property speculation and purchases means more investors will pile their cash in bullion investments.
"Unlike the property market, investment in the gold sector is something the government is encouraging," he said.
Beijing has encouraged retail consumption and announced last August measures to promote and regulate the local gold market, including expanding the number of banks allowed to import bullion.
"China has a centuries-long cultural attraction to gold and because we have started at such a low base, I think demand growth will likely stay strong for quite some time," he said.
Zhou said there was also voracious demand for silver, with the bank selling about 13 tonnes of physical silver in January alone, compared with 33 tonnes in the whole of 2010.
The scale of China's gold demand, which has increased on average at a double-digit clip over the past decade, has caught the market by surprise. Data showed China imported 209 tonnes of gold the first 10 months of last year, versus 333 tonnes by India for the whole year.
The bank on Tuesday launched its second physical gold investment product, which sells gold bars to investors, which can be resold for cash through ICBC based on real-time gold prices.
The WGC said ICBC's introduction of this gold investment could lift China's gold retail investment by 10 to 15 percent in 2011 from about 170 tonnes last year.
(Editing by Chris Lewis)
By Fayen Wong
SHANGHAI | Wed Feb 16, 2011 5:20am EST
(Reuters) - Demand in China for physical gold and gold-related investments is growing at an "explosive" pace and its appetite for the yellow metal is poised to remain robust amid inflation concerns, said an Industrial and Commercial Bank of China (ICBC) executive.
ICBC (1398.HK)(601398.SS), the world's largest bank by market value, sold about 7 tonnes of physical gold in January this year, nearly half the 15 tonnes of bullion sold in the whole of 2010, said Zhou Ming, deputy head of the bank's precious metals department on Wednesday.
"We are seeing explosive demand for gold. As Chinese get wealthy, they look to diversify their investments and gold stands out as a good hedge against inflation," Zhou told Reuters.
"There is also frantic demand for non-physical gold investments. We issued 1 billion yuan worth of gold-price-linked term deposits in 2010, but we managed to sell the same amount over just a few days in January this year," Zhou said, adding that such deposits would easily exceed 5 billion yuan ($759 million) this year.
Gold imports into China soared in 2010, turning the country, already the largest bullion miner, into a major overseas buyer for the first time.
The surge, which comes as Chinese investors look for insurance against rising inflation and currency appreciation, puts the country on track to overtake India as the world's top gold consumer and a significant force in global gold prices.
Gold prices jumped 30 percent in 2010 and struck an all-time high of $1430.95. Spot silver surged 83 percent last year and is currently hovering at around $30 per ounce.
Zhou said China's gold demand could grow at a stronger pace this year compared with 2010, as a choppy stock market and moves by Beijing to rein in property speculation and purchases means more investors will pile their cash in bullion investments.
"Unlike the property market, investment in the gold sector is something the government is encouraging," he said.
Beijing has encouraged retail consumption and announced last August measures to promote and regulate the local gold market, including expanding the number of banks allowed to import bullion.
"China has a centuries-long cultural attraction to gold and because we have started at such a low base, I think demand growth will likely stay strong for quite some time," he said.
Zhou said there was also voracious demand for silver, with the bank selling about 13 tonnes of physical silver in January alone, compared with 33 tonnes in the whole of 2010.
The scale of China's gold demand, which has increased on average at a double-digit clip over the past decade, has caught the market by surprise. Data showed China imported 209 tonnes of gold the first 10 months of last year, versus 333 tonnes by India for the whole year.
The bank on Tuesday launched its second physical gold investment product, which sells gold bars to investors, which can be resold for cash through ICBC based on real-time gold prices.
The WGC said ICBC's introduction of this gold investment could lift China's gold retail investment by 10 to 15 percent in 2011 from about 170 tonnes last year.
(Editing by Chris Lewis)
US silver term structure inverts as supply tightens
COMEX silver stocks falls to four-year low
* First silver futures backwardation since '97-98
* Strong industrial, coins demand, producer hedging cited
By Frank Tang
NEW YORK, Feb 11 (Reuters) - The tightest physical silver supplies in four years have tipped the U.S. silver futures market into backwardation this week, making near-term prices more expensive than more distant months.
Market watchers said that it has been more than 10 years since silver futures were last in backwardation, an unusual term structure, associated with shortage of physical supply. Warehouse stocks of the white metal have dropped to a four-year low on surging demand, while miners have hedged their future production.
Booming industrial demand for silver and record U.S. coin sales, combined with a surge in demand from mining companies to borrow the metal for their hedge programs have led to a squeeze in the physical silver market.
"The problem is that there is great industrial demand for a specific grade of silver, and there is not enough coming fresh from the mines," said Miguel Perez-Santalla, vice president of Heraeus Precious Metals Management.
"The stocks are being pulled for all the high grade and better materials, and that essentially put a squeeze on the physical market," he said.
Perez-Santalla said that silver futures have not been in backwardation since billionaire Warren Buffett bought 130 million ounces of silver between 1997 and 1998.
Backwardation is a condition where cash or nearby delivery prices are higher than the price for delivery dates further in the future. Usually, forward prices are higher than cash prices to reflect the costs of storage and insurance for stocks deliverable at a later date.
"The extent of the backwardation in silver is unprecedented. It suggests that retail investment and industrial demand internationally is very robust and the small silver bullion market cannot cater to the level of demand for refined coin and bar product," bullion dealer GoldCore said in a note on Friday.
Warehouse data from COMEX showed that silver stocks fell to a four-year low at 102.5 million ounces (3,188 tonnes) on Feb. 5, about 30 percent below a peak at over 141 million ounces (4,395 tonnes) in June 2007.
"There are regional markets that are quite tight. Certainly, some retailers are saying they are juggling to replenish stock," said Suki Cooper, precious metal analyst at Barclays Capital.
Strong silver coin sales have more than offset outflow from the world's largest silver-backed exchange traded fund iShares Silver Trust (SLV), which notched its biggest one-month drop in its silver holdings in January. [ID:nLDE7100MW]
"This month, we have seen the retail interest has stayed strong but the exchange traded product slowdown is not as negative," Cooper said.
"If both of them slow down, I think silver could be in trouble," she said.
Sales of the one-ounce American Eagle silver coins by the U.S. Mint surged to a record at nearly 6.5 million, the highest since the coin's introduction in 1986.
U.S. March futures SIH1 advanced 15 percent to $30 an ounce in the past two weeks, near a 31-year high at $31.22. Year to date, the contract was 3 percent lower after the price of silver nearly doubled in 2010.
BACKWARDATION
Some precious metals dealers said that backwardation in silver was related to the forward sales program by silver producers.
"When a silver mine company has to put on a hedge, it has to sell forward and borrow a lot of silver from the market, and that put a tremendous amount on the market," said Bruce Dunn, vice president at precious metals dealer Auramet.
Silver six-month lease rates also spiked to their highest level in 18 months on producer buybacks. [ID:nLDE7181VA]
(Graphic: link.reuters.com/cet87r )
Hedging, which allows producers to guarantee prices for future output, tends to push up lease rates and nearby contract prices.
Cooper, however, said that the global silver market should remain in surplus despite the current squeeze. She forecast the world market to end 2011 with an excess of 4,900 tonnes in silver, versus a surplus of 5,300 tonnes in 2010. (Editing by Alden Bentley)
* First silver futures backwardation since '97-98
* Strong industrial, coins demand, producer hedging cited
By Frank Tang
NEW YORK, Feb 11 (Reuters) - The tightest physical silver supplies in four years have tipped the U.S. silver futures market into backwardation this week, making near-term prices more expensive than more distant months.
Market watchers said that it has been more than 10 years since silver futures were last in backwardation, an unusual term structure, associated with shortage of physical supply. Warehouse stocks of the white metal have dropped to a four-year low on surging demand, while miners have hedged their future production.
Booming industrial demand for silver and record U.S. coin sales, combined with a surge in demand from mining companies to borrow the metal for their hedge programs have led to a squeeze in the physical silver market.
"The problem is that there is great industrial demand for a specific grade of silver, and there is not enough coming fresh from the mines," said Miguel Perez-Santalla, vice president of Heraeus Precious Metals Management.
"The stocks are being pulled for all the high grade and better materials, and that essentially put a squeeze on the physical market," he said.
Perez-Santalla said that silver futures have not been in backwardation since billionaire Warren Buffett bought 130 million ounces of silver between 1997 and 1998.
Backwardation is a condition where cash or nearby delivery prices are higher than the price for delivery dates further in the future. Usually, forward prices are higher than cash prices to reflect the costs of storage and insurance for stocks deliverable at a later date.
"The extent of the backwardation in silver is unprecedented. It suggests that retail investment and industrial demand internationally is very robust and the small silver bullion market cannot cater to the level of demand for refined coin and bar product," bullion dealer GoldCore said in a note on Friday.
Warehouse data from COMEX showed that silver stocks fell to a four-year low at 102.5 million ounces (3,188 tonnes) on Feb. 5, about 30 percent below a peak at over 141 million ounces (4,395 tonnes) in June 2007.
"There are regional markets that are quite tight. Certainly, some retailers are saying they are juggling to replenish stock," said Suki Cooper, precious metal analyst at Barclays Capital.
Strong silver coin sales have more than offset outflow from the world's largest silver-backed exchange traded fund iShares Silver Trust (SLV), which notched its biggest one-month drop in its silver holdings in January. [ID:nLDE7100MW]
"This month, we have seen the retail interest has stayed strong but the exchange traded product slowdown is not as negative," Cooper said.
"If both of them slow down, I think silver could be in trouble," she said.
Sales of the one-ounce American Eagle silver coins by the U.S. Mint surged to a record at nearly 6.5 million, the highest since the coin's introduction in 1986.
U.S. March futures SIH1 advanced 15 percent to $30 an ounce in the past two weeks, near a 31-year high at $31.22. Year to date, the contract was 3 percent lower after the price of silver nearly doubled in 2010.
BACKWARDATION
Some precious metals dealers said that backwardation in silver was related to the forward sales program by silver producers.
"When a silver mine company has to put on a hedge, it has to sell forward and borrow a lot of silver from the market, and that put a tremendous amount on the market," said Bruce Dunn, vice president at precious metals dealer Auramet.
Silver six-month lease rates also spiked to their highest level in 18 months on producer buybacks. [ID:nLDE7181VA]
(Graphic: link.reuters.com/cet87r )
Hedging, which allows producers to guarantee prices for future output, tends to push up lease rates and nearby contract prices.
Cooper, however, said that the global silver market should remain in surplus despite the current squeeze. She forecast the world market to end 2011 with an excess of 4,900 tonnes in silver, versus a surplus of 5,300 tonnes in 2010. (Editing by Alden Bentley)
Premiums for gold bars jump to 2-year high, Chinese buy
Premiums for gold bars jump to 2-year high, Chinese buy
Gold at 3 Week High and Silver Moving Toward 30 Year Peak
Reuters News
Wed Dec 29, 2010 7:44pm EST
SINGAPORE, Dec 30 (Reuters) - Spot gold hovered near its
three-week high and silver geared towards a 30-year peak on
Thursday, buoyed by a slightly weaker dollar, while investors
continued to bet on further price rally in precious metals.
FUNDAMENTALS
* Spot gold edged up 0.2 percent to $1,413.58 an
ounce by 0033 GMT, near a three-week high of $1,413.95 reached
on Wednesday.
* U.S. gold futures were nearly flat at $1,413.5.
* The dollar edged lower against a basket of currencies,
after declining to a seven-week low against the yen and
dropping versus the euro on Wednesday.
* Holdings in SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, remained unchanged at
1,284.062 tonnes.
* Spot silver edged up 0.2 percent to $30.62 an
ounce, just below the 30-year high of $30.68 hit on Dec 7.
* U.S. silver futures inched down 0.2 percent to
$30.65 an ounce.
MARKET NEWS
* The S&P 500 headed for its best December in nearly two
decades as U.S. stocks advanced in thin trade on Wednesday,
lifted by investor optimism about the economy in 2011.
* U.S. Treasuries debt prices should stay firm into
year-end, following a strong seven-year note auction on
Wednesday, as investors square books ahead of year-end and
prepare for Federal Reserve purchases next week.
RELATED NEWS
> Wall St ends slightly higher, December seen
strong
> Copper, gold, Nasdaq are 2010's big winners
> Euro zone lending improves, mortgages slow
> China raises rediscount rate in tightening
catchup
> Oil slips, ends lower on profit-taking
> US home foreclosures jump in Q3-regulators
> Germany inflation quickens; all eyes on euro zone
> China rare earths export cut raises trade
concerns
> Japan regulators make list of top 60 SIFIs-media
> Britons inject 6 bln stg in housing equity in Q3
PRICES
Precious metals prices at 0033 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1413.58 2.59 +0.18 29.01
Spot Silver 30.62 0.07 +0.23 81.94
Spot Platinum 1755.49 -1.00 -0.06 19.67
Spot Palladium 788.97 -1.50 -0.19 94.57
TOCOM Gold 3715.00 -14.00 -0.38 13.99 14919
TOCOM Platinum 4669.00 -27.00 -0.57 6.57 3319
TOCOM Silver 80.50 0.00 +0.00 55.71 518
TOCOM Palladium 2088.00 -9.00 -0.43 79.23 216
Euro/Dollar 1.3228
Dollar/Yen 81.42
Wed Dec 29, 2010 7:44pm EST
SINGAPORE, Dec 30 (Reuters) - Spot gold hovered near its
three-week high and silver geared towards a 30-year peak on
Thursday, buoyed by a slightly weaker dollar, while investors
continued to bet on further price rally in precious metals.
FUNDAMENTALS
* Spot gold edged up 0.2 percent to $1,413.58 an
ounce by 0033 GMT, near a three-week high of $1,413.95 reached
on Wednesday.
* U.S. gold futures were nearly flat at $1,413.5.
* The dollar edged lower against a basket of currencies,
after declining to a seven-week low against the yen and
dropping versus the euro on Wednesday.
* Holdings in SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, remained unchanged at
1,284.062 tonnes.
* Spot silver edged up 0.2 percent to $30.62 an
ounce, just below the 30-year high of $30.68 hit on Dec 7.
* U.S. silver futures inched down 0.2 percent to
$30.65 an ounce.
MARKET NEWS
* The S&P 500 headed for its best December in nearly two
decades as U.S. stocks advanced in thin trade on Wednesday,
lifted by investor optimism about the economy in 2011.
* U.S. Treasuries debt prices should stay firm into
year-end, following a strong seven-year note auction on
Wednesday, as investors square books ahead of year-end and
prepare for Federal Reserve purchases next week.
RELATED NEWS
> Wall St ends slightly higher, December seen
strong
> Copper, gold, Nasdaq are 2010's big winners
> Euro zone lending improves, mortgages slow
> China raises rediscount rate in tightening
catchup
> Oil slips, ends lower on profit-taking
> US home foreclosures jump in Q3-regulators
> Germany inflation quickens; all eyes on euro zone
> China rare earths export cut raises trade
concerns
> Japan regulators make list of top 60 SIFIs-media
> Britons inject 6 bln stg in housing equity in Q3
PRICES
Precious metals prices at 0033 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1413.58 2.59 +0.18 29.01
Spot Silver 30.62 0.07 +0.23 81.94
Spot Platinum 1755.49 -1.00 -0.06 19.67
Spot Palladium 788.97 -1.50 -0.19 94.57
TOCOM Gold 3715.00 -14.00 -0.38 13.99 14919
TOCOM Platinum 4669.00 -27.00 -0.57 6.57 3319
TOCOM Silver 80.50 0.00 +0.00 55.71 518
TOCOM Palladium 2088.00 -9.00 -0.43 79.23 216
Euro/Dollar 1.3228
Dollar/Yen 81.42
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