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Gold Falls After Being Hit by Unusually Large Sell Orders

Commodities / Gold & Silver 2009 Apr 29, 2009 - 05:47 AM GMT

By: Mark_OByrne

Commodities

Gold fell marginally for a second day yesterday as gold continues to consolidate after last week’s 5% gain. Gold’s trading was erratic yesterday with unusually large sell orders leading to sharp falls in the price in seconds prior to mild rebounds. Such sharp and speedy declines are very unusual and would suggest a large player wanted gold prices lower in the futures market. Gold has risen some 0.5% this morning.


Holdings in the SPDR Gold Trust (GLD:SPDR Gold Trust ETF), the biggest gold exchange-traded fund, stood at 1,104.45 tons on Monday, peculiarly unchanged for a third session, showing that investment demand has abated but risk aversion remains high and there has been little selling by investors.

Contrary to some commentary premiums for gold and particularly silver bullion products remain very firm and there has been little if any selling by the investment public of their bullion coins and bars. Non investing jewellery owners have been selling and this has increased the supply of scrap very significantly in recent months. GFMS estimate that scrap supply may have reached a very large 500 tonnes in the first quarter. Despite this huge additional supply which was swallowed by the market, gold remained firm and this bodes very well for prices in the coming months. Scrap supply simply cannot continue at this rate and only if we get markedly higher prices are we likely to see scrap supply remain near the levels seen in recent months.

The physical bullion market remains tight and there is anecdotal evidence that the shortages seen in the small coin and bar market may soon spread into the large bar market.

By Mark O'Byrne, Executive Director

Gold Investments
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Dublin 2
Ireland
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Gold and Silver Investments Limited
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London,
EC3V 3ND
United Kingdom
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Email info@www.goldassets.co.uk
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Gold and Silver Investments Ltd. have been awarded the MoneyMate and Investor Magazine Financial Analyst of 2006.

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Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Past experience is not necessarily a guide to future performance.

All the opinions expressed herein are solely those of Gold & Silver Investments Limited and not those of the Perth Mint. They do not reflect the views of the Perth Mint and the Perth Mint accepts no legal liability or responsibility for any claims made or opinions expressed herein.

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