UK Royal Mint Plans To Offer Gold Bullion Storage Service

By: GoldCore

Today’s AM fix was USD 1,691.75, EUR 1,321.58, and GBP 1,058.80 per ounce.
Yesterday’s AM fix was USD 1,679.00, EUR 1,313.05, and GBP 1,050.82 per ounce.

Silver is trading at $31.39/oz, €24.60/oz and £19.71/oz. Platinum is trading at $1,549.75/oz, palladium at $611.80/oz and rhodium at $1,070/oz.

Gold climbed $6.10 or 0.36% in New York yesterday and closed at $1,684.10. Silver hit a low of $30.64 in Asia, but it ran up to $31.24 in New York and finished with a gain of 0.78%.

Gold is relatively unchanged on Tuesday as investors await the US presidential election results, and remain cautious with news of Greece’s 2 day general strike against the new austerity package plus the upcoming Chinese leadership transition.

Gold $/oz Daily 2007-2012 – (Bloomberg)

A Romney victory would weigh on gold bullion with a potential for a tighter stance on monetary policy.

The Chinese 18th Communist Party Congress is set to open on Thursday.

The French government received a written warning from the International Monetary Fund to reform its economy or it may follow other crisis hit EU nations. The IMF’s economic growth figures for France were 0.4% which is half of what Paris is predicting for next year.

The Royal Mint of Britain is going to offer a vaulting service to high net worth clients.

“We will offer a vaulting service to our larger customers,” Shane Bissett, director of bullion and commemorative coin at the Royal Mint, said in a telephone interview today. “At some stage in the future we may look at offering that to individuals.”

Britain’s Royal Mint’s announcement is on the heels of Barclays Plc expansion into opening a precious metals vault for its customers in September and Deutsche Bank will follow suit in March.

In 1968, The Royal Mint of Britain relocated from London’s Tower Hill to Llantrisant, Wales. Here it makes and distributes The British Gold Britannia coins. Britannia coin sales doubled in Q1, and grew “slightly less” in the subsequent months, Bissett said. The mint plans to change gold Britannia coins from 92% pure gold to 99.99%, which will allow it to be more competitive in the international markets, including the Far East and Australasia, he said.

Silver $/oz, 2008-2012 – (Bloomberg)

Gold has seen 11 continuous years of annual gains as QE from the US Fed, Europe, China, and Japan have all committed to programmes to help their fledging economies. The World Gold Council estimates that central banks bought 254.2 tons of gold bullion in the first six months of 2012.

Metal held in bullion-backed exchange traded funds have soared to a record 2,589.516 metric tons on Nov. 2, notes Bloomberg.

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WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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