Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Royal Mint Gold Coins Demand Surge Continuing After Trebling In April

Commodities / Gold and Silver 2013 Jun 10, 2013 - 04:11 PM GMT

By: GoldCore

Commodities

Today’s AM fix was USD 1,376.75, EUR 1,041.89 and GBP 887.37 per ounce.
Friday’s AM fix was USD 1,410.00, EUR 1,065.12 and GBP 905.53 per ounce.

Gold fell $33.30 or 2.36% on Friday to $1,378.70/oz and silver slid to a low of $21.56 and finished down 4.89%. Gold was down 0.45% and silver fell 2.75% last week.



Cross Currency Table – (Bloomberg)

Gold is marginally lower in dollars today but has eked out gains in Japanese yen and Australian dollars both of which have fallen. The slightly lower close last week (-0.45%) was bearish technically and could weigh on prices this week.

Sentiment towards gold remains as bearish as we have seen it in many years which is bullish from a contrarian perspective. The weak hands and speculative froth has been taken out of the market as seen in the decline in ETF holdings and COT data.

However, physical demand remains robust internationally as seen in the demand figures coming from refineries and government mints.

Mints from the Perth Mint in Australia to the U.S. Mint, to the Austrian Mint and the Royal Mint in the U.K. continue to report a surge in sales after gold’s recent price falls led to a marked increase in physical demand.

Britain’s Royal Mint, which saw its gold coin sales triple in April, said the surge in demand has continued into June. British people are diversifying into gold due to concerns about the UK property market and the risk of inflation.

As a result of a zero interest-rate environment, many investors and savers in the UK have shown increased interest in gold coins in recent years in order to preserve wealth.

British sovereign and Britannia gold coins are especially attractive given their capital gains tax free status which makes them far more attractive than ETFs and all other forms of gold ownership in the UK.

“Since the dip in the price of gold, the Royal Mint has seen a steep increase in demand for its gold coins which has continued over recent weeks,” Shane Bissett, director of bullion and commemorative coin at the Royal Mint, told Bloomberg.

“An additional attraction for customers based in the UK is that gold coins are VAT free and capital gains tax free”, said Bissett.

Gold in British Pounds, 5 Year – (Bloomberg)

Sterling has lost 50.07% of its value versus gold in the last 5 years of the global debt crisis. The euro has lost 46.3% of its value versus gold during the same period.

Demand for U.S. gold and silver bullion coins remains at "unprecedented" high levels almost two months after the historic sell-off in gold released years of pent-up demand from retail buyers, the head of the U.S. Mint said last week.

Gold Euro’s, 5 Year – (Bloomberg)

Muenze Oesterreich AG, the Austrian mint that makes euro denominated gold and silver coins, expects “quite good business” for gold in the next couple of months on wealth-protection demand due to central banks continuing to print money.

It warned that physical gold is safer then exchange traded funds and pointed out that “private investors in particular have realized that physical gold is perhaps an even safer asset than ETFs.”

The Austrian mint did not see a surge in demand recently but demand remained steady with the mint selling the same amount of ounces from January to May as in the first five months of 2012, Marketing and Sales Director Andrea Lang said in an e-mailed response to questions from Bloomberg.

“We expect quite good business for the next couple of months,” Lang said. “Same good reasons for buying gold as a year ago are still valid. Global stimulus forecasts and effectively negative interest rates are helping gold, as well as the fact that it is seen as a safe haven.”

For the latest news and commentary on financial markets and gold please follow us on Twitter.

GOLDNOMICS - CASH OR GOLD BULLION?




'GoldNomics' can be viewed by clicking on the image above or on our YouTube channel:
www.youtube.com/goldcorelimited

This update can be found on the GoldCore blog here.

Yours sincerely,
Mark O'Byrne
Exective Director

IRL
63
FITZWILLIAM SQUARE
DUBLIN 2

E info@goldcore.com

UK
NO. 1 CORNHILL
LONDON 2
EC3V 3ND

IRL +353 (0)1 632 5010
UK +44 (0)203 086 9200
US +1 (302)635 1160

W www.goldcore.com

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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: Past experience is not necessarily a guide to future performance. 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. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

GoldCore Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in