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Mitsui gold average $1215
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
truthingold.com / Dave in Denver / January 14, 2015 at 12:54
The gold price is likely to average $1,215/oz in 2015 with a forecast high of $1,340/oz and a possible low of $1,050/oz, Mitsui said in a price outlook piece Tuesday.
Writing in the research analyst David Jollie said that the surprise decision by the Indian authorities to relax the 80:20 rule for gold late in 2014 was a positive for the gold market.
As such he predicts that Indian demand should increase in 2015.
The 80:20 rule meant that 20% of all imports had to be reexported. This was on top of a 10% import tax, which remains in place.
India is traditionally the world’s largest gold-consuming nation, only recently overtaken by China.
Any increase in demand to India is likely to be moderate however, “with more metal being imported through conventional routes to displace ‘grey market’ imports.”
This week Platts has been hearing from sources in India that the premium paid for physical metal in the country has switched to a discount owing to the current firm London spot price.
The LBMA London Gold Price settled Tuesday morning at $1,239/oz, a high for 2015 so far.
The LBMA London Gold Price settled Monday afternoon at $1,226.50/oz, up $26 from the previous Monday afternoon price.
The post Mitsui gold average $1215 appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2015/01/15/mitsui-gold-average-1215/
