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Market Report: End-quarter influences
goldmoney.com / By Alasdair Macleod / 02 October 2015
In a generally quiet week, gold and silver prices were marked down in thin trade towards the quarter-end, when traders make up their books, with gold falling $32 to $1114.5, and silver by 58 cents by the close on Thursday night.
Prices opened lower in early European trade, with gold less than $10 from the $1100 level.
Open interest in both metals on Comex barely changed, yet anecdotal reports of continuing demand for physical gold from all over Asia persists. Chinese demand, measured by deliveries to the public through the Shanghai Gold Exchange is up over 35% so far this year compared with the same period last year. The annual progression on a monthly basis is shown in the next chart.
The final number for September will not be available for another week or so, but it is likely to be nearly 250 tonnes. So since January 2011, total gold delivered is nearly 8,500 tonnes, a staggering amount.
This is despite a continuing weakness in some Asian currencies, such as the Turkish lira, which makes gold more expensive in local terms for much of Asia Minor. Separately the Peoples Bank of China announced an addition to its gold reserves of 16.17 tonnes in August. In silver, according to a report filed with Reuters, coin demand “is absolutely through the roof”, a manager at Perth Mint was quoted as saying. In this case it is manufacturing capacity that is to blame for delays in supply, and at the US mint at Westpoint, the plant is working three shifts and paying staff overtime to keep up with demand for Silver Eagles.
The post Market Report: End-quarter influences appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/10/02/market-report-end-quarter-influences/
