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5 March 2013
Berita Semasa 5 Mac 2013 ...
Crisis hit Greece holds 3.76 million ounces of Gold
Analysts said mountains and forests of northern Greece could hold more than $26 billion in gold just waiting to be mined, a treasure trove that could help solve the country's economic crisis.
Crisis hit Greece holds 3.76 million ounces of gold worth 4.74 billion euros.
Greek finance minister Yannis Stournaras said half of it was stored at the Bank of Greece and the rest at the Federal Reserve Bank of New York, the Bank of England and in Switzerland.
Greece is suffering from the wrenching pain of a long economic crisis as three years of spiraling economic crisis in Greece have devastated every sector of the economy.
Gold is very important to Greece at the moment as the country is estimated to have sitting under huge piles of gold.
Analysts said mountains and forests of northern Greece could hold more than $26 billion in gold just waiting to be mined, a treasure trove that could help solve the country's economic crisis.
Since the world economic crisis of 2008, the Greek economy has contracted by 20 percent, driving up unemployment to 23 percent, a rate comparable to U.S. unemployment at the peak of the Great Depression in 1932.
Sumber : Google
4 March 2013
Berita Semasa 4 Mac 2013 ...
"Too early to proclaim Gold bull market over" despite biggest ever ETF monthly outflow
Silver meantime fell to just above $28 an ounce this morning, while stocks and commodities also ticked lower as the US Dollar gained.
Spot market gold bullion fell to one-week lows below $1570 per ounce Friday morning, on course for a third straight weekly loss, having ended February down 5.9% as gold exchange traded funds saw their biggest calendar month bullion outflows on record.
"ETFs will probably contribute negatively to investment demand for the first time in eight quarters," says today's Commerzbank commodities note.
"It is nonetheless too early to proclaim the end of the twelve-year bull market for gold. The ultra-loose monetary policy of major central banks, negative real interest rates and gold purchases by the central banks of emerging economies continue to suggest that gold prices will rise."
Silver meantime fell to just above $28 an ounce this morning, while stocks and commodities also ticked lower as the US Dollar gained.
Over in India, traditionally the world's biggest gold buying nation, the government's annual budget unveiled Thursday included the introduction of inflation-linked bonds as part of an effort to encourage people to invest in alternatives to gold.
"The household sector must be incentivized to save in financial instruments rather than buy gold," said finance minister P. Chidambaram.
India's authorities have expressed official concern about the impact of gold imports on the country's trade deficit, with the government raising the import duty on gold to 6% last month.
"We are happy with the budget," said All India Gems & Jewellery Trade Federation chairman Bachhraj Bamalwa.
"We were expecting something wrong to happen in the form of another hike in import or excise duty. Today is the first day after the budget, we are not expecting great sales in March due to the fiscal year end, but April sales should increase due to weddings."
Elsewhere in Asia, "[gold] demand from jewelers has recovered a little [with] prices below $1600," says Heraeus Metals general manager Dick Poon in Hong Kong, "though investors are either selling or sitting on the sidelines."
Growth in China's manufacturing sector slowed a little last month, according to both the official purchasing managers index and the one produced by HSBC which were published Friday.
Over in Europe, Germany's manufacturing PMI rose back above 50, indicating the sector returned to expansion, while for the Eurozone as a whole the PMI held steady at 47.9, slightly better than analysts' consensus forecast.
The Eurozone unemployment rate however rose to a record high 11.9% in January, data published Friday show.
"All the data is supporting a [European Central Bank interest] rate cut, which we see in the second quarter," says Standard Chartered economist Sarah Hewin.
Britain's manufacturing sector meantime fell back into contraction last month, PMI data published Friday show.
"Clearly the data are weak," says ING economist James Knightley, "and with [Wednesday's] GDP report showing little sign of rebalancing in the UK economy, the Bank of England has more work to do."
BoE deputy governor Paul Tucker confirmed earlier this week that the Monetary Policy Committee has discussed the possibility of introducing negative interest rates.
The Pound fell sharply against the Dollar this morning following the release of the PMI data, hitting its lowest level since July 2010 at just above $1.50. Gold in Sterling meantime recovered earlier losses as the Pound fell to trade around 1045 pounds per ounce by the end of Friday morning.
The average Sterling gold price in February was 1051.35 pound an ounce, slightly up on the previous month, in contrast with the average Dollar gold price which fell 2.6%.
In the US meantime, President Obama is due to meet with congressional leaders later today, as $85 billion of defense and welfare spending cuts known as the sequester begin today.
"We do not think the US sequester...will change [gold market] sentiment one way or the other," says Ed Meir, metals analyst at brokerage INTL FCStone.
"The $85 billion in spending cuts is simply too small to make much of a difference to the economy and although it could cause some problems, it will have no bearing on influencing investor allocations among different asset classes... [but] we suspect that we will see more price erosion heading into next week given gold's poor fundamental and technical backdrop."
US Mint gold coin sales meantime fell from a month earlier in February, but were up 283% year-on-year, while by contrast, exchange traded funds saw their biggest monthly outflow on record, according to Bloomberg data.
Sumber : Google
3 March 2013
Berita Semasa 3 Mac 2013 ...
Central Asian nations, Russia add Gold reserves in January
Central Asian states of Kazakhstan, Azerbaijan and Tajikistan all boosted their gold reserves, the reports said.
Russia added another 12.2 tons of gold to it's reserves in the first month of this year to 970 tons, according to IMF's monthly statistics.
Turkey also raised its holdings by 10.3 tonnes to 370 tonnes in January. In December, Russia added 19.9 tonnes to its gold reserves and Turkey added 45.6 tonnes.
Central Asian states of Kazakhstan, Azerbaijan and Tajikistan all boosted their gold reserves, the reports said. Central banks as a group became net buyers in 2010 after they had been net sellers the previous two decades.
The 2008 global economic crisis triggered resurgent official-sector interest in gold. Central-bank buying was a major driver to gold's record-high price in September 2011.
Meanwhile, Russia's gold and foreign exchange reserves fell to $529.5 billion in the week to Feb. 15 from $532.5 billion a week earlier, according to Russia's central bank.
Sumber : Google
2 March 2013
Berita Semasa 2 Mac 2013 ...
Gold slide forces Russia billionaire to sell stakes in Polyus Gold
Gold's recent slump smoked out Russian billionaire Mikhail Prokhorov from gold business as he said gold became less appealing to international investors.
Gold's recent slump smoked out Russian billionaire Mikhail Prokhorov from gold business as he said gold became less appealing to international investors.
He said his Onexim investment holding group had sold its 37.78-percent stake in the gold producer Polyus Gold for 3.6 billion. However,the stake was bought by Russians.
The stake was acquired by an organisation controlled by Russia's lower house parliament member Zelimkhan Mutsoyev and by Gavriil Yushvayev, a former co-owner of the Wimm-Bill-Dann juice and drinks producer.
Gold is widely regarded as an a safe haven against drastic fluctuations in the economy. Stabilization of the global economy has seen central banks slashing their gold holdings which has led to falling prices.
This week which is 10% less than its October high of $1798.10. The deal was approved by British regilators, who check whether the new buyers are affiliated with the current shareholder of Polus Gold Suleiman Kerimov’s Nafta Moskva.
The gold miner is not the first major asset Prokhorov has put up for sale. In 2008 he sold 25 percent of Nornikel’s shares at its peak, helping him stay afloat amid the ensuing financial crisis.
Sumber : Google
1 March 2013
Berita Semasa 1 Mac 2013 ...
CFTC says hedge funds cut net longs in Gold by 40% last week
Speculative investors cut net longs in gold by 27,932 lots to 42,318 in the week to Feb. 19, the CFTC's Commitment of Traders report said.
U.S. Commodity Futures Trading Commission said hedge funds and money managers cut their net long gold futures and options positions by 40 percent to their weakest level since November 2008, as an US equities rally amid a better economic outlook hit gold's safe-haven appeal.
Managed money also sharply reduced their net longs, essentially bullish bets, on silver and copper as the group flocked into the US stock market.
The S&P 500 index was up 6 percent this year despite this week's losses, hovering near a five-year high. Speculative investors cut net longs in gold by 27,932 lots to 42,318 in the week to Feb. 19, the CFTC's Commitment of Traders report said.
During the period covered by the CFTC report, gold prices fell 3 percent on worries the Federal Reserve might end its stimulus program earlier than expected. Better hopes of economic recovery also weighed heavily on gold's traditional status as a safe haven.
Traders now look forward to next week CFTC data, which will show if managed money further trim their positions after a 2.5 percent drop in gold prices on Wednesday.
Specs also trimmed net length in silver by 8,806 contracts to 16,867, the lowest since August 2012. They also decreased copper length by 11,685 contracts to 11,413 in the latest reporting week.
In platinum group metals, spec's net length in platinum and palladium futures and options were largely unchanged.
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