19 April 2013
Berita Semasa 19 April 2013 ...
Cyprus Gold selling not yet confirmed
Cyprus government spokesman said sale of its gold reserves was among the options for its contribution towards an international bailout, but ultimate responsibility rested with its central bank.
Conflicting reports about Cyprus's gold selling failed to support the yellow metal as it heads towards yet another weekly drop.
According to a spokesman from Cyprus central bank, any sale of gold reserves had to be approved by the board of the central bank, and it was not presently on the board's agenda.
The sale plan, set out in a draft assessment of Cypriot financing needs prepared by the European Commission, would be the first major gold disposal by a euro area central bank since France sold 17.4 tonnes of gold in the first half of 2009.
Meanwhile, a Cyprus government spokesman said sale of its gold reserves was among the options for its contribution towards an international bailout, but ultimate responsibility rested with its central bank.
Crisis hit Cyprus has to sell some of its gold reserves to raise about 400 million euros to finance its part of the bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.
Cyprus's central bank February accounts showed the island had gold reserves worth 563.4 million euros.
Cyprus was in deep trouble as the island nation was forced to accept tough terms for bailout deal such as depositors with more than 100,000 euros in savings to bear part of the cost of the rescue.
Assets in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, fell to 1,183.53 metric tons Wednesday, the least since May 2010. Goldman Sachs Group Inc.
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18 April 2013
Berita Semasa 18 april 2013 ...
SBV to extend Gold auctions to narrow price gap
After five gold auctions, SBV sold 118,200 taels, or over 4.4 tons of gold, equal to the amount imported in 2011.
Vietnam central bank's latest gold bullion auction witnessed some improvement as 40,000 taels of 37.5 grams each gold bars were sold, the highest volume yet.
The fifth auction held on Wednesday attracted more buyers as bidders, mostly jewelers and banks, paid VND43.3-43.31 million ($2,068) per tael.
The previous highest volume sold was around 26,000 taels in the last two auctions. SJC, Vietnam's largest gold trader, offered a tael at VND43.35 million.
The central bank has so far sold nearly 120,000 taels from the country's reserves in the auctions it started holding in late March The auctions began after jewelers were prohibited from producing gold bullion in last May.
After five gold auctions, SBV sold 118,200 taels, or over 4.4 tons of gold, equal to the amount imported in 2011.
However, domestic gold price immediately fell to the global level after every gold import in the past, but now the local price is still VND3.4 million per tael higher the world’s price, casting doubts over the effect of the gold auctions.
The source from SBV explained the central bank is selling gold at market price, so it is impossible to bring down the local price right away. If SBV sold gold at a low price, it would fuel speculation, he stressed.
Banks have been the main gold buyers in the past auctions given their need to settle gold contracts. “When they no longer have demand for the precious metal, the gold price will certainly go down and the gold market will stabilize,” said the SBV official.
If SBV did not sell gold, the gold price difference would further widen as the deadline for banks to settle their contracts is drawing near, he said.
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