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Gold Bullion Hits 2-Month Low, Silver Below Pre-Brexit Price in Euros, Sterling But SLV ETF Solid

Tuesday, May 9, 2017 5:34

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Adrian Ash is head of research at BullionVault, the world-leading gold trading & ownership service online…

GOLD BULLION set a new 2-month low against the US Dollar on Tuesday, falling to $1224 per ounce as European stock markets rose and bond yields ticked higher following the weekend’s election of centrist ex-investment banker Emmanuel Macron as President of France.

Silver fell harder, dropping to its lowest since the opening day of 2017 at $16.16 per ounce and dropping 13% from mid-April’s 5-month high.

Euro and British Pound prices for silver bullion have fallen harder still from mid-April as the US Dollar has weakened, dropping back to pre-Brexit referendum levels beneath €14.90 and £12.55 per ounce respectively.

Defeating nationalist anti-Euro candidate Marine Le Pen two-to-one, and vowing to boost France’s economy by reforming labor laws and jobless benefits, Macron will act slowly, taking an “incremental approach” according to analysts.

In Brussels meantime, European Commission chief Jean-Claude Juncker called last week’s reports of a fractious dinner with UK prime minister Theresa May over the issue of Brexit “a serious mistake,” but without taking responsibility for the leak.

Giant exchange-traded fund the SPDR Gold Trust (NYSEArca:GLD) ended Monday needing less than 852 tonnes of bullion backing, with a small drop equal to 0.1% of the ETF’s investor interest marking the first change in 8 trading days.

The ETF’s stock, like gold bullion priced in Dollars, has fallen by some 2.5% over that time.

The number of ETF shares outstanding in the giant iShares Silver Trust (NYSEArca:SLV) has held 1% larger so far this month against a 5% drop in US Dollar silver bullion prices.

Bullion traded at the Shanghai Gold Exchange’s afternoon benchmarking held at 2-month lows against the Yuan, but offered a much smaller premium over comparable London quotes, down from $18 per ounce in mid-March to barely $10 per ounce today.

That incentive was still just above the SGE afternoon fix‘s average incentive to new imports since the Yuan benchmark price was launched in April last year.

“People are afraid of war, a falling Yuan and slumping property prices,” says a Shanghai gold retailer quoted by the Australian Financial Review today.

“Buying gold bars as an investment is a good way to guard against risk.”

“The introduction of property purchase restrictions in recent months has boosted demand for gold,” adds analyst Xue Na at Nanhua Futures.

“The stock market has also been sluggish,” says the China Gold Association’s vice-chair Zhang Yongtao, “prompting investors to buy gold, which is less volatile.”

Led by a 30% year-on-year rise in Chinese bullion demand, global sales of gold coins and small bars saw the strongest first-quarter since 2013 in January-to-March according to new data released last week by the mining-backed World Gold Council.

Silver bar and coin demand, in contrast, has fallen sharply, led by a one-third drop in private US bullion buying according to latest estimates from specialist analysts Metals Focus.

Formerly City correspondent for The Daily Reckoning in London and head of editorial at the UK’s leading financial advisory for private investors, Adrian Ash is the editor of Gold News and head of research at BullionVault – winner of the Queen’s Award for Enterprise Innovation, 2009 and now backed by the mining-sector’s World Gold Council research body – where you can buy gold today vaulted in Zurich on $3 spreads and 0.8% dealing fees.

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

Source: https://www.bullionvault.com/gold-news/gold-bullion-silver-080920173

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