From last Friday’s close at $1322, gold opened strongly on Monday trading, as high as $1355 before losing two thirds of the rise on Tuesday.
Gold and silver extend their rallies amid escalating Chinese demand for gold
The China Gold Association this week released estimates for China’s “gold consumption” for 2013 at 1,176 tonnes.
Gold has now rallied over 10% since December 31. This, in the words of one analyst who achieved widespread publicity was meant to be “a slam-dunk sell”.
Since Monday financial markets have consolidated following the emerging market currency shocks of the previous week.
Thanks to the Fed’s tapering, a wider public is becoming aware of currency instability in diverse economies, from Turkey to Argentina, and India to Indonesia.
The second tapering reduction, a further $10bn per month, was announced this week. It was we are told by the news channels fully expected.
t transpired last week that of the 43-odd tonnes per annum the Bundesbank expects to be returned from the New York Fed only 5 tonnes arrived in 2013.
By December, the most recent month for which statistics are available, the US dollar Fiat Money Quantity (FMQ) had grown to $12.48 trillion.
GoldMoney Business Analyst Maike Ahlstrom has become a member of FGI Training’s Elite club, after she was awarded 100% in her recent Information Technology Infrastructure Library (ITIL) exams.