The wholesale price of gold recovered all this week's previous 2.1% drop by Thursday morning in London, trading back at $1,288 before slipping $5 per ounce as the U.S. dollar steadied on the currency market.
Wholesale prices of gold and silver extended yesterday's sharp falls in London trade Thursday morning, as world stockmarkets also fell following the U.S. Federal Reserve's latest policy statement.
As the Dollar Index has recovered from a nine-month trough, gold prices have correspondingly retreated. The market does not expect the Fed to alter its QE positions on Wednesday and will monitor the press announcement closely.
As the Dollar Index has recovered from a nine-month trough, gold prices have correspondingly retreated. The market does not expect the Fed to alter its QE positions on Wednesday and will monitor the press announcement closely.
Money has been flowing in and out of financial markets more rapidly than ever before this year, a bullish signal as the threat of a U.S. government default fades.
Alas, the basic mechanism of price discovery of anything traded on an exchange has been terminally infected by speculators having access to unlimited funds and super fast computers for trading.
The physical outflows from gold Exchange Traded Products (ETPs) totaled $4.17 billion in the third quarter, declining sharply from the Q2 outflows of $18.54 billion. The gold ETP outflows have fallen by 78% over the quarter.
Research has shown that in the first seven months of this year, the Chinese consumers have taken up more than twice the amount of the outflow from the SPDR gold ETF.
Research has shown that in the first seven months of this year, the Chinese consumers have taken up more than twice the amount of the outflow from the SPDR gold ETF.
