Asian gold-backed ETF flows have reversed, moving positive on the year
Gold was higher last week (XAU +1.1%, LBMA +1.2%), as markets were volatile, and the US 2/10 curve turned negative, which has historically often preceded a recession.
Goldhub blog
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Au(T+D)’s trading volume edged closer to new record in July
- Chinese gold prices rose modestly in July
- Au(T+D)’s trading volume in July extended its June surge
- The local gold premium saw a much lower volatility
- Imports registered another decline, dropping to 55t in July
- Gold withdrawals from Shanghai Gold Exchange (SGE) experienced the first rise in four months
- The People’s Bank of China (PBoC) added another 10t to its gold reserves
How I value gold
Many investors buy gold instinctively, as a long-term store of value. Charlie Morris, Head of Multi-Asset at UK investment manager Atlantic House Fund Management, has devised a more conventional way of assessing gold – using a tried and tested model.
COMEX net longs near all-time highs as gold is at all-time highs in many currencies
Gold was higher by 4% last week (XAU +3.9%, LBMA +3.9%), as US/China trade negotiations hit a snag, the US dollar fell, and rates continued to fall. Gold prices are at all-time highs in over 20 countries, having rallied 8% in the past month and 17% this year in US dollars.
$Gold: consolidating above $1500/oz at the start of the week - last around $1502.80 following some volatility in early European trading. https://t.co/LdcEYztgbv
Somasundaram PR
Managing Director - India
The blueprint for a gold spot exchange in India
On Friday 2nd August, the Blueprint for Gold Spot Exchange in India was released at the India International Gold Convention (IIGC) in Amritsar. The report was produced by the industry steering committee, which is comprised of 27 major stakeholders of the bullion industry – both global and domestic and is chaired by the World Gold Council.
Brexit boost for UK gold-backed ETFs
The inhabitants of the UK are surrounded. There’s no escape. Brexit is everywhere you turn. News broadcasts, front pages, dinner conversations, everywhere. Over three years (and counting) since the result, Brexit uncertainty remains a persistent part of the UK way of life and at the forefront of investors’ minds.
Gold Demand Trends webinar – listen back
The definitive market source for gold demand data, our latest Gold Demand Trends report explains in detail the 8% rise in global demand in Q2.
Listen back to our lively and informative discussion of the key trends shaping gold demand in the second quarter...
Video: Mid Year Outlook - Gold-backed ETFs
Multiple drivers propelled gold investment in the first half of 2019. We expect this trend to continue in the second half of the year.
Video: Mid Year Outlook - Economic trends and their impact on gold
Looking ahead we expect two macroeconomic trends to play a key role; financial market uncertainty and accommodative monetary policy will likely support gold investment demand.
Madame Wu, Xiaoling
Chairwoman of the Board of the PBC School of Finance (PBCSF)
Tsinghua University
Driving China’s gold market
Madame Wu Xiaoling, Chairwoman of the Board of the PBC School of Finance, Tsinghua University and former Deputy Governor of the People’s Bank of China, believes that gold has a crucial role to play in China’s continuing development and the internationalisation of the RMB.
In response to the ECB’s announcement that the Central Bank Gold Agreement won’t be renewed
On Friday afternoon, the European Central Bank announced that its 20-year old Central Bank Gold Agreement was no longer necessary, while confirming that: “Gold remains an important element of monetary reserves” – we couldn’t agree more.
The advancements in China’s gold buy-back market
Recycled gold is an important source of gold supply . In 2018, the volume of recycled gold reached 1,168t, accounting for over 25% of total supply globally. Recycled gold is also an important source of supply in China, amounting to 146t, or 20% of domestic supply in 2018. Recently, China’s recycled gold market has experienced some exciting developments which could improve the efficiency and transparency of the industry.
Gold: Steady at the start of the week and trading around $1427/oz. #Gold had a volatile week but posted some decent gains despite trading down to $1400/oz on Wednesday 17th July. https://t.co/RaQNhTJyaD
Higher domestic price and monsoon dents Indian gold demand in June
Summary
- Indian gold imports were 62t in June 2019 – up slightly on the same month last year
- The domestic gold price was 6.1% higher in June as compared to end of May
- With higher domestic gold prices, the local discount in the gold market reached $23/oz (1.6% to the international price) by end of June
- Higher and relatively volatile prices encouraged gold futures trading on MCX: volumes touched a high of 28.2t in June
Central banks return to gold
Intro: Central banks bought more gold in 2018 than at any time since the early 1970s – and the trend has continued this year. Isabelle Strauss-Kahn, Member of the Advisory Board of the World Gold Council, former Director of Market Operations at the Banque de France and former Lead Financial Officer at the World Bank, explains why.
2019 Central Bank Gold Reserves Survey signals more buying to come
Our Central Banks and Public Policy team have just published the results of the 2019 Central Bank Gold Reserves Survey. The survey gives a fascinating insight into the minds of central bankers and is especially timely since central banks continue to post record-breaking levs of net gold purchases in recent quarters.
Australian Dollar Gold – Beyond A$2000/oz
For Australian precious metals investors 21 June was a momentous day, with the price of gold topping A$2000 per ounce for the first time ever.
Stronger than expected inflation numbers and dovish Fed comments drove gold higher last week
Week ending 12 July 2019
Shanghai Gold Benchmark price hit record high in June
Summary
- Shanghai Gold Benchmark price hit 319.2 yuan/gram – highest level since its introduction in April 2016
- Au(T+D)’s trading volume in June reached second highest level on record – 2,062t
- The local gold premium rose sharply
- Imports continued to slide in May, dropping to 69t
- Gold withdrawals from Shanghai Gold Exchange (SGE) fell again last month
- PBOC added a further 10t to its reserves in June