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Archive for November, 2014

China 2014 gold demand heading for 2,100 tonnes

Tuesday, November 25th, 2014

With gold withdrawals from the Shanghai Gold Exchange having reached 1,761 tonnes by November 14, and weekly withdrawals since the Golden Week holiday at the beginning of October averaging comfortably over 50 tonnes, China looks to be heading for an annual demand total (SGE gold withdrawals equate to overall demand) of comfortably over 2,000 tonnes again this year assuming these levels are maintained.

Historically November and December are strong months for Chinese gold demand ahead of the Chinese New Year (February 19 2015), which suggests gold demand will remain strong through January and the first half of February too.

CHINA 2014 GOLD DEMAND

Indeed should the current weekly demand levels hold up – the past six weeks have seen withdrawals from the SGE of 52 tonnes, 54 tonnes, 47 tonnes, 60 tonnes, 52 tonnes and 68 tonnes respectively – then we could be heading for an annual figure of around 2,100 tonnes. This is not far short of last year’s record of 2,199 tonnes as stated by the China Gold Association in its China Gold Yearbook released in September (of which 1,507 tonnes came from imports of gold bullion, 17 tonnes in dore imports from overseas mines, 428 tonnes of domestically mined gold thus leaving 247 tonnes to have come from recycled gold scrap. Figures are all from Koos Jansen, Nick Laird and the China Gold Association).

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Gold Decreases to $1,223.95 an Ounce Awaiting Fed News

Sunday, November 2nd, 2014

Gold was down on Wednesday as investors awaited more information from the U.S. Federal Reserve regarding interest rate hikes, according to Reuters.

Spot gold declined 0.3 percent to trade at $1,223.95 an ounce. This comes after gold reached a six-week high during the previous week.

Meanwhile, gold futures also fell, decreasing by $5.80 an ounce to $1,223.20.

“This should be the end of [quantitative easing], but if some wording is used by the Fed that the economic recovery doesn’t justify removal of its monetary stimulus and they have … to leave the door open to reinstating some measures in the future, then that could be interpreted as fairly positive for gold,” Mitsubishi Corp Strategist Jonathan Butler was quoted as saying by Reuters.

Ext : http://goldinvestingnews.com/46818/gold-price-us-china-decreases-to-1223-95-an-ounce-awaiting-fed-news.html

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"For a mountaineer, the important things are the effort, the posture and the muscles. The rope that holds him serves no purpose when everything works but it gives him a sense of security. In the same way, all gold does is ensure confidence; it's a safe haven."