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Posts Tagged ‘Switzerland’

Gold price goes for $1,300

Wednesday, January 21st, 2015
gold-coins-vault-600

How far can it go ?

Gold on Tuesday made a dash for the crucial $1,300 an ounce level as investors seek a safe haven from turmoil on financial markets rocked by the confidence-shaking move by the Swiss central bank last week.

In heavy trade of more than 20m ounces by noon in New York, gold for delivery in February – the most active futures contract – jumped just over $20 an ounce from Monday’s close hitting a high of $1,297.20 an ounce – the highest since August 19.

It’s the eighth positive trade session in a row and the metal is now trade up over $110 or 8.7% in 2015.

Gold’s gains this year also comes into the teeth of a rampant US dollar. On Tuesday, the greenback hit fresh 12-year highs against the currencies of major US trading partners, with the dollar index topping 93.

Since August 18, the last time gold could be traded above USD 1,300 an ounce, the USD has strengthened by 12%.

Commodities priced in US dollar usually have an inverse relationship to the world’s reserve currency, particularly gold. The US dollar index record high of 164.72 reached in February 1985 coincided with the bottom in the price of gold of $284.25 an ounce during that same month.

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Gold on Tuesday made a dash for the crucial $1,300 an ounce level as INVESTORS seek a safe haven from turmoil on financial markets rocked by the confidence-shaking move by the Swiss central bank last week.

In heavy TRADE of more than 20m ounces by noon in New York, GOLD for delivery in February – the most active futures contract – jumped just over $20 an ounce from Monday’s close hitting a high of $1,297.20 an ounce – the highest since August 19.

It’s the eighth positive trading session in a row and the metal is now trading up over $110 or 8.7% in 2015.

Gold’s gains this year also comes into the teeth of a rampant US dollar. On Tuesday, the greenback hit fresh 12-year highs against the currencies of major US trading partners, with the dollar index topping 93. Since August 18, the last time GOLD TRADED above $1,300 an ounce, the USD has strengthened by 12%.

Commodities priced in US dollar usually have an inverse relationship to the world’s reserve currency, particularly gold. The US dollar index record high of 164.72 reached in February 1985 coincided with the bottom in the PRICE OF GOLD of $284.25 an ounce during that same month.

How much does 1 gram of pure gold cost ?

Thursday, November 28th, 2013

Who said that only wealthy people could afford buying gold ?

  • Save from 1 gram of gold per month
  • Secure storage in Swiss vaults – FREE*
  • No administration or signup fee
Sign up for the LSP for free

Gradually build your wealth by simply buying each month a minimum of 1 gram of physical gold, for your LinGOLD Savings Plan (LSP) and benefit from freestorage in Swiss vaults outside the banking system.

How to save with the LSP?

  • Connect to your LinGOLD account or create a new account
  • Signup free to the LSP programme
  • Buy each month a minimum of 1 gram of pure gold
  • The gold you have bought is fully referenced : bar code, photograph, certificate of ownership
  • The gold is stored in a Swiss vault outside the banking system
  • You are free at any time to increase or reduce the amount of your savings, or you can unsubscribe from the LSP with no charge or prior notice.
Minimum Purchase 1g pure gold per month*
Maximum Threshold Unlimited
Storage Charges Free*
Signup Fee None
Availability Immediate Resale
Minimum Engagement None

*The storage charges levied on your gold stored in the LSP are FREE, on the condition that you buy a minimum of 1 gram of pure gold per calendar month, before the last day of each month. If the minimum monthly purchase is not made, storage charges will be applied, currently £4 per month per 200g total weight stored.

What are the products that fall within the LSP?

  • All the fractions of pure gold (1 g, 10 g, 100 g) issued from bars or gold investment coins (Britannia, Sovereign, Napoleon 20F, Napoleon 10F, Panda, Vera Valor, etc)
  • A whole coin : Vera Valor 1 ounce
  • A 1kg bar of pure gold

For further information on the LSP.

GOLD TO RETURN AS A PURE GOLD STANDARD IN SWITZERLAND?

Thursday, May 23rd, 2013

By Mark Rogers

Some interesting news from Switzerland: the Swiss People’s Party’s campaign to compel the holding of a referendum on the sale of the nation’s gold by the Swiss National Bank has successfully gathered the required 100,000 signatures; last Thursday, May 16, 2013, the Federal Chancellery announced that the referendum would be held. The Financial Times, however, points out that “it is not uncommon for the period between an initiative being accepted for referendum and a vote being held to extend to several years.” No doubt the Swiss National Bank welcomes such a delay.

At present the SNB holdings of gold form 10% of its reserves, and not all of it is in the bank’s own vaults; the bulk at 70% is in Switzerland; 20% is at the Bank of England, with the rest stored at the Bank of Canada..

The Swiss People’s Party wants that externally held 30% to be returned to Switzerland, and wants the bank to increase its holdings to 20%. Until the constitution was revised in 2000, the SNB had been obliged to keep 40% of its reserves in gold.

But the interesting thing about this initiative is that it is part of a much larger campaign by the Swiss People’s Party to return to a pure gold standard by reintroducing the Swiss gold franc as money. Confidence in the Swiss franc and monetary policy has been shaken by the attempts of the SNB to devalue the franc which have resulted in big losses; this combined with the sell-offs at low prices (shades of Gordon Brown’s tampering with the U.K.’s gold) 2001-2006 have accumulated losses of billions of Swiss francs.

Given that Switzerland was the last country to stop backing its currency with gold, only coming off its domestic gold standard in 2000 under the revised constitution, it is noteworthy that the dumping of gold and the devaluing of the franc followed promptly in 2001.

The latest initiatives, for a referendum and for a gold franc, have not unnaturally caused consternation at the SNB; it is concerned at “the monetary policy implications of the demands in the initiative.”

Well, indeed.

For further stories on this issue, see “Swiss Parliament to discuss gold franc”; “Swiss Intiative reveals push for gold-backed currency”; and “Swiss To Vote On Gold Repatriation – “Gold Is The Only Valuable Asset On The SNB’s Balance Sheet

For the raison d’être of these articles on goldcoin.org read: GOLDCOIN.ORG: MIXING POLITICS AND NUMISMATICS

For background on the writer: CONFESSIONS OF A LAW AND ORDER ANARCHIST

For a series of articles on the pernicious effects of progressive tax regimes: THE MORAL DILEMMA AT THE HEART OF TAXATION

For a review of one of the most important books on the financial crisis published last year: THE MESS WE’RE IN: WHY POLITICIANS CAN’T FIX FINANCIAL CRISES

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Thoughts
"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."