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Gold powers through to new highs.
Author - Graham Couzens
Wednesday 4th November saw gold surge forward to hit a new high of $1091.0 per ozt
Wednesday 4th November saw gold surge forward to hit a new high of $1091.0 per ozt. This new surge came after the IMF announced it had sold some 200 Mt of gold to the Reserve Bank of India during October.
The IMF is looking to sell some 400 mt and the announcement that half of this amount has already been purchased gave gold investors a further boost.
The decision by the Central Bank of India appears to have its root in their need to diversify their holdings of US dollars. It would not be a surprise if other Asian countries follow suit especially following the gloomy picture of the total borrowings by the western economies rising again which many analysts believe will lead to an inflationary period to come. The US dollar has again failed to sustain any rally and has fallen against most currencies.
Platinum has also seen a rise in price to over $ 1350 per ozt as investors believe it is undervalued compared with gold. Palladium has by passed most of these gains and has remained relatively stable.
The rise in the gold price has seen record volumes of scrap gold coming onto the market all around the world. Our Presman operation too has seen record purchases during the month of October which looks like continuing into November.
Published in : Gold
on Wednesday, November 04, 2009
This article has been viewed 822 times.
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