All Time Record Gold Transactions Reported By LBMA

All Time Record Gold Transactions Reported By LBMA

Today’s AM fix was USD 1,410.25, EUR 1,085.98 and GBP 926.94 per ounce.
Yesterday’s AM fix was USD 1,406.25, EUR 1,083.90 and GBP 926.75 per ounce.

Gold climbed $19.00 or 1.36% yesterday to $1,413.80/oz and silver also gained 1.25%.

Gold is marginally lower today in dollars but higher in other currencies but remains near a two-week high and is heading for the best week in a month in all currencies, with a gain of 2% in dollar terms.
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The South African rand has collapsed 7.7% against gold this week again showing gold’s hedging properties.

The precious metals have been weak again in May with gold falling 4.4% despite this weeks’ recovery. Silver is down 7% and platinum by 2.6%. Palladium has recovered from recent weakness and those who accumulated on weakness are set for the best month since November after it surged 6.6% in May.

Weakness in gold and silver is leading to robust demand internationally as store of value buyers accumulate gold and silver on this dip. This is particularly the case in Asia where premiums remain robust and supply demand imbalances remain.
Gold Spot $/oz, Daily, 3 Year – (Bloomberg)
Gold Spot $/oz, Daily, 3 Year – (Bloomberg)

London gold trading jumped to a 20 month high in April and silver volumes surged 25% after the price falls led to an increase in physical buying, the LBMA said in a report.

Trading in gold averaged 24.1 million ounces a day in the London market, the most for any month since gold reached record nominal highs in August 2011, the LBMA said in a statement yesterday as reported by Bloomberg.

The 24.1 million ounces was a 10% increase on March when 21.8 million ounces a day were traded.

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GoldCore attending Jim Sinclair Q&A in London on June 1st.

We are attending Jim Sinclair’s Q&A session which is on from 1-5 pm this Saturday at the Hilton Hotel in Heathrow, London. We would be delighted to meet up after Jim’s session so please don’t hesitate to contact Mark O’Byrne (mark.obyrne@goldcore.com) or Michael O’Brien (Michael.obrien@goldcore.com)
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Insight: Cyprus, Energy & Gold: Wealth Protection In A Lawless World
April's edition of Insight takes a close look at the recent banking crisis in Cyprus and how it is causing other states to consider the imposition of taxes on depositors' savings. The reasoning behind these 'taxes' is to part cover the colossal levels of indebtedness that most nations find themselves in.
Chris Sanders, our Insight April contributor, maintains that it is only capital accumulation enabled by real economic growth that can alleviate the massive levels of indebtedness. Unfortunately, Sanders finds that this is nigh on impossible given the excessive energy costs required, or as he puts it, 'the marginal energy to power such growth is not there to do so.'

On April 15th, a small number of traders executed a suspicious sale of futures on the COMEX in New York which resulted in an 18% fall in the price of gold. Sanders points out that on the one hand we have this level of indebtedness that isn't going to go away, and on the other, we have a financial system that appears to operate outside the general rule of law. When you take everything into account, Sanders surmises that it's all a great advertisement for holding gold or silver in secure storage on an allocated basis.

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