Gold price rises Bt400, makes new high in five weeks

[webfact]

Gold price rises Bt400, makes new high in five weeks
By Digital Content



BANGKOK, Dec 2 -- The Gold Traders Association announced that the gold price this morning increased by Bt400 from yesterday's closing price.

The buying and selling prices are Bt18,650 and Bt18,750 respectively per baht weight of gold bar, while buying and selling prices are Bt18,373.92 and Bt19,150 per baht weight for gold ornaments.

Thanarat Possawong, managing director of Hua Seng Heng Gold Futures Co, said the global gold price peaked at US$1,220 an ounce this morning and made a new high for five weeks. Later it fell to $14 to $1,206 an ounce.

He said that investors were moving from yen to gold as Moody's Investors Service downgraded Japan's credit rating due to financial problems.

The global gold price is expected to move between $1,195 and $1,220 an ounce.

However, the factor is temporary and the gold price continues to fluctuate.

Mr Thanarat does not think that it has been in an upward trend. He advised investors to monitor the United States--as it is likely to raise its repurchase rate next year--and the economic problems of Europe and Japan where economic stimulus measures will remain necessary.

He advised limiting investments in gold to 10-15 per cent of the total portfolio. (MCOT online news)


-- TNA 2014-12-02

[goferman]

here's a link to real time gold prices:

http://www.pmbull.com/gold-price/

and a good link to gold updates:

http://www.kitco.com/

[terryp]

would have been more interesting if he said about the many Asian gold traders OF BULK BULLION (1000+ once are charging 50% OVER spot price.......$1800 an once) for almost 2 months now ......they know whats really going on with gold (massively manipulation and over sold in the COMEX but they are saying nothing)

[JeremyBowskill]

Slow day if they are reporting this as fact and news. Did Peter Schiff write this nonsense?

[bobbin]

would have been more interesting if he said about the many Asian gold traders OF BULK BULLION (1000+ once are charging 50% OVER spot price.......$1800 an once) for almost 2 months now ......they know whats really going on with gold (massively manipulation and over sold in the COMEX but they are saying nothing)

This would be interesting if you could provide some links.

[ggt]

Watching the price of gold retreat from its previous high of around $1,900 per ounce...is like watching the water of a tsunami recede from a beach...at some point in time it is going to come rushing back in...as gold will rush higher and make new highs...and then it will be too late to get in on the cheaper gold...if you can find anyone to sell you gold at all...

China, Russia, India, and other countries are buying gold in bulk, by the hundreds of tons, to back their currencies...the move is on throughout the world to reduce the need for US dollars...gold is being bought at a faster rate than it can be produced...

If you are interested...now is the time...just google buying gold...some companies will store your gold and buy back your gold...

Do not put your money in paper gold certificates...the actual physical gold is sold many times to different buyers...if someone takes delivery of this gold...the paper will be worthless...good luck...

Edited December 2, 2014 by ggt

[rickirs]

Is it surprising that the managing director of Hua Seng Heng Gold Futures Co would say that investors were moving from yen to gold? The yen has slumped to its lowest level against the USD since 2007. If investors want to avoid the volatility of the yen they should invest in USD’s.

[elgordo38]

would have been more interesting if he said about the many Asian gold traders OF BULK BULLION (1000+ once are charging 50% OVER spot price.......$1800 an once) for almost 2 months now ......they know whats really going on with gold (massively manipulation and over sold in the COMEX but they are saying nothing)

Lots of paper gold flying around just like paper money. Once the musical chairs stop(manipulation) all the holders of paper gold will be in the same boat as fiat currency holders. Wallpaper.

[Krataiboy]

The gold market is manipulated, as are all the other markets, to benefit the financial conglomerates which in effect run the world economy. In the long run, precious metals are a safer bet than bits of paper with notional values, as history has repeatedly demonstrated. Keeping a proportion of one's assets in gold, a metal which can always be traded for other goods and services, is not a speculative venture, but a sensible hedge against another global financial meltdown, which many experts are predicting is imminent.

[englishoak]

Hardly a surprise with India dropping the import restrictions.

[surangw]

still got a long way to go for all those fools that invested in gold at its last peak to break even

[Tokay]

still got a long way to go for all those fools that invested in gold at its last peak to break even

It's only an issue for those planning to short it. People who are long on gold (or anything else) are not bothered.

[cassde]

The Swiss held a referendum on 30th November about restoring their countries gold reserves from about 5% to 20%. If that actually happens, then the price of gold will increase substantially.

[goferman]

Actually, the referendum failed, as was expected.

The markets had already factored in that impact.

The more recent gains are subsequent to that.

And India still imposes a 10% import tax:

http://www.kitco.com/news/2014-12-02/KitcoNewsMarketNuggets-December-02.html

Hopefully that tax will be eliminated soon.