Thursday 28 February 2013
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Friday 8 February 2013
Iranians shun own currency for Gold
TEHRAN(BullionStreet): Iranians continued to purchase gold from every available centers on fears about it's economy, particularly the risk of soaring inflation and a wobbly currency.
According to latest reports, one Azadi gold coin sold for 15.3 million rials at Iran's free market last Sunday, which is a new record.
Analysts said ever dipping rial, Iran's currency, forced even those people who already have coins in large numbers to buy again rather than cashing in for a profit.
Worries about the declining buying power of the rial and doubts over the currency’s stability are the main drivers behind the flight to gold.
They added that due to sanctions, Iranians have no choice but to invest in gold coins as they can't move their capital and invest in other countries.
Treasured as a store of value, Iran’s gold coins, minted over centuries, are also culturally important.
Produced by the Central Bank of Iran, a standard gold coin weighs 8.133 grams.It is also sold in smaller denominations of a half coin and a quarter coin.
Iranian economy has been hit by sanctions as the United States leads global pressure on Tehran over a nuclear programme many states say is aimed at building atomic weapons, a charge Iran denies.
Iranian authorities have repeatedly denied that sanctions are hurting the country, saying the economy is strong.
But many Iranians are worried that keeping their wealth in rials is a risk.
Source: http://www.bullionstreet.com/news/iranians-shun-own-currency-for-gold/3983
Friday 11 January 2013
Why Choose Gold Trading When You Want to Start a Business by Nivia Devidson
Europe is currently facing an economic crisis, and the United States has an issue of unemployment rates that are rising. This has been a cause of the drop in the price of gold. The good news is that it will not be long before the price of gold begins to rise again. If you are interested in making a profit, then now would be a wonderful time for you to invest in the gold market. This is because you will be able to purchase gold while the prices are low, and then you can sell it for a higher profit once the price has risen again.
There are many reasons why it is a good idea for you to invest in gold. If you do not like to take risks with your finances, then you can take comfort in the fact that you can only stand to gain money when you invest in this precious metal. You may be wondering how you could possibly make a profit when the price of gold has currently fallen. Actually, in order to make a good decision, you need to look at the price of gold over the past ten years. You will see that it does drop at certain times, but it is constantly on the rise. Therefore, if you purchase gold now, while the price of it is low, you will no doubt make a decent profit in the future.
One of the main reasons for the almost constant rise in the price of gold is because there is a high demand for it. In addition, gold is not in a large supply. These together make the price of gold rise. In order for you to make your money work for you, you should consider investing it in gold instead of putting it in the bank. This is because you will earn a higher profit from your gold investment than you would from the amount of interest that you will be paid from the banks that you keep your money in.
If you are interested in investing in the commodity of gold, you should make sure that you take all of the necessary precautions to ensure that it is not stolen. If you are unable to provide the necessary security, then you should wait until you are able to before you invest in gold. The last thing that you would need is to spend your savings on gold, and then have someone break into your home or business and steal it.
Source: http://goarticles.com/article/Why-Choose-Gold-Trading-When-You-Want-to-Start-a-Business/7169426/
Friday 28 September 2012
Investors, central banks scramble to purchase gold
Bloomberg News
September 27, 2012
Spot gold rose as much as 0.3 per cent to $1,765.20 an ounce and was at $1,763.50 in Singapore. The metal reached $1,787.52 on September 21, the highest price since February 29, and is 10 per cent higher since the end of June. That's set for its biggest quarterly climb since the three months to June 2010.
Spot gold rose as much as 0.3 per cent to $1,765.20 an ounce and was at $1,763.50 in Singapore. The metal reached $1,787.52 on September 21, the highest price since February 29, and is 10 per cent higher since the end of June. That's set for its biggest quarterly climb since the three months to June 2010.
Bullion has rallied after central banks from the United States to Japan took steps to boost their economies, driving investor holdings in exchange-traded products to a record. The Federal Reserve announced on September 13 a third round of debt purchases to bolster the largest economy, potentially weakening the dollar.
"A poor economic backdrop will keep global stimulus measures on the cards for a while and gold is set to profit from that,- Sun Yonggang, a macroeconomic strategist at Everbright Futures, a unit of China's largest state-owned investment group.
December-delivery gold was little changed at $1,766 an ounce on the Comex, after dropping 0.3 per cent. Holdings in gold-backed ETPs climbed to 2,551.859 metric tonnes on Tuesday.
Kazakhstan expanded its gold reserves for a 13th month in August, buying 1.4 tonnes, data on the International Monetary Fund's website showed. South Korea bought 16 tonnes in July, and Paraguay purchased 7.5 tonnes that month.
In China, cash gold of 99.99 per cent purity on the Shanghai Gold Exchange fell 0.2 per cent to 358 yuan a gram ($1,765.39 an ounce) up 11 per cent this quarter and set for the biggest such gain since the period to December 2009.
Silver rose as much as 0.8 per cent to $34.0425 an ounce and was at $33.9425.
The metal is set for a quarterly gain of 23.5 per cent, the best since the three months to December 2010.
Spot platinum gained for a second day, climbing as much as 0.5 per cent to $1,636.50 an ounce. The metal is up 13 percent since the end of June as labor disputes halted supplies in South Africa, the world's largest producer. ETP holdings tracked were at a record 47.438 tonnes on Tuesday.
Palladium fell for a third day, dropping 0.4 per cent to $636.45 an ounce, trimming monthly and quarterly advances.
Source: http://www.timesofoman.com/innercat.aspx?detail=13146#
How Gold & Silver Provide a Safe Haven
The reasons for holding precious metals as a relatively safe haven for one’s personal wealth are numerous.
One common investing thesis for buying precious metals is that these intrinsically valuable commodities can hold their value in times of rising price levels. This characteristic can help American savers keep pace with credit expansion and paper currency debasement.
Diversify Out of the Dollar
For example, precious metals can provide a safe haven in terms of the diversification they offer relative to holding US dollars in cash or dollar-denominated assets.
Physical gold and silver investments can take up a core position in an investment portfolio since they offer an easy way to have some wealth stashed out of dollar-denominated assets. These hard assets also provide a viable alternative to holding foreign currencies or foreign equities.
Basically, precious metals allow investors to engage in a new way of thinking, where investment priorities are anchored to real value and permit advance planning for troubled times.
When the Dollar Bubble Bursts
In much the same way that market bubbles have been blown in various asset classes over the last 40 years, largely via Fed sanctioned interest rate manipulation, the overvalued US dollar seems like yet another bubble waiting to burst.
Basically, the value of silver has been artificially deflated in US dollar terms via price control implemented using contracts traded at global futures exchanges. The symbolic investigation of this so-called conspiracy by the CFTC just passed its fourth year.
Underpriced assets like silver will eventually lead the way back to what will very likely be the largest bubble the world has ever seen. The US Dollar and the US bond market appear destined for a long overdue crash.
Various factors point to this outcome. They include such things as: intrinsically worthless paper wealth, high frequency trading, a world where MF Globals can exist, the threat of taxation, and rampant money printing — otherwise known as Quantitative Easing.
Competing With the Banks for Credit
Major international banks have benefited disproportionately compared to the individual investor from credit expansion in recent years. Banks enjoy better profits from cheap money and can buy future cash flows very inexpensively.
Meanwhile, consumer credit has contracted leaving consumers holding the bag in many cases. People are also unable to consume as much because of a rise in general price levels and the failure of the troubled financial system to purge itself of bad debt.
If at any point the American consumer and banks are equalized with additional credit infusions, the tide will then begin to turn. Consumers can then free up more discretionary income as America goes back to work.
Nevertheless, until the two groups are made equal, credit will neither expand nor contract. Instead, credit supplies will stay constant, although prices will continue to rise relative to consumer incomes.
Precious metals provide a safe haven investment that can often help compensate an investor for such price rises. Furthermore, if at any point the system balances and allows for credit expansion to extend to Main Street, then precious metals investors will typically benefit.
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