Physical gold and silver demand remains robust in many markets internationally. Demand from the Middle East remains robust as seen in the near record imports of gold and silver into Turkey. Turkey’s gold imports climbed to an eight-month high in March as prices averaged the lowest since May, according to the Istanbul Gold Exchange. Silver imports rose 31% from a month earlier according to Bloomberg. Gold imports increased to 18.26 metric tons, the most since July. That’s up from 17.34 tons in February and compared with 2.91 tons a year earlier, data on the exchange’s website show. The country shipped in 120.8 tons last year. Turkey was the fourth-biggest gold consumer in 2012, according to the London-based World Gold Council. Bullion averaged $1,593.62 an ounce last month and is trading about 17% below the record nominal high of $1,921.15 set in September 2011.

 

From Goldcore:

Today’s AM fix was USD 1,568.50, EUR 1,222.81 and GBP 1,038.40 per ounce.
Tuesday’s AM fix was USD 1,597.75, EUR 1,244.64 and GBP 1,051.64 per ounce.

Gold fell $23 or 1.45% yesterday while silver fell 76 cents or 2.7%.


Cross Currencies Table – Bloomberg

Gold has fallen to $1,570/oz as irrational exuberance continues in international markets with investors piling into equities as the U.S. stock market ‘crack up boom’ continues … for now.

Risk appetite remains recklessly high with the Dow Jones Industrial average up another 90 points yesterday to 14,662 and now targeting 15,000. This risk appetite is continuing to pressurise gold.

Gold’s lower quarterly close may also be leading to momentum players continuing to sell further pressurising gold. Gold’s fundamentals remain sound though and smart money will continue to buy on the dip.

Geopolitical risks in North Korea, between Japan and China and in the Middle East remain remain heightened and could intensify which could be the catalyst for gold bouncing from oversold levels.


Platinum in USD (5 Years) – Bloomberg

There are also still very significant sovereign risks with Slovenia and Luxembourg in the EU now under the spotlight and the risk of a major default in Argentina now looming.

Physical gold and silver demand remains robust in many markets internationally. Demand from the Middle East remains robust as seen in the near record imports of gold and silver into Turkey.


Palladium in USD (15 Years) – Bloomberg

Turkey’s gold imports climbed to an eight-month high in March as prices averaged the lowest since May, according to the Istanbul Gold Exchange. Silver imports rose 31% from a month earlier according to Bloomberg.

Gold imports increased to 18.26 metric tons, the most since July. That’s up from 17.34 tons in February and compared with 2.91 tons a year earlier, data on the exchange’s website show. The country shipped in 120.8 tons last year.

Turkey was the fourth-biggest gold consumer in 2012, according to the London-based World Gold Council. Bullion averaged $1,593.62 an ounce last month and is trading about 17% below the record nominal high of $1,921.15 set in September 2011.


Silver in USD (3 Years) – Bloomberg

Silver imports advanced to 6.19 tons in March, the most since January, according to the bourse. The nation imported 142.2 tons last year. Silver averaged $28.8157 in March, the lowest since July and remains well below the record nominal high of nearly $50/oz seen in April2011.

Gold and silver’s inflation adjusted record highs from 1980 of $2,400/oz and $140/oz have been our long term price targets since 2003 and remain so.

Platinum was down 1.4% to $1,568.50%, while palladium fell 1.6% to $766.75/oz but with large deficits expected for both PGM metals this year, weakness is likely to be fleeting.

 

NEWS

Gold Settles Below $1,600 – Wall Street Journal

Gold off 4-week low, firm equities likely to weigh – Reuters

Fed’s Kocherlakota repeats call for more policy easing – Reuters

ECB’s Coeure warns against consequences of currency war – Reuters

COMMENTARY

Jim Rogers: IMF Said “Loot the Bank Accounts” – YouTube

State-Wrecked: The Corruption of Capitalism in America – The New York Times

The Four Traits Of Monetary Union Collapse – Zero Hedge

Fed Shorting Gold to Support the Dollar, Former Assistant Treasury Secretary Roberts Says – Proactive Investors

 

  1. The western powers tried to prevent Turkey from using their gold trading channels with Dubai, a means used to help Turkey pay for the petroleum products they buy from Iran.  This attempt to block good delivery bars as payment for oil was ineffective.  Since the embargo did not work, this  sets up the Petro Gold trade within Iran, Turkey, India, China and potentially Japan. Gold becomes an efficient means to trade and payment for Iranian petroleum within the BRICs and other countries.  This undermines the Petro Dollar hegemony in place since 1973.  Another BRIC in the wall.

    • “Gold becomes an efficient means to trade and payment for Iranian petroleum within the BRICs and other countries.”
       
      Indeed it does, AG.  Not only that but the BRICSA countries seem very positive about doing trade with each other in their own currencies as well.
       
      Speaking of Turkey… their stock market is up about 35% in the past 10 or so months.  Not at all bad.  Wish that I owned some.  :-/
       

  2. Turkey is buying Gold AND Silver!  Other than the huge demand for US-minted Silver Eagles, when was the last time anything was reported in the media about large buying of physical Silver by other countries.  All the talk has been about buying Gold, but now physical Silver is being bought in large quantities also.  It must be remembered that Silver is a major precious metal alongside Gold in the Middle East, and once upon a time in Egypt Silver was worth more than Gold because of its scarcity.
     
    Comments by ZeroHedge community:
    “30% premiums on silver over here in Europe. Nough said…”
    “well, no.. where do you buy it? Ok, we have VAT around 19-21% quite everywhere but only 7% (only till the end of 2013?) on coins in Germany:”
    “On Phils & Maples it’s “only” a 15% premium …”
    “A friend in Ucraine says the normal premium of 3-5% is now a 14-15% on silver…”
    “Not to talk about Italy! With a 21% (22% this summer!) VAT on Silver … there’s no big seller here!”
     

  3. I have a Few rolls of AE’s but an Oz of Silver is an Oz of Silver so why would they buy the AE’s with those hefty premiums, I’m guessing they believe the Dollar is going to remain strong against the rest off the world but they don’t know what we know, right? lol

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