Today’s AM fix was USD 1,254.75, EUR 917.89 and GBP 756.42 per ounce.
Yesterday’s AM fix was USD 1,253.50, EUR 919.12 and GBP 757.04 per ounce.
Gold and silver rose by more than 1% on the COMEX today. Gold was $15.70 higher to $1,269.80 per ounce and silver rose $0.20 to $19.78/oz.
Traders eagerly await news from the Fed. The recent tapering of the central bank’s bond-buying program by $10 billion to $75 billion a month is already largely priced into the market contrary to much idle speculation.
Most physical buyers will ignore the noise and focus on the fact that the Fed’s monetary policies, along with most central banks in the world, remain extraordinarily accommodative even after the recent $10 billion taper.
They are likely to continue accumulating until they see an actual, real tightening in monetary policies and an actual end to quantitative easing.Traders eagerly await news from the Fed’s policy announcement on Wednesday. The recent tapering of the central bank’s bond-buying program by $10 billion to $75 billion a month is already largely priced into the market.
The smart money is either continuing to accumulate physical or transporting already purchased bullion from storage in the U.S., Canada, Europe and other western countries to storage in Singapore. Indeed, some are selling holdings in the West and rebuying bullion for storage in Hong Kong and Singapore.
Royal Bank of Scotland (RBS) is heading for an £8 billion loss for 2013 and yet it is rewarding senior executives massive bonuses despite losses. It will have to lay aside nearly $5 billion to cover potential litigation claims related to mortgage-backed securities and other high risk products sold before the financial crisis. Its poorly served clients have had frequent IT and computer technical problems and there have been found to be gouging some of their business clients who have found themselves in financial difficulty. Recent days have seen allegations of currency price fixing.
RBS is to stop providing dozens of currency benchmarks, as regulatory rate rigging probes raise doubts about the integrity of daily price fixings in the global foreign exchange and gold markets.
In a memo to clients, the bank said that it would limit its offering of foreign exchange benchmarks to a handful of price fixings, and that it would wind down its internal benchmark, called RBS Fix.
Nearly six years after the financial crisis and its massive bailout, it looks like business as usual by the bankers in RBS and in the City of London and Wall Street.
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The Essential Guide To Storing Gold In Singapore
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