Today’s AM fix was USD 1,283.75, EUR 957.81 and GBP 801.54 per ounce.
Friday’s AM fix was USD 1,309.00, EUR 975.12 and GBP 814.16 per ounce.
Gold dropped $19.30 or 1.48% Friday, closing at $1,287.40/oz. Silver slipped $0.15 or 0.69% closing at $21.45. Platinum dipped $9.26 or 0.6% to $1,439.49/oz, while palladium fell $3.25 or 0.4% to $755.47/oz. Gold and silver fell 2.08% and 1.79% for the week respectively.
Gold dropped for its third day in a row after the U.S. non farm payrolls data on Friday showed that more jobs were added than expected, which increased speculation that the U.S. Fed will begin to taper its stimulus program. Friday’s rallying of U.S. equities and an elevated U.S. dollar sent gold to a three week low. The next U.S. Fed meeting is December 17 & 18th.
How to Invest Gold In Your Pension Plan – Part 1
When the time arrives for you to retire, how will your pension fund reward you? For many people, the entire process is entrusted to a pension broker or pensions company to manage on their behalf, with yearly statements to appraise of your pensions’ performance. Most of these funds are heavily weighted towards equities and property funds and as such, are not adequately diversified.
Gold is one such diversification opportunity to consider and despite the recent price retrenchment, has outperformed the both Irish bank deposit rates and the ISEQ (Irish stock exchange) over the past 10 years (see figure 1 below.) The analysis below examines the performance of constant monthly investment over ten years, net of fees and adjusted for inflation.
Irish citizens can invest in gold bullion in their pension funds since 2007 when the Irish Revenue Commissioners approved investments in gold in Self-Administered Pension Schemes via the Perth Mint Certificate Programme.
The approval came after an extensive review which included consultation with the Association of Pensioneer Trustees in Ireland (APTI), senior executives of the Perth Mint of Western Australia and GoldCore Limited.
Many investors are increasingly looking for an effective way to manage the macroeconomic, monetary and geopolitical risks in their retirement portfolios. By diversifying into gold in your pension, you can mitigate some of these risks.
Gold has outperformed most asset classes over the past ten years due to uncertainty regarding the global economy and in the mainstream asset classes such as equities, bonds and property.
Tomorrow, we will cover Putting Gold In your Pension Plan in the UK, and on Wednesday, the USA.
Click Gold News For This Week’s Breaking Gold And Silver News
Click Gold and Silver Commentary For This Week’s Leading Gold And Silver Comment And Opinion
Like Our Facebook Page For Breaking News, Interesting Insights, Blogs, Prizes and Special Offers
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/RhQMoh8Xj5Y/story01.htm GoldCore