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« UPDATE 3-Osisko strikes deal with Yamana to stymie Goldcorp bid | Main | Don’t Keep Your Gold and Silver in the US, Says Marc Faber »
Wednesday
Apr022014

DEUTSCHE BANK - Gold Price Slipping "as Physical Tightness Fading", Says Deutsche

Physical gold price in Shanghai at discount to London, GOFO rising...
 
GOLD PRICE gains of 7% in the first quarter are likely to be reversed, reckons a note from Deutsche Bank's commodities team, because physical "tightness" in the market is receding.
 
"We view it as only a matter of time before gold re-tests the [US Dollar] lows hit in December last year," says the commercial and bullion bank, a market-maker for wholesale gold and silver in London.
 
Pointing to gold's 3-year low of $1180 per ounce – hit both last June and New Year's Eve – prices have since "been supported" by revived Western investor interest, continued central-bank demand from emerging economies, and rising private demand in China, Deutsche says.
 
"However, with Shanghai physical premiums staying low and GOFO [forward] rates turning positive, support from physical tightness has begun to fade," the note concludes.

To read this post in full please click here.

 

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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