Pacific Group becomes latest hedge fund converting assets to physical gold

Today’s AM fix was USD 1,688.00, EUR 1,269.08, and GBP 1063.58 per ounce. Friday’s AM fix was USD 1,690.00, EUR 1,265.82, and GBP 1,060.49 per ounce.

Silver is trading at $31.98/oz, €24.10/oz and £20.21/oz. Platinum is trading at $1,672.00/oz, palladium at $716.00/oz and rhodium at $1,200/oz. 


Cross Currency Table – (Bloomberg)

Gold was up 1.26% for the week and silver was up 4.60%. Gold fell $2.80 or 0.17% in New York on Friday and closed at $1,684.10/oz. Silver surged to a high of $32.11 before it also edged off, but it still finished with a gain of 0.47%. 


Gold in USD, Daily, 2010-1013 – (Bloomberg)

Gold inched up on Monday on concerns about currency debasement and even looser monetary policies to be announced from the Bank of Japan.

BOJ is examining an open-ended pledge to buy assets until a 2% inflation target is near, which is pushing the yen to a 2½-year low. Gold bullion on the TOCOM soared to match a multiyear record of 4,911 yen a gram before giving up gains. 

Physical gold demand is also ramping up in Asia with the upcoming Lunar New Year festivities just around the corner on Feb. 10.

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