The volume of holding held to back shares in the SPDR Gold Trust (ticker GLD), the world's biggest gold exchange traded fund, fell for the tenth straight session yesterday, the first time this has happened since the GLD was launched in 2004.
Spot market gold prices hovered just below $1,720 an ounce Thursday morning in London – 2.4% up on last week's close – while stocks recovered some ground and the dollar ticked higher as central banks in the UK and Europe left monetary policy unchanged.
Spot market gold bullion prices fell towards $1,740 per ounce Thursday lunchtime in London, 0.8% down on the week so far, while most European stock indexes also ticked lower ahead of today's European leaders' summit in Brussels.
As "the only metal with a Ph.D. in economics” because of its widespread use in industrial applications copper is an excellent bellwether for the state of global economic activity. And right now copper is predicting a major global rebound.
The spot market gold price touched a new six-month high at $1,746 an ounce Wednesday morning, while stocks and the euro also rallied following a ruling by Germany's Constitutional Court cleared the way for the creation of a permanent euro-zone bailout fund.
Spot market prices for buying gold bullion traded just below $1,620 per ounce during Friday morning's London session, very slightly below where they ended last week, while stock markets also gained, amid renewed speculation over central bank stimulus measures.
The midweek trading session in New York started with fresh declines across the precious metals’ price boards as the US dollar resumed its ascent on the trade-weighted index in the wake of an “uncooperative” Fed.
The “Liebor” scandal is the latest scandal to befall Wall Street and City of London banks and official regulators and central banks. It is creating further mistrust of our already wounded financial and monetary system.
The new trading week got off to a relatively muted but also somewhat weak start in the precious metals’ complex. Spot gold climbed $3.70 to open at $1,586 per ounce and silver commenced the trading day at $27.24 the ounce with a 14-cent advance.
Spot gold prices touched a seven-session high just shy of $1,600 per ounce in London's wholesale market early Monday, falling back to last week's finish at $1,593 as European stock markets rose for the first time in 10 days.