Gold futures on the <keyword id="109771" type="CITY" weightage="20" keywordseo="Multi-Commodity-Exchange">Multi Commodity Exchange</keyword> (<keyword id="6355409" type="ORGANIZATION" weightage="20" keywordseo="mcx">MCX</keyword>) rose on Tuesday taking cues from international markets and rising concerns over Delta variant of Covid-19. The August contact of gold on the MCX is currently trading around ₹48,185 per 10 gram, higher by ₹91 from its previous close. Kshitij Purohit of CapitalVia Investment Adviser said: "<keyword id="520473" type="ORGANIZATION" weightage="20" keywordseo="LBMA">LBMA</keyword> Gold spot has resumed slightly gapped higher at $1,817.50, trading with positive momentum after sustaining above the support low of $1,795 in previous session. However, lower <keyword id="105472" type="ORGANIZATION" weightage="20" keywordseo="US-Treasury">US Treasury</keyword> yields in addition to concerns over the rising number of COVID-19 cases globally and its impact on the global economic recovery capped losses for the yellow metal." On the domestic futures, he said that the overall trend will be sideways to marginally bullish in today's session. Silver futures traded on a subdued note on Tuesday after opening higher. The September contract of silver on the MCX was trading at ₹67,228 per kg, lower by ₹18 from its previous close. Silver future opened on a positive note at ₹67,409, slightly gapped higher from previous closing, trading with sideways to moderately positive trend in Tuesday morning. "The price dropped in previous session as dollar edged higher, weighing on silver and generating headwinds for the entire precious metals complex. US Yields moved lower as investors moved into safe-haven assets. The <keyword id="1735090" type="PERSON" weightage="20" keywordseo="home-builders">Home Builders</keyword> index edged slightly lower, which paved the way for lower yields," Purohit said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms">This toolkit will tell you if your phone is infected by the Pegasus spyware</a> <a href="https://www.businessinsider.in/tech/news/youtube-acquires-two-year-old-indian-video-commerce-startup-simsim/articleshow/84576418.cms">YouTube acquires two-year old Indian video commerce startup simsim</a>

Gold futures on Multi Commodity Exchange rise on global cues, rising concerns of COVID-19 'Delta' variant

Global <keyword id="19978688" type="General" weightage="100" keywordseo="gold-demand" source="keywords">gold demand</keyword> in Q2 2024, excluding over-the-counter (OTC) transactions declined by 6% year-on-year to 929 tonnes, primarily due to a sharp fall in jewelry consumption, according to the latest report of the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="261" meta.entityid="World Gold Council">World Gold Council</keyword>. However, when including <keyword id="22654356" type="General" weightage="20" keywordseo="OTC-investment" source="keywords">OTC investment</keyword>, total gold demand increased by 4% YoY to 1,258 tonnes, marking the highest Q2 figure since data collection began in 2000. The record-high <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> took a significant toll on jewelry consumption. Volumes fell 19% YoY to 391 tonnes, the lowest in four years. The report reveals a mixed picture for the Indian market in the second quarter of 2024. While overall gold demand showed a modest increase due to investment in OTC markets and central bank purchases, India witnessed trends that reflect broader market shifts. This decline reflects the impact of elevated gold prices on consumer purchasing behaviour, particularly in markets sensitive to price fluctuations, including India. <keyword id="19946830" type="General" weightage="20" keywordseo="central-banks" source="keywords">Central banks</keyword> continued to be significant players in the gold market, with net gold buying increasing by 6% YoY to 184 tonnes. This rise is attributed to the need for portfolio protection and diversification in a volatile economic environment. In June alone, central banks reported net purchases of 12 tonnes, with key contributors including the Central Bank of Uzbekistan and the Reserve Bank of India, both adding 9 tonnes to their reserves. The Monetary Authority of Singapore was noted as the largest seller, offloading 12 tonnes in the same month. The LBMA (PM) gold price averaged a record $ 2,338 per ounce in Q2 2024, up 18% YoY and 13% QoQ. Gold prices peaked at a new high of $2,427 per ounce in May. This environment drove significant investment and production trends, with total gold supply growing by 4% YoY to 1,258 tonnes. Mine production reached a record 929 tonnes for a second quarter, while recycling supply was the highest since 2012, reflecting the response to rising prices. OTC investment was a major component of the Q2 total gold demand, amounting to 329 tonnes. This, along with continued central bank buying, contributed to pushing gold prices to record highs during the quarter. Despite a minor 7-tonne decline in global gold <keyword id="19930506" type="General" weightage="20" keywordseo="etf" source="keywords">ETF</keyword> holdings in Q2, this was an improvement compared to the 21-tonne drop in Q2 2023. The decline in ETF holdings was followed by early outflows and nascent inflows later in the quarter. Retail bar and coin investment experienced a 5% decline to 261 tonnes, mainly due to weakened demand from Western markets. Conversely, gold used in technology saw an 11% YoY increase, driven by the continued growth in <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI) applications. <keyword id="21088407" type="General" weightage="20" keywordseo="investment-trends" source="keywords">Investment trends</keyword> continued to diverge regionally. Eastern markets exhibited robust demand for bars, coins, and ETFs, while Western markets saw marked declines. However, Western ETF investment flows have shown signs of recovery in early Q3 2024. Looking ahead to the full year of 2024, it is expected that revived Western investment flows will help balance out weaker consumer demand, and potentially slower central bank buying, compared to 2023.

Global gold demand drops 6% in Q2 2024 due to slump in jewelry consumption, OTC investment pushes the total to record high

<ul class="summary-list"><li>The <keyword id="13489252" type="UNKNOWN" weightage="60" keywordseo="london-bullion-market-association" source="Orion">London Bullion Market Association</keyword> and the <keyword id="13489253" type="UNKNOWN" weightage="60" keywordseo="world-gold-council" source="Orion">World Gold Council</keyword> launched a pilot program to digitally track <keyword id="11896079" type="UNKNOWN" weightage="60" keywordseo="gold" source="Orion">gold</keyword> moving through the global supply chain. </li><li>The Gold Bar Integrity Programme will test a blockchain-based ledger aimed at monitoring gold bars from mine to vault. </li></ul>Two major <a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">gold</a> groups on Monday launched a pilot program to digitally monitor gold moving through the global supply chain as a way to ensure authenticity and bolster transparency within the market for the precious metal. The London <keyword id="6384667" type="UNKNOWN" weightage="60" keywordseo="bullion" source="Orion">Bullion</keyword> Market Association and the World Gold Council said the Gold Bar Integrity Programme will use a blockchain-backed ledger to register and track the full history of gold bars from mine to vault — gold that ultimately goes to so-called end consumers such as jewelry manufacturers. The groups want to guard the market against counterfeit gold or gold that's been illegally mined. "Consumers and investors want to know their gold has been responsibly and sustainably produced and tracing the origin of gold bars will help enforce the highest standards across the entire supply chain," World Gold Council CEO David Tait <a href="https://www.gold.org/news-and-events/press-releases/gold-bar-integrity-programme">said in a statement</a>. The LBMA and the WGC said the plan over time is to encourage all major participants in the industry to adopt blockchain technology so that all gold bars are digitally registered and tracked. Two distributed ledger companies, aXedras and Peer Ledger, will demonstrate their technology under the initial phase of the program.

The gold industry is testing blockchain technology to track the global market's supply chain of bars

<ul><li>Indians hold the <a href="https://www.silverinstitute.org/wp-content/uploads/2021/04/World-Silver-Survey-2021.pdf">third</a> largest physical silver investment in the world. </li><li>The industry earned ₹1,400 crore in assets from <keyword id="1438523" type="General" weightage="80" keywordseo="silver-etfs" source="Orion">silver ETFs</keyword> till July 2022. </li><li>Silver is used as an inflation hedge because of its industrial usage in solar panels, electric vehicles and electronics. </li><li><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> is among the top 20 producers of silver globally. </li></ul>Due to the rising need for green energy, the use of cellphones alongside increasing adoption of electric vehicles, one commodity is going to be in great demand, and that’s silver. Unlike gold, the price of silver is driven by the demand for the precious metal. Gold is typically considered to be a hedge against inflation and a safe haven. So with demand for silver rising, several asset management companies are launching Silver exchange traded funds. For instance, an average cell phone contains 0.3 grams of silver and an electric vehicle needs 25-30 grams of silver during production. An average solar panel needs 20 grams of silver. The metal is also used in electronics, brazing, jewellery and tableware to list a few. This increased utility combined with rarity, durability has made it an investor’s choice. After the US and Germany, India ranks <a href="https://www.silverinstitute.org/wp-content/uploads/2021/04/World-Silver-Survey-2021.pdf">third</a> in terms of largest physical silver investment holdings. It is also amongst the top 20 silver producing countries. This has prompted leading asset managers of the country to launch an investment tool — silver <keyword id="46594" type="General" weightage="100" keywordseo="etfs" source="Orion">ETFs</keyword>. Why consider Silver ETF? The value of a metal, whether it be gold, silver, diamond or platinum is determined by its purity, which is difficult to achieve. Hence investors are cashing in on the opportunity without holdings by investing in ETFs. Last year, five big mutual funds in India, ICICI <keyword id="4460105" type="General" weightage="50" keywordseo="prudential-amc" source="Orion">Prudential AMC</keyword>, Nippon India AMC, Aditya Birla Sun Life AMC, DSP Mutual Fund, and HDFC AMC, announced their plans to launch silver ETFs. In January 2021, ICICI Prudential AMC launched India's first silver ETF scheme, which is the first silver-based fund in India. The funds have already collected ₹1,400 crore in assets from silver ETFs till July-end, according to data provided by <a href="https://economictimes.indiatimes.com/mf/mf-news/mutual-funds-flock-to-silver-etf-space-with-new-schemes-collect-rs-1400-cr-assets/articleshow/93845328.cms?from=mdr">Morningstar India</a> this year. Moreso, silver is becoming rarer. Silver mining has increased 5% last year from 2020, said an Edelweiss report. However, silver supplies dropped into a deficit since last year, and analysts predict another sizable deficit of 72 million ounces in 2022. During bull markets, silver has soared much further and faster than gold due to high industrial <a href="https://www.edelweissmf.com/nfo/edelweiss-gold-and-silver-etf-fund-of-fund.html">demand</a>. Therefore it is often a tactical play, claim investment experts. How do you sign up for a silver ETF? The sign up process for a silver ETF in India can be done through mutual fund managers, personal finance advisors and mutual fund platforms. The customer has to submit their KYC on the platform, along with Aadhar and PAN details. Both Aadhar and PAN should be linked. Apps like <keyword id="6189412" type="General" weightage="50" keywordseo="groww" source="Orion">Groww</keyword>, <keyword id="759851" type="General" weightage="50" keywordseo="zerodha" source="Orion">Zerodha</keyword>, Upstox and PayTM money can be used by tech savvy investors. For a more traditional approach, a mutual fund advisor or chartered accountant can be approached. Reading up on the offerings of each mutual house ETF is essential as they differ in strategy and price. The fund managers of each mutual fund house are subject to change and it is important to keep a tab on their latest moves. How costly is the silver ETF in India? The range of the silver ETF varies according to the mutual fund house it belongs to. The silver-based ETFs got a green flag from the <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (Sebi). A guideline for fund managers and investors was released by the regulatory agency on November 25 <a href="https://www.sebi.gov.in/legal/circulars/nov-2021/norms-for-silver-exchange-traded-funds-silver-etfs-and-gold-exchange-traded-funds-gold-etfs-_54166.html">last year</a>. Here are the listed prices for top five silver ETFs in India. TABLE: <keyword id="132616" type="General" weightage="50" keywordseo="nav" source="Orion">NAV</keyword> Value August 2022 India’s Top Silver ETFs <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual Fund Silver ETF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential AMC Silver ETF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹55.84 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon India AMC Silver ETF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹54.6 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Sun Life AMC Silver ETF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹55.9 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DSP Mutual Fund Silver ETF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹54.6 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC AMC Silver ETF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹53.9 </td></tr></tbody></table> Here is what you need to know about before investing According to SEBI, “a Silver ETF scheme must invest at least 95 per cent of the net assets in silver and silver-related instruments. Physical silver must be of standard 30 kg-bars with 99.9 percent purity (999 parts per thousand) conforming to London Bullion Market Association (LBMA).” The regulator has also asked the fund houses for physical verification of silver underlying the Silver ETF units. Needless to say, all metals and their value is affected by macroeconomic conditions of the world and the stock market. Edelweiss Mutual Fund on August 24 this year launched India’s first silver-gold ETF, combining the inflationary power of gold and usability of silver. The scheme will invest in both metals and adjust the percentage as the performance of markets determine. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-is-a-prime-spot-for-all-bulge-bracket-pes-says-bank-of-americas-debasish-purohit/articleshow/94227647.cms">India is a prime spot for all bulge bracket PEs, says Bank of America's Debasish Purohit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/explained-how-video-commerce-is-helping-online-shoppers-try-before-they-buy/articleshow/94227299.cms">Explained: How video commerce is helping online shoppers try before they buy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/epack-durable-raises-40-mn-in-second-round-of-funding-led-by-affirma-capital/articleshow/94227885.cms">EPACK Durable raises $40 mn in second round of funding led by Affirma Capital</a>

Explainer: Should you invest in silver ETFs?

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/59dba9cb6d80ad64478b47c5-2400/ap111017015988.jpg" alt="gold bars bullion" data-mce-source="AP Images" data-link="http://www.apimages.com/OneUp.aspx?st=k&amp;kw=gold%20bullion&amp;showact=results&amp;sort=relevance&amp;intv=None&amp;sh=10&amp;kwstyle=and&amp;adte=1349692590&amp;pagez=60&amp;cfasstyle=AND&amp;rids=96e358a1f2244dbc8457d27ab0123a8a&amp;dbm=PY2011&amp;page=1&amp;xslt=1&amp;mediatype=Photo" /><a href="http://www.apimages.com/OneUp.aspx?st=k&amp;kw=gold%20bullion&amp;showact=results&amp;sort=relevance&amp;intv=None&amp;sh=10&amp;kwstyle=and&amp;adte=1349692590&amp;pagez=60&amp;cfasstyle=AND&amp;rids=96e358a1f2244dbc8457d27ab0123a8a&amp;dbm=PY2011&amp;page=1&amp;xslt=1&amp;mediatype=Photo">AP Images</a></div></div></div>Believe it or not, there are upwards of 2,100 digital currencies being traded in the world right now, with a combined market cap of nearly $150 billion, according to Coinranking.com.Obviously not all of these cryptos will survive. We're still in the early innings.Last month I compared this exciting new digital world to the earliest days of the dotcom era, and just as there were winners and losers then, so too will there be winners and losers today. Although bitcoin and Ethereum appear to be the frontrunners right now, recall that only 20 years ago AOL and Yahoo! were poised to dominate the internet. How times have changed!It will be interesting to see which coins emerge as the "Amazon" and "Google" of cryptocurrencies.For now, Ethereum has some huge backers. The Enterprise Ethereum Alliance (EEA), according to its website, seeks to "learn from and build upon the only smart contract supporting blockchain currently running in real-world production-Ethereum." The EEA includes several big-name financial and tech firms such as Credit Suisse, Intel, Microsoft and JPMorgan Chase, whose own CEO, Jamie Dimon, knocked cryptos a couple of weeks ago.<h2>Will Bitcoin replace gold?</h2>Lately I've been seeing more and more headlines asking whether cryptos are "killing" gold. Would the gold price be higher today if massive amounts of money weren't flowing into bitcoin? Both assets, after all, are sometimes favored as safe havens. They're decentralized and accepted all over the world, 24 hours a day. Transactions are anonymous. Supply is limited.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/59dba7406d80ad4e008b4ff2-830/screen shot 2017-10-09 at 124306 pm.png" alt="gold vs bitcoin frank holmes" data-mce-source="US Global Investors" />US Global Investors</div></div></div>But I don't think for a second that cryptocurrencies will ever replace gold, for a number of reasons. For one, cryptos are strictly forms of currency, whereas gold has many other time-tested applications, from jewelry to dentistry to electronics.Unlike cryptos, gold doesn't require electricity to trade. This makes it especially useful in situations such as hurricane-ravished Puerto Rico, where 95 percent of people are reportedly still without power. Right now the island's economy is cash-only. If you have gold jewelry or coins, they can be converted into cash-all without electricity or WiFi.Finally, gold remains one of the most liquid assets, traded daily in well-established exchanges all around the globe. Every day, some £13.8 billion, or $18 billion, worth of physical gold are traded in London alone, according to the London Bullion Market Association (LBMA). The cryptocurrency market, although expanding rapidly, is not quite there yet.I will admit, though, that bitcoin is energizing some investors, especially millennials, in ways that gold might have a hard time doing. The proof is all over the internet. You can find a number of TED Talks on bitcoin, cryptocurrencies and the blockchain, but to my knowledge, none is available on gold investing.YouTube is likewise bursting at the seams with videos on cryptos.Bitcoin is up 350 percent for the year, Ethereum an unbelievable 3,600 percent. Gold, meanwhile, is up around 10 percent. Producers, as measured by the NYSE Arca Gold Miners Index, have gained 11.5 percent in 2017, 23 percent since its 52-week low in December 2016.Discover investing opportunities in high-quality gold miners!Look Past the Negativity to Find the Good NewsThe news is filled with negative headlines, and sometimes it's challenging to stay positive. Take Friday's jobs report. It showed that the U.S. lost 33,000 jobs in September, the first month in seven years that this happened. A weak report was expected because of Hurricane Irma, but no one could have guessed the losses would be this deep.The jobs report wasn't all bad news, however. For one, the decline is very likely temporary. Beyond that, a record 4.88 million Americans who were previously sitting out of the labor force found work last month. This helped the unemployment rate fall to 4.2 percent, a 16-year low.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/59dba7fa6d80ad64478b47ad-769/screen shot 2017-10-09 at 124559 pm.png" alt="unemployment" data-mce-source="US Global Investors" />US Global Investors</div></div></div>There's more that supports a stronger U.S. economy. As I shared with you last week, the Manufacturing ISM Purchasing Managers' Index (PMI) rose to a 13-year high in September, indicating rapid expansion in the manufacturing industry. Factory orders were up during the month. Auto sales were up. Oil has stayed in the relatively low $50-a- barrel range, which is good for transportation and industrials, especially airlines. Small-cap stocks, as measured by the Russell 2000 Index, continue to climb above their 50-day and 200-day moving averages as excitement over tax reform intensifies.These are among the reasons why I remain bullish.One final note: Speaking on tax reform, Warren Buffett told CNBC last week that he's waiting to sell assets until he knows the plan will go through. "I would feel kind of silly if I realized $1 billion worth of gains and paid $350 million in tax on it if I just waited a few months and would have paid $250 million," he said.It's a fair comment, and I imagine other like-minded, forward-thinking investors, buyers and sellers will also wait to make huge transactions if they can help it. Tax reform isn't a done deal, but I think it has a much better chance of being signed into law than a health care overhaul. Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-ios11-iphone-software-features-tips-tricks-power-user-video-2017-9">The 5 best hidden features from the latest iPhone update</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/OZG8XqWj-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

Here's why bitcoin will never replace gold

The <keyword id="76265" type="PERSON" weightage="60" keywordseo="yen">yen</keyword> fell to 149,588.2 yen against <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword>, its lowest level since 1980. According to the data on Bloomberg, the all-time record high for gold priced in yen was 204,850 yen on January 21, 1980. 
Thus, yen gold remains 37% below the record intraday nominal high from 1980. Given the Japanese determination to devalue the yen to escape deflation, the record nominal high will almost certainly be reached in the next year or two. 
Asian demand has definitely picked up again ahead of Chinese New Year. Gold bar premiums in Hong Kong are $1.25 an ounce, the most since July, and in Singapore $1.10 an ounce, the highest since March, Barclays Plc said according to Bloomberg.
Thus, reports of a record gold high in yen are not 100% accurate. The benchmark gold contract on the Tokyo Commodity Exchange rose to a record high of 4,821 yen a gram. The Tokyo Gold Exchange was only founded in February, 1982 so data does not capture gold’s record nominal highs in yen in 1980.
Gold’s significant outperformance over stocks in Japan and internationally is leading to increased diversification into gold bullion from pension funds and institutions in Japan and internationally and this is set to continue.
The gold-platinum spread closed in to $12.30/oz, its smallest in nine months. Supply concerns plus the perception of an improving global economic outlook drove investors to metals with industrial applications, such as platinum and palladium.
A LBMA panel of invited precious metal experts is predicting a 5% increase in the average gold price for 2013, slightly more for silver and platinum while palladium is seen as the precious metals biggest gainer.
Goldman Sachs is recommending “fresh tactical longs in gold” as the U.S. government debates whether to raise the debt ceiling.
Yesterday, Federal Reserve Chairman Ben Bernanke urged U.S. lawmakers to raise the country's borrowing limit to avoid a potentially disastrous debt default, warning that the economy was still at risk from a political standoff over the budget deficit. 
Bernanke’s comments that the U.S. central bank isn't in a hurry to stop buying bonds and would continue its current ultra loose monetary policies saw the dollar fall on international markets.
U.S. Treasury 10-year note yields fell one basis point to 1.83 percent. Treasury Secretary Timothy F. Geithner warned yesterday that failure to raise the debt ceiling would “impose severe economic hardship.”
Bernanke gave only a brief response to the bizarre idea of the government issuing a $1 trillion platinum coin to try and avoid the debt ceiling and pay its bills. Over the weekend, the Treasury Department and the Fed both ruled out the idea, saying it wasn’t the right way to go.
“I’m not going to give that any oxygen,” he said.
The yen fell by more than 20% against gold in 2012 and analysts are concerned that Prime Minister Abe and his new government’s determination to stoke inflation, devalue the currency and promote growth could lead to further falls in 2013.
Economy Minister Akira Amari said today that Japan faces risks from declines in the yen after it weakened 3% this year against a basket of developed market currencies and by more than 20% against gold. 
The monetary and financial system remains fragile. Therefore, we recommend investors who wish to grow and protect their wealth to allocate physical gold to a diversified portfolio.

You Searched For "LBMA" and got 6 results

Gold futures on Multi Commodity Exchange rise on global cues, rising concerns of COVID-19 'Delta' variant

IANS

Global gold demand drops 6% in Q2 2024 due to slump in jewelry consumption, OTC investment pushes the total to record high

ANI

The gold industry is testing blockchain technology to track the global market's supply chain of bars

Carla Mozée

Explainer: Should you invest in silver ETFs?

Eetika Kapoor

Here's why bitcoin will never replace gold

Frank Holmes

The Japanese Yen Is Now At Its Lowest Price Against Gold Since 1980

Goldcore Bullion and Wealth Management Company