End of National Day Celebrations: Market Update

On Tuesday 7th October 2014 the gold price at the opening of the Asian markets was at 1203.79 USD/oz, showing a slight recovery, having dipped below the 1200 USD/oz mark on one occasion during the Chinese national holiday. Yesterday was the last day of the national holidays in China, and as a result the markets are gradually returning to their normal level of activity as the gold price shows small fluctuations with a degree of uncertainty.

The 2014 gold Panda sets are holding steady, seeing prices at around 15600 yuan, while the 2014 1 oz silver Panda has picked up a little, with most deals being agreed at 179 – 180 yuan per piece.

With the National Day celebrations coming to a close, the atmosphere in Shanghai’s Lugong Stamp Market is, as before, a little sluggish and depressed with the holiday effect being largely to blame. Trading was particularly low yesterday, with only a 50% turnout from vendors and a handful of sporadic deals being struck. However, highlights included the 2014 1 kg silver and 5 oz silver Panda coins, whose market values have nonetheless seen small increases. For opening prices of around 6250 yuan, the 1 kg silver Panda was drawing in a large number of buyers, with some final negotiated prices as high as 6400 yuan. Similarly, the 5 oz silver Panda has most recently seen market values of 1280 yuan.

Interest in the 2010 1 oz silver Panda has also seen a significant surge, with many deals reached in the region of 415 yuan. It is rumoured that with this rise in popularity the market may soon be flooded with sellers, perhaps seeing levels of supply as much as double!