Market Update (12th December 2014)

This Friday, the 12th December 2014, the Asian commodities market opened with the gold price continuing to hover just below the 1230 USD/oz line.  Markets closed for the weekend at 1221.40 USD/oz.  The previous day had seen US crude oil prices fall to below 60 USD per barrel, and in times of such economic uncertainty gold – seen as a safe refuge or bolt hole – makes gains while other commodities feel the strain.

Regarding the latest coin releases, the early strikes of the 2015 1 oz silver Panda have experienced a kind of hyperinflation, and have emerged over the last few days as unexpected market leaders. Shanghai’s Lugong Market has seen prices rise from 380 yuan to 450 yuan. The first strike issues of these silver Pandas have mintages limited to 50,000, with each distributor limited to 300 pieces each, so they have become somewhat of a focal point among dealer sales. The standard 2015 1 oz silver Pandas are seeing market values of around 163 yuan.

The 2015 gold Pandas continue to dominate the market for gifts at this time of year; and the coloured gold and silver Year of the Ram sets are selling for prices around 3880 yuan, while their standard gold and silver counterparts are valued at 3530 yuan.

Following our previous article on the highlights of the Shanghai Hong Sheng 2014 Autumn Auction, we can report that the 2013 Mt Putuo 1 kilo gold coin was bought for a final bid of 678,500 yuan; while unfortunately the 1993 Inventions and Discoveries 1/4 oz platinum five-coin set did not attract any bids greater than the reserve price…