This week’s gold price has continued to show the strength seen during last week. Since entering October we have observed the market transitioning from strength to strength over the two week period. The international gold price currently stands at 1237.88 USD/oz, showing a remarkable turnaround from the disastrous condition of the market seen since late July. The gold market continues to benefit from global turmoil, as uncertainty edges people away from other markets. The havoc caused by the current ebola outbreak has caused investors to seek the relative safety of the gold market, and the unexpected slant on this week’s official address by Janet Yellen at the US Federal Reserve has also been a morale boost for gold.
The coins market has seen the announcement by the CGCI of the 2015 Panda series, to be officially released on 24th October 2014 to coincide with the Beijing International Coin Expo. The 2015 set comprises 10 coins – 7 gold and three silver, and all of them, as per usual, legal tender of the PRC.
On the Mainland, the market for the 2014 Panda series is heating up. The 2014 gold Panda sets are going for prices in the region of 15650 – 15700 yuan, with many sets reportedly being sold as gifts or presents. The 2014 1 oz silver Panda, which a few weeks ago saw a one-time surge in price, has gradually calmed down and is now back to a more usual price, with today seeing many deals around 166 – 168 yuan. Supply for the 1 oz gold Panda is scarce and has seen price rises to around 8120 – 8150 yuan. The imminent release of the 2015 Panda coins has drawn market attention back to the Panda series in general, with the 2014 series seeing a corresponding boost in popularity.
Keep an eye out in the coin store for our remaining stock of 2014 gold bullion Pandas. There are only a few left, as at this time of year our supplies are getting rather scarce, so don’t miss out.