Since last week the gold price has continued to decline, reaching 1216 USD/oz, representing a fall of 9.01 USD/oz, or -0.74% over the seven day period. After gold markets rallied at the beginning of last week, the results from the US Federal Reserve’s FOMC meeting further strengthened the dollar, putting downward pressure on the gold price which subsequently saw successive falls to a low of 1213 USD/oz – a low point for this year.
The situation on the ground in the coin markets of the Mainland has changed significantly in the last few days. The 2014 1 oz silver Panda bubble seems to have deflated somewhat in contrast to the excitement seen around this coin type over the last couple of weeks, with collectors in the Chinese markets releasing extra supplies in the wake of high prices. The price has returned to around 186 and the number of deals has returned to a more usual level.
On the other hand, the 2011 1 oz silver Panda seems to be garnering a high degree of investor confidence, as the number of deals reached in the last couple of days is significantly on the rise.
Proof coins of the 2014 Panda series have seen an increase in traffic. The 5 oz silver Panda has a market value of 1270-1300 yuan, and many deals have been seen at the lower end of this price range. The 1 kilo silver Panda has dropped back to below 7000 yuan. The 5 oz gold coin is trading at about 54500 yuan, and opening prices for the 1 kilo gold Panda are at 330000.