Market Update (24th November 2014)

Since the 17th November, the gold price has managed to hold above the 1180 USD/oz mark, and creeping slowly but surely upwards until the markets closed on Friday 21st November at approximately 1201 USD/oz. With the President of the European Central Bank, Mario Draghi, reporting below target inflation rates, and hinting at increased quantitative easing; and with the Chinese Central Bank lowering interest rates for the first time since 2012, an atmosphere of uncertainty emerged in the markets, and the gold price was hauled up from its recent trough of two weeks ago.

As for coins, deliveries of the 2015 1 oz silver Panda are now rolling into the coin markets of Mainland China with increased frequency, and sales of these new arrivals are now starting to take centre stage. Futures deals, however, seem to have largely dried up. Having reached a price of around 155 yuan, prices are now holding steady at this level, with the vast majority of deals being agreed at 152-153 yuan.

Although prices for most specifications of the 2015 gold Pandas have recently stayed largely constant, there has been some noticeable upward price movement following the recent recovery in the gold price. The 2015 1 oz gold Panda is trading at just under 7600 yuan, with most deals within the 7560-7580 yuan bracket.

The trade in Lunar coins is, as always, rather lively, with a good number of deals for the Year of the Ram coloured gold and silver sets, which continue to see prices of 3480-3530 yuan. The standard gold and silver sets have a current market value of 3150-3200 yuan. Aside from these, the vast majority of other coin types for this year’s Lunar series have seen no great changes.