The following is the gold market update for late October, for the period 27th October to 31st October 2014.
The week started with the gold price in not too bad a condition at around 1230 USD/oz. However, from Wednesday onwards, news emerging that the US Federal Reserve resolution favoured the ‘hawks’; promising-looking third quarter GDP figures for the US; as well as an unexpectedly relaxed policy from the Japanese Central Bank; and a strong USD in the currency markets, all contributed to a dramatic fall of 70 USD/oz in the gold price over just a few days. Such was the drop, that on Friday a new four-year low point was set at 1161.40 USD/oz. This shows that there is still plenty of space for movement below last year’s trough of 1180 USD/oz.
In summary, the markets opened this week at 1231.04 USD/oz, closing at the end of the week at 1172.60 USD/oz, representing a fall of 58.44 USD/oz or 4.74%. The week’s high was 1234.85 USD/oz, and the low was down at 1161.40 USD/oz.
The market for late date 1 oz bullion silver Pandas, ever popular among many Mainland investors these days, stands like this.
In the Mainland coin markets, the 2014 1 oz silver Panda has a value which has recently been holding steady around 168-169 yuan; prices for the 2013 1 oz silver Panda have touched 210 yuan; and the 2010 1 oz silver Panda is doing rather well at 460-500 yuan – possibly due to an announcement that it will form a coin exchange fund soon to be floated as a stock on the Nanjing Exchange.