As of the 28th July, international gold prices recovered a little to 1306.30 USD/oz, representing a high point so far this week following price rises over two consecutive days. However, Monday’s figures seem relatively modest by comparison. In light of data from both the US and German markets, a cautious outlook would be wise.
The China Gold Coin Incorporation will shortly be issuing two new coin series: the 60th Anniversary of the Construction Bank of China Panda coin set – issued on the 28th July; and the Chinese Bronze Artefacts 3rd series – to be issued on the 8th August. Under the influence of the weak market for coins so far this year, expectations for commemorative coins are relatively low, and the vast majority of this year’s newly issued coins are unlikely hold their value. Only a very small number of the most popular coin types will be able to perform in this climate. The CGCI has failed to push the boat out when it comes to creativity, resorting to recycling designs for what should be a new and exciting series.
Sales figures for the gold and silver sets of the recently released 60th Anniversary of the Xinjiang Construction and Production Corps commemorative series, despite a poor start over the weekend, have picked up a little following a slight drop in price. Deals are being made in the region of 4450-4550 yuan. There is an abundant supply of the West Lake series on the market, but demand is falling short. Prices for the gold and silver coin sets remain steady around the 4000 yuan mark. Sales of the Mt. Emei series, released earlier this year in March, have somewhat dried up, and prices for the gold and silver coin sets seem fairly stagnant in the range of 4400-4550 yuan.