Gold price daily in NZD$

A small rally overnight due to a weakening in the USD$. WHO have updated their level to 5 of 6 for the Swine flu pandemic. This may start to affect markets shortly.

OCR announcement this morning: the predicted 0.5% drop - having an immediate effect, dropping the NZD$ by nearly a cent.

Update 29 april 2009

Gold price NZD$ daily average.

A quiet 2 days - US Consumer confidence on Monday moved the gold price back, and trading last night was quiet.
Many analysts and investors are waiting to see what comes of the Swine flu outbreaks, if things get worse we would expect to see a move to safehaven investing globally. Watch this space......


Gold Scrapping May Have Reached 500 Tons, GFMS Says

The significance of Chinese gold holding clarification - CPM

Monday 27 April

Daily average Gold price in NZD$

A busy weekend, thanks to an announcement by China, which has the biggest gold and foreign-currency reserves. China has increased its gold holdings by 76 percent since 2003, said Hu Xiaolian, the head of the State Administration of Foreign Exchange. China added 454 metric tons to its reserves, which rose to 1,054 tons, through domestic buying and scrap refining, Hu told the Xinhua News Agency today.
This is expected to see a positive influence on the gold price in the short to medium term (example in case the Gold price is Pushing USD$920 this morning already)

Bloomberg: China Increases Gold Reserves 76% to Fifth-Largest (Update4)

NZD$ News this morning: N.Z. Dollar Drops on Rate-Cut Concerns, Australia’s Declines

Gold coins are a great way to go.....

Friday update

Gold price NZD$ hourly chart

A busy night for gold - back over USD$900 due to the bad news coming out from the IMF and a weakening US Dollar.

Have a look at the NBR Wealth guide (Out today) - some interesting articles for local investors (including an indepth look at Gold)

Gold rises above $900 after U.S. jobs data; copper falls


Another General Grant of the coast of Gisbourne? Nail ignites shipwreck mystery

An interesting chart from New Scientist, showing how long different commodity resources will last

2nd Update for 22 April

I had to add this, as it is a brilliant article, explaining the thinking behind gold from well known and respected Gold analyst James Turk

Kitco Commentators Corner

Update 22 April

Gold price Weekly in NZD$ (red line shows the simple average)

Another quiet day in the markets -lots of news but no real movments in relation to NZD$ priced Gold.

Gold: Price to be boosted by increased imports to India

IMF predicts further woe for European banks

CNN overnight on the markets

And Bloombergs wrap up

Gold update 21 April

Welcome to the 21st Century - we are now on Twitter - mike_okane if you'd like to follow us. I'm not trying to compete with the Hollywood stars (1 million followers) but we thought it would be a good way to get quick simple concise information pertaining to Bullion and New Zealand out.

ECB invested 2008 gold sale proceeds in U.S. dollars


Bloomberg News:
Gold Gains for Second Day in Asia as Stocks Slide Boosts Demand

April 21 (Bloomberg) -- Gold advanced for a second day in Asia as a slump in global equities increased demand for the precious metal as a haven investment.

The regional benchmark MSCI Asia Pacific Index dropped for the first time in three days as the prospect of rising bank losses curbed optimism that the global economy is recovering. U.S. stocks tumbled yesterday following six straight weeks of gains as investor concerns grew that credit losses are worsening.

“The gold price was bolstered by the diversion of funds from the equities market,” David Moore, chief commodity strategist at Commonwealth Bank of Australia, said in an e-mail today.

Bullion for immediate delivery rose as much as 0.4 percent to $888.28 an ounce before trading at $887.50 at 1:52 p.m. in Singapore. The precious metal gained as much as 2.3 percent yesterday, the most since March 18.

Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, stood unchanged at 1,105.98 metric tons yesterday.

“Long-term fundamentals remain tight, with little sign of any oncoming supply glut,” BlackRock Inc., the largest publicly traded U.S. asset manager, noted in a weekly report.

“On the demand side, the rising wealth of emerging economies is likely to support jewelry demand whilst the ongoing financial turmoil and inflationary pressures are likely to continue to stimulate investment demand,” it said.

Among other precious metals for immediate delivery, silver was up 0.7 percent at $12.175 an ounce, platinum lost 0.5 percent to $1,158.50 an ounce, and palladium dropped 0.3 percent to $223.75 an ounce.

Gold update 20 April

Indicative NZD$ Gold price movement.

The Gold price strengthened overnight due to concerns in the finance sector of further credit writeoffs in the near future. The NZD$ and AUD$ also dropped due to ECB disagreements possibly extending the global crisis, and drops in the commodities market affecting the export markets in both countries.

Euro Drops to One-Month Low on Concern ECB Discord Will Worsen

Govt Guarantee withdrawn from Viaduct Capital

Australia, N.Z. Dollars Fall as ECB Debate Fuels Growth Concern

US gold ends up 2.3 pct on stocks woe, credit fear

Gold price could hit $1,500

Gold update 17 April 2009

Well its been a while since I've updated this blog, and I do apologize. The primary cause of the slow update is the financial crisis which lead to a very large surge in trading (There's a few quotes out there of me saying we were averaging a normal months trades per day for quite a while.*)


Gold price Daily in NZ Dollars



At New Zealand Mint we are now starting to see physical supplies open up, but there are still bottlenecks in some areas.

The big influence on the gold price in the near future is likely to be made up of stimulus packages and the inflation/deflation issues arising of the back of these.
Another issue is the length of the recession with the IMF announcing that they can see it lasting 5 years or longer

The other factor we Kiwis need to take account is our "strengthening" dollar. This has dropped down to a healthy 0.50 against the US Dollar (down from around the mid eighties late last year), but at the moment we are sitting in the high 50c range due to a weaker US dollar. So much like the proverbial cork on an ocean, the near term movements of our dollar are dependent upon other factors, especially the US Dollar.


*From the Financial times of London:

Gold coin shortage as demand soars
Submitted by cpowell on 12:22PM ET Wednesday, February 25, 2009. Section: Daily Dispatches
By Javier Blas
Financial Times, London
Wednesday, February 25, 2009
Link
NEW YORK -- The rush by retail investors into bullion coins is creating shortages as mints across the world struggle to meet the surge in demand, dealers and mint officials say.

The scarcity is lifting coin premiums to as much as 5 per cent above the spot gold price, a level reached briefly after the collapse of Lehman Brothers last September, when coin shortages also surfaced.

Spot gold in London on Wednesday traded at $972 an ounce, below last week's peak of $1,004.5.

"There is demand for double or triple what the US mint is able to produce," said Michael Kramer, president of MTB in New York, one of the four US gold dealers authorised to purchase bullion coins directly from the government's mint.

The US Mint has sold 193,500 ounces of its popular American Eagle gold coin in the first seven weeks of this year, the same amount it shipped during the whole of 2007 and about the same as in the first six months of last year.

"The demand is extraordinary. All the coins we got on Monday are gone today [Tuesday] and we will not be able to take any order until the following week," Mr Kramer said. "It is the same with other mints."

Bullion coins used to be bought mainly by collectors and gold bugs, but the financial crisis is leading regular retail investors to embrace them, dealers say.

Although the surge in coin demand is a bullish signal for gold prices, the fact that mints cannot match demand means that the potential extra consumption does not push spot prices higher, but just drives premiums above normal levels.

The Rand Refinery in Johannesburg, which mints the world's most popular gold coin, South Africa's Krugerrand, said demand was above its maximum capacity, even after doubling last month to 20,000 ounces from 10,000 ounces a week.

Johan Botha, head of precious metals sales at the Rand Refinery, said there was demand for more from international investors, pointing to strong sales to Switzerland, the UK and Germany. "If we were able to produce 30,000 ounces,the market would absorb it," he said.

Mr Kramer said MTB had Krugerrand orders equal to three months of refinery supplies to the company.

The New Zealand Mint said it was doing as much business in a day as in a month a year ago, mostly servicing global investors.

Michael O'Kane, head of gold sales at the New Zealand Mint, said: "Most mints and bullion manufacturers are struggling to meet current demand levels."


At New Zealand Mint we are now in a position where supply lines are allowing for normal delivery time frames

The big influence on the gold price in the near future is likely to be made up of stimulus packages and the inflation/deflation issues arising of the back of these.
Another issue is the length of the recession with the IMF announcing that they can see it lasting 5 years or longer

From the World Gold council - Inflation worries driving gold