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.
