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Ukraine’s Oct Gold Sale Likely Intensified Price Drop

Friday November 21, 2014 7:48 AM

Ukraine cut its gold holdings by 14 metric tons in October, according to the International Monetary Fund, MKS (Switzerland) says. “This selling would have gone through most likely during gold’s descent from $1,180-1,130, no doubt intensifying the drop, in order to fund gas bills or IMF quarterly payments,” they say. Commerzbank says the Ukrainian sale amounts to about 35% of its gold reserves, corresponding to a $3.8 billion decline in its overall currency reserves. “Evidently, the central bank drew on its reserves to subsidize among other things the state energy company Naftogaz, to finance natural gas imports from the EU and to shore up its domestic currency,” Commerzbank says.

By Debbie Carlson of Kitco News; dcarlson@kitco.com

 

Russia Buys More Gold - Commerzbank

Friday November 21, 2014 7:48 AM

International Monetary Fund data show Russia purchased around 19 tons of gold in October, Commerzbank says. This is roughly in line with data published by the Russian central bank Thursday showing the country’s gold purchases totaled 19.7 tons last month, they say. As of the end of October, Russia’s gold holdings amounted to nearly 1,170 tons and the central bank has bought around 150 tons of gold so far this year. “In other words, a further 16 tons have been acquired so far in November,” they say. “According to the IMF, gold was also purchased in October by Azerbaijan (a good 3 tons), Belarus and Kazakhstan (around 2 tons each) and Mauritius (1 ton),” says Commerzbank.

By Debbie Carlson of Kitco News; dcarlson@kitco.com

 

PGM Supply Has Slowed, Will Support Prices - TDS

Friday November 21, 2014 7:48 AM

Supplies of platinum group metals have slowed significantly, says TD Securities, which is seen by tracking flows by the customs departments of Switzerland, the US, the UK, HK, and China. Year-to-date, TDS estimates “combined palladium import flows are down 3% from South Africa and down over 37% from Russia, compared to the cumulative averages of the last two years. Meanwhile, platinum import flows are also down by 36% from South Africa. This trend bodes well for PGMs prices, especially the laggard platinum, as European auto sales pickup and a slowdown in China continues,” they say.

By Debbie Carlson of Kitco News; dcarlson@kitco.com

 

 

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