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Commerzbank: Swiss Exports To Asia Rise During April

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Asian gold imports from Switzerland picked up last month, Commerzbank reported. Analysts cited data from the Swiss Federal Customs Administration showing that Switzerland exported nearly 142 tonnes of gold in April, with more than 80% of going to Asia. “Exports to India were the highest in almost two years at 58.6 tonnes,” Commerzbank said. “The Indian Ministry of Finance had already reported high gold imports for April three weeks ago. The gold price in Indian rupees had fallen significantly beforehand, making it attractive to buy gold. What is more, the wedding season was still underway in April, and one of the highest Hindu festivals was celebrated.” Swiss gold exports to China and Hong Kong likewise picked up in April, Commerzbank said. The Census and Statistics Department of the Hong Kong government had reported Monday that China had bought more gold from Hong Kong.

By Allen Sykora of Kitco News;


SP Angel: Rising Gold-Silver Ratio ‘Worrisome Signal’ To Risk Assets

Tuesday May 28, 2019 09:26

The surging gold-to-silver ratio sends a “worrisome signal” to risk assets, said commodity brokerage SP Angel. “After hitting the highest in 26 years this month, the measure is approaching the record peak achieved in 1991, when the U.S. was in recession,” SP Angel said. The ratio measures how many ounces of silver it takes to buy an ounce of gold, with a rising number meaning a price underperformance by silver, which has far greater industrial demand than gold. As of 9:21 a.m. EDT, spot gold was trading at $1,278 and silver at $14.31, meaning a gold-silver ratio of around 89.

By Allen Sykora of Kitco News;


TDS: PBOC Signal On Yuan Could Mean Less Pressure On Gold

Tuesday May 28, 2019 09:26

TD Securities said that signals from the People’s Bank of China, saying that the yuan will remain stable, “argues for less downward pressure on the yellow metal on the margin.” China is the world’s largest gold-consuming nation, and in the past, weakness in its currency has coincided with declines in gold prices. The governor of the country’s central bank has said China is confident that it will keep the yuan stable.

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