This compares with a relatively weak Q1 2018, when demand sank to a three-year low of just 984.2t. Central bank buying continued apace: global gold reserves grew by 145.5t. Gold-backed ETFs also saw growth: quarterly inflows into those products grew by 49% to 40.3t. Total bar and coin investment weakened a fraction to 257.8t (-1%), due to a fall in demand for gold bars; official gold coin buying grew 12% to 56.1t. Jewellery demand was a touch stronger y-o-y at 530.3t, chiefly due to improvement in India’s market. The volume of gold used in technology dipped to a two-year low of 79.3t, hit by slower economic growth. The supply of gold in Q1 was virtually unchanged, just 3t lower y-o-y at 1,150t.
Demand for gold as a reserve asset strengthened considerably in 2018, rising by 74% compared to 2017, in response to the geopolitical and macro-economic environment. It also broadened. Our flagship training programme for reserve managers, held in conjunction with the National University of Singapore, received a record number of applications from central banks globally keen to learn how gold can help them meet their safety, liquidity and other objectives. Our mid-year central bank survey reported that one-fifth of central banks surveyed intended to increase their gold holdings over the next 12 months, with none planning a decrease.
Republic Metals, founded in 1980, is one of the largest precious metals refiners in the world, and an LBMA and COMEX good delivery producer. The company's private minting business recently accounted for nearly 70% of North American privately minted production.
On November 5th, after months of attempting to sell the business to Valcambi, Republic Metals filed for Chapter 11. The bankruptcy resulted from an audit that revealed more than $100M in missing inventory. For more information, please refer to this article: Bankruptcy judge approves case-management procedures for Republic Metals
Thankfully, we have very limited exposure in the bankruptcy proceedings. Other precious metals companies are not so fortunate. We have sold Republic Metals branded bars for several years, and we will continue to make a two-way market for their products, but we will no longer actively sell their products on our website.
However, Republic Metals minted our Texas Gold Rounds and Texas Mint Gold Bars. As a result of the bankruptcy, we will be minting these products through Sunshine Mint (SMI) going forward, the same company that manufactures blanks for the United States Mint. This process will take time, and we will likely be out of stock on Texas Mint gold products for several months. We will send out communications as soon as these products again become available. Silver products are minted elsewhere and inventories remain unaffected.
We greatly appreciate your patience and understanding.
President & Co-founder
Texas Precious Metals
*During long holiday breaks, such as Thanksgiving, Christmas, and New Year's, please note that we do "hold" packages from shipping on certain days for security reasons (packages lingering in sort facilities around holidays pose higher security risks). We believe this grace period is in the customer's best interest, and could potentially impact the 3-day shipping window slightly.
An ex-J.P. Morgan Chase trader has admitted to manipulating the U.S. markets of an array of precious metals for about seven years -- and he has implicated his supervisors at the bank.
John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count each of conspiracy to commit wire fraud, price manipulation and spoofing, according to a Tuesday release from the U.S. Department of Justice. Edmonds spent 13 years at New York-based J.P. Morgan until leaving last year, according to his LinkedIn account.
Much of what is currently happening right in front of our eyes provide evidence of an unfolding sea change in the global monetary order. As the US Fed turns from monetary easing to monetary tightening, with uncertain outcomes for the global economy, investors’ trust in currencies issued by central banks is eroding. Blockchain technology has enabled a much-hyped boom in cryptocurrencies as investors seek alternatives to the US dollar, once perceived as an invulnerable safe haven. These shifting tides in the monetary system are coming to pass in different ways, at different velocities, and at different levels of visibility. On the cusp of fundamental change, it is particularly important not to lose sight of the forest for the trees.
Will a government guarantee for an exchange-traded fund be enough to lure investors back to gold?
On Wednesday, Australia’s Perth Mint Physical Gold ETF, the first with bullion holdings guaranteed by a sovereign entity, will start trading on the New York Stock Exchange. The fund, backed by physical metal of at least 99.5 percent purity, debuts at a time when investors are fleeing the asset class, taking holdings in all ETFs tracked by Bloomberg to a seven-month low.
“We believe investors will have greater confidence with the knowledge that their wealth is physically stored in one of the most secure central bank-grade vaults in the southern hemisphere,” Richard Hayes, the Perth Mint’s chief executive officer, said in a statement. “AAAU is a truly unique offering for investors as it adds a new layer to hard asset investing in the United States,” he said, referring to the ETF by its ticker.
The ETF allows holders to exchange their shares for gold. Investors can get the physical metal delivered to their doorstep by Perth Mint, which refines and manufactures precious metals product.
Texas Precious Metals Depository announces the addition of New Direction IRA - a provider of self-directed IRAs, 401(k)s, health savings accounts (HSAs), and other such tax-advantaged savings vehicles – as a preferred custodian for self-directed IRA services at its new storage facility. In conjunction with New Direction, Texas Precious Metals Depository (TPMD) will complement the retail services provided by Texas Precious Metals to meet the needs of precious metals IRA investors.
Private storage facility for gold, silver, platinum and palladium bullion offers fully segregated storage and state-of-the-art security; largest in South Texas
Texas Precious Metals, a leading online precious metals company, has announced the opening of its private underground bullion depository. The facility is entombed in concrete with three layers of concentric protection, bulletproof doors at all access points, armed security, and 24/7/365 interior and exterior surveillance. Texas Precious Metals Depository is also monitored remotely by county and city law enforcement, who are situated within one mile of the facility, and is 100% insured by Lloyd’s of London.
Gold 2048 brings together industry-leading experts from across the globe to analyze how the gold market is set to evolve in the next 30 years.
Key insights from authors such as George Magnus, senior economist; Rick Lacaille, Global Chief Investment Officer of State Street Global Advisors; and Michelle Ash, Chief Innovation Officer at Barrick Gold include:
- The expanding middle class in China and India, combined with broader economic growth, will have a significant impact on gold demand.
- Use of gold across energy, healthcare, and technology is changing rapidly. Gold’s position as a material of choice is expected to continue and evolve over the coming decades.
- Mobile apps for gold investment, which allow individuals to buy, sell, invest and gift gold will develop rapidly in India and China.
- Environmental, social and governance issues will play an increasing role in re-shaping mining production methods.
- The gold mining industry will have to grapple with the challenge of producing similar levels of gold over the next 30 years to match the volume it has historically delivered.
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