GLOBAL GROWTH OUTLOOK AFFECTS GOLD; GERMANY REQUESTS GOLD RESERVES
The price of Gold fluctuated slightly as the World Bank predicted weaker global growth for 2013. “Today's setback was World Bank lowering growth expectations, anti inflationary somewhat,” George Gero, Precious Metals strategist at RBC Wealth Management, wrote in a note Wednesday. The yellow metal experienced a two day rally to begin the week and analysts believe some investors have taken advantage with profit taking. Thomson Reuters GFMS’s Philip Klapwijk foresees Gold to reach an average of $1,847 an ounce in 2013 as Central Banks continue to purchase Gold and quantitative easing in the U.S. persists.
Yesterday, there was speculation the German central bank was set to repatriate some or all of its Gold from both the New York Federal Reserve and Paris. That assumption was confirmed as the German government stated today they will hold 50 percent of its Gold reserves at Bundesbank by the year 2020. The Gold holdings will be removed partially from New York and all from Paris.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,681.50, Down $4.40.
- Silver, $31.54, Down $0.03.
- Platinum, $1,689.10, Down $0.80.
- Palladium, $724.00, Up $9.70.
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