Governments are Investing in Gold | Live Stock Trading News ...

Gold; Official sectors purchases strong as macro-economic worries rise

Gold ran in Euro Session as investors worried about Global economic slowdown and ongoing deficit problems.

The benchmark Comex Gold contract rose to as high as 1632, just a few dollars below the record high of 1637.5, earlier in the day.

Crude Oil prices were pressured as economic fatigue might dampen demand. The benchmark WTI and Brent Crude contracts fell to the lowest levels in recent weeks, and should weaken further IMO

The Bank of Korea bought 25 tons of Gold over the past 2 months, the 1st purchase in more than 10 yrs. The central bank?s statement showed that the latest gold purchase was valued at $1.24B. While the amount was too small to move the market, it signaled Gold purchases in official sectors remained robust as central bankers sought to diversify their assets away from the USD. The central bank believed this is the right period to buy Gold as the Country?s total reserves reached US$300B.

South Korea ?had too small an amount of foreign reserves to diversify into Gold before Y 2004 and was not able to buy Gold between Y?s 2005 and 2007 due to concerns about the central bank?s annual losses?.

With the total reserves Topping US$300B and foreign exchange markets stabilized, it?s now an appropriate to increase Gold holding it said.

China is the World?s 6th largest Gold holder, yet it only represents 1.6% of total foreign reserve as of July, according to IMF?s data. India ranks # 6 in the World?s official Gold holdings, but it represents 8.7% of total foreign reserve.

On the macro front, Swiss data were quite strong with retail sales jumping +7.4% Y-Y in June after contracting ?3.9% (revised from -4.1%) in the prior month. The market had anticipated a milder gain of +1.6%.

On monthly basis, Swiss retail sales jumped +7.1% in June, following a -3.5% drop in May. The SVME PMI surprisingly edged +0.1 point higher to 53.5 in July, compared with consensus of a dip to 52.5. In the EuroZone, PPI eased further, falling to +5.9% Y-Y in June from +6.2% in May and +6.8% in April, on weaker growth in Crude Oil prices.

In the US, personal spending fell in June after staying flat in May.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster?s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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