With gold and silver futures ending up 0.7% and 0.2% respectively on Monday, as both the U.S dollar and stock markets fell, Coin News cites an analysis that “More safe-haven demand was featured amid the recent U.S. stock market sell-off. Short covering by the futures traders, whose bearish bets recently are not paying off, and bargain hunting in the cash market were also seen in gold to start the trading week.”
“Also underpinning gold was Chinese economic data for the third quarter suggesting the economy likely grew at its weakest pace in more than five years,” reports Reuters, leading investors to speculate that “Beijing might roll out more stimulus measures.” The data also showed that “Gold got a boost from a strong rebound in Chinese imports of industrial commodities in September.”
The Reuters article notes that “Singapore launched 25 kg (around 804 ounces) gold contracts on Monday, the latest Asian country to start exchange-traded contracts with the aim of providing a regional benchmark price.” The Wall Street Journal spotlights this shift in a feature headlined “Asian market hubs move into gold.” Click-thru on Google for the entire article or read an excerpt here.
Bullion Street/SRSrocco Report: Gold trades above $1,200 on return of physical demand in India, China; Physical gold investment – The U.S. ranks worst in the world
Bullion Star: Koos Jansen – 2013 Chinese gold demand was 2000 tonnes, says Shanghai Gold Exchange chairman; Listen to an interview with Jansen
Mineweb/Seeking Alpha: Silver in supply deficit but price unmoved so far; Do silver shorts know there is a physical supply deficit?
Jesse’s Café Américain/Bloomberg: Gold and Silver charts – A little flight to safety; S&P 500 slides to cap worst three-day drop since 2011
Zero Hedge: This is what happens when someone is desperate to sell $750 million of stocks: Is this the real growth scare that markets fear?
Arabian Money: Will gold and silver prices continue to go up as stocks go down?