MetalMiner's Monthly Global Precious Metals Index Up 1% To 103 For August

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The monthly Global Precious Metals MMI® registered a value of 103 in August, an increase of one percent from 102 in July.

*Download exclusive August 2012 commentary for ALL MMIs — all 10 metals markets and industries in one place.

With the exception of the Automotive and Global Precious Metals MMIs, every single MMI® fell this month on the back of slower economic growth coming out of Europe and China, as well as slow growth out of the US. Precious metals prices, of course, tend to rise when investors perceive the “ROW” (rest of the world) at risk from an economic perspective.

“Nearly all of the precious metals showed price support this past month from all reporting regions, including silver, gold and palladium,” said Lisa Reisman, executive edit0r of MetalMiner. “Only platinum showed weakness across all markets including Japan, the US and China.”

“Moreover, if we look at the combined performance of the Copper MMI® along with the Global Precious Metals MMI®, we can see that concerns about global growth may appear justified (the Copper MMI® declined by one point),” Reisman continued.

We do not see any pattern take hold for either the Copper MMI® or the Global Precious Metals MMI®.

Drivers of the Precious Metals Index Increase

After dropping the previous month, the price of US silver rose 2.5 percent to $28.18 per ounce. The price of Chinese silver rose 2.6 percent to CNY 5,940 ($931) per kilogram after falling the previous month. After falling the previous month, the price of Indian silver prices rose 2.7 percent to INR 53,421 ($961) per kilogram. The price of Japanese silver rose 3 percent to JPY 708.00 ($9.05) per 10 grams after falling the previous month.

For the second month in a row, the price of US gold bullion increased, rising 1.3 percent over the past month to $1,620 per ounce. After dropping the previous month, the price of Chinese gold bullion prices rose 1.8 percent to CNY 332.72 ($52.15) per gram. The price of Indian gold bullion rose 1.5 percent to INR 29,905 ($538) per 10 grams after falling the previous month. The price of Japanese gold bullion rose 1.8 percent to JPY 4,080 ($52) per gram after falling the previous month.

After dropping the previous month, the price of US palladium bar prices rose 2.1 percent to $589.00 per ounce. After dropping the previous month, the price of Chinese palladium bar prices rose very slightly by 0.03 percent to CNY 142.00 ($22.26) per gram. The price of Japanese palladium bar rose 0.3 percent to JPY 1,488 ($19) per gram after falling the previous month.

Though the price of Chinese platinum bar has held steady for the past two weeks, it fell significantly — down 13.3 percent during the first half of the month to finish lower at CNY 311.50 ($48.83) per gram.

*Download exclusive August 2012 commentary for ALL MMIs — all 10 metals markets and industries in one place.

The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends over a 30-day period. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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