Gold Keeps Tumbling
According to BullionVault, “spot gold prices fell to a fresh two-year low in Tuesday’s Asian trading, dropping to $1,322 per ounce, before rallying back above $1,386, as stock markets extended yesterday’s losses. Since Friday morning, the value of total above-ground stocks of gold bullion, estimated by metals consultancy Thomson Reuters GFMS at around 174,000 tonnes, has fallen by more than $1 trillion.”
Yikes. (Check out MetalMiner’s Stuart Burns on the main fundamental drivers for this drop.)
BullionVault also reported that both the CME Group and the SHFE raised their margin requirements (which determines the amount of collateral that must be posted to cover potential losses) on Monday, by 19 percent; meanwhile, silver margins went up 18 percent.
Current Global Gold Prices on MetalMiner IndX℠
On transactional markets, the price of Indian gold bullion reached a thirty-day low after decreasing 8.3 percent. Japanese gold bullion prices also fell 8.3 percent. After falling 7.4 percent, the price of Chinese gold bullion also reached a thirty-day low. US gold bullion saw its price drop 5.4 percent to a thirty-day low yesterday.
Silver and PGMs
Japanese silver had the largest decline on April 15, 2013, dropping 14.3 percent. The price of Indian silver fell to a thirty-day low after drifting 12.3 percent. The price of Chinese silver fell 8.3 percent to a thirty-day low yesterday. Monday’s price drop of 6.5 percent carried the price of US silver to a thirty-day low of as well.
A $278.00 price decline hit Japanese platinum bar. Chinese platinum bar fell 3.1 percent. US platinum bar was down 3.1 percent from the previous market day.
The price of Chinese palladium bar closed Monday by halting its two-day flat run with a 4.2 percent decline. Japanese palladium bar prices fell 4.2 percent. US palladium bar took a large hit on yesterday, sliding down 3.4 percent.