Agnico-Eagle Remains Positive About Gold; Japanese Silver Sees Large Change

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Does everyone have the “wrong focus when it comes to gold?” Sean Boyd, Agnico-Eagle president and chief executive officer, thinks so.

“The North American centric view is that it’s all about Wall Street, it’s all about Bernanke, it’s all about quantitative easing and once QE is over, the gold story is over,” he said to Kitco News. Adding that gold prices will be determined by demand from Asia: “I think that’s the gold story. It’s not Bernanke. The story is the physical flow of gold is moving. We really don’t feel that the Indian market is at risk of seeing a sharp decline in demand, or the Chinese market is going to see a sharp decline in demand. Why would Deutsche Bank be building the largest vaulting facility in Singapore – 200 tons – this tells you that something profound is happening, regardless of the paper market.”

On Tuesday, September 24, Japanese silver saw the biggest change at a 5.3 percent. The price of Indian silver is back up, rising by 4.3 percent yesterday. The price of Chinese silver finished the market day up 2.7 percent. US silver prices saw a 0.7 percent decline.

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Japanese gold bullion was down 3.1 percent from the previous market day. After falling for two days, the price of Indian gold bullion rose 1.0 percent. After a 0.4 percent increase, Chinese gold bullion finished the day. The price of US gold bullion fell 0.2 percent.

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Japanese platinum bar finished the day down 2.5 percent. US platinum bar ended the day after the 0.7 percent drop yesterday. The price of Chinese platinum bar showed little movement yesterday.

The price of Japanese palladium bar declined 2.5 percent. US palladium bar fell 0.7 percent yesterday. The price of Chinese palladium bar was essentially unchanged.