Everyone is confused by gold, it seems. “Ben S. Bernanke, the world’s most-powerful central banker, says he doesn’t understand gold prices. If his peers had paid attention, they might have stopped expanding reserves that lost $545 billion in value since bullion peaked in 2011,” reports Bloomberg.
“Central banks, which own 18 percent of all the gold ever mined, will add as much as 350 tons valued at about $15 billion this year, the London-based World Gold Council estimates. They purchased 535 tons in 2012, the most since 1964. Russia is the biggest buyer, expanding reserves by 20 percent since prices reached a record $1,921.15 an ounce in September 2011. Gold slumped 31 percent since then.”
On Friday, October 4, the day’s biggest mover was Indian silver, which saw a 3.8 percent increase. Japanese silver prices rose 1.8 percent. US silver prices saw a 0.1 percent decline. Chinese silver held its value last Friday.
The price of Indian gold bullion fell 1.8 percent. Japanese gold bullion gained 1.5 percent. The price of US gold bullion remained essentially flat. The price of Chinese gold bullion showed little movement last Friday.
US platinum bar ended the day, after the 1.4 percent drop last Friday. Japanese platinum bar fell 0.6 percent last Friday. The price of Chinese platinum bar held steady.
US palladium bar closed 2.2 percent lower. The price of Japanese palladium bar was essentially unchanged. The price of Chinese palladium bar held steady.