The Bank of Montreal has launched a new way for investors to buy physical gold, offering greater security than private storage.
The launch comes at a critical time for bullion, with investors in recent weeks making a tentative return to the market after a prolonged exodus as the oil rout and euro zone instability reignite gold’s appeal as a safe-haven investment.
The first of its kind in the US the Canadian bank’s new gold deposit receipt program (GOLDR) allows investors to buy and sell shares that are backed by physical bullion stored in Canada and which track the price of spot gold.
The week’s biggest mover on the weekly Global Precious Metals MMI® was US gold bullion, which saw a 3.9% decline to $1,233 per ounce. The past week saw Chinese gold bullion close at CNY 249.45 ($39.97) per gram after a 3.3% decline. After a 2.6% decline, Indian gold bullion closed out the week at INR 27,180 ($438.60) per 10 grams. Japanese gold bullion prices were off slightly at JPY 4,728 ($39.73) per gram, down from JPY 4,843 ($41.32) a week ago.
US silver saw a 3.1% drop-off this week to end at $16.68 per ounce. After a 2.2% decline, Chinese silver closed out the week at CNY 3,555 ($569.62) per kilogram. Indian silver fell 2.0% over the past week to INR 37,881 ($611.27) per kilogram. Japanese silver saw a 0.9% decline over the past week to JPY 640.00 ($5.38) per 10 grams.
The price of Chinese platinum bar declined 1.5% over the past week, settling at CNY 262.00 ($41.98) per gram. US platinum bar prices were off slightly at $1,220 per ounce, down from $1,238 a week ago. At JPY 4,659 ($39.15) per gram, the week finished with no movement for Japanese platinum bar.
In the past week, the price of Japanese palladium bar shot up 3.1% to JPY 3,035 ($25.51) per gram. The price of US palladium bar rose 1.7% to $782.00 per ounce after falling 0.5% during the previous week. Following a 1.1% increase, Chinese palladium bar finished the week at CNY 176.00 ($28.20) per gram.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. 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.