Gold News

Gold Investment Driving Prices, Not Chinese Jewelry

Gold investment news & insight for 2014, plus silver, from globe-trotting analyst...
 
PHILIP NEWMAN, co-founder of the Metals Focus consultancy and one of the world’s leading precious metals analysts, heads a team of specialists in Asia, the US and Europe.
 
In this talk with Miguel Perez-Santalla, vice president of precious-metals exchange BullionVault, Newman gives an on-the-ground perspective from a recent trip to Turkey. He also shares intelligence from other emerging-market consumer countries, including India and China, as well as mining news from former world No.1 producer South Africa.
 
A good friend of Miguel's for many years, Philip Newman talks here about gold investment in the form of bullion and coins as well as jewelry, plus the currency pressures which could impact gold prices worldwide.
 
Consumer demand for gold and silver ahead of the Chinese New Year, starting this weekend, is strong says the Metals Focus director.
 
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Although central banks will remain net buyers of gold in 2014, Perez-Santalla and Newman also discuss the recent controversial report from Bloomberg, seeking to double Beijing's "official" statement of how much investment gold the People's Bank currently holds.
 
The fact that gold prices held steady in the wake of the Fed on Wednesday is relatively good news, said Newman, but the so-far orderly scale-back of the US bond-buying program remains a risk. Investors are exceptionally cautious. We’re not seeing a return to the gold bull days of the past few years yet, he adds.
 
Last year was a good year for silver imports into India, says Philip. But now countries like Turkey, Brazil and Argentina are facing currency pressures that could impact precious metals prices.
 
As for gold, however, physical jewelry and coin demand is never going to drive prices higher. The investment market drives prices, Philip Newman concludes.

Vice president of business development for BullionVault from 2012 to 2014, Miguel Perez-Santalla is a fierce advocate for retail investors, and a regular speaker at industry and media events. With over 30 years' experience in the precious metals business, Miguel has worked at the United States' top coin dealerships, as well as international refining group Heraeus.

See the full archive of Miguel Perez-Santalla articles.

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