Azerbaijan produced a total of 2,111.8 kilograms of precious metals last year, including 1,872.5 kilograms of gold and 239.3 kilograms of silver.
According to the World Gold Council, gold demand in China, which overtook India as the largest user last year, will rise about 25 percent in the next four years as an increasing population gets wealthier.
Gold Prices Retreat from 1-Week, 2015 Forecasts Cut Even as Money Managers Fear 'Over-Valued' Bonds & Stocks
GOLD PRICES approached 1-week highs above $1209 per ounce lunchtime Thursday in London, before edging back as the US currency rallied on the FX market and European equities cut earlier losses from new multi-year highs. A net 25% of professional investors polled by Bank of America-Merrill Lynch think global stock markets are now over-valued, a report said this week, up from 23% in March and just 8% in February. Bond prices worry professional money managers even more, the BAML study says, with a net 84% now thinking that fixed-income markets are over-valued. But in the gold bullion market, a poll of 38 analysts and traders by Thomson Reuters finds the average 2015 gold price forecast being cut – down from $1234 per ounce in January to $1209. "Gold prices are bouncing around the $1200 per ounce level," says a note from Dutch bank ABN Amro, "putting both bulls and bears on their wrong foot all the time." Closing at a discount to China's main domestic wholesale gold contract, Shanghai's free-trade zone gold ended Thursday just 16 cents above comparable London quotes per ounce. The iSGE's key offshore contract also saw lower turnover than the main domestic Au(T+D) contract for the fourth session running since suddenly overtaking it last week. "Gold continued to push higher during early Asian trade today," says a trading note from Swiss refining and finance group MKS, "before succumbing to selling pressure as the Shanghai on-shore premium moved [up] towards $2.50." Shanghai's stock market jumped 2.7% to new 7-year highs Thursday despite a warning from Chinese premier Li Keqiang that the current 7% rate of GDP growth – the slowest since the global financial crisis – "won't be easy to achieve" again this year. Northern Eurozone bond yields meantime fell to fresh record lows as prices rose further following yesterday's commitment to €1.2 trillion of QE purchases by the European Central Bank. "We still think German 10-year yields will be around zero" at year end, says ICBC Standard Bank strategist Steven Barrow – "considerably below the consensus." Over in world No.2 gold consumer nation India – where the spring festival of Akshaya Tritiya has been promoted as an 'auspicious' time to buy gold for over a decade – the market "is now saturated with importing banks and supply" says the Platts news service, quoting a bank trader. "The wedding season is nearly over, and then we are heading into the slow months of June/July," another broker says.
For silver the new import tariff value has been fixed at $524 per kilogram, lowered from $543 per kg earlier.
Bank of America Merrill Lynch analysts think the worst is over for gold and they believe the yellow metal could rise to $1,500 an ounce by 2017.
Gold Price Hits 2-Year Euro High on ECB Decision Day as US Fed Members Argue Over Raising Dollar Rates
Gold Price Hits 2-Year Euro High on ECB Decision Day as US Fed Members Argue Over Raising Dollar Rates GOLD PRICE swings held in a tight $8 range around $1195 per ounce in London trade Wednesday, but for Euro investors the metal rose to halve this week's earlier 2% drop as the single currency fell following no change to the European Central Bank's policy of QE and sub-zero rates. After 10,000 people protested outside the European Central Bank's new Frankfurt offices when they were officially opened last month – more than 17 years after the ECB was founded – a lone protester shouting "End the ECB dictatorship!" today interrupted president Mario Draghi's regular press conference, storming the stage and showering him with confetti. http://www.nytimes.com/2015/04/16/business/international/ecb-rates-stimulus-draghi.html?_r=0 The availability of emergency ECB loans to Greek banks "is entirely in the hands of the Greek government," Draghi later said in Q&A, referring to sovereign debt negotiations between the ruling Syriza Party and its EU partner states, adding that he didn't "want to contemplate [or] discuss any possible situation like" a default by Athens on its obligations. Despite seeing "no evidence" of a bubble in northern Eurozone bonds, the ECB is "carefully monitoring" the situation, Draghi said during Q&A, but will press ahead with "full implementation" of its €60 billion in monthly purchases until September 2016. The gold price in Euros today touched €1128 per ounce, the highest level on an ECB decision day since 4 April 2013, just before an EU-IMF bail-out saw exchange controls imposed on Cyprus. https://www.bullionvault.com/gold-price-chart.do?currency=EUR&weight=kg&timeframe=1m "Greece and what happens next continues to dominate Europe," says commodities analyst Leon Westgate at ICBC Standard Bank in London, "with Euro-gold remaining well supported amid mounting uncertainty over the potential and indeed timing of a Grexit and all the capital controls and other measures that would need to be put in place." "Stronger US Dollar and lower investment demand [is going] to pressure prices," reckons French investment and London bullion bank Societe Generale, adding that "Geopolitical tensions have eased. [There's] no catalyst to spur safe haven buying." But Dollar gold's earlier rally this week, counters a trading note from Mitsui Global Precious Metals, was a reaction to "re-setting of expectations and careful Fed talk about 'shallow' trajectories" for any US Dollar interest rate hike. "This time, short sellers of gold who bought back recently [were] joined more aggressively by fresh buyers." The issuing of extra shares saw the SPDR Gold Trust (NYSEArca:GLD) add another 1.8 tonnes to its holdings on Tuesday, taking it to the heaviest backing since before Easter at 736 tonnes but still 5% smaller than early February's 5-month peak. Raising the Federal Reserve's key lending rate any time in 2015 would be "inappropriate" said Minneapolis Fed president Narayana Kocherlakota in a speech Tuesday night, "because such an action would serve to further delay the return of inflation to [the 2%] target." http://www.reuters.com/article/2015/04/15/us-usa-fed-kocherlakota-rates-idUSKBN0N600520150415 But warning of asset-price bubbles is rates aren't "normalized" soon, "The worst policy is the 'interest rate peg'," said St.Louis Fed president James Bullard in Washington on Wednesday, "under which the policy rate never moves despite changing economic circumstances. https://www.stlouisfed.org/~/media/Files/PDFs/Bullard/remarks/Bullard-Minsky-15-April-2015.pdf "Lift-off should have already occurred. The FOMC has not altered the policy rate in 6.5 years."
Anglo Asian raised its gold production target for the whole year to 70,000 - 75,000 ounces, represents a significant increase of around 16 to 24 per cent compared to the production of 60,285 ounces in 2014.
British bank HSBC expects gold prices to trade around $1,1,200 an ounce in the near term and they noted that although investors were disappointed Monday by goldâ€™s inability to break over the 100-day moving average.
Gold Prices Bounce from 2013 Crash Low as Dollar Falls on Weak US Data, Euro Price Hits Sharpest Drop in 2 Months
GOLD PRICES fell to 2-week lows against a rising Dollar in London trade Tuesday, dropping 2% for the week so far before turning higher as the US currency fell on weaker-than-expected economic data. Bouncing higher from $1184 – the low set by Spring 2013's crash which held until November 2014 – wholesale gold bar prices recovered $1196 per ounce after the Census Bureau said US retail sales grew only 0.9% annually last month, below Wall Street forecasts. The Dollar fell to a 3-session low on the FX market, Treasury bond yields retreated to 2-month lows, and US stock markets held flat. Silver meantime tracked gold prices, bouncing back to unchanged for the day at $16.30 per ounce after falling to the lowest Dollar price in almost 4 weeks. "[Gold's] recent high at $1224.66 is increasingly being viewed as an interim peak," says weekly technical analysis from Commerzbank's Axel Rudolph – "formed just below the 50% retracement of the [range] seen this year." Also neutral on gold investment's current trend, "The near-term range appears bound between $1180 and $1220," says bullion bank Scotia Mocatta's Russell Browne in New York, "and we note the lack of a decisive bias among both trend and momentum signals." "Physical buying is unusually light," says the trading desk at ICBC Standard Bank in London, "likely due to Thai and India on holidays plus many participants at the Dubai conference going on at the moment." "Once again, the festival of Akshaya Tritiya is here," writes Jayant Manglik, president of retail distribution at stockbrokers Religare Securities, in the Times of India, "preceded by the inevitable rush of advertisements for buying gold and gold jewellery." "Reports doing the rounds," says Swiss refining group MKS's trading team, "that the inclement weather in India has impacted severely on farmers wages [meaning] less physical demand in the world's second largest consumer of gold." Whether for jewelry or investment, said a research note from consultants Thomson Reuters GFMS last week, India's gold consumption is certainly "not independent of agricultural production and yields." But on historical evidence, GFMS finds, "only a production decline of more than 8% is likely to impact the consumption of gold significantly." "Indian cultural affinity aside," says Religare's Manglik, "I believe one should invest in gold via a systematic investment plan, putting about 10-15% of investible surplus regularly into gold." With the single Euro currency rising, and Athens denying reports that Greece is about to default on its debt repayments, Eurozone investors meantime saw gold suffer its sharpest 1-day drop since mid-February, losing 1.2% from Monday afternoon to trade beneath €1120 per ounce.