Edition:
United States

Peter Hobson

Investors will hoard gold even faster next year, keeping prices high: Refinitiv

Oct 22 2020

LONDON Demand for gold from jewellers and central banks will remain sharply lower in 2021 than before coronavirus, but investors will keep prices high by stockpiling record amounts of bullion, Refinitiv Metals Research said.

Recovering auto production revs up platinum, palladium prices, Reuters poll shows

Oct 21 2020

BENGALURU/LONDON Rising auto production as vehicle makers tentatively recover from the coronavirus shock will lift prices of platinum and palladium, but both metals used in vehicle exhausts will struggle to score significant gains, a Reuters poll showed.

Swiss gold exports to Asia tumble as bullion flows to London

Oct 20 2020

LONDON Switzerland's gold exports to China and India dwindled in September, with the country instead importing record volumes of bullion from Hong Kong and sending metal to Britain, customs data showed on Tuesday.

METALS-Copper nears multi-year highs on Chinese demand

Oct 12 2020

LONDON, Oct 12 Copper touched a three-week high on Monday as demand from top consumer China and the threat of strikes by miners in Chile pushed prices closer to 27-month highs reached in September, though a strengthening yuan limited gains.

'Free money' for banks as investors pile into fractured gold market

Sep 21 2020

LONDON Banks are making huge profits from gold as investors flood into a market fractured by the coronavirus crisis.

Flood of gold from Switzerland to U.S. stopped in August

Sep 17 2020

LONDON Swiss exports of gold to the United States all but halted in August while shipments to China and India rose, customs data showed on Thursday, suggesting a big transfer of bullion to New York that followed the coronavirus outbreak has run its course.

Flood of gold from Switzerland to U.S. stopped in August

Sep 17 2020

By Peter Hobson LONDON, Sept 17 Swiss exports of gold to the United States all but halted in August while shipments to China and India rose, customs data showed on Thursday, suggesting a big transfer of bullion to New York that followed the cororonavirus outbreak has run its course. The pandemic upended the global gold trade, shutting the vast consumer markets of Asia while triggering a rush among western investors to buy what they consider a safe financial asset. Prices of U.S. gold futures surged above prices in other parts of the world, incentivising an unprecedented transfer of gold bars to New York. Switzerland, the world's biggest gold refining and transit centre, shipped 412.9 tonnes of gold worth $22 billion to the United States between March and July but just 23.7 tonnes to China, Hong Kong and India combined, Swiss customs data shows. In August, however, U.S. shipments fell to 28.5 tonnes and were almost offset by 26.8 tonnes of gold coming into Switzerland from the United States. Meanwhile, Switzerland exported 20.2 tonnes to India, the most since May 2019, and sent 10 tonnes to China, the first shipment since February. But in a sign that Asian demand remains weak, Switzerland shipped no gold to Hong Kong in August and instead received 25.4 tonnes from the city. Swiss exports to Turkey, where a devaluing lira has spurred a surge of gold investment, were at 16.2 tonnes in August, the highest since July 2017, according to the customs data. In total, Switzerland exported 116.5 tonnes of gold in August, up from 102.6 tonnes in July. Following are the numbers for August 2020 and comparisons. SWISS TRADE DATA (KG) EXPORT (kg) Aug-20 116,498 Jul-20 102,606 Aug-19 173,696 DESTINATION OF SWISS GOLD EXPORTS (KG) To China To Hong Kong To India To the U.S. Aug-20 10,000 0 20,163 28,496 Jul-20 0 59 14,900 63,197 Aug-19 25,282 3,147 5,868 2,406 * Source: Swiss trade data. Data subject to revision by source. (Reporting by Peter Hobson. Editing by Jane Merriman)

METALS-Copper boosted by China demand, low inventories

Sep 04 2020

LONDON, Sept 4 Copper prices rose on Friday as expectations of strong demand in top consumer China were reinforced by historically low inventories of the metal in the London Metal Exchange (LME) registered warehouses.

Invesco cuts fees for gold ETF as low-costers gain market share

Aug 13 2020

LONDON One of the world's largest gold-backed exchange traded funds (ETFs), run by asset manager Invesco, has cut the fee it charges investors to compete better with lower cost funds that are increasing their share of the market.

LBMA clears Perth Mint of serious wrongdoing in sourcing gold

Aug 07 2020

The London Bullion Market Association (LBMA) said on Friday it would continue to accredit the Perth Mint after an investigation into allegations that it processed unethically sourced gold found no significant wrongdoing.

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