A significant precious metal transaction qualifies as such, by being large enough to affect the financial profile of a nation’s central bank, and which requires the facilitation of the IMF (International Monetary Fund). Global anticipation is mounting over which nation’s respective central bank will purchase 191.3 tons of bullion that the Fund intends to sell, and the most recent rumors about China’s pending purchase have been proven to be unfounded. Many consider India to be a far more likely candidate for the bullion buy, but India just raised her gold import tariff, and has also allowed her rhodium (which is used in polishing jewelry) reserves to decrease from 10 percent, to just 2 percent.
Even though neither India, nor China has actually purchased the available IMF bullion, mere rumors of such significant precious metal transactions have been enough to influence the gold spot price dramatically. Just since Thursday, the spot price reached depths of below $1090 per troy-ounce levels, and since then, flimsy rumors have managed to help propel the spot price to renewed heights of near $1120 per ounce levels.
Our U.S. dollar continues to compete with the euro for superiority, but even though the greenback is at around 80 on the Index, this in no way reflects as a legitimate indication that our nation’s economy is recovering. Unemployment levels are still around ten percent, yet the media’s attention has been redirected toward Greece’s outstanding debt these past few days.
Trend savvy investors who seek long-term financial safety are encouraged to contact one of our friendly specialists, who can answer your questions about your own physical gold purchase, and offer you institutional discounts on bullion, and certified rare gold coin.