Morning Gold Fix: December 9 (ZeroHedge)
From Goldessential
Gold holdings in the thirteen continuously by Goldessential.com monitored gold-backed exchange-traded vehicles were seen dropping 3.14 tonnes on Wednesday, December 8th, weighed down by ongoing long liquidations, causing a drop in gold prices below the $1,400 an ounce mark.
Four vehicles reported net outflows. The SPDR Gold Trust (GLD) said holdings on behalf of investors slipped 2.43 tonnes or 0.19 pct. Three by ETF Securities marketed gold ETF’s/ETC’s also reported outflows, namely the ETFS Metal Securities Physical Gold (PHAU) trust (-0.65 tonnes), the Gold Bullion Securities ETC (GBS) (-0.04 tonnes) and the ETFS Metal Securities Physical Gold Australia trust (-0.01 tonnes).
None of the monitored vehicles reported fresh inflows on Wednesday.
Four vehicles reported net outflows. The SPDR Gold Trust (GLD) said holdings on behalf of investors slipped 2.43 tonnes or 0.19 pct. Three by ETF Securities marketed gold ETF’s/ETC’s also reported outflows, namely the ETFS Metal Securities Physical Gold (PHAU) trust (-0.65 tonnes), the Gold Bullion Securities ETC (GBS) (-0.04 tonnes) and the ETFS Metal Securities Physical Gold Australia trust (-0.01 tonnes).
None of the monitored vehicles reported fresh inflows on Wednesday.
Total holdings - thereby excluding the infrequently updated ZKB Physical Gold trust and Credit Suisse’s ETF II on gold - stood at 1,911.88 tonnes.
COMEX benchmark gold futures for February delivery – GCG11 – were seen hit by a second day of selling on Wednesday, hitting as low as $1,372.10 an ounce.
COMEX benchmark gold futures for February delivery – GCG11 – were seen hit by a second day of selling on Wednesday, hitting as low as $1,372.10 an ounce.
On Thursday, prices had recovered to $1,384.40 an ounce during overnight electronic trading on the back of increased risk aversion in equity markets and sound physical demand originating from Asia, but a softer EURUSD countered the upside.
Matthias Detremmerie, founder of Goldessential said that “Technically, the dip in prices has hit our first waypoint on Wednesday, and has nicely bounced off a three week old uptrend line. However, a failure to regain past $1,400 still opens for charts to deteriorate further, targeting $1,352 as next target, with gold continuing to feel heavy”. Detremmerie added that “fresh strength in the U.S. greenback could also limit recovery”.
Matthias Detremmerie, founder of Goldessential said that “Technically, the dip in prices has hit our first waypoint on Wednesday, and has nicely bounced off a three week old uptrend line. However, a failure to regain past $1,400 still opens for charts to deteriorate further, targeting $1,352 as next target, with gold continuing to feel heavy”. Detremmerie added that “fresh strength in the U.S. greenback could also limit recovery”.
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