Poland Raises Gold Holdings to Record High in September – IMF

//Poland Raises Gold Holdings to Record High in September – IMF

Poland Raises Gold Holdings to Record High in September – IMF

(Reuters) – Poland raised its gold holdings to the highest in at least 35 years, data from the International Monetary Fund showed on Monday.

The country increased its holdings by 4.4 tonnes from August to about 117 tonnes in September, a record, according to data going back to January 1983.

“We have a really exciting announcement coming this Thursday, learn more about it here…”

“While the exchange-traded funds (ETFs) were losing tonnage, the central banks were buying since they had to maintain domestic currency values against a rising dollar,” said George Gero, managing director at RBC Wealth Management.

“I think you will see that continuing. Central banks are trying to maintain some hold on their currencies by storing gold.”

Holdings of SPDR Gold, the largest gold-backed ETF, have registered declines of more than 4 million ounces since hitting a peak in late April as investors have preferred the safety of the U.S. dollar against a backdrop of rising interest rates and as a U.S.-China trade tussle unfolds.

The trade dispute and rising dollar have in turn weighed on emerging markets, with the Polish zloty declining more than 6 percent this year.

 

 

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News and Commentary

Poland raises gold holdings to record high in September – IMF (Reuters.com)

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U.S. budget deficit jumps to $779 billion (MarketWatch.com)

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Poland Raises Gold Holdings to Record High in September – IMF rise and fall

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Gold Prices (LBMA AM)

15 Oct: USD 1,233.00, GBP 937.70 & EUR 1,064.45 per ounce

12 Oct: USD 1,218.75, GBP 922.11 & EUR 1,052.15 per ounce

11 Oct: USD 1,201.10, GBP 910.31 & EUR 1,040.27 per ounce

10 Oct: USD 1,186.40, GBP 902.02 & EUR 1,033.00 per ounce

09 Oct: USD 1,187.40, GBP 910.26 & EUR 1,036.01 per ounce

08 Oct: USD 1,194.80, GBP 914.86 & EUR 1,040.67 per ounce

Silver Prices (LBMA)

15 Oct: USD 14.74, GBP 11.19 & EUR 12.71 per ounce

12 Oct: USD 14.60, GBP 11.04 & EUR 12.60 per ounce

11 Oct: USD 14.40, GBP 10.90 & EUR 12.45 per ounce

10 Oct: USD 14.38, GBP 10.92 & EUR 12.50 per ounce

09 Oct: USD 14.33, GBP 10.98 & EUR 12.51 per ounce

08 Oct: USD 14.47, GBP 11.10 & EUR 12.61 per ounce

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By |2018-10-16T22:09:09+00:00October 16th, 2018|Blog|Comments Off on Poland Raises Gold Holdings to Record High in September – IMF

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