Hotel Boasts ATM With a Golden Touch

May 25th, 2010. Published under News, Videos. No Comments.

Almost exactly 1 year ago a golden vending machine was launched in Germany. Now you can buy your bullion from a vending machine in Abu Dhabi

How do I buy Gold coins?

March 26th, 2010. Published under News. No Comments.

Johannesburg – “How do I buy gold coins?” a Fin24.com user asked Money Clinic recently.

The short answer: carefully.

Demand for gold coins boomed during the global financial crisis as investors fled collapsing share markets and sought an investment that could survive an apocalypse.

During the past year, however, markets have rebounded, stockpiled canned food is being consumed sheepishly and – while the gold price has remained relatively steady – the allure of gold coins has faded somewhat.

Some European gold coin producers report that demand for their products is down by as much as 80% this year.

While the gold price has rocketed 335% in the past nine years, the strong rand has hit local investors in gold coins.

A one ounce Krugerrand for R10 500 (commission included) bought in February last year now sells for about R8 750.

The gold price strengthened somewhat from $989 per ounce to $1 094/oz in the same time frame, but the conversion into rands eroded the gains – and then some.

Still, many investors do not believe rand strength is sustainable and expect further growth from gold.

They believe the global economy is not out of the woods yet and the US currency will come under pressure as central banks in Asia and the Middle East lose their dollar appetite. Gold is seen as an alternative currency.

There are a few different ways to invest in gold. Buying shares in gold companies is one option, as is investing in gold exchange-traded funds. (more…)

gold investors tripple their money

January 13th, 2010. Published under News. No Comments.

Johannesburg – Investors who bought gold at the beginning of the decade tripled their money by December 21, 2009, the SA Gold Coin Exchange (SAGCE) said on Wednesday.

The next 10 years could yield similar results, Alan Demby, the exchange’s executive chairperson said in a statement.

The SAGCE’s comments followed the publication of an analysis by Bloomberg to determine how much US100 would have returned over the past decade if it had been invested in six asset classes: gold, commodities, oil, high-grade bonds, US Treasuries and stocks.

“Accordingly, canny long-term investors who have been steadily accumulating Kruger Rands are well satisfied with their strategies,” Demby said.

“Although 10 years is a long investment horizon, the way things stand at present it would not surprise me if a similar phenomenon eventuated in the decade to 2019.

“Indeed, with several trillion dollars in circulation now compared to ten years ago, the outlook for gold must be compelling as the dollar continues to devalue,” Demby said.

- Sapa

Gold still moving up

November 26th, 2009. Published under News. No Comments.

Tokyo – Gold hit a record high above $1 192 on Thursday as the dollar stumbled further and sentiment remained solid on expectations of more central bank buying of bullion.

The dollar extended losses on Thursday, falling to its lowest in 14 years against the yen and hitting a fresh 15-month low against a basket of six major currencies.

Gold prices have risen about 15 percent since the beginning of November, with demand fuelled by expectations of further reserve diversification, prospects for a sickly US currency and fears about inflation in 2010.

The market is highly sensitive to speculation of more bullion buying by central banks looking to diversify foreign exchange reserves, particularly in Asia, after a newspaper report that India is open to buying more gold from the International Monetary Fund following its purchase of 200 tonnes earlier this month.

The IMF had no comment on the report.

Late on Wednesday, the IMF said it had sold 10 tonnes of gold to the Central Bank of Sri Lanka, a part of 403.3 tonnes of sales approved by the fund’s executive board in September. The fund has already sold 202 tons of gold to the Reserve Bank of India and the Bank of Mauritius.

“Everybody is bullish on gold, and everybody is looking at the signal central banks are sending,” said Dick Poon, manager of precious metals at Heraeus in Hong Kong.

“It’s not just India or China, but most of the central banks, as well as funds, have changed their portfolios to include gold. So, everybody is looking at how much money they will invest in gold,” he said.

He said there was a lot of physical demand despite high prices, with Asian buyers seen in the market.

Spot gold hit a fresh record high of $1 194.70, up from New York’s notional close of $1 190.30.

US December gold futures also rose to a fresh high of $1 194.80 per ounce. Futures settled up $21.20, or 1.8%, at $1 187.00 an ounce on the Comex division of the New York Mercantile Exchange.

Vietnam’s central bank has granted quotas for the import of 10 tonnes of gold since lifting an import ban earlier this month, and 6.8 tonnes had already come in, state broadcaster VTV said on Wednesday.

Russia’s central bank bought 15.6 tonnes in October and has said it aims to increase gold’s share in its reserves this year.

“These moves further add to market speculation that central banks will continue to buy gold,” said Wakako Harada, a senior trader at Mitsubishi Corp in Tokyo.

US markets will be closed on Thursday for the Thanksgiving holiday.

“Reserve diversification moves by non-G7 central banks underscore investor detachment from dollar assets and is clearly reflected in gold’s rally,” said Shuji Sugata, a manager at Mitsubishi Corp Futures’ research team.

Traders said volume was not large, with many players kept to the sidelines due to the Thanksgiving holiday.

Yuichi Ikemizu, Tokyo branch manager for Standard Bank, said he did not expect strong follow-through buying, as players were likely to become cautious with the US on holiday.

“But sentiment is underpinned by speculation about central bank buying of gold, with many believing India will buy more from the IMF. And the dollar’s weakness is also supportive,” he said.

With many market players expecting gold’s bull run to continue, investment in gold increased.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1nbsp;127.860 tonnes as of November 25, up 5.489 tonnes, or 0.5 %, from the previous day and just shy of a record 1 134.03 tonnes hit on June 1.

- Reuters

scoinshop opens in London

November 25th, 2009. Published under News. 1 Comment.

Alan Demby speaks to Talk Radio 702 about the opening of the first ScoinShop out of SA

15 Reasons Why Gold Should Reach $1500 in 15 Months

October 1st, 2009. Published under News. No Comments.

Beaumont, TX (PRWEB) October 1, 2009 — Mike Fuljenz, President of Universal Coin & Bullion in Beaumont, Texas points out that in September, 2009, Standard & Poor’s (S&P) Global Investment Policy Committee predicted that gold prices “could rise to the $1,200 to $1,500 ounce range over the next 9-12 months.” Can it happen? Will we see gold at $1,500 by year-end 2010 – about 15 months from this writing? Considering that gold was only $250 in early 2001, a rise to $1500 would cap a 500% gain in the first decade of the 21st century.

Mr. Fuljenz says, “Yes, it COULD happen. Here are 15 universal reasons why gold bullion might reach $1,500 within 15 months: (more…)

If it’s not the Chinese, what’s driving the price of gold?

September 7th, 2009. Published under News. No Comments.

If it’s not the Chinese, what’s driving the price of gold?

ALEC HOGG: Well, that gold price is now trading at $990/oz. It has suddenly come to life. Paul Walker is the chief executive of GFMS, and he joins us from Paris. Paul, on Mineweb, Moneyweb’s international website today, Lawrie Williams wrote a story about China pushing the idea of buying gold to its 1.3bn population. There was a programme on Central China Television explaining to the public how easy it is to buy gold, and this is being interpreted – in some quarters, anyway – as part of the reason why the gold price seems to be sprinting towards $1000. Is that wishful thinking?

PAUL WALKER: Well, I don’t think as much as wishful thinking – it’s actually been a story that’s been around for some time. If you have a look at GFMS data on China, it’s been the one outstanding growth market throughout this bull rally. It’s outperformed every other gold market both in value and, most important, quantity terms from the perspective of supply and demand balances in this market. So it’s already to an extent in the price and there’s no doubt that growth in China, ongoing (more…)

Gold Trending Upwards – eGOLI Report

June 1st, 2009. Published under eGoli Report. No Comments.

By David Levenstein

According to a World Gold Council’s report released Wednesday, May 20th, gold demand rose 38%, to 1,016 metric tons in the first-quarter from last year, representing a 36% rise in value to $29.7 billion. Evidently, this increase in demand came from gold-backed exchange-traded funds, gold coins and bars–products that are popular among precious metal hoarders.

Gold investment demand as gauged by increased holdings of exchange-traded funds, bars and coins, rose 248%, to 596 metric tons, year-over-year with a record investment into ETFs: up 540%, to 465 metric tons. Gold jewelry demand, meanwhile, slipped 24% as a result of high gold prices and downturns in consumer spending. India, typically the biggest consumer of gold, recorded a 83% drop in demand from a year ago. (more…)

Record demand for gold coins

May 25th, 2009. Published under News. No Comments.

May 24 2009 10:21 

German firm to install Gold ATMs

May 21st, 2009. Published under News. 1 Comment.

A German asset management firm plans to set up 500 gold automatic teller machines across Germany, Austria and Switzerland as appetite for physical gold surges.