strong sell off in precious metals as dollar inches to highs


pro active investors-Physical demand has been subdued this year with neither India nor China seeing the rise in demand predicted.
Good news was at a premium for gold fans today, with the rise in the dollar sending the spot price tumbling again.

An hour into trading on Wall Street, the price was US$18 lower at US$1,151 with even heavier relative falls for silver and platinum.

More talk of a compromise between Greece and its creditors added to the downbeat mood over gold, with an emergency meeting of Eurozone ministers later today and reports of a new set of proposals to come from the Greek government tomorrow.

There is not much safe haven interest left in the gold price for Greece, say commentators.

Heavy falls on stock markets in China, with mixed performances in the US have also not helped, leaving a few commentators to speculate on just what might get the gold price moving higher again.

Physical demand has been subdued this year with neither India nor China seeing the rise in demand predicted at the start of 2015.

Other precious metals have mirrored gold’s performance.

Commerzbank noted the weakness in platinum and palladium yesterday sent the platinum price to its lowest level since March 2009.

“Platinum ETFs [exchange traded funds] saw outflows of 40,000 ounces in the first half of the year, while palladium ETFs lost as much as 100,000 ounces,” it said.

The price fell again today and shortly after trading got started in the US, silver was more than 5% lower at US$14.91 while platinum slumped US$28 to US$1,032.

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Updated: 07/07/2015 — 8:53 PM

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