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21-Dec-2015 Everyday Sydney Gold and Silver Prices

Gold Price AUD$1486/oz, $47.78/g
Silver Price AUD$19.67/oz, $0.63/g

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Holidays Opening Hours from 21 Dec 2015 – 3 Jan 2016

By Allen Sykora of Kitco News

(Kitco News) – All eyes will be on the U.S. dollar next week, although expected illiquidity in the gold market could mean increased volatility, traders and analysts said.

Traders also will be watching to see if a double-bottom so far this month holds on the charts and if so, whether that induces short covering or bargain hunting.

Gold fell this week, with the bulk of the decline coming on Thursday and widely blamed on a surge in the U.S. dollar a day after the Federal Open Market Committee hiked U.S. interest rates for the first time in nearly a decade. Comex February gold lost $8.70, or 0.8%, for the week to $1,065. The metal was down even more on Thursday before bouncing Friday on short covering bounce, bargain hunting and a retreat in the U.S. dollar index.Gold and the US Dollar

Participants in a pair of Kitco surveys are mixed on the direction for gold next week. In an online survey of retail investors, 136 respondents, or 42%, are bullish, while 143 people (44%) are bearish and 43 (13%) are neutral. Of 17 participants in a survey of market professionals, eight (47%) expect higher prices next week, while six (35%) see lower prices and three (18%) are neutral.

Around 1:30 p.m. EST, the March U.S. dollar index was at 98.900, up 1.294 points for the week. Gold often moves inversely to the U.S. currency.

“I’ll be looking at the behavior of the dollar and the after-effects of the rate hike,” said George Gero, vice president with RBC Capital Markets Global Futures, on what he sees as the key market driver next week. “I’ll be looking for any more clues on (the future of) monetary policy.”

A heavy slate of U.S. economic data is on the calendar during the middle of a holiday-shortened week, including gross domestic product and existing home sales Tuesday, followed by personal income and spending, durable-goods orders, consumer sentiment and new home sales on Wednesday. Weekly jobless claims are set for Thursday.

Typically, when data are strong, it supports the U.S. dollar, which in turn often hurts gold. However, in the current environment, there is also a chance that strong data could prompt selling in stocks, leading some of those investors back into gold, said Sean Lusk, director of commercial hedging with Walsh Trading. This is because strong data might spark fears of more aggressive rate hikes from the FOMC than market participants currently expect.

Further, Lusk added, this could prompt concerns about inflation. Gold is often bought as a hedge against rising prices across the wider economy.

Western markets will closed next Friday for Christmas, and trade is expected to be thin ahead of time, with many traders taking extra time off, observers said. That might have some impact on the market since greater volatility can occur in thin markets.

“The only thing that will be moving market is going to be the illiquidity of the market, if anything,” said Afshin Nabavi, head of trading at trading house MKS (Switzerland) SA.

If somebody were to take out a big position, there may be little interest in taking the other side, Nabavi explained. That in turn means potential for a bigger move in prices than otherwise might be the case.

“The market could have a $5, $6 or $10 move up or down without any reason,” Nabavi explained. “If the market goes up 10 bucks, once the actual trade is done, it would probably go back down where it was. That’s the illiquidity for the market.”

Otherwise, barring any unexpected news, he looks for gold to remain within the range from recent days.

“I wouldn’t be surprised if we had a little bit of a short-covering rally,” Lusk said. With gold not far from multi-year lows, many traders have short, or bearish, positions. With the end of quarter and year approaching, some of traders will be looking to buy in order to cover or offset those positions, Lusk explained.

Technically, Gero and Lusk said, gold traders will be watching a double-bottom so far this month. The February futures fell as far as $1,045.40 on Dec. 3, then held just above this on Thursday’s pullback to $1,046.80. The roughly $1,045 bottom was the lowest level since early 2010, based on a futures continuation chart.

Traders said a break below this area could trigger sell stops, which are pre-placed orders activated when certain chart points are hit. However, Lusk added, should this support level hold, some market participants might be encouraged to do some bargain hunting or even up short positions.

“Every time we’ve made a low this fall…we’ve had a decent pop up of $40 or $50 over the next couple of weeks,” Lusk said.

DUBAI // Electronic displays showing regularly updated gold prices are to be installed in hundreds of jewellery shops to battle price rigging.

The Department of Economic Development and the Dubai Gold and Jewellery Group hope the move, in which customers pay only the displayed price, will make sellers more accountable.

Early next year about 500 outlets will instal displays that show the type of gold and its price.

More than 1,000 stores are expected to eventually adopt the system and, although initially only members of the DGJG will adopt the technology, it is hoped non-members will follow.

Jewellers at Deira’s Gold Souq welcomed the news but Yasser Mohammed, of Al Romaizan jewellery, said the system did not take into account the work that went into a piece, and customers would still want to haggle.

“For 30 years we haven’t put prices so why should we start?” he asked. “Customers will always want to fight for a better price.”

“I don’t think it’s a good idea. We don’t display prices because they each have different work done on them, so we can’t always have a set price because we have to be able to make a profit.”

Mohammed Lootah, executive director of commercial compliance and consumer protection at the department, said: “This is the first gold-pricing display of its kind in the world, and is part of our determination to provide consumers with transparency and help them make purchases without having to worry about being cheated.”

Prices will be updated each day at 9am, 2pm, 5pm and 8pm, based on the average of the international gold price during the day.

There will be a maximum 5 per cent mark-up to protect local jewellery shops from rapid price fluctuations. The customer will only pay the displayed price and there will be no extra charges.

“In future we are also looking into separating the invoice to have the price of gold split from the price of the craftsmanship,” said Mr Lootah. “Consumers will have a better idea of the value of gold in the jewellery compared with the price of the design.”

Malik Bakhsh, a Pakistani who has been managing Al Shahid Jewellers for 25 years, said the system would encourage customers.

“Only a few places in the market display prices but now they’re trying to implement it in each shop, which is a very good thing because that way customers will come with peace of mind and they won’t have any confusion,” he said.

Mr Bakhsh said it might deter some shops who misleadingly offer lower prices.

“What they then do is increase the manufacturing cost,” he said. “The price of gold is published in the newspaper every day, so it’s all a mind game.

“Customers go to these shops because they hear of lower prices but then the seller adds manufacturing costs, which goes up.”

Ousama Nassar, an Egyptian who has managed Mahallati Jewellery for 12 years, also welcomed the move.

“Some fluctuations in price can really affect customers who buy in bulk, but this is an international price so it’s important to have it displayed,” he said.

Tawhid Abdullah, chairman of Dubai Gold and Jewellery Group, said: “We hope to ensure a pleasant jewellery shopping experience for tourists and residents in Dubai, as they can purchase jewellery from any store at transparent gold prices.”

The prices will be updated using a Global System for Mobile communications, which is tamper-proof and cannot be manipulated by jewellers.

As the government seeks to monetise gold worth an estimated $1 trillion (Rs 66.4 lakh crore) lying idle, all eyes are on their biggest repositories — the temples — but many of them fear that ‘melting’ of the ornaments donated by devotees may hurt religious sentiment.

The Gold Monetisation Scheme aims to bring an estimated 22,000 tonnes of gold lying idle with households, religious institutions and others into the financial system in return for a regular interest payout and the market-linked appreciation value. The gold can be deposited in the jewellery form, but it gets melted and the value is determined after testing its purity.

Among temples in Gujarat, the famous Ambaji temple has ruled out depositing its gold for the scheme at present, while Somnath temple has prepared a proposal, though a final decision would be taken by its trustees.

Dwarkadhish temple in Devbhumi Dwarka is yet to take a call, but the chairman of the temple trust committee H K Patel said the scheme was worth giving a thought.

The famous Siddhivinayak temple in Mumbai is also looking at options to monetise its total reserves of 160 kg, of which 10 kg is already deposited with a bank.

The high-level Investment Committee of Tirumala Tirupati Devasthanams (TTD), which manages the world’s richest Hindu temple of Sri Venkateswara Swamy, will also meet soon to discuss the issue of depositing its gold under this scheme. “We will meet soon. We may discuss this issue,” committee member K Narasimha Murthy said.

Kanakadurgamma temple in Vijayawada, the second-richest temple in Andhra Pradesh, however has no plans to participate in this scheme.

The Devaswom Boards controlling most of the temples in Kerala are showing mostly lukewarm response to the central government’s scheme, except for the Guruvayour Devaswom that manages the famous Sree Krishna Temple at Guruvaoyur.

Among temples in West Bengal, Dakshineswar Kali Temple’s trustee and secretary Kushal Chowdhury welcomed the scheme. “We are interested in participating in it. What is the point of leaving the gold lying idle in our vaults?,” he said.

“Institutional gold has started coming. Tirupati has indicated 1.5 tonne, Shirdi 500 kgs. We have started dialogue with smaller temples of Himachal Pradesh and Haryana and gradually to temple trusts of other states,” State-run MMTC’s MD Ved Prakash said.

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Sydney Gold Traders pay great prices for your unwanted gold, silver, platinum and fine jewellery .

Now check the price to see if you want to sell your gold and silver:

18-Dec-2015 Everyday Sydney Gold and Silver Prices

Gold Price AUD$1477/oz, $47.48/g
Silver Price AUD$19.28/oz, $0.61/g

Call us 02 9231 2535 or go to Sydney Gold Traders to find out more live gold and silver price. Or just bring your gold, silver , jewellery to Shop. Let us test and evaluate them for you.
Visit Our Office Sydney Gold Traders
Suite 12A, Level 5 the Dymocks building 428 George Street Sydney 2000

TORONTO , Dec. 17, 2015 /CNW/ – Waterton Global Resource Management (“Waterton”) today announced that subsidiaries of Waterton Precious Metals Fund II Cayman, LP have closed on the previously announced purchase of Barrick Gold Corporation’s (ABX)(ABX.TO) (“Barrick”) 70 percent interest in the Spring Valley project and 100 percent of the Ruby Hill mine for a total of $110 million in cash.

“We are very excited to add Spring Valley and Ruby Hill into our growing portfolio of high quality, advanced stage development and production assets,” said Isser Elishis , CIO of Waterton Global.

Spring Valley is an open-pit, oxide heap leach gold project located 75 miles west of Cortez in Nevada . It offers a highly prospective land package with significant exploration upside and potential. The property spans 11,022 gross acres on 618 contiguous unpatented lode and placer mining claims and 1,701 gross acres of fee lands.

The Ruby Hill mine is an open-pit, heap leach gold mine located on the Battle Mountain / Eureka gold trend. Since 2006, prior to commencing the permitting of the next phases of mining, the Ruby Hill mine produced over 1.4 Moz of gold. The mine offers additional gold and base metal potential.

Stikeman Elliot LLP acted as Waterton’s Canadian legal advisors, and Davis Graham & Stubbs LLP acted as Waterton’s US legal advisors, in connection with the acquisition.

About Waterton

Waterton is a leading mining-focused private equity firm dedicated to developing high quality precious and base metals projects located in stable jurisdictions. Waterton’s cross-functional, fully-integrated, in-house team of professionals have significant mining, financial and legal expertise. Waterton’s proactive approach to asset management, significant sector knowledge and ability to leverage extensive industry relationships has resulted in a strong track record of managing investments in the metals sector. Additional information about Waterton is available online at www.watertonglobal.com.

SOURCE Waterton Global Resource Management