Weekly Review For Gold Investors – April 10th

Gold closed the week at $1,208.35 up $5.75 per ounce (0.48%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, lost 2.2%. The U.S. Trade-Weighted Dollar Index gained 1.95% for the week.

Gold Market Strengths

Gold rose for the first time in four days on Friday after holdings in exchange-traded products (ETPs) backed by bullion saw the largest increase in more than six weeks. Silver rose the most in a week.

March gold imports for India came in at about 125 tons versus 60 tons a year ago. Furthermore, year-to-date (YTD) imports are at about 900 tons versus 662 tons the previous year.

Gold Market Weaknesses

Federal Reserve policy minutes released this week from their most recent meeting showed officials were split last month over whether they would raise interest rates in June. Short sellers used this as an opportunity to push gold down for a third day. Norilsk sees South African output of platinum declining in the next several years. With output already falling, however, it is troubling that there has not been a positive price response.

Armed robbers walked away with an estimated $8.5 million of gold from the refinery at McEwen Mining’s El Gallo 1 Mine in Mexico’s Sinaloa state on Tuesday. The gold was contained in an estimated 900 kilograms of gold-bearing concentrate. The company announced that while it is insured, the policy won’t be enough to cover the entire expected loss. Apparently the furnace to produce the doré bars was offline for repairs, thus causing the gold concentrate to build up. This hints at the robbery being an inside job, with someone with knowledge of the buildup likely tipping off an outsider.

Read More: goldsilverworlds.com/investing/gold-investors-weekly-april-10/