95,000 article increase for hallmarking in October

The latest hallmarking figures from the Birmingham Assay Office show that the total number of articles hallmarked across the four UK Assay Offices in October was 8.3% up on the same month in 2013 - an increase of 95,112 items hallmarked overall.

Gold continues its run at the forefront of assaying increases, with 9ct gold the strongest performing category again last month. In all, 92,878 additional 9ct pieces were hallmarked against the same month last year. This translates as an increase of 24.3%.

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Gold Higher as Stocks Rise

Gold prices got the trading week off on the right foot as the price of gold rose several dollars per ounce today. Gold rise even as stocks traded higher. Gold prices have been trending higher since retesting the $1183 area recently. The gold bulls are starting to gain some momentum, and there are likely more shorts that will get squeezed out before the rally is over.

Investors still seem apprehensive following the volatility seen in recent weeks. Higher volatility and lower stock prices could potentially work in gold's favor. The gold market has several other things in play that may help the bulls right now. In its last remarks, the FOMC sounded a lot more dovish than it did previously. The Fed stated that there are numerous risks to the economy right now including a stronger dollar. The Fed also said that short term rates would remain low for some time. In addition, St. Louis Federal Reserve Bank President James Bullard stated last week that perhaps the Fed should hold off on its plan to end its QE program. This is also considered dovish, and may be one of the reasons stocks were able to turn around late last week.

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Fairtrade and CIBJO to promote precious metals

Fairtrade International and the World Jewellery Confederation (CIBJO) have signed a Memorandum of Understanding (MOU) to improve Fairtrade gold supplies for the jewellery market and encourage the integration of Fairtrade gold and precious metals into national supply chains.

The agreement was made at the 2014 CIBJO conference in Moscow last week, and was signed by CIBJO President Gaetano Cavalieri and Fairtrade International’s Fairtrade Gold coordinator Greg Valerio.

According to the MOU, Fairtrade commits to work with CIBJO and its member organisations to improve certified Fairtrade gold supplies to the jewellery markets and members of CIBJO-associated organisations, while CIBJO commits to facilitating and encouraging its members to adopt and integrate Fairtrade gold and precious metals into their national supply chains.

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GOLD JEWELLERY DEMAND HIGHEST SINCE 2005

Gold jewellery has made a strong start in 2014, with global demand in the first quarter reaching its highest volume in a decade.

Although the World Gold Council’s Gold Demand Trends: First quarter 2014 report described the three per cent increase in gold jewellery demand to 570.7 tonnes as “modest growth”, it also stated that this was the largest recorded first quarter volume since 2005.

This boost in demand was primarily attributed to lower gold prices; the average price in United States dollars was 21 per cent lower than in the previous year.

The drop in gold price was echoed in other markets with European and Chinese consumers said to have particularly benefited from a similar lower-price environment. The strengthening economic situation was also noted as a contributing factor.

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Banks accused of gold fix price manipulation

The five banks tasked with setting the London benchmark gold price have been accused of manipulating prices in a federal lawsuit filed at a New York court.

New York resident and COMEX trader Kevin Maher, who filed the report, claims the banks – Societe Generale, Deutsche Bank, Barclays, Bank of Nova Scotia and HSBC – colluded to manipulate prices for profit in a large scale fraud plot.

Maher, who says he bought and sold gold, gold futures and options, has filed the suit on behalf of himself and other investors who held or traded gold and gold derivatives based on the bank-set gold fix from 2004 to now. The lawsuit is seeking unspecified financial compensation.

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Gold import curbs: 15 million jewellery makers may lose job

Squeezed by government rules meant to curb a surge in gold imports, India’s bullion industry is shrinking, with banks and others opting to redeploy personnel for now but possibly facing big job cuts in coming months.

Refiners, jewellery manufacturers and retailers say they could start cutting jobs after Diwali, one of India’s biggest festivals, in the first week of November as festive demand will have sucked supply dry. Some have already begun to do so.

Gold on the local market is now fetching a record premium of $130 an ounce to the global bullion price and that is expected to climb even higher because of coming festivals.

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