Social Gold Mine
First up, it’s a tweet from yours truly about the main gold headline of the day, the Bank of England and Nazi Gold. The story grabbed some attention and we mentioned it in the Daily Nugget (Nazi gold continues to haunt), however we realised that no-one was asking why the Nazis went for nations’ and citizen’s gold bullion in the first place.
Everyone was chatting about Nazi Gold this morning so we thought we’d write a little report on it, enjoy http://t.co/0tGcWEWjGW
— Jan Skoyles (@Skoylesy) July 31, 2013
And now for those of you who wondered what happened to the gold price today, we can only attribute it’s small stumble to better-than-expected US GDP data and the FOMC announcement in a couple of hours…
Gold hits its lowest price in over week after US GDP data beat expectations. Spot gold -0.9% at $1,307.50/oz. Earlier fell to $1,306.60/oz.
— Francesca Freeman (@FrankieJFreeman) July 31, 2013
Continuing on from India’s recent moves, Pakistan have now decided gold is also an enemy to their balance of payments:
Misuse of duty-free import scheme: ECC imposes 30-day ban on gold import – Pakistan Daily Times http://t.co/2tR1sObsZs
— Daily Times (@DailyTimesPk) July 30, 2013
As many of you are no doubt aware we have recently written a series of article on the workings of the gold market. What has become exceptionally clear as we have gone deeper into our research, is the disparity between paper and physical gold. As gold is disregarded in the West , it just seems to gain popularity with investors in the East. But, as Geoff Candy explains this two-for-one price market can be difficult to reconcile with.
— Mineweb (@Mineweb) July 31, 2013
Another read for you now, this time from the WGC’s research team. Their latest report has a special focus on gold and US interest rates.
— World Gold Council (@GOLDCOUNCIL) July 31, 2013