Ibtimes Commodities: Gold slump continues while WTI crude rises above $50 mark

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The Pure Gold Company

28/9/2016

The Pure Gold Company featured in the International Business Times on renewed gold demand given the fall in gold price.

By Gaurav Sharma

Away from the oil market, precious metals were largely in negative territory, excepting silver. At 12:14pm BST, the Comex gold contract was down 0.11% or $1.40 to $1,329.00 an ounce, while spot platinum fell 0.25% or $2.60 to $1,023.75 an ounce. Concurrently, Comex silver contract reversed steep declines from earlier in the week to post an uptick of 0.23% or ¢5 to $19.21 an ounce.

Josh Saul, chief executive officer of trading firm The Pure Gold Company, said demand for the yellow metal fell 9% Tuesday but shot back up on Wednesday as investors took advantage of the price decline to buy more.

“We are seeing a lot of clients who bought in June/July (when the referendum decision was announced) come back to us to top up their purchases in order to average out the cost of initial purchases.

“Interestingly, many who believe they had ‘missed the boat’ back in June, are now making first time purchases as fear and uncertainty over Deutsche Bank, associated bank volatility and the US presidential election make the gold price attractive and a strong buying opportunity.”

Source: The International Business Times

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"We are seeing a lot of clients who bought in June/July (when the referendum decision was announced) come back to us to top up their purchases in order to average out the cost of initial purchases."

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