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Gold price looking to close the week flat as UK Royal Mint runs out of sovereigns

After brushing with $1700 on wednesday the gold price dipped to $1704 yesterday before quickly heading back higher.

There has been good follow through today and after all the fireworks this week gold is looking like closing out the week flat.

The fact that $1700 saw some good buying interest and held intra-day should give the bulls some encouragement going into next week.

Really we need to see gold getting back above $1725 to start pulling the ‘we missed the dip” buyers in.

Gold $ (weekly):

 gold 26 october 2012 Gold price looking to close the week flat as UK Royal Mint runs out of sovereigns(click for sharper image)

Gold € (weekly): 

gold € october 2012 Gold price looking to close the week flat as UK Royal Mint runs out of sovereigns(click for sharper image)

In terms of €s gold is looking like closing up around 0.5%

Gold £ (weekly):

gold € october 20121 Gold price looking to close the week flat as UK Royal Mint runs out of sovereigns(click for sharper image)

However gold in £s seems to be the worst performer this week looking like closing down about 1%

We got this interesting note form the UK mint this week:

2012 BULLION SOVEREIGN – SOLD OUT

Dear Customer,

Thank you for your continued support of our bullion range and we are pleased to confirm that the 2012 Bullion Sovereign is now SOLD OUT.

For reference our 2013 Bullion Sovereign is now available to purchase, with deliveries from Monday 5th November 2012. Please find attached product information and pricing.

If we can be of any further assistance please contact us on the details below.

Best regards

The Royal Mint Bullion Team

That’s right the UK mint has sold out of sovereigns. After speaking with them it turns out that a couple of recent big order have cleaned them out of their remaining stock. It has also apparently been their best year for sovereign sales.

All this does is underline that UK demand has been very strong this year and in particular gold sovereigns. So why are people turning to sovereigns in the UK? Very simple, they are capital gains tax free, which many people don’t realise. Learn more here:

 

Related posts:

  1. Royal Mint: 40 per cent Rise in Demand for Gold Coins
  2. Royal Mint Ups Production as Demand Increases
  3. The gold price looking to close at a 7 week high after Ben Bernanke say’s he’s ready to print
  4. Gold Bullion Sovereigns
  5. Euro gold price on course for its second highest weekly close ever

Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-looking-to-close-the-week-flat-a-uk-royal-mint-runs-out-of-sovereigns-8513/

Posted by on Oct 26 2012. Filed under Gold News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.
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