Gold In Japan Reaches Highest Since 1980 – Surging Demand Results In Delays To Buy Gold
by GoldCore
ZeroHedge.com
Fri, 09/06/2019
◆ Gold has reached its highest price in Japanese yen since 1980 at 165,045/oz (see charts below) as the yen depreciates amid “global economy jitters”
◆ A surge in demand in Japan is resulting in gold buyers needing to wait “2-3 hours to close deals” on gold bars according to Japan’s largest gold broker Tanaka Kikinzoku
◆ Gold is up 16% year to date in Japanese yen and near 40 year nominal highs due to concerns about the outlook for the yen, the Japanese and the global economy
◆ There is a “global hunt for the safe haven precious metal amid worries that the U.S.-China trade row could further depress the global economy” according to Reuters (see story below)
◆ Tokyo Commodity Exchange (TOCOM) gold futures have been surging since August and one commodity brokerage said Japanese speculators were taking profits at these levels
◆ Gold in dollars is down 1% and silver 0.4% this week after sharp falls yesterday; This follows gains earlier this week and strong gains over the summer which have made gold one of the best performing assets this year with gains of 18.4%
The Rest…HERE
