This Month in Gold – February 2013

Germany Repatriating Gold in Case of Currency Crisis
Forbes – Germany’s central bank announced plans to bring 50% of its total gold reserves back to Frankfurt from the US and France. 300 tons of gold will be moved from the NY Fed to the Bundesbank over the next seven years. A Buba spokesman said they would not be selling the gold, but storing it “in case of a currency crisis.” Germany is the second largest holder of gold in the world, and some claim the gold grab is in response to public pressure to have the reserves verified.
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US Mint Silver Sales Jump
ABC & Bloomberg – The US Mint temporarily sold out of its 2013 American Eagle silver bullion coins in the first two weeks of the year. When sales resumed at the end of January, 1.123 million ounces sold in one day – which will likely push sales to the highest monthly total since July 2010. Sales were driven by unexpected investor demand, which may be related to fears over the Fed’s QE3 Plus money-printing scheme.
Read Full Articles: ABC>> Bloomberg>>

Palladium and Platinum Hit 16- and 3-Month Highs, Respectively
Forbes & The Wall Street Journal – Palladium hit a 16-month high at the end of January, attributed to a suspected depletion of Russian stockpiles, as well as auto demand in the US and China. Experts expect palladium to remain one of the strongest performing metals due to tight supply and high demand. Meanwhile, platinum’s price spiked when the world’s largest producer announced closures of several South African operations. The drop in production is about 7% of total global platinum output. South Africa is a major source of both platinum and palladium.
Read Full Article>> WSJ>> (WSJ article is dead. I can take out all the references to Platinum and just make this about Palladium)

World Braces for Currency War
Bloomberg – Russia’s central bank is raising concerns about a potential renewed currency war on the horizon. Emerging markets are feeling the pain of loose monetary policies in richer nations; meanwhile, Luxembourg Prime Minister Jean-Claude Juncker has joined the governments of Sweden and Norway in paradoxically raising alarm over the euro’s strength. Russia’s fear is that emerging markets may respond by once again weakening their currencies to boost exports, triggering competitive currency devaluation. This is good for gold, but dreadful for global trade. When the finance ministers and central banks of the G-20 meet
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