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You are more than welcome to come and sell your gold in person at our premises anytime
Monday to Friday 10am to 4pm.
FREE PARKING ON SITE
(WE ARE CLOSED WEEKENDS AND BANK HOLIDAYS)
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London 21/02/2012 - The base metals performed strongly on Tuesday which is more than can be said for equities. The metals were up an average of 2.2 percent, with aluminium rising the most to $2,250 per tonne, up 2.7 percent, while copper climbed 2.3 percent to $8,451.
Equities, however, were not so buoyant, with the Euro Stoxx 50 falling 0.3 percent, while the Dow squeezed in only a 0.1-percent gain.
The metals have held onto their gains overnight - they are up an average of 0.2 percent, with aluminium once again the strongest performer with a 0.6-percent gain to $2,263. Copper is up 0.1 percent at $8,460 but volume has been lighter than earlier in the week, with 6,116 lots traded compared with an average of around 11,000 on Monday and Tuesday.
In Shanghai, the May contracts are up an average of 0.6 percent – so compared with yesterday’s 2.2-percent gain on the LME, Shanghai has underperformed. Copper is up 1.2 percent at 60,490 yuan, zinc is up 0.7 percent at 16,250 yuan, aluminium is up 0.6 percent at 16,250 yuan and lead is up 0.1 percent to 15,840 yuan.
Spot copper in Changjiang is up 0.6 percent at 59,300-59,650 yuan and remains in a contango equivalent to some $130 per tonne, while the LME/Shanghai arb window remains closed with the differential against the futures running at around $170 per tonne.
In Asia, equity markets are stronger, with the Nikkei up around one percent, the Hang Seng is little changed, the MSCI Asia Apex is up 0.3 percent and China is up 1.4 percent.
Chinese Flash PMI manufacturing data climbed to 49.7 from 48.8, which is encouraging, although a number below 50 still suggests that manufacturing is contracting. Still, given today's gains in Chinese equities, the mood of the markets suggests that investors are seeing the glass as half full rather than half empty.
The dollar is little changed, with the dollar index holding around the 79 level, while the euro is at 1.3258, sterling is at 1.5795, the aussie is weaker at 1.0685, the yen is weaker at 80.00 and the yuan is firmer at 6.2972.
Gold and silver are strong at $1,759 and $34.30 per ounce respectively – given little movement in the dollar, it looks as though bullion is absorbing some safe-haven buying on the raised geopolitical tension over Iran.
The economic agenda is busy - it includes manufacturing and services PMI data out in France, Germany and the EU zone, plus we get UK MPC meeting minutes, EU industrial orders and in the US, existing home sales (see table on right for more details).
The metals are buoyant, boosted by strong data in the US, widespread quantitative easing (in the UK, the EU and Japan) and apparently looking on the bright side of developments in Europe. We now wait to see if prices can regain the highs of late January and early February.
Overall, we feel the fundamentals and medium-term outlook remain bearish for the base metals but further gains seem likely while sentiment is bullish.
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Jewellery Cave Ltd. t/a as H.C.F.G.
272 Friern Barnet Lane, London N20 0NH
Registered in England and Wales No:06616633
Compare our prices
| Buyer |
Price per gram of 9 carat gold |
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HowCashForGold |
£13.00 |
|
H.Samuel |
£8.66 |
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H&T Pawnbrokers |
£11.80 |
|
Ramsdens |
£9.80 |
|
Cash My Gold |
£6.41 |
|
Postal Gold |
£7.97 |
|
Money 4 Gold |
£8.17 |
|
TESCO |
£9.75 |
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