Kaloti Precious Metals-Morning Market Report-Friday, September 30, 2016

Market Daily & Weekly

Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai

Fundamentals and News

NY Judge in Turkish Gold Trader Prosecution Won’t Leave Case

• Turkish-Iranian gold trader Reza Zarrab failed to persuade the New York judge handling his U.S. bank laundering prosecution to step down from the case.

• U.S. District Judge Richard Berman refused to disqualify himself Thursday after Zarrab complained about the judge’s disclosure that he participated in a legal conference in Istanbul in 2014

• While Zarrab claimed the judge couldn’t treat him fairly because there was extensive discussion of his legal matters at the symposium, Berman said in his ruling that a transcript shows “that neither Mr. Zarrab nor the criminal charges brought against him by Turkish prosecutors in 2013 were discussed by the Court at the symposium.”

• The gold market ain’t what it used to be.

• After the best first half in 40 years and investors buying the metal at the fastest pace since 2009, prices have hardly budged since the end of June.

• The 60-day volatility is near the lowest in more than a year and the amount of metal added to exchange-traded funds has slowed. Holdings backed by gold have climbed 4.1 percent this quarter after jumping 21 percent in the first three months of the year and 11 percent in the second.

• “I’m still bullish, although feeling a little frayed at the edges,” said Andy Pfaff, chief investment officer for commodities at MitonOptimal Group in Cape Town. “We had this massive, impulsive bullish run at the start of the year, and that has corrected somewhat as the momentum faded. Looks like we have been in a consolidation range.”

• Bullion for immediate delivery trades at $1,321.03/oz in London, according to Bloomberg generic pricing.

• Gold earlier rose as much as 0.3%

• Bloomberg Dollar Spot Index rises 0.2%; stronger dollar typically cuts demand for gold as alternative investment

• Kirkland Lake CEO unaware if anyone else was looking at Newmarket Gold during deal talks, Tony Makuch said during interview with Bloomberg TV Canada.

• Says KLG CN will be able to create some significant value from buying NMI CN

Data Forthcoming Releases

Courtesy: http://kalotipm.com.sg/kaloti-market-report-30th-september-2016