Lloyds Commodities: International Monetary Fund says more Central Banks are stockpiling gold

May 25, 2012 - PRLog -- PALM BEACH GARDENS, Fla. – As Central Banks increased their gold holdings, the price of gold advanced on May 24.

The gold spot price reached $1,552.20 an ounce on the Comex division of the New York Mercantile Exchange, and the price of silver jumped 2.3 percent to reach $28.28 an ounce on the Comex.

Central banks are the world’s biggest holders of gold. In April, data from the International Monetary Fund shows that central banks bought a good deal of bullion, with Turkey raising its reserves by 29.7 metric tons and Ukraine, Mexico and Kazakhstan taking steps to also boost their holdings.

“The news of central banks buying more and more gold in turn helps boost the demand of gold,” said Frank Gaudino, managing partner at Lloyds Commodities, a precious metal wholesale dealer based in Palm Beach Gardens, Fla. “Despite the recent turbulent precious metals market, it’s a good time for independent dealers to break into the gold market.”

Platinum reached a high of $1,417.00 an ounce – its greatest gain since May 17 -- and palladium hit $586.40.

Volatility surrounding the euro and dollar – as well as weak economic data released from China – were main factors fueling investors’ appetites for safe-haven assets such as gold this week.

“In my opinion, gold bears still technically have the overall advantage,” said Gaudino. “The gold bulls’ next upside price breakout objective is to produce a close above psychological resistance at $1,600 an ounce.”

Gaudino’s business, Lloyds Commodities, assists independent dealers with entering the physical commodity market as retailers. For more information about dealer opportunities with Lloyds, visit http://www.lloydscommodities.com/dealer-opportunities/.


About Lloyds Commodities
Lloyds Commodities is a wholesale dealer specializing in the purchase and sale of precious metals such as gold, silver, platinum, palladium and copper. Lloyds maintains relationships with worldwide suppliers, financing institutions, and investment bankers to maintain client equity. Lloyds has extensive back-office support for day-to-day operations -- including trade confirmations and statements -- allowing its retail clients to focus on expanding and marketing their businesses. For more information about Lloyds Commodities, visit http://www.lloydscommodities.com/.