Spot prices

Westminster Mint provides free real time price quotes on gold, silver, platinum and palladium. People interested in the precious metals market can follow the prices and see trends develop 24/7 on the world market by using our free current and historic price charts and graphs. Track your holding and measure how you are performing against other commodities and stock market indexes such as the Dow Jones, S&P 500, S&P Euro currency, Crude Oil and the U.S. Dollar. You get access to exactly what you need to know-when you need to know free and in real time.

Friday, November 20, 2009


Investors concerned about the economy and inflation have helped push the price of gold to a record high in 2009, but silver has been on a streak too. The price of silver is up 71% since January compared to a 32% gain in gold. While gold is now trading at an all time d high silver is nowhere near a record. The record high for silver was set in 1980, when Nelson and William Hunt unsuccessfully tried to corner the market. In inflation adjusted dollars that is $132 an ounce!

At $18.36 an ounce, silver is more affordable than gold. Sales of 1 oz American silver eagles have soared past 25 million coins already this year, breaking the old record of 20 million coins set in 2008. Demand is so heavy that the U.S. mint will be unable to make Proof versions of the American silver eagle for the first time since 1986. Dealers also report record high sales for silver bullion rounds and bars that often sell for lower premiums above the price of spot silver than silver coins.

Historically it takes about 16 ounces of silver to buy one ounce of gold. Now it takes 62 ounces of silver to buy one ounce of gold. Many experts expect the gold silver ratio to move toward its historical mean as silver outperforms gold in percentage terms in 2010 and beyond.

Thursday, November 12, 2009


On our blog posted Monday April 13, 2009 we asked how investors would do if they bought 1 oz and gold and diversified by also buying 72 oz of silver.

Gold was then $1,039 an ounce silver was $14.33 and the gold silver ratio was 72.1

The gold investment was 2,078 and is now worth $2,226.80 + 7%

The gold and silver investment was $2,070.76 and is now $2,379.88 + 15%

Investors who only buy gold and silver bullion might want to consider that they could have turbo charged these returns by further diversification into numismatic quality, certified collector coins. The 2008 $25 American Gold Buffalo Certified First Strike PR70 DCAM rose from $1,200 to $1,700 for a 41.7% gain according to the PCGS price guide. This is a 24kt gold coin weighing half an ounce that was certified perfect 70.

Tuesday, November 3, 2009

IMF sells India 200 tonnes of Gold

IMF sells India 200 tonnes of Gold for $6,7bn
Published: 2009/11/03 01:08:49 PM

The International Monetary Fund has sold 200 tonnes of gold to the Reserve Bank of India for $6,7 billion, quietly executing half of a long-planned bullion sale that has threatened to slow gold’s ascent.

The deal, which surprised traders who expected China to be the most likely buyer, will relieve the gold market of some uncertainty over how and when the IMF would sell 403,3 tonnes of gold, about one-eighth of its total stock. The deal will increase India’s gold holdings to the tenth largest among central banks.

It also fuelled speculation that other governments — including Beijing — may be ready to diversify their reserves even at near-record gold prices, helping soak up IMF supply that the fund may otherwise be forced to sell on the open market.

“Central banks in India and China will be happy to accumulate gold at these levels. I will not be surprised to see even some Southeast Asian banks buying gold,” Aaron Smith, Asia head of the $1,65 billion technical trading fund Superfund, told Reuters.

Spot gold prices earlier rose by nearly one%, but later reversed those gains to trade little changed at around $1058 an ounce on Tuesday, within striking distance of last month’s $1070,40 record despite a rallying dollar. Traders said the IMF news could add to the market’s upward momentum.

“Its potentially bullish from several points of view,” said Commerzbank analyst Eugen Weinberg. “Gold was kept off the market and sold directly to cental banks so potential sales on market are limited by this.”

“Secondly, it showed large buyers are ready to accept the current price levels. Thirdly, the central banks are increasing their gold reserves. Last but not least the central bank gold agreement sales of 400 tonnes ... is half empty already.”

The Reserve Bank of India said the purchase was an official sector off-market transaction and was executed during Oct. 19-30 at market-based prices.

An IMF official said the sale was concluded at an average price of about $1045 an ounce and that the transaction would be paid in hard currency and not in IMF Special Drawing Rights.

Although the IMF’s plan to sell a share of its gold holdings in order to increase low-cost lending to poor countries had been flagged for a year before it was formally approved in September, the speed, scale and identity of the buyer were a surprise.

“It was always thought that some of it would be sold off market but it was a bit of a surprise that as much as 200 tonnes had been sold off market,” said Simon Weeks, director of precious metal sales at Bank of Nova Scotia.

Although India is the world’s biggest consumer of gold, primarily in the form of jewellery and investment among its billion-plus people, its central bank had given few signs of seeking to diversify its reserves pool into bullion.

The proportion of gold as part of its total foreign reserves has fallen from over 20% in 1994 to just under 4%.

India’s foreign exchange reserves held at the central bank totalled $285,5 billion on Oct. 23, of which gold comprised just over $10 billion. The latest purchase will lift its share of gold holdings from near 4% to about 6%, much less than most of the developed world but four times China’s share.

The RBI does not officially talk about its diversification strategy. On Tuesday, the RBI said the purchase of IMF’s gold was done as part of its foreign exchange reserve management.

But there may also be a geopolitical motive behind the deal: India, like China, is also seeking closer ties with the IMF to assert its authority on the global economic stage.

“This transaction is an important step toward achieving the objectives of the IMF’s limited gold sales program, which are to help put the fund’s finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries,” the IMF’s managing director, Dominique Strauss-Kahn, said in a statement on Monday.


A senior IMF official, speaking on condition of anonymity, declined to say whether other central banks have expressed interest in buying the remaining gold for sale.

He said if no other central banks came forward, the IMF would proceed as planned to sell the gold in the market, but reiterated that the fund would publicize its intentions before doing so to avoid disrupting the market.

Still, the threat of further open-market sales remains a source of concern for gold traders, mindful of the five-year pact among European central banks to sell down a maximum 400 tonnes a year of their holdings, an agreement that was renewed in August and includes the IMF volume.

The market’s focus has now shifted to China, which has reportedly been in talks with the IMF about buying some of the fund’s bullion as Beijing seeks to shift some of its more than
$2 trillion in foreign exchange reserves away from the US

“Now people may think China will buy the other half,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

Already the world’s top producer of gold and rivalling India as a consumer, China revealed this year that it had quietly lifted its own government holdings of gold stocks to 1054 tonnes from 600 tonnes when it last reported its holdings in 2003.

It is the first time since 2000 that the IMF has sold gold to a central bank. Between December 1999 and April 2000 in separate transactions, the IMF sold a total of 12,9 million ounces of gold to member countries Brazil and Mexico.