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Gold prices surge crossing $1,374.91 per oz mark
India sees gold prices at a two-year high
By: Diamond World News Service
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Jul 8 2016 10:47AM
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Reference: 13206  

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Gold prices increased on global uncertainity, rising in the international markets and surging above the $1,374.91 per oz mark. In India, gold prices have stood at Rs 31,953 per 10 grams, a high above the levels of March 2014, as per reports. The rise in prices has been the effect of Brexit and the announcement by the US Federal Reserve of not announcing a rate hike, until the environment settles post Brexit, as per reports.

Gold surged upwards globally as well as in India, crossing $1,374.91 per oz on Wednesday in international markets and Rs 31,953 per 10 gms in domestic trading, surpassing prices last seen in March 2014, before closing marginally lower.

Other factors included a good anticipated monsoon in India, the onset of marriage and festival occasions, while in the global sphere gold ETF SPDR Gold Trust (GLD) has made high purchases, which crossed its holding above the 980 tonne mark.

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Jarod Agresti
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t of gold held in custody." When I asked about how much of the gold was insured, the representative proceeded to act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors. I remember there was a highly publicized visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities."
Jarod Agresti
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"...while in the global sphere gold ETF SPDR Gold Trust (GLD) has made high purchases, which crossed its holding above the 980 tonne mark." How reliable are GLD's holding reports? GLD does not give retail investors the right to redeem for any of its mystery physical gold holdings. This fact alone ensures the GLD shares to be nothing more than paper at the end of the day. GLD also has a glaring audit loophole in their prospectus that states they have no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this backdoor to the fund. Some other red flags I've stumbled upon, verified and welcome everyone else to verify for themselves: "Did anyone try calling the GLD hotline at (866) 320 4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amoun
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