A-Mark Bullion Update
In the wake of European Central Bank President Mario Draghi announcing that the central bank may extend the current QE program beyond its expiration date, the euro has steadily lost ground against the USD. The strengthening USD has simultaneously added pressure to the gold market which has now been in a methodical downtrend for two weeks. The stock market stabilizing and volatility decreasing have also weighed on the gold market. GFMS, a leading publication for precious metals research, just released results for third quarter activity which showed that gold coin and bar demand jumped up 26% in Q3 year on year. Central banks, most notably Russia and China, added to holdings in the last quarter and are expected to be net buyers of gold for the sixth consecutive year in 2015.