{"id":18333,"date":"2015-08-11T14:34:40","date_gmt":"2015-08-11T21:34:40","guid":{"rendered":"http:\/\/www.itmtrading.com\/?p=18333"},"modified":"2015-08-14T08:31:23","modified_gmt":"2015-08-14T15:31:23","slug":"a-mark-bullion-update-45","status":"publish","type":"post","link":"https:\/\/www.itmtrading.com\/blog\/a-mark-bullion-update-45\/","title":{"rendered":"A-Mark Bullion Update"},"content":{"rendered":"

\"A-Mark-Precious-Metals-Inc\"<\/a>In the overnight trading session, the People\u00e2\u20ac\u2122s Bank of China allowed their currency to depreciate by 2% against the USD, the biggest one day loss in two decades.\u00c2\u00a0\u00c2\u00a0 Weak trade numbers which have been exacerbated by a strong currency in the face of weak global demand for its exports seemed to be the final straw for the PBOC.\u00c2\u00a0 Chinese exports for the month of July dropped over 8%, worse than expectations for a 1% fall and the poorest figure in four months.\u00c2\u00a0 The move by the PBOC rattled the currency markets and US equities are down over 1% at time of writing as participants attempt to digest the Chinese currency news.\u00c2\u00a0 Gold had a volatile overnight session and the active December gold contract on the Comex is having its biggest volume day yet with over 184,000 lots traded thus far.\u00c2\u00a0 Gold\u00e2\u20ac\u2122s reaction was slow to the currency devaluation but it ultimately moved from sub-$1,100 all the way up to $1,120.\u00c2\u00a0 The jump higher was met by heavy selling though and it has since retreated.\u00c2\u00a0 The 2% weakening of the renminbi means that gold (not factoring in gold\u00e2\u20ac\u2122s own price moves) for the Chinese is now 2% more expensive than it was yesterday.\u00c2\u00a0 Chinese gold buying overnight took a hit as the Chinese were instead happy to sell into the rally.\u00c2\u00a0 The story of currency devaluation is generally gold bullish but this time it may turn out to be negative in the short term as further Far East selling emerges.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the overnight trading session, the People\u00e2\u20ac\u2122s Bank of China allowed their currency to depreciate by 2% against the USD, the […]<\/p>\n","protected":false},"author":6,"featured_media":17083,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1207],"tags":[38,1422,1385],"class_list":["post-18333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-china","tag-gold-trading","tag-djia"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/18333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/comments?post=18333"}],"version-history":[{"count":2,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/18333\/revisions"}],"predecessor-version":[{"id":18335,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/18333\/revisions\/18335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media\/17083"}],"wp:attachment":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media?parent=18333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/categories?post=18333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/tags?post=18333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}