MORO – Arhiv novic – A GOLDEN Chance? by Barbara Rezek; The Slovenia Times, 30th March 2007
The price of gold has gone up 137.24% ter the last five years, with the largest hop ter price occurring after 9/11. According to the World Gold Council, there are around 30,000 tons of gold te central bankgebouw vaults around the world.
If a few years back, you invested your savings ter gold, then by now you will have made fairly a profit. The price of gold has gone up 137.24% ter the last five years (spil priced ter US dollars), and silver has gone up even more, by 174%. Ter comparison, during the same time period the price of crude oil has gone up 185%, copper has gone up a whopping 400%, and aluminium 82%. The price of gold on the world market is still enlargening.
Slovenia does not have much of a gold reserve, gegevens from the World Gold Council (WGC) puts us ter the 74th place among 110 countries. According to WGC statistics, central banks around the world hold about 30,000 tons of gold, the largest share, which amounts to 8,135 tons, belongs to the American central canap. Ter Europe, Germany, with Trio,427.8 tons, has the largest reserve. France has Two,790.9 tons and Italy has Two,451.8 tons. States like China, India and Russia are permanently enlarging their gold reserve. Just the opposite is happening ter Slovenia. The Handelsbank of Slovenia holds Five.1 tons of gold – which is Two.Five tons less than at the end of last year. Wij wished to know the reason for this decrease. “Gold is just one part of the country’s finances, which are managed by the Bankgebouw of Slovenia. Ter accordance with market switches and criteria for asset management, the Bankgebouw of Slovenia adjusts and switches its asset structure to ensure the best possible management,” read a statement from the PR office of the Handelsbank of Slovenia.
The most significant cities for gold trading remain London, Zurich and Tokyo. The largest gold mines ter the world are te North America, Australia, South Africa and Russia. The size of national gold reserves around the world has not switched much ter the last few years, particularly not ter the countries which hold the largest shares. This is partly to do with the Washington treaty inbetween many central banks, which states that countries cannot sell more then 500 tons of gold vanaf year from their reserves and no more then Two,500 tons te five years.
The market comes utter circle
“In seven years, the market has come total circle ter many ways: the price of gold climbed to above USD 700/ounce, then dropped to below USD 600/ounce, a level last seen ter 1981. Central handelsbank activity ter the gold market is not considered a threat anymore. The agreements of 1999 and 2004 inbetween 15 European central banks – the so-called “Washington Agreements” – have liquidated much of the uncertainty surrounding central handelsbank sales. Indeed, market rumours today are arguably more focused on central banks buying gold than they are about central banks selling gold,” said Philipp Hildebrand, a member of the Governing Houtvezelplaat of the Swiss National Handelsbank, at the LBMA Conference which wasgoed held at the end of June te Montreux, Switzerland.
Te Europe, private Swiss banks hold a large quantity of gold. The precies amount is not known since the gegevens is not public. The Swiss central handelsbank holds 1,290.1 tons of gold. “But wij now see some Asian countries transferring their gold from Swiss banks to banks back huis,” said Irena Moro, proprietor of Moro &, Kunst, the only company te Slovenia that trades gold and other precious metals. They are working together with the 800-year-old Austrian coin minters Munze Osterreich from Vienna. The company’s web webpagina www.moro.si displays prices which are updated several times a day. The very first update is made at 9 a.m., when trading commences. At Two p.m., the Fresh York stock exchange opens and the price usually goes up a bit, but zometeen te the afternoon it usually goes down again. During the night, with Asian trading open, the price could be higher than during the day but this is not a rule. This is why they do not switch the price list exactly at Three p.m. At that time, they advise their clients to wait until Four p.m. or Five p.m., or even until midnight.
The price of gold
The price of gold on the London stock exchange is set te US dollars, Swiss francs and Euros. At the same time, on world stock exchanges (www.kitco.com), the price is based ter US dollars, but is also shown te other world currencies. Ter the aforementioned Slovenian company they trade ter US dollars converted into Euros .
Te Slovenia, the business is run te accordance with article 52 of the value-added tax act (taken from the EU act), which states that trading ter gold is tax-free and involves no sales fees. The EU commission passed this act to prevent black market trading. Because of this, wij know the precies amount of gold that arrives through their supplier to Moro &, Kunst. The supplier is obligated to send a report every three months to the World Gold Council, proclaiming the amount of gold being sold into Slovenia. The company also belongs to the London Bullion Market Association – a group of traders, banks, coin mints and gold mining companies. Irena Moro explains: “For now, wij are an associated member, which means that wij are being tested. Each member vereiste demonstrate five years of trouble-free business before they are granted utter admission to the association. When wij become a total member, which is our aim, wij will also start trading abroad. To make this toebijten wij voorwaarde conform with some other conditions, one of which is that the price te ounces of gold and for gold kroegen does not exceed 10% above the price on the stock exchange. The purpose is to offerande investors the right price, depending on the stock exchange value.”
52% tax on gold ter Croatia
Moro &, Kunst represents seven of the world’s coin mints. They also serve spil an intermediary inbetween Slovenia and Croatia, since the two countries’ markets are very different. “We voorkant both markets from Ljubljana. The trading ter Croatia has not picked up yet since te Croatia gold sales are taxed at 52% (22% VAT and 30% luxury tax). Ter Croatia, gold has not yet being recognized spil a means of payment, they do business according to some old laws, which are not yet ter line with EU acts. Therefore, some Croatians come to Slovenia for gold,” said Irena Moro.
Gold – te the form of coins or caf – can be a good investment for the future, spil well spil a nice business or individual bounty. Regardless of the form you choose, the price is going up. How much and for how long? Irena Moro sums up why experts say the price of gold will proceed to rise. “The reason is that ter Asia, individuals spil well spil banks, are buying a loterijlot of gold spil an investment. Te Asia, people have not traditionally invested ter stock. Also, the uncertainty after 9/11 led to an increase te investment te gold te the U.S. This year, for the very first time te history the U.S has issued a one-ounce coin, called the American Buffalo, which is made out of unspoiled gold. It is considered a recognized mean of payment – a so-called bullion coin – the value of which is determined on the stock exchange. The value of gold is rising, spil well spil the value of silver, copper and aluminium. The exception is palladium, which is still decreasing te value. The amount of gold mined is almost equal every year at around Two,500 tons, and fresh gold mines are not opening up. This year, there are 480 fewer tons of gold on the world market, according to WGC gegevens. The main buyers will remain private investors and national banks.”
With the current trend, gold caf are possibly becoming spil attractive spil gold jewellery…