Current Gold Prices September 21
Current Gold Prices September 21 was closed at $1003.00. This is after dipping below that magical barrier of $1000 several times. The price of spot gold has been here since last week and has not taken a correction as some expected.
In London, as the market opened, it saw the price almost immediately rise. By 9:00 GMT, the current price of gold was above $1015.00.
There are several things that will affect the gold market. One is that the American dollar is becoming more powerful. Gold along with silver and oil markets fell slightly. The Federal Reserve is meeting from September 22 to the 23 to possibly adjust the interest rates. Both of these alone will affect the gold market but then came the announcement from the IMF.
The International Monetary Fund is selling up to 1/8 of its gold reserves stating at the end of September. The statement issued by the IMF claims this will not affect the current gold market. So 403.3 metric tons of gold being sold does not affect the market, then how much would? I am not sure any one believes this.
The question is why put up so much gold for sale and who would buy it during this economic recession? The answer is China. China has long wanted to be a top world player on anything they can. With that much gold, they would become a dominate world power to compete with America and Europe.
That much gold would presently be worth close to $13 billion.
China already possesses over 1,054 tons of gold and is current the largest buyer and producer of gold in the world.
With the Current Gold Prices September 21 at over $1000, what will China do with that much gold and power that goes along with it.