Friday, July 27 2018
By GCRU Gold News on Friday, July 27 2018, 04:00
Imports via Hong Kong, by the world’s top consumer of the metal, rose to 80.867 tonnes in June from 57.649 tonnes in May according to data provided to Reuters by the Hong Kong Census and Statistics Department.
Tuesday, July 24 2018
By GCRU Gold News on Tuesday, July 24 2018, 01:48
South Africa’s gold mines are the world’s deepest and among the most labor intensive. The country’s gold production dropped 16 percent in May from a year earlier, falling for an eighth straight month, as aging infrastructure, depleted reserves and accidents raise costs and curb output.
“Gold is a sunset industry,” Pityana said in an interview last week in Bloomberg’s Johannesburg office. “It doesn’t matter what you do, it doesn’t matter how you do it, you are not going to be able to change that.”
Monday, July 23 2018
By GCRU Gold News on Monday, July 23 2018, 03:48
Sunday, July 22 2018
By GCRU Gold News on Sunday, July 22 2018, 23:51
Russia has left the top-30 list of top lenders to the United States by radically slashing US Treasury bills ownership. RT-polled analysts have shared their opinion on the move.
“Both political and economic reasons could be found here. The Central Bank may have thought that Russia-owned Treasuries could be frozen because of geopolitical tensions. The regulator announced in spring that it plans to diversify its reserves,” said Zhanna Kulakova, financial consultant at TeleTrade.
The analyst thinks the Russian central bank could re-invest the money from the sale into Chinese bonds and gold. “Gold is a tangible asset that can not be completely depreciated under any circumstances. In periods of global financial or political crises, gold will be much more useful than securities or cash,”
Saturday, July 21 2018
By GCRU Gold News on Saturday, July 21 2018, 06:30
Venezuela exported $779 million of gold to Turkey in 2018, according to Turkish government statistics, further evidence that the South American country is shifting its pattern of trade following a wave of sanctions that began last year.
Venezuela’s Mining Minister Victor Cano on Wednesday said the central bank was exporting gold to Turkey rather than Switzerland due to concerns about sanctions, without specifying the amount that was being sent.
By GCRU Gold News on Saturday, July 21 2018, 06:24
By GCRU Gold News on Saturday, July 21 2018, 06:21
By GCRU Gold News on Saturday, July 21 2018, 00:35
Russia adds 500,000oz to it's reserves in June
Friday, July 20 2018
By GCRU Gold News on Friday, July 20 2018, 06:32
With the first half of 2018 now behind us, it’s an opportune time to look at whats been happening in the Chinese Gold Market. As a reminder, China is the largest gold producer in the world, the largest gold importer in the world, and China’s Shanghai Gold Exchange is the largest physical gold exchange in the world.
Thursday, July 19 2018
By GCRU Gold News on Thursday, July 19 2018, 01:37
The good news for gold bulls is that the weaker hands in the ETFs have sold out, the speculative long overhang on CME has all but disappeared and we have absorbed about 700 tonnes of leveraged selling (and we are now at levels not seen since early 2016), while the demand for physical reported by the Mints around the world are at generational lows. Indian demand is patchy and Chinese demand only adequate. I might add that the term "buy gold" on Google Trends has just slipped to a decade low. Further, gold's Relative Strength Indicator on the charts has slipped to below 24 confirming its oversold status. Not exactly blood in the streets yet - but for businesses in our space, it is certainly tough.
Friday, July 13 2018
By GCRU Gold News on Friday, July 13 2018, 04:47
“If I could give one sentence about the gold mining business … it’s that in my life, gold produced from mines has gone up pretty steadily for 40 years. Well, either this year it starts to go down, or next year it starts to go down, or it’s already going down… We’re right at peak gold here.”
By GCRU Gold News on Friday, July 13 2018, 02:05
SGE withdrawals for June were 140.6 tonnes
By GCRU Gold News on Friday, July 13 2018, 01:43
Chinese reserves for June
Wednesday, July 4 2018
By GCRU Gold News on Wednesday, July 4 2018, 04:06
Intraday averages for June
Tuesday, July 3 2018
By GCRU Gold News on Tuesday, July 3 2018, 01:51
“Significant increases in inflation will ultimately increase the price of gold. Investment in gold now is insurance. It’s not for short-term gain, but for long-term protection. I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counter-party signature. Gold, however, has always been far more valuable per ounce than silver. No one refuses gold as payment to discharge an obligation. Credit instruments and fiat currency depend on the credit worthiness of a counter-party. Gold, along with silver, is one of the only currencies that has an intrinsic value. It has always been that way. No one questions its value, and it has always been a valuable commodity, first coined in Asia Minor in 600 BC.”
Monday, July 2 2018
By GCRU Gold News on Monday, July 2 2018, 02:53
By GCRU Gold News on Monday, July 2 2018, 02:31
Indian imports for April were 59.8 tonnes
Saturday, June 30 2018
By GCRU Gold News on Saturday, June 30 2018, 07:07
By GCRU Gold News on Saturday, June 30 2018, 07:03
Thursday, June 28 2018
By GCRU Gold News on Thursday, June 28 2018, 02:40
Their moves out of U.S. debt and into the precious metal could be precursors of a bigger global shift.