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Saturday, April 8 2017

Higher prices dent gold demand in Asia; China premiums rise

In top consumer China, premiums were around $10 to $12 per ounce against the international benchmark, up from last week's to $8 to $10.

Premiums in China had risen early this month as traders said supplies of the precious metal were limited due to tightening import restrictions to stem currency outflows.

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Wednesday, March 29 2017

Russia, China Lay Groundwork For BRICS Transactions in Gold

Recent progress made in streamlining trade in local currencies has brought Moscow and Beijing closer to creating a financial architecture that could facilitate transactions in gold.

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Saturday, March 18 2017

China gold premiums rise on limited supply

Gold premiums rose in China this week as traders said supply of the precious metal was limited due to tightening import restrictions to stem currency outflows.

Premiums climbed to over $20 an ounce against the international benchmark from $15-$17 last week.

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Tuesday, March 14 2017

Solving the Secret Behind the Chinese Gold Market

China, it seems, wants to make the rules in the international monetary system, which is why it has been acquiring vast amounts of gold through both private and official channels.

Because of the obscure nature of the Chinese gold market and the reluctance of Chinese officials to show their hand, nobody has been able to accurately calculate how much gold the Chinese have acquired since 2000, when they began amassing it.

Enter Koos Jansen, an analyst with Singapore bullion dealer BullionStar. He has studied the Chinese gold market for years and recently came up with an estimate of total Chinese gold holdings: 19,500 metric tons, or 21,495 U.S. tons, at the end of January 2017.

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Wednesday, March 8 2017

Midas touch: China's tech, financial firms eye virtual gold rush

China's virtual gifting market, typically the domain of plugged-in young consumers celebrating special occasions or flirting, is luring major financial institutions keen to boost trade of another auspicious commodity: gold.

Tencent's digital gold packets, known as "microgold", are backed by the country's biggest bank, Industrial and Commercial Bank of China (ICBC) (601398.SS). They allow users to send funds that track the real-time value of gold to friends over the firm's popular messaging platform WeChat.

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Tuesday, February 28 2017

China to boost gold output by 2020

China will increase its annual gold output to 500 tonnes by 2020 from around 450 tonnes currently, according to the Ministry of Industry and Information Technology (MIIT).

China has been the world's biggest gold producer for 10 years and the largest gold consumer for four years.

The country's gold output rose 0.76 percent year on year to 453.5 tonnes in 2016, with consumption hitting 975.4 tonnes.

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Monday, February 27 2017

Online channels shine with gold-backed financial products

Sellers of gold-backed financial products are expanding their online sales channels and attracting more investors to the precious metal as a hedging tool and asset safe haven, analysts have said.

More than 20 internet-based service providers have launched gold-backed financial management products so far, including Tencent Holdings Ltd, which started enabling users to give digital red packets of physical-gold-backed assets that can be transacted in real time.

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Thursday, February 16 2017

It’s only a matter of time before China has the biggest gold pile in the world

In total, since 2011, China has imported more than 5,000 tonnes. That’s more than is in the vaults of the International Monetary Fund (IMF), and more even than Germany’s holdings (around 3,400 tonnes). Another three years at a similar rate, and China will have imported more gold than there is at Fort Knox.

The cumulative impact is astonishing. Add China’s domestic production into the equation, as well as the recycling of scrap, and it seems that since 2009, more than 12,000 ounces of gold have either been produced in, or imported to, China.

It’s pretty easy to start drawing the conclusion that China is planning to return the world to some kind of international gold standard and thereby undermine US imperial and economic might by destabilising the dollar.

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Tuesday, February 14 2017

China Net Imported 1,300t Of Gold In 2016

For 2016 international merchandise trade statistics point out China has net imported roughly 1,300 tonnes of gold, down 17 % from 2015.

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Tuesday, February 7 2017

WeChat Introduces Gold Hongbao to Promote New Financial Product

WeChat began testing a new lucky money feature during the recent Chinese New Year holiday that enables transfers of gold bullion among users with the same mechanics for the existing cash hongbao (lucky money or red envelopes in Chinese).

With the gold hongbao (not official translation), like the cash hongbao, a sender can either send packets to certain persons or let the system randomly divide a certain amount into certain parts and send it to a chat group for group members to try their luck.

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Sunday, February 5 2017

China stocked up on Swiss gold as turbulent year came to a close

China’s gold imports from Switzerland soared at the end of last year when Beijing was struggling to defend the yuan and incoming US President Donald Trump was casting grave doubts about Sino-US economic ties.

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Thursday, January 26 2017

China Eats 62% of Global Gold Production

Chinese investors withdrew over 63.3 million ounces of gold from their primary gold exchange in 2016, the fourth highest on record.

To put that in perspective, it’s 64 times more than all of the gold Eagles sold by the US Mint last year.

Another way to look at it is this: check out how much of total global gold production those withdrawals represent.

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Wednesday, January 25 2017

China retains crown as world’s top gold consumer, amid softening yuan and financial market volatility

China remained the world’s No 1 gold consumer for a fourth straight year in 2016 as a weakening yuan and increased market volatility underpinned investment demand, which partially offset a slump in jewellery purchases as the economy slowed.

Gold consumption reached 975.38 tonnes in 2016, down 6.7 per cent from 2015, according to data from China Gold Association on Wednesday.

China’s gold production also topped the world for a 10th straight year, rising 0.76 per cent in 2016 to 453.486 tonnes.

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Friday, January 20 2017

Chinese Investors See Comfort in Gold ETF

Add a weakening yuan and capital outflows from China to the global forces helping boost demand for gold.

In the week through Monday, China attracted $52 million, the biggest inflow into commodity-linked exchange-traded funds of all countries tracked by Bloomberg. Huaan Yifu Gold ETF, China’s largest ETF backed by raw materials, is getting all the attention, attracting almost $72 million last week, more than enough to offset outflows from its peers.

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Thursday, December 29 2016

Shanghai Gold Exchange cuts transaction size to limit price moves

Shanghai Gold Exchange, the world's biggest physical bullion exchange, said on Wednesday it will curb the amount of gold investors can trade at one time, a move analysts said would limit institutional investors' influence on prices.

The exchange said in a statement it will halve its limit on transactions to 500 kg on some spot gold contracts starting Jan. 1. It did not give a reason for the move and the exchange did not answer calls seeking comment.

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Sunday, December 25 2016

China's Gold Market Opens Up To Boost RMB Internationalization

At the end of 2015 there were over 8.6 million individual accounts, over 10,000 institutional accounts and the total gold trading volume for the year reached 17,000 tonnes. The exchange was ranked as one of the largest and we firmly grasped an important opportunity for the internationalization of the RMB with the profound changes happening in the gold market. At the same time, we want to build a harmonious ecological gold market that sets a new path for the global gold market and achieve the status of being a global gold power from a large gold holding nation.

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Thursday, December 1 2016

China tightens gold import quotas to curb dollar outflow

China has curbed gold imports in the wake of government attempts to clamp down on capital leaving the country, according to traders and bankers.

Some banks with licences have recently had difficulty obtaining approval to import gold, they said — a move tied to China’s attempts to stop a weakening renminbi by tightening outflows of dollars, the banks added.

Quotas for importing gold have been cut during quarterly assessments this year. Banks also have dollar quotas, some of which must be used when buying gold.

The limits on imports bite as the weakening renminbi raises Chinese investors’ interest in gold. Lower gold prices have also triggered more buying.

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Gold Slips As China Curbs Imports To Slow Capital Flight

While all eyes were on India (as rumors swirled of an imminent gold import ban), The FT reports that China curbed gold imports in the wake of government attempts to clamp down on capital leaving the country, according to traders and bankers.

The limits on imports bite as the weakening renminbi raises Chinese investors’ interest in gold. Lower gold prices have also triggered more buying.

The combination of tighter quotas and an uptick in demand caused the premium for gold in China over the international gold price to jump as high as $46 in the past few weeks, according to data from Wind Information. Normal levels are about $2 to $4.

In an effort to ease that premium, Chinese banks have been allowed to import gold under their quotas using the offshore renminbi, one banker said. Although still high, the premium for gold on the Shanghai Gold Exchange has since fallen to $26, according to Wind data.

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Wednesday, November 30 2016

The Value-added Tax System In China’s Domestic Gold Market

Important for a thorough understanding of the Chinese domestic gold market – the largest physical gold market globally – is the local Value-added Tax (VAT) system.

When gold producers and gold traders (general VAT taxpayers and small scale VAT payers) sell non-standard gold off-SGE the VAT is exempt. Gold imported into the domestic market (non-standard and standard gold), for the ones that have an import license, is also VAT exempt.

If standard gold is not sold through the Shanghai Gold Exchange (or Shanghai Futures Exchange), a 17 % VAT tax rate will apply. If standard gold is sold through the Shanghai Gold Exchange (or the Shanghai Futures Exchange), then the VAT is exempt.

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Saturday, November 26 2016

Q1 - Q3 2016 China Net Gold Import Hits 905 Tonnes

Withdrawals from the vaults of the Shanghai Gold Exchange, which can be used as a proxy for Chinese wholesale gold demand, reached 1,406 tonnes in the first three quarters of 2016. Supply that went through the central bourse consisted of at least 905 tonnes imported gold, roughly 335 tonnes of domestic mine output, and 166 tonnes in scrap supply and other flows recycled through the exchange.

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