Saturday, June 24 2017
By GCRU Gold News on Saturday, June 24 2017, 01:23
Gold exports from Switzerland totaled 170 mt in May, up 39% from 122 mt in April, Swiss federal customs data showed Thursday.
The total is largely unchanged from a year earlier, down 2% from 174 mt in May 2016, but is the highest volume of the year so far.
India was the largest destination for Switzerland's gold for the fifth straight month, with 68 mt exported in May, up from 18.5 mt in May 2016.
The volume is up 40% from April and is the largest export volume to the country for 18 months.
Monday, June 19 2017
By GCRU Gold News on Monday, June 19 2017, 02:23
Apprehension of higher goods and services tax (GST) rate and an increase in demand led to a surge in India’s gold imports by 236.7% to $5 billion in May, causing the highest level of trade deficit in two and a half years.
This is the fourth consecutive month since February when gold imports have more than doubled compared to the same month a year ago.
Monday, June 5 2017
By GCRU Gold News on Monday, June 5 2017, 23:18
SINGAPORE's strategy to develop itself as a gold hub has proven successful, as its imports and exports almost doubled in the years after the goods and services tax (GST) was removed for investment-grade precious metals in 2012.
In numbers released for the first time, statistics from International Enterprise Singapore (IE Singapore) show that total imports and exports of gold in Singapore have expanded from 474 tonnes in 2012 - when the GST exemption started - to a peak of 823 tonnes in 2014 before falling to 618 tonnes last year.
Wednesday, April 26 2017
By GCRU Gold News on Wednesday, April 26 2017, 02:02
US gold recycling to remain subdued, despite forecast of rising gold prices
By GCRU Gold News on Wednesday, April 26 2017, 01:34
Net-gold imports by the world's top gold consumer through the port of Hong Kong rose to 111.647 tonnes in March from 47.931 tonnes in February, according to data emailed to Reuters by the Hong Kong Census and Statistics Department.
Monday, April 17 2017
By GCRU Gold News on Monday, April 17 2017, 03:01
January-March 2017 has been the best fourth quarter in terms of gold imports since early 2013.
Gold imports in the last quarter stood at 230 tonnes, and more than 100 tonnes is estimated to have been imported in March alone.
Wednesday, April 12 2017
By GCRU Gold News on Wednesday, April 12 2017, 23:45
Gold imports by India are said to have jumped almost seven-fold in March from a year earlier as jewelers stocked up anticipating a demand recovery during the wedding season that began this month and the auspicious Hindu gold-buying day of Akshaya Tritiya.
Shipments advanced 582.5 percent to 120.8 metric tons last month from a year earlier, according to a person familiar with provisional data from the finance ministry, who asked not to be identified as the data aren’t public.
Wednesday, April 5 2017
By GCRU Gold News on Wednesday, April 5 2017, 03:30
Turkey imports 28.2 tonnes of gold in February
Tuesday, March 21 2017
By GCRU Gold News on Tuesday, March 21 2017, 01:08
As long as supply and demand for physical gold are in rough equilibrium, there is no catalyst for a sudden spike in gold prices, apart from the usual geopolitical flight to quality demand. But, as soon as demand begins to overwhelm supply, then it’s “game on” for significantly higher physical gold prices followed by the toppling of the inverted pyramid of paper gold contracts.
Saturday, February 25 2017
By GCRU Gold News on Saturday, February 25 2017, 01:53
In the fourth quarter, Chinese investors ramped up demand for gold as a means of hedging against movements in the renminbi. This led to outflows of the metal.
The Chinese market uses gold bars in a different size to the ones that are held in London so they import via Switzerland where the bars are recast, said Oliver Harvey, a foreign exchange analyst with Deutsche Bank. In the final three months of 2016, UK goods exports to Switzerland increased by 282 per cent to their highest level ever.
Monday, February 6 2017
By GCRU Gold News on Monday, February 6 2017, 00:41
Sberbank CIB, the investment and corporate banking unit of Russia's largest bank Sberbank, plans to supply a total of 20-25 tonnes of gold to India this year, the bank said in a statement on Friday.
Sberbank CIB plans to supply a total of 50-60 tonnes of gold to Asia in 2017
Monday, January 30 2017
By GCRU Gold News on Monday, January 30 2017, 00:40
Turkey’s gold bullion imports rose 40% year-on-year to 121 tonnes over the January-October period.
Turkish gold bullion exports fell 4% year-on-year to 182 tonnes over the January-October period in 2016.
Friday, January 27 2017
By GCRU Gold News on Friday, January 27 2017, 02:19
Gold exports to China soared in the run-up to the start of the Lunar New Year, with volumes increasing in December from major suppliers Switzerland and Hong Kong.
More gold was sent from Swiss refiners to the world’s top consumer than in any month since at least January 2014, according to data on the website of the Swiss Federal Customs Administration, while imports from the Asian city-state also increased compared with November.
December purchases from Switzerland rose to 158 tons from 30.6 tons in November, pushing the full-year total to 442.2 tons, up from 288.1 tons in 2015.
Saturday, January 7 2017
By GCRU Gold News on Saturday, January 7 2017, 00:55
Gold imports in December fell 71 percent from a year ago to 31 tonnes as the cash crunch squeezed demand, said Sudheesh Nambiath, a senior analyst at GFMS, a division of Thomson Reuters.
By GCRU Gold News on Saturday, January 7 2017, 00:49
You can see now, China has enormously diminished above ground reserves outside of the Chinese domestic market without all investors around the world being fully aware. In my humble opinion this will make the price of gold go up turbo charged next time the West shows interest in the metal.
The consequence is that there are less above ground reserves outside of China for Western investors to buy in a forthcoming bull market, which will elevate the dollar bid per unit gold – in other words the gold price measured in US dollars per troy ounce.
Thursday, January 5 2017
By GCRU Gold News on Thursday, January 5 2017, 23:53
The latest gold import estimates published by Thomson Reuters GFMS indicates sharp fall in gold imports by India during the month of December. The monthly gold imports hit the lowest level in six months. The official gold imports by India are estimated at 492 tonnes in 2016, declining significantly over the previous year. The yearly imports touched the lowest level since 2003.
According to Surendra Mehta, secretary, India Bullion & Jewellers Association (IBJA), gold is expected to give nearly 8-10% returns in 2017, almost in line with 9% returns recorded in 2016. Correspondingly, gold consumption is expected to bounce back in 2017, he noted.
Wednesday, January 4 2017
By GCRU Gold News on Wednesday, January 4 2017, 07:52
Enforcement Directorate (ED) officials suspect a lot of black money may have been illegally converted into gold through bullion traders. The ED is also probing the connivance of banks in the process.
The ED collected nationwide data on gold imports in November 2016 which reveals total gold imports that month stood at 66,000 kg. Of this, 25,000 kg sold in Delhi, 15,000 kg in Ahmedabad, 7,300 kg in Hyderabad, 7,000kg in Chennai, 6,200 kg Bangalore, 2,550 kg in Kolkata and 1,250 kg in ..
Thursday, December 29 2016
By GCRU Gold News on Thursday, December 29 2016, 02:28
Demonetisation has hampered the potential for an increase in gold demand in 2017. The precious metal was in any case suppressed for the most part of 2016. Analysts fear that domestic gold demand, down by 40-50 per cent, might not increase in the near future. They are, however, keeping their fingers crossed.
Gold imports in 2016 were much lower than the yearly average of 1,000 tonnes of the preceding years. Inward shipments of the metal, which stood at a little over 900 tonnes in 2015, are estimated to be just a tad above 600 tonnes in 2016, even if about 150 tonnes of smuggled gold are considered.
Saturday, December 17 2016
By GCRU Gold News on Saturday, December 17 2016, 00:39
Imports of gold spiked in November on an increase in purchases that some suspect could be linked to the government’s demonetisation announcement, along with regular wedding season demand. The demonetisation announcement came on November 8 and media reports suggested that there was heavy demand for gold in the immediate aftermath as citizens tried to use old currency notes to buy jewelry.
Friday, December 16 2016
By GCRU Gold News on Friday, December 16 2016, 23:11
Gold imports grew, for a consecutive month, in November by 23.24 per cent to $4.36 billion on account of fall in prices.