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Tuesday, March 21 2017

Rising Demand, Falling Supplies Equals Higher Gold Prices

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.

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Saturday, February 25 2017

Gold fingered for distorting Brexit Britain’s trade balance

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.

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Monday, February 6 2017

Russia's Sberbank to supply 20-25 tonnes of gold to India in 2017

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

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Monday, January 30 2017

Considerable Changes Recorded in Turkish Gold Bullion Flows This Year

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.

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Friday, January 27 2017

Gold Exports to China Soar in Run-Up to Year of the Rooster

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.

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Saturday, January 7 2017

Asia gold demand picks up as Indian wedding season drives fresh buys

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.

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How The West Has Been Selling Gold Into A Black Hole

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.

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Thursday, January 5 2017

India’s duty revenue from gold imports reduced to 50% in 2016

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.

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Wednesday, January 4 2017

Enforcement Directorate smells a rat in November gold imports

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 ..

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Thursday, December 29 2016

Demonetisation to shave off 350 tonnes of gold demand in 2017

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.

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Saturday, December 17 2016

Did Demonetisation Push Up Gold Imports By 26% In November?

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.

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Friday, December 16 2016

Indian Gold imports up 23.24% in November

Gold imports grew, for a consecutive month, in November by 23.24 per cent to $4.36 billion on account of fall in prices.

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Tuesday, December 13 2016

NOVEMBER: Gold Price Down, Chinese Demand Strong Despite Import Curbs

From the moment Donald J. Trump got elected as the next President of the United States, on November 8, 2016, the price of gold tumbled 8 % in the remainder of the month – from $1,282 USD/oz to $1,178 USD/oz. Usually these cascades in the gold price go hand in hand with physical sell-offs in the West and strong demand Asia. It appears November has been no exception. The volume of physical gold withdrawn from vaults of the Shanghai Gold Exchange (SGE) in November accounted for 215 tonnes, the highest amount in ten months. Year to date SGE withdrawals have reached 1,774 tonnes.

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Indian Gold Imports Said to Jump to Year’s High in November

Overseas purchases rose to 111 metric tons from 101 tons a year earlier, the person said, asking not to be identified as the data aren’t public.

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Tuesday, December 6 2016

Fake News = Fake Markets

With just one month left in the year, Shanghai has withdrawn close to 2,200 tons (28 tons just this last Friday). If you take Chinese and Russian supply out of the equation as they do not export, total global production of gold is roughly 2,400 tons. Shanghai/China have been purchasing nearly all global production of gold over the past several years. This does not account for Indian demand which has historically been another 1,000 tons per year or thereabouts. Nor does it account for the rest of global demand which has been brisk from Europe, the U.S. and elsewhere. Where exactly is/has this excess demand being met with supply? From where is this gold coming from? The obvious answer, and one of common logic says it can only be coming from where it exists (existed), Western vaults!

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Monday, December 5 2016

India’s gold imports at 11-month high in October at over 99 tons

Ministry of Commerce and Industry, on Monday revealed the details of gold imports in India over the past year and October’s imports which amounted to 99.62 tons valued at $3.5 billion.

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Saturday, December 3 2016

Sudden Scramble For Gold In China Sends Premiums To 3 Year High

While paper gold traders can't seem to dump the precious metal fast enough, physical gold demand is soaring around the world. India retail premiums are spiking (amid demonetization), local China premiums soar to a 3-year-high (as capital controls loom), and coin sales from the US Mint have risen for the 4th straight month, accelerating post-election to the highest since July 2015 since Trump's victory at the election.

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Thursday, December 1 2016

December gold imports to halve as cash crunch squeezes demand

India's overseas purchases of gold could halve this month after jumping to the highest level in 11 months in November because retail demand has faltered due to the government's move to scrap high-value currency notes, industry officials told Reuters.

The November imports jumped to around 100 tonnes, highest since December 2015, Bamalwa said, as people with unaccounted wealth rushed to buy bullion following Indian Prime Minister Narendra Modi's shock withdrawal of 500 and 1,000 rupee banknotes to fight graft and "black money".

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Monday, November 21 2016

When The Barrel Gets Low The Knife Drops

Gold heading West to East will leave London traders decapitated...

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Wednesday, November 16 2016

Gold imports jump over 2-fold to $3.5 bn in October

Arresting the eight-month fall, gold imports more than doubled to USD 3.5 billion in October on account of high festival demand.

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