Tag - Flows

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Monday, July 31 2017

The West lost at least another 1000 tonnes of large gold bars in 2015

Overall, within the 2013 – 2015 period that is about 4200 – 4600 tonnes of gold being converted into kilogram and other smaller denomination high purity gold bars and sent to markets in China, India, Hong Kong and elsewhere in Asia. This is gold above and beyond mine supply and scrap supply. Where has all of this gold come from? Some of it is proven to be from gold-backed ETFs. Some is most probably also from central bank vaults, in which case the central banks do not have the gold that they claim to have. Which everybody know anyway, as much central bank gold has been lent out and is merely a fiction on the central bank balance sheets. But there may also be other stockpiles of Good Delivery gold bars which are also feeding this huge trend. Until the LBMA begins to publish its vault statistics, any grey area unreported gold vault inventories in London are still being kept in the dark.

If the trend of raiding ETFs and borrowing central bank gold to send to Switzerland to convert into kilogram bars for the Asian markets continues, then this is not and cannot be sustainable. The question is how long it can remain sustainable, in other words when will it become unsustainable?

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Thursday, July 20 2017

Australia Exports Record Amount Of Gold To China

According to the recently released data by the Australian Government June 2017 Resources and Energy Quarterly, Australia exported more gold to Hong Kong and China during the first quarter of 2017 than any other quarter in history.

Australian gold exports to Hong Kong and China were 54% higher Q1 2017 versus the same quarter last year:

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Saturday, June 24 2017

Swiss gold exports jump 39% to 170 mt in May on Indian demand, a five-month high

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.

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Monday, June 19 2017

Gold imports surge 236% to $5 billion in May ahead of GST

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.

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Monday, June 5 2017

Singapore's gold hub strategy bears fruit as imports, exports rise, Government & Economy

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.

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Wednesday, April 26 2017

US gold recycling to remain subdued, despite forecast of rising gold prices

US gold recycling to remain subdued, despite forecast of rising gold prices

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China's net-gold imports via Hong Kong more than doubles in March

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.

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Monday, April 17 2017

Gold imports up since demonetisation: Black money turned white, then yellow

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.

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Wednesday, April 12 2017

India Gold Imports Said to Jump 582% on Festival, Wedding Demand

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.

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Wednesday, April 5 2017

Turkey Gold Imports

Turkey imports 28.2 tonnes of gold in February

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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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