Tag - Gold

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Friday, June 23 2017

Monetary Metals Brings Back the Gold Forward Rate

Monetary Metals announces that it is now publishing the gold forward rate (GOFO), calculated using public market data. The MM GOFO™ has better than 0.99 correlation to the historical GOFO published by the London Bullion Market Association (LBMA). The company also publishes the silver forward rate, MM SIFO™.

The forward rate is important to gold mining, refining, jewelry, mint, and industrial manufacturing companies, because their financing and hedging transactions depend on it. However, the LBMA stopped publishing GOFO in January 2015, and SIFO in in November 2012.

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Thursday, June 22 2017

How much gold do Americans own?

When I passed along an estimate that fewer than 10% of American adults own gold as an investment, a spokesman wouldn’t confirm, but hinted that it was accurate.

A detailed 2010 poll designed to elicit the views of Americans sympathetic to the tea party movement found that 5% of those who viewed the movement favorably said that they had purchased gold coins or bars in the preceding 12 months. (The poll did not report a result for the same question from the general population). Many of the newsletters and consultants that advise people to buy precious metals estimate that between 1% and 3% of the American population owns precious metals.

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Are the World’s Billionaire Investors Actually Buying Gold?

If and when the paper gold market implodes and the price of real physical gold diverges from the paper price of gold, the world’s billionaire investors will need to line up their ducks and explain to their partners and shareholders if they actually hold tangible physical gold bars, and if not why not.

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Thursday, June 15 2017

Texas taps private vendor to manage first state-run gold depository in US

Comptroller Glenn Hegar announced at a news conference at the Capitol that his office had selected Austin-based Lone Star Tangible Assets as the private vendor tasked with building and operating the Texas Bullion Depository.

“The Texas Bullion Depository will offer Texas safe, fully-insured storage of precious metals providing an alternative to the depositories largely located in and around New York City,” Hegar said.

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Friday, June 9 2017

Increase In Physical Gold Demand

Sharps Pixley opened a bullion showroom in St James's, London in early 2016 where clients can now readily buy, sell, test and store physical gold.

Sharps Pixley report they have been inundated with investor interest with a 252 pct increase in gold demand year-on-year (May 2016 vs May 2017) ; the business has run out of some bullion products and they are again flying in fresh metal from Switzerland and Germany in order to replenish stocks. In the June month-to-date they are on track to break all records.

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Thursday, June 8 2017

ASIA PACIFIC Precious Metals Conference

Lots of articles to read - download PDFs

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Wednesday, June 7 2017

The New Gold Rush Is All About Vaults

From safety-deposit boxes in leafy west London to high-security facilities housing gold and silver in Frankfurt, companies that store valuables are expanding to meet demand.

A rush into haven assets that began during the financial crisis is getting a new lease on life from an upsurge in populist politics and a quickening of inflation.

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Tuesday, May 30 2017

The World Gold Council’s gold market analysis is useless

It is axiomatic that at any given time the total demand for gold equals the total supply of gold, which, in turn, equals the total aboveground gold inventory. The total aboveground gold inventory is somewhere between 150K and 200K tonnes, so at any given time the total demand for gold lies somewhere between 150K and 200K tonnes.

When new buyers enter the market they draw from the existing aboveground supply. These new buyers cannot possibly increase the total demand, because the increased demand on the part of people who add to their gold ownership will always be exactly offset by the decreased demand on the part of people who reduce their gold ownership.

A balance is maintained by the changing price. For example, if there are more buyers than sellers at a particular price or the buyers are more motivated than the sellers then the price will rise to establish a new balance. Therefore, a price rise is irrefutable evidence of a momentary rise in demand relative to supply and a price decline is irrefutable evidence of a momentary fall in demand relative to supply.

Importantly, the change in price is the ONLY reliable indication of an attempt by demand to rise or fall relative to supply. Any statement to the effect that a price rise was accompanied by reduced demand or that a price decline was accompanied by increased demand is therefore ludicrous.

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OneGram Launches $500 Million ICO for Gold-Backed Digital Currency

Onegram, a Sharia-compliant cryptocurrency backed by gold is seeking $500 million with its crowdsale of 12 million OGC tokens which launched as Ramadan began on Friday.

As a cryptocurrency, OneGram sees each coin backed by one gram at launch at its launch, with OneGram’s developers pointing to the resiliency of gold over fiat money. Every OneGram transaction generates a small fee, which is reinvested to buy more gold to increase the gold reserves backing the token. The developers plan is to add more gold if or when transaction volumes increase with profits to be shared among all OneGram investors.

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Saturday, May 27 2017

On Gold, Dollars, & Bitcoin

Many of us who have toiled over the years as professional investors are deluded with the explicit or subconscious expectation that the perception of wealth and markets will someday revert to what they were five, ten or twenty years ago. They will not, in our view. Yes, this time IS different (as it always has been). Our money will change (as it always has).

Given the highly leveraged state of the current monetary regime, the most dominant variable for future wealth maintenance and creation, in our view, may not be asset selection but rather money selection.

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Thursday, May 25 2017

Gold & Silver Now Treated As Money In Arizona

Arizona Governor Doug Ducey signed into law a bill that eliminates capital gains taxes on gold and silver, thus allowing Arizona residents to use precious metals as currency instead of Federal Reserve notes.

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Saturday, May 20 2017

Billion-Dollar Gold Dream Lures Mining Maverick Out of Hiatus

“This is why I’m such a gold believer: It’s the only real currency that everybody accepts that you can’t dilute and you can’t print,” says Giustra, referring to the multi-trillion dollar global debt pile amassed by governments, households and non-financial firms since 2000. “All of this printing of money made a lot of people rich, it made the banks rich, but it didn’t help the mainstream economy.”

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Friday, May 19 2017

Commerzbank to close physical precious metals business

Commerzbank is to close its physical precious metals business in the next year, a source with direct knowledge of the matter said on Thursday.

The businesses that will be discontinued by Germany's second-biggest listed bank include physical precious metals trading and related services, the source said.

No change is expected to the bank's unallocated products business, the source added.

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Royal Mint bullion coin sales surge on wave of political turmoil

In a warehouse a dozen miles to the northwest of Cardiff, the Royal Mint is running its machines through the night to keep up with demand for one of the big beneficiaries of the last year's political turmoil - gold and silver bullion.

The 1,100-year-old Mint, based here since the 1960s, is producing 50 percent more gold bullion coins and bars than it was this time last year, director of bullion Chris Howard says, while its sales in January rose by a third.

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Wednesday, May 17 2017

New Gold Pool at the BIS Basle, Switzerland

This article is about collusive central bank discussions relating to an entirely different and more recent central bank Gold Pool arrangement. These discussions about a second Gold Pool began in late 1979, i.e. more than 11 years after the London Gold Pool had been abandoned.

These discussions about a new Gold Pool arrangement took place in an era of soaring free market gold prices and in the midst of the run-up in the gold price to US$850 in January 1980.

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Tuesday, May 16 2017

Cyber Attacks Show Vulnerability of Digital Systems and Digital Currencies

A concerted attack on the western financial system would likely include attempts at disabling various exchanges including stock markets and foreign exchange markets. Banks could be attacked in such a way that ATMs and wire transfers are disabled and bank balances, which are merely digital figures, could be erased.

In such an environment, our modern world, which is so dependent on technology and the monetary system, would be economically paralysed. The primary wealth would longer be primarily digital – cash, stocks and bonds – and tangible wealth would become more important.

Tangible assets include gold and silver bullion, agricultural land, water and property. We are not predicting such an outcome. We are simply looking at the facts as they are, in the context of intense geopolitical tensions, and surmising that it would be prudent to take necessary precautions and diversify into physical gold.

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Friday, May 12 2017

Alchemist 85

Alchemist 85 is now available online.

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Golden review: How the gold industry has changed over 50 years

As we celebrate the Gold Survey’s 50th anniversary, here’s a high-level look at what’s been happening in the gold market for the past half century. While the size of the market and the distribution of regional supply and demand patterns have evolved over the past 50 years, there are a few elements that remain the same.

One of the obvious changes in the market is its overall size. In 1971, mine production was just 1,518 tonnes; in 2016 it had reached 3,169 tonnes, a growth rate of 1.5 percent per annum (pa) – although it peaked in 2015 at 3,217 tonnes and we are expecting further erosion in the sector.

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Wednesday, May 10 2017

LBMA Confirms Upcoming Publication of London Gold Vault Holdings

The Bank of England’s latest physical gold holdings for January month-end 2017 is only in the region of 5100 tonnes of gold bars. Furthermore, since the LBMA say that there are only about 6500 tonnes of gold in the entire London market, the LBMA commercial gold vaults in London have to hold far less gold than the Bank of England. Add to this the fact that the gold in the commercial vaults is mostly held on behalf of gold-backed Exchange Traded Funds (ETFs).

Given the above, it becomes increasingly clear than when the LBMA does decide to release gold vault holdings figures sometime in summer 2017, whatever figure(s) is released, will most likely confirm that there is very little gold in the London market which is not claimed to be owned by either a central bank or a gold-backed ETF. It will also provide a field day for all sorts of theories and calculations about the true ratio of gold trading volumes to gold bar vault holdings, and how much of this gold is allocated and earmarked, and how much can be considered a combined bullions banks’ float.

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Saturday, May 6 2017

Chinese demand for gold bars and coins soars in first quarter

China's demand for gold bars and coins soared 30 percent year-on-year to 105.9 metric tons in the first quarter of this year, the fourth strongest quarter on record, according to a report released by the World Gold Council on Thursday.

The WGC said it expects China's demand for gold in 2017 to be between 900 tons and 1,000 tons. The world's second-biggest gold consumer India is expected to demand gold of 650 tons to 750 tons in 2017.

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