Gold & Silver
Posted: Thu Sep 18, 2014 9:04 amThe price of gold and silver continue to fall. Many are predicting prices to fall even further. You could argue that the decrease in silver is due in large part to a decrease in industrial demand. Many tout the reason is linked to the low fed interest rate, improving job numbers and economic outlook. That is, if you believe all those numbers....
This past May The Austrian accountability office planned on sending a delegation to London in order to check on Austria's gold reserves stored in vaults at the Bank of England. This is reported by Austrian magazine Trend. The measure is seen as a consequence of growing public pressure. There is a rising disbelief among Austrians about the existence of the gold.
Austria officially owns 280 tonnes of gold of which 17 percent are kept in vaults inside the country. Around 150 tonnes are estimated to be stored in London.
On November 30th, voters in Switzerland will head to the polls to vote in a referendum on gold. On the ballot is a measure to prohibit the Swiss National Bank (SNB) from further gold sales, to repatriate Swiss-owned gold to Switzerland, and to mandate that gold make up at least 20 percent of the SNB’s assets.
Oh yea remember earlier Germany said the wanted to back their 300 tons of gold reserves. They got like 37 tons back were told they could get the rest but it would take until 2020! then all of a sudden they "trusted us" and everyone else holding their gold and made a statement that they did not want the rest of the physical gold.
Yet.........
Gold Tumbles To 2014 Lows As China Unveils Anti-Rigging Benchmark
Zero Hedge: http://www.zerohedge.com/news/2014-09-1 ... -benchmark
With a Fed hinting at exit strategies, gold has tumbled to 2014 lows (and almost in the red year-to-date) as traders apparently forget Japan, China, and European central banks continue to (or are set to) print more money into the global reflation trade. It appears that as the West continues to sell 'paper' gold, the East remains enamnored as the PBOC announced this morning:
•*CHINA TO FORM SHANGHAI GOLD BENCHMARK, PBOC GOVERNOR SAYS
•*PBOC CHIEF ZHOU: GOLD MARKET IMPORTANT PART OF FINANCIAL MARKET
•*SHANGHAI GOLD MARKET HAS TO AVOID SYSTEMIC RISK: PBOC'S ZHOU
Furthermore, traders have noted physical buying interest continues in the Asian region as premiums rise in China and India.
As Bloomberg reports, PBOC's Zhou says Chinese gold market is crucial:
Gold market is important component of financial market and can help diversify financial market, People’s Bank of China Governor Zhou Xiaochuan says at ceremony in Shanghai for Shanghai Gold Exchange.
China to form a “Shanghai gold” benchmark: Zhou
But for now the price continues to fall...
Though, as Kitco notes, Asia demand remains strong:
Bernard Sin, global head of precious metals trading with MKS (Switzerland) SA, reported that some physical demand has emerged on the price pullback, particularly in the Asian region.
“The premium has gone up in China to between around $4 to $5; in Hong Kong it’s about $1 to $2,” he said. “In Singapore, it’s about $1.70 to $2. In India, it’s about $6 to $7.”
This past May The Austrian accountability office planned on sending a delegation to London in order to check on Austria's gold reserves stored in vaults at the Bank of England. This is reported by Austrian magazine Trend. The measure is seen as a consequence of growing public pressure. There is a rising disbelief among Austrians about the existence of the gold.
Austria officially owns 280 tonnes of gold of which 17 percent are kept in vaults inside the country. Around 150 tonnes are estimated to be stored in London.
On November 30th, voters in Switzerland will head to the polls to vote in a referendum on gold. On the ballot is a measure to prohibit the Swiss National Bank (SNB) from further gold sales, to repatriate Swiss-owned gold to Switzerland, and to mandate that gold make up at least 20 percent of the SNB’s assets.
Oh yea remember earlier Germany said the wanted to back their 300 tons of gold reserves. They got like 37 tons back were told they could get the rest but it would take until 2020! then all of a sudden they "trusted us" and everyone else holding their gold and made a statement that they did not want the rest of the physical gold.
Yet.........
Gold Tumbles To 2014 Lows As China Unveils Anti-Rigging Benchmark
Zero Hedge: http://www.zerohedge.com/news/2014-09-1 ... -benchmark
With a Fed hinting at exit strategies, gold has tumbled to 2014 lows (and almost in the red year-to-date) as traders apparently forget Japan, China, and European central banks continue to (or are set to) print more money into the global reflation trade. It appears that as the West continues to sell 'paper' gold, the East remains enamnored as the PBOC announced this morning:
•*CHINA TO FORM SHANGHAI GOLD BENCHMARK, PBOC GOVERNOR SAYS
•*PBOC CHIEF ZHOU: GOLD MARKET IMPORTANT PART OF FINANCIAL MARKET
•*SHANGHAI GOLD MARKET HAS TO AVOID SYSTEMIC RISK: PBOC'S ZHOU
Furthermore, traders have noted physical buying interest continues in the Asian region as premiums rise in China and India.
As Bloomberg reports, PBOC's Zhou says Chinese gold market is crucial:
Gold market is important component of financial market and can help diversify financial market, People’s Bank of China Governor Zhou Xiaochuan says at ceremony in Shanghai for Shanghai Gold Exchange.
China to form a “Shanghai gold” benchmark: Zhou
But for now the price continues to fall...
Though, as Kitco notes, Asia demand remains strong:
Bernard Sin, global head of precious metals trading with MKS (Switzerland) SA, reported that some physical demand has emerged on the price pullback, particularly in the Asian region.
“The premium has gone up in China to between around $4 to $5; in Hong Kong it’s about $1 to $2,” he said. “In Singapore, it’s about $1.70 to $2. In India, it’s about $6 to $7.”