Why do you come to the board if you don not care about gold?
Asian people buying gold when Western selling.
Data on China’s gold imports has not previously been made available to the public. However, gold has historically been imported through Hong Kong, and Hong Kong is highly transparent, disclosing details such as the number of tonnes of gold imported on a monthly basis. Last year, China imported 1,540 tonnes of gold. Such imports, together with the 430 tonnes of gold we produced ourselves, means that we have, in effect, supplied approximately 2,000 tonnes of gold last year.
The 2,000 tonnes of gold were consumed by consumers in China. Of course, we all know that the Chinese ‘dama’ [middle-aged women] accounts for a significant proportion in purchasing gold. So last year, our gold exchange’s inventory reduced by nearly 2,200 tonnes, of which 200 tonnes was recycled gold.
import + mine + scrap = total supply = SGE withdrawals = wholesale demand
import (1540t) + mine (428t) + scrap (229t) = SGE withdrawals (2197t)
India imported about $4 billion worth of gold bullion in September, said two leading industry sources. In terms of volume, the shipments would amount to about 100 tonnes, one of the people said.
A referendum on Switzerland’s gold reserves is starting to attract some attention outside of the country as a yes vote would have significant implications for the gold market, said one market analyst.
On November 30, Swiss citizens will go to the polls to vote on three areas; whether or not the Swiss National Bank should increase its gold reserves to 20%, that the central bank should stop selling its precious metals and that all its gold should be held within the country.
Ole Hansen, head commodity strategist at Saxo Bank in Denmark, said it is still early in the campaign, but he has started monitoring the public sentiment in Switzerland as the next two months will be a critical time.
He added that the Scottish referendum, held on September 18, is a strong reminder that sentiment can shift dramatically in a very short period. With all the geopolitical instability throughout the globe and concerns about European growth, it might not take much to convince people that the central bank needs to hold more gold in its reserve, he said.
Hansen explained the fact the referendum is being held demonstrates that there is already support for this idea. At first the government and central bank rejected the idea of increasing the nation’s gold reserves; however, in April of 2013, the ultra-conservative Swiss People’s party, managed to collect more than 100,000 to force the government to hold a referendum.
“There is already support for this referendum and I am expecting the gold market to start paying more attention, especially if the polls show the vote will be close,” said Hansen.
Currently, according to data compiled by the World Gold Council, Switzerland holds 1,040 metric tons of gold making up 7.7% of its reserves.
keep going to short, anyway, GLD holding position less and less.
GS just help China to load more gold to beat $. GS works hard for China.
Asia bought 90% of the physical gold in the world. If you don't have gold, why do you care about gold price.
Keep your paper gold short and short more.
Gold delivery was 2 folds as normal volume in SGE at Oct-8, the first trading day after holiday. the trading price was about 241 Yuan RMB per G, converted to $1221.
If you know the math: ｗｈｅｎ Ｉ ｐｏｓｔ， ｇｏｌｄ ｗａｓ ２４１ＲＭＢ／Ｇ， ｃｏｎｖｅｒｔ ｔｏ ＄１２２１， ｓｅｅ ｔｈｉｓ ｎｅｗｓ：
Former Federal Reserve chair Alan Greenspan published a mighty interesting article in Foreign Affairs last week. He said that China could be thinking of increasing its gold stocks in a big way. Perhaps, Greenspan implied, the Chinese even have a thought of making their currency, the RMB, convertible in gold.
China physical gold will control the gold price. The physical gold price has no any dip in China holiday market in last several days while Comex gold crash.
Now that Greenspan is no longer at the helm of the world’s largest printing press and bubble machine, he can pretty much write and comment on what he likes. A situation similar to the one he was in when he first met Ayn Rand and could write about a need for the gold standard. So imagine the fuss on Twitter and the like when Greenspan published an article entitled ‘Golden Rule. Why Beijing is Buying.’
The article is interesting in that Greenspan succinctly explains why we can never trust a fiat currency and suggests that China is looking to overtake the US’s number 1 spot as top gold holder. However, he doesn’t really get to the point why China would want a stronger currency, he doesn’t even touch on the vast amounts of debt and currency wars pushed by the US Federal Reserve on a daily basis.
Understandably he does not think that we will be returning to a gold standard, but then appears to use this logic as why it doesn’t seem to matter that China is hoarding gold. Believing, to some extent rightly, that there are other threats (such as a lack of innovation) that are likely to hold the country back.
China plans to buy 5000 tons of gold or more urgently. China need more gold reserve to back RMB as the world trading money instead of $. Chines are rich now and keep buying gold crazy. Long holders selling now will be regret soon.
They think that gold is useless, but gold has always been the natural money for thousands years.
They discard gold and believe paper money that the value never guaranty and devalue every day.
China is buy gold crazy;
Now China need to buy at lest 5000 tons of gold just for treasure reserve. They need gold to back up RMB as the world reserve and trading money in place of US$.
This is very danger investment at this price. If anything in drug development not meet the target, I will crash at lest half price.