China appears to be stacking physical gold bars and coins like its fire wood and a very cold winter is on the way…
Frankly, this is a disgrace and a scandal, and shows that the Chinese auction methodology is far more transparent that its London counterpart.
The Chinese will at some stage call time-out when ready, and allow the Shanghai Gold Price Benchmark to really shift up a gear to generate physical gold prices that will disconnect from the COMEX and LBMA pass the parcel shenanigans.
In this MUST LISTEN extended interview, Hat Trick Letter editor Jim Willie forecasts why the Chinese are set to take over the daily gold fix (particularly in the wake of last week’s London silver fix fiasco), and are set to announce RMB gold futures contracts…
It seems the Shanghai Gold Exchange (SGE) is continuing to publish the amount of gold bars withdrawn from the vaults on a monthly basis. For the month of January “SGE withdrawals” accounted for 225 tonnes, down 1 % from December. After the first weekly SGE reports in 2016 did not disclose SGE withdrawal data and phone calls to the bourse in Shanghai answered these numbers would not be published anymore we can wonder why the Chinese have changed their stance.
In my 20-minute presentation I clearly explained why I think Chinese gold demand is not what mainstream consultancy firms (GFMS, WGC, Metals Focus, CPM Group) would like you to believe.
(surprise, surprise…) The recording of my presentation on Chinese gold demand is not allowed by Scotiabank to be republished on YouTube.
So what I did is re-record the presentation:
Forget about a highly publicized default, it is looking more and more like the COMEX will simply fade away into irrelevancy…
Finally last Friday the People’s Bank Of China (PBOC) updated its official gold reserves, from 1,054 tonnes, a figure reported since 2009, to 1,658 tonnes. Most gold analysts expected a number substantially higher than what was just disclosed. In this post we’ll analyze the 1,658 tonnes figure.
Why 1,658 tonnes?
- Eric Breaks Down the Numbers and Explains Why Friday’s Chinese Announcement Updating Gold Reserves to 1658 Metric Tonnes is a TOTAL JOKE!
- Silver Smashed to $14 Handle and Gold Closes Week at Bear Market Lows- Are the Metals Headed Over the Cliff for Final Capitulation Crash on Sunday’s Globex Open?
- Is Greece Over, Or Are We in the Eye of the Hurricane?
- Physical Silver Mainstays Go NO OFFER At Authorized Distributors and Wholesalers!
The SD Weekly Metals and Market With The Doc & Eric Dubin is Below:
Since 2007 China has the largest domestic gold mining output, since 2011 the Shanghai Gold Exchange has been the largest physical gold exchange and in 2013 and 2014 China was the largest importer. Now the Chinese seek to escalate pricing power.
The financial media has recently pitched the transition of the London daily gold fixings to an ICE Benchmark Administration (IBA) platform as a quantum leap from an antiquated Victorian-era process to a futuristic 21st century electronic auction.
For example, the Wall Street Journal recently said that:
“Four of the banks…had participated in the conference call used to determine the daily fixes, a system largely unchanged for nearly a century” and that “Gold is the last of the precious metals to make the switch to an electronic platform.”
The evidence suggests however, that in the last decade, the technology utilized in the daily gold fixings was far more advanced than the media commentaries imply, and that since 2004, the old gold fixing was not as technologically backward as is generally accepted.
–The Bankers are dying; what’s going on in London?
-Lot’s of thefts and lot’s of wars, and it’s all about gold
–The real story behind the Cypress bail ins
-America no longer has any gold so we need to steal it
–Fate of The Vatican’s Gigantic Hoard of Gold
-Why the U.S. doesn’t want the reset to happen
Willie’s full interview on why Gold is About to Run the Game is below: