In an interview on Bloomberg’s “First Up” show, Treasurer for the Perth Mint, Nigel Moffatt, said “Our biggest restriction is the amount of unrefined gold we’re getting in from producers”, adding, “everything we get in is going straight out the door as soon as we refine it.”
Jim Rickards, “I think it’s always very important to own gold. I’ve recommended that investors have about 10% of their portfolio in the yellow metal.” “If I’m right and some catastrophic event is on the horizon, then that 10% would be your portfolio insurance.”
The ruling does not outlaw “bail-ins” per se. It simply ensures that guarantees given to bondholders cannot be retrospectively revoked. EU nations who have not yet ratified the BRRD have until the end of July to adopt the new EU bail-ins rules
Grant: "I am very bullish indeed". ”Recent fall in prices “terrifically vexing but a wonderful opportunity”; the reasons for owning gold have not gone away.
Some downward risk to the gold price remains due to the momentum of the recent severe correction in price. He points out that GoldCore had suggested on Bloomberg three years ago that a 50% correction in price was not unlikely at that time as is normal in long term bull markets.
The risk that bail-ins pose to companies, trade, commerce, employment and entire economies is something at which we have looked frequently in recent months. Indeed, we think we are largely alone in focussing in detail on the risk that bail-ins pose not just to individual savers but also to millions of small and medium size enterprises throughout the world.
Investors are dumping billions of dollars worth of gold, commodities and emerging market assets in a wave of "capitulation" selling, Bank of America Merrill Lynch said today as reported by Reuters.
The manipulative smash on the gold price on Sunday night has once again led to a surge of buying of gold coins and bars across the globe. Both the Wall Street Journal and Reuters report on how bullion dealers are seeing a spike in demand for gold coins and bars in India and China and indeed Europe, Australia and the U.S.
Clearly, Russia puts great strategic importance on its gold reserves. Both President Putin and Prime Minister Medvedev have been photographed on numerous occasions holding gold bars and coins as a display of economic stability and strength. Since early 2007 Russia has sold gold only twice, in 2012, in small amounts.
Since yesterday there has been another of wave of negative, misleading and almost triumphalist commentary on gold most of which studiously ignores the clear evidence of manipulation of the price on Sunday night.
Many analysts believe the officially reported 1,660 tonnes to be an understatement given the enormous volumes of gold that have been passing through Hong Kong - and through Shanghai in more recent years - and the large amounts that have been produced and bought domestically.
It is important to remember that as we have long pointed out two other entities, besides the PBOC, have also been buying gold - the State Administration of Foreign Exchange (SAFE) and the China Investment Corporation (CIC).
In what looked like another successful bid to manipulate the gold market lower, there was massive selling of gold futures contracts - some 700,000 ounces worth of gold futures in mere seconds. The equivalent of one-fifth of a whole day’s trade in a normal session, was sold in a concentrated manner in less than two minutes - pushing prices lower again.
The latest ‘Global Precious Metal Roundtable’ was recorded Wednesday and featured Jordan Eliseo of ABC Bullion, Bron Suchecki of the Perth Mint and Ron Stoeferle of Incrementum and Mark O’Byrne of GoldCore.
This is the continuation of the trend of China positioning the yuan as global reserve currency ... The Chinese are pushing for full convertibility of the RMB and increasing their gold holdings will create confidence in the fledgling reserve currency and aid them in this regard.