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China Gold Rush Continues - World’s Largest Jeweller Sees 49% Jump In Sales

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Today’s AM fix was USD 1,250.75, EUR 923.88 and GBP 773.69 per ounce.
Yesterday’s AM fix was USD 1,231.75, EUR 911.60 and GBP 760.57 per ounce.

Download: How To Store Gold Bullion - The Seven Key Must Haves

Gold rose $5.60 or 0.45% yesterday, closing at $1,248.80/oz. Silver climbed $0.15 or 0.25% closing at $20.02/oz. Platinum rose $3.19 or 0.2% to $1,380.99/oz, while palladium inched up $6.11 or 0.9% to $712.52/oz.


Gold in U.S. Dollars, 3 Days - (Bloomberg)

Gold was trading near a one-week high today and is turning higher for the week, due to short-covering gains and the market questioning the Iran deal.

Comex had to suspend gold futures trading yesterday again - again for 20 seconds due to a massive sell order that led to just a $10 price fall.

Comex trading was halted for December gold futures at 6:02:24 a.m. GMT yesterday, Damon Leavell, a CME Group Inc. spokesman in New York, said in an e-mail. This led to gold falling to a 4 and a ½ month low near $1,225 an ounce before recovering from the massive sell order. Questions regarding gold manipulation continue to be asked including by Bloomberg (see link) overnight.

While the focus of the Bloomberg story is regarding possible rigging on the London AM Fix, regulators in the U.S. including the CFTC may need to reopen their investigation into manipulation of the gold market after the highly irregular trading on the COMEX last Wednesday and again early on Monday morning.

Without the massive sell order that shut down the COMEX for 20 seconds, gold prices would have been higher yesterday. That one trade pushed gold prices lower as European markets opened up and created very significant short term negative sentiment towards gold.  It led to dozens of headlines that flew around the world which said that gold prices had fallen due to the Iran deal.

IN CHINA, THE GOLD RUSH CONTINUES as Chinese people buy jewellery, coins and bars as a store of wealth to protect from inflation.

The world’s largest jewellery group, Chow Tai Fook Jewellery Group Ltd. , established in 1929, saw sales jumped 49% during the first half of 2013.


Gold in U.S. Dollars, 24 Hours - (Bloomberg)

It posted a first-half profit that beat analyst estimates as the drop in gold prices drove strong Chinese demand for gold. Net income almost doubled to HK$3.5 billion ($451.5 million) from a year earlier for the six months ended September 30, it said in a statement to Hong Kong’s stock exchange today.

Jewelers in China and throughout Asia are benefiting from continuing robust demand for gold. This has led Chow Tai Fook and jewellery outlets having to buy gold bars and rebuild gold inventories.

Retail sales of gold tripled across China after the peculiar “flash crash” of April 15-16 when gold fell 10% in two days. Demand has remained robust and the recent weakness has seen continued demand.

Founded in 1929 in the southern Chinese city of Guangzhou, the jeweller was named after its founder Chow Chi Yuen. “Tai Fook” means “big blessing” in Chinese.

Markets await the release of a batch of U.S. economic reports, including  U.S. housing starts and building permits for October, along with two home-price indexes and consumer-confidence numbers.

GoldCore were interviewed over the weekend about the huge increase in Chinese demand for gold in recent years and how it is sustainable. The video can be watched here:
VIDEO: "China’s Insatiable Demand For GOLD Causing PARADIGM SHIFT"


Gold Prices / Fixes / Rates / Vols - (Bloomberg)

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Tue, 11/26/2013 - 15:55 | Link to Comment fijisailor
fijisailor's picture

Just got a 22k gold 1oz bracelet I ordered from an Indian Jeweler for the wifes anniversary gift.  It looks really nice.  There's a premium buying jewelry but it's sure easy to cross borders with it.

Tue, 11/26/2013 - 11:40 | Link to Comment No Euros please...
No Euros please we're British's picture

49% increase in gold sales? That's gotta be bearish for gold right?

Tue, 11/26/2013 - 10:36 | Link to Comment esum
esum's picture

the PRC is making a run at unseating the petro dollar using a gold backed currency for INTERNATIONAL TRADE...and a fiat for internal economy... you can wipe your ass with the petro dollar when that happens... and how many more YEARS does Germany have to wait for its gold to be repatraited... guess they are lloking fir it in ft Knox.. right? and how much double counting goes on between the chase vault and the fed vault... 

Tue, 11/26/2013 - 10:32 | Link to Comment CheapBastard
CheapBastard's picture

They are simply converting their paper into a Hard Asset.

Tue, 11/26/2013 - 10:06 | Link to Comment rationaldemocracy
rationaldemocracy's picture

I have physical gold, it's really not that impressive to look at...kinda looks dirty but it does have that shine that makes crazy 70 year olds with alzhimers who stare at it for too long proclaim it as the second coming of christ..

MY advice - buy it if you are curious about it and then put it away some place where you won't be constantly reminded of your failure to understand what every other smart investor understands - gold is just a shiny metal with extremely limited uses.

EDIT: Chinese like to buy gold for traditional reasons, not because they are more prudent investors. Ask a Chinese person if they buy gold to invest and you will get a laugh out of them. Goldcore will of course spin the story for their audiance because they are in the business of selling gold to the people hiding under rocks.

Tue, 11/26/2013 - 20:41 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

and yet paper has even less uses and it isn't even shiney.

Tue, 11/26/2013 - 14:42 | Link to Comment SAT 800
SAT 800's picture

get a couple of 1 oz. coins; feel 'em up; ring them together like a little pair of cymbals; put them in your pocket and walk around town. It has the same effect as concealed carry; "I'm an adult male citizen, mofo; don't fuck with me". Real money, for real people.

Tue, 11/26/2013 - 10:55 | Link to Comment Quinvarius
Quinvarius's picture

Trolls are so bitter.  Cheer up gloomy troll.  That little piece of gold you own will buy more than the entire contents of your savings account in the not so distant future.

Tue, 11/26/2013 - 10:45 | Link to Comment new game
new game's picture

must be in the eyes of the beholder; sounds like the gold boogie man has got you by the balls-advice sell that shit dude.

I see something very much different-i see the failures of current regime and see an insurance policy tucked away for the event, should it arrive. as i get older i will disburse to my offspring should the event not arrive...

Tue, 11/26/2013 - 14:44 | Link to Comment SAT 800
SAT 800's picture

Damn straight; "It's for the Children"; isn't that the new political excuse? Well, that's what mine is for; my grandchildren. What am I supposed to leave them as a supposedly functional citizen; a shit-load of un-payable debt? I don't think so.

Tue, 11/26/2013 - 20:48 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

MEH. The gold in her nose is a turn off. I know, it's gold, but I guess it's because I'm not from that culture.
The rest of it, girl & gold, look fine though.

Tue, 11/26/2013 - 09:48 | Link to Comment new game
new game's picture

shit show goes on til phyzz is deleted west to east.

stack til day of reckoning. remaining west phyzz in "short paper" supply!

market reset to phyz only soooooon!!!!!!

 

Tue, 11/26/2013 - 11:23 | Link to Comment Cameli
Cameli's picture

Bought a load of silver a couple of years ago amid all the hoohaa about how silver stashed in the exchanges was being depleted and the price was about to explode when the calls for delivery were made. Worst investment of my life. You people are delusional.

Tue, 11/26/2013 - 20:48 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

fine. Sell it all then. Fool.
The smart among us still have the physical AND hedge the paper price with options or inverse ETF's.

Tue, 11/26/2013 - 14:51 | Link to Comment SAT 800
SAT 800's picture

Timing of entry and exit in major capital markets; like the PM market, or the Stock Market; isn't the only thing; it's everything. You were delusional; because you thought this was so easy; you didn't have to think; or study the dynamics of markets, all you had to do was join a temporarily over-excited mob. Welcome to reality. Considering how foolish you are as a speculator; I seriously doubt it's the worst investment of your life; and FYI; the Fat Lady didn't sing yet; time continues to unroll. Be prepared to be surprised; again. It's what happens to people who don't know anything.

Tue, 11/26/2013 - 14:18 | Link to Comment W74
W74's picture

I've bought gold anywhere from $800 to $1750.  At $1250 now I don't really give a shit that I "lost" a thousand or so bucks buying a couple oz. at the high end.  What I bought at the lower and mid ranges balances it out.  Got some shipping in from Arizona too along with a tube of Maples.  How could I resist silver below $20 (really 20.70)??

Do I care about what I bought at 23 or 27?  Not really?  I'm glad I have it.  What I bought at 14 and 15 more than makes up for the "loss".  You never know when this thing is going to crumble down because you and I will be the last people to get the warning.

Stox could have gone down the crapper this year and metals could've soared.  What would you have said then?  I don't pretend to understand the insanity of today's markets (not by any means), only that fundamentals are out of wack. I agree wtih sixbilliondollarman about PMs being an insurance policy.  I'm not really using those fiatscos right now anyway.

 

 

Tue, 11/26/2013 - 13:27 | Link to Comment sixbilliondollarman
sixbilliondollarman's picture

Godamn idiot!

...how many times do people tell you???

: It's NOT for "investment"...it's an INSURANCE POLICY!!!

The shit remains THE SAME VALUE and the FEDERAL RESERVE NOTE moves "around it".

Just cuz the coin swindlers ripped you off is entirely YOUR FAULT. WITH PREMIUM...my stuff is 2 bux lower. BIG DEAL.

When axe falls you'd better have some good shit to trade me...without tangibles.

 

...or you are going to be on THE ROAD son....

http://www.youtube.com/watch?v=M8RuQrhVBvo

 

Wed, 11/27/2013 - 09:16 | Link to Comment Cameli
Cameli's picture

OK asshole...the worst insurance policy I've ever bought then.

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