This page has been archived and commenting is disabled.
Gold Down 28% In 2013 Despite "Skyrocketing Demand" - Perth Mint Sales Surge 41%
Gold and silver prices surged higher today in the opening hours of trade in 2014. Gold rose 1.8% to $1,220/oz and silver surged over 3% to $20.02/oz.
Gold fell 28% in 2013, while silver recorded a 36% decline. It was gold’s first annual drop since 2000 and gold and silver’s worst performance since 1981 and 1984 respectively.
FREE EBOOK: Are your deposits safe? Get our report here.
Gold in U.S. Dollars, 5 Days - (Bloomberg)
Gold fell as low as $1,182/oz briefly on the last day of trading (12/31) on Tuesday after another large sell order in illiquid COMEX trading pushed prices lower to test support at $1,180/oz. Gold bounced sharply from support at $1,180/oz to close the year above the psychologically important $1,200 level at $1,205.55/oz.
Overnight in Asia, physical buyers scooped up physical gold on this latest dip in prices to 6 month lows. Reuters reported bargain hunters stepping in to buy beaten down gold and silver, notably Chinese buyers. The Lunar New Year falls at the end of this month, and the Chinese holiday always sees strong store of wealth demand from Chinese buyers.
China is set to become the world’s largest buyer of gold in 2013 and the ramifications of China’s huge demand for physical gold, both from the Chinese people and the People’s Bank of China is yet to be realised and factored into prices.
Chinese buyers are of increasing importance but it is important to note that physical demand rose significantly throughout the world in 2013 despite falling prices. This is seen in the levels of demand experienced by leading bullion dealers, refiners and government mints. This is clearly seen in the data released by the Perth Mint and the U.S. Mint which both saw increased demand for physical gold coins and bars in 2013. Other mints have yet to report their numbers.
Gold in U.S. Dollars, 1 Year - (Bloomberg)
The Perth Mint of Western Australia reported that they saw a very significant increase in sales in 2013 despite the falling prices. Gold sales from the Perth Mint, which refines most of the bullion from the world’s second-biggest producer Australia, climbed 41% last year.
Sales of gold coins and minted bars totalled 754,635 ounces in 2013 from 533,333 ounces a year earlier, according to data from the mint.
Silver coin sales surged 33% to about 8.6 million ounces from 6.5 million ounces in 2012, according to the Perth Mint.
Gold bullion sales expanded 12% to 58,944 ounces in December from 52,700 in November and about 51,778 ounces in December 2012, according to data from the mint. Gold sales fell to as low as 30,430 ounces in August and peaked at about 112,575 in April, when gold was hammered 14% lower on the COMEX in just two days.
Silver coin sales were 845,941 ounces last month from 807,246 in November and 452,389 a year earlier, it said.
The U.S. Mint also saw an increase in physical gold sales and sold 14% more American Eagle gold coins last year and sales climbed 17% to 56,000 ounces in December from November, according to data on the mint’s website as reported by Bloomberg.
Jim Rickards, monetary expert and author of Currency Wars explained to Deirdre Bolton on Bloomberg Television's "Money Moves" that gold has fallen in price in 2013 despite “skyrocketing demand.”
Rickards said that the price fell in 2013 due to “some technical reasons” and “probably manipulation as well”, meanwhile physical supply is disappearing and leaving the gold ETF the GLD and going straight to China - to the people,
Meanwhile, global demand for gold is skyrocketing as people lose faith in paper currencies. This will lead to a huge rally in gold to over $7,000/oz and “at some point you are going to want your gold and there is not going to be any around.” See video here.
- advertisements -




I cringe when the price of gold rises.
I want the price of gold to stay low until my stack is complete and I've run out of money.
don't try to make sense of the most manipulated market in the history of mankind.
just keep stacking, bitchez.
But we learned about all this in Eco 101....... Supply and Demand
If the Supply of something is limited and demand increases, the price goes UP. If the supply is UNlimited or demand DECREASES the price goes DOWN
so...... either
1) The supply of gold and silver is FAR LARGER than we think (contrary to all evidence)
2) Actual demand is LOWER than reported - some kind of illusion
or
One of the fundamental principles of economics is COMPLETELY WRONG
or
WTF?!?!? this doesn't make ANY sense unless we're in BIZZARROWORLD where up is down and black is white and unlimited amounts of paper are worth more than, well, anything else.......
Free Gold is coming....bitchez !!!!!!!!!!!!!!
Many people at work have already bought those perty 2014 solid 24k Perth Mint Year of the Horse coins for collection and gifts. Perth makes excellent coinage.
If it is in the interest of the US FED to keep the price of gold in US Dollars low, why would it not be in the interests of China to do the same? At least after they have gathered enough Gold to be considered a world currency?
Could they not do exactly what the US is by printing and selling the paper gold back and forth, tail wagging the dog?
Honest question
Apparently Nobody has figured out that the Big Purchases from the East/China are being Transacted at a Max of 50 cents on the Dollar, by using Discounted T-Bonds, despite the fact that everyone knows they can Not be covered at Face Value. It just comes down to putting 2 & 2 together...recall in 2011 when our T Bills & Bonds became a major concern, globally----also where gold "Topped".....unless it was revealed that Transactions were "secretly" being made at no more than 50 cents on the Dollar...IOW, the POG is actually at least Double the Quote we see ... this is my opinion, and seems quite obvious if researched and past occurrences factored in
Gold down 28% in the US while bullshit and lies about this pathetic economy are up 2,000,000%.
There are more sellers than buyers - that's what makes prices fall.
And if gold is such a good deal, why aren't more buyers lining up.
Should see a pop in gold to 1325, maybe 1425 and then the down trend will continue
http://bullandbearmash.com/chart/spot-gold-daily-moves-sharply-close-117...
Gold bullion demand up 41%. The fraud factor in the US is the issue, not demad my friend.
"Gold bullion demand up 41%. The fraud factor in the US is the issue, not demad my friend."
I gotta ask? If your stocking, why the hell do you want the price to rise? I much rather it takes a plunge to buy at a lower cost! I think its rather odd that stackers practically complain that the prices has fallen because of manipulation. If your a buyer, and the prices is manipulated lowered you should be happy and silent! Notice who is the biggest stacker in the world, yet remains completely silent: China!
I think the reason is that many PM stackers allocated nearly 100% of their 'savings' and therefore want it to rise. Others, myself included, always keep some 'powder dry'. Since I don't need to tap into my stack in the near-term, I don't mind the beatdown too much as it affords me more time to add to the stack with additional salary earnings plus more of my dry powder.
Lesson: ALWAYS keep some dry powder as you never know when you may need it or want to use it.
I wonder what Jon Nadler is doing nowadays?
Whatever it may be, I'm sure that he is positively ecstatic over gold's price decline of the last year. Although it must really frost his balls to have lost his public forum on Kitco.com in which to daily attack, mock and excoriate his "radical goldbug extremists" just as the price of gold took its first YoY fall in 12 years.
Regardless, it's funny how Nadless never saw the need to similarly denounce the vastly larger number of "radical stock extremists" or "radical bond extremists". It's also funny how anyone holding more than his self-prescribed 10% (maximum!) in gold automatically made that person a "radical goldbug extremist", yet holding 40 or 60 or 80% of one's savings in either stocks or bonds was, in his eyes, somehow not equally or even more so "dangerous".
The man's shameless shilling for the corrupt fiat status-quo knew no bounds.
I hope that there is a special and especially toasty little corner of Hell reserved for complicit and malevolent bastards like him.
Stack, stack stack....love it
When gold finnaly explodes, the bitcoin bubbles will look like non-events. People won't believe how high gold will fly.
I would like to thank Bernanke, Greenspan and Yellen.
When China reinvests just 33% of their monthly trade surplus with the US alone into physical Gold, buying up every single ounce mined a year, be very very afraid.
Canadian Govt selling Gold coins as fast as they can to balance budget. Looks like Australia is doing the same.
"as people lose faith in paper currencies" I don't see US companies losing faith in dollars.
All of the gold commentators of note report that gold is headed east in huge quantities due to the western banks depressing the price. The Bernancke comment that gold is a "barbaric relic" comes to mind. They call it a currency war.
What if the central bankers of ALL the global powers have agreed to equalize the amount of gold held by each one so that the reset can perpetuate the status quo? It is clear by now that the current fiat system has about run its course and the debt incurred by all countries will never be repaid.
The global banking cabal is not interested in soveriegn statehood. Politicians are merely puppets who are elite wannabes who are used and abused as needed to carry out the bankers' vision.
The moves in gold could be part of the reset plan.
Bix Weir floated a theory that all this is a DELIBERATE effort to 'crash' the current world financial system - that this crash will be used to eliminate the current grip bankers have on the system and revert markets back to a hard asset (gold and silver) based one. This has been a long time in the making with deliberated efforts by powers in the US to hide and protect US assets in anticipation of all this, that the US has far more gold and silver 'stashed' away and protected in the ground than we realize. After the crash - and the outright default on all the debt created these hard assets will be used to rebuild the US. Nice theory but NOBODY seems to ever act altruistically and if this were the goal why would the US allow such a transfer of gold and silver to the East before the crash?
If there is an effort to 'rebalance' gold reserves in preparation for some kind of 'reset' then it seems like we've overshot as the US seems to be running dry - holding only reserves that have been promised many times over and China is building up massive amounts.
Of course it could be that the US used up its gold a long time back trying to keep the petrodollar going (paying the Saudis under the table in gold for oil) - this would fit in with rumblings of Ft. Knox being emptied back in the late 70's and at this point our leaders are desperate to prolong the charade - and keep themselves from being strung up.
Who the f knows? All I do know is that NONE of this makes any sense in a rational world - but I 've learned that NOTHING in this world is rational. You can count on yourself and nothing else
Just for the record and in the interest of accuracy, it was not B who first made the 'barbaric relic' statement (it was Keynes) and it was in reference to the gold standard, not gold itself. Totally agree, L, that the debt incurred can't realistically be repaid.....some sort of bail-in will be necessary to cover these debts...we will all pay and big time! I don't think China wants to maintain the status quo....I expect an announcement that they will use gold as part of a basket of currencies along with BRIC nations as a new global currency to rival the $US...I think they have had it with the $US as reserve currency and are getting all their ducks in row before (along with other BRICS) letting the cat out of the bag...doesn't mean the $US won't still be used but it will be an option among three major currencies - the Euro, the $US and the BRIC basket......that's my guess. Or they could just announce that the Yuan is partially backed by gold....same result.
US Mint gold eagle sales were down 37.46% YoY, silver was up 26.47% though.
January 2, 2014
annual sales for all of the United States Mint's bullion programs rose compared to the prior year. American Silver Eagle bullion sales finished the year at a new annual sales record.
For the full year, Gold Eagle bullion sales reached 856,500 troy ounces across all options. This represents an increase of 13.75% compared to the prior year.
The American Gold Buffalo bullion coins had sales of 239,000 ounces for the full year. The full year total represents a significant gain of 81.06% compared to the prior year when sales had reached 132,000 ounces.
[ despite limits imposed, see:
The US Mint began allocation after intense demand in January caused a sell out of the entire inventory of coins necessitating a sales suspension.
and this from May 9, 2013
The U.S. Mint is keeping its own stingy allocation process in place until it can boost delivery and meet demand.
The Mint says it simply doesn't have enough blanks to meet demand.
From the article above:
"The U.S. Mint also saw an increase in physical gold sales and sold 14% more American Eagle gold coins last year and sales climbed 17% to 56,000 ounces in December from November, according to data on the mint’s website as reported by Bloomberg.
http://i.imgur.com/jHGjQ28.png
http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&type=bullion
From your own link to the US mint:
2012 AGE sales - 753,000 oz
2013 AGE sales - 856,500 oz
Increase in sales in 2013 over 2012 - 13.75%
Do you read anything?
And ASE sales went from 33.7M oz to 42.7M oz in 2013. An increase of 26.5% in silver sales.
Shit fat finger in my September 2012 data there. That's what I get for plugging in data while drinking.
Thanks!
Well the buyers of tonnes of the stuff are grabbing as much as they can and are over the moon at the stupidity of the manipulators enabling gold to be virtually given away because of their fear that the dollar will no longer be the currency.
They will then proclaim 'nobody could have seen it coming', just like 'sub-prime is well contained', when it is staring them in the face and poking them in the eyes
Idiot!
China's gold imports drop 42pc
http://www.scmp.com/business/commodities/article/1393461/chinas-gold-imports-drop-42pc
China doesn't need to import gold through Hong Kong any more. They have their own exchanges now.
I wouldn't pay much attention to that link, unless you were to read it all and dig a bit deeper. You see, that is a month to month comparison, but fails to mention that the prior month was the second highest amount EVER. In fact another link, one month earlier would tell an opposite story
China Gold Imports From Hong Kong Rise on StockpilingBy Bloomberg News Nov 27, 2013
Gold shipments to China from Hong Kong rose in October to the second-highest on record as jewelers and retailers bought the metal to build up inventories ahead of a peak-demand season at the end of the year.
Net imports, after deducting flows from China into Hong Kong, were 129.9 metric tons in October, from 109.4 tons in September, according to calculations by Bloomberg based on data from the Hong Kong Census and Statistics Department. Purchases reached an all-time high of 130 tons in March, with the amount in the first 10 months of 2013 more than doubling to 955.9 tons from a year earlier, the data show.
It's fun watching the Indians/Pakis who are buying gold and conveninece stores as fast as they can, while the Chinese I know here are buying gold and rental houses as fast as they can. Neither wants to hold paper.
Your numbers are MoM. There will always be seasonal swings.
The Perth numbers are YoY.
It makes all the sense in the world for the price of something to go down in the face of high demand and shortages.
I see this all the time in the price of gasoline powered portable generators after a bad storm with hundreds of thousands without power.
/sarc
<Repeat after me. Price gouging of items in short supply is just a figment of my imagination.>
Now why did you have to go ruin perfectly good snark with the HuffPo ideology known as "price gouging?"
This is very misleading. By reporting sales in units/ounces sold they misrepresent the total sales. Gold is off 30%, so unit sales go up 30% if dollars being invested stay the same. In essence, this is only a 10% increase in dollars.
Measuring anything in dollars is a fool's game.
I guess you do not even look at what your bank account says every month then?
Cue the MFGlobal style bailins in 5, 4, 3, ....
Let's see... 284/7000... my 1979 dollar will be worth $0.0405714285714286, and to earn $8.00 an hour in 1979 dollars I'll need to make $197 an hour. Winning!