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Asia Imports Huge 80% Of Swiss Gold And Silver Exports In January
Today’s AM fix was USD 1,313.75, EUR 959.22 and GBP 788.90 per ounce.
Yesterday’s AM fix was USD 1,318.75, EUR 959.09 and GBP 791.14 per ounce.
Gold fell $11.80 or 0.89% yesterday to $1,310.20/oz. Silver dropped $0.52 or 2.37% at $21.44/oz.
Gold and Silver Cross Currency Rates - (Bloomberg)
Gold is marginally higher in London as investors continue to digest the recent weaker U.S. data and continuing ultra loose monetary policies. Gold futures dropped 0.8% yesterday as minutes from the last meeting of the U.S. Federal Reserve suggested that the Fed will not scale back plans to reduce their monthly multi billion dollar bond purchases.
More data overnight confirms that gold is flowing from west to east and from the western banking system into strong store of wealth hands in Asia. This includes Asian investors and store of wealth buyers and indeed Asian central banks including the People’s Bank of China.
Asia accounted for more than 80% of Swiss gold and silver bullion coin and bar exports in January, the Swiss Federal Customs Administration said today in an e-mailed report covered by Bloomberg.
Interestingly, as suspected most of the bullion exported to Asia from Switzerland came from London.
As holdings in gold-backed funds that are mostly listed in the U.S. and Europe declined, lower prices led to demand from Asia in a further sign of bullion flowing from the west to east. While the majority of the demand is from Asia itself, there is a percentage of the flow that is of western investors seeking to own gold outside the banking system, in what they perceive to be safer jurisdictions in allocated gold accounts in Hong Kong and Singapore.
Hong Kong was the top destination of Swiss bullion exports at 44% on a value basis, with India at 14%, the Bern-based customs agency said in its first breakdown of the gold trade data since 1980.
Singapore accounted for 8.6% of exports, the United Arab Emirates 7.9% and China 6.3%, according to Bloomberg.
Switzerland imported 4.32 billion Swiss francs ($4.87 billion) of gold and silver bullion from the U.K., or 60% of total inbound shipments, according to the report. The U.S. was second at 4.9%, Italy at 3.8%, Germany at 2.8% and Thailand at 2.5%, the data showed.
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Well, these Asians did not get the PMs I bought! It's too bad they fell off the pickup truck. I gotta remember to get a tailgate.
ZHers must account for the missing 20%.
Remember ALWAYS that when buying gold, the risk is more in the custody than the price. Make very sure not to rely on Mickey Mouse warehouses or untrustworthy brokers!
http://barlowscayman.blogspot.com/2012/12/how-to-buy-gold.html
Swapping financial assets for real ones. When financial assets are trashed by the failure of fiat money, We will not be able to print enough money to by real assets. This mammoth transfer of wealth to Asia was made possible by our Federal Reserve Corporation. Thanks Ben. Thank Janet.
(AP/Rooters Nudes Service:)
"World Money System Fails"
'Fed Res owners to open new Bank in China, close US Branches'
60% of Swiss gold inbound shipments came from London. Those London gold mines must really be kicking it out. Funny, I didnt see any when I was over there
What do you think dictated that tube layout?
only digits are money...
4.9% is our take. Wow, Pathetic performance. Good thing its not the olympics and going for gold.
First!
Phyzz silver is still a screaming deal at anything below 30/oz. When it hits 30, I'd expect a pull-back into the mid 20's (25 will become strong bottom resistance) where we can hopefully grab more before it pushes through 30 and goes through it's ups and downs fighting it way up through the 30's to 40 range.
Just BTFD's and keep stackin'!!!
"Asia accounted for more than 80% of Swiss gold and silver bullion coin and bar exports in January"
ha ha ha!
the joke is on asia!
hey, asia! guess what!
gold and silver have been demonetized!
they are not money!
and now the switzerlanders have all that yuan or swissfranc or euro or dollar or sdr or treasurybond or mbs or cds or stocks that you gave up!
*that* is the real moneys!
suckers!
now you're stuck with a bunch of stupid *metal*!
ha ha ha!
whatcha gonna do with a buncha stupid metal, asia?
put it in a warehouse?
ha ha ha!
hugs,
nank
Yeah, they really fooled them that time, alright. Hee Hee.
Thants funny Safely but sarcasm is the lowest form of wit!
I wasn't being sarcastic!
is gold money?
no! it's not money!
https://www.youtube.com/watch?v=h6Dj24oJl0w
hugs,
nank "the highest form of wit"
+1 anyway
So I expect you will have a visit from JP's ghost tonight.