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China Buys North Korea's Gold Reserves As South Korea Increased Gold Reserves By 30%

Tyler Durden's picture




 

From GoldCore Gold Bullion

China Buys North Korea Gold Reserves As South Korea Increased Gold Reserves By 30%; Paraguay Buys First Time

Today’s AM fix was USD 1,763.75, EUR 1,369.80, and GBP 1,089.07 per ounce.
Yesterday’s AM fix was USD 1,766.75, EUR 1,369.36 and GBP 1,088.37 per ounce.

Silver is trading at $33.79/oz, €26.41/oz and £20.99/oz. Platinum is trading at $1,630.00/oz, palladium at $627.10/oz and rhodium at $1,075/oz.

Gold fell $3.10 or 0.18% in New York yesterday and closed at $1,761.40. Silver rose to $34.47 in early New York trade then fell off and finished with a loss of 0.71%.

Gold continues to eke out gradual gains in all currencies. It looks set for the best quarterly gain in more than two years, as central banks and investors diversify into gold to hedge against the prospect of weaker currencies and slowing growth.

Euro gold hovering near record highs at €1,375/oz shows the eurozone crisis is far from over and is indeed set to deepen in coming months. 

The overnight joint declaration of Germany, the Netherlands and Finland appears to unravel much of what was agreed at the last European summit in June, when EU leaders attempted to pave the way for the direct recapitalisation of troubled banks, is gold bullish.

The IMF has warned that the financial system remains ‘vulnerable’ and is a work in progress.  

In Spain, protestors fought with police in Madrid as the government embarks on a new phase of austerity measures for the 2013 budget this Thursday.

The SPDR Gold Trust ETF said its holdings had risen to a record high of 1,331.331 tonnes by Sept. 25. 

Unrest in South Africa continues and the fourth largest producer in the world, Goldfields, said that workers reneged on a deal to end a two week strike at its KDC West operation and miners at its Beatrix mine had also downed tools. 

AngloGold Ashanti Ltd., the world’s third-largest gold producer, halted production at all of its South African mines as labor unrest that left at least 46 dead in the past two months continues to spread.

Julius Malema, expelled as youth leader from South Africa’s ruling African National Congress, was granted bail on a charge of money laundering.

Germany's Federal Statistical Office is scheduled to release flash inflation data at 8.00 am ET.


Gold in USD, EUR & GBP – YTD 2012

The IMF reported that various countries continued diversifying into gold in July, some significantly.

South Korean gold reserves rose a sharp 16 tonnes for a 30% increase in total gold reserves.  

Paraguay became the latest central bank to begin diversifying into gold. Their gold reserves rose sharply - from a few thousand ounces to over 8 tonnes.

Desperate North Korea has exported more than 2 tons to gold hungry China over the past year to earn US $100 million. Even in tough times during the Kim Il-sung and Kim Jong-il regimes, North Korea refused to let go of its precious gold reserves.

Chosun media reports that “a mysterious agency known as Room 39, which manages Kim Jong-un's money, and the People's Armed Forces are spearheading exports of gold, said an informed source in China. "They are selling not only gold that was produced since December last year, when Kim Jong-un came to power, but also gold from the country's reserves and bought from its people."

This is a sign of the desperation of the North Korean regime and also signals China’s intent to vastly increase the People’s Bank of China’s gold reserves.

Data on the International Monetary Fund’s website shows Kazakhstan’s assets rose 1.4 tons to 104.4 tons last month, Turkey’s gold reserves gained 6.6 tons to 295.5 tons, Ukraine’s rose 1.9 tons to 34.8 tons.

While the Czech Republic’s bullion assets fell 0.4 ton to 11.8 tons, data shows.

Nations bought 254.2 tons in the first half of 2012 and may add close to 500 tons for the year as a whole, the London-based World Gold Council said earlier this month. 

The trend among central banks to diversify their foreign exchange reserve holdings with gold continues.

This trend is very sustainable considering the still tiny allocations creditor nation’s banks, with massive foreign exchange reserves, have to gold.

Paraguay is a new central bank gold buyer – expect many more central banks to begin increasing their gold reserves in the coming months.


Cross Currency Table – (Bloomberg)

NEWSWIRE
(Bloomberg) -- Barclays Says Gold Will Outperform Other Precious Metals From QE
Gold will outperform other precious metals as quantitative easing takes effect, Barclays Plc said.

Aluminum is the weakest industrial metal based on fundamentals, and China’s metals stockpiles are modest and falling, Barclays said in a report distributed to reporters today in London. Prospects are high for a very large price spike in oil due to low spare capacity and potential for problems in the Middle East, it said.

‘"QE is not a rising tide that will take all boats,’’ Paul Horsnell, head of commodity research at Barclays, told reporters today. “It is good for gold. Gold will move from one of the weakest commodities this year to one of the best performers over the next few quarters.”

(Bloomberg) -- Cash Gold in Shanghai Poised for Best Quarter in Five Years
Cash gold of 99.99 percent purity on the Shanghai Gold Exchange was little changed at 358.35 yuan a gram at 9:01 a.m. Singapore time, up 12 percent this quarter and set for the biggest such advance since the three months to September 2007. Volumes for the benchmark contract on the country’s largest cash bullion market were 3,267 kilograms yesterday, up from 2,915 kilograms on Sept. 21.

Gold for December delivery fell as much as 0.3 percent to 359.97 yuan a gram ($1,775.18 an ounce) on the Shanghai Futures Exchange, and was last at 360.33 yuan. The metal has risen 11 percent since the end of June, poised for its best quarterly showing since December 2009.

December-delivery silver declined for a third day, falling as much as 0.6 percent to 7,118 yuan per kilogram, before trading at 7,135 yuan.

(Bloomberg) -- Explosive’ Gold ETP Demand Driving Price Rally, Saxo Bank Says
An “explosive” gain in demand for gold in exchange-traded products is helping to drive the metal’s price rally, Ole Hansen, the head of commodity strategy at Saxo Bank A/S in Copenhagen, said on the Bloomberg LiveINSIGHTS precious metals web conference today.

“Hedge funds have only just begun to get involved, having waited for momentum to return, leaving them plenty of room to increase positions.”

(Bloomberg) -- IShares Silver Trust Holdings Unchanged at 10,016 Metric Tons
Silver holdings in the IShares Silver Trust, the biggest exchange-traded fund backed by silver, were unchanged at 10,015.99 metric tons as of Sept. 25, according to figures on the company’s website.

================================================================================

                          Sept. 25   Sept. 24   Sept. 21   Sept. 20   Sept. 19   Sept. 18

                                   2012       2012       2012       2012       2012       2012

================================================================================

Million Ounces  322.022    322.022    319.600    319.600    317.759    316.402

 Daily change         0         2,422,030          0           1,840,792  1,356,384          0

--------------------------------------------------------------------------------

Metric tons         10,015.99  10,015.99   9,940.66   9,940.66   9,883.40   9,841.22

 Daily change             0.00         75.33          0.00          57.26          42.18       0.00

==========================================================================
NOTE: Ounces are troy ounces.

(Bloomberg) -- Gold Prices May Climb to $2,000 Next Year, Commerzbank Says
Gold may rise to $2,000 an ounce next year, said Eugen Weinberg, the head of commodities research at Commerzbank AG in Frankfurt.

“I am bullish on gold as there are not many alternative investments,” Wienberg said on the Bloomberg LiveINSIGHTS precious metals web conference today. “There are too many economic risks today, and the risks are not yet priced in, so I see demand for gold rising.”

NEWS 


Gold Poised for Best Quarter Since 2010 on Investor, Bank Demand - Bloomberg

Gold hits euro record high – The Financial Times

Gold steady; euro zone concerns weigh - Reuters

Gold Fields strike spreads to Beatrix - Reuters

 

COMMENTARY


Martin Wolf: Germany Should Consider Exit – The Financial Times

Why Germany Is Going to Exit the Eurozone – Financial Sense

Swiss central bank fuels Europe's North-South debt crisis – The Telegraph

 

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Wed, 09/26/2012 - 09:01 | 2831419 GetZeeGold
GetZeeGold's picture

 

 

The Huns.....have arrived.

 

I offered them a magazine......they said "no thanks. we'll just wait"

 

Wed, 09/26/2012 - 09:06 | 2831453 Ruffcut
Ruffcut's picture

I hope they had enuff time to fill with tungston.

Wed, 09/26/2012 - 09:11 | 2831469 GetZeeGold
GetZeeGold's picture

 

 

Yeah.....that's kinda why they're here.

 

Put it this way.....they don't look happy.

 

Wed, 09/26/2012 - 09:08 | 2831458 ChanceIs
ChanceIs's picture

"Fight Club" full video is now up (for free) on YouTube:

http://www.youtube.com/watch?v=BToXI5_aFus&list=FLXfLwG72sUCtnhPEj5XsFvA...

What a hoot.  Was up until 3:00 last night.  It is all so clear now.

Wed, 09/26/2012 - 09:19 | 2831506 JohnKozac
JohnKozac's picture

+1

 

I have insomnia so thanks for the link!

Wed, 09/26/2012 - 09:28 | 2831539 Dr. No
Dr. No's picture

Just cry.  If you need help crying, just look at the constitution.

Wed, 09/26/2012 - 09:31 | 2831553 GetZeeGold
GetZeeGold's picture

 

 

There's no crying in baseball....or Fightclub.

 

It's just the way it's always been.....not even sure if it's even a rule.

 

Wed, 09/26/2012 - 09:37 | 2831569 JohnKozac
JohnKozac's picture

Wipe that smile off yoru face!

 

New Jersey bans smiles on driver's licenses to safeguard facial recognition

 

http://rt.com/usa/news/license-jersey-recognition-face-956/

 

Hello, is George Orwell home?

 

 

 

Wed, 09/26/2012 - 10:11 | 2831732 aerojet
aerojet's picture

Facial recognition technology is so fucking stupid--you can add just a couple of dinosaur stickers to your cheek and the damn thing doesn't know who you are.  It's too easy to defeat and it has a 10% error rate even when you're not trying to fuck with it.  Totally worthless except for use by fascists as a pretext ("the computer flagged you as a person of interest"--which is what it does whenever they press a certain key).  It's just like the old "well, the dog alerted, so we have PC to search your car" bit.  It's all bullshit.

Wed, 09/26/2012 - 10:58 | 2831982 Overfed
Overfed's picture

The solution is simple. People need to start destroying cameras, and refuse to stop. Tell the gov't to shove Trapwire up it's collective ass.

Wed, 09/26/2012 - 09:37 | 2831575 Dr. No
Dr. No's picture

Have you not seen the movie?

And suddenly, I felt nothing.  I couldn't cry.  So, once again, I could not sleep.

Wed, 09/26/2012 - 09:36 | 2831566 LULZBank
LULZBank's picture

 

It is all so clear now.

What is all so clear now?

Wed, 09/26/2012 - 10:00 | 2831606 ChanceIs
ChanceIs's picture

The counter-cultural ethos underpinning this board has become clear.  I had not seen the movie before and don't want to spoil it.  But...the anti-consumerisim...and then blowing up the credit card companies.  And this was long before that guy started painting on canvas, flaming Citi branch offices.  Or was it Wells Fargo?

See the movie quick, before the copyright Nazis at YouTube pull it.

PS:  You get to meet Tyler Durden and Marla Singer.

PPS:  I just broke the first rule of Fight Club.

Wed, 09/26/2012 - 10:13 | 2831738 aerojet
aerojet's picture

Honestly, you can get a used DVD copy of it off of Amazon for like $3 or watch it streaming from Amazon for about the same price.

Wed, 09/26/2012 - 10:25 | 2831824 ChanceIs
ChanceIs's picture

I didn't know that Amazon streamed.  I made a buck or two shorting NFLX figuring there would be plenty of competition.  Didn't make the ride from $300 down to $80 at all.  Is AAPL the next NFLX?  AAPL has good stuff, but tha doesn't mean the sheep haven't been in there en masse.  Verizon even streams.

"Selling rich ladies there fat asses back."  What a scream.

Better than "Repo Man."

Wed, 09/26/2012 - 10:23 | 2831803 fuu
fuu's picture

And the second rule.

Wed, 09/26/2012 - 10:27 | 2831831 ChanceIs
ChanceIs's picture

Never talk about Fight Club.

Ooooops.  I just broke the first and the second rules.

Wed, 09/26/2012 - 09:22 | 2831519 Gully Foyle
Gully Foyle's picture

Why assume that selling Gold is a sign of desperation?

It makes more sense as a tithe to Chinese hegemony.

China spreads that big umbrella to protect Asia from the western economic rain.

 

Wed, 09/26/2012 - 09:26 | 2831534 GetZeeGold
GetZeeGold's picture

 

 

Why assume that selling Gold is a sign of desperation?

 

It's in the manual......somewhere.

 

Wed, 09/26/2012 - 11:56 | 2832302 mjcOH1
mjcOH1's picture

"Why assume that selling Gold is a sign of desperation?"

 

Because selling paper you can devalue at the stroke of a pen by printing more is a sign of strength.   Sort of indicates you have nothing if you can't sell bullshit and have to sell something that can't easily be replaced.

Wed, 09/26/2012 - 09:01 | 2831422 redd_green
redd_green's picture

Vastly increase?  You GOTTA be kidding us.  How much gold does North Korea have, 40.00 worth?  Please. 

Wed, 09/26/2012 - 09:06 | 2831446 GetZeeGold
GetZeeGold's picture

 

 

How much gold does North Korea have

 

Less than yesterday......but that's not saying much.

 

Wed, 09/26/2012 - 09:37 | 2831572 youngman
youngman's picture

I bet they....or I should say he has a lot of gold...most dictators love gold..it shows themselves how great they are....and they can always try to steal it if things go south...

Wed, 09/26/2012 - 11:57 | 2832314 mjcOH1
mjcOH1's picture

You can bet that the Golden Crapper will be the last of the People's Gold to be sold.

Wed, 09/26/2012 - 09:27 | 2831532 Gully Foyle
Gully Foyle's picture

http://www.country-data.com/cgi-bin/query/r-9562.html

North Korea Mining and Metal Processing

The economy depends to a considerable degree on the extraction of its many mineral resources for fuels, industrial raw materials, and metal processing as well as for exports. Anthracite coal, with estimated reserves of 1.8 billion tons, is the most abundant of the country's mineral resources. It is produced in large quantity for both domestic consumption and export. Coal mines, largely concentrated in South P'yngan Province, produced 68 million tons and 22 million tons, respectively, of anthracite and the less abundant lignite coal in 1990. Despite a fairly steady increase in the 1980s, coal production has not been able to catch up with rising demand. This situation has created a persistent energy shortage because the country relies on coal as its main energy source and lacks any reserves of oil or gas.

The lagging coal industry remains a major bottleneck. The aging of existing mining equipment and facilities, the inefficiency that arises from the increasing need to mine deeper seams, and a lack of modern, efficient equipment are the primary reasons for the production lag in extractive industries. The persistence of these problems prompted Kim Il Sung to stress the importance of developing the mining and power industries and rail transport even in his 1992 New Year's address--the same theme he has repeated annually in his New Year's address for at least the previous fifteen years.

Because of the lack of domestic reserves, the country continues to rely on foreign sources for bituminous coal. Toward the end of the 1980s, China was the chief source of coking coal, followed by the Soviet Union.

The Anju District coal mining complex is the leading coal producer (see fig. 6). A large-scale open-pit mine was being developed in the Anju District in 1990. High-quality anthracite deposits are located in the Paegam District of Yanggang Province, and have estimated reserves of at least 1 million tons. Coal deposits amounting to 10 million tons also exist in Chunbi, T'- gol, and Kangdong in Kangdong District.

With estimated reserves of 400 million tons, iron ore continues to be important for domestic industry and is a major source of foreign exchange. According to Western estimates, annual iron ore output increased from 8 million tons in 1985 to 10 million tons in 1990. In the 1980s, new mines were added at Tksng and Shae-ri; they supplemented older mines at Musan, nryul, Tkch'n, Chaeryng, and Hasng, all of which received considerable state investment. The expansion projects started in early 1988 to increase the production capacity of the Musan Mining Complex to 10 millions tons per year were completed in 1989. The long-term annual output target, however, is 15 million tons. The Chngp'yng Mine in South Hamgyng Province was commissioned to produce ores in February 1991.

North Korea possesses the largest and some of the best quality magnesite deposits in the world--an estimated 490 million tons. The mining of magnesite is important for the domestic industrial ceramics industry and for exports. Magnesite mines are concentrated in the Tanch'n District in South Hamgyng Province; annual output of magnesite in 1990 was estimated at 1.5 million tons. With the completion of expansion projects of the Tanch'n Magnesia Plant and the construction of the Unsng Crushing and Screening Plant in 1987, the production capacity of magnesia increased to 2 million tons annually. The government also began efforts to expand output capacity of magnesia in the Taehng District toward the end of the 1980s.

Other important minerals are lead, zinc, tungsten, mercury, copper, phosphate, gold, silver, and sulfur; manganese, graphite, apatite, fluorite, barite, limestone, and talc also are found in great supply. Zinc and lead ingots, among the leading exports, are produced at domestic smelting plants in Tanch'n, Namp'o, Haeju, and Munpyng. With a capacity of 15 million tons, the K mdk Mining Complex in South Hamgyng Province is one of the leading producers. An estimated 200,000 tons of high-grade electrolytic zinc and an estimated 80,000 tons of lead were produced in 1990.

A joint venture project to redevelop the Unsan Gold Mine was unveiled in March 1987. The successful reexploitation of the mine, originally opened by a United States firm in 1896, with deposits estimated at more than 1,000 tons, could make it one of the world's major gold mines.

Building materials, such as the cement used in almost every construction project, are manufactured in large as well as smallscale local industrial plants. Annual cement output was estimated at 11.77 million tons and 12.02 millon tons, respectively, in 1989 and 1990.

Data as of June 1993

Wed, 09/26/2012 - 09:01 | 2831423 schatzi
schatzi's picture

Holy fuck, what just happened to the gold price? Did Portugal finally decide to dump all its reserves on the market at once?

Wed, 09/26/2012 - 09:03 | 2831433 LULZBank
LULZBank's picture

Nothing so serious really... amwaiting for 50+ USD/Oz drop in a day, then we're talking.

Wed, 09/26/2012 - 09:21 | 2831438 Debtonation
Debtonation's picture

Don't worry, that's just Ben trying to get rid of whats left of Fort Knox.  It's go big or go home if gold isn't money.

Wed, 09/26/2012 - 09:05 | 2831441 Peter Pan
Peter Pan's picture

Don't worry about gold. After 5000 years of proven track record, you either have it or you don't and you either understand it or you don't.

It's really that simple.

Wed, 09/26/2012 - 09:29 | 2831543 Gully Foyle
Gully Foyle's picture

Peter Pan

Now I don't know, but I been told it's hard to run with the weight of gold.
Other hand I have heard it said, it's just as hard with the weight of lead.

Wed, 09/26/2012 - 09:42 | 2831589 Peter Pan
Peter Pan's picture

Then I recommend lead in your case. That should minimise the chances of anyone chasing after you.

Wed, 09/26/2012 - 10:14 | 2831749 aerojet
aerojet's picture

Maybe so, but I'm still not buying at the top of any bubble if I can help it.

Wed, 09/26/2012 - 09:11 | 2831472 Quinvarius
Quinvarius's picture

Taking out the stops before a run is a time honored tradition.  This looks like the fifth time they have done it since the move up began.

Wed, 09/26/2012 - 09:49 | 2831613 kaiserhoff
kaiserhoff's picture

Back when we had regulators, this shit was illegal.

Wed, 09/26/2012 - 10:10 | 2831729 ParkAveFlasher
ParkAveFlasher's picture

The price has been taking $70-$80 hits like clockwork.  Part of the game.  btfd

Wed, 09/26/2012 - 09:29 | 2831544 Dr. No
Dr. No's picture

What happened to gold price?  massive selling.  people are selling their bars before they are discovered they are filled with Tungsten.

Wed, 09/26/2012 - 09:01 | 2831424 LULZBank
LULZBank's picture

Selling Gold to buy or pay for what?

Wed, 09/26/2012 - 09:01 | 2831425 Peter Pan
Peter Pan's picture

If the North Koreans are desparate enought to sell their gold I wonder if they will also be desparate enough to sell an atomic weapon or two.

Wed, 09/26/2012 - 09:04 | 2831437 LawsofPhysics
LawsofPhysics's picture

The Chinese already have plenty.  I think you meant to say, "desparate enough to use an atomic weapon or two."

Wed, 09/26/2012 - 09:08 | 2831456 Peter Pan
Peter Pan's picture

I wasn't alluding to a sale of atomic weapons to China. But you are right in being worried about some nation becoming deparate enough to use atomic weapons. After all, the USA dropped not one but two weapons on Japan. I would have thought the Japanese people got the message after the first bomb. Or did America want to show it had stock on hand?

Wed, 09/26/2012 - 09:51 | 2831622 kaiserhoff
kaiserhoff's picture

Agreed.  The world is full of background noise, right now, but these motherfuckers are moon bat crazy.

Wed, 09/26/2012 - 10:04 | 2831686 LawsofPhysics
LawsofPhysics's picture

No crazier than the central bank fuckers devaluing to infinity.

Wed, 09/26/2012 - 13:33 | 2832738 earnulf
earnulf's picture

Actually, the Japanese Military refused to give in after the first bomb, call it shock and awe, disbelief or just plain bushido.     The second bomb drove home the reality that the US no longer needed to give the Japanese the option of dying to repel a bloody invasion and the Emperor finally manned up and said "we give up".

My understanding of it is that the US had a third atomic weapon available, but no more after that.   Among the third targets was apparently Tokyo.

In addition, a major typhoon smashed into the assembly port for what would have been the invasion of japan about the same time as planners would have had most of the forces assembled.    Some have likened it to the "divine wind" that smashed the Mongol invasions back in the 1200's.

Wed, 09/26/2012 - 10:17 | 2831763 aerojet
aerojet's picture

They won't--they would be annihilated and also there is the whole WWIII thing--if the two Koreas go at it, China/Japan would light up, and pretty soon after the whole damn world.  You can't have a regional war of any size anymore, the world is just too intertwined.

Wed, 09/26/2012 - 10:44 | 2831921 darteaus
darteaus's picture

Already have.  They were the Chinese conduit to the Pakistani nuclear program

NK is the Chinese stooge that gives the Middle Kingdom plausible deniability for their more nefarious deeds.

Wed, 09/26/2012 - 12:01 | 2832329 mjcOH1
mjcOH1's picture

More like it gives the US palusible deniability.   We know who's responsible for the bullshit.   But we can conveniently blame North Korea in the congressional hearings and not have to do anything to jeapordize the iShit supply.

Wed, 09/26/2012 - 09:01 | 2831426 RacerX
RacerX's picture

But gold is so HEAVY. How do they move it around?

Wed, 09/26/2012 - 09:28 | 2831537 spentCartridge
spentCartridge's picture

By boat.

Wed, 09/26/2012 - 09:02 | 2831428 Quinvarius
Quinvarius's picture

Not to mention:

http://www.bbc.co.uk/news/business-19729953#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

The gold strike continues.  The predictable results of gold suppression.  Mines cannot afford to operate.

Wed, 09/26/2012 - 09:02 | 2831431 redd_green
redd_green's picture

Get out there folks and buy your tungsten filled gold bars today! Direct from China, will fool the experts!

 

Wed, 09/26/2012 - 09:02 | 2831432 JustObserving
JustObserving's picture

It's cheaper to steal gold.  Someone got Libya's 144 tons of gold.

Wed, 09/26/2012 - 09:05 | 2831445 redd_green
redd_green's picture

CHeaper for governments, the world bank and IMF.   What should we mere mortals do?

Wed, 09/26/2012 - 09:15 | 2831486 GetZeeGold
GetZeeGold's picture

 

 

Someone got Libya's 144 tons of gold.

 

Yeah....and they just got it back.

Wed, 09/26/2012 - 09:21 | 2831511 JustObserving
JustObserving's picture

"What should we mere mortals do?"

Become a bankster.  Then you can legally steal as the CFTC has your back.

Wed, 09/26/2012 - 09:37 | 2831570 GetZeeGold
GetZeeGold's picture

 

 

Opt for the premium package and you can get a picture of you shaking hands with Gary Gensler......amaze your friends.

 

Wed, 09/26/2012 - 09:03 | 2831434 fonzannoon
fonzannoon's picture

europe is falling apart schatzi, wake up. sell your gold and buy treasuries as fast as you can before they run out

Wed, 09/26/2012 - 09:15 | 2831487 redd_green
redd_green's picture

True, true.   I could use the new treasuries to line my bird cage. 

Wed, 09/26/2012 - 09:08 | 2831447 RSloane
RSloane's picture

Double post.

Wed, 09/26/2012 - 09:06 | 2831449 RSloane
RSloane's picture

"The trend among central banks to diversify their foreign exchange reserve holdings with gold continues."

Gee, maybe they learned something that ZH readers have known for a long time.

Wed, 09/26/2012 - 09:07 | 2831452 whopper
whopper's picture

"It was probably a mistake to allow gold to rise so high."
-- Paul Volcker, ex Federal Reserve Chairman in looking back at the rise of gold from $35 to $850 during the 1970s, per "Paul Volcker: The Making of a Financial Legend" by Joseph B. Treaster

 

Kind of explains the action of late.


Wed, 09/26/2012 - 09:06 | 2831455 fonzannoon
fonzannoon's picture

This british guy simon something on cnbc needs to get punched in the face

Wed, 09/26/2012 - 09:10 | 2831468 LULZBank
LULZBank's picture

all the guys on CNBC need to get punched in the face and the women need to get ph...

Wed, 09/26/2012 - 09:12 | 2831478 azzhatter
azzhatter's picture

Yes Simon Hobbs is a class A fucktard. I would like to see him hanging from a lamp post with Cramer fellating him

Wed, 09/26/2012 - 09:18 | 2831503 RSloane
RSloane's picture

Oh God, no...no... I would not like to see that.

Ugh..bad visual image.

Wed, 09/26/2012 - 09:12 | 2831479 Quinvarius
Quinvarius's picture

What is he doing now?  I remember his tirade against gold at $1200.  His advice destroyed many orphans and widows.

Wed, 09/26/2012 - 09:16 | 2831490 fonzannoon
fonzannoon's picture

He is yammering that Europe is fine and using his vacations to spain as his example. If someone walked out and punched him in the face mid sentence I would just be so happy

Wed, 09/26/2012 - 09:08 | 2831460 azzhatter
azzhatter's picture

Young Kim can buy a lot of hookers with that money

Wed, 09/26/2012 - 12:14 | 2832392 mjcOH1
mjcOH1's picture

Hookers and blow.   Looks like he got dad's diab-eat-us genes too.   I'd love to see a side-by-side of the People's Obituary Notice with what the housekeeping crew saw when the day comes.   Dead by 30 from the looks of him.  

On a positive not...with no known heir today, there's still time to knock out a Kim Jun Wahhh and get him potty trained in time for the transfer of power.

Wed, 09/26/2012 - 09:11 | 2831476 Vincent Vega
Vincent Vega's picture

Paraguay understands what's happening. "Their gold reserves rose sharply from a few thousand ounces to over 8 tonnes."

Wed, 09/26/2012 - 09:13 | 2831482 yogibear
yogibear's picture

Go long tungsten.

Wed, 09/26/2012 - 09:15 | 2831491 fuu
fuu's picture

We plate you long time.

Wed, 09/26/2012 - 09:17 | 2831494 wstrub
wstrub's picture

Wed, 09/26/2012 - 09:16 | 2831495 LongSoupLine
LongSoupLine's picture

 

 

China's gold hoarding is textbook Sun Tzu.

Wed, 09/26/2012 - 09:17 | 2831497 Oh regional Indian
Oh regional Indian's picture

Not sure I believe the China NK story....given the actors and the Mysterious room 39. What a joke.

Gold rhymes with fold for good reason.

ori

Wed, 09/26/2012 - 09:21 | 2831515 Sutton
Sutton's picture

Somehow JPM has 90 trillion dollars worth of derivatives attached to North Korea's 2 tons.

Wed, 09/26/2012 - 09:21 | 2831518 JohnKozac
JohnKozac's picture

If they increased tourism, let Ronald McD and Colonel Sanders in, Popeye's and Kinkos, and ran Kim Kardashian's cooking show in 24/7, they could turn their economy around in a month.

Wed, 09/26/2012 - 09:32 | 2831554 fuu
fuu's picture

Then the muzzies will hate them.

Wed, 09/26/2012 - 09:39 | 2831581 GetZeeGold
GetZeeGold's picture

 

 

 

They don't dare push it....we'll sick the Muppets on them.

 

Wed, 09/26/2012 - 09:21 | 2831520 monopoly
monopoly's picture

Nothing out of North Korea can be believed. 

And this headline from MarketWatch:

Gold futures tumble amid Europe worries

What an absurdity. The planet is imploding and they are selling gold......Not for long.

Wed, 09/26/2012 - 09:25 | 2831528 FranSix
FranSix's picture

OT: Copper flash-crash.

Wed, 09/26/2012 - 09:35 | 2831561 FranSix
FranSix's picture

Whoop. Kitco showing -34%, while Yahoo quotes only -.05

Wed, 09/26/2012 - 09:26 | 2831530 Jack Burton
Jack Burton's picture

North Korea is foolish not to offer it's people as slaves for a new FoxCon factory. Pay could be zero and torture for those moving too slow. It should boost Apple's Bottom line, no?

Wed, 09/26/2012 - 09:30 | 2831546 nah
nah's picture

maybe they can send the whale back under the rainbow

.

for more gold

Wed, 09/26/2012 - 09:35 | 2831560 Debeachesand Je...
Debeachesand Jerseyshores's picture

As I posted many times on ZH,buy all the PM's you can afford to buy and then some.

Wed, 09/26/2012 - 09:38 | 2831579 Diogenes
Diogenes's picture

"Chosun media reports that “a mysterious agency known as Room 39, which manages Kim Jong-un's money, and the People's Armed Forces are spearheading exports of gold, said an informed source in China. "They are selling not only gold that was produced since December last year, when Kim Jong-un came to power, but also gold from the country's reserves and bought from its people."

This is a sign of the desperation of the North Korean regime and also signals China’s intent to vastly increase the People’s Bank of China’s gold reserves."

A sign some highly place North Koreans are getting ready to move to Monte Carlo.

Wed, 09/26/2012 - 09:39 | 2831583 youngman
youngman's picture

Selling their gold------why not just print more fake 100´s...USD´s..

Wed, 09/26/2012 - 12:18 | 2832420 mjcOH1
mjcOH1's picture

Because the fed's getting ahead of them.

Wed, 09/26/2012 - 09:56 | 2831641 new game
new game's picture

it is that simple...
jp to pick up some g and s phy today at paper shorted prices; all perfectly legal - dont ya know...
hedge accordingly! all legal!
stops go down on paper
all with .25 percent perfectly legal money.
storage, backed by phys and perfectly legal.
jp is the gatekeeper of your future...

Wed, 09/26/2012 - 10:05 | 2831696 new game
new game's picture

dear blythe, please tell us when to get long phy again.

ps. we also appreciate you looking out for your clients best interest.

Wed, 09/26/2012 - 10:10 | 2831728 caimen garou
caimen garou's picture

looks like a handle building on the giant cup http://goldprice.org/live-gold-price.html

Wed, 09/26/2012 - 10:15 | 2831757 darteaus
darteaus's picture

Great.  Now they're going to jump into the Senkaku Islands dispute.

Wed, 09/26/2012 - 10:21 | 2831797 orangegeek
orangegeek's picture

The Chinese are smart - they build boats while the world builds drones.

 

The Chinese build empty cities while their people live in inner city ghettos.

 

So now the communist wizards are buying gold again - so gold should be soaring - it isn't - down $20 today.

 

http://bullandbearmash.com/chart/spot-gold-daily-september-24-2012/

Wed, 09/26/2012 - 10:59 | 2831971 fuu
fuu's picture

"The IMF reported that various countries continued diversifying into gold in July, some significantly."

Also your site requires registration, so fuck off.

Wed, 09/26/2012 - 11:03 | 2831999 kevinearick
kevinearick's picture

Nk is not selling gold out of desperation. it is fueling the reactor. but it serves your purpose, if you have an exit from gold.

Wed, 09/26/2012 - 11:32 | 2832174 Diogenes
Diogenes's picture

Selling gold and banking the money in Switzerland. Some highly placed Koreans may be moving to Monte Carlo soon.

Wed, 09/26/2012 - 15:00 | 2833054 squexx
squexx's picture

North Korea is a minor producer of gold and other metals. They have huge reserves of rare earths ($ trillions) that they have barely touched yet.

http://www.atimes.com/atimes/Korea/NH08Dg01.html

Wed, 09/26/2012 - 16:21 | 2833408 dadichris
dadichris's picture

China had better test each one of those bars for tungsten

Thu, 09/27/2012 - 10:58 | 2835418 matrix2012
matrix2012's picture

 

Pierre Lassonde - Gold & Central Banks Fearful Of A Depression

Today legendary Pierre Lassonde startled King World News by warning, “When you talk about the worldwide slowdown, the central banks are worried about a depression, and that’s why they are printing all of that money.”  KWN has been reporting for some time now that the global economy has been rolling over, but Lassonde took it a step further.

“It’s going to keep on going up.

Don’t be surprised to see $2,000 gold in the next six months.  I would not be surprised at all.  Ultimately, my view is that we are looking at a 15 to 20-year bull market in hard assets.  Mostly (in) gold, if we want to be specific.  We are in year 12, so we still have quite a few years to go.

I do believe that every one of those bull markets has had a mid-cycle recession.  I think that when you look at the metals index, not when you look at gold, but when you look at the metals index, we have entered that mid-cycle recession.

Iron ore-prices are down from $180 to $85.  You look at just about every metal and the whole index is down.  The only metals and commodities that have held up better than expected are copper and oil.  That being said, I think we are in a mid-cycle recession.  So we are going to have to be a bit more patient in terms of what do we expect over the next year or two from a level of around $2,000 (for gold).

So I think for the next 12 months one will have to be patient.  The gold price is well supported.  The central banks are there.  They are buying.  When you talk about the worldwide slowdown, the central banks are worried about a depression, and that’s why they are printing all of that money.

The long-run, we all know it, it’s going to come back to bite them.  The way it will come back to bite them is through inflation.  When you start to see inflation starting to get imbedded in food prices, wage increases, that will be the start of the final bull run in gold.”

Source: King World News

 

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