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Shanghai Gold Exchange Sees Volumes Jump 24% In Year
From GoldCore
Shanghai Gold Exchange Sees Volumes Jump 24% In Year
Today’s AM fix was USD 1,582.50, EUR 1,216.37and GBP 1,065.30 per ounce.
Yesterday’s AM fix was USD 1,577.50, EUR 1,213.28 and GBP 1,058.37 per ounce.
Silver is trading at $29.18/oz, €22.53/oz and £19.71/oz. Platinum is trading at $1,605.25/oz, palladium at $773.00/oz and rhodium at $1,200/oz.
Gold rose $3.00 or 0.19% and closed yesterday at $1,581.10/oz. Silver rose to $29.09 and finished +0.1%.
Cross Currency Table – (Bloomberg)
Gold gained for the third straight session, the longest rally this year, on the realisation that the European crisis may worsen. Fitch Ratings cut Italy’s credit rating by one level on Friday. Fitch downgrading Italy is likely providing support as is robust demand in Asia, particularly China.
Average daily trading combined volumes on the three main gold contracts on the Shanghai Gold Exchange in the first two months of the year jumped 24% on the year, according to Reuter’s calculations.
Shanghai Share Index, 5 Year – (Bloomberg)
"The strong physical demand in China is the main reason behind gold's resilience," a Beijing-based trader told Reuters. Physical demand prospects out of China remain positive in the weeks ahead, UBS AG said according to Bloomberg.
China is very vulnerable to a property crash and its own economic crisis. The Chinese stock market has performed very poorly in recent years and Chinese people realise the importance of gold as a store of value.
Gold In Chinese Yuan, 5 Year – (Bloomberg)
The market continues to digest the better than expected U.S. jobs data with the risks still emanating from Italy and the Euro zone. Contagion in the Eurozone and indeed currency crises remain real risks – risks which are being completely ignored ... for now.
Sentiment is as bad as we have seen it in recent years which suggests to us that while gold may go lower in the short term - we are close to a bottom.
The global debt crisis is far from over and when it erupts anew, gold's appeal as an important diversification and safe haven will be appreciated once again.
Gold futures log highest close of month – Market Watch
Gold sticks in range as growth hopes weigh, Asia buying supports - Reuters
Gold Little Changed as ETP Holdings Extend Drop Amid Recovery - Bloomberg
Gold Gains for Third Day as Europe Concern Boosts Haven Appeal - Bloomberg
Don’t Be Sucked In – Euro Zone Will Break Up - Reuters
Staring Armageddon In The Face But Hiding It With Official Lies –Paul Craig Roberts – Paul Craig Roberts
Presenting The Currence Crises, Devaluations And Regime Changes Since The Collapse Of The Gold Standard – Zero Hedge
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up $16 in the last hour
Want to buy more. Want to touch the shiny.
Technical reaction to the breakout above 1585
And I believe you have a propensity for koolade.
Dollahs in comparison to Au/Ag?
That's a failed metric.
What the fuck Bernanke, you worthless piece of dried up dog shit in the grass?? You're supposed to be beating the fucking price down when I'm accumulating, you stupid motherfucker. Now quit grooming your Droopy dog face and get back to work, you pathetic scumbag dickhead fuckface asshole.
Data sure to be ignored by the algos
...and I've been saving dry powder to buy Ag below 27.
whocouldanode?
Here's a little laugh from Bloomberg this morning:
“People are seeing less need for gold,” said Michael Mullaney, the chief investment officer at Fiduciary Trust in Boston, which manages $9.5 billion of assets. “The end of loose money supply is making gold less attractive.”
I wouldn't let that idiot pump my gas, let alone manage $10 of my money. He's either got a terrible coke problem or dementia.
Word is he slugs down multiple liters of coca-cola behind closed doors.
He doesn't feel he has a problem though.
That's something I remember from Schiff vs Mauldin. Schiff said the people in charge of real money like this moron do not see the need for gold or understand it. Makes the job of keeping gold priced low that much easier. The people at the top will get their gold. Pensioners will get ruined. I'm sure that will go over well when it takes full swing.
Nice catch.
I have no idea what Mauldin is talking about, ever. One of his thoughts does not resolve with the next. Many of his statements are self-contradictory.
Dumb as a mud fence he is. This is how the MSM tries to influence the simple sheeple out there.
According to this article Mullaney was saying buy gold only a couple of months ago. What a dumbass!
http://www.bloomberg.com/news/2012-11-20/soros-buying-gold-as-record-pri...
Ahh, but this is what makes him so dangerous (as opposed to simply being an idiot): His logic is impeccable. No gold bug could argue with it.
It's just his premise about loose money ending that is incorrect. But how is the typical cnbs viewer to know that?
I actually find it interesting that the enemies of gold money seem to feel compelled to argue in the terms set by the gold bugs, even if they do twist the facts. I thought only us Austrian weirdos were concerned about such things as negative real interest rates.
Why are the MSM guys even acknowledging our ideas at all?
Full Metal Futures
http://chartistfriendfrompittsburgh.blogspot.com/2013/03/full-metal-futures_12.html
I never understood the gold as an investment thing, isn’t it just a way to preserve / maintain your wealth?
Today:
Gold = $50 per gram
Toaster = $50
1 gram of gold = 1 toaster
Future:
Gold = $200 per gram
Toaster = $200
1 gram on gold = 1 toaster
Your gold isn’t making money its just preserving your buying power. Your gold isn’t going up your fiat currency is going down. Is this true or am I missing something?
Yesterday:
Gold = $400/oz
Today:
Gold = $1560/oz
Tomorrow:
Gold = $19,000/oz
/tongue-in-cheek
yep, missing something.
according to a lot of smart people out there, what you are saying IS true, but as of today this gold is extremely undervalued for various and multiple reasons.
You "get it".
Keep stacking!
I agree but also disagree. I agree if we look at a long term perspective. At some point, when people start rushing into precious metals, wealth will flow into metals which will push the price in currency higher and higher. The mean will overshoot (rubberband effect) and metals will be overvalued from the mean for a period of time.
That said, who gives a shit, because the metal stays the same, the currency surrounding it changes.
It will probably not be the people that moves gold to it's true value in a world of paper. They don't have enough money. When the true giants in this world allocates more and more,leaving less gold on the table to flow, we will all understand it's true value.
And by the way, wealth is already in gold and has been there a long time. Sovereign entities and old money understands that FIAT is medium of exchange and not wealth.
Yeah you are missing this:
circa 2007: DOW 14000 Gold 700 (roughly)
2013: DOW 14000 Gold 1560-1600
Bonds: just fuck it.
DJIA priced in grams of gold.
The issue is that the addiction to debt like all addictions is progressive. While deficits and the debt were not that big in the past and the deflationary power of technological progress served as a counter weight to the inflationary power of the government spending counterfeit money, the burden of the counterfeit spending is accelerating with progressively larger deficits and the debt doubling every 8 years. The inflationary power will ultimately surpass technological progress due to its constant growth and its inhibitory effect on good business and start a runaway process of inflation. It is inevitable. When dollars fail, there will be a very high demand for real money which there simply isn't a high demand for now as most people haven't a clue. If people had a clue, the dollar would have already failed. I have an alternate look at the future.
Future:
Gold = money
Dollar = worthless tissue
Toaster = product with use and value
Toaster = A tiny bit of gold > Any amount of Dollars
Meh, that's my take. The big question is when will it fail. As I've heard elsewhere, it will happen slowly and then all at once. I'm not sure how much gold and silver you should have but not having any is foolish because it can start to unwind any minute and 6 months later the dollar could be worthless. Not having physical today is like playing with fire.
Couple of months ago I went to a 2nd hand store and bought a nice toaster for 5 bucks. Could someone tell me where I can go to buy a gram of gold for $5. please?
Alaska, bring your own food and shovel.
Your gold isn’t making money its just preserving your buying power. Your gold isn’t going up your fiat currency is going down. Is this true or am I missing something?
Whether it's making money check the charts for the last 10 yrs, I would say those that bought in at $300-1200, are still MAKING,have made $$$.
But you right in the respect it is first and foremost INSURANCE.
Against loss of value because of devaluation of a currency,secondly, it (unlike) fiat,will never be worth ZERO.
That is why it's INSURANCE.
I ordered 32 silver buffalos a few weeks ago. still waiting - supplier says for the first time they are delayed in delivery. SD Bullion.
China has a massive housing bubble which will force money into gold and silver. The land value of Beijing alone is $20 trillion while all the gold bullion available in the world is about $3.2 trillion (2 billion ounces) and all the silver bullion available in the world is $25 billion (870 million ounces). So only a fraction of a percent of real estate money going into gold and silver will cause a massive rise in gold and silver.
Monthly spot gold.
http://bullandbearmash.com/chart/monthly-gold-falls-5-wave-3-started/
It's not popular, but Gold was down 5% in February.
...It's not popular, but Gold was down 5% in February....sarc button missing from your missive?
All Au n Ag on sale now.... limited time only!
Wave 3, Wave 4, whatever
....Hang ten dood, what's not to like about gold on an endless summer? Surf's UP, 'less you're Obummer!
Further to drop on paper gold? Wouldn't surprise me.. The war on paper gold plays out. The negative sentiment and idiotic anti-gold propaganda, coupled with the paper price suppression will see the coming price dip become the final aggressive buying frenzy of available physical by sovereigns and those of us who believe in honest money.
It won't be long now until permanent gold backwardation and 'empty shelves' at the coin shops..
In a recent post, Ted Butler said that the seemingly infinite suppression/manipulation of silver will end when shortages appear for both industrial and investment buyers. Guess what, folks; it's starting. Aside from the anecdotal info from BMW and Apple, the big "tell" is the US Mint's inability to supply Eagles and the extended wait times for coin/bar delivery.
.... Gold Shhmold, Volume Shhmolume, give US a Federally Induced Low Volume Aglo Equity Perma Bull Meltup.
we few, we happy few, we band of silver holders . . .
Looks like people have had enough of the US courrption at the Comex and enough of the lies from the Brits!
"...Your gold isn’t making money its just preserving your buying power. Your gold isn’t going up your fiat currency is going down. Is this true or am I missing something?"
Gold is more likely to keep pace with inflation that you are. Or cash or stocks or bonds. Unless you're at/near the top end of your company and getting all the raises you need/'deserve'.
If someone brags about stock X, then the exception does not the rule make. And the market index rule says that you had to wait 4 bloody years (2009-2013) to recover the crash losses. And that does not include the missing 'gain' you had planned/hope for, compounded for 4 years.
Following gold/silver volatilty will only drive you nuts... stack and hold...