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Asians Drive Gold Demand To 30 Year High

Tyler Durden's picture




 

From GoldCore

Asians Drive Gold Demand To 30 Year High

Today’s AM fix was USD 1,417.25, EUR 1,091.70 and GBP 931.05 per ounce. 
Yesterday’s AM fix was USD 1,425.00, EUR 1,092.54 and GBP 935.04 per ounce.

 Cross Currency Table – (Bloomberg)

Gold climbed $24.50 or 1.75% yesterday to $1,425.40/oz and silver finished +0.82%.

Asia is seeing a new gold rush.

Demand for gold bars, coins and jewellery has soared as bargain hunters try to capitalize on the dip in prices.

In Hong Kong and Beijing customers lined up outside banks and jewellery shops to make purchases and in some instances there was not enough physical metal to meet the demand.

The Shanghai Gold Exchange’s cash contract hit a new record high yesterday (43 metric tonnes, up from 30.4 on April 19th) while gold coin sales at the U.S. Mint have nearly tripled in April against last month’s figures. 

Joni Teves of UBS research said, “Physical markets have responded to the much cheaper gold price levels,” and “our physical flows to Asia have been particularly elevated this week.”

Asian investors demand for the physical yellow metal has supported the gold price, rallying it up 8.1% from last week’s low.


Gold in USD, 1 Year – (Bloomberg)

The Financial Times interviewed Haywood Cheung, president of the Hong Kong Gold & Silver Exchange Society, who noted, “the exchange had effectively run out of most of its holdings as members looked to meet a shortfall in supply amid rampant retail demand for gold, and in terms of volume, I haven’t seen this gold rush for over 20 years,” he said. “Older members who have been in the business for 50 years haven’t seen such a thing.”

Asian traders confirmed that investors are paying double the premiums to acquire the physical asset.

Chow Tai Fook, the Hong Kong based world’s number one jeweller by market capitalisation, noted that in some shops they had sold out of gold bars. 


Gold in Japanese Yen, 5 Year – (Bloomberg)

China is the 2nd largest consumer of gold in the world, but may outpace India this year.

Japanese investors and store of wealth buyers are seeking refuge in gold bullion due to currency devaluation and inflation concerns. They are set to become net buyers of gold for the first time in eight years as the yen’s decline and looming inflation drive them to seek refuge in bullion, according to Standard Bank Plc.

NEWS

Asian bargain hunters pile into gold – The Financial Times

Gold Near One-Week High as Investors Weigh Physical, ETP Demand - Bloomberg

Gold falls from 1-week high; ETFs slip - Reuters

Gold gains for third session, reclaims $1,400 – Market Watch

COMMENTARY

Bill Fleckenstein: Hold Tight To Your Gold – Zero Hedge

Gold Crash? Hmmm – Mauldin Economics

Cramer: Gold Bulls May Have the Last Laugh – Yahoo Finance

When Roosevelt Ditched the Gold Standard - Bloomberg

 

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Tue, 04/23/2013 - 08:44 | 3487481 Precious
Precious's picture

If the recent gold drop was manipulated, what explains the other precious metals dropping?

Tue, 04/23/2013 - 08:49 | 3487495 A is A
A is A's picture

contagion... cough cough

Tue, 04/23/2013 - 08:50 | 3487506 TwoShortPlanks
TwoShortPlanks's picture

Awww, frankrew Groldman Srachs!

Tue, 04/23/2013 - 08:56 | 3487534 rajat_bhatia
rajat_bhatia's picture

All jewelry shops empty in my area. No more gold left. Fuck it! I'll be taking delivery of my long contracts from MCX India

Tue, 04/23/2013 - 09:00 | 3487548 MillionDollarBonus_
MillionDollarBonus_'s picture

If you think that there's an evil cartel out to get your 'stack', I believe you urgently need to see a therapist. Goldbugz suffer from a mental disorder wherein they feel 'entitled' to monthly investment gains. Whilst other investors have to put time and thought into constructing a portfolio of bonds and stocks, goldbugz expect guaranteed returns simply for 'stacking' these shiny bars. Goldbug-disorder truly is one of the sickest and most vulgar forms of narcissism in the world today.

Tue, 04/23/2013 - 09:06 | 3487587 rajat_bhatia
rajat_bhatia's picture

LOL, so true MDB, as the gold bug says.."my gold bar's still worth $2000, fuck the market determined price"

But, you gotta admit, gold does look tempting at this price :-) Hence i'm buying a little. 

Tue, 04/23/2013 - 09:25 | 3487672 Pinto Currency
Pinto Currency's picture

 

Another headline could be " Gold Market Fraudulent Structure Threatened by Physical Demand From Everyone Who Understands Cyprus and the G20's Plan for 'Bail In' Asset Theft From Savers ".

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/23_Si...

 

It's not just the Asians who are buying and trying to get delivery.

Tue, 04/23/2013 - 09:36 | 3487771 Oracle of Kypseli
Oracle of Kypseli's picture

You need to post some pictures showing the lines, so that credibility is indisputable.

Thanks

Tue, 04/23/2013 - 10:30 | 3487866 Pinto Currency
Pinto Currency's picture

 

Not many pictures on the web of investors being refused allocated gold by Swiss bankers or of LBMA cash settlement in lieu of physical gold.

Check out this article - nobody needs to worry, there are lots of life boats.  Now don't anybody get in any life boats.:

http://silverdoctors.com/boes-carneys-dieselboom-policy-makers-working-d...

This appears to be the central issue right now and why the gold market is so volatile.  Asian buying is part of the picture, however there appears to be a much larger run underway.

Tue, 04/23/2013 - 13:27 | 3489002 Pinto Currency
Pinto Currency's picture

http://ca.finance.yahoo.com/news/carney-says-canadian-deposits-safe-unde...

 

Carney says Canadian deposits safe under bail-in, but offers no guarantee

OTTAWA - Mark Carney says policy-makers are working diligently to devise an international "bail-in" regime to prevent big bank failures, but he offered no guarantee that individual deposits would be protected.

The Canadian central banker, who is a few months away from heading the Bank of England, says banks must have a set of buffers in place to draw on in an emergency.

Speaking during a televised interview in Washington, Carney appeared to disagree with the approach taken in Cyprus last month that involved taxing deposits, but would not state his personal position because he said it might be misinterpreted.

He notes that the Canadian government has pledged not to dip into individual deposits.

Carney did not answer whether there should be a total hands-off treatment to non-secured accounts as well, which in Canada would mean deposits over $100,000.

Still, Carney says Canadians should not lose any sleep over the safety of their deposits...

Tue, 04/23/2013 - 09:27 | 3487711 mick_richfield
mick_richfield's picture

That would be something -- a market determined price.

I would love to see that, for gold, and silver, and equities, and the insecurities that banks hold on their books and value as they please.

Hey, I have an idea -- maybe we should have market-determined prices for everything!

You can say that I'm a dreamer, but I'm not the only one.

Tue, 04/23/2013 - 11:15 | 3488174 DebtSlaveZombie
DebtSlaveZombie's picture

You're right.  Lets have a market detemined price but that market can't have ETF involvement.  Meaning, lets find the true price of gold and silver without the demand generated from the paper side.  Let's really see how much the price of gold and silver is due to investors having exposure to PM through other means (ETF's/paper market) rather than taking actual physical delivery.  I would love to know how many people invest in PM simply because they can buy an ETF and not take physical ownership.  Lets find out. 

Tue, 04/23/2013 - 13:42 | 3489144 Kirk2NCC1701
Kirk2NCC1701's picture

Ahem... This is exactly what's happening.

If you wanted to get the ETFs out of the price equation, you either drive it to 'zero', or (more likely) near the value of the marginal cost of production. In the case of gold, that's ~ $1250.

At/near that point the market forces of supply & demand will manifest the TRUE market price of PM billion.

So, instead of squawking, true gold bugs should be rejoicing that the free market of bullion is setting the wholesale and retail price.
The 'bad' news is that this price is NOwhere near the fiat value the gold bugs want it to be.

I've already come to terms with this and am hedging and acting accordingly.

Tue, 04/23/2013 - 09:29 | 3487715 oddjob
oddjob's picture

Like the troll says, I hate gold,its going down, but just in case it does go up, I have some.

Tue, 04/23/2013 - 11:26 | 3488242 ParkAveFlasher
ParkAveFlasher's picture

It sits in a box until something f'd happens, and they need it.  Now I know why they call it a commodity.

Tue, 04/23/2013 - 11:52 | 3488395 Kirk2NCC1701
Kirk2NCC1701's picture

You must mean The Squid. Goldman Sex is just sucking up to the Chinese (at expense of Americans) to drive down gold prices.

Their top staff desperately wants to get into Beijing's inner circle. (For the more literary types, notice the imagery used). ;-),

If in doubt, remember that it's always about them.

Tue, 04/23/2013 - 09:34 | 3487756 Imminent Crucible
Imminent Crucible's picture

Yeah, anyone can see that gold is a freely traded commodity without any interventions. Just like Treasury bonds. The Two Year Note yields 22 basis points because EVERYBODY IN THE WORLD wants Return-Free Risk. Wait until the 2YR yield goes back to over 500 basis points, where it stood in 2007. The Fed is going to take SUCH a drubbing on their burgeoning portfolio of Treasury buttwipes.

Oh, BTW; for Million Dollar Blowhard--you need to send Andy Xie to the therapist because, although he's forgotten more about gold and his native Asia than you'll ever know, he says "the recent price gyration is manufactured to benefit big speculators...Physical gold demand is from emerging economies, but the financial market resides in New York and London; it is a heavily manipulated market".

http://www.marketwatch.com/story/after-the-flash-crash-in-gold-andy-xie-...

Tue, 04/23/2013 - 09:35 | 3487766 draug
draug's picture

Aaand here comes the sucker's rally. All I see is a dead cat. Even gold bounces if you drop it from a 10 story building.

Tue, 04/23/2013 - 09:48 | 3487842 Imminent Crucible
Imminent Crucible's picture

Even draug tastes good if it's stir-fried by a Szechuan chef.  Arf, arf.

Tue, 04/23/2013 - 10:13 | 3487943 TeamDepends
TeamDepends's picture

Nope. The suckers rally is happening over at the DOW.

Tue, 04/23/2013 - 11:17 | 3488178 goldfreak
goldfreak's picture

one troll agreeing with another troll HA HA HA

Tue, 04/23/2013 - 09:10 | 3487612 Confundido
Confundido's picture

But, MDBonus, isn't there billions of fiat paper being printed on a monthly basis too? Why would gold not appreciate against that too...Or better put...why are only stocks and bonds the ones with the right to appreciate against that too? Particularly when stocks and bonds require healthy and sound money. Gold does not require healthy and sound money. 

Tue, 04/23/2013 - 09:14 | 3487630 Confundido
Confundido's picture

Having said that, I am not buying. The cartel is alive and well, as the 8:20am movement shows today. Only when miners have a solid turnaround, will I feel comfortable to add. Not until then. And miners will now be forced to hedge...

Tue, 04/23/2013 - 09:18 | 3487658 fonzannoon
fonzannoon's picture

why not dump a billion ounces of imaginary on the market in one trade this am and knock the price down to $500/oz?

Tue, 04/23/2013 - 09:27 | 3487708 FL_Conservative
FL_Conservative's picture

And ask the Fed how to be successful in never delivering.

Tue, 04/23/2013 - 14:03 | 3489295 Kirk2NCC1701
Kirk2NCC1701's picture

No 'need' to do that. Read my comment above.

Tue, 04/23/2013 - 09:11 | 3487615 kliguy38
kliguy38's picture

You Ponzi Pumping Putz

Tue, 04/23/2013 - 09:23 | 3487694 espirit
espirit's picture

MDB, you are truly a "Trolls" troll.  If I could give more than a +1 for effort, I would.

It's either that or, you are desperately seeking attention and need serious therapy.

Tue, 04/23/2013 - 09:28 | 3487718 Divine Wind
Divine Wind's picture

 

 

You arrogant snob.

Most investors in physical gold do so only in times of screwy monetary and fiscal policy.

The fact that we complain about the manipulation slamming the FRN-denominated value of the metal is very different from what you state. From another angle, our complaints also originate from the broad impact of historic levels of money printing. It is not just the impact on the price of metals. It is the impact on every other aspect of life as well.

If you are not feeling it, you are a liar.

Few expect "guaranteed returns simply for 'stacking' these shiny bars."

We do so as history has shown that ALL paper currency ultimately becomes worthless.

We Goldbugz strongly encourage you to keep stacking your FRNs and paper-denominated investments.

We will see who prevails.

 

 


Tue, 04/23/2013 - 10:20 | 3487973 Diet Coke and F...
Diet Coke and Floozies's picture

Don't worry about MDB... He is all in with the FB IPO...

"Get me in at ANY price!" - MBD = Greatest comment evar... LMAO

Tue, 04/23/2013 - 12:29 | 3488626 HeavyShadow
HeavyShadow's picture

Really? He said that. Sounds like one of them folks that has massive issues when trying to organise a shag in a brothel.

Tue, 04/23/2013 - 11:59 | 3488442 Kirk2NCC1701
Kirk2NCC1701's picture

You're a washed up has-been, else you'd know that...

The Squid is shorting paper gold here (screwing many of its US clients), while buying up Bullion on the cheap from its China office.

Scotty, MDB to beam down!

Tue, 04/23/2013 - 08:55 | 3487539 MonsterBox
MonsterBox's picture

paper & physical divergence....will "they" let it happen?

Tue, 04/23/2013 - 09:06 | 3487589 new game
new game's picture

barter.

some dealers will drop out-no product to sell and overhead.

fuck them anyways as they are book selling gougers with overhead.

find an idiot willing to sell for less that value-2 were just born -hello-opportunity awaits...

Tue, 04/23/2013 - 09:52 | 3487861 BobPaulson
BobPaulson's picture

The paper gold game hasn't lost out yet. Everybody jawbones about demand through the roof but the real proof is when you see a slope on the demand/price curve that can drive a wedge between the two prices. The minute there is any kind of carry trade to physical I suspect it's curtains but for all the talk of big demand, I don't see the A-bomb going off at the COMEX yet.

If I am not mistaken the last nuclear strike on the gold carry was by De Gaulle in the 70s. If a sovereign actually demands delivery instead of talking about it, it will heat up IMO. I'm guessing talking up repatriation is BS for now.

Let's say you are a country with some piece of paper saying your friends in the US are "holding" your gold for you. If you're small enough you ask for delivery and they publicly deliver to ease fears. If you are Germany, you don't want the answer to be "Sorry, can't deliver today, we will make good on our IOU in FRN's" because that is shooting yourself in the foot.

So the small holders can't do enough damage to force the facts of the shortage in the open and the big guys don't want to because they'll lose out. It can only happen with an avalanche of small guys then. So it will be slow. Every time the inventory gets low, I suspect they will short the price again, print some money and buy more from the skittish speculators. Hopefully the quick sellers will eventually be worked out and then it will get tight?

 

Tue, 04/23/2013 - 11:45 | 3488376 Its_the_economy...
Its_the_economy_stupid's picture

Logical. Lucid. Passes the smell test. Let's see which sovereigns step up.

Tue, 04/23/2013 - 08:53 | 3487521 Ray1968
Ray1968's picture

Gold coins and bullets: the shelves are empty!! 

Tue, 04/23/2013 - 09:02 | 3487576 espirit
espirit's picture

Sort of like a defunct petrol station, where the posted price nowhere reflects the current price of the station across the street.

You can go there, but it still can't be had.

Tue, 04/23/2013 - 09:46 | 3487829 Imminent Crucible
Imminent Crucible's picture

Is this how hyperinflation starts? In controlled and limited categories, and then spreading outwards?  The reason I ask is that I went back to the ammo section my last trip into Wal-Mart to see if anything was in stock. "Got any .380?" "No, sorry". "Got any .38 Special?" "Nope." "Any 9mm?" ...hesitation...."Uh, yeah, a few boxes of Winchester came in. I just put them on the shelf."

So I bought two 100-boxes @ $24 each. Went home and looked it up on ableammo.com.  The exact same Winchester 9mm 100 box was out of stock, but priced at $116 per box.

Last night I checked all the silver dealers I could think of for various rounds. One had a few old Engelhard Prospectors--for ELEVEN BUCKS over spot. The rest had a few large bars, hardly any rounds out there.

I wonder if this is the beginning.

Tue, 04/23/2013 - 08:52 | 3487498 GetZeeGold
GetZeeGold's picture

 

 

 ...what explains the other precious metals dropping?

 

In space no one can hear you scream....but we're not in space.

Tue, 04/23/2013 - 09:10 | 3487578 Sudden Debt
Sudden Debt's picture

If the price of gold drops in the COMEX fault and there's nobody to see the gold...

did the goldprice drop?....

Tue, 04/23/2013 - 08:49 | 3487501 Yamaha
Yamaha's picture

Read - Williams and Fleckenstein. That is all you need to know.

Tue, 04/23/2013 - 08:54 | 3487522 max2205
max2205's picture

slv... new lows this AM

Tue, 04/23/2013 - 09:15 | 3487636 augustusgloop
augustusgloop's picture

that actually sounds better: 

Ag should be tanking on macro sink-hole, Au should be holding its own on the promise of bank deposit haircuts. 

That said, premiums on Silver Eagles look like they are not letting up.

Tue, 04/23/2013 - 08:54 | 3487524 Yamaha
Yamaha's picture

Cramer just throwing darts in all directions - what a joke!

Tue, 04/23/2013 - 09:03 | 3487584 espirit
espirit's picture

Cramer is a blind chimp.

Tue, 04/23/2013 - 09:41 | 3487800 Rory_Breaker
Rory_Breaker's picture

Just like any portfolio manager

Tue, 04/23/2013 - 12:02 | 3488464 Kirk2NCC1701
Kirk2NCC1701's picture

No, he's a dutiful foot-soldier. Doing what he is supposed to.

Hedge accordingly.

Tue, 04/23/2013 - 13:25 | 3488994 Papasmurf
Papasmurf's picture

Turn Cramer off.  You'll hear something from him where you forget the information source.  That can lead to mistakes that cost you money.

Tue, 04/23/2013 - 08:51 | 3487514 LawsofPhysics
LawsofPhysics's picture

Higher demand for physical, yet the "price" is at a two year low.  Yeah, that makes sense.  More war on the way.  Far too many paper promises and far too little real collateral.

Tue, 04/23/2013 - 08:46 | 3487487 fonzannoon
fonzannoon's picture

When does demand driving to 30 year high's dive price to new inflation adjusted highs?

Also, what if nobody asks for delivery right now because they know it's the end of the road. What if they are fine with settling in cash in order to avoid getting default notices and letting the cat out of the bag?

Tue, 04/23/2013 - 08:51 | 3487507 espirit
espirit's picture

My main question Fonz, was the dump an inside job?

That rabbit hole goes mighty deep.

Tue, 04/23/2013 - 08:54 | 3487538 TeamDepends
TeamDepends's picture

Isn't it always?

Tue, 04/23/2013 - 08:55 | 3487541 fonzannoon
fonzannoon's picture

I am pretty sure it was. I just wonder...if failure to deliver on a large scale could have massive reprecussions...why not avoid it?

Tue, 04/23/2013 - 08:50 | 3487499 PUD
PUD's picture

Asians have little regard for the planet or human life...much like all the gold hoarders who turn blind eyes to their culpability in this barbaric practice.


Few people are aware of the immense waste of natural resources involved in the mining of gold. The production of a single gold ring requires up to eighteen tons of ore. A jewelry box full of watches, bracelets, and chains represents an environmental impact that would stun most people. It involves dynamiting mines, allowing drainage of hard metals into the ecosystem, and sometimes, dumping the remains of the process into streams and other natural habitats.

These facts aren't widely-publicized. If they were, there would likely be far fewer people buying gold jewelry. Below, we'll describe the mining process, so you'll understand the enormous environmental cost it entails.

How Gold Is Mined

Mines are either blasted or dug in order for workers to gain access to gold-laced ore. Open pit mines are typically created with the liberal use of explosives (e.g. dynamite). Large pieces of land are blown open, wreaking havoc with the nearby ecosystem. Tunnel mines, on the other hand, are created via excavation. While seemingly less destructive than open pit mines, tunnel mines also cause environmental problems.

Once a mine has been created, the challenge then turns to digging up, and getting rid of, waste rock.

The Problem With Waste Rock

While both mining methods (e.g. open pit and tunnel) produce a significant amount of waste rock, much more is produced during the creation of an open pit mine. In both cases, however, there is so much rock produced that removing it is cost-prohibitive. So, it is piled near the mine. Several tons, rich with sulfur, sit out in the open. This is thought to contribute to the production of acid rain.

Acid rain poses another environmental issue. The rain washes over the rock, which contains lead, mercury, and other metals that can be harmful to the ecosystem. These metals are released from the rocks, and can eventually drain into the environment.

Heap Leaching Explained

Heap leaching is the process used to separate precious metals from ore. It is usually done by first grinding the large ore-rich rocks excavated from the mine into smaller pieces. Then, these pieces are irrigated with cyanide. The cyanide "leaches" out the gold and other precious metals, all of which land in a liner located beneath the small rocks.

This process can require several weeks, and usually involves a significant volume of cyanide. As you might expect, there is a negative environmental effect.

Getting Rid Of Cyanide

The "pregnant solution" (i.e. the mixture of cyanide, gold, and other metals) is taken to a processing plant for chemical treatment and separation. Recall from earlier that the production of a single gold ring takes several tons of ore. Once the gold has been separated, the waste material (called tailings), must be dumped.

These tailings include the cyanide used during the heap leaching process as well as other harmful hard metals. They are often dumped into the environment, which causes additional problems for the surrounding ecosystem.

Selling Your Gold Is Good For The Environment

The mining process described above produces a stunning amount of waste. Most people who buy gold jewelry have little idea regarding the environmental impact their purchase decision poses. You can reduce this impact by selling your old gold jewelry online.

 

Tue, 04/23/2013 - 08:53 | 3487515 PUD
PUD's picture

Gold mania typifies all that is wrong with the world. The wall st criminals you hate and despise have financialized everything. Nothing exists on the planet anymore that doesn't have a price tag attached to it. Everything is measured in dollars, its worth and value determined not by its asthetics or intrinsic value or beauty, only by its conversion price to fiat money units. This is why things are the way they are and why our fates are sealed

Tue, 04/23/2013 - 08:55 | 3487540 espirit
espirit's picture

+1 Troll lololol.

Blah, blah, blah. Mercury, lead, desperation, poverty, blah, blah, blah.

Can't you cut and paste somewhere else?

Tue, 04/23/2013 - 08:55 | 3487545 PUD
PUD's picture

Facts are facts are they not my friend?

Tue, 04/23/2013 - 08:59 | 3487563 TwoShortPlanks
TwoShortPlanks's picture

Whenever people say "my friend" they're usually wearing a suicide vest.

Tue, 04/23/2013 - 09:06 | 3487590 Temporalist
Temporalist's picture

There was a panhandler that used to hang out by a favorite blues bar years ago and he would approach people by saying "My friend, my friend, my friend" right before he asked "Spare some change?"

Tue, 04/23/2013 - 09:04 | 3487577 LawsofPhysics
LawsofPhysics's picture

This is a trading site.  Gold has been a store of value for all of recorded history, in part due to the chemistry of the metal.  In any case, fraud is the status quo.  That is a fact.  Are you going to honestly argue that people should not be concerned about protecting their purchasing power in this environment?  Are you really going to argue that the current market represents true price discovery?  Sad, I guess you really are a useless troll then.

Tue, 04/23/2013 - 09:09 | 3487603 PUD
PUD's picture

No, this is not a "trading" site. It is an information site. Your perception that gold is a sanctuary is just that, a perception. One act of congress and poof there goes your security and store of value. In addition...if you can justify your perceived security at the expense of the planet and human suffering then you are a very sick individual.

Tue, 04/23/2013 - 09:15 | 3487638 Temporalist
Temporalist's picture

If you were ever in a life raft with other people they would probably feed you to the sharks first.  If you were in the armed forces you'd be friendly fired.  If you were in a burning building you'd be thrown out of the window to see how far the drop is.  If you were drowning the lifeguard would toss you a cinderblock.

"Now I know why tigers eat their young." Al Capone

Tue, 04/23/2013 - 09:21 | 3487642 LawsofPhysics
LawsofPhysics's picture

" One act of congress and poof there goes your security and store of value. "

LMFAO!!!  You really are an ignorant troll aren't you?  How has that worked out in the past again?  How will they take possession again?  So the U.S. congress is going to ignore the rest of the world?  Yeah, I think the Nazis already tried that once douchebag.  How did that turn out again?  Accountability motherfucker, the fear you clearly display gives you away.  Cry me a river moron, life has always been hard, get use to it.

Tue, 04/23/2013 - 09:33 | 3487754 traderjoe
traderjoe's picture

I'll bite ... How do you store your excess savings?

Is it perhaps in petrodollars? The hegemony responsible for much human and environmental destruction?

Tue, 04/23/2013 - 09:13 | 3487623 new game
new game's picture

spot on pud, but i ask "what creates this mentality of resouce hoard mentality?" is it mearly preceived survival?

just imagine if gold and all war efforts was put to good causes. utopia.

wish/think/realize humans are self destructive as is, as always...

out of the rubble the fortunate ones will start over...

Tue, 04/23/2013 - 09:19 | 3487659 LawsofPhysics
LawsofPhysics's picture

Yes, imagine if people were actually held accountable for the actions.  maybe then, the wages of a skilled craftsman would not be thousands of orders of magnitude less than a paper-pusher.  Tell me, what does that paper pusher create of real value again?  Captial and resources have been disrespected because of policies like ZIRP, not beause of common folk holding PMs.   Out of the rubble indeed, bring it motherfucker.

Tue, 04/23/2013 - 10:23 | 3487982 FreeNewEnergy
FreeNewEnergy's picture

PUD sucks wang UPVOTE

PUD sucks two dicks at once while taking it in the anus from Jamie Dimon DOWNVOTE

Tue, 04/23/2013 - 08:53 | 3487520 TwoShortPlanks
TwoShortPlanks's picture

Cry me a river. Oprah is over THERE  --->

Tue, 04/23/2013 - 09:01 | 3487565 PUD
PUD's picture

So you have no regard for the quality of life, your childrens future, the well being of humanity and the environment?  Only your personal rewards? Like banksters?

Tue, 04/23/2013 - 09:12 | 3487616 LawsofPhysics
LawsofPhysics's picture

You hold Nature in high regard, but then ignore why Nature has been so successful.  Why is Nature successful? Nature is successful because in the Natural world there are real consequences for bad behavior.  Stop whinning like a little baby and stand up for justice, stop supporting the paper promises and all the evil fraudulent activity.  Get physical and let's start holding those that are truly responsible for this mess accountable for their behavior.  That is what PMs do, it holds people accountable, like Nature.  If you truly care for the future, you would care about holding individuals and corporations responsible, clearly you don't.  Yet another product of the progressive "education" system experiencing cognative dissonance and the failure to fully understand accountability.

Tue, 04/23/2013 - 09:13 | 3487624 espirit
espirit's picture

+ Troll Treehugger.

Tyler's, mark his ip address as he's probably Sierra Club or Peta.

Tue, 04/23/2013 - 12:37 | 3488667 delacroix
delacroix's picture

my guess would be nambla

Tue, 04/23/2013 - 08:53 | 3487527 achmachat
achmachat's picture

go live in a hollow tree trunk and sing with the birds if that makes you happy. How do you think the technology that you are using to write on this blog was produced? 

Tue, 04/23/2013 - 08:57 | 3487549 PUD
PUD's picture

There is a difference between needs and wants. Between having no choice and making a conscious choice to do harm. Even you should be able to understand that no?

Tue, 04/23/2013 - 09:09 | 3487609 espirit
espirit's picture

+1 Troll.

Some (or most) us have Maslow's Hierarchy of Needs already under our belts and can move on.

You, not so much.

Tue, 04/23/2013 - 09:19 | 3487671 new game
new game's picture

u r breaking ranks.  that is a no-no in this free speech zone;

hey too much heavy shit we arn't going to change anyways; lighten the fuck up and take a chill pill.

lol as i go have an american spirit...

Tue, 04/23/2013 - 12:22 | 3488599 Bay of Pigs
Bay of Pigs's picture

You can say whatever you want. Just expect to be challenged when you spew forth nonsense.

Tue, 04/23/2013 - 09:22 | 3487690 new game
new game's picture

pud victory for being intellectually honest and  correct-now get with it and tow the angry white male line, buy gold, guns and be pissed off.

Tue, 04/23/2013 - 09:38 | 3487783 LawsofPhysics
LawsofPhysics's picture

Pud is a walking contradiction that claims to respect Nature but then ignores the issue of accountability (why Nature is so successful).   Fraud is the status quo and possession is now the law.  Had we held people accountable (where is John Corzine) for their actions with real fucking consequences (like Nature) we would not be here.  Pud is a pud and another cry-baby product of the progressive "education" system in America.  Progressives and liberal have always had a problem with accountability.  Same as it ever was.

Tue, 04/23/2013 - 09:06 | 3487595 negative rates
negative rates's picture

I have a spare boot over here, where would you like him to be kicked?

Tue, 04/23/2013 - 08:57 | 3487537 Ratscam
Ratscam's picture

Then what about nuclear power plants or hiding the technology for 1 gallon cars, crony capitalism, central banks, wars? You need more examples?

Tue, 04/23/2013 - 08:59 | 3487554 TeamDepends
TeamDepends's picture

Even worse, think where we'd be if honest men had taken Tesla's ideas and ran with them.

Tue, 04/23/2013 - 08:57 | 3487546 Quinvarius
Quinvarius's picture

Hmmm.  Expect a whole lot more of this "horrible gold mining".  We all know what comes just after "then they fight you".

http://research.stlouisfed.org/fred2/series/BASE

Tue, 04/23/2013 - 11:23 | 3488223 Overflow-admin
Overflow-admin's picture

FUCKING GOV TROLL: RACIST AND HYPOCRITICAL

GTFO

Tue, 04/23/2013 - 12:11 | 3488504 Kirk2NCC1701
Kirk2NCC1701's picture

Oh give it a fucking rest!

You, sir, also seem to give little regard for the cruelty YOU are inflicting.

We ALL know about the pollution, human rights abuses, etc. in this world and don't want or need your 2nd and 3rd hand info.

If you MUST be an unloved Attention Whore, please find a more friendly site, and stop topic-jacking on ZH.

Tue, 04/23/2013 - 14:50 | 3489576 mqg25
mqg25's picture

Your buddy Obama has little value for human life and the biggest joke he gets a "nobel?"  He cries a fake tear drop for those killed in Sandy Hook but not a word about innocent women and children HE killed in Pakistan by ordering Drone strikes. Yes your Nobel President also supported coups with money, arms and military support in Egypt, Libya and Syria where thousands of innocent men, women and children have been raped and killed in those countries.

Now your Nobel buddy with his utopian kleptocrats want to set up a police state in this country while your rights are rapidly eroding away, tanking this economy and your worried about how fucking gold is processed? Hello...Hello...Pud ...somebody please slap him so he snaps out of his conditioning. 

Tue, 04/23/2013 - 08:52 | 3487512 gimli
gimli's picture

Looks like dem Asians will be pick'n up some silver this morning.

Tue, 04/23/2013 - 08:52 | 3487517 MFLTucson
MFLTucson's picture

And ion the US, people are buying and holding paper because we know better than the rest of the world.  Dollar up on artificial games out of Europe, Silbver getting clobbered and the gangsters back at the Gold Smack Down!

Tue, 04/23/2013 - 08:54 | 3487528 espirit
espirit's picture

+1 Troll lololol.

Blah, blah, blah. Mercury, lead, desperation, poverty, blah, blah, blah.

Can't you cut and paste somewhere else?

Tue, 04/23/2013 - 08:55 | 3487533 Rory_Breaker
Rory_Breaker's picture

I haven't heard of shortages at the jeweller's in mumbai. yet.

If it exists, then it will become readily apparent as we approach Akshaya Tritiya, one of the most auspicious days in the hindu calendar, which falls on 13-May-13.

Tue, 04/23/2013 - 08:55 | 3487542 madbraz
madbraz's picture

It's a shame that Zerohedge doesn't distant itself from pumping gold all the time.  It's becoming nauseating...

Tue, 04/23/2013 - 09:01 | 3487572 Dr. Engali
Dr. Engali's picture

I have a simple solution for you ;if you don't like it then don't read it. 

Tue, 04/23/2013 - 09:05 | 3487585 LawsofPhysics
LawsofPhysics's picture

Don't have any physical do you?  That's okay, you can sharecrop for me in the future, should you decide that you actually want to eat.

Tue, 04/23/2013 - 09:05 | 3487588 Sudden Debt
Sudden Debt's picture

why don't you go to the CNBC or Yahoo board to read the news over there than?

Tue, 04/23/2013 - 09:19 | 3487670 espirit
espirit's picture

damn, it's hard to stay ahead of you guys comments.

Tue, 04/23/2013 - 09:52 | 3487855 DebtSlaveZombie
DebtSlaveZombie's picture

Agreed.  I wish they would discuss the effects of failing economies/countries and what that will do to the gold price.  That gold will be forced lower due to mass liquidations of physical assets in order to pay their debts rather than gold moving higher due to "counter-party risk".  Owning gold is advisable only as a certain % of your portfolio not your entire portfolio.  When these banks and countries start defaulting, gold will most certainly move lower.  If I can buy gold at 900 why would I pay 1400?

Tue, 04/23/2013 - 10:16 | 3487956 LawsofPhysics
LawsofPhysics's picture

"If I can buy gold at 900 why would I pay 1400?" - Depends on whether or not it will be physically available I guess.  When fruad is the status quo, possession is the law.  History is very clear on this.

Tue, 04/23/2013 - 11:33 | 3488298 DebtSlaveZombie
DebtSlaveZombie's picture

Where are you getting fraud?  LOL.  You guys kill me.  You scream all day about gold/silver being controlled and manipulated but no one on here screams that social security is a complete scam.  That we are bilked out of billions per year in taxes/fees/SS/Medicare/etc that goes to the government and you guys keep electing the same douchebags over and over again.  And you scream that your coins arent appreciating in price enough to keep up with your expectations?  Why the hell is every ZH'er on this message board screaming about PM prices when you should be more worried that your kids are gonna be living in the streets and your health care will be a joke.  You guys complain about govt spending but the cars in your driveway have 6 year loans and youve re-fi'd your house 3 times in the 5 past years to get a better rate so you can still vacation 3 times a year and buy a bigger grill for the summer.  LOL.  Its pathetic.

Tue, 04/23/2013 - 11:51 | 3488409 Bay of Pigs
Bay of Pigs's picture

Uh.....a lot of assumptions there pal. Who says goldbugs arent completely aware and concerned about everything you just mentioned?

You been here long?

Tue, 04/23/2013 - 12:41 | 3488681 DebtSlaveZombie
DebtSlaveZombie's picture

Yeah, been here over 2 years.  The comments on these boards say a lot.  As long as gold and silver are going higher...everyone is happy.  They want total economic collapse.  Most people commenting on these boards are frankly pissed that gold isnt 3,000/ounce and the DOW isnt collapsing into the 8,000 point range.  Most are "patiently waiting" for economic disfunction and systemic breakdown, so they can say "See...told you.  I have all this gold and silver to prove I was ready."  I guarantee you if central banks changed their tune, started raising interest rates and eliminating QE, and implemented lasting austerity measures to reduce our risk of destroying the global economy most (not all) ZH'ers would just sit there and stare into the distance and think "Damn.  They are trying to fix things for real.  This sucks.  Im not going to get rich off of the global economic collapse."  And that mentality is just as dangerous as any other.

Tue, 04/23/2013 - 12:17 | 3488567 Kirk2NCC1701
Kirk2NCC1701's picture

If you haven't figured out that every business, social or political entity has a purpose and agenda, and that ZH is no exception, then we can't help you.

Perhaps it would help you, I'd you figured out what their agenda is (might be), aside from making a nice living in anonymity and having fun.

Tue, 04/23/2013 - 08:55 | 3487544 TGR
TGR's picture

I don't know what Goldcore would ever do if it failed to stump up its Factiva subscription fees, but I do know we'd be spared re-hashed, 4-day-old news if it ever did lose access to the service and thus its capacity to cobble together other people's reports.

Tue, 04/23/2013 - 08:59 | 3487556 EmileLargo
EmileLargo's picture

As I mentioned on a coupe of other threads, in India gold jewellery makers cannot get ANY physical right now and whatever they had has been sold off. Official sales figures are 3X normal but the real figures are probably 6-8X.

The whole market has stopped functioning because a bunch of PhD morons think this is the right way to run an economy.

Tue, 04/23/2013 - 09:01 | 3487566 fonzannoon
fonzannoon's picture

Can they buy online?

Tue, 04/23/2013 - 09:16 | 3487645 Rory_Breaker
Rory_Breaker's picture

Yes.

http://www.icicibank.com/Personal-Banking/investments/icici-bank-pure-go...

This is assayed gold, mostly from PAMP Suise.

Tue, 04/23/2013 - 09:48 | 3487835 EmileLargo
EmileLargo's picture

Convert those prices to USD. The rate is somewhere between $1750-1800 an ounce. And they say nothing about how long delivery would take. Chances are they will take your money and then deliver three months later.

Tue, 04/23/2013 - 10:22 | 3487979 Rory_Breaker
Rory_Breaker's picture

They offer you a discount too so the rate is not very high compared to the jewellery stores (remember India has import duty on gold, so prices are anyway much higher than COMEX spot). Gold is still available. You have to be a bank customer to be able to login on that link and check stock at various branches across the country (which I just did - 10 gm bars are all sold out, 20 gm, 8gm, 5gm etc still available).

There is a shortage. When I went to buy the last three-four times (before 15-Apr), my jeweller told me that getting assayed gold was really difficult. But it's not like the shelves are empty already so if you want to load up you can still do so.

http://www.ebay.in/sch/Coins-Bars-/177615/i.html?_from=R40&_nkw=gold+24+kt

Tue, 04/23/2013 - 08:58 | 3487557 eri
eri's picture

UNLEASH ASIANS !!!

Tue, 04/23/2013 - 08:59 | 3487562 fonzannoon
fonzannoon's picture

fwiw some of the sites I am checking seem to have ASE's back in stock. Ranging from $27.50-$31

Tue, 04/23/2013 - 09:03 | 3487579 Mike Hunt III
Mike Hunt III's picture

Gold...it's the new Bitcoin.

Tue, 04/23/2013 - 09:21 | 3487648 GetZeeGold
GetZeeGold's picture

 

 

For over 6000 years.

Tue, 04/23/2013 - 09:03 | 3487581 Sudden Debt
Sudden Debt's picture

DAMN!!!

I TOUGHT THOSE ASIANS ONLY ATE EVERYTHING THAT HAD FEET AND EYES!!

Hungry little bastards...

Tue, 04/23/2013 - 09:04 | 3487583 Fred123
Fred123's picture

Sure looks like silver is heading toward another markdown and you can bet gold will be right behind it. I've watched as Asians lined up at the counters when gold was around 1550-1600 telling me it was cheap. Recently I watched as they lined up again as gold hit 1350-1400 telling me it was cheap. I wonder if these same people will be lining up at the gold counter when gold hits 1200 - or lower and if they will again tell me it is cheap. Or will they be there for a different reason? Thats a lot of gold folks. Something to think about anyways....

Tue, 04/23/2013 - 09:08 | 3487597 fonzannoon
fonzannoon's picture

Maybe they will have enough of it at that point to just start using it as currency again?

Tue, 04/23/2013 - 09:16 | 3487646 Fred123
Fred123's picture

Sure doesn't look like these emerging markets are doing that well. I wonder what happens when their own bubbles pop? Makes me wonder what they will do when they have no job and no fiat left.....hmmmm....just a thought....

Tue, 04/23/2013 - 09:17 | 3487654 fonzannoon
fonzannoon's picture

black markets?

Tue, 04/23/2013 - 09:17 | 3487651 Quinvarius
Quinvarius's picture

The paper market is the price of a hedge.  Selling a paper contract is a hedge.  And hedges are expensive at these prices if physical cannot be had.  It is just a paper trade.  That which is unsustainable will not be sustained.

Tue, 04/23/2013 - 09:21 | 3487687 Fred123
Fred123's picture

You are probably right. But I've heard that same argument for several years and so far its sustained itself. I don't think many folks have deep enough pockets to use your last statement as an investment argument.

Tue, 04/23/2013 - 09:32 | 3487736 ltsgt1
ltsgt1's picture

You are right. Many dont have the deep pockets to take advantage of the gold sale, only the rich are buying from the poor whom have sold their gold jewelry at CASH FOR GOLD stores.

This is an epic transfer of wealth from the poor to the rich and from the west to the east.

Tue, 04/23/2013 - 09:37 | 3487709 ltsgt1
ltsgt1's picture

I will be one of those in line if gold hit $1200. Everybody will be turning Asian when that happen.

For now, I can still buy gold online which I did last week - 5 Maple for $1411 plus 4% fees.

Tue, 04/23/2013 - 09:55 | 3487871 DebtSlaveZombie
DebtSlaveZombie's picture

Yeah... have you seen the asian credit bubble?  How are they gonna pay their bills? Hmmmm.... Go buy some chinese real estate too.  Its just like everything else, when everyone is rushing in to buy, what happens????? Exactly.  Stay away from gold people.  More correction and back breaking to come.  As they say, it's not cheap just because it's had a 25% correction.  It's cheap when everyone is SELLING and no one is buying.

Tue, 04/23/2013 - 09:05 | 3487586 zipit
zipit's picture

Serious question: Why is all this stampede retail demand not a contrary indicator?  Because (usually?) when retail stampedes into (or out of) a trade, it's a contrary indicator.

Tue, 04/23/2013 - 09:12 | 3487622 Quinvarius
Quinvarius's picture

I guess you need to decide if they are dumping, buying, trading or hoarding, then.  The application of cliches is so difficult in practice.

Tue, 04/23/2013 - 09:14 | 3487634 zipit
zipit's picture

In this case...?

Tue, 04/23/2013 - 09:19 | 3487668 Quinvarius
Quinvarius's picture

All I can say are two things:

 

Bankers are dangerous when cornered.

When rich people lose, they change the rules. 

Tue, 04/23/2013 - 09:58 | 3487883 DebtSlaveZombie
DebtSlaveZombie's picture

Exactly.  Spot on.

Wed, 04/24/2013 - 10:41 | 3492748 e-recep
e-recep's picture

When richer people lose, they start wars.

Tue, 04/23/2013 - 09:16 | 3487649 espirit
espirit's picture

...or really desperate to increase the velocity of M2.

Tue, 04/23/2013 - 10:15 | 3487952 Pareto
Pareto's picture

If you agree with Hussman and and the accounting identity theory of money (as opposed to a quantity theory of money), the higher M2 goes the lower v falls, creating a hunt for yield that isn't there.  Bernanke, imo will have to take yields negative before this is done, and by the looks of today, he's doing an awesome job.  Fucker.

Tue, 04/23/2013 - 09:36 | 3487777 mick_richfield
mick_richfield's picture

Because it's so small.

If all you look at are sites like this, then of course it seems like the world.

Ask everybody you know what they think of the inequities markets.  Count how many have a semi-knowledgeable opinion.

Then ask them all what they think of the precious metals markets.  Do the same count.

Tue, 04/23/2013 - 09:09 | 3487607 eri
eri's picture

Cos its not happening at 1900$ ATH, perhaps?

Tue, 04/23/2013 - 09:15 | 3487643 yrbmegr
yrbmegr's picture

Like a bank run, only with gold.

Tue, 04/23/2013 - 12:39 | 3488675 4Y_LURKER
4Y_LURKER's picture

A silent bank run.

 

Tue, 04/23/2013 - 09:19 | 3487669 bustdrs
bustdrs's picture

Madbraz a weaner troll.
Nauseating is the way MSN doesn't doesn't see any smoke emanating from its rear as this "all in" bail out of the fractional reserve gold system fails.
It's backfired. Showing serious leadership delusion. They didn't realize. Now, real time, everyday, miners are pulling serious supply, whilst demand for PHYSICAL has exploded.
Will nature take its course from here or will the "hands of god" continue this insanity.
Time will tell but after 3 years of increased paper intervention nature may have the answer this time.

Tue, 04/23/2013 - 09:21 | 3487674 RaceToTheBottom
RaceToTheBottom's picture

After the real physical is scooped up by purchasers, wonder if the real physical ETF like vehicles will start to differ in price from the scumbag WS crime instuments?

Tue, 04/23/2013 - 09:21 | 3487680 LinesOnCharts
LinesOnCharts's picture

Over 80% of the time an event decline of 15% or more is followed by further declines to new lows in future weeks.

Statistics don't lie.  Sorry guys =/

 

http://thepatternsite.com/dcb.html

Tue, 04/23/2013 - 09:27 | 3487702 Temporalist
Temporalist's picture

90% of the time statistics lie 100% of the time

Tue, 04/23/2013 - 09:31 | 3487731 espirit
espirit's picture

I concur.

Tue, 04/23/2013 - 10:03 | 3487906 DebtSlaveZombie
DebtSlaveZombie's picture

"They've done studies, you know. 60% of the time, it works every time." - Brian Fantana, Anchorman

Tue, 04/23/2013 - 09:28 | 3487706 El Hosel
El Hosel's picture

Demand? WTF!   Next thing you know the asians will try to bring the question of supply into the Ponzi ring. We don't need no stinking supply or demand, we have a printing press.

Tue, 04/23/2013 - 09:31 | 3487727 bustdrs
bustdrs's picture

No, they don't lie, until the swannie event, mr 5 weeks on zh "major firm" employed newbie.
Var was always statistically realizable.
AAA never failed.......until
Just saying...

Tue, 04/23/2013 - 09:30 | 3487701 WhiteNight123129
WhiteNight123129's picture

MOTHER OF ALL FALSE FLAGS.

A terror attack from Canada to New York would be from Al-Qaida operating from Iran... please!!

http://www.latimes.com/news/world/worldnow/la-fg-wn-police-canada-suspec...

Maybe Jundallah, but that Iran is supporting Al-Qaeda, I mean there is a limit to stupidity.

 

 

Tue, 04/23/2013 - 10:31 | 3488007 ltsgt1
ltsgt1's picture

If we are supplying Al Qaida with weapons in Syria, why do you find that Iranian supplying Al Qaida with training and fund in the US is stupid?

Tue, 04/23/2013 - 09:37 | 3487779 IridiumRebel
IridiumRebel's picture

Why do these motherfuckers HATE silver?!?!?

Tue, 04/23/2013 - 09:44 | 3487813 fuu
fuu's picture

Because the gold/silver ratio compression play is going to be epic.

Tue, 04/23/2013 - 09:54 | 3487864 IridiumRebel
IridiumRebel's picture

60/1 now? Historically 24/1....nothing to see here.

Tue, 04/23/2013 - 10:31 | 3488017 FreeNewEnergy
FreeNewEnergy's picture

Obviously, IR, you are no historian. Even my dumbass, 401k-building brother knows that the historical ratio is 12 to 16 to 1.

Tue, 04/23/2013 - 12:46 | 3488715 robertocarlos
robertocarlos's picture

I haTE POLISHING MY SILVERWARE.

Tue, 04/23/2013 - 10:35 | 3488027 Agent P
Agent P's picture

I couldn't even finish the headline.  As soon as I see "Asians drive" I instinctively get the hell out of the way.

Do NOT follow this link or you will be banned from the site!