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Point Out The "Slump" In Chinese Gold Imports On This Chart

Tyler Durden's picture




 

Lately Bloomberg's reporting group (now without access to client tracking) has been hitting it out of the park when it comes to cognitive schizophrenia-inducing news article headlines.

Last Friday it was the market somehow going up and down at the same time.

Now, Bloomberg has shifted its deductive skills over to analyzing the gold market with the following article headline: "China’s Gold Imports From Hong Kong Slump on Quota Backlog" in which Bloomberg says: "Mainland buyers purchased 126,135 kilograms, including scrap, compared with 223,519 kilograms in March, according to Hong Kong government data yesterday. Net imports, after deducting flows from China into Hong Kong, were 75,891 kilograms, from 130,038 kilograms a month earlier, according to Bloomberg calculations." Now perhaps what would have made this "slump" more amusing is if BBG had also shown it in context. Which we are happy to do. Because the 126.1 tons of gold imports in April, or the month of the "great gold crash", was only the second highest ever, and just shy of the all time record high of 223.5 tons imported in March.

And the "slump" when observed year over year. Hmmm:

Bloomberg was right about one thing however:

Some qualified banks used up their gold import quota in the first three months and weren’t able to get the paperwork done fast enough to bring in bullion in April,” said Tian Rui, vice president of the precious metals division at INTL FCStone Trading Co. “We might see higher imports in May because demand surged after the rout.”

In other words, look for the unslump in May when a surge in even more buying sends gross imports from Hong Kong to what may be new all time highs.

In the meantime, YTD imports of 500 tons are more than double the 240 tons imported over the same period last year: the same amount as held by the ECB.

China has now imported 1,333 tons of gold since January 2012, or 30% more than its official gold holdings, and is on a run rate to import 1500 tons in 2013 alone.

At least someone is taking advantage of all that levered ETF paper gold selling...

 

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Thu, 06/06/2013 - 08:07 | 3629159 alexdg
alexdg's picture

It's the ol' "glass one tenth empty" approach!

Thu, 06/06/2013 - 08:16 | 3629178 GetZeeGold
GetZeeGold's picture

 

 

The Barbarians are everywhere!

Thu, 06/06/2013 - 08:25 | 3629198 negative rates
negative rates's picture

But did they check for the heart of tungstun?

Thu, 06/06/2013 - 09:38 | 3629380 Big Slick
Big Slick's picture

Wait til Obama's EPA takes us off of the Tungsten standard.  Fiat lightbulbs.

Translates symbolically into fiat thought

On second thought, this has happened already with the CFLs - I can't read a book at night in my in-laws' house without getting a headache from those damn things

Thu, 06/06/2013 - 09:57 | 3629476 Pinto Currency
Pinto Currency's picture

 

The chart above is just part of the story.  Hong Kong is one only source for China to import gold.

As of May 31, Shanghai Gold Exchange "Deliveries from Vault" for 2013 stood at 820 tonnes despite gold delivery halt from April 20 to ~ May 25.

 

Thu, 06/06/2013 - 12:08 | 3630169 fourchan
fourchan's picture

massive purchaces and stockpiling of gold around the world causes prices to sag. 

Thu, 06/06/2013 - 09:58 | 3629482 eclectic syncretist
eclectic syncretist's picture

While Bloomberg is busy saying that 126 tonnes is next to nothing, they forgot to mention that the COMEX currently has a grand total of 52 tonnes registered, or enough to supply less than two weeks of China's suddenly "dampened" desire for the yellow metal. 

Thu, 06/06/2013 - 11:02 | 3629806 Nehweh Gahnin
Nehweh Gahnin's picture

Just wait till you break one.  That mercury is lovely stuff.

Thu, 06/06/2013 - 08:33 | 3629199 horot
horot's picture

I think the barbarians are already here.

Thu, 06/06/2013 - 10:40 | 3629662 Gavrikon
Gavrikon's picture

As a Barbarian, I would just like to say that the fucking Retards keep missing it.

Thu, 06/06/2013 - 08:36 | 3629208 SamAdams
SamAdams's picture

China is currently trading all those rapidly inflating dollars for real wealth.  They also are quite adept at creating wealth through manufacturing and agriculture.  Back home, our primary means of wealth creation are arms manufacture and ethanol.  Our beloved tax system is going to have fewer to tax, the whole while the IRS smiles and reminds us "The Bill of Rights is very fragile, very human".  Criminal bankers and a rogue government do as they will without fear of punishment (just ask Corzine and Holder).  The middle class, the family unit and morality are being destroyed while a gay agenda is pushed even onto the Boy Scouts.  If that doesn't put the writing on the wall, I don't know what will...

"China has now imported 1,333 tons of gold since January 2012, or 30% more than its official gold holdings."

Thu, 06/06/2013 - 08:56 | 3629272 Caviar Emptor
Caviar Emptor's picture

First of all you forgot one other means of wealth creation at home: carb consumption in all it's guises (taco shells, pizza, sugary drinks) and the associated boom in jobs (delivery service, advertising, jingo writing).
And FRNs. Many many.
The American Recovery is well under weigh!

Thu, 06/06/2013 - 09:03 | 3629290 SamAdams
SamAdams's picture

I see weight you did there...

Thu, 06/06/2013 - 09:50 | 3629444 ParkAveFlasher
ParkAveFlasher's picture

That's heavy.

Thu, 06/06/2013 - 09:46 | 3629418 StandardDeviant
StandardDeviant's picture

Don't forget the enormous, and I do mean enormous, demand for medical technology and services.

Thu, 06/06/2013 - 11:28 | 3629949 SamAdams
SamAdams's picture

Right you are.  Overpaid and undertaxed big-pharma.  Is it ironic that with so much healthcare, America leads the world in cancer rates? 

Thu, 06/06/2013 - 10:12 | 3629546 Silveramada
Silveramada's picture

Not only gold...but also silver! They stop exporting long time ago, wonder why!

 

 

by the way, an interesting copper startegy with US nickels is here:

http://zysites.com/silververitas/

Thu, 06/06/2013 - 08:09 | 3629162 Stanley Lord
Stanley Lord's picture

 I saw this morning that cunt Becky Quick say on CNBC, "Verizon taking phone records is the same as data mining at the major corporations that we talk about all the time".

What a useful fucking idiot.

Thu, 06/06/2013 - 08:13 | 3629169 koaj
koaj's picture

I wonder if they are sending the NSA/CIA my Fios web history

I always assumed I was on whatever lists they had anyway. I guess it will be nice to know when I will be sent off to the Linden NJ FEMA camp  (http://woodbridge.patch.com/articles/some-residents-worry-about-a-fema-c...). I would prefer a warmer climate if I had any say in the matter.

Thu, 06/06/2013 - 08:18 | 3629185 GetZeeGold
GetZeeGold's picture

 

 

We've been listening to you.........SURPRISE!!!

Thu, 06/06/2013 - 08:27 | 3629209 Acidtest Dummy
Acidtest Dummy's picture

But they never seem to hear us when we're crying...

Thu, 06/06/2013 - 08:56 | 3629271 mayhem_korner
mayhem_korner's picture

But they never seem to hear us when we're crying...

 

Sound like Sydney Crosby talking to Gary Bettman about the refs.

Thu, 06/06/2013 - 14:01 | 3630705 Acidtest Dummy
Acidtest Dummy's picture

It was Jimmy Cliff, "The Harder They Come."

Thu, 06/06/2013 - 09:50 | 3629442 Debt-Penitent
Debt-Penitent's picture

Prepare for that proverbial FEMA camp collection crew.  I am prepared and not alone.  What a poor career choice they will have taken.

I'm on "the list" and rest assured knowing so.  If you thing you may be, you've been so, for some time.

They don't build multi-billion dollar networking sites with zetta bits of storage and anthrologic software for nothing.

Thu, 06/06/2013 - 08:17 | 3629176 krispkritter
krispkritter's picture

Hope Uncle Warren sits on her head in the tub one day...

And face it.  If information travels across wires or via wireless, they're listening.  And I don't doubt that they've spent our tax dollars on other more devious ways to keep tabs on us that we don't know about yet...

Thu, 06/06/2013 - 08:26 | 3629204 mayhem_korner
mayhem_korner's picture

 

 

Indeed.  The drone over my house is now monitoring you via a link to the drone hovering over yours.  I'll talk up my gold stack and see if I can divert it back to watching me again.  (no charge, btw)

Thu, 06/06/2013 - 08:32 | 3629219 krispkritter
krispkritter's picture

Order a Domino's pizza and have the drone deliver it while you're at it...

http://money.cnn.com/2013/06/04/technology/innovation/dominos-pizza-drone/

Thu, 06/06/2013 - 08:48 | 3629258 LawsofPhysics
LawsofPhysics's picture

Wow, taking out a drone will mean free pizza!  Oh how we have advanced...

Thu, 06/06/2013 - 08:58 | 3629274 krispkritter
krispkritter's picture

Like Manna, falling from heaven....with extra toppings of lead shot and electronics.

Thu, 06/06/2013 - 08:17 | 3629182 Monedas
Monedas's picture

Monedian Logic:    Becky = Rebecca + Quick = Quickenheimer ....... therefore it follows ...... yup, yup, she's a Joo !

Thu, 06/06/2013 - 08:22 | 3629194 Rip van Wrinkle
Rip van Wrinkle's picture

The likes of Quck are certainly no idiots. They're paid whores to the politcial system. In the same way as prostitutes sell their bodies for money, Quck sells her mouth for money.

Thu, 06/06/2013 - 08:28 | 3629212 mayhem_korner
mayhem_korner's picture

 

 

If it walks like a Quck, talks like a Quck...

BTW, some prostitutes sell their mouths for money, too.

Thu, 06/06/2013 - 08:41 | 3629243 tao400
tao400's picture

I hate her more than you do.

Thu, 06/06/2013 - 09:51 | 3629447 Dr. Gonzo
Dr. Gonzo's picture

I hate that bitch too and I don't even have cable tv.

Thu, 06/06/2013 - 11:43 | 3630033 HedgeHammer
HedgeHammer's picture

I hate her more than you do.

 

It depends on your definition of the word "You"

Thu, 06/06/2013 - 08:13 | 3629168 LoneStarHog
LoneStarHog's picture

I will have another SUPER-SIZE BIG GULP of sugary Bloomturd propaganda, thanks.

Thu, 06/06/2013 - 08:19 | 3629189 Lets_Eat_Ben
Lets_Eat_Ben's picture

I love the smell of BULLSHIT and coffee in the morning.

Thu, 06/06/2013 - 08:22 | 3629193 Monedas
Monedas's picture

Buy two 16 oz soft drinks .... third one is free !

Thu, 06/06/2013 - 08:32 | 3629218 LoneStarHog
LoneStarHog's picture

May I get a second slice of pizza?

Thu, 06/06/2013 - 08:13 | 3629170 DirkDiggler11
DirkDiggler11's picture

Bloomberg News:
Where accuracy and getting it right the first time have never been a priority for our Ivy League journalism majors that couldn't even find jobs as "community organizers."

You are better off getting your news from the bathroom walls in Grand Central Station. At least that way you can actually smell the "shit" too instead of just reading it from Bloomberg. Accuracy is probably better as well, don't think the homeless are really pushing any type of agenda ...

Thu, 06/06/2013 - 08:14 | 3629171 Monedas
Monedas's picture

No slump in slag from Canadian mint !  

Thu, 06/06/2013 - 08:14 | 3629172 Charles Nelson ...
Charles Nelson Reilly's picture

I can't wait for the day when the Chinese come out with their "official" gold holdings and have a lot more than anyone estimated. The fucktards at CNBC will go into full panic & spin mode.

Thu, 06/06/2013 - 08:16 | 3629180 Inbetween is pain
Inbetween is pain's picture

Why would anyone care how much gold China has?

Thu, 06/06/2013 - 08:18 | 3629186 LoneStarHog
LoneStarHog's picture

New World Reserve Currency, for starters. Duh!

Thu, 06/06/2013 - 10:19 | 3629574 onewayticket2
onewayticket2's picture

Question:  agree it's the logical reserve currency.  however, GE can now manufacture diamonds.....is it unreasonable to say they can make "gold" too?

 

which would/should kill the reserve currency argument.  gold was standard 1000 years ago.  we can now travel to mars.  why not a commodity that no one can make....like moon dust or mars soil or something like that.

 

[i know it sounds whacky....but is gold outdated as a standard?]

Thu, 06/06/2013 - 10:46 | 3629697 Umh
Umh's picture

A diamond is made out of carbon and gold is made of gold.

Thu, 06/06/2013 - 10:51 | 3629736 onewayticket2
onewayticket2's picture

some of it's made of tungsten.

Thu, 06/06/2013 - 11:21 | 3629916 onewayticket2
onewayticket2's picture

by the way, it's not quite as whacky as even i thought.  here's the patent application (which might mean nothing at all), but there's been a LOT of doors opening with the particle accelerators over the last few years.....

 

abstract:

A man made method, utilizing particles bombardment technique, is used to produce Gold and Platinum. The particles bombardment technique uses particle accelerator to accelerate Lithium particles to high speed. These high speed Lithium particles contain high energy. These high energy Lithium particles are used to bombard Osmium element. Then elements Lithium and Osmium undergo cold fusion process that they are combined to produce element Gold

Read more: http://www.faqs.org/patents/app/20080245187#ixzz2VRxDqP3w

 

 

Thu, 06/06/2013 - 11:43 | 3630030 GlobalCtzn
GlobalCtzn's picture

I have to admit that at this point I am paranoid enough to believe that TPTB have some major curve ball to throw at those that are 'prepared' for the coming financial carnage by holding metals. And there is scientific evidence to support the possibilty that the method has been found to create gold. Economical, practical, doable? I have no earthly idea. But my gut feels a major unexpected manuever sitting out there just waiting to blow apart all the best laid plans..................

Thu, 06/06/2013 - 12:29 | 3630286 pop goes the weasel
pop goes the weasel's picture

Using a particle accelerator to create 0.00000001oz of gold is not really a good business model

Thu, 06/06/2013 - 12:42 | 3630362 onewayticket2
onewayticket2's picture

'I think there is a world market for maybe five computers'    -IBM Chairman, 1943

Thu, 06/06/2013 - 12:42 | 3630363 onewayticket2
onewayticket2's picture

'I think there is a world market for maybe five computers'    -IBM Chairman, 1943

Thu, 06/06/2013 - 10:46 | 3629703 mayhem_korner
mayhem_korner's picture

 

 

Gold was standard 42 years ago, OWT2.  You may want to ratchet down your 'moon dust' doses...

 

Thu, 06/06/2013 - 10:19 | 3629575 onewayticket2
onewayticket2's picture

Question:  agree it's the logical reserve currency.  however, GE can now manufacture diamonds.....is it unreasonable to say they can make "gold" too?

 

which would/should kill the reserve currency argument.  gold was standard 1000 years ago.  we can now travel to mars.  why not a commodity that no one can make....like moon dust or mars soil or something like that.

 

[i know it sounds whacky....but is gold outdated as a standard?]

Thu, 06/06/2013 - 10:54 | 3629758 lasvegaspersona
lasvegaspersona's picture

oneway

A..take a chemistry class

B..Look at what the Euro does with gold. It holds it on its balance sheet as backing...a completely different use of gold that the prior 'gold standards'.

Thu, 06/06/2013 - 11:24 | 3629935 onewayticket2
onewayticket2's picture

vegas:  you're missing the point.....in your knee jerk to be angry at someone.  read above.

 

Thu, 06/06/2013 - 08:18 | 3629187 achmachat
achmachat's picture

if I may:

the Golden Rule:

he who has the gold, makes the rules.

Thu, 06/06/2013 - 08:27 | 3629206 EscapeKey
EscapeKey's picture

If that's the case, then why do the Fed even bother keeping any of that oild metal around?

They should just sell it all.

Thu, 06/06/2013 - 08:31 | 3629214 LoneStarHog
LoneStarHog's picture

They already sold all of We The People's gold.  Amerika has no gold reserves.

Thu, 06/06/2013 - 09:54 | 3629463 RockyRacoon
RockyRacoon's picture

Why would anyone care how much gold China has?

Let the U. S. announce that it no longer has any gold at Ft. Knox and see what happens to the dollar.   It's not about anything except "confidence", "expectations", and "perception"; and a lot of people have the mistaken notion that the U. S. fiat currency is "backed" by the gold supposedly at Ft. Knox.   Yeah, stupid, I know.... but true.

Thu, 06/06/2013 - 08:17 | 3629184 Its Only Rock N Roll
Its Only Rock N Roll's picture

and seal the fate of the US$ at the same time

Thu, 06/06/2013 - 08:32 | 3629216 mayhem_korner
mayhem_korner's picture

 

 

For extra humiliation effect, I fully expect the first purchase the Chinese will make in gold is the barren property at Ft Knox, Kentucky (the code name for which, I'm told, is FK-NO-KY).

Thu, 06/06/2013 - 08:15 | 3629177 EscapeKey
EscapeKey's picture

Let's play the reverse rule from back when housing was in freefall, and the 2nd order derivative showed signs of improvement (which was then trumpeted as GOOD NEWS):

Reduction in 2nd order derivative = COLLAPSE IN DEMAND OF GOLD.

 

Thu, 06/06/2013 - 08:26 | 3629202 Carmagnole
Carmagnole's picture

Maybe Bloomberg has been honest all along in its news reporting, and they're not evil but merely incurably stupid: they seem to have a two-neurons brain that can only process an analysis of a curve between two data points

Thu, 06/06/2013 - 08:34 | 3629222 mayhem_korner
mayhem_korner's picture

 

 

If you think that, then you just projected your own shortcomings into your post...

Thu, 06/06/2013 - 08:37 | 3629232 Carmagnole
Carmagnole's picture

I always forget to mention sarcasm in my posts, silly me

Thu, 06/06/2013 - 09:37 | 3629390 mess nonster
mess nonster's picture

Hey math whiz, stop showing off! The only derivatives allowed here are bets- save the Newtonian calculus number-crunching for your math-geek buddies.

Thu, 06/06/2013 - 08:16 | 3629179 nathan1234
nathan1234's picture

Bloomersberg

Thu, 06/06/2013 - 08:16 | 3629181 johnnymustardseed
johnnymustardseed's picture

When shit hits the fan the Chinese will have all the gold

Thu, 06/06/2013 - 08:19 | 3629190 Its Only Rock N Roll
Its Only Rock N Roll's picture

I believe the realization that the Chinese have all the gold will cause the proverbial shit hitting the fan

Thu, 06/06/2013 - 08:40 | 3629241 Boston
Boston's picture

.......the Chinese will have all the gold

 

Correction:  The Chinese---and readers of ZeroHedge---will have all the gold.

Thu, 06/06/2013 - 09:36 | 3629388 Bastiat
Bastiat's picture

You left out the Rothschilds.

Thu, 06/06/2013 - 09:40 | 3629400 mess nonster
mess nonster's picture

175 years ago, thre Chinese had all the silver. Then they were addicted to opium (by the Brits) and they traded their silver for drugs. My guess is that the Chinese will eventually trade all their gold for oil.

Thu, 06/06/2013 - 08:18 | 3629188 Smuckers
Smuckers's picture

MOAR METAL <ANAGRAM> AMMO LATER

Thu, 06/06/2013 - 08:27 | 3629200 Monedas
Monedas's picture

AMMO GATE !   See you later .... ammogator !

Thu, 06/06/2013 - 08:25 | 3629201 Quinvarius
Quinvarius's picture

Not accepting the reality of supply and demand in a physical market is a great way to get yourself slaughtered.  It is amusing to watch the befuddled stocktards trying to figure out why gold does not behave like a stock.  No one jumping out of windows when the price drops.  Just a whole lot of people taking their gold away from the stocktards.

Thu, 06/06/2013 - 08:25 | 3629203 apberusdisvet
apberusdisvet's picture

It will certainly be interesting when China announces, at some point, over 4000 tonnes and says to the West:

 

"Let's play gold doctor; I'll show you mine if you show me yours"

Thu, 06/06/2013 - 10:33 | 3629223 El Hosel
El Hosel's picture

Gold boner trumps gold finger everytime.

Thu, 06/06/2013 - 08:28 | 3629211 Mesquite
Mesquite's picture

I shared (elsewhere) some 40 years ago that: If they could develop a market for bs @ 5cents/lb.- many folks would be wealthy...Still holds true today...

Tnx ZH n ZHrs...

Peace...

Thu, 06/06/2013 - 08:32 | 3629220 El Hosel
El Hosel's picture

Is that a slump in your pocket? or you just glad to see me Round Eye?

Thu, 06/06/2013 - 08:42 | 3629244 Monedas
Monedas's picture

For a good time .... call Hillary !   For a better time .... call Barney Frank !

Thu, 06/06/2013 - 08:32 | 3629221 Downtoolong
Downtoolong's picture

I experienced a similar slump in my racecar yesterday, while I was shifting between fifth and sixth gear at 160 mph.

Thu, 06/06/2013 - 08:34 | 3629229 youngman
youngman's picture

Looks like they are buying a lot of GLD and SLV....lol...

Thu, 06/06/2013 - 08:38 | 3629233 Peter Pan
Peter Pan's picture

Importing gold should be considered export income as the reality is that they are exporting paper and receiving gold as payment.

But the present treatment of treating gold as an import suits the Chinese 100%.

Thu, 06/06/2013 - 10:02 | 3629503 mess nonster
mess nonster's picture

All of which points out the foolishness of gold, not only on an individual scale, but an international one.

Gold, what is it good for? (Absolutely nothin' say it again, huh!) How many chip connnectors can one coat with the stuff?

It's only good for trade. It's very worthlessness (in practical terms) is precisely what makes gold a good medium of exchange.

If anything, worthless gold is a backstop for even more worthless meduims of exchange, like paper or electrons.

Bankers of a certain ethnic background everywhere have discovered that an even beter backstop for worthless mediums of exchange is the PROMISE of gold, and a promise must the the most worthless medium of exchange possible, hence the COMEX debacle, etc.

Since exchange is all that gold is good for, hence, it must (eventually) be exchanged. The Chinese gold-buying spree should be chalked up in economic terms as savings.

If you want the gold for yourself, find out what the Chinese want, but don't have, and sell it to them for gold.

Oil

Clean, potable water

Fresh air

Open space

White women (not too spoiled)

Drugs (tried and true- why wouldn't the Chinese want meth, cocaine, killer Humbolt or heroin? Americans want all these things)

So, leaving the existential and practical worthlessness of gold behind, stop being whiny little victims (the Chinese stole all the gold!!!Waaahhhh") and put your capitalistic actions where your mouth is, and get it back from them!

Thu, 06/06/2013 - 08:38 | 3629234 yogibear
yogibear's picture

And bankers overseas are saying:

"We don't want any more of your US treasuries, we already have enough of them!"

It means financial people across the globe are saturated with US dollars.

The only one buying is Bernanke and the fed.

Thu, 06/06/2013 - 09:12 | 3629312 NotApplicable
NotApplicable's picture

But... but, "quality collateral!"

Thu, 06/06/2013 - 08:59 | 3629278 eddiebe
eddiebe's picture

The fact remains: The gold price is being contained and keeps getting hammered, and so is silver. 

Thu, 06/06/2013 - 09:02 | 3629288 Caviar Emptor
Caviar Emptor's picture

The gold carry trade: China trades iGizmos for gold.

Thu, 06/06/2013 - 09:46 | 3629415 Bastiat
Bastiat's picture

Interesting that on Nightly Business Report yesterday they had a piece on the US Mint gold and silver coins--never seen that before.  They also showed some nice stacks of gold at West Point.   I always look for the propaganda purpose but other than saying:  "See, plenty of gold and silver,"  I don't know what it was.  Couldn't get past how lovely all that real money looked. 

Thu, 06/06/2013 - 10:07 | 3629527 shovelhead
shovelhead's picture

Silly Chinese trading valuable paper T's for worthless non-productive gold...

Buncha amateurs in this money business thing.

Thu, 06/06/2013 - 10:29 | 3629612 Dan Conway
Dan Conway's picture

I think they are stockpiling gold and other commodities for their upcoming currency devaluation announcement. 

Thu, 06/06/2013 - 11:01 | 3629801 Poofter Priest
Poofter Priest's picture

Uh....I would not say a 100 ton difference of April to March a "just shy" difference.

But point is noted.

And all of this gives me more belief in what I realized a few years ago.

We started devaluing our dollar in 2000 to bring China to the global central bank table. (with their yuan pegged below our dollar they would have hit the dust first.)

Part of the buy-in is allowing China and others to buy gold at a lower price to prep for the 3 currency world that the CFR had opined in 2006. (A Pan Asian, Pan American and Pan European).

China will be the lynch pin of the Pan Asian currency. We (U.S.) will remain the lynch pin of the Pan American and we already have the Euro (which as Jim Sinclair pointed out...."WILL NOT BE ALLOWED TO FAIL"

Thu, 06/06/2013 - 11:12 | 3629863 orangegeek
orangegeek's picture

The Juan is pegged to the US Dollar.

 

When the Juan goes open market, it is bound to rocket upward.

 

Owning more gold - that should help ease the appreciation of the Juan - LMAO.

Thu, 06/06/2013 - 11:17 | 3629896 rosiescenario
rosiescenario's picture

I have noticed that B'berg is slanted in all of its "reporting"...I would trust them as much as CNN or any report from one of our Federal agencies.

 

This gold report is just another example of their bias.

 

But, here's the real question: Do they actually think that their headline writing style is clever?

 

 

Thu, 06/06/2013 - 11:32 | 3629974 boeing747
boeing747's picture

1500 tons that is almost annual gold production of entire world. Looks like there is a limit how much money can be printed, Ben.

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