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Gold Surges On Speculation India May Ease Import Restrictions; China Reports Gold Reserves Unchanged

Tyler Durden's picture




 

Over the past year India's attempt to impose price controls on gold imports has only achieved one thing: forced citizens to find ever newer and more creative means of smuggling gold. It has gotten so bad Indians are now smuggling the yellow metal through Pakistan, on airplanes, and has now even surpassed the illegal drug trade. Which perhaps is why the biggest news in the commodity space overnight was the appeal by India's Congress party chief, Sonia Gandhi - widow to Rajiv - to the government asking for a cut in the record import duty on gold and for other restrictions to be eased, television channel CNBC Awaaz said citing sources that it did not identify. Reuters adds that "the coalition government, led by Congress, is considering easing restrictions, which include a 10 percent import duty and a rule that says 20 percent of all imports must leave the country as exports, government sources told Reuters earlier this month. India used to be the world's biggest buyer of bullion until the government introduced the curbs in order to contain a record current account deficit."

Judging by the spike in gold on the news, two things are apparent: Gandhi may just get her wish granted, as nobody buys the official story scapegoating gold as the reason for the relentless Indian trade deficit. Second, India may soon regain its role as dominant buyers of gold, after massive pent up demand by Indian retail buyers is unleashed on the world, sending the price of gold soaring.

Should that happen, the holdings of the GLD ETF may need to slide below zero in order for sales of imaginary paper gold to offset ever rising demand for physical.

And in other, far more humorous news, China announced that its gold reserves remained unchanged at the end of 2013, at 33.89 million troy ounces, the same as it has been for the past 5 years.

Needless to say, absolutely nobody believes this particular Chinese number.

 

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Thu, 01/23/2014 - 09:17 | 4358389 Manthong
Manthong's picture

the officials do not realize how powerful gold cuffs are.

Thu, 01/23/2014 - 09:31 | 4358427 GetZeeGold
GetZeeGold's picture

 

 

Billions of Chinese scrambling for the one pair of cufflinks......I just can't see this ending up well.

 

Maybe Obama was a little quick on outing Jim Garrow......we could use him right about now.

Thu, 01/23/2014 - 10:07 | 4358561 SoilMyselfRotten
SoilMyselfRotten's picture

Those dirty SOB's, always manipulating to the upside

Thu, 01/23/2014 - 10:14 | 4358594 eclectic syncretist
eclectic syncretist's picture

The Chinese saying their reserves haven't changed merely means the policy of accumulation is still going on. 

Thu, 01/23/2014 - 10:33 | 4358661 Troll Magnet
Troll Magnet's picture

Filthy bastards...

Hey, maybe all that "gold" they've been buying turned out to be tungsten MADE IN CHINA?

Thu, 01/23/2014 - 10:37 | 4358678 outamyeffinway
outamyeffinway's picture

Remember though when they last announced it they had been holding the gold somewhere and then moved it onto the books of the PBOC....something like that.

So they have it in room A while the official gold is in room B. So why talk about it and run up the price when there's more Western gold to acquire?

Thu, 01/23/2014 - 11:03 | 4358758 BaBaBouy
BaBaBouy's picture

CHINA Has Been ""EATING"" All The GOLD They've Been Buying!

Yes Folks, All That GOLD Is GONE, MANGER, EATEN !!!!!!!

Thu, 01/23/2014 - 12:19 | 4359077 americhinaman
americhinaman's picture

or it means that private chinese folks have bought all the gold imported into china.

if this is true, the implication for gold is MUCH more bullish... it means the demand for gold ex-government purchase demand is already at massive levels.  what happens if the govt starts buying?

Thu, 01/23/2014 - 10:09 | 4358573 Jannn
Thu, 01/23/2014 - 11:06 | 4358743 douglas
douglas's picture

Reflecting on how significant up-days scare me more, here's a (slightly modified) post of mine from a down day in metals...

If at this stage you are not COMPLETELY conviced that PM's are highly manipulated to maintain control of a colapsing fiat monetary system then you probably have no business owning any precious metals besides personal jewelry - I would recommend that at this point you stop reading here, close out Zero Hedge and turn on MSNBC.  

If on the other hand you are awake and can see that not only are we waist-deep in manipulation but ever-nearer to a Global Monetary Colapse, then you should be COMPLETELY convinced that it's only a question of time before TPTB lose the ability to continue said manipulation.  If this is the case you should like me be rooting for the price of PM's to go down so you can acquire more.  Rather than complaining about the manipulation, be thankful for it and continue to increase your holdings. After all, the day TPTB finally lose control, the world will become a much sadder place and comforts which we now enjoy will go away for the majority of the people of this world - in fact I suspect there will be significant loss of life...

Something to think about... The best part of all this is that even if we are wrong about the current economic situation (which all evidence proves we are not) your life will be no worse for having a large horde of Gold and Silver, on top of that you'll sleep much better...

Thu, 01/23/2014 - 11:48 | 4358943 Greenskeeper_Carl
Greenskeeper_Carl's picture

very true. unlike many on this site, im not cheering for a dollar collapse and reset. it would result in a lot of misery for a lot of people, mostly the poor and middle class. the people who will have caused it will mostly get through it unscathed. like it or not, most people use the dollar to conduct their day to day business. a soaring gold/silver price would likely mean the dollar is on its way out. and as you said, even without any kind of collapse, you will be better off with a large ammount of gold and silver, as it will surely be worth much more than it is right now in years to come. I am under 30, and i hope they keep their little paper game up for years to come, cuz i will buy all i can at these levels

Thu, 01/23/2014 - 14:22 | 4359608 Mad Mohel
Mad Mohel's picture

Fuck the dollar and every last dirty motherfucker that plays the game!

Thu, 01/23/2014 - 10:16 | 4358606 thunderchief
thunderchief's picture

The Chinese numbers are official when you consider how corrupt the politicians are.  They will steal it all, just like they are parking billions overseas. 

Thu, 01/23/2014 - 10:47 | 4358705 BigJim
BigJim's picture

I'm told the FRBNY vault is particularly secure - maybe they should consider storing it there?

Thu, 01/23/2014 - 09:18 | 4358390 Mr. Magoo
Mr. Magoo's picture

Fatfinger is already on the case

Thu, 01/23/2014 - 09:24 | 4358407 jbvtme
jbvtme's picture

goo, that you from the den?

Thu, 01/23/2014 - 09:41 | 4358460 Quinvarius
Quinvarius's picture

And one of these days he is going to pull back a stump from the elbow down.  Even his wedding ring will be gone.

Thu, 01/23/2014 - 11:26 | 4358838 BigJim
BigJim's picture

There was major dumping over the last couple of days. Now we're back where we were two days ago. Whoopee.

I think Mr FatFinger had advance notice of this news, and squashed it down so the news wouldn't lead to a break of the 1260/1270 resistance.

Now... what do you bet India will announce it's not relinquishing its import duties on gold, and POG will plummet again? Maybe even further?

Fucking PTB.

Still, as you say, one of these days... fuckers can't keep it up forever. Just feels like they can!

Thu, 01/23/2014 - 09:22 | 4358401 pan
pan's picture

Make your peace with Gold!

Thu, 01/23/2014 - 09:40 | 4358463 DeadFred
DeadFred's picture

There's not much room to move between the lowering trend line and the solid floor. I put the trend line at about 1254 today. If it goes through to 1260 how many minutes until 1300? Or will it be beasured in seconds? Times they be be a changin'

Thu, 01/23/2014 - 09:56 | 4358533 TeamDepends
TeamDepends's picture

Just got a (golden) tingle up our leg, Fred.  We're walkin' on sunshine!!!

Thu, 01/23/2014 - 10:57 | 4358738 BigJim
BigJim's picture

I love you guys' optimism!

I'm sure that day will come, but I very much doubt it's this day.

Thu, 01/23/2014 - 11:07 | 4358765 DeadFred
DeadFred's picture

What is life without hyperbole and satire? For those of us on the left coast. The clock started ticking at 6:59.

Thu, 01/23/2014 - 09:23 | 4358406 youngman
youngman's picture

Wonder where all that Chinese gold is going????

Thu, 01/23/2014 - 10:11 | 4358581 Ignatius
Ignatius's picture

'Outrageous Lies' for a thousand, Alex

What is "China"?

Thu, 01/23/2014 - 15:37 | 4359913 Againstthelie
Againstthelie's picture

I'm wondering if there is something completely different behind this gold story.

First India followed with the Gold "ban" after US visit.

But then something seems have to gone not as wanted:

Western media start reporting mass rapings in India as if it was something new.

Then the ridiculous story about Indian embassador, not paying his employees is brought.

And now India is discussing to stop the gold "ban"?

Thu, 01/23/2014 - 09:24 | 4358410 youngman
youngman's picture

Must be all those medals in Sochi.....

Thu, 01/23/2014 - 09:27 | 4358424 Bearwagon
Bearwagon's picture

That's just gold-plated sheet steel, and you know it ...  ;-)

Thu, 01/23/2014 - 09:32 | 4358438 GetZeeGold
GetZeeGold's picture

 

 

If I worked that hard and found that out......I'd be sooooooo pissed.

Thu, 01/23/2014 - 09:39 | 4358456 krispkritter
krispkritter's picture

Well you'll be mostly pissed, they are gold and silver... http://chemistry.about.com/od/metalsalloys/f/what_are_olympic_medals_mad...

Thu, 01/23/2014 - 09:41 | 4358466 GetZeeGold
GetZeeGold's picture

 

 

Is there a strict limit on them?

Thu, 01/23/2014 - 14:55 | 4359733 it aint easy
it aint easy's picture

Yea gold medals are usually plated sterling i think.

But hey, silver bitchez!

Thu, 01/23/2014 - 09:26 | 4358415 NoDebt
NoDebt's picture

Quick, somebody hit the "gold slamdown" button before this spirals out of control.

Thu, 01/23/2014 - 09:30 | 4358431 Bearwagon
Bearwagon's picture

Do it yourself man! Just ring 'em up and tell that you wanna sell like 200 tons all at once now! They wouldn't even ask your name ...

Thu, 01/23/2014 - 09:28 | 4358416 IridiumRebel
IridiumRebel's picture

Perhaps you would be liking some gold with your purchase of Hustler Magazine? Thank You! Come again!

Thu, 01/23/2014 - 09:32 | 4358429 fijisailor
fijisailor's picture

In New Orleans I was asked if I would like a joint with my burger and fries at McDonalds.  True story.

Thu, 01/23/2014 - 09:33 | 4358443 IridiumRebel
IridiumRebel's picture

In my drinking and drugging days, when in a new town, I would ask the 7/11 clerks. They would get it for me everytime. 

Thu, 01/23/2014 - 09:37 | 4358455 GetZeeGold
GetZeeGold's picture

 

 

Dude....the secret menu is not secret if you tell everyone.

Thu, 01/23/2014 - 09:41 | 4358467 IridiumRebel
IridiumRebel's picture

7/11 herbal salad please?

Thu, 01/23/2014 - 09:42 | 4358477 GetZeeGold
GetZeeGold's picture

 

 

Do you need a pack of matches to go with that?

Thu, 01/23/2014 - 09:43 | 4358481 IridiumRebel
IridiumRebel's picture

Yes, I see you are out of lighters in the crack supplies aisle.......

Thu, 01/23/2014 - 09:26 | 4358417 fijisailor
fijisailor's picture

One good question is how much of the gold imported to China is smuggled over the border to India?

Thu, 01/23/2014 - 09:32 | 4358434 29.5 hours
29.5 hours's picture

apparently ALL of it, since there was no increase in gold reserves in China...

 

 

 

 

Thu, 01/23/2014 - 09:34 | 4358444 fijisailor
fijisailor's picture

Yea that's like the Chinese .gov just issuing a statement admitting they are liars.

Thu, 01/23/2014 - 10:32 | 4358667 ltsgt1
ltsgt1's picture

Well, we are in the midst of a currency war. I infer this blatant lie is just part of war. The fed is in the trenches and the Chinese are messing with their heads.

Thu, 01/23/2014 - 09:46 | 4358487 KickIce
KickIce's picture

No kidding, maybe taking a page out of ZH and claiming a boating accident

http://www.zerohedge.com/news/luxury-chinese-boat-launches-sinks-immedia...

 

But more likely just following Rothschild orders.

Thu, 01/23/2014 - 09:32 | 4358437 e_u_r_o
e_u_r_o's picture

getting really sick of it. I either want it to go down more to buy or go up more to be happy.

 

This breakeven BS is driving me mad.

 

Thu, 01/23/2014 - 09:48 | 4358503 29.5 hours
29.5 hours's picture

 

"This breakeven BS is driving me mad."

If that is true, then you are one of those people called a "weak hand" by the gold price manipulators. One of the goals of their maneuvers is to shake physical gold out of the possession of those who cannot run the full course of the race.

 

 

Thu, 01/23/2014 - 11:00 | 4358749 BigJim
BigJim's picture

Sad but true... to an extent. But I think they mainly want to stop the USD/Euro/Yen/Yuan etc looking like the toilet paper that they are.

Thu, 01/23/2014 - 13:04 | 4359248 e_u_r_o
e_u_r_o's picture

Weak hand? Cmon, the opposite of that. I want to see some action.

 

Either up or down is fine by me.

Thu, 01/23/2014 - 09:32 | 4358440 fijisailor
fijisailor's picture

Or maybe it's the slumping dollar?

Thu, 01/23/2014 - 09:35 | 4358445 Fiat agnostic
Fiat agnostic's picture

They've probably got the wink from Wahington. After all JP Morgan is long now. Criminal b****ds!!

Thu, 01/23/2014 - 09:35 | 4358448 ricky663
ricky663's picture

Shocking I tell you!

Recent history has shown gold only gapping down pre-market, not up.

I am waiting for the (June - Dec 2013) double bottom to be confirmed, and then add? The wild card is blatant manipulation by the Fed / Banks (how do I play that?).

Watching closely...

Thu, 01/23/2014 - 10:16 | 4358607 fijisailor
fijisailor's picture

Agreed.  The premarket ramp is the real news story here.

Thu, 01/23/2014 - 09:36 | 4358449 NIHILIST CIPHER
NIHILIST CIPHER's picture

Positive gold , nice way to start the day.

Thu, 01/23/2014 - 09:41 | 4358468 MeMongo
MeMongo's picture

Yes, but it's early yet:(

Thu, 01/23/2014 - 09:39 | 4358454 Dr. Engali
Dr. Engali's picture

Okay Tyler this shit has to stop. An $11 move up on gold is not a surge and 5 pts. down on the S&P is not a plunge. These overly dramatic click bait headlines do nothing but ruin Zero Hedge's credibility. I enjoy this site and I would like for it to continue to be the premier go to site for financial news. Reporting like this will make sure it is not.

Thu, 01/23/2014 - 09:39 | 4358462 fonzannoon
fonzannoon's picture

How the hell can you be looking at gold and the S&P when Bieber is behind bars!?!

Thu, 01/23/2014 - 09:45 | 4358482 Dr. Engali
Dr. Engali's picture

I know I've got my priorities all out of wack.

Thu, 01/23/2014 - 09:50 | 4358506 Bearwagon
Bearwagon's picture

Let me guess: You mostly concentrate on breathing right, right?  ;-)

Thu, 01/23/2014 - 10:37 | 4358681 Pure Evil
Pure Evil's picture

Come on you guys. Just go with the flow. Let Tyler have his fun. You may be in the know but there's plenty of rubes left out there to sucker in on the click bait scam.

Anyway, you huff and you puff, but where you gonna go, back to Yahoo and Market Watch?

Thu, 01/23/2014 - 10:58 | 4358736 Temporalist
Temporalist's picture

It's just a small dig at the system and the planners who don't think twice of using social media and the internet to influence trades and HFT doombots.

 

I think the Tylers and ZH don't use enough verbiage about gold.

 

Every hour they should have a post, when gold is up or down, that GOLD SKYROCKETS TO THE MOON! and THERE IS NO MORE GOLD! just because they can.

 

Fuck those manipulating motherfuckers!

 

Thu, 01/23/2014 - 09:48 | 4358498 IridiumRebel
IridiumRebel's picture

Here are some other terms:

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

advances

pops

rises

swells

gets a hard on

becomes hard

boners

is firm and ready to make sweet love.....

...oh wait, what were we talking about?

Thu, 01/23/2014 - 09:52 | 4358515 Dr. Engali
Dr. Engali's picture

I don't remember what we were talking about, but I'm certain it wasn't boners.

Thu, 01/23/2014 - 10:20 | 4358623 eclectic syncretist
eclectic syncretist's picture

Well, if this thing doesn't go down in the next 3 1/2 hours I'll need to get to a doctor, because that chart below coupled with year to date charts of miners like GSS and even little HUSIF ect. are certainly giving me one!

Thu, 01/23/2014 - 09:52 | 4358521 Tyler Durden
Tyler Durden's picture

Does "barely budges" successfully pass your sensitive verb filter?

That shown, we will be sure to consult you for thesaurus skills next time.

Thu, 01/23/2014 - 09:59 | 4358538 Rubbish
Rubbish's picture

I have a surging woody over this whole gold thing. How about an obese chick article with pics too?

Thu, 01/23/2014 - 10:44 | 4358697 pods
pods's picture

Take the Yellen challenge.  See if you can maintain your surge by staring at her photo for a while.

pods

Thu, 01/23/2014 - 11:18 | 4358806 BigJim
BigJim's picture

THAT'S not fair. He said 'chick'. Yellen is just Larry Summers wearing a fright wig.

Thu, 01/23/2014 - 11:30 | 4358852 29.5 hours
29.5 hours's picture

 

 

Normally I deplore pejorative language toward women on ZH but your barb caught me off balance and I had to laugh. After all, it was only against Summers.

 

 

Thu, 01/23/2014 - 12:14 | 4359056 BigJim
BigJim's picture

Have you ever seen them in the same room, at the same time? Mmmm?

I rest my case. Summers DID land the job, but he has to come to work as his tranny alter-ego.

Thu, 01/23/2014 - 11:34 | 4358872 Boxed Merlot
Boxed Merlot's picture

Take the Yellen challenge...

 

 

Hey, it works for Dimon. 

http://finance.yahoo.com/video/enormous-respect-janet-yellen-dimon-13310...

 

 

 

The famine continues.

Thu, 01/23/2014 - 10:01 | 4358540 fonzannoon
fonzannoon's picture

If we are going to go idiocracy on here I'd call that chart a flailing boner. 

By the way Tyler, if we have to take some shots at you to draw you out on here don't take it personally. The band ran out of songs a long time ago and this boat won't fuckin sink. 

Thu, 01/23/2014 - 10:13 | 4358590 Bearwagon
Bearwagon's picture

It will, you just wait patiently, it will. As for the music, I'd suggest you seek relief from your bieber-affliction around here: "Who's That Comin'" http://www.youtube.com/watch?v=To5SHh3OmTI

Thu, 01/23/2014 - 10:26 | 4358644 IridiumRebel
IridiumRebel's picture

Gold and boners share a lot in common. Last year was flaccid....this year we get VIAGRA!

Thu, 01/23/2014 - 13:52 | 4359478 Meat Hammer
Meat Hammer's picture

But the fact that Tyler did poke his head out in a snarky, defensive manner shows that the critique hit its mark.  

 

Thu, 01/23/2014 - 10:04 | 4358546 29.5 hours
29.5 hours's picture

 

 

Yes, but brother Durden, Dr. Engali is right. We are seeing too many hyperbolic descriptions of major non-moves. Wait for the big stuff to use those words. It's coming...

 

 

 

Thu, 01/23/2014 - 10:35 | 4358674 dark pools of soros
dark pools of soros's picture

netflix surges and gets ridiculed while gold barely gets out of bed on time and is lauded

 

gold should have a good year but last year loving gold, hating stocks and fearing bitcoin was full retard

Thu, 01/23/2014 - 10:39 | 4358685 debtor of last ...
debtor of last resort's picture

That's when the deer comes in and Tyler doesn't need charts OR words anymore.

Thu, 01/23/2014 - 10:12 | 4358580 Dr. Engali
Dr. Engali's picture

Hah..I'm hardly the one to turn to when it comes to thesaurus skills, and it's your site to do with as you wish. I'm just a big dumb guy from Indiana who is just as sick of the bullshit as the next person. If I criticize the site it's not out of malice it's  because I want to see the Hedge succeed, but by all means, take said criticism any way you wish.

Thu, 01/23/2014 - 10:16 | 4358604 SmallerGovNow2
SmallerGovNow2's picture

Born in Lafayette.  Grew up in Fort Wayne.  Graduated from Purdue...  Hello Doc fellow Hoosier...

Thu, 01/23/2014 - 10:31 | 4358664 IridiumRebel
IridiumRebel's picture

You got Tyler'd. It's cool. I sent them a totally fake article I thought was real....felt like an asshole. We may quibble on the minutia, but ZH as a whole is tops. HIS NAME IS ROBERT PAULSEN.

http://vimeo.com/27197787

Thu, 01/23/2014 - 10:26 | 4358646 ltsgt1
ltsgt1's picture

I enjoy this site because I can type BIATCH in the comment and get away with it.

Thu, 01/23/2014 - 11:20 | 4358812 BigJim
BigJim's picture

His name was Francis Sawyer.

Thu, 01/23/2014 - 12:29 | 4359109 Wen_Dat
Wen_Dat's picture

Put this on his headstone...

 

"I'm not a jew hater...

~~~

I'm a fiat ponzi paper [FRANCHISE] hater...

All candidates [who DON'T overwhelmingly represent a 'tribe' at large]... may APPLY for status at will...

I've only received one application thus far... That was from the EVIL EPISCOPALIAN cult... [It's under consideration by the JUDICIARY COMMITTEE as we speak]..."

Thu, 01/23/2014 - 09:39 | 4358461 BigSimes
BigSimes's picture

But, this time... it's NOT different (Chinese Gold Reserves).

Thu, 01/23/2014 - 09:40 | 4358464 FreeMktFisherMN
FreeMktFisherMN's picture

nat gas exploding in the mean time. Of course cold weather boosting it, but it is paid for with FRNs and FRN's supply is infinite so that is a major contributor. 

Thu, 01/23/2014 - 09:54 | 4358526 widget
widget's picture

Would have loved to have heard about this rumor $25 ago.

Thu, 01/23/2014 - 09:56 | 4358531 youngman
youngman's picture

The reason the Chinese gold amount has stayed the same is that all that gold they are buying is only for the Communist party leaders and their families...its probably on some British Island already....they know how to steal very well..

Thu, 01/23/2014 - 10:05 | 4358554 ...out of space
...out of space's picture

if chineses dont wanna talk about there gold holdings is becouse they dont have it enough to shake monetary world. when they are gonna told it will be a milestone in finance world.

Thu, 01/23/2014 - 10:13 | 4358592 Sufiy
Sufiy's picture

This is just a joke! Jim Rickards explains:

 


Jim Rickards: "The Fed Is Insolvent And Wants Gold To Rise Orderly" 

China accumulates Gold via different vehicles...it is a military planed operation

http://sufiy.blogspot.co.uk/2014/01/jim-rickards-fed-is-insolvent-and-wa...

Thu, 01/23/2014 - 10:34 | 4358669 fijisailor
fijisailor's picture

Well was today's rise orderly?  Apparently according to Tyler and Engali it's only propitious use of a thesarus that defines this. Since the MSM never reports rises then we could consider any rise as orderly.

Thu, 01/23/2014 - 10:20 | 4358622 Peter Pan
Peter Pan's picture

The Indian government is as stupid as it is corrupt.

Instead of treating the export of paper rupees or paper dollars in exchange for gold as an export, it treats the purchase of gold as an import.

Think about that, you hand over paper for gold and that somehow is supposed to be bad for the Indian people and Indian economy.

F....ng crazy.

Thu, 01/23/2014 - 10:27 | 4358648 RaceToTheBottom
RaceToTheBottom's picture

I had trouble reading the last chart....

Thu, 01/23/2014 - 10:31 | 4358665 orangegeek
orangegeek's picture

Looks like we got our pull back last night

 

http://bullandbearmash.com/chart/spot-gold-daily-trouble-breaking-channe...

 

Next target is 1275

Thu, 01/23/2014 - 10:39 | 4358686 eddiebe
eddiebe's picture

Just goes to prove: It's all bullshit.

Thu, 01/23/2014 - 10:48 | 4358712 Sufiy
Sufiy's picture


China Becomes Top Gold Consumer In 2013


While the rest of the world is chasing Bubbles, China accumulates Gold and encourage its citizens to do the same. With more evidence that German Gold is long gone from the FED and there is less and less physical Gold left in the Gold Fractional Reserve System we are entering the blow off phase in the Gold market.   Now the most important question will be - where the Gold will come from in the future? http://sufiy.blogspot.co.uk/2014/01/china-becomes-top-gold-consumer-in-2...

Thu, 01/23/2014 - 12:28 | 4359104 Conax
Conax's picture

Those celestials be lying bout the gold pile they bought.

They don't want to kick the props out from under the usd quite yet.  'Favored Trading Partners' wouldn't do a thing like that. Besides, there be some coins and mine tailings left to sweep up.

Ah well, the news of the Indians relaxing their anti-gold controls AND the Chinese's big new pile can't come out the same day.   So instead they dropped a deuce in our punchbowl.

Thu, 01/23/2014 - 13:25 | 4359356 Spungo
Spungo's picture

Why would anyone want gold? Snorting it doesn't even cause 20 hour sex marathons.

Thu, 01/23/2014 - 13:50 | 4359464 TheFourthStooge-ing
TheFourthStooge-ing's picture

Made me laugh.

And in other, far more humorous news, China announced that its gold reserves remained unchanged at the end of 2013, at 33.89 million troy ounces, the same as it has been for the past 5 years.

The duplicious nature of Chinese citizenism is eternal.

Thu, 01/23/2014 - 16:50 | 4360150 pFXTim
pFXTim's picture

India plans no easing of gold restrictions, finance minister says

http://www.gata.org/node/13555

 

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