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China Buys 16 Tons Gold In August – Dumps $94 Billion
Given the strong demand fundamentals, particularly out of China, gold should go higher but as ever there is a risk of selling in the futures market leading to weakness in the short term as traders follow momentum and ignore fundamentals.
This demand continues and is being bolstered by official Chinese demand. The People’s Bank of China (PBOC) added another 15.98 tonnes of gold in August – at the same time its foreign exchange reserves fell a whopping $94 billion. The Chinese continue to diversify out of the dollar and into gold.
DAILY PRICES
Today’s Gold Prices: USD 1120.85, EUR 1003.49 and GBP 728.27 per ounce.
Yesterday’s Gold Prices: USD 1121.00, EUR 1004.03 and GBP 734.75 per ounce.
(LBMA AM)
Gold was marginally lower in gold trading in Singapore and this slight weakness continued to European trading with gold tethered to a remarkably tight $3 range between $1,123.70/oz and $1,120.50/oz.
Read more on the GoldCore blog.
IMPORTANT NEWS
Gold Inches up in Asia Trade – The Wall Street Journal
Gold stable, net long position up for fifth consecutive week – The Bullion Desk
Perth Mint Gold and Silver Sales Solid in August – CoinNews.net
China FX reserves fall record $93.9 bln in Aug as central bank supports yuan – Yahoo Finance
Hollande Readies Syria Air Strikes as Response to Refugee Crisis – Bloomberg
IMPORTANT COMMENTARY
Real Refugee Problem – And How To Solve It – Ron Paul Institute
Data retention and the end of Australians’ digital privacy – The Sydney Morning Herald
China “Officially” Adds Another 16 Metric Tonnes – TF Metals Report
LBMA Apparently Altered Its Gold Refining Flow Statistics By 2,200 Tonnes – Jesse’s Café Américain
Did COMEX Counterparty Risk Just Reach A Record High? -Zero Hedge
Read the stories above on our News and Commentary page
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Buy while you can, an event is arriving at the COMEX.
http://katchum.blogspot.be/2015/09/this-is-not-going-to-end-well-comex.html
100 oz Sunshine bars are sold out of every bullion site I visited, even the high premium ones like APMEX. Sunshine has been running 24/7/356 for seven years, yep, trust the ZioMedia when they say demad is down.
I love being the sheep walking north when the flock is heading south.
What?! Paper gold isn't good enough for them? Commies.
jb
35 lbs of insurance just showed up with the UPS guy....he looked at me funny and said what the hell is in the box. Tungsten I said, for foundry work and such.
i guess you're glad he didn't try to satisfy his curiosity earlier, in the truck. oh well, if it had miscarried you probably filed for the maximum $50,000 ups insurance and took out an additional $500,000+ rider through lloyd's of london.
so, no worries.
Step one: Destroy the dollar as the reserve currency (on track)
Step two: Build gold reserves (on track)
Step three: Offer gold backed Yuan as emergency replacement for decimated Dollar (on track end year 2016)
Step four: control world (2017)
lol....Step 4 Fight WW3
this is a non-existent news.
Dumping 100 Billion to save the stock market and doing the regular buying that they do of 0.6 billions ...
This is a non-event on gold.. next news please
leave the bonds, take the gold
16 tons in one month.
From number sleuth,
“165,000 metric tons (or tonnes) have been mined in all of human history. That's about 181,881 ordinary tons”
At this rate, 10,312.5 months to go.
"16 tons in one month.....At this rate, 10,312.5 months to go."
I believe you're missing the important point, these small amounts are mandatory diclosures of purchases on the open market, domestic production never has to be reported.
"Thus the question we must now ask ourselves as China begins open market purchases of gold (and has apparently dumped large quantities of U.S. Treasuries) is this: is such overt action by China a signal that the East has abandoned (or altered) its strategy of chess? Or, even more significantly, have China and Russia now commenced their End Game?..
..Dumping U.S. Treasuries is an economic pain, and economic threat – to both the U.S.’s puppet government, and the One Bank itself. However, if China decides to dump Treasuries and use the proceeds to buy gold, that would be the proverbial “double-barreled shotgun”. It would represent (by far) the most direct/overt action initiated by the New World Power against the Old World Power, at least in the economic theater – (more or less) open war."
Gold War III: What’s Next?I wipe my ass with the phony FRN , pay federal taxes in cash with them shits.
https://youtu.be/iLOMwaAM8mI?t=30s
St. Peter don't ya call me cause I can't go, I owe my soul to the Fed's fiat store.
'You load 16 tons, whaddya get, another day older and a deeper in debt...'
So, if my maths are correct they spent around .5 billion of that on gold?
Dumping paper for rocks, all we need now is some scissors to complete the game<s>