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Bloomberg Interview GoldCore on Chinese and Global Gold Demand

Tyler Durden's picture




 

From GoldCore

Bloomberg Interview GoldCore on Chinese and Global Gold Demand

Gold’s London AM fix this morning was USD 1,588.00, EUR 1,251.08, and GBP 1,005.13 per ounce. Yesterday's AM fix was USD 1,547.00, EUR 1,217.44and GBP 974.00 per ounce.

Silver is trading at $28.53/oz, €22.55/oz and £18.12/oz. Platinum is trading at $1,465.00/oz, palladium at $603.80/oz and rhodium at $1,300/oz.

Gold climbed $34.30 or 2.23% in New York yesterday and closed at $1,573.70/oz. Gold began trading sideways in Asia then climbed over 12 points reaching a high of $1,589.31. Gold edged off a bit in Europe and is now trading near the $1,587/oz level at 1055GMT. 

Gold rose for its 2nd day on concerns that Europe’s debt crisis is growing and the yellow metal is once again seeing increased demand as a safe haven asset.

Fitch's downgrade of Greece's credit rating sent the euro to a 4 month low against the dollar and investors wonder if Greece will be able to continue in the EU fiscal union.  The gold price jumped over $30 yesterday its most since January, and news from a US report on manufacturing in Philadelphia showed contraction for the first time in over 2 quarters.

Moody's Investor Service downgraded 16 Spanish banks yesterday, including Banco Santander, the euro zone's largest bank.  All the banks' long-term debt ratings were decreased by at least one grade and some suffered three-grade cuts.  This is just days after Moody's downgrade of 26 Italian banks on Monday.

Spain's banks like those in other EU countries (PIIGS) have been left with a sea of bad loans after the real estate bubble burst and investors see a state bailout as extremely difficult in light of the country’s limited public finances.

Goldcore’s Mark O’Byrne was interviewed by Bloomberg yesterday discussing the World Gold Council Report, Gold Demands Trend (Q1 2012) - Enter The Dragon, on demand in Asia.  “We could be witnessing a paradigm shift from China on bullion demand”, Mark O’Byrne also notes, “that the gold market was liberalised in China in 2003 and prior to that gold ownership was banned in China by Chairman Mao.  The per capita consumption of 1.3 billion Chinese consumers, investors and central bank demand are very significant.” 

Please click here or on the image to listen to Mark’s full interview.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

NEWS
Gold Climbs A Second Day As Europe Concern Boosts Demand - Bloomberg

Gold extends gains, but heads for 3rd straight weekly drop - Reuters

COMMENTARY
Gold futures slip in electronic trading - MarketWatch

Gold erases early gains as euro weakens - Reuters

China’s Appetite for Gold – Bloomberg

 

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Fri, 05/18/2012 - 07:44 | 2438945 Aziz
Aziz's picture

Lots of barbarians.

Fri, 05/18/2012 - 08:08 | 2438998 Gief Gold Plox
Gief Gold Plox's picture

Did he say: "We advise 5-10% portfolio invested in gold?" It appears I've made an error in my calculations. By a factor of ten. Erm.... woops! My bad!

Curse you math skills!

Fri, 05/18/2012 - 08:17 | 2439026 bernorange
bernorange's picture

How uncouth.  You are obviously uncivilized.  /Munger

www.pmbug.com

Fri, 05/18/2012 - 08:31 | 2439069 Angus195
Angus195's picture

DAM!  I made the same mistake!

Fri, 05/18/2012 - 08:48 | 2439127 Clint Liquor
Clint Liquor's picture

5% of your wealth in Gold, protects 5% of your wealth.

Fri, 05/18/2012 - 09:00 | 2439172 Aziz
Aziz's picture

5% of your wealth in gold is 5 quadrillion% better than 0% of your wealth in gold, though.

Fri, 05/18/2012 - 11:02 | 2439812 caconhma
caconhma's picture

Where Gold going from now?

 

Pivotal events:

1.  Europe is in deep shit without any solutions in sight.

o  Greek people have no desire to pay back or seeing their standards of living going drastically down. In June, they might vote in the old pro-euro coalition but then Greece may see a massive civil unrest. If no-pay coalition elected, they will bankrupt the euro-zone. There is no a peaceful way out.

o  Spain has 50% youth unemployment. This cannot continue for too long any more

o  France is ready to print its way to prosperity...

o  As for Germany, their EU partners will sharply reduce their purchases from Germany.

2.  The US is financially "printing its way to prosperity" without yet of civil unrest.

3.  Physical gold reserves are very limited.

 

Consequently, euro troubles will create a public run for a dollar since Gold will not be an option. This in turn will keep US$ up vs. Gold. However, the USA is also in a deep financial shit. So, Gold will start to shine when US$ started to lose more ground as the reserve currency due to FED overdrive printing and increase in commodities prices.

 

The world Zionist Banking Oligarchy is panicking and becoming more desperate getting involved in more and more military adventures it cannot win paving for a major confrontation with Asia and specifically with China in the next 3 years.

 

PS

Speaking about endless US share oil reserves. Well, getting this share-oil will require a huge US economy tune-up and manpower investments.  America is not capable of such undertaking either politically or economically under the present leadership. Remember, the USA is more like Greece and Spain either than China.

 

 

Fri, 05/18/2012 - 10:15 | 2439584 bharat
bharat's picture

Beep-beep-beep-beep....

clink,clink,clink,clink,clink.......

(driver leaves with big smile on face)

Fri, 05/18/2012 - 07:44 | 2438946 slackrabbit
slackrabbit's picture

Off to buy some more while it low (and in case this weekend gets interesting)

Fri, 05/18/2012 - 07:49 | 2438957 The Axe
The Axe's picture

if it stays above 1580 on some size...gold could rocket much higher.......     ps   got my 300 shares of facebook..this should mark a high in the stock   ha ha  if my broker gave me 300 shares it must be a fucking dog....

Fri, 05/18/2012 - 07:53 | 2438964 Aziz
Aziz's picture

Got 300 shares for free? Fuck they must be desperate.

Fri, 05/18/2012 - 08:01 | 2438981 Olympia
Olympia's picture

From the Wall Street Crash of 1929 to the Global Financial Crisis of 2007

 

It all started with the big crisis of 1929. The American economy reached a deadlock because of its social "pathogenesis"; a deadlock that led it to economic crisis in a different - faster- pace than the rest of the industrial forces of that time. Important decisions had to be made - mostly social - and the Whites didn't like that, especially the Whites' rulers, the Anglo-Saxons. The USA society had to either be homogenized and "forget" about racism against black people or find itself in a permanent deadlock that would threaten it with social uprising. If they didn't equate the black working people with their white colleagues so that there wouldn’t be an issue with the salaries that threatened the national currency, they couldn't avoid reactions and all that goes with it.

 

The problem which began as social but was turning into economic was simple. As long as the economy functioned adequately and the Blacks worked and asserted what they deserved for their work, the white employers had to "fund" the white working force with extra money because of their skin color. To avoid complaints from a white worker who received the same salary with his black colleague, the employers had no choice but to give them more money. The demands of the Blacks were used as an excuse by the Whites to demand more and everything ended up in the same pocket, since they were under the same employ. The problem that arose from this "strange" tactic was that the increased takings of the "superior" White employers were seeking outlet in investments and that threatened the capital. Having higher salaries, they bought more houses; they bought stocks and so on.

 

 

www.eamb-ydrohoos.blogspot.com/2010/02/ten-plagues-of-pharaoh.html

 

.

Fri, 05/18/2012 - 08:05 | 2438994 youngman
youngman's picture

Damn I liked this site because it had NOTHING on Facebook.....now you have ruined it....turn on CNBC...that is ALL they are talking about...kind of sad actually...a sad commentary of what USA has become....we make "friends" now....not things

Fri, 05/18/2012 - 08:15 | 2439019 The Axe
The Axe's picture

Where is the LIKE button   I want to hit the LIKE button on your fucking post.....ZH  needs a LIKE button......

Fri, 05/18/2012 - 08:19 | 2439028 bdc63
bdc63's picture

... we kinda use the green up arrow as our 'like' button for posts ... but you'll notice that Tyler has a legit Facebook *LIKE* button right up there under his story ... maybe we're not as different as we think ...

Fri, 05/18/2012 - 08:18 | 2439024 bdc63
bdc63's picture

Youngman, you think it's bad now, wait until the first trade when CNBC starts reading off every price tick.

Fri, 05/18/2012 - 08:26 | 2439053 Motorhead
Motorhead's picture

Bloomberg's Maryam N. is f'n HOT.

Fri, 05/18/2012 - 08:36 | 2439092 MFL8240
MFL8240's picture

This is a fuckin clown show!  For weeks the gangsters have been telling people that the dollar and US trsesauries were safe havens and Gold was shit, now that has changed because all of the gansters were able to enter Gold at cheaper price? 

How about we focus on the real issue and that is that Hussien Obama was born in Kenya??

http://www.infowars.com/ap-declared-obama-kenyan-born/

http://www.breitbart.com/Big-Government/2012/05/17/The-Vetting-Barack-Obama-Literary-Agent-1991-Born-in-Kenya-Raised-Indonesia-Hawaii

 

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