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Global Gold Coin & Bar Demand Surges in 2011 - Thomson Reuters GFMS Annual Gold Survey
From GoldCore
Global Gold Coin & Bar Demand Surges in 2011 - Thomson Reuters GFMS Annual Gold Survey
Gold’s London AM fix this morning was USD 1,662.00, GBP 1,080.34, and EUR 1,299.76 per ounce.
Yesterday's AM fix was USD 1,642.00, GBP 1,070.27, and EUR 1,281.71 per ounce.
Cross Currency Table – Bloomberg
Spot gold has consolidated gains above the 200 day moving average at $1,640/oz. Gold has climbed 1.5% to a one month high, due to concerns about the Eurozone sovereign debt crisis. Risk appetite has returned lifting markets across the board, after China announced better than expected economic growth in the last quarter of 2011.
Thomson Reuters GFMS annual gold survey released today shows that global investment increased 20% last year to $80 billion, leading to the nominal high last September of $1,920/oz. This is primarily attributed to the physical buying of bullion.
Gold may climb to a new nominal record above $2,000/oz by early next year as concern about currencies and low interest rates encourage investors to seek a protection of wealth, Thomson Reuters GFMS said.
Gold Spot $/oz - Daily 1/17/11-1/17/12 - Bloomberg
Gold coin purchases gained 13% last year and will increase 2.7% in the first half.
Purchases of gold bars increased by 36% to nearly 2,000 (1,194) metric tonnes, concentrated in China, Germany, Switzerland and Austria.
East Asia demand for gold bars rose 53% to 456 metric tonnes.
India rose 9% to 297 metric tonnes and western markets demand for gold bars rose 41% to 335 metric tonnes.
Central banks increased net purchases by a massive fivefold to 430 tons last year, and may buy another 190 tons in the first half, GFMS said.
Combined official holdings stand at 30,788.9 tons, data from the London-based World Gold Council show.
“Attitudes among central banks haven’t really changed,” Thomson Reuters GFMS annual survey said. “There’s still that desire to come into the gold market to diversify some of the assets away from foreign exchange and to boost gold holdings.”
The Thomson Reuters GFMS annual gold survey also predicts that gold will struggle in the first half of the year, increasing in the later half towards $2,000.
It also says the gold bull market is losing steam and predicts an end to the run as economies recover next year and interest rates begin to rise.
These are particularly large assumptions which are unlikely to come to pass. Indeed, rising interest rates will likely be bullish for gold and bearish for risk assets as they were in the 1970’s. It is only towards the end of the interest rate tightening cycle when savers are rewarded with positive real interest rates that gold’s bull market may be threatened – as was seen in late 1979 and 1980.
Separately, Pricewaterhouse Coopers surveyed mining companies and found that 80% of executives expect gold to increase this year to $2,000/oz. Central bank purchases have increased in the last few years and are expected to continue.
The Eurozone debt crisis is certain to continue for the foreseeable future – as no political, economic or monetary magic wand will be found to make it end.
The Thomson Reuters GFMS annual gold survey shows how safe haven demand for gold bullion increased again in 2011 confirming gold is still a safe haven in these uncertain and volatile financial times.
For breaking news and commentary on financial markets and gold, follow us on Twitter.
NEWS
(Reuters)
Gold rallies 1.5 pct as China data lifts markets
(MarketWatch)
Gold tops $1650 as dollar slides on China data
(BusinessWeek)
Gold to Gain, Copper ‘Favored’ in 2012, Morgan Stanley Says
(WallStreetJournal)
Iran Cracks Down on Dollar Trades
(YourHoustonNews)
BBB warns: Don’t rush to sell your gold
(WallStreetJournal)
Banks Divided On Gold Price Outlook In 2012
(Bloomberg)
Gold to Reach $2,000 by Next Year as Investment Rises, GFMS Says
(The Guardian)
Gold price 'to hit $2,000 an ounce'
COMMENTARY
(CommodityOnline)
‘Gold and silver to regain shine in 2012’
(ForbesIndia)
Gold still has some shine left in it
(24HGold)
Gold: The Studebaker Effect
(InvestorPlace)
Gold Bugs, Stop Laughing
(KingWorldNews)
Rickards - CurrencyWars, Gold & Inflation Worse than 1970s
(GATA)
Iranian currency and economy collapsing under tighter U.S. trade sanctions
»
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Got physical Bitchez?
Not since the terrible boating accident.....never take your gold on a boat.
What was I thinking?
it's the evil metal - it compels you to take a boat and have an accident
No wonder CNBC hates that crap.
Afterbeing bank-less for close to two yyears, I opened an account today. In one of India's fast growing, dollar funded banks. And asked about the Gold Loan Scheme.
Once you understand it, you realize where Gold is going.
They give you a loan on about 6o% of net value of yesterday's close, charge an interest rate of 14-16 %.....
14-16%, get that. And keep your collateral.
Now you tell me which way you think they believe the metal is headed? They will swallow it all in the coming General Deflationary dump, so many variables for them to play with.
People who need to take out loans are generally short cash.
See?
ori
/truth/
And why wouldn't you want to be short cash especially in your socialist leaning country that has very little ability to create wealth?
If you think governments cant create and spend money then you are either ignorant or just creating link bait.
Why would there be deflation when the government can create a deficit of 15 trillion and print as much money as is needed to back it up. It makes 0 sense.
Maybe you can explain how a deflationary unwind occurs? Deflation fear YES. Actual deflation NO. Buy The Deflation Fear BTDF
Oh and we are supposed to believe that the people loaning the money are soooo smart. Who are they?
ORI pitches this same lame story on all ZH gold posts.
The banks are loaning against an asset they want and will get when you silly indians cant pay back your debts!
They are just dressed up pawn shops.
They are just dressed up pawn shops.
I know you have the money and your pawn ticket....bad news.....we've hypothecated it.
Shucks....we're really sorry about that.
How to Stop the Debt Spiral
1 Grow the Economy
2. Default on the Debt
3. Impose Austerity
4. Inflate
Alex Ill take #2 default on the dept for 200
What is revaluation of gold and silver
Ding! Ding!
Ding!
http://seekingalpha.com/article/319405-debt-chaos-financial-repression-and-gold?source=yahoo
That won't change a thing.
Peak Oil, bitchez.
Peak Oil, bitchez.
Until we start drilling again in the gulf.....until then....I guess we're huying from Brazil.
Drill whenever you want. Won't change a thing.
or so that would like you to believe.......give me all of Alaska and the the Gulf....you'll be puking oil.
Not even enough to compensate for the actual growth of population. Not talking about the future. Peak Oil is a fact. You can accept that fact and move on or refuse that fact and live in an imaginary world. It's up to you! ;)
Jane you ignorant slut.
http://www.youtube.com/watch?v=3Pyb-EmZSj0
no; you are the dumbshit here.
Peak oil is real and unavoidable.
I mean, you morons act as if PO is even DEBATABLE...like you do not believe in it, when it has ALREADY HAPPENED in 54 of the top 65 oil-producing nations!
It happened in the fuckin USA over FORTY YEARS AGO and you clueless dolts don't even seem to grasp it.
Peak whale blubber worked out ok.
Renewable apples vs. finite oranges. Check yer premises, or come up with a WORKING cold-fusion reactor.
There is no such thing as "Peak oil" it's peak production. Create a scarcity to control and profit from natural resources. Search: Adibiotic oil and the mystery is solved.
the mystery of how you could possibly be this dumb remains, though...
People believe in voodoo Economics, technical analysis in rigged markets, astrology, and flying saucers -- got a problem wit dat?
And why wouldn't you want to be short cash especially in your socialist leaning country that has very little ability to create wealth?
A: Not short cash. Don't have cash. See the difference? People participating in Gold Loan schemes need money and have gold (usually old gold). I'm not talking a 1%er or even a savvy 5%er here, it's the great unwashed masses.
If you think governments cant create and spend money then you are either ignorant or just creating link bait.
A: All governments canot print to infinity. Only those with a global reserve currency can. Did you know that? India is not an island, like the US is. And we make some shit (more shit than the US by far) and buy MUCH MORE SHIT. Quite the pincer and definitely not a print forever CB, ours is.
Why would there be deflation when the government can create a deficit of 15 trillion and print as much money as is needed to back it up. It makes 0 sense.
A: There is a whole entire world outside the US.
Maybe you can explain how a deflationary unwind occurs? Deflation fear YES. Actual deflation NO. Buy The Deflation Fear BTDF
A: look above. Deflation is actually already here. See velocity of money, globally and locally. Slowed to a crawl. Banks parking enourmous funds in CB's. Money supply is straight up, money in circulation is shrinking. See? The latter causes deflation.
Oh and we are supposed to believe that the people loaning the money are soooo smart. Who are they?
A: The same guys who got us where we are today? You think the TPB are dumb?
ori
especially in your socialist leaning country that has very little ability to create wealth.
Wow.....these socialists seem to be getting a bad rap lately. I thought those guys were the smartest guys in the room.
Maybe not.
Making stuff and creating wealth are to totally separate things. China makes a lot of rice, they create very little wealth. Governments are great at puttting more into creating stuff than they get out which is just another reason they will be able to avoid deflation. Your government/populaton is one of the best in the world at this. And that is why all of your wealth creators come over here.
Can't print to infinity? Zimbabwe, argentina, china, india, brazil,Mexico seem to be pretty good at it and they do not/did not have a global reserve currency.
All governments with their own currency can print and spend as much as their ignorant populations will allow. The more "unwashed" masses there are in a country the more they can get away with it.
Yes things sure are deflating I am positive that is why gold is up, oil at 100 a barrel, food caused riots in the middle east, housing in the US still at double the 2000 price. I can hear the air coming out.
"money in circulation is shrinking " Oh really? I guess it depends on how you define money. This measure would beg to differ
http://www.forbes.com/sites/michaelpollaro/2011/07/17/true-austrian-money-supply-update-2/
For those not familiar with banking/history, deflation does occur when there is an economic slow down/stop. For those familiar with Wall Street/1929-33 the loans get called in, people/firms cannot pay, default, loss of purchasing power. Commodities plunged in value.
Inflation can happen, Germany-1923, when the government prints, as most ZHers predict.
Everyone here expects inflation, but we do not know for 100% certainty. The only one who knows is the markets, and they are not telling us anything, and the central banks.
Anyone got a line into Bernanke’s head let us know because I damn sure want to know before a plunk down a few thousand more on pm.
Bernanke may decide to print AFTER the meltdown.
Prices should deflate in an economic turndown. Banks hate that. They need prices of assets to inflate to keep their system running. There is too much money loaned for and borrowed againt those assets.
And, since the bankers run things now, I think that guarantees inflation is coming.
This isnt 1929-1933 There is no tie whatsoever between money and a finite commodity(except maybe a secondary food/oil cost correlation) that would force loans to be called in.
There is no reason to believe people will allow an economic slow down to occur when they can vote for more roads, more solar power companies, more wind turbines, more social welfare, more monuments, more empty cities, more "education", more "science" more bridges to no where, and more missles. Just look at the effort required to go to war with Japan and compare it with the effort to go to was with Lbya, Iraq, and Afaganistan. These guys can spend money so much easier than FDR could he would be so jealous.
The only thing that would force deflation is the complete destruction of existing wealth (there is a long more ways to go before reaching this point) and societies living hand to mouth. It is my belief that we are a long way off from this point and if it does arise there will be plenty of signs that show it is coming.
In 1929, AFTER the crash, the Fed inflated the money supply, and commodities still crashed to 10% of their previous value.
Read Rothbard's "Americas Great Depression." He did a wonderful job documenti9ng the financials and actions of the Fed as well as markets.
That’s not to say pm are not the best investment. A ounce of gold will still buy the same goods before, or after, inflation or deflation.
Bernanke will print right before the elections in the USA this autumn to prop up Obama
"your socialist leaning country that has very little ability to create wealth"
India has created a whole lot of wealth in the last15 years, gues you haven't been paying attention?
I will reiterate.Making stuff doesn't equal wealth creation.
Yer right, this trinket is not really worth $1,145.00. Either define what you think "wealth" is or check yer premises.
Yeah, me too... that dumb ass Irish Setter tipped over the canoe in just prior to reaching the waterfalls. The Setter had the only life jacket and I damn near drowned.
Gold all gone... Some gold panner will probably be surprised to find a gold eagle in pan.
I don't see the problem as how to lose it, but how to trade it without "sharing".
Why don't you simply take some diving lessons and go get it back with an underwater metal detector?
Nice pop since that AM fix. Resistance is ahead though...
Gene... gotta love this one... "It also says the gold bull market is losing steam and predicts an end to the run as economies recover next year and interest rates begin to rise."
Coffee on keyboard when I read that sentence.
Zirp is forever.
Money for nothing. What can go wrong? And why did it take us so long to realize that 0% is the right way to handle monetary matters?
"And why did it take us so long to realize that 0% is the right way to handle monetary matters?"
...........................
A Ben Bernanke, like an Einstein, a Newton, a Fermi, a Marconi, etc, only comes along every so often... usually well spaced in time...
You know, like John Law, Ponzi, Madoff, etc...
Fortunately for us mere mortals.
Save the Big Banks (6) but kill the economy as to consolidate global power to a handfull of Elites.
"Give me control of a nation's money supply, and I care not who makes its laws.
- Mayer Amschel Bauer Rothschild ...
If all else fail's, they will use stand in Tungstin bars to be accounted for to keep the paper game alive. BTW.. Who does the official weight count of real gold anyway? Can they be audited fairly?
My advise... Go invest in Titanium rice bowls to avoid disappointment.
You actually believe this bullshit?
Have you been watching events elsewhere in the world?
And the Bull Shit you believe is that GLD at $1,600.xx an oz seems normal? According to the inflation chart I posted above, Gold should be at $5,000.00 an Ounce RIGHT NOW, but it's not. Ask yourself why and there within lies the manipulation. Stop smoking the Hopium.
I know a little bit about Gold and Silver, my family owned Comstock mines in CO and my G-Grandfather wrote a book called "Bi Metalism" You may find it on line, it has to do with using Gold and Silver as a primary currency but then used in combination to then new Fed Reserves Paper printing 1913, he hated the Fed Reserve.
Here is a good mention of it's intent.
Arguments advanced against bimetallism are: (1) it is practically impossible for a single nation to use such a standard without having international cooperation; (2) such a system is wasteful in that the mining, handling, and coinage of two metals is more costly; (3) because price stability is dependent on more than the type of monetary base, bimetallism does not provide greater stability of prices; and (4) most importantly, bimetallism in effect freezes the ratio of the prices of the two metals without regard to changes in their demand and supply conditions. Such changes can disrupt attempts to maintain the double standard. See also Gresham’s law.
Yes, I have been monitoring all events in the Geo Political spectrum, I know more than you do for sure. In the event of a Euro crash, or if a Country leaves the Zone, it dosen't necessarily mean Gold will increase, it may save your stored FRN wealth but only within a %. Good to have it, I'm just sayin don't expect to redeem your FRN Gold phizz to par investment translation or better.
Here is a good test, there is a Euro bank that's about to fail within 3 weeks, (UNICREDIT) Greece definately within the Ides of March, it may take out 7-9 US banks with it, watch what Gold does in a crisis and your going to shit your pants. It goes lower, waaay lower cause they need to scare up liquidity. Time will tell.
Yes, Au WILL drop in terms of FRNs (won't reach zero though!), as Idjuts scramble to sell locks, stocks & barrels in order to keep the doors open; BUT after that, Au WILL RISE once again in VALUE! The key is not to panic and trade yer Au for pretty pieces of PAPER.
Maybe this is the stealth way they are going to get our financial system under sharia law where interest is forbidden?
Managing expectations is the name of the game.
www.pmbug.com
Resistance is fultile.
There's also resistance against a strenghtening dollar. Go on gold price org and switch the Gold price between the 30day dollar and 30day euro and you'll see 2 completely different charts.
"interest rates will rise"
If they do, Mr. Thomson Reuters dumbphuk, many economies go under as already unsustainable debt burdens become moreso.
One of the Fed board members said yesterday that 'Fed may raise interest rates as soon as next year' paraphrasing...
I will believe it when I see it. Fed is great at jawboning, little else.
Jawboning? Oh, you mean disinformation.
"interest rates will rise"
Don't move......or the dummy gets it.
+1 - for reminding me of Blazing Saddles.
But we're in 2012. so that's old news from them. Can't they be as fast as you guys here at ZH??
Hogwash. Why? Because The Nads said so.
It also says the gold bull market is losing steam and predicts an end to the run as economies recover next year and interest rates begin to rise.
That would be nice, I mean I really wish the world economies would recover, then I wouldn't have to worry about all this BS. Alas I don't think it's going to happen, so stick to your guns brothers and sisters. If things start looking up in 2013, we can breathe a sigh of relief, not until then.
Ps has anyone seen my WMD's?
Ps has anyone seen my WMD's?
If you're short.....I could loan you one.
I did see them they are in Syria, numbskull..
I just thought of a conspiracy related to the Dragon Family $1T lawsuit. If true, is it possible that they are using real gold to supress the price of gold? :)
Just WHO are the Idjuts trading REAL, PHYSICAL Au/Ag for pretty pieces of paper/promises??
"Global Gold Coin & Bar Demand Surges in 2011 - Thomson Reuters GFMS Annual Gold Survey"
This dosen't mean Gold or PM's are going to be worth what you think, or nesseserily what you payed for it.
You had better beware, Gold will be pegged to SDR's once global currencies fail, there will still be a vacuume of debt left in it's wake. 2K Gold and 200 Silver is a fantasy.
Special Drawing Right's, who ever pen's this agreement will ultimately be re-pegging the value of PM's.
You had better beware
Consider me bewared.
Oh no, another fucking globalist conspiracy theorist...
Wake me when China and the SCO and BRICS agree to the SDR as the new global reserve currency.
Every developed country is bankrupt. Every major bank is insolvent. And they're all tied together such that if one falls, they all fall. What a coincidence. We're on the brink of a global financial and monetary collapse, followed by bank holidays, economic collapse, and high or hyper inflation.
Let the folks stew in that for six months and they'll be begging for that global currency.
Signed, globalist conspiracy theorist
Another warning...
Such an act could start a war!
Yeah, because "they" can make 1=1000. "Somehow".
Ignore supply and demand, listen only to the proclamations of fools who think they control the tides, and the bigger fools who follow them.
ACM Gold is already leveraged 500:1, and some trading houses even higher right now.
The highest account leverage in Forex known today is 500:1 (actually, 1000:1 is the new leader nowadays!)
Source: http://www.100forexbrokers.com/high-leverage-brokers
Now, click on the little link bar and scroll down to ACM Gold.
I understand there is a pricing difference between paper and phizz, so the question I have is.. which price has more speculation built in? Or do they meet in the middle when the smoke clears? TPTB price Gold and PM's, not market demand or scarcity. It is a form of true wealth in the hands of citizens, you really think they will release ultimate power into the hands of the people they want to control? Just trying to keep it real here, don't bet the ranch you will ever see 2K an oz in the near future. Sux.
USDX may depreciate, but it is going nowhere anytime soon even if we have to illegally raid another Country to ensure that. The USD will never just fail as a currency.. ever.
Quick History lesson about using PM's as an Inflation Hedge:
http://inflationdata.com/inflation/inflation_rate/gold_inflation.asp
Titanium Rice Bowls.
I find your argument that gold is not an inflation hedge (in the article linked above) as rather specious, as you dishonestly and disingenuously use, as do all the anti-gold propagandists such as Jon Nadler (not saying that you are one such, however), the BRIEF gold price spike of early 1980 of $800+ as your reference point; in fact, to make the argument more relevant and meaningful, you should be using a price such as $600, roughly the average price for the entire year of 1980, instead.
More than that, however, your flimsy argument rests on a highly localized timeframe, 1980 through 2001, a period of ONLY 21 years, rather than taking a decades-long or centuries-long perspective, which if you had done, you would of course see that gold DOES in fact keep up with fiat currency depreciation --- as it must, otherwise its value (not price of course) would have been steadily falling (significantly, too) over those decades or centuries, instead of roughly holding constant.
There you go again, my friend. Flogging the same old dead horse. Isn't your arm getting tired?
I'm becoming more and more able to slide by the rigid and tiring "arguments" these days.
My explainer is broken...
Just do some cuttin'n'pasting:
[quote]
One should constantly remember that no solution to the financial crisis has been installed, nothing fixed, no big banks liquidated, no end to monetary inflation, no end to outsized USGovt deficits, no end to secretive subterranean support of stocks and bonds, no revival of the housing market, no discharge of big bank home inventory, no return of US industry from Asia, no interruption to the endless costly wars, no end to money laundering of narco funds to Wall Street banks, no end to the propaganda obediently pumped out by the US press & media networks, and no change of Goldman Sachs running the USGovt finance ministry. Expect no change in anything that you believe in. Expect no change to the 0% policy (ZIRP) with no change to the heavy monetary inflation (QE), as the path to ruin is set, and the policy of Inflate to Infinity cannot be stopped. Gold will not stop until it surpasses at least $5000 to $7000 in price. Silver will not stop until it surpasses at least $150 to $200 in price. Such forecasts invite mockery, but in two years they will seem prescient.
[/quote]
I hear what yer saying, but turnip trucks keep driving by and losing Idjuts when they hit the ZeroHedge speed bump...
Hey there Rocky, I'm not exactly sure just what you are trying to say there --- are MY arguments tired and stale, or those of the poster to whom I responded? Or do you mean that trying to counter such shallow anti-gold arguments is what is tired and stale?
Norman, Norman, please coordinate.
As I've stated earlier, I'm just tired of re-education activities. I thought you might tire of the same. It seems that StychoKiller has nailed it: Just cut/paste a small portfolio of remarks and post as needed.
Gotcha, and thanks for the clarification.
You're probably right, and yes, I am getting tired of it --- I just hate seeing such tripe going unchallenged.
Au has never been worth $0, I'll keep your warning in mind when shoveling FRNs into the stove to keep warm during the winter months.
"as economies recover next year"... I wasn't aware we discussed economies on planets other than Earth here...
I think with China's structural issues starting to bite, US & EZ's addiction to QE, growing EM demand and a new military intervention looming in the Middle East, there is still life left in gold for a while yet, no?
"there is still life left in gold for a while yet, no?"
.............................
Gold has worked pretty well for the last five thousand years... while many fiat currencies have come and GONE... gold will be money as long as people inhabit the earth.
Agreed, Gold has worked pretty well in the past, but now we have printers and what confetti they spit out isn't pegged to shit. IMHO, Gold will be the basis for Nation Building and without Industries, Gold has no utilitarian value as Silver unless we plan to Solar Panel the whole fuking Planet. I think it will become an intertrade currency vehicle for the Elite at $1,200.00 Troy oz.
I hold Physical Silver since 2007 when it was $14.00 a Troy oz. I continue to hold till this all shakes down.
Why don't people understand that it is not gold going up its the dollar and all other useless paper going down, because of all the money printing. People who say we are not having or not going to experience substantial inflation are wrong, IMO. Here is an example from my world.
I own a utility construction company that signs long term contracts with my clients. When I signed my last deal on road diesal fuel was around $2.00+ a gallon at the refinary. Two years later, I am paying over $3.50 a gallon, and I use over 2,500 gallons per week. Its not that oil has gone up or that there is a real shortage. Its because the FED just keeps printing and printing money. My dollar buys less real stuff, and it will continue to by less real stuff as long as the FED keeps printing money.
As long as inflation remains high, which real inflation is somewhere over 10%, you would need to make an after tax return of 10% in the stock market just to maintain your purchasing power.
I could see the dollar being worth 20% less by the end of 2012, I can't see gold being worth 20% less.
According to this, everyone's buying.
Who's selling?
And did someone go into space, mine Eros or whatever that asteroid that contains 200x all the gold ever mined on Earth, and put it on the market?
Central Banks poo poo gold investors but yet horde it themselves physically not even trusting ETF's. They know how this shit works better than anyone. They also know that without control of that barbarous relic they wouldn't be able to maintain their privilage to print irredemible paper and electronic money and force it on their subjects. Without gold the Central Bankers would be dead or on the streets and they know it but they are always talking it down while they pump up their ponzi schemes.
Some one explain to us how interest rates can possibly rise with 16 trillion in outstanding debt? Raise interest rates and you crash this ship right quick..
2000 tons of bar demand? That is investment demand of ~50% of annual production plus scrap.
That number is way higher then what was reported before.
To make the reported numbers useful, please add the number or weight of total coins sold and make clear that of a total bar demand of 2000 tons x comes from India, y from Eastern Asia and so on.
"Purchases of gold bars increased by 36% to nearly 2,000 (1,194) metric tonnes"
I'm feeling obtuse today and will need that sentence explained, in particular the relationship between 2,000 and (1,194).
economies will recover when most of the debts are written off so it is not an economic but a political decision and projecting when will it happen is impossible
"2,000 [1,194]" is so easily uderstood that no explanation is needed.
Ditto with all the word-salad acronyms.
Actually, all so clear that there is no reason to even read ZH except to nitpick. ZH readers are all insiders and the cognoscenti of financial universes. You are not.
Scientific papers demand explanation of all acronyms. That is proof that scientists don't really know what they are talking about. ZH does not have to follow time-tested and silly scientific standards. USNGHETS
Gotta stop. Emptied my bottle of sarconol.