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Hong Kong Completing 1,000 Ton Gold Vault

Tyler Durden's picture




 

From GoldCore

Gold’s Rally Short Term? Long Term Outlook Bullish

Today's AM fix was USD 1,603.00, EUR 1,321.74, and GBP 1,034.26 per ounce.
Yesterday’s AM fix was USD 1,587.50, EUR 1,309.39 and GBP 1,024.86 per ounce.

Silver is trading at $27.79/oz, €22.77/oz and £17.89/oz. Platinum is trading at $1,416.00/oz, palladium at $570.75/oz and rhodium at $1,150/oz.

Gold climbed $22.20 or 1.04% in New York yesterday and closed at $1,604.50/oz. The silver price hit a high of $27.559 and finished the day with a gain of 1.3%.

Gold was trading sideways in Asia with a slight rise and fall before the open in European trading where gold is in a tight range of ($1,601-$1,608/oz).

 

Gold Prices/Rates/Fixes /Volumes – (Bloomberg)

Gold ticked up again on Thursday, its 3rd session of gains, on investor hopes for additional stimulus packages to be released by central banks increased the yellow metal’s appeal as an inflation hedge. 

Gold’s recent rise was on the wave of Ewald Nowotny ‘s comments and hopes that the US would employ further action after their policy meeting next week.  

The UK’s growing recession which caused Moody’s to put their economic outlook to negative in February looks poised to lose their AAA status soon.  Britain’s 2nd quarter took a nose dive by 0.7% (far greater than Spain’s 0.4%).  

In the US, the Richmond Fed's twin indices of manufacturing and services collapsed this month.  Some analysts say this data signals the events of a deep recession.  Figures show they have dropped at a faster pace than back in 2008.  Manufacturing activity dropped 16 points from -1 to -17.  This is devastating for blue collar workers in America’s heartland.  

Market watchers wait for further clues as traders see this as a short term rally.


Cross Currency Table – (Bloomberg)

There were no major alarm bells in terms of central bank gold purchases in June according to the IMF. The biggest buyer was Russia at 6.2 tons.  Germany sold 0.7 tons.  Mexico sold 0.1 tons.  Guatemala bought 0.2 tons.  June’s net purchases were 5.6 tons versus 57.8 tons in June 2011. This shows a 38% drop in net purchases from central banks for the 1st half of the year in 2012 compared to last year. 

In Hong Kong they are completing work on its largest gold vault due to open in September which can hold 22% of the gold that is in the US facility Fort Knox.  

The new secure storage facility will compete with services set up by the Airport Authority Hong Kong in 2009 that serviced governments, commodity exchanges, bullion banks, refiners, wealthy individuals and exchange-traded funds.

The new facility is within the international airport compound and its capacity is 1,000 metric tons.

This signals the growing interest from China currently the world’s second largest consumer of gold in owning physical gold bullion.  

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

NEWS
Gold rises for 3rd day on stimulus expectations - Reuters

Citi sees 90 percent chance of Greece leaving the euro - Reuters

Gold eases after rallying on ECB stimulus talk - Reuters

COMMENTARY

Hong Kong’s Largest Bullion Vault Signals Rising Asia Wealth – Bloomberg

Germany Lowers Gold Holdings For First Time In Eight Months - Bloomberg

Newcrest output sinks 15% in gold's record year - MarketWatch

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Thu, 07/26/2012 - 09:02 | 2652729 jeff314
jeff314's picture

i can hold all fort knox gold in my pocket....

Thu, 07/26/2012 - 09:04 | 2652735 GetZeeGold
GetZeeGold's picture

 

 

I already am.....it's as light as air.

 

 

 

Thu, 07/26/2012 - 09:08 | 2652752 CunnyFunt
CunnyFunt's picture

As light as Tungsten?

Thu, 07/26/2012 - 09:10 | 2652768 BaBaBouy
BaBaBouy's picture

Notwithstanding Ben Shalom, GOLD $50K.

Thu, 07/26/2012 - 09:24 | 2652790 economics9698
economics9698's picture

 

If the Chinese are going to be mercantilist the least they could do would be to get some gold instead of paper for their sweat.  

China had silver back in the day and it was a good system.

 

Thu, 07/26/2012 - 09:34 | 2652825 FEDbuster
FEDbuster's picture

The "Barbarous Relic".

Thu, 07/26/2012 - 09:19 | 2652792 knukles
knukles's picture

Hong Kong Airport Compound.

Goodfellows

Thu, 07/26/2012 - 09:24 | 2652807 SWRichmond
SWRichmond's picture

Putting it near an airstrip was a really really bad idea.  Easy in-out.

Thu, 07/26/2012 - 09:23 | 2652794 BaBaBouy
BaBaBouy's picture

CORRECTION ...

HK Gold vault due to open in September which can hold 22% of the gold that ONCE WAS IN US facility Fort Knox.

Thu, 07/26/2012 - 09:09 | 2652756 ratso
ratso's picture

There is no place safer for your gold and valuables than a vault in the Peoples Republic of China

Thu, 07/26/2012 - 09:24 | 2652805 Temporalist
Temporalist's picture

Well their boats are no safer:

Luxury Chinese Boat Launches, Sinks Immediately

 

Thu, 07/26/2012 - 10:16 | 2653007 Blano
Blano's picture

Exactly what I logged in to say.

Thu, 07/26/2012 - 10:17 | 2653011 cynicalskeptic
cynicalskeptic's picture

Ans the People's Republic oif China is the likely lication of a good amount of previously American gold..........also 'owned' by various bullion banks, Middle Eastern countries and private individuals who THINK 'their' goild is still safe and secure in NY or London.....

Thu, 07/26/2012 - 11:33 | 2653338 cynicalskeptic
cynicalskeptic's picture

I absolutely trust JP Morgan when they tell me MY 'allocated' gold is COMPLETELY safe.........       and my friend's GLD shares are just as good as gold........ (the prospectus says so... sort of... maybe?.... )

Thu, 07/26/2012 - 12:56 | 2653667 HungrySeagull
HungrySeagull's picture

22% of Ft Knox? 1000 ton?!

 

Hmm...

 

100% divided by 22 = 5 x 1000 =5000+ ton.

 

Waitaminute, where is 3000 ton for a total of 8000?

Thu, 07/26/2012 - 13:48 | 2653833 bloostar
bloostar's picture

You forgot to account for the tungsten. There's the missing 3000 tons or so.

Thu, 07/26/2012 - 09:16 | 2652784 Paper CRUSHer
Paper CRUSHer's picture

Careful there buddy don't open the-the th-that canister.............nerve gas bitchez!

Thu, 07/26/2012 - 09:06 | 2652746 otto skorzeny
otto skorzeny's picture

doesn't that  impede a rousing (arousing) game of pocket pool?

Thu, 07/26/2012 - 09:04 | 2652732 Temporalist
Temporalist's picture

Chuántong! (tradition)

Thu, 07/26/2012 - 09:04 | 2652737 achmachat
achmachat's picture

i guess this maximum capacity is for security and insurance reasons... and not because of actual volume.

1000 metric tons of gold would be 51,8 cubic meters of pure gold.

 

Thu, 07/26/2012 - 09:21 | 2652799 eclectic syncretist
eclectic syncretist's picture

It's at an airport, meaning it's not meant to stay there.  This is just a staging area for gold going into China.  Routing it through Hong Kong allows China to downplay and import more secretively than just having Comex ship everything they have on hand straight to Shanghai!

Comex claims to have a little less than 11M ounces (311 metric tons), so at $1600/ounce that's about 18 billion USD for the whole pile, and it would take up less than a third of this vault.

Interesting...............

Thu, 07/26/2012 - 10:45 | 2653142 cynicalskeptic
cynicalskeptic's picture

What Comex claims to have - and whether or not anyone else has claims on the same gold is another issue.....

 

Thu, 07/26/2012 - 12:57 | 2653673 HungrySeagull
HungrySeagull's picture

Or roughly ten scoops with a Cat front end loader.

 

Hell, alot more than that based on weight.

Fri, 07/27/2012 - 04:57 | 2655685 lewy14
lewy14's picture

A thousand metric tons -> a million kilograms -> 1 gigagram. 

Less than a gram a person for China.

Thu, 07/26/2012 - 09:04 | 2652738 Inthemix96
Inthemix96's picture

Rightttttttttt...............

You are assuming fort knox still HAS 22% of the gold it assumes it never had then?

Fuck you bernank, you baldy little dwarf.

Thu, 07/26/2012 - 09:07 | 2652747 GetZeeGold
GetZeeGold's picture

 

 

Hey cut Ben Shalom some slack......even Superman couldn't audit Fort Knox.

 

Thu, 07/26/2012 - 09:09 | 2652765 Inthemix96
Inthemix96's picture

Getzeegold,

I would love to cut shalom ben, will you hold him down while I do the cutting?

;-)

Thu, 07/26/2012 - 09:22 | 2652797 economics9698
economics9698's picture

But he’s already been circumcised, are you thinking of something bigger?

 

Thu, 07/26/2012 - 09:27 | 2652814 Inthemix96
Inthemix96's picture

Of course Mr 9698,

Just that loose bit of flab inbetween his head and his tiny little dwarf arse.

I'm not squeamish you see, and just think of all the good I would be doing the world

:-)

Thu, 07/26/2012 - 09:04 | 2652739 fonzannoon
fonzannoon's picture

Anyone have a clue whats going on with Novagold? That guy Paulson owns a ton of it. Pretty funny.

Thu, 07/26/2012 - 09:24 | 2652809 Al Huxley
Al Huxley's picture

Chart looks like pretty much every other junior gold stock (or senior for that matter).

Thu, 07/26/2012 - 09:05 | 2652741 otto skorzeny
otto skorzeny's picture

why spend so much $ to protect a barbaric relic?

Thu, 07/26/2012 - 09:08 | 2652751 LoneStarHog
LoneStarHog's picture

Okay...for the umpteenth time:  Keynes called The Gold Standard a "barbarous relic" and NOT physical gold.

Thu, 07/26/2012 - 09:18 | 2652783 Pladizow
Pladizow's picture

Keynes was implying that which backed the standard must also be barbarous!

The only thing that is barbarous are the minds of those people who can not understand gold's importance!

Thu, 07/26/2012 - 09:37 | 2652834 Moe Howard
Moe Howard's picture

Thank you for making the effort to set the record straight.

Thu, 07/26/2012 - 09:14 | 2652758 GetZeeGold
GetZeeGold's picture

 

 

why spend so much $ to protect a barbaric relic?

 

It's tradition.

 

Thu, 07/26/2012 - 10:13 | 2652991 aerojet
aerojet's picture

So they guard the vault with double-barreled shotguns?  The ones with the external hammers you have to manually cock before firing?

Thu, 07/26/2012 - 12:58 | 2653674 HungrySeagull
HungrySeagull's picture

Careful, those old coach guns can shred you.

Thu, 07/26/2012 - 09:05 | 2652742 LoneStarHog
LoneStarHog's picture

And...right on cue...here is GoldCrap!

Thu, 07/26/2012 - 09:08 | 2652753 PatientZero
PatientZero's picture

Quiet woman, this is a MAN-THREAD.

Thu, 07/26/2012 - 09:09 | 2652764 LoneStarHog
LoneStarHog's picture

Then look between your legs and quietly exit.

Thu, 07/26/2012 - 09:13 | 2652778 GetZeeGold
GetZeeGold's picture

 

 

We'll hold the door so it doesn't hit your ass on the way out.....least we could do.

 

You're welcome.

 

Thu, 07/26/2012 - 12:59 | 2653676 HungrySeagull
HungrySeagull's picture

*Slaps... not that door, the other door for the wheelchair.

Thu, 07/26/2012 - 09:07 | 2652748 PatientZero
PatientZero's picture

*sigh* A man can only daydream of being locked in there to rub all of that gold on himself.

Thu, 07/26/2012 - 09:20 | 2652798 BandGap
BandGap's picture

Gold doesn't have the antimicrobial properties that silver has. Yes, silver is healthier for you.

Thu, 07/26/2012 - 10:12 | 2652952 SoNH80
SoNH80's picture

(deleted)

Thu, 07/26/2012 - 10:02 | 2652958 mick_richfield
mick_richfield's picture

Microbes, yes -- but I worry about the whole werewolf thing.

If you shoot a werewolf with a gold bullet, he will just say "Thanks!" -- if he's polite -- before he rips you apart.

If you want to invest in gold, that's good. 

But if you're walking out on the moors alone -- carry a piece of silver.

 

Thu, 07/26/2012 - 09:09 | 2652757 grunk
grunk's picture

The U.S. will soon need to "liberate" Hong Kong.

Thu, 07/26/2012 - 12:10 | 2653492 killallthefiat
killallthefiat's picture

We do not even have the force to liberate Syria anymore.  How the heck are we going to liberate HK?

Thu, 07/26/2012 - 09:09 | 2652761 LULZBank
LULZBank's picture

Gold stored away in lockers is not so helpful to bring natural trade balance.

Works well for centrally planned "free" trade.

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