World Gold Council
18 ноября, 10:00

Зачем Путин скупает золото?

Русский царь Владимир Путин скупает золото с огромной скоростью, и я думаю, что это вряд ли предвещает что-то забавное. По данным Всемирного совета по золоту, российские золотые резервы выросли более чем в два раза за последние пять лет. Путин воспользовался финансовым кризисом для пополнения пятых крупнейших в мире золотых резервов, и продолжает тратить на золото […]

17 ноября, 19:00

Америка готовится к краху

В мировой экономике грядет нечто великое, событие, которое по своим масштабом окажет серьезнейший эффект на всю глобальную финансовую систему. Подобный тезис мог бы показаться попросту популистским, если бы не одно "но". Те тенденции, которые можно сейчас наблюдать в центральных банках по всему миру, а также слухи, распространяющиеся среди инсайдеров, явно указывают на приближение подобного исторического […]

17 ноября, 18:53

Қазақстан туралы қызықты деректер

Шарықтап дамып келе жатқан Қазақстанның әрбір күні ерекше жаңалыққа толы. Түрлі оқиғалар, жаңалықтар үнемі ел арасында қызу талқыланып, алыс-жақын шетелдіктердің өзі жер көлемі жағынан бірден көзге түсетін елге қызыға да, қызғана да қарайды. NUR.KZ порталы ел тәуелсіздігінің 26 жылдығына орай Қазақстан туралы қызықты деректер топтамасын назарларыңызға ұсынады. Қазақстан жер көлемі жағынан әлем бойынша 9-шы орында. Аумағы 2724,9 мың шаршы шақырымға тең. Біздің ел аумағы бойынша Франциядан бес, Италиядан тоғыз, ал Англиядан он бір есе үлкен. Қазақстан 5 Франция немесе 3 Түркия болмаса 7 Жапония сыйып кететіндей жер аумағын алып жатыр. 1999 жылы Астана ЮНЕСКО-ның «Әлем қаласы» жүлдесіне ие болды. Қазақстанда 130-дан астам ұлт өкілдері бір шаңырақ астында тату-тәтті өмір сүріп келеді. Біздің елде мыңға жуық этномәдени орталықтар жұмыс істейді. ТМД елдерінің ішінен тек біздің елде ғана өзбек, неміс, корей, ұйғыр ұлттарының театрлары көрерменін қуантып келеді. Елімізде 18 млн-нан астам тұрғын бар. 18 млн-шы тұрғын Муслима Саматқызы биыл 11 мамырда Алматы облысы, Талдықорған қаласында дүниеге келді. Ал бас қала Астананың миллионыншы тұрғыны былтыр шілде айында туылды. Айта кетерлігі, еліміздегі 11 млн-шы қазақ ОҚО, Қазығұрт ауданында тұрады. Біздің еліміз табиғи қазбаларға бай мемлекет. Мұнай, алтын, уран сынды байлықтары жағынан әлемге танылған. Менделеев кестесінің 99 элементін Қазақстаннан табуға болады. Қазақстан әлем бойынша алтын қоры жағынан 100 мемлекеттің қатарына кіреді. Бүкіләлемдік World Gold Council сарапшыларының мәлімдемесінше топ-100 рейтингі бойынша Қазақстан алтын қоры жағынан әлемде 21-ші орында. Әлем бойынша Қазақстан уран өндіруден 2005-2006 жылдары үшінші, ал 2009 жылы бірінші орынға ие болды. Алматыдағы Медеу – әлемдегі ең биік таулы мұз айдыны болып табылады. Елордамыз Астана қаласы әлем бойынша ең жас астана болып табылады. Айта кетерлігі, келер жылы Астана 20 жасқа толады. Тағы оқыңыздар: Гиннес рекордтар кітабына енген қазақстандықтар тізімі Соңғы жылдары әлем бойынша салынған бірегей ғимараттардың қатарына енген Астанадағы Бейбітшілік және келісім сарайын әлемге танымал британ сәулетшісі Норман Фостер «Әлемдің және дәстүрлі діндер көшбасшыларының конгресін» өткізу үшін арнайы жобалап жасаған. Пирамида іспеттес ғимарат бүгінде Астананың көркін ашып тұрған нысандардың бірі. Бас қаладағы «Хан шатыр» әлем бойынша шатыры бар ең ірі нысан атанған. Астанада мұхиттан шалғайда, яғни, 3 мың шақырымнан астам қашықтықта орналасқан океанариум бар. Астанадағы мемлекеттік нышандар алаңындағы ту еліміз бойынша ең үлкен рәміз болып табылады. Ту ілгіштің биіктігі 450 метрді, ал тудың ені 111 шаршы метрді құрайды. Астананың Тәуелсіздік алаңында орналасқан Қазақстан Республикасының Ұлттық музейі Орталық Азия елдері бойынша ең жас әрі алып музей болып табылады. Ал әлем бойынша үздік ондыққа кіреді. Бәйтерек архитектуралық құрылыс кешенінің биіктігі 97 метр. Диаметрі 22 метрлік, ал салмағы 300 тоннадан тұратын, күннің түсуіне қарай түсін өзгертетін «хамелеон» әйнегінен жасалынған шар әлемдегі ең үлкен шардың биікке көтерілуі бойынша рекордқа ие болды. Қазақстан үнді шайын ішуден әлем бойынша үздік бестікке енген. Үнді сауда министрлігі жанындағы Шай кеңесінің баспасөз қызметінің 2014 жылы таратқан ақпаратында Қазақстан үнді шайын тұтынуда әлем бойынша Ресей, БАӘ, Ұлыбритания мен Ираннан кейінгі орынға жайғасқан. Баспасөз қызметі таратқан ақпаратта ел тұрғындарына шашқанда жылына әрбір қазақстандық 1,5 келі үнді шайын тұтынады екен. Қазақстанда Рождество мерекесі Құрбан Айт мерекесі секілді демалыс күні болып саналады. 2011 жылдың қаңтар мен ақпан айларында Қазақстанда жетінші қысқы Азия ойындары өтті. Қазақстанның 17 қаласында тұңғыш президент Нұрсұлтан Назарбаевтың атында мектеп бар. Оның ішінде Астана, Алматы мен Шымкент қалаларында елбасы атындағы мектептер саны екеуден. 2009 жылы елордада Назарбаев атындағы университеттің негізі қаланып, 2010 жылы алғашқы студенттер қабылдана бастады. Былтыр Қазақ хандығының құрылғанына 550 жыл толуына орай ауқымды шара еліміздің түкпір-түкпірінде аталып өтті. Биыл қазақтың талантты әншісі Димаш Құдайберген Қытайда өткен I Am a Singer байқауында ерекше дарынымен көзге түсіп, Қазақстан атын бүкіл әлемге паш етті. Бұдан соң көптеген шетелдіктер арасында Димаш пен Қазақстан егіз ұғым ретінде қалыптасты. Қазақстанға қызығушылық танытушылар саны еселеп артты. Биыл Қазақстан әлемді өзіне қаратып, «ЭКСПО» Халықаралық көрмесін абыроймен өткізді. Осы жылдың 26 қазанында елбасы Нұрсұлтан Назарбаев қазақ әліпбиін латын графикасына көшіру туралы жарлыққа қол қойды. Жаңа әліпбиде 32 бар екенін атап өту керек. Тағы оқыңыздар: Қорқыт ата туралы не білеміз?

17 ноября, 14:44

China Gold Import Jan-Sep 777t. Who’s Supplying?

Submitted by Koos Jansen, BullionStar.com. While the gold price is slowly crawling upward in the shadow of the current cryptocurrency boom, China continues to import huge tonnages of yellow metal. As usual, Chinese investors bought on the price dips in the past quarters, steadfastly accumulating for a rainy day. The Chinese appear to be price sensitive regarding gold, as was mentioned in the most recent World Gold Council Demand Trends report, and can also be observed by Shanghai Gold Exchange (SGE) premiums – going up when the gold price goes down – and by withdrawals from the vaults of the SGE which are often increasing when the price declines. Net inflow into China accounted for an estimated 777 tonnes in the first three quarters of 2017, annualized that’s 1,036 tonnes. Exhibit 1. Demonstrated in the chart above Chinese gold imports and known gold demand by the Rest Of the World (ROW) add up to thousands of tonnes more than what the ROW produces from its mines. One might wonder where Chinese gold imports come from, which is why I thought it would be interesting to analyse as detailed as possible who’s supplying China. Is one country, or only the West, supplying China? Although absolute facts are difficult to cement, my conclusion is that China is supplied by a wide variety of countries on several continents this year. China doesn’t publish its gold import figures so we have to measure exports from other countries to the Middle Kingdom for this exercise. This year the primary hubs that exported to China have been Switzerland and Hong Kong. The Swiss net exported 18 tonnes to China in September, which brings the year to date total to 221 tonnes, down 4 percent year on year. Because Switzerland is the global refining centre, a storage centre and trading hub I’ve plotted a chart showing its gross imports and exports per region. Exhibit 2. I’ve included Asian countries with significant mining output that are net exporters at all times, like Uzbekistan, in ROW to get the best perspective of above ground stock movement.[/caption] In the above chart we can see that Switzerland was a net exporter to China in all months, but in most months Switzerland in total was a net importer, displayed by the red line; for each of those months Switzerland itself was not the supplier to China. Combined with data from Eurostat (on the UK’s total net flow) and USGS (on the US’ total net flow) the Swiss data tells me that gold moving from Switzerland to China had several sources this year. In January, for example, it was the UK that was supplying - being a net exporter in total and a large exporter to Switzerland. I must add that in theory little gold from the UK arrived in China via Switzerland, as the numbers don’t say which bar from whom was sent to who. But we can say “the UK made it possible China bought an X amount of gold in the open market at the prevailing price that month”. The same approach suggests that in June it was the US and Switzerland (Switzerland being a net exporter that month), and in September it was Asia (including the Middle-East) supplying gold to customers of Swiss refineries at the prevailing prices. There was not one source of above ground stock that exported to China (via Switzerland) as far as I can see. The Hong Kong Census And Statistics Department (HKCSD) has recently published data indicating China absorbed 30 tonnes from the Special Administrative Region in September, down 8 percent relative to August and down 44 percent compared to September last year. A decline was expected because China has stimulated direct gold imports circumventing Hong Kong since 2014. Nevertheless, Hong Kong net exported 515 tonnes to the mainland through the first three quarters of 2017 (down 15 percent year on year). Exhibit 3. Hong Kong is a gold trading hub too, though. If Hong Kong is a net exporter to China, the actual source can be any country. Have a look at the next chart that shows the net flows through Hong Kong per region: the West, East and ROW (1). I’ve also added the net flow with China. Exhibit 4. I’ve included Asian countries with significant mining output that are net exporters at all times, like Uzbekistan, in ROW to get the best perspective of above ground stock movement. To be clear, the blue line + the grey line + the yellow line = the red line. All lines are “net import”, calculated as import minus export. While Switzerland is included in the West, gold from all over the world can flow via Switzerland to Hong Kong. First observe the red line, “Hong Kong total net flow”. We can see that in 2013 Hong Kong became a massive net importer until about half way through 2015. The major suppliers to Hong Kong during this period were Switzerland and the UK, next to the ROW.  I’m not aware of what type of entities were accumulating in Hong Kong at the time. The largest net importer from Hong Kong was China (included in the East). After 2015 supply from the West (through Hong Kong) has slowly dried up while demand by China continued, shown by the blue line coming to zero and the yellow bars remaining to trend sub-zero. And thus Hong Kong commenced net exporting gold itself as we can see the red line in the chart falling far below zero. Apparently, since 2015 Hong Kong is a net exporter. How much gold is left in Hong Kong? Unfortunately, online data from the HKCSD goes back only to 2002. The HKCSD does keep physical records from its international merchandise trade statistics from before 2002 but strangely “gold export” from 1972 until 1998 is omitted in these books (2). Exhibit 5. As you can see in this last chart Hong Kong has suffered net exports from 2002 until 2008 and after 2015. It’s possible there is still bullion in Hong Kong if it had been accumulated before 1998, but since 1998 Hong Kong already “net lost” 727 tonnes. Another possibility is that refineries in Hong Kong import a lot of scrap gold, which is nearly impossible to track in customs reports and is not included in any of my data, that is being refined into bullion and exported. In this case Hong Kong is not a net exporter, or less of a net exporter. We’ll see in coming months or years if Hong Kong can continue net exporting bullion. In exhibit 4 we can see a vague correlation between “Hong Kong net export to the China” and “Hong Kong’s total net export” for 2016 and 2017. It looks like Hong Kong is feeding its big brother. Or is it? There is a gold kilobar futures contract listed on the COMEX that is physically deliverable in Hong Kong. The trading volume of this contract is neglectable, and so is physical delivery, but remarkably the designated vault (Brinks) throughput is sky-high. When looking at a chart of kilobars received and withdrawn at the Brinks vault in Hong Kong, supplemented by cross-border gold trade, there is a pattern revealed: the amount of kilobars received and withdrawn, and Hong Kong’s gold total import and re-export to China are correlated. Exhibit 6. The chart suggests that Hong Kong is mainly supplying China from its imports (and any gold supplying other countries than China was stored in Hong Kong in previous years or was sourced from scrap). As the imports are correlated to kilobars received in the Brinks vault and kilobars withdrawn are correlated to re-exports to China, both flows seem to be one and the same trade. I don’t know for sure, but I think this is largely true. The next question is from what countries does Hong Kong import bullion to dispatch to China? From countries all over the world. Have a look. Exhibit 7. The composition is quite diverse. From the first until the the third quarter of this year gold came in from Switzerland, South-Africa, the US, Australia and the Philippines, inter alia. Next to gold flowing through Switzerland and Hong Kong to China, countries that supplied gold directly to China this year have been Australia at 20 tonnes (3), the US at 14 tonnes, Japan at 3 tonnes and Canada at 4 tonnes. The UK has practically exported zero gold directly to China this year. In total Hong Kong (515 tonnes), Switzerland (221 tonnes), Australia (20 tonnes), the US (14 tonnes), Japan (3 tonnes) and Canada (4 tonnes) net exported 777 tonnes to China mainland in the first three quarters of 2017 (4). Conclusion It must be mentioned that in theory gold import by China arrives in the Shanghai Free Trade Zone (which is not the domestic market) where the Shanghai International Gold Exchange (SGEI) operates. As most of you know the SGEI can serve foreign customers that can import gold traded on the SGEI, for example into India. Hence, it’s possible not all gold imported into China mainland arrives in the domestic market but ends up in the Shanghai Free Trade Zone or abroad. Global cross-border trade statistics by COMTRADE, however, show that barely any country is importing from China. Until new evidence shows up my best guess is that China net imported 777 tonnes in the first nine months of 2017, sourced from all corners of the world: the UK, South-Africa, Australia, Switzerland, the US, Middle-East and Philippines. It seems Chinese banks are active all over the world looking to buy gold on the dips, snapping up physical metal when the time is right. Chinese imports add to China's domestic mining output. The China Gold Association disclosed on November 1 that mine production accounted for 313 tonnes, down 10 % compared to last year. Nearly all this gold (313 + 777) is sold through the SGE. Withdrawals from the vaults of the SGE accounted for 1,505 tonnes over this period, implying 415 tonnes (1,505 - 313 - 777) was supplied by scrap and disinvestment (or partially recycled through the SGE system). Since all non-monetary gold imported and mine production ends up in the private sector, my estimate for total gold owned by the Chinese people now stands at 16,575 tonnes. Added by a more speculative estimate of 4,000 tonnes held by the PBOC makes 20,575 tonnes. Exhibit 8. If you like to learn more about the Chinese gold market please read The Chinese Gold Market Essentials or visit the BullionStar University. Footnotes 1) Hat tip to Nick Laird from Goldchartsrus.com for providing the HKCSD data from January 2002 until September 2017. 2) Huge hat tip to Winson Chik that went to the HKCSD office in Hong Kong for us to obtain the data from before 2002! Exhibit 9. Courtesy Winson Chik. 3) The Australian Bureau of Statistics (ABS) amended its gold export data to China and Hong Kong until August 2016. Before that I had my own way of computing direct gold export from Australia to China - which is now obsolete. A few days ago I got confirmed by ABS they stopped amending the data as China has allowed gold import bypassing Hong Kong. ABS data on gold export to China can now be taken at face value. On November 10, 2017, ABS wrote me: Previously ABS amended exports of gold bullion going to Hong Kong to China as at the time the ABS had been provided with information to suggest that the majority of gold exports to Hong Kong ultimately ending up in China. In 2016 a review of this methodology was undertaken, and it was determined that in recent years direct imports to the Chinese mainland have become increasingly common. by 2013-14, China eased restrictions on the direct importation of gold to ports outside of Hong Kong, and as a result users have abandoned using Hong Kong gold imports as an appropriate proxy measure for Chinese imports. The ABS implemented improvements to more accurately reflect the country of final destination of gold bullion, non-monetary (excl. unwrought forms and coins of HS 7118 and HS 9705) (AHECC 71081324) exported to Hong Kong and China in August 2016. The series were revised back to January 2012, inclusive. This impacted the country series only, as published in tables 14a and 36a-36j of International Trade in Goods and Services, Australia (cat. no. 5368.0) and detailed country statistics available on request. Total levels were not impacted, nor will there be any implications for other ABS collections. The ABS defines the country of final destination for exports as 'the last country, as far as it is known at the time of exportation, to which goods are to be delivered'. The ABS conducted a review of the country of final destination of gold bullion into China and Hong Kong. There was evidence that Hong Kong had ceased serving primarily as an intermediate shipping country of gold into China and was importing and transforming gold bullion in its own right. 4) Data from Australia and the US for September hasn’t been released yet, so the numbers disclosed are provisional.

16 ноября, 13:12

WGC: итоги рынка золота за 3 квартал 2017 г.

На прошлой неделе Всемирный совет по золоту (World Gold Council) опубликовал отчёт по итогам третьего квартала текущего 2017 г., из которого можно узнать спрос и предложение жёлтого драгметалла на мировом рынке...

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16 ноября, 09:00

Turkey Rejects Rothschilds: Drops Dollar and Buys Up Gold

The House of Rothschild has received a major kick in the teeth as Turkish citizens and banks have begun to drop the US dollar in favor of gold. Turkey has sharply ramped up gold buying, with both ordinary people and the central bank joining in on the rush. The latest World Gold Council report shows... [[ This is a content summary only. Visit http://FinanceArmageddon.blogspot.com or http://lindseywilliams101.blogspot.com for full links, other content, and more! ]]

15 ноября, 14:13

Турки меняют доллары на золото

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Покупки слитков и монет, которые являются главным индикатором инвестиционного спроса, за текущий год составили 47 метрических тонн. Для сравнения, за аналогичный период прошлого года было куплено всего лишь 14,8 тонны, такие данные приводятся в свежем докладе Всемирного совета по золоту.  

15 ноября, 03:00

The Conflict-Free Gold Standard: Building an industry coalition to address the challenges of conflict gold

Cranfield School of Management and the Corporate Responsibility Initiative at Harvard Kennedy School launched a joint report examining the creation of the Conflict-Free Gold Standard by the World Gold Council. The report provides an important case study for Corporate Responsibility Coalitions and trade associations looking to develop common standards and self-regulatory mechanisms. The...

15 ноября, 01:32

Two-Thirds Of The Top Primary Silver Miners Suffered Production Declines In 2017

By the SRSrocco Report, It has been a rough year for many primary silver miners as two-thirds have suffered declines in production.  Also, many high ranking silver producing countries are also experiencing a pronounced reduction in their domestic silver mine supply.  According to the data put out by World Metal Statistics, Chile's silver production is down 20% in the first eight months of the year, while Australia is down 19%, Mexico declined 2% and Peru lower by 1%. The Silver Institute will be releasing their 2017 Silver Interim Report shortly which will provide an update on current silver production and forecasts for the remainder of the year.  However, I believe global silver production will take a big hit this year due to several factors including, falling ore grades, mine closures, and strikes at various projects. For example, Tahoe Resources was forced to shut down its Guatemalan Escobal Mine in July due to a temporary suspension of its operating license by the country's Supreme Court.  However, even after the Guatemalan Supreme Court reinstated Tahoe Resources Escobal Mine's license in early September, an ongoing road blockade has hampered the ability of the project to continue mining.  Regardless, Tahoe's silver production declined a stunning 6.7 million oz Q1-Q3 2017 versus the same period last year. Now, on the other hand, silver production at Fresnillo's operations in Mexico jumped by nearly six million oz during the first three-quarters of 2017 primarily due to the start-up of its San Julian Mine phase II expansion and a ramp-up of its phase I: While the gain in silver production at Fresnillo's operations helped to offset the significant decline at Tahoe's Escobal Mine, two-thirds of the top primary silver companies in the group experienced a reduction in mine supply this year.  Hecla's silver production fell by 3.7 million oz in the first three-quarters this year due to an ongoing strike at its Lucky Friday Mine in Idaho.  Moreover, output at Silver Standard's Puna operations in Argentina fell by 3.2 million oz due to a 36% decline in ore grade at is open-pit Pirquitas Mine.  Silver Standard's Pirquitas Mine is one of the few open-pit silver operations in the world.  The overwhelming majority of primary silver mines in the world are underground operations. Overall, production at these top primary silver miners fell 9 million oz in 2017 compared to the same period last year: Now, if Tahoe Resources Escobal Mine was not forced to shut down or if Hecla's Lucky Friday Mine's strike was resolved, overall production at these top primary silver miners would have likely increased by approximately one million oz this year.  Unfortunately for Tahoe's Escobal Mine and its investors, it may be quite some time before full production resumes.  As I have mentioned in previous articles about the troubles plaguing the Escobal Mine by the local and indigenous peoples living by the operation, there are two very different opinions on the underlying problems. While I have stated that the negative issues put forth by the local and indigenous peoples about the Escobal Mine are likely more valid than the pro-western stance taken by the Tahoe Managment or the Mainstream financial media, time will tell how this is resolved.  However, the notion put forth by Tahoe Management that the problems are stemming from "non-locals" who are supposedly radicalizing the locals around the plant, is unfounded when we understand that it is a huge ground-roots movement led by a large percentage of the inhabitants surrounding the mine. According to the article, Tahoe Resources’ Social Licence in Guatemala Non-Existent, as Uncertainty Plagues Escobal Permits: Tahoe CEO Ron Clayton is also wrong when he states in a recent press release that community opposition comes from “non-locals”. Lack of social license has dogged Tahoe Resources since the beginning of its project. Since 2011, tens of thousands of residents in eight municipalities around the Escobal mine have voted in municipal plebiscites demonstrating their opposition to the project, or any mining in the area, out of concern for their water supplies, health, and local agriculture. Five municipalities refuse to receive any royalty payments from Tahoe’s mine operations and are now parties to the legal proceedings over discrimination of the Xinka Indigenous population and the Ministry of Energy and Mines’ failure to consult with them. As the article states, five municipalities refuse to receive any royalty payments from Tahoe's mine operations and are now supporting legal proceedings.  This does not sound like a small group of non-locals instigating trouble.  Rather, this has been an ongoing issue ever since the Escobal Mine was initially planned, during its construction phase and ever since it produced its first ounce of silver in 2014. Lastly, it looks like global silver production will take a big hit this year.  We could see world silver mine supply fall by 40-50 million oz in 2017 if the trend continues for the remainder of the year.  One country that I did not report on about silver production was China.  According to the World Metals Statistics, they show Chinese silver production down by a stunning 25% in the first eight months of 2017.  However, I don't believe the decline is that high.  Even though the World Gold Council stated that Chinese gold production was down 10% so far this year, I doubt their silver production fell 25% this year. We will have to wait and see what production figures the Silver Insitute will release in their 2017 Silver Interim Report when it's published in the next few weeks.  Regardless, the world's economies are being propped up by a massive amount of debt, derivatives and money printing.  When the markets finally crack, global silver production will fall considerably as for demand for base metals will drop like a rock.  We must remember, 58% of world silver production is a by-product of copper, lead and zinc production.  So, when base metal demand falls, so will base metal production. Thus, as the market and economy continue to disintegrate, global silver supply will fall right at the very same time investment demand surges. Check back for new articles and updates at the SRSrocco Report.

14 ноября, 17:13

Турки меняют доллары на золото

С тех пор как президент Турции Реджеп Тайип Эрдоган изменил конституцию и практически вся власть перешла к нему, население страны резко изменило отношение к главному драгоценному металлу - золоту. С чем это связано?

14 ноября, 17:13

Турки меняют доллары на золото

С тех пор как президент Турции Реджеп Тайип Эрдоган изменил конституцию и практически вся власть перешла к нему, население страны резко изменило отношение к главному драгоценному металлу - золоту. С чем это связано?

14 ноября, 14:00

Turks Just Bought The Most Gold Ever As Lira Tumbles

Since President Recep Tayyip Erdogan installed himself as 'Sultan for life', the Turks appear to have had a dramatic change of heart towards the barbarous relic... The Turks have never imported a greater value of gold than in the last 12 months... Addditionally, as Bloomberg reports, Bar and coin purchases, a measure of investment demand, were 47 metric tons so far in 2017, compared with 14.8 tons in the same period a year ago, according to a report from the World Gold Council published Thursday. The weak lira and “President Erdogan’s pro-gold comments in November last year continued to lend support to the market,” the gold council said. But it's not just the average Turk who is buying gold, Turkey’s central bank is also buying gold, increasing purchases by 30.4 tons during the third quarter. While the central bank has cited a good old-fashioned diversification policy, some analysts speculated that the country could be shoring up reserves amid rising tensions between Turkey and its traditional Western allies. A year ago, President Recep Tayyip Erdogan urged Turks to prefer gold to the U.S. dollar as a savings vehicle, and asked the central bank to support that policy. And gold is doing exactly what it should do as faith in fiat falters. The question is - just like in India - how long before Erdogan 'dictates' an end to gold imports, imposes tariffs, or confiscates the precious metal?

14 ноября, 10:40

Некоторые сравнения

Монетный двор в австралийском городе Перт в октябре 2017 года вновь обогнал Монетный двор США по продажам золота. Австралийцы превосходят американцев по продажам этого драгоценного металла уже восьмой месяц подряд. За октябрь месяц американцы продали 15,5 тысяч унций золотых «орлов» и 7 тысяч унций золотых «буффало» или 22,5 тысячи унций золота, тогда как объемы поставок австралийцев своим клиентам составили 44618 унций. Это почти в три раза больше, если в расчет принимать только золотых «орлов», и почти в два раза больше, если учитывать все продажи американского желтого металла. Австралийский монетный двор продолжает уверенно лидировать на рынке мировых поставок розничного золота.Если сравнивать октябрьские результаты Перта с сентябрем текущего года, то продажи чуть снизились - с 46415 до 44618 унций или на 3,9%. По сравнению же с октябрем 2016 года (79084 унции) снижение выглядит гораздо более значительным и составляет 44%.Что касается продаж серебра, то австралийцы поставили на рынок 999425 унций этого драгоценного металла. Это на 43% больше, чем в сентябре текущего года (697849 унций), но на 7,8% меньше результатов октября 2016 года (1084213 унций). Несмотря на вполне приличный для австралийского монетного двора результат, ему не удалось сохранить свое мировое лидерство и по объемам продаж серебряных монет, на короткое время захваченное в сентябре этого года. Монетный двор США смог, хотя и сравнительно не на много (40 тысяч унций), опередить своих основных конкурентов в этой сфере, реализовав за месяц 1,04 миллиона унций серебряных «орлов».Если же посмотреть на более общую картину того, сколько золота приходится на душу населения в мире, то исходя из оценки величины населения в 7,58 млрд. человек и количества золота, по данным Всемирного золотого совета, в 187 тысяч тонн или примерно в 6 млрд. унций получается, что на каждого человека в мире приходится чуть менее 0,8 (если точнее, то 0,79) унций желтого металла. Имея этот ориентир, можно оценить, сколько золота в хранилищах центральных банков каждой конкретной страны приходится на долю соответствующих граждан и подданных.Хорошо известно, что крупнейшими официально объявленными золотыми запасами в размере 8133 тонн располагают США, за которыми следуют Германия, Италия, Франция, Китай и Россия. Список из 20 крупнейших государств-держателей золота замыкает Австрия. Однако, если посмотреть сколько золота в хранилищах центральных банков приходится на каждого человека в отдельно взятых странах, картина оказывается совершенно иной.Лидером по этому показателю оказывается Швейцария, где на каждого ее гражданина приходится почти по 4 унции золота. На втором месте с чуть более чем 1,5 унциями находится Ливан, тогда как Италия, Германия, Франция, Португалия, Нидерланды и Австрия располагают от 1 до 1,3 унций на каждого из своих жителей. Что касается США, то они занимают лишь 9 место с 0,8 унциями на человека. Россия, несмотря на свое 6 место в списке стран с крупнейшими официальными золотыми резервами, занимает лишь 17 место среди стран с крупнейшими запасами желтого металла на душу населения, а на каждого россиянина приходится всего лишь около трети унции. Что касается Китая, то там картина еще интереснее, поскольку Народный банк Китая располагает лишь 0,042 унции (или примерно 1/25 унции) на каждого гражданина страны.Конечно, стоит критично подходить как к величине официальных данных по запасам золота в различных странах. Также здесь не учитывается всё то золото, которое в каждой из стран реально находится на руках у населения. Однако, представляется, что рассмотренная выше информация довольно интересна, чтобы иметь определенную картину происходящего в мире.Мои книжки «Крах «денег» или как защитить сбережения в условиях кризиса», «Золото. Гражданин или государство, свобода или демократия», «Занимательная экономика»,«Деньги смутных времен. Древняя история», «Деньги смутных времен. Московия, Россия и ее соседи в XV – XVIII веках» можно прочитать или скачать по адресу http://www.proza.ru/avtor/mitra396

Выбор редакции
13 ноября, 09:45

В мире рекордно упал спрос инвесторов на золото

Мировой спрос на золото упал до минимумов с конца 2009 г. согласно данным Всемирного совета по золоту.

13 ноября, 04:43

Россия и Турция - лидеры по золоту в 3 кв. 2017 г.

Всемирный совет по золоту опубликовал обзор по спросу на золото за 3 квартал 2017 г. Согласно WGC, Центральные банки остались в прошлом квартале чистыми покупателями жёлтого драгметалла, никто его не продавал...

11 ноября, 01:00

Gold Coins and Bars Saw Demand Rise 17% to 222T in Q3

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- Gold coins and bars saw demand rise 17% to 222t in Q3, driven largely by China- Chinese investors bought price dips, notching up fourth consecutive quarter of growth- Jewellery, ETF demand fell while gold coins and bars saw increased demand - Central banks bought a robust 111t of gold bullion bars (+25% y-o-y)- Russia, Turkey & Kazakhstan account for 90% of 111t of central bank demand- Turkey increased gold purchases and saw broad based physical gold demand- Gold demand in Q3 at eight-year low as ETF inflows slowed sharply - Gold demand saw 9% year-on-year (y-o-y) drop in to 915 tonnes (t)- Total global gold supply fell 2% in Q3 Editor: Mark O'Byrne By first impressions the latest World Gold Council report could make for pretty dismal reading if one were to consider the headlines that followed its release. Much of the focus was on the fact that record and reported gold demand was at its lowest last quarter since Q3 2009 and down 9% year-on-year. This was predominantly down to ETF demand which fell from the very high levels seen last year. ETF gold holdings climb by just 18.9t and jewellery demand which fell by 3%. When one looks at the real gold investment demand which was strong in both areas - demand for gold coins and bars and central bank demand - then they might have cause to start feeling more positive again. Chinese demand is firmly back with a bang. Chinese investors bought on price dips, bringing a fourth consecutive quarter of growth. This contributed to a 17% rise in Q3 in gold coins and bar demand. Physical gold investors weren't the only ones picking up the pace. 111t of central bank demand marked Q3 bringing total reserve demand to nearly 290t for the year to date. 90% of this demand was thanks to Russia, Turkey and Kazakhstan. These figures don't really say much at face value. For example, ETF and jewellery numbers contributing to the 8 year low in gold demand suggest those avenues of investment have fallen out of favour. However, as with the increase in physical gold investment demand and central bank demand, there is a lot more to the figures than the headlines might initially suggest. ETF demand to blame? The headline of the WGC report reads: 'Gold demand in Q3 at eight-year low as ETF inflows slowed sharply'. Most readers would take from this the first part - gold demand down. However, ETF demand was merely down not negative. Outflows did not exceed inflows, growth merely slowed as holdings only increased by 18.9t. This is not a new phenomenon or one that was last seen only back when gold demand levels were so low. In fact we would be wise to consider the levels of outflows 2011 when the gold price was low and gold numbers were only supported by Chinese buying. Since then ETF demand has recovered. It might also be worth noting if the lack of interest in ETFs this quarter is a statement about concerns regarding the inherent risk in both the economy and the structure of ETFs. As both the political and financial systems appear to be inherently weaker than say a year ago investors will be starting to question to safety of their chosen asset allocations. Given that ETF demand has fallen in contrast to physical gold demand investors may be starting to realise the dangers of holding the financial instruments that do not offer allocated and segregated physical gold bullion. The level of counterparty risk when investing in ETFs is unprecedented when compared to likes of gold sovereigns and bars. They are also wholly prohibitive and inaccessible should the owner wish to take delivery. For example, when one would like to physically posses the gold underlying the ETF they must first own 100,000 GLD shares. Most investors do not own over $1 million dollars of shares. At a time when we are questioning who we can trust and the tales we here from bankers and politicians it would not be surprising to me if this is an ongoing trend in the gold space. As more investors are likely to start projecting their concerns from the wider world onto their portfolios they may choose to invest in the real hard stuff of gold bars and coins. Or was jewellery demand to blame? Jewellery demand was certainly down more than ETF demand this last quarter, by 3% to 479t. This was the lowest Q3 demand on record. Jewellery investment has had a tough time of it of late. This is largely thanks to the Indian government who have spent much of the last five years or so working hard to make changes in the areas of gold, tax and even cash. With each new rule comes a negative impact in demand. Q3 this year was the first quarter following the imposition of new tax and regulatory changes which deterred customers from buying more gold. The quarter is traditionally quiet anyway for gold jewellery purchases as it follows Diwali and is prior to the busy wedding season. As far as we can tell, Indian gold demand overall is still looking strong. In the first half of the year imports exceeded those for all of 2016. Meanwhile in Turkey, the value of year-to-date demand was up 25% in the third quarter as demand grew by 11% much of it supported by inflows from the UAE. The country was also partly responsible for the increase in central bank demand suggesting something akin to China - where both the central bank and citizens are diversifying their portfolios into gold, in a unified manner. Physical gold investment: demand for gold coins and bars Purchase of gold bars and coins climbed by 17% to 64.3t this last quarter. Much of this was thanks to China where the year-to-date has seen the second highest volume of bar and coin demand on record. Two themes have underpinned China’s market this year. First, from a macroeconomic perspective, fears over a potential depreciation of the yuan and the spectre of rising inflation continued to hang over investors. Second, there are relatively few alternative investment opportunities. The Chinese government, for example, imposed restrictions on the real estate market earlier this year. Gold, as a globally traded asset and a natural hedge against currency weakness, has benefited. Interestingly, it was also in China where mining figures began to slow down. This might suggest further gold supply shortages will be noted later in the year, should demand remain strong. We would be remiss if we failed to mention Turkey once again. Coin and bar demand hit 15t, almost three times higher than the same period last year. ...two themes have had a greater impact. President Ergodan’s pro-gold comments in November last year continued to lend support to the market. In addition, the government’s Credit Guarantee Fund – which guarantees loans to small and medium-sized enterprises that could not otherwise get credit – has boosted the economy and supported gold demand. Turkish gold demand was at its highest since 2013 on a y-t-d basis. As the World Gold Council explains: 'the y-o-y comparison flatters to deceive: Q3 last year was the lowest level of bar and coin demand since Q1 2009. When considered in the broader perspective, Q3 2017 bar and coin demand was below its 3-, 5- and 10-year quarterly averages.'  But it is interesting to note that in regions that are particularly feeling the pressure both politically and economy there have been upticks in demand. One of course is Turkey, as previously mentioned but there is also the small market of South Korea where: Investment demand jumped 42% to 1.4t against a backdrop of heightened tensions between its neighbour, North Korea, and the US. Sales of small gold bars – 100g and 10g – were strong, as investors bought an asset that is light enough to carry and to cash in. And finally Europe which is looking increasingly fractured also saw gold demand rise by 12t to 45.5t, a 36% improvement on Q3 last year: Germany – the mainstay of European demand10 – made the biggest contribution, with demand up 45% to 25.1t. July saw a spurt of activity as the euro-denominated gold price dipped to its lowest level since February 2016. Geopolitical risk stemming from national polls has boosted demand in some countries in recent years, but that wasn’t the case in Germany. Contacts in the industry described the German election in September as a non-event, with minimal impact on gold demand. Central bank demand grows as US dollar avoidance takes centre-stage Central bank demand in recent years has been fascinating. The presence of gold in a central banks reserves has always been the ultimate statement in a country's war chest. Previously when we think about going to war we consider the likes of North Korea and the US. For a our major central bank buyers it is not just about harmful weapons but also about financial ones - such as avoiding and abandoning the US dollar. As we mentioned a fortnight ago, Russia added 1.1 million ounces to reserves in September taking their total holdings to nearly 1,800t. The purchases are all part of their ongoing diversification from the US Dollar. Something they, nor the likes of China and Turkey have been particularly covert about. Turkey yet again deserves a mention here. In the last quarter it added 30.4t. to its gold reserves taking holdings to 167.4t. This is more than 50t higher than at the end of April this year. None of the countries that are reported to have increased their holdings are in the West or in the doldrums of issues such as Trump politics or Brexit unhappiness. They are all countries which have long been under the heavy boot sole of the US Dollar. The likes of Russia, Turkey and Kazhakstan have been quietly accumulating gold as they prepare for a new stage in the global economy when the US is no longer as powerful and they balance of financial influence has changed. And in other news... Rarely do we focus on the industrial uses of gold but they are important to keep half an eye on. The WGC's report shows that gold used technology was 2% higher yoy in its fourth quarter of consecutive growth. The use of gold in the likes of 3D sensors and memory chips is likely to increase as humans begin to rely more on technology and its advances. This may begin to impact gold supply, something which is already falling year on year. One of the interesting areas where there has been an increase in gold use is in wireless applications which has seen around 8% yoy growth. Gold plays an important role in areas of wireless charging and 3D sensors. The latter having wide reaching applications in the likes of gaming, healthcare and vehicle development. Whilst half the world sabre-rattles the other half buys gold Looking at the gold investment figures one can almost imagine a dividing line being drawn between those who are blindly wandering into economic and political disputes and those who are quietly stocking up on gold. This is certainly the case at a central bank level. At an investor level we are also seeing some moves into gold that are clearly an expression of concern regarding the current environment. This is a very good sign for the gold market. People invest in gold in order to diversify their portfolios and to add some insurance to their wealth. It is even more encouraging to see an uptick in the counter-party free from of investment into allocated, segregated gold and away from the likes of ETFs. Those buying physical gold should be additionally encouraged upon reading that peak gold is on the horizon thanks to global gold supply falling by 2% yoy. When we last wrote about Russia's one million ounce purchase we encouraged readers to take a similar approach to portfolio diversification. The advice still stands: Savers should take note, diversification should be the number one priority when it comes to protecting and growing your wealth in these uncertain times. This is for precisely the same reasons the Russian Central Bank is doing so – in order to protect against legal and political risks (Brexit, Trump etc) , but also economic and financial risks. The risks to a saver may seem vastly different to those of a central bank but really they are quite similar. Both are exposed to the decisions made by politicians around the world. Like Russia, we too are awaiting with baited breath what President Trump will do next or what the EU will soon decide is the best way to ‘protect’ the Super state bloc. We are exposed, as are our savings and investments. Gold cannot be devalued as fiat currencies can, allocated and segregated gold cannot be confiscated thanks to the irresponsible actions of a counterparty. It is a borderless, free currency that acts as the ultimate reserve in a diversified portfolio.   Related content Peak Gold: World’s Largest Gold Producer China Sees Production Fall 10% Central Bank Gold Demand: Russia Buys 34 Tonnes Of Gold In September ETFs or Gold Bullion?: Gold ETFs or Gold Bullion? Dangers Of Exchange Traded Funds Gold and Silver Bullion - News and Commentary Gold holds near three-week high, set for weekly rise (Reuters.com) China Big Bang Moment Opens Banks, Funds to Foreign Control (Bloomberg.com) '$300m in cryptocurrency' accidentally lost forever due to bug (The Guardian) Dow snaps seven-session winning streak on tax-delay jitters (MarketWatch.com) Russian Fund Plans a $1 Billion Mining Venture With China Gold (Bloomberg.com) Source: Bloomberg Gold Demand Trends Q3 (Gold.org) Here’s How London House Prices Are Being Battered (Bloomberg) Trump Ditches ‘Drain the Swamp’ Playbook for His Fed Picks (Bloomberg) Jerome Powell: Fed Chief and Swamp Critter Extraordinaire (Agora Economics) Solar - Why this megatrend should be on your radar (SCH) Gold Prices (LBMA AM) 10 Nov: USD 1,284.45, GBP 976.44 & EUR 1,102.19 per ounce09 Nov: USD 1,284.00, GBP 980.98 & EUR 1,106.29 per ounce08 Nov: USD 1,282.25, GBP 976.82 & EUR 1,105.43 per ounce07 Nov: USD 1,276.35, GBP 970.92 & EUR 1,103.28 per ounce06 Nov: USD 1,271.60, GBP 969.72 & EUR 1,095.61 per ounce03 Nov: USD 1,275.30, GBP 976.24 & EUR 1,094.59 per ounce02 Nov: USD 1,276.40, GBP 965.09 & EUR 1,095.92 per ounce Silver Prices (LBMA) 10 Nov: USD 17.00, GBP 12.92 & EUR 14.60 per ounce09 Nov: USD 17.10, GBP 13.03 & EUR 14.69 per ounce08 Nov: USD 17.00, GBP 12.96 & EUR 14.65 per ounce07 Nov: USD 17.01, GBP 12.95 & EUR 14.70 per ounce06 Nov: USD 16.92, GBP 12.90 & EUR 14.59 per ounce03 Nov: USD 17.09, GBP 13.05 & EUR 14.67 per ounce02 Nov: USD 17.08, GBP 12.98 & EUR 14.66 per ounce Recent Market Updates - Prepare For Interest Rate Rises And Global Debt Bubble Collapse- Platinum Bullion ‘May Be One Of The Only Cheap Assets Out There’- World’s Largest Gold Producer China Sees Production Fall 10%- German Investors Now World’s Largest Gold Buyers- Gold Price Reacts as Central Banks Start Major Change- Why Switzerland Could Save the World and Protect Your Gold- Invest In Gold To Defend Against Bail-ins- Stumbling UK Economy Shows Importance of Gold- Wozniak and Thiel Fuel Bitcoin-Gold Debate: Gold Comes Out On Top- Russia Buys 34 Tonnes Of Gold In September- Gold Will Be Safe Haven Again In Looming EU Crisis- Gold Is Valuable Due to “Extreme Rarity” – Must See CNN Video- Gold Is Better Store of Value Than Bitcoin – Goldman Sachs Important Guides For your perusal, below are our most popular guides in 2017: Essential Guide To Storing Gold In Switzerland Essential Guide To Storing Gold In Singapore Essential Guide to Tax Free Gold Sovereigns (UK) Please share our research with family, friends and colleagues who you think would benefit from being informed by it.

10 ноября, 18:45

Банк России начал закупать золото рекордными темпами

При сохранении темпов в начале 2018 года Центробанк РФ выйдет на пятое место по объемам запасов золота

10 ноября, 10:09

Банк России скупает золото рекордными темпами

Банк России в III квартале нарастил запасы золота на 63 тонны, доведя их до 1 778,9 тонны. Такие данные World Gold Council приводит «Коммерсант». Как уточняется, только за сентябрь резервы выросли на 34,6 тонны — это максимальный месячный прирост с октября 2016 года.

10 ноября, 08:39

Для смартфонов нужно всё больше золота

В производстве современных электронных устройств используется определённое количество золота. Объём его применения в этой области продолжает расти, так как спрос на качественную электронику также растёт...

10 ноября, 07:09

Инвесторы теряют интерес к золоту

Москва, 9 ноября - "Вести.Экономика" Золото уже не такое блестящее. Мировой спрос на драгметалл упал до минимумов конца 2009 года, согласно данным Всемирного совета по золоту.