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World Gold Council
Выбор редакции
24 июня, 10:26

С 2008 г. Индия импортировала более 7000 т. золота

Эксперты из Индии подсчитали спрос на золото в этой стране с 2008 г. Как выяснилось, с 2008 г. по сегодняшний день в страну было импортировано жёлтого драгметалла на общую сумму 300 млрд. долларов...

23 июня, 08:14

Швейцария заняла 1 место в мире по ЗВР на душу населения

Первое место в мире по золотовалютным резервам заняла Швейцария. Золотовалютные резервы страны составляют около 1040 тонн, она занимает первое место по количеству золота на душу населения — 123,5 грамма, согласно данным Всемирного совета по золоту. За Швейцарией следуют Ливан (49 граммов золота на душу населения), Германия (41,1 грамма), Италия (40,4 грамма) и Португалия (37,1 грамма).

22 июня, 19:50

Real Gold or Paper Proxies: What Billionaire Gold Investors Actually Buy

Submitted by Ronan Manly, BullionStar.com Infographic website Visual Capitalist recently published an eye-catching infographic on behalf of Sprott Physical Bullion Trusts which featured 4 well-known billionaire investors and their supposed investments in gold. The infographic is titled “Why the World’s Billionaire Investors Buy Precious Metals” and can be seen here. The 4 investors profiled in the infographic are: Jacob Rothschild (Lord), chairman of London-based investment trust RIT Capital Partners Plc David Einhorn, president of Manhattan-based hedge fund firm Greenlight Capital Ray Dalio, chairman and CIO of hedge fund firm Bridgewater Associates, Westport (Connecticut) Stanley Druckenmiller, chairman and CEO of Manthattan-based Duquesne Family Office (and formerly of Duquesne Capital Management) Overall, four very famous investors, and four names that should at least be vaguely familiar to almost anyone who has a passing interest in financial markets and investing. For each of the 4 billionaires, the Sprott infographic provides a few quotes about their views on gold and then moves on to record their recent ‘Moves’ into ‘gold’, or in some cases their recent readjustments of existing ‘gold’ exposures. However, the trouble with this infographic is that although it’s visually appealing, nowhere does it mention how these famous investors achieve their exposures to ‘gold’, i.e. what form their gold investments take. This is something which is also regularly bypassed in financial media articles, especially those published by Bloomberg, articles which refer to hedge fund managers such as Druckenmiller, or John Paulson, or Ray Dalio buying ‘gold’, but which all too often are too lazy to do basic research into the actual trades that these hedge fund managers execute to acquire their positions in ‘gold’ and whether these positions are actually in real physical gold or in some form of synthetic or derivative or paper gold. In fact, the first comment posted on the Visual Capitalist website under said Sprott infographic when it was published asks exactly this question: “I’d like to know if they are holding physical bullion, presumably in guarded safe vaults, or just paper.” Given that the infographic is ‘Presented by’ Sprott Physical Bullion Trusts, one might assume that Rothschild, Einhorn, Dalio and Drukenmiller are all investing in physical bullion. But are they? This is the question I set out to answer and which is documented below. Some of my findings may surprise you. The Rothschilds: Jacob & RIT Capital Partners First port of call, the Rothschilds of St James’s Place in London. Given that the Rothschilds are probably the richest family in the world and have been involved in the gold market for hundreds of years, you might assume that the family of the Five Arrows knows a thing or two about the difference between real gold bars and paper gold. And presumably they do. However, no one seems to have told this to the day-to-day managers of RIT Capital Partners Plc, the Rothschild controlled investment vehicle quoted in Sprott’s infographic. Investment trusts are actually public limited companies (Plcs) which are structured as closed-ended investment vehicles. These vehicles issue a certain number of shares that can then be publicly traded. RIT Capital Partners plc, formally called the Rothschild Investment Trust (hence the name RIT), trades on the London Stock Exchange. Jacob Rothschild (The Lord Rothschild) is chairman of RIT Capital Partners Plc. As a publicly traded vehicle, RIT Capital Partners Plc publishes annual and half-yearly reports, and is therefore more transparent than its hedge fund brethren. RIT’s latest report, an annual report for year-end 2016, was published on 28 February 2017. Strangely, although the Sprott infographic was only published on 7 June 2017, it quotes not from the annual report for year-end 2016 but from RIT’s half-yearly report to 30 June 2016, which was published on 15 August 2016. The Sprott infographic states: “In a 2016 shareholder update [Jacob] Rothschild outlined bold changes to the RIT Capital Partners’ portfolio, including…increased exposure to gold and precious metals to 8%” Similarly, in the RIT Chairman’s Statement (page 2) of the 30 June 2016 report, Jacob Rothschild said “We increased gold and precious metals to 8% by the end of June.” Glancing at either the Chairman’s statement or the Sprott infographic, you might think ‘ok, so RIT holds (or held) 8% of its portfolio in gold and precious metals’. However, this is not the case, a fact which becomes clear when we look at the Investment Portfolio (holdings) of RIT that are detailed in the same report. Jacob Rothschild, RIT Capital Partners RIT is a global investment fund whose holdings span equities, hedge fund investments, private investments, real assets, credit, and bonds. It’s ‘gold’ and ‘precious metals’ holdings are listed under ‘Real Assets’. The entire RIT portfolio is worth £2.73 billion. The Real Assets section of the RIT report to 30 June 2016 (on page 6 of the report, page 8 of the pdf) lists relevant gold-related line items as: “BlackRock Gold & General Fund”, described as “Gold and precious metal equities”, valued at £22.9 million, and representing 0.9% of the NAV, with a fund weight of 0.83%  “Gold Futures” with a description “Long, 6.0% notional“, valued at £7.6 million, represents 0.3% of the NAV “Silver Futures with a description “Long, 1.2% notional” valued at £7.6 million, representing 0.0% (rounded) of the NAV These are the only gold-related investments in the entire RIT portfolio. Therefore, could this 8% that Jacob Rothschild refers to as “we increased gold and precious metals to 8% by the end of June” be a combination of a 6% notional long on gold futures, a 1.2% notional on long silver futures, and a 0.8% fund weight in gold mining equities through the BlackRock Gold & General Fund holding? In short, the answer is Yes. Firstly, looking at the BlackRock Gold & General Fund, this is a UCITS equity fund which exclusively invests in the shares of gold and silver mining companies such as Newcrest, Newmont, and GoldCorp and which is benchmarked against the FTSE Gold Mining Index (an equity index). However, the BlackRock website reminds us that “The Fund does not hold physical gold or metal.” Like all equity investments, this fund exposes its holders to equity risk, currency risk, sectoral risks (in this case the mining sector), possible gold hedging risks, and the general corporate risks that come with stock specific investing in any publicly quoted company, some of which cannot be diversified through portfolio investing. Next up are the precious metals futures line items. In investment portfolios, notional is literally the gross exposure of a position. In this case, the RIT portfolio being long 6.0% notional in gold futures just means that the portfolio’s notional exposure to gold (via the gold futures position) represented (on 30 June 2016) an amount which was 6.0% of the total (gross) exposure of the portfolio. This is also a leveraged position since it was acquired via the purchase of exchange traded futures and the maintenance of these futures via margin. The amount reflected in the NAV for this position just refers to the margin. I also checked with RIT investors relations as to whether Jacob Rothschild, when he stated that RIT holds gold, was actually referring to these gold futures positions. RIT investor relations responded: “Yes, we do refer to long gold futures exposure as “holding gold”. We take this view since we are confident that gold futures are acting as a suitable proxy for gold both from a regulatory perspective and in terms of where we are in the cycle. However, it should be clear to all that holding gold futures is not the same thing as holding vaulted physical gold. Gold futures may provide exposure to the US Dollar price of gold, but that’s about it, and even if they can be theoretically exercised into physical gold on the COMEX or ICE platforms, no one uses them for this purpose. For example, only 0.04% of COMEX gold futures contracts result in physical delivery each year. Gold futures also entail exchange risk, risk of not being able to exercise for delivery, margin risk, forced cash settlement risk, etc etc. Gold futures are also derivatives that can come into existence in massive quantities as long as there are counterparties to take the other side of the futures trades. Allocated physical gold on the other hand is an asset which exists in limited quantities, has no counterparty risk, has intrinsic value and has been used as money and as a store of value for thousands of years. The “regulatory perspective” that RIT refers to just seems to mean that the fund’s exposure ticks various compliance boxes and is an acceptable security from a compliance and regulatory perspective. The “where we are in the cycle” phrase probably refers to the interest rate cycle in terms of interest rate movements, inflation, real interest rates etc, but surely this is irrelevant because if you really believe that gold futures prices are a perfect proxy for gold prices, then the existence of a “cycle” and the phases of such a cycle become irrelevant to the investment decision? In summary, it should be clear that RIT Capital Partners Plc does not hold any gold or other precious metals, because it merely holds gold futures and units in a BlackRock fund which itself only holds gold and silver equities (common shares) and which does not hold physical gold. Just for completeness, let’s turn to the latest annual report from RIT for year-end 2016 that Sprott did not refer to. Has anything changed compared to 30 June 2016? At year-end 2016, according to Jacob Rothschild: “We continue to hold gold and gold mining shares amounting to 6% of the portfolio.“ Therefore, by the end of 2016, by RIT’s logic, it now had a 6% exposure to gold (and the exposure to silver futures had disappeared). However, as per the 6 month earlier period, this was really a) exposure to the US dollar price of gold via gold futures and b) an exposure to the common equity of publicly-traded gold mining companies through the BlackRock fund investment. In the Real Assets section of the RIT annual report (page 13 of the report, page 15 of the pdf), it lists: “BlackRock Gold & General Fund”, with a description “Gold and precious metal equities” valued at £20.3 million, representing 0.9% of the NAV, and with a fund weight of 0.7% “Gold Futures” with a Description “Long, 5.7% notional” representing (0.2%) of the NAV Again, the 6% Rothschild reference includes the 5.7% long notional on gold via the gold futures, the BlackRock fund with a weight of 0.7%, and possibly the (0.2%) NAV (margin), which altogether net to approximately 6% when rounded down. Since 8% sounds better than 6%, Sprott may have chosen to reference the 30 June 2016 RIT report and not the more recent 30 December 2016 RIT report as this would make Rothschild appear more bullish on gold. David Einhorn and Greenlight Capital Hedge funds by their nature are very secretive, and because they are private pools of capital, they have no obligation to report detailed holdings even to their clients, let alone to the general public. Some of the justifications for hedge fund secrecy include preventing other trading parties adversely trading against them and preventing competitors replicating their positions. Note, hedge funds still have to report equity holdings to the US SEC and they do this via their quarterly 13F form submissions, which can be viewed on the SEC EDGAR website about 6 weeks after quarter end. Sometimes hedge fund stars will drop hints about some of their positions or engage with the financial media, but this is mainly to talk their positions and trading books up. Often however, the “partner letters” (similar to shareholder letters) that hedge fund partnerships send to their clients / investors will give some indication as to their positions and asset allocations, and for whatever reason, some of these letters seem to make it into the public domain pretty quickly. Note that most hedge funds are established as Limited Liability Companies (LLCs), a structure which supports the partnership model. Following Jacob Rothschild, next up on the Sprott infographic is hedge fund manager David Einhorn and his Greenlight Capital hedge fund firm. Greenlight, as a hedge fund firm, runs a series of funds that invest in equity, debt etc but also include global macro and that are known as the “Greenlight Capital funds” a.k.a. “The Partnerships”. There are at least 6 funds in this group, maybe more. David Einhorn, Greenlight Capital The Sprott infographic refers to a recent gold-related ‘Move’ that Einhorn that made as follows: “In early 2017, Einhorn mentioned on an earnings call that he was:…Keeping gold as a top position” More recently, Greenlight again refers to its gold positions in a partners letter dated 25 April 2017, in which it wrote that “gold gave us a small profit in macro”, and that:  “Gold remains a long-term position with a thesis that global fiscal and monetary policies remain very risky” So we can assume that Einhorn maintains a gold exposure of some sort. Since there was no information in the above partner letter as to what exactly Greenlight refers to as a gold position, and nothing that I could find on the web, I did what any junior Bloomberg reporter should but doesn’t do, and shot off an email to Greenlight asking how Greenlight Capital attains its long gold exposure? Surprisingly, or maybe not, within about 20 minutes Greenlight answered with a short and sweet one-liner:  “We hold physical allocated gold in all our funds.”  This response came from the top of the Greenlight tree, close to Einhorn. Hint David Einhorn only follows three accounts on Twitter, one of which is Donald Trump another of which is the Einhorn Trust. So now we know that at least one major hedge fund firm holds physical allocated gold. On a side note, Greenlight also offers two funds called Greenlight Capital (Gold), LP and Greenlight Capital Offshore (Gold), Ltd. These two funds actually offers investors a gold class which denominates investments in that class in gold rather than USD. This is similar to a USD denominated fund offering shareholders a EUR or CHF class, the only difference being that this class is in gold.  Ray Dalio and Bridgewater Bridgewater Associates, based in Westport in Connecticut, runs some of the largest and most well-known individual hedge funds such as the global macro Pure Alpha as well as other well-known funds called ‘The All Weather’  and ‘Pure Alpha Major Markets’. Ray Dalio is founder, chairman and chief investment officer (CIO) of Bridgewater. In the Sprott infographic, the gold ‘Move’ which they chose to highlight Dalio for was that: “In 2016, Dalio said it is prudent to have a ‘well-diversified portfolio’ that is 5-10% gold” However, unlike the other investors profiled, i.e. Rothschild, Einhorn, and Druckenmiller, who had investment decisions attributed to them that involved taking or extending long positions, there is nothing, at least in the infographic, that refers to Dalio taking on or amending a gold position. When Dalio refers to gold, which he has done publicly on a number of occasions, he tends to do so in generalistic terms such as the following comments which were taken from Dalio’s appearance at the CEO Speaker Series conversations organised by the Council on Foreign Relations (CFR): “And so gold is one of the currencies. So we have dollars, we have euros, we have yen and we have gold.” “Now, it [gold] doesn’t have a capacity — the capacity of moving money into gold in a large number is extremely limited.” “I think … there’s no sensible reason not to have some — if you’re going to own a currency, … it’s not sensible not to own gold” “I don’t want to draw an inordinate amount of attention to gold” “a certain limited amount, at least passably, should be in gold, just like you would hold a certain amount in cash” “Now, it depends on the amount of gold, but if you don’t own, I don’t know, 10 percent in — if you don’t have that and then it depends on the world, then you — then there’s no sensible reason other than you don’t know history and you don’t know the economics of it.”   Ray Dalio, Bridgewater Associates   Dalio frequently, in various forums, demonstrates his understanding of the historical importance of gold in the monetary system. Based on the language that Dalio uses about capacity of the gold market and his appreciation of the history of gold, my hunch is that Bridgewater does hold physical gold in a similar manner to how Greenlight Capital holds gold. Dalio has also gone on record with Tony Robbins hinting at a gold allocation that he would use for an “all weather fund”. This is not the Bridgewater All Weather Fund, but it could be something similar. Dalio’s recommended asset allocation that he gave Robbins was: 30% Stocks 40% Long-Term Bonds 15% Intermediate-Term Bonds 7.5% Gold 7.5% Commodities Although it is quite tricky to contact Bridgewater, I did manage to find Dalio’s email (somehow or other) and like an aspiring Bloomberg reporter (or not), I shot off an email to Dalio asking: “Does Bridgewater hold physical gold in its funds (e.g. Pure Alpha, All Weather, and Pure Alpha Major Markets) or some other type of long gold exposure?”  The same day, I received back an automated response: ______________________________________________________________________ Message from "Ray Dalio" ______________________________________________________________________ I recognize from your email address that this is the first message I have received from you since Bridgewater Associates began using Sender Address Verification (SAV). Your message is very important to me. Like you, we are very concerned with stopping the proliferation of spam. We have implemented Sender Address Verification (SAV) to ensure that we do not receive unwanted email and to give you the assurance that your messages to me have no chance of being filtered into a bulk mail folder. By pressing REPLY and SEND to this message your original message will be delivered to the top of my inbox. You need only do this once and all future emails will be recognized and delivered directly to me. ... Thank you! Ray DalioHowever, after replying as per the instructions above using the verification address, there was no further response from Bridgewater. Maybe he is on vacation! So the jury is still out on how Bridgewater acquires its exposure to gold, assuming that its funds actually have exposure to gold. But my guess is that at least some of Bridgewater’s funds do hold gold, and probably hold real physical allocated gold. Stanley Druckenmiller and Duquesne Finally, the Sprott infographic features Stanley Druckenmiller, founder and former chairman and president of Pittsburgh-based Duquesne Capital Management, and also former portfolio manager of Soros’ Quantum Fund. In 2010, ‘Stan’ Druckenmiller wound down Duquesne Capital since he claimed it was becoming harder to deliver consistently high returns, but he continued to manage his own wealth through Duquesne Family Office LLC, which is based out of Manhattan. According to the infographic, in early 2017 Druckenmiller said: “Gold was down a lot, so I bought it.” Stan Druckenmiller, Duquesne This quote was reported in a 8 February 2017 Bloomberg article which itself was based on a CNBC interview from 7 February: “I wanted to own some currency and no country wants its currency to strengthen,” Druckenmiller said Tuesday in an interview. “Gold was down a lot, so I bought it.”  As per usual, Bloomberg doesn’t bother to find out or mention what form of gold exposure Druckenmiller was referring to in that interview. Strangely, Bloomberg says that Druckenmiller bought gold in late December and January having previously sold his ‘gold’ on election night in November when Trump was elected. I say strangely because Druckenmiller is known for getting his US dollar ‘gold exposure’ via the gold-backed ETF the SPDR Gold Trust (GLD) however, the Duquesne Family Office 13F filings with the SEC don’t show GLD activity in Q4 2016 or Q1 2016. Looking at recent Duquesne Family Office 13F filings which show reportable equity holdings (including GLD since GLD is a listed security and is basically like a share), the last time Duquesne Family Office had a long exposure to the SPDR Gold Trust was in Q1 2016 when it held 2,016,000 call options on the SPDR Gold Trust (Cusip 78463V907) which at the time had a notional exposure of $237.16 million. Druckenmiller had purchased 2,880,000 call options on GLD during Q2 2015 but reduced this to 2,016,000 calls during Q1 2016. Duquesne has not held any SPDR Gold Trust shares or options since Q1 2016. However, looking at the Duquesne 13F filings for Q3 2016, Q4 2016 and Q1 2017, there are some interesting changes in reported holdings of some gold mining equities over this period. As of the end of September 2016, Duquesne reported holding 1.8326 million Barrick Gold shares and 530,800 Agnico Eagle Mines shares. Then, as of the end of December 2016, neither of these stocks appeared on the Duquesne 13F list. However, as of the end of March 2017, both Barrick and Agnico reappeared on Duquesne’s filing, with Druckenmiller’s family investments holding 2.85 million Barrick Gold shares, and 882,900 Agnico Eagle Mines shares. Barrick Gold, headquartered in Canada, is the world’s largest gold mining company. Agnico Eagle, also headquartered in Canada, is another large gold mining company. The timing of Druckenmiller saying that he sold his ‘gold’ on election night in November 2016 and the bought gold in late December 2016 and January 2017 fits very well with the Duquesne trades of selling Barrick Gold and Agnico Eagle so that they appeared in the Q3 13F, but not in the Q4 13F and then reappeared in the Q1 2017 13F. If this is the case, then Druckenmiller’s Duquesne does not hold gold but holds gold mining equities, and Druckenmiller’s recent references to buying gold are really references to holding common shares in publicly-traded gold mining companies. Duquesne, however, could hold other ‘gold exposures’ such as gold futures or even real physical allocated gold. But due to the non-obligation of these investment pools to report holdings, this is unclear. I also sent an email to Stan Druckenmiller at his Duquesne address, asking him: “Does Duquesne Family Office hold physical gold as part of its exposure to gold within its investments, or is the exposure some other type of long gold exposure such as the gold-backed ETF GLD?” However, as of the time of writing, Druckenmiller has not responded. Druckenmiller’s gold exposure via GLD calls between Q2 2015 and Q1 2016 also deserves some commentary. Readers of this website will know that holding a gold-backed ETF such as GLD is not the same as owning real physical gold. Although the Trust behind GLD holds gold bars, GLD units just provide exposure to the US dollar price of gold and there is no conversion option into real gold. With GLD, the holder is a shareholder and not a gold holder. There are many other concerns with GLD, all of which are documented on a BullionStar infographic. However, Duquesne’s ‘exposure’ is even one more step removed from gold since it was in the more of a derivative (call option) on an underlying (GLD) which itself does not provide ownership of any gold to the holder. So in some ways this could be called a second order derivative. Paulson & Co Although Sprott’s infographic doesn’t feature John Paulson of hedge fund firm Paulson & Co, maybe it should have. However, on second thoughts maybe not, because Paulson & Co is currently the 6th largest institutional holder of SPDR Gold Trust (GLD) shares, which as explained above, is not the same as owning real physical gold. According to its latest 13F filing, Paulson & Co holds 4,359,722 GLD shares worth a sizeable $500 million.   John Paulson (far right), along with Jim Simons of Renaissance (middle) and George Soros (left)    Paulson also launched a specific gold fund in 2010 which is now called the PFR Gold Fund, named after Paulson, and the two managers who used to run the fund, namely, Victor Flores and John Reade, hence the PFR. Reade has now left Paulson & Co, and moved to the World Gold Council (WGC), which derives the majority of its revenue from…wait for it….the SPDR Gold Trust, since WGC’s 100% owned subsidiary World Gold Trust Services is the sponsor of the GLD.   According to HedgeTracker, the PFR Gold Fund has a “long-term strategy focus investing in mining companies and bullion-based derivatives“, so again you can see that this is nothing to do with owning and holdings real physical allocated gold. Conclusion After this whirlwind tour, we know the following: RIT Capital Partners Plc claims to hold gold but really holds a) gold futures which provide notional long gold exposure and b) a BlackRock fund which invests in gold mining shares. Greenlight Capital holds allocated gold in all of its hedge funds (and they are good about replying to emails). Bridgewater Associates probably holds gold exposure across at least some of its funds. Given Ray Dalio’s grasp of the importance of real physical gold, I would be surprised if Dalio’s funds do not hold real physical gold. But Dalio is a hard man to track down, so the jury is still out on this one. Stan Druckenmiller’s Duquesne Family Office had a large exposure to the SPDR Gold Trust via call options in 2015 and early 2016 but then closed this exposure. Duquesne also invests in gold mining equities Barrick Gold and Agnico Eagle Mines, and this could be what Druckenmiller is referring to when he said he sold and then bought back gold. Paulson is a big fan of the SPDR Gold Trust, a vehicle which is in no way the same as owning physical gold, because it merely provides exposure to the US dollar price of gold. If and when the paper gold market implodes and the price of real physical gold diverges from the paper price of gold, the world’s billionaire investors will need to line up their ducks and explain to their partners and shareholders if they actually hold tangible physical gold bars, and if not why not. This article originally appeared on the BullionStar website under the title "Are the World’s Billionaire Investors Actually Buying Gold?"

21 июня, 00:54

Скрытый мотив Пекина

Золото и шелк.   Опубликованные недавно данные Всемирного золотого совета показали сенсационный рост спроса со стороны Пекина на золото. Не финансовые инструменты, так или иначе привязанные к золоту, не ценные бумаги, номинированные в этом металле, не права на золото, хранящееся в...

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14 июня, 06:45

Индия: как налоговая реформа повлияет на золото?

Как стало известно, в Индии была принята новая полномасштабная налоговая реформа. Теперь цены для потребителей станут на многие товары дороже, но WGC видит в этом положительный эффект для рынка золота...

12 июня, 14:44

Pension Funds, Sovereign Wealth Funds, Central Banks “Stock Up” on Gold “Amid Uncertainty”

Pension Funds, Sovereign Wealth Funds and Central Banks "Stock Up" on Gold "Amid Uncertainty" By Attracta MooneyFinancial Times, LondonSunday, June 11, 2017 The gold reserves of the world's biggest public sector investors reached an 18-year high as they hoarded the precious metal after Donald Trump's election and the Brexit vote added to geopolitical uncertainty. State investors increased their net gold holdings by 377 tonnes to an estimated 31,000 tonnes last year -- the highest level since 1999, according to a study of 750 central banks, public pension plans and sovereign wealth funds with $33.5 trillion in assets. Danae Kyriakopoulou, chief economist at the Official Monetary and Financial Forum, the central bankers' forum that compiled the research, said state investors had flocked to the precious metal because of its status as a "haven asset" and to take advantage of rising prices. "There was a lot of political uncertainty in the past year. There were big political shocks with Brexit and Trump, which have driven investors back to gold," she said. The price of gold surged after the unexpected Brexit vote in June and immediately after the election of Mr. Trump in November, although it fell in the final weeks of the year. Alistair Hewitt, head of market intelligence at the World Gold Council, said state-backed investors had also increased their gold stores as a hedge against the stronger dollar. The dollar is up 15 percent against the pound over the past year. "Central banks and public institutions have been adding to their strategic gold holdings for a number of years," Mr. Hewitt said. "A lot of emerging market central banks hold significant amounts of US dollars, and they have bought gold as a hedge against this concentrated currency exposure." ... Remainder of report via FT: State investors stock up on record gold reserves amid uncertainty In 2013, the global monetary think-tank, the Official Monetary and Financial Institutions Forum (OMFIF),  warned in a wide-ranging analysis of the world monetary system of “twin shocks” to the dollar and the euro and of a “coming dollar shock” and pointed out how gold would be a safe haven in a dollar crisis. Demand for physical gold is likely to rise as the world heads towards a multi-currency reserve system under the impact of uncertainty impacting the stability of the dollar and the euro, the main currencies held by central banks and sovereign wealth funds.See here: “Gold Will Prove A Haven From Currency Storms” – OMFIF Study News and Commentary Gold Rally Limited to U.K. as Impact of Political Turmoil Muted (Bloomberg.com) State investors stock up on record 31k tonnes of gold reserves – highest since 1999 (Gata.org) Law Will Oblige Travelers Entering US to Declare Digital Currency Holdings (AltCointToday.com) Sibanye Gold say South Africa wildcat strike continues, 138 arrested (Reuters.com) Nevada Becomes First US State to Block Blockchain Taxes (CoinTelegraph.com) The Strange Secret History of Operation Goldfinger (NewYorker.com) Bringing 1/2 of Germany’s Gold Back (Handelsblatt.com) Barack Obama – The $600 Billion Man (BonnerAndPartners.com) Santander acquistion of Banco Popular shows "financial system insane" (ValueWalk.com) Another Day of Salami Slicing in Silver and Gold (GoldSeek.com) Avoid Digital & ETF Gold – Key Gold Storage Must Haves Gold Prices (LBMA AM) 12 Jun: USD 1,269.25, GBP 998.14 & EUR 1,131.28 per ounce09 Jun: USD 1,274.25, GBP 1,001.31 & EUR 1,139.18 per ounce08 Jun: USD 1,284.80, GBP 992.12 & EUR 1,142.70 per ounce07 Jun: USD 1,292.70, GBP 1,001.07 & EUR 1,146.62 per ounce06 Jun: USD 1,287.85, GBP 997.31 & EUR 1,144.77 per ounce05 Jun: USD 1,280.70, GBP 992.41 & EUR 1,136.88 per ounce02 Jun: USD 1,260.95, GBP 980.39 & EUR 1,123.88 per ounce Silver Prices (LBMA) 12 Jun: USD 17.13, GBP 13.50 & EUR 15.27 per ounce09 Jun: USD 17.35, GBP 13.60 & EUR 15.52 per ounce08 Jun: USD 17.60, GBP 13.60 & EUR 15.67 per ounce07 Jun: USD 17.60, GBP 13.64 & EUR 15.71 per ounce06 Jun: USD 17.56, GBP 13.61 & EUR 15.62 per ounce05 Jun: USD 17.52, GBP 13.58 & EUR 15.59 per ounce02 Jun: USD 17.19, GBP 13.37 & EUR 15.33 per ounce Recent Market Updates - 4 Charts Show Gold May Be Heading Much Higher- Gold in Pounds Surges 1.5% To £1,001/oz – UK Political Turmoil Likely- Gold Prices Steady On UK Election Risk; ECB Meeting and Geopolitical Risk- Gold Breaks 6-Year Downtrend On Safe Haven and 50% Surge In Chinese Demand- Deposit Bail In Risk as Spanish Bank’s Stocks Crash- Terrorist attacks see Gold Stay Firm- Trust in the Bigger Picture, Trust in Gold- Trump, UK and the Middle East drive uncertainty- Is China manipulating the gold market?- Why Sharia Gold and Bitcoin Point to a Change in Views- Bitcoin volatility and why it’s good for gold- Silver Bullion In Secret Bull Market- Should I Invest My Fortune in Gold? Inaugural Lecture by Dr Brian LuceyAccess Award Winning Daily and Weekly Updates Here

08 июня, 12:18

Азия скупает золото в массовом порядке

Нынешний скачок цен на благородный металла - это реакция на совокупность таких факторов, как ситуация вокруг Катара, теракты в Иране и Британии, риск импичмента президента США и ослабление доллара

07 июня, 12:36

Июнь 2017 г.: цена золота на максимуме шести месяцев

На рынке драгоценных металлов царят оптимистические настроения. Вчера котировки золота прибавили 1,2%. Таких цен на золото не было с 4 ноября прошлого 2016 года. Золото получает хорошую поддержу из Азии...

07 июня, 05:38

В мае 2017 г. импорт золота в Индию снова вырос

По сообщению аналитической компании GFMS, по итогам мая текущего 2017 года Индия импортировала 103 тонны золота, что в четыре раза больше, чем в мае прошлого 2016 г. Это связано с возможным повышением налогов...

07 июня, 04:11

Аргентина увеличила резервы золота на 6,8 тонн

Всемирный совет по золоту (World Gold Council) опубликовал очередной отчёт по состоянию мировых резервов золота среди разных стран по итогам марта-апреля текущего 2017 г. Россия тоже увеличила свой золотой запас...

01 июня, 16:30

Zacks Industry Outlook Highlights: Goldcorp, Barrick Gold, Golden Star Resources, New Gold and Seabridge Gold

Zacks Industry Outlook Highlights: Goldcorp, Barrick Gold, Golden Star Resources, New Gold and Seabridge Gold

01 июня, 16:30

Zacks Industry Outlook Highlights: Barrick Gold, AngloGold Ashanti, Alamos Gold, Eldorado Gold and Pershing Gold

Zacks Industry Outlook Highlights: Barrick Gold, AngloGold Ashanti, Alamos Gold, Eldorado Gold and Pershing Gold

01 июня, 00:53

Will the Gold Industry Reel Under Headwinds?

Will the Gold Industry Reel Under Headwinds?

31 мая, 22:41

Factors to Help Gold Retain Its Shine, Long Term

Factors to Help Gold Retain Its Shine, Long Term

30 мая, 14:37

Gold-backed Currency Launches in Dubai

Gold-backed Currency Launches in Dubai  New gold-backed currency OneGram launched Backed by one-gram of gold, uses blockchain technology OneGram is first in wave of new Shariah, tech-savvy gold products 2017 sees big changes for gold thanks to Shariah gold and blockchain Gold investors should prepare for tightening in supply Bitcoin and shariah gold demand suggest change in retail investor thinking Technology, shariah gold and bitcoin point to changing views Ramadan Kareem rang out across Dubai and the rest of the Muslim World this weekend as the holiest month in the Islamic calendar began. For 29-30 days over a billion Muslims around the world practice sawm (fasting), charity (zakat) and salat (prayer). This period is a time of spiritual reflection, increased devotion and worship as well as a time to come together with loved ones for both the break fast meal (Iftar) and pre-fast meal (Suhur). Ramadan is obviously observed in different ways around the Muslim world. Here in Dubai a non-Muslim will experience a place full of both celebration and reflection, with events happening every evening that are there to welcome everybody. The month also sees a number of companies launching Ramadan promotions ranging from bank accounts (free banking for six months, anyone?) to spa treatments (2-for-1 massage?) to huge packs of dates (the first food to break the fast). As part of the celebrations, a new gold-backed currency has been launched, here in Dubai. It is a new currency known as OneGram (OGC) backed by one gram of gold and can be used for digital payments. There is a fixed number of OGCs and digital transaction fees (minus admin costs) will be reinvested to buy more gold. According to the managers, “the amount of gold backing each OGC will increase with time.” OneGram has been launched by a private company of the same name. The company claims to offer a proof-of-stake blockchain that is ‘’further anonymized’ than Bitcoin. Reports state that ‘developers employ zero-knowledge dual-key stealth addresses and ring signature protocols toward ‘instant, untraceable, unlinkable, trustless transactions.’ Shariah Gold Standard In December we witnessed the launch of the Shariah Gold Standard. Announced in Bahrain by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Gold Council, the Standard is the first ever set of guidelines for the 2 billion Muslims looking to invest in gold-based financial products. As we explained in December: According to Islamic texts, gold is a ribawi item, which means that it must be sold on weight and measure, and cannot be traded for future value or for speculation. In order for a gold instrument to be Shariah-compliant, the precious metal must be the underlying asset in related transactions. When the Shariah Gold Standard was launched, one of the world’s leading investors Mark Mobius labelled it as a “godsend” that was both “innovative and revolutionary”. Currently the Islamic Finance market accounts for 1% of the global GDP, and is growing at nearly 20% per year. The new AAOIFI issued guidelines are expected to propel demand for gold as more companies (such as GoldCore) launch Shariah-compliant gold investment products. The combined use of both innovative Shariah gold investment standards and new technology could boost demand by around 500-1000 tonnes per annum. The launch of OneGram is part of the new wave of gold financial products that we are beginning to see as a result of the Shariah Gold Standard. Muslims have long looked for more gold products to be made available to them in the $2 trillion Islamic financial markets. A gold-backed cryptocurrency is not just a positive sign for Muslim investors, it is also a positive sign for those who are looking to invest outside of the financial system. Of course, investing in physical gold has long been available for both Muslims and non-Muslims for many years, but this recent announcement says a lot more about the demands for safe-haven investing than previous changes in financial markets have. A new safe-money standard? Right now it seems the world is paying attention to a financial and geopolitical situation that is proving to have one too many cracks to fix and fill. But, in the background, there is a growing awareness of how we can protect ourselves when those cracks turn into canyons. There is something in the air that suggests we might be seeing a turn in the way savers and investors are beginning to view their money. The launch of technologically advanced, shariah compliant gold-products is an early indication of this. But when one also considers the recent performance of bitcoin, then we see that the desire to hold money outside of the financial system with reduced counterparties is growing. The size of the bitcoin market might be minuscule compared to gold, and gold’s market size minuscule compared to that of the dollar, but times are changing. The increased accessibility to these sound-money, safe-haven assets is a sign that the most powerful financial group in the world - the people on the street - are harnessing ways to gain control of their investment portfolios. Ultimately we believe bitcoin is a complementary asset to gold, but time will tell. Whilst watching and waiting on bitcoin, gold investors should feel assured that launches of gold-backed products such as OneGram are not only validation of the modern approach to investing in gold, but also validation of their decision to invest in gold. This is good news for gold investors who have chosen to invest in not only the ultimate form of financial insurance but also one that is finite and physical. As awareness and demand grow, it is not unreasonable to expect to see some tightening in the availability of physical gold, which will have a positive impact on the price.   News and Commentary North Korea warns of ‘bigger gift package’ for U.S. after latest test (Reuters) Gold firm near one-month highs as geopolitical concerns support (Reuters)   Gold little changed near 4-week highs in holiday-thinned trade (Investing.com)   How Much Gold Would Buy You a Home in Toronto? (Bloomberg)   Stocks Meander, Pound Rises in Holiday-Hit Trading (Bloomberg)   Will The Crazy Global Debt Bubble Ever End? (ZeroHedge)   Op-Ed: Bitcoin is more akin to the Nasdaq than gold and is not a safe haven asset (CNBC)   Gold Demand Could Plunge As India Considers New Tax Policy (OilPrice.com)   The Story Behind Continuing Strong Gold Bullion Coin Demand (Market Oracle)   ECB’s Draghi: Extraordinary Monetary Support Still Needed (Economic Calendar) Avoid Digital & ETF Gold – Key Gold Storage Must Haves Gold Prices (LBMA AM) 29 May: USD 1,265.00, GBP 983.41 & EUR 1,127.87 per ounce26 May: USD 1,265.00, GBP 983.41 & EUR 1,127.87 per ounce25 May: USD 1,257.10, GBP 969.48 & EUR 1,119.57 per ounce24 May: USD 1,251.35, GBP 963.29 & EUR 1,119.58 per ounce23 May: USD 1,259.90, GBP 969.62 & EUR 1,119.17 per ounce22 May: USD 1,255.25, GBP 967.17 & EUR 1,123.07 per ounce19 May: USD 1,251.85, GBP 962.17 & EUR 1,122.03 per ounce Silver Prices (LBMA) 29 May: USD 17.29, GBP 13.45 & EUR 15.41 per ounce26 May: USD 17.29, GBP 13.45 & EUR 15.41 per ounce25 May: USD 17.15, GBP 13.23 & EUR 15.29 per ounce24 May: USD 17.03, GBP 13.14 & EUR 15.22 per ounce23 May: USD 17.14, GBP 13.22 & EUR 15.25 per ounce22 May: USD 16.95, GBP 13.04 & EUR 15.10 per ounce19 May: USD 16.77, GBP 12.90 & EUR 15.02 per ounce Recent Market Updates - Bitcoin volatility and why it’s good for gold- Should I Invest My Fortune in Gold? Inaugural Lecture by Dr Brian Lucey- Gold and Silver Bullion Now Treated As Money In Arizona- Manchester Attack Sees Asian Stocks Fall, Gold Firm- James Rickards: Gold’s “Decisive Turn Around” – “Next Stop Is $1,300 Or Higher”- Gold and Silver Bullion Coins See Sales “Explosion” In UK On “Wave Of Political Turmoil”- Gold Investment Is the Ultimate Guide for Tech Investors In 500 Words- Gold Spikes On Heavy Volume On Trump, U.S. Political “Mess”- Cyber Wars Could Crash Markets and Threat To Humanity – Rickards and Buffett- Cyber Attacks Show Vulnerability of Digital Systems and Digital Currencies- History of Gold – Interesting Facts and Changes Over 50 Years- U.S. Gold Exports To China and India Surge In 2017- The Dream of the Central Banker Access Award Winning Daily and Weekly Updates Here

Выбор редакции
27 мая, 03:30

Shari'ah-Compliant Crypto Gold: Could Islam Be Preparing For A New World Reserve Currency?

Authored by Shannara Johnson via HardAssetAlliance.com, It all started pretty harmlessly: in December 2016, after about 12 months of deliberations, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Gold Council announced a new “Shari’ah Standard on Gold.” The new standard was celebrated as a potentially big boost for global gold demand as it would give more than 2 billion Muslims in the world access to gold-based financial products that were previously forbidden to them. That included vaulted gold, gold accumulation plans, gold certificates, gold-backed ETFs like GLD, and gold mining stocks. Under Shari’ah law, physical gold was considered a “ribawi item,” which means it could only be used as a currency and worn as jewelry, but it couldn’t be traded for speculation or future value. However, Muslim investors were well aware that the $1.8 trillion Islamic finance business was missing out on important opportunities. Under the new standard, Shari’ah-compliance is guaranteed as long as physical gold is the underlying asset. And we didn’t have long to wait for a brand-new financial product coming from the Islamic world that combines the popularity of Bitcoin with the timeless value of physical gold: OneGram, a gold-backed, fully Shari’ah-compliant crypto currency. The new currency was announced on May 4 at the Ritz Carlton, Dubai International Financial Center—with the official ICO (Initial Coin Offering) following only 17 days later. “In recent years, the Middle East has seen incredible growth in fintech innovations including digital tokens and smart contracts,” said Ibrahim Mohammed, the founder and CEO of OneGram, in his first press release. “With OneGram, we’re excited to provide an opportunity for investors who care about Islamic financial markets and the security of commodity-backed investments to benefit from rapid technological advances in the blockchain industry.” According to OneGram’s website, initially each OneGram coin (OGC) is backed by one gram of gold and can be used for digital payments, just like Bitcoin. The total number of OGCs is fixed and won’t change after the ICO. The digital transaction fees (minus admin costs) will be reinvested to buy more gold. “Therefore,” states the website, “the amount of gold backing each OGC will increase with time.” Plus, of course, a rising gold price and the growing acceptance of OneGram in the market are also poised to pump up its value. Gold and crypto-currency experts are already speculating about the implications of the launch. A recent CoinDesk review stated: Bitcoin is often referred to as a “good” money because of its limited supply, relative fungibility and ease of exchange. If gold can also start to satisfy those requirements, a seismic shift from fiat to digital could be easier to “sell”—the public is predisposed to trust gold, certainly more so than cryptography. It could also open the door to the creation of a new global currency as an alternative to the dollar, something that Russia and China are rumored to be looking at. [Emphasis mine.] We sure do live in interesting times - and it is not all that far-fetched to think that OneGram, or another gold-backed crypto currency like it, could be a stealthy way to introduce a new global gold standard.

24 мая, 17:40

Рынок драгметаллов снижается под влиянием укрепляющегося доллара

Сегодня рынки драгоценных металлов снижаются под влиянием укрепляющегося курса доллара США. Всеобщий оптимизм воцарился на американском фондовом рынке после вынесения на рассмотрение бюджета, предполагающего увеличение расходов на инфраструктурные объекты. Политическая нестабильность остается довольно высокой, но рынки не обращают особого внимания, в ожидании действий ФРС США в июне. Запасы в золотых, серебряных и платиновых ETF-фондах подросли, запасы в палладиевых ETF-фондах снизились. Цены на драгоценные металлы на бирже в Шанхае подросли, объемы торгов средние. Курс юаня к доллару США стабилен. Хороший спрос на физические металлы в настоящее время также поддерживает цены, особенно в Индии и Китае. По оценке Всемирного золотого совета спрос на золото в Индии в 2017 г. составит 650-750 тонн против 674 тонн в 2016 г. Снижение спроса после введения налога GST возможно, но отрасль приспособится к новому налогу в течение 12-18 месяцев.

24 мая, 14:18

Новости рынка драгметаллов: 24 мая 2017 г.

Сегодня рынки драгметаллов снижаются под влиянием укрепляющегося курса доллара США. Всеобщий оптимизм воцарился на американском фондовом рынке после вынесения на рассмотрение бюджета...

20 мая, 13:05

Контрабанда золота в Индию достигла 10 тонн в месяц

Каждый месяц в Индию попадает до 10 тонн золота нелегальным способом. Ощутимый удар по контрабанде золота был нанесён в конце 2016 года, когда были введены ограничения на наличные платежи...

17 мая, 09:30

Китайским инвесторам в золото пропишут условия

Минпромторг России направил на повторное согласование проект российско-китайского соглашения по освоению золоторудного месторождения Ключевское. К первоначальному варианту соглашения были претензии со стороны Минприроды, МИД и других ведомств.  В 2016 году китайская госкомпания China National Gold Group заключила сделку с индийской SUN Gold Ltd. о покупке 70%-ной доли в проекте разработки золоторудного месторождения Ключевское в Забайкальском крае. Учитывая, что покупатель — китайская компания, а предмет сделки — рудник Западная — Ключи — имеет стратегическое значение для обеспечения обороны страны и безопасности России, потребовалось заключение межправительственного соглашения между Россией и Китаем. Первоначальный вариант соглашения был отправлен на доработку, а в новом, по словам источника в правительстве, были учтены замечания, которые направили различные министерства. В частности, доля оборудования российского производства, используемого на руднике, должна составлять не менее 40% от общей его стоимости, а переработка руды с извлечением металлов должна осуществляться на территории России. Интересно, что Минприроды в своём отзыве на проект соглашения предлагало увеличить долю используемого оборудования отечественного производства до 50%, но это предложение не нашло поддержки у Минпромторга. У МИД и вовсе возникли сомнения в целесообразности заключения соглашения. — В тексте отсутствуют положения, касающиеся предмета соглашения, т.е. непосредственного сотрудничества сторон, за исключением статьи 3, в которой речь идёт о продаже акций АО "Рудник Западная — Ключи" китайской компании, — отметили в МИД.  Запасы Ключевского месторождения составляют по A+B+C1 — 47,8 тонны, С2 — 26,6 тонны, забалансовые — 4 тонны. Лицензией на его освоение владеет АО "Западное — Ключи". Добыча золота на месторождении более десяти лет назад была заморожена. Для эффективной отработки данного месторождения необходимо применять новые технологии вскрыши и производства золота. Содержание золота в рудах — до двух граммов на тонну, при этом драгметалл нужно извлекать из упорных первичных малосульфидных руд. Ранее "Западная — Ключи" планировала в 2006 году запустить на Ключевском месторождении золотоизвлекательную фабрику (ЗИФ), а также начать кучное выщелачивание. При выходе на проектную мощность предприятие рассчитывало добывать до двух тонн золота в год. China National Gold — единственная государственная золотодобывающая компания в Китае, возглавляет китайскую Ассоциацию золота и единственная из китайских компаний входит в World Gold Council.