Posts Tagged: GOLD

 

Citing former US Federal Reserve Chair Alan Greenspan, Chinese economic observer Jin Zihou suggested that the Chinese renminbi would deal a lethal blow to today’s financial system if Beijing converted its $4 trillion assets into gold.

Since the US dollar’s power is gradually fading, China, the US biggest creditor, may potentially destroy the US dollar, Jin emphasized.

Still the US dollar remains the “biggest player,” accounting for 60 percent of global reserves. However, many countries are seeking ways to limit the power of the US dollar and become less dependent on it.

According to Jin Zihou, the only way for Beijing to end the US dollar’s reign is to accumulate a significant amount of gold, namely 30,000 tons. In this case, China will be able to challenge America’s longstanding dominant position in the global trade and financial markets.

Remarkably, Alasdair Macleod, a researcher and former Executive Director at an offshore bank in Guernsey and Jersey, pointed out that between 1983 and 2003 China could have secretly accumulated almost 20,000 tons of gold.
>> Read More

Record $150mn seized in 10 months

15 May 2015 - 7:27 am
 

In Mumbai Customs lingo, ‘Dhanalakshmi’ or ‘Kuber’ aren’t gods their officers propitiate or horses they bet on at the city’s famous Mahalaxmi racecourse. ‘Dhanalakshmi’ is the code for the Emirates flight EK500 from Dubai to Mumbai while ‘Kuber’ refers to Air India’s AI 984 which flies the same route. Officials say these are the flights used most often by gold smugglers.

According to Customs officials, ‘Dhanalakshmi’ alone accounted for 72kg of seizures in 2014-15 — almost 8 per cent of the 943kg seized at Mumbai’s Chhatrapati Shivaji International Airport, a record for the last three years and a 173% hike from the previous year.

But countrywide figures show that Mumbai is just one of the many landing grounds for these smugglers. Officials and industry insiders attribute this spike to a “high” import duty of 10 per cent from 2013, a booming demand pegged by the World Gold Council at around 840 tonnes in 2014 – 191.7 tonnes in the first quarter of fiscal 2015 alone, up 15 per cent from the same period last year — and a low prosecution rate of those caught smuggling gold.

This spurt since 2012-13 is most visible in seizure figures over the last three years at India’s two busiest international airports handling roughly 30,000 international passengers each every day — 64 kg to 943 kg in Mumbai and 6 kg to 574.81 kg in Delhi (see bar graph).
>> Read More

 

GOLD-1178

Above is Daily Chart of GOLD SPOT

All Eyes on  $ 1177 level.

Break with volumes and closes below :Watch PANIC upto 1162————————-1157 level !

1205 to 1210 area :Hurdle 

Will Update More to our Subscribers ,Updated at 6:28/23rd April/Baroda

 

gold-fire

 

gold-fireAbove is 15 Minute Chart of GOLD SPOT

After Job Data on Friday & Weakness in US Dollar Index………………….Gold on Fire

Now at  $1218

We see Hurdle & Targets at $ 1225———————-1235 level.

101% Will Update More to our MCX Subscribers 

Updated at 6:18/06th April/Baroda

Valuing Gold

05 April 2015 - 9:00 am
 

There is only one way to value gold, and that is to quantify the expansion of the fiat currency in which it is priced.

That is the sole purpose of the Fiat Money Quantity (FMQ), which since I last wrote about it five months ago has increased by $375bn to $13.7 trillion. This is despite the end of quantitative easing, which had been tapered down before being abandoned altogether. The long-term chart of FMQ is shown below.

FMQ chart

FMQ is the total instant-access cash and deposits in the commercial banks plus their reserves at the Fed and the temporary means by which those reserves are changed. Its purpose is to quantify the difference between sound money and fiat currency by including the steps by which gold has been progressively absorbed into the banking system from private ownership and into government vaults via the commercial banks and the Fed. A fuller description can be found here. >> Read More

 

Two months ago, when looking at the most recent physical gold withdrawal numbers reported by the Fed, we observed something peculiar: between the publicly reported surprise redemption by the Netherlands (122 tons) and the just as surprise redemption by the Bundesbank (85 tons), at least 207 tons of gold should have vacated the NY Fed’s gold vault. Instead, the Fed reported that in all of 2014 “only” 177 tons of gold were shipped out of the massive gold vault located 90 feet below 33 Liberty Street. Somehow the delta between what we “shipped” and what was “received” in the past year was a whopping 30 tons, or about 15% of the total – a gap that is big enough to make even China’s outright fraudulent trade numbers seems sterling by comparison.

This prompted us to ask: 

what happened? Did an intern input the Fed’s gold redemptions figures for December, supposedly a different intern than the one who works at the IMF and who caused a stir earlier this week when the IMF, allegedly erroneously, reported that the Dutch – after secretly repatriating 122 tons of gold – had also bought 10 tons of gold in the open market for the first time in nearly a decade.

 

Or perhaps some “other” bank, central or commercial, decided to offset the redemptions by the Netherlands and Germany, and inexplicably added 30 tons of gold in December? The question then becomes: “who” deposited said gold, especially when one considers that even the adjoining JPM vault which is allegedly connected to the NY Fed by a tunnel, only contains some 740K ounces of gold, or about 23 tonnes.

 

 

Or is it simply that when it comes to accurately reporting the flows of physical gold, classical math is incapable of keeping track of the New Normal gold moves, and the Fed has decided that even when dealing with physical gold there is a “settlement” period?

>> Read More

 

GOLD-CORRECTION

Above is Daily CHART of GOLD SPOT

Mind Blowing Rally ,Tons of Money Minted by our MCX Subscribers

Now Gold Spot @  1205

Crucial Support at  $ 1200————————————-1195 level.

Yes ,Break with volumes and sustains below 1195 will create more panic.

Hurdles at $$ 1223—-1228 level.

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GOLD SPOT -Watch $ 1192 ……

23 March 2015 - 6:21 am
 

GOLD-2303

Above is Daily Chart of GOLD SPOT

Yes ,Our Major Support at $ 1141……..Not Broken ,Our Targets were :1165——1170

Next Target were :1187———————–1192 level 

(Just see it kissed High of $ 1188 level )

EYES19

All Eyes on $ 1192 level.Crossover and close above this level create more Firework

We see Rally upto 1203—-1208 level 

101% More Details to our MCX Subscribers ,Updated at 6:20/23rd March/Baroda

 

There is a story being told to the masses about Chinese gold demand that is grossly incorrect. The huge discrepancy between numbers from the World Gold Council (WGC) and actual gold demand is so wide yet cunningly hidden I must conclude there is essential information about physical gold demand deliberately kept privy.

Let’s go back to April 2013; the price of gold made a nosedive, which spawned an unprecedented physical buying spree across the globe, most notably in China. Withdrawals from the vaults of the Shanghai Gold Exchange (SGE), that equal Chinese wholesale demand, closed at 2,197 metric tonnes December 31, 2013, up 93 % y/y.

However, the WGC (the global authority on gold) initially stated Chinese consumer gold demand had reached 1,066 tonnes in 2013, an astonishing 1,131 tonnes less than wholesale demand. In the China Gold Association (CGA) Gold Yearbook 2013 it was disclosed China had net imported 1,524 tonnes and domestically mined 428 tonnes. Without counting scrap supply this adds up to 1,952 tonnes; adding scrap total supply has been well over 2,000 tonnes. It’s impossible consumer demand was only 1,066 tonnes.

Finally the WGC admitted their initial estimate of 1,066 tonnes of Chinese gold demand was grossly understated. By email they wrote me on February 12, 2015:

Dear Mr Jansen,

 

Thank you for emailing the World Gold Council, we apologize that your previous enquiry was missed.

 

Our figure for Chinese consumer demand in 2013 has since been revised upwards to 1,311.8 tonnes from the original figure of 1,066 tonnes published in the full year 2013 Gold Demand Trends report. 

>> Read More

Gold MCX- Crucial Update

08 March 2015 - 18:17 pm
 

GOLD-MCX UPDATE

Last Close :26012

MINTED MONEY IN TONS

http://www.anirudhsethireport.com/gold-spot-its-bloodbath-below-1194target-1168-1159/

At 26657 level………………..Recommended to Go short and Remain short

With Target of  26043————–25838 level.

Yes ,On Friday kissed low of  25982 level.

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Technically Yours,
Team ASR,
Baroda, India.