Posted on 05/08/2013 4:54:57 PM PDT by blam
A Gold Number Literally Off The Charts
Dave Gonigam
May 8, 2013
“Setting a record” doesn’t begin to do the story justice.
The Hong Kong Census and Statistics Department is out with its monthly figures on China’s gold imports via Hong Kong. The Chinese government is notoriously secretive about its total imports, so the Hong Kong figures are the best we have to go on.
The March number is 223.5 metric tons — literally off the charts…
“This is quite out of expectation, as all these imports were done before the market slump in April,” a trader at the Bank of China tells Bloomberg.
Which means the April number will likely confound our resident chartmeisters even more. “Judging from the explosive growth of trading volume on the Shanghai Gold Exchange in the second half of April, and anecdotes that many jewelry shops are sold out throughout the country,” the Bank of China trader adds, “imports might be even more substantial in April.”
Buying at this pace is bound to move even the “paper price” of gold, to say nothing of real metal. Imagine what might happen when the People’s Bank of China gets around to announcing its official reserves again. Which could be any day now, seeing as it hasn’t done so in more than four years.
(Excerpt) Read more at dailyreckoning.com ...
i hope they get back all the ars they made with tungsten cores in them.
ars == bars
flippin tablet
Gold is to high to buy and too low to sell.
Goldbug ping.
It always is though. That’s the nature of gold.
Methinks they’ll have titanium drill bits to check a few at random.
The speed of sound is considerably different in gold and tungsten. I could build a non-destructive tester in a very short time on which you can see on an oscilloscope the time for the sound to travel through the bar. Automating it would take a little longer, but it would be simpler than a doctor's ultrasound device.
Coins are much more difficult to fake and seem to be selling way above spot for that reason. The US mint is sold out of all coins smaller than 1oz.
This is a good time to buy from a refiner but the key with bars is buying direct and maintaining good paperwork to prove authenticity in the future.
I use to take Krugerrands and balance them on a finger then ring them. It was a truly golden sound. It’s a trick easily learned without anything fancy.
Check out silver’s jump as soon as Hong Kong trading opened — up 35c in about an hour after jacking around for 18 hours in NY.
Well so much for that. Looks like everything in every market peaked at about 1:45 PM and the the bids dropped out. And at 3:00:00.00, they appeared again. “Efficient markets”, you bet.
Ah here we go, it was a rumor that they were going to slow down QE:
http://www.zerohedge.com/news/2013-05-09/qe-rumor-bonds-down-stocks-down-gold-down
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