The Phaserl


China demand drives Asian gold bar premiums to record highs

[Ed. note: This article is referencing the investment grade 100oz and 400oz gold bars. This is exactly what Jim Willie and Andrew McGuire have been discussing for the past several weeks. This also ties in with what Egon von Greyerz has been saying about the Swiss refineries running out of gold to process. Got physical Gold!?]

Gold is seeing some renewed demand in China after falling on Tuesday for the eighth time in nine sessions.

by A. Ananthalakshmi,

Premiums for gold bars hit a record high in Asia on Wednesday as lower spot prices lured more buyers, mainly in China, the world’s second biggest consumer of the precious metal, amid tight physical supplies.

Premiums for gold bars in Hong Kong touched a new all-time high of $6 an ounce over spot London prices, up from $5 last week. Singapore premiums rose to $5.

Banks in China were quoting up to $7 in premiums, two traders in Singapore said.

“China premiums remain high because of a shortage in supply of the physical metal,” said a Hong Kong-based trader.

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