The Phaserl


Is ‘$1000/oz Gold’ Foretelling or Fantasy?

by Jeff Nielson, Bullion Bulls:

Gold is currently facing its most-severe, downward price “pressure” (i.e. price-manipulation) since 2013. Not surprisingly; this has led to the anti-gold bankers (and their media sycophants) making assorted, dire “predictions” for the price of gold, including today’s headline:

Goldman Sachs Calls For $1,000 Gold

In recent years; such a headline would have elicited nothing but laughter from informed investors (and observers) of this market. The meteoric rise in the price of the gold had left the $1,000-level several years behind us in the rear-view mirror. More importantly; the reasons for that rise in price (i.e. the “fundamentals” of the gold market) have only gotten stronger in recent years, rather than weaker.

Beyond even that; in the past two years, as the price of gold has been manipulated back below the $1,500-level, the bankers have clearly been afraid to manipulate the price anywhere near $1,000. Indeed, since roughly the end of 2013, the “line in the sand” had been $1,200/oz.

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1 comment to Is ‘$1000/oz Gold’ Foretelling or Fantasy?

  • rich

    Two Week Shanghai Gold Exchange Withdrawals Exceed All 2014 Comex Deliveries

    The Shanghai Gold Exchange is the only major official physical gold trading market in the world. All trades on the exchange are settled with the exchange of ownership on physical gold bullion. Paper future contracts do not trade on the SGE. In contrast, trading occurs on the LBMA and Comex in paper gold. The Comex is de facto a 99.999% paper gold exchange for which the percentage metal backing the paper traded is minuscule. The LBMA has been rapidly “catching up” to the Comex in this regard, although on a percentage basis the LBMA experiences a higher amount physical gold exchanged than the Comex.

    Because of the way in which the SGE functions, gold withdrawn from the SGE measures the true demand for gold in China in a given time period. All gold – except for the gold purchased by the Peoples Bank of China – purchased by any form of end user must pass through the SGE by law. It is for this reason that “withdrawals” represent the most accurate measurement of demand for gold in China – except the Central Bank’s demand.

    In the past two weeks, 106.1 tonnes of gold were withdrawn from the SGE. As has observed:

    Gold withdrawals on the Shanghai Gold Exchange the past two weeks were larger than the amount of gold delivered on COMEX during 2014 and greater than the amount of gold Germany has repatriated from the New York Fed since 2013. LINK

    I’ll point out one minor correction to the fact above: it’s more gold than the U.S. Government has been able to repatriate back to Germany.

    Year to date SGE withdrawals are 1,260 tonnes. This translates into an approximate annualized run-rate of 2400 tonnes – with one of heaviest seasonal periods of Chinese gold demand still to come.

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