By SD Contributor SRSrocco:
The recent take-down in the price of gold has created huge demand for physical bullion worldwide. India’s wholesale buyers are only receiving a tenth of the gold imports that they have ordered. [Read more...]
India’s Banks & Trading Houses Only Receiving 10% of Gold Orders
Acute Gold Shortage Reported In Southern India
By Eric Dubin
We have long assumed the physical market would be the undoing of the gold cartel’s effort to cap gold. Evidence is mounting that this dynamic is starting to unfold on many different fronts. SD reader Anders has reported that Bangkok gold dealers are totally out of bullion products other than a minor amount of jewelery.
This week the highly reputable Business Standard of India reported there are “acute” shortages of gold in Southern India:
Major jewelery manufacturing centers in south India are facing acute shortage of gold ahead of the wedding season despite the industry’s claim to have seen a record import of the yellow metal last financial year. [Read more...]
“Tug of War” in Gold as Asians Buy Physical and ETF Investors Sell
Outflows from the world’s biggest gold exchange traded fund, the SPDR Gold Trust (ticker: GLD), continued yesterday for the eleventh day running, taking the total volume of gold held to back GLD shares to its lowest level since November 2011.
“It is really a tug of war between ETF selling and physical buying right now,” says Yuichi Ikemizu, head of commodity trading, Japan, at Standard Bank. “We have seen quite good physical demand from China and Southeast Asia, but the ETF selling has put a lid on gold prices.” [Read more...]
Record Dollar Value Gold Demand In 2012 – India, China and Central Banks Buy
According to the World Gold Council’s Q4 2012 report issued today, Global gold demand in Q4 2012 reached 1,195.9 tonnes, up 4% from Q4 2011. In value terms gold demand for the quarter was 6% higher year-on-year at $66.2bn marking the highest ever Q4 total and driving annual demand in 2012 to a record value of US$236.4bn.
• Whilst Indian full year demand was down 12% on the previous year, the market performed strongly in the final quarter with total demand at 261.9t, an increase of 41% on the same period last year.
• Chinese demand was flat year-on–year, reflecting the impact of economic slowdown. However looking at Q4, total demand was up 1% on the previous quarter to 202.5t. Jewellery demand was137.0t up 1% on Q4 2011 and investment demand was 65.5t, up 2% on the previous year.
• Central bank buying for the full year rose by 17% compared to 2011, totaling 534.6t, the highest level since 1964. Central bank purchases stood at 145.0t in Q4, up 29% on the corresponding quarter in the previous year, making this the eighth consecutive quarter in which central banks have been net purchasers of gold. [Read more...]
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