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Showing posts with label gold buying. Show all posts
Showing posts with label gold buying. Show all posts

Friday, July 8, 2016

Japan investors fleeing from negative rate bonds and buying/storing gold in Switzerland out of fear of government confiscation

The Japanese people have gone through a great deal over the past 30 years, and trust in their government may have finally reached the low point.  That is because after years of zero and now negative interest rates, the transference of their retirement accounts to the U.S. in exchange for Treasury debt, and a money printing scheme that has completely destroyed their economy, those with money left are breaking away from the system and buying and offshoring physical gold in vast quantities.

There are three primary reasons why the Japanese populace and investors are fleeing out of Yen based assets and into physical gold.  First, because of asset deflation and negative interest rates the Japanese feel there is no investment left besides gold that will protect or grow their wealth within their economy.  Secondly, following a recent visit from former Federal Reserve Chairman Ben Bernanke to Japan, the people recognize that the only remaining option for the central bank is to expand the money supply to the point where all assets will become bubble inflated, and wealth will be evaporated from an insolvent currency.  And finally, the real threat of asset confiscation, particularly for gold, is now weighing on the minds of the Japanese and why they are choosing to store their gold offshore and in Swiss vault accounts.

Peter Boockvar – “Buy As Much Gold As You Can Now”
As Bloomberg reports, in the face of a clear lack of trust in Japanese leadership, local investors are buying gold to store in Switzerland. The reason: they are increasingly worried about confiscation which is why they are storing it half way around the globe.  The number of buyers jumped 62% in the first six months from the second half of 2015, Atsuko Sato Whitehouse, head of Japanese markets at the London-based BullionVault investment service, said this week.  
The clear action of gold buying comes only months after we reported on the increased demand for safes in Japan. This is what we said back in February: “Look no further than Japan’s hardware stores for a worrying new sign that consumers are hoarding cash--the opposite of what the Bank of Japan had hoped when it recently introduced negative interest rates,” WSJ wrote this morning. “Signs are emerging of higher demand for safes—a place where the interest rate on cash is always zero, no matter what the central bank does.” 
However, something has changed, and it is almost as if Japan is expected the ghost of FDR to arrive soon and confiscate their gold. 
“Many of our Japanese customers think it’s too risky to hold gold bars at home and they want to keep them in Switzerland because they are anxious about the future of Japan,” Whitehouse said in an interview. The country’s growth has stagnated for a decade, defying fiscal and monetary stimulus which has driven up public debt to more than double the value of annual economic output.

Tuesday, March 29, 2016

Russia increases their gold buying to the point they are now the top purchaser in the world

As one of the primary laws of physics states, for every action there is an equal and opposite reaction.  And with Canada earlier this month dumping their remaining sovereign gold holdings onto the open market, one country has not only increased their buying of the monetary metal, but has now jumped to the number one spot in global purchases.

And that country is Russia.

The Central Bank of Russia bought 356,000 ounces of gold in February becoming the largest buyer of the precious metal among the world's central banks, business daily Vedomosti reports, quoting the IMF data. 
Last week, Russian foreign reserves increased by another $5.8 billion to $386.9 billion. The international reserves consist of foreign exchange, special drawing rights (SDR) holdings, the reserve position in the IMF and monetary gold. 
In June 2015, the First Deputy Governor of the Central Bank Dmitry Tulin said the regulator intends to increase Russia's international reserves to $500 billion within three to five years. 
The Central Bank had previously been spending the reserves to prop up the ruble. In November 2014 the regulator switched to a floating exchange rate and started increasing the reserves which reached $510.5 billion in early 2015. 
The IMF has not yet included China in its February statistics; however the People's Bank of China reported it had bought about 320,000 ounces of gold that month. - Russia Today

Monday, November 7, 2011

Gold: While hedge funds sell, China buys and thanks naive western nations

After the nice pullback for Gold in September and early October, many investors were wondering if the drops were a signal to the end of the gold bull, or at worst, if deflation was truly on the global financial landscape.

One nation however, gleefully rubbed their hands at their good fortune, and bought and bought, and bought at the lower prices.  China, which normally purchases around 10 tones per month, increased their buying to 140 tons between July and the end of September.

Data from the Hong Kong government showed that China imported a record 56.9 tonnes in September, a sixfold increase from 2010. Monthly gold imports for most of 2010 and this year run at about 10 tonnes, but buying jumped in July, August and September. In the three-month period, China imported from Hong Kong about 140 tonnes, more than the roughly 120 tonnes for the whole 2010. - FT

So, as hedge funds sell off their only profitable asset to cover their equity, bond, and debt losses, China simply says "Thank you", and happily picks up the leavings of the western financial institutions.