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Showing posts with label world gold council. Show all posts
Showing posts with label world gold council. Show all posts

Friday, May 5, 2017

As gold demand comes down 18% globally for Q1, China and India are still buying like crazy

On May 4 the World Gold Council reported their year over year Q1 numbers for gold demand and saw a huge global decline of 18% from the prior first quarter in 2016.  However, this drop only appears to be primarily in the West as both China and India saw large spikes in buying during the same period.
A slower pace of central bank buying helped push gold demand down 18% year-on-year in the first quarter, according to the World Gold Council
Gold Demand Trends quarterly report showed global gold demand was 1,034.5 tonnes, with the year-on-year decline reflecting the strength of the first quarter of 2016 (which was the strongest ever first quarter). - Barrons
Chinese Q1 numbers:

China's demand for gold bars and coins soared 30 percent year-on-year to 105.9 metric tons in the first quarter of this year, the fourth strongest quarter on record, according to a report released by the World Gold Council on Thursday. 
Overall demand for gold in the Chinese market grew 8 percent year-on-year to 282.4 tons, making China the world's top gold consumer, according to WGC data.
Global demand for gold in the quarter was 1,034.5 tons, an 18 percent year-on-year decrease from the record high level recorded for the first quarter of 2016. - China Post
Indian Q1 numbers:
Gold demand in India increased by 15 per cent during the first quarter of 2017 to 123.5 tonne, signalling a return of optimism in the industry, according to World Gold Council (WGC). 
The total gold demand in the country stood at 107.3 tonne in the January-March of 2016, impacted by jewellers' strike over excise duty introduction. - India Times

Tuesday, December 6, 2016

Islamic council overseeing Sharia finance approves new gold standard for Muslim investing

Following a month of open discussion and commentary, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has officially approved a new gold standard under Sharia financial law on Dec. 5.

Coordinating with the World Gold Council for much of 2016, the AAOIFI has formulated the processes and procedures for the 1.6 billion Muslims around the world, and in particular the 110 million Muslims who participate in active investing, to be able to purchase, own, and invest in physical gold and gold based products such as mining shares.

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The sharia gold standard announced yesterday allows the over 110 million investors in the Islamic world to invest in: 
a) vaulted gold 
b) gold savings plans (such as GoldCore's GoldSaver) 
c) gold certificates 
d) physical gold ETFs including "probably" the SPDR Gold Trust, the biggest exchange-traded gold (GLD) 
e) gold mining shares (within certain Shari’ah parameters) 
We know three things that the new Shariah gold-standard will achieve: 
a) Increase diversity in the number of available Shariah gold compliant investment products 
b) Greater emphasis on the role of physical gold in gold transactions 
c) Islamic finance will have greater say in the setting of the gold price 
To some, this may appear to be an unnecessary formality taken by the body whose guidelines are followed by Islamic finance institutions across the world. After all, physical gold is Shariah-compliant and holds a unique status for Muslims. 
AAIOFI states, "From the perspective of Islamic Fiqh and the Islamic economic system, gold has its specific significance. This significance arises from the specific principles provided for gold and silver as Thaman in Shari'ah." 
According to Islamic texts, gold is a ribawi item, which means that it must be sold on weight and measure, and cannot be traded for future value or for speculation. In order for a gold instrument to be Shariah-compliant, the precious metal must be the underlying asset in related transactions. - Goldcore via Zerohedge
Perhaps one of the most interesting caveats in the new procedures for gold ownership and investment is the demand for Islam to have a greater say in the setting of the gold price.  And since we already now have a divergence out of Shanghai from the long-standing price determination set in London and New York each day, the potential of a third completely independent market could soon emerge in places like Dubai, Tehran, Indonesia, and even Saudi Arabia.

Thursday, August 11, 2016

Demand for gold hits a new record in the first half of 2016 even as supply and reserves are declining

On Aug. 11, the World Gold Council announced that demand for the precious metal hit a new record for the first half of 2016, with investment surpassing jewelry as the key factor for this move.

In addition, demand for gold is being weighed against an increasing decline in supplies as last year a Goldman Sachs analyst predicted that there is only about 20 years worth of mineable gold left available.

Investors' rabid appetite for gold is showing no signs of abating, as figures from the World Gold Council show record investment in the first half of 2016.
The trend for exchange-traded funds (ETFs) to pile in to the precious metal, a classic safe haven amid uncertainty in the global economy and the search for yield, sent the price of gold soaring by 25 percent in the first half of the year, the biggest price rise since 1980. For the first time ever, investment, rather than jewelry, was the largest component of gold demand for two consecutive quarters. 
Demand by investors set a record of 1,064 tons during the first six months of 2016. For comparison, this was 16 percent higher than in the first half of 2009, when the financial crisis raged. - CNBC

Tuesday, August 9, 2016

London to open new LMEprecious ETF to sell paper gold futures contracts to customers (suckers)

As the new Gold Bull market continues to grab ever larger portions of both individual and fund investment monies, Wall Street and the City of London are rushing in with new products to try to ensure they can direct these investments into their paper ponzi schemes, rather than into actual physical gold bullion.



And on Aug. 9, the World Gold Council announced that the London Metals Exchange (LME), along with many Western banks such as J.P. Morgan and Goldman Sachs, are creating a new paper gold futures market called LMEprecious which will introduce a suite of exchange-traded and centrally-cleared precious metals products for clients (err suckers) to put their money into.
The World Gold Council and the London Metal Exchange (LME), together with Goldman Sachs, ICBC Standard Bank, Morgan Stanley, Natixis, OSTC and Societe Generale, today announce their intention to introduce a suite of exchange-traded and centrally-cleared precious metals products. 
Today’s announcement follows an extended process of engagement with major market participants and users, and the LMEprecious service has been designed based on extensive consultation with core market players. Advanced discussions are taking place with a number of other leading institutions that have indicated their strong support for this initiative. 
Aram Shishmanian, the Chief Executive of the World Gold Council, said: “This is another important step in the modernisation of the gold market. It will strengthen London’s position in the global gold market, enabling it to meet the needs of all participants, attract new players and satisfy the highest standards of regulatory compliance. 
”We are proud to have been the catalyst for this process, defining the new trading capabilities and driving market engagement. We are confident that the new offering will be successfully implemented and supported by the market.” 
LMEprecious will comprise spot, daily and monthly futures, options and calendar spread contracts for gold and silver. Future developments will include platinum and palladium contracts.  All trading will be centrally cleared on LME Clear, the LME’s cutting-edge, real-time clearing house, and leverage the London market’s existing delivery infrastructure. The new product suite will complement the bilateral over-the-counter (OTC) market, offering market participants similar levels of execution flexibility, including the ability to bring bilaterally negotiated (phone-based) trades into clearing. Market participants will also benefit from tight on-exchange price discovery and a product model designed to maximise capital efficiencies. - World Gold Council
The City of London has controlled gold prices for over 100 years through their daily 'Gold Fix'.  And as the creation of China's Shanghai Gold Exchange physical gold mechanism threatens the authority of the UK to continue in this capacity, the banks are working overtime to try to keep their lock on precious metal pricing, and by directing investors into their schemes of paper etf's it appears to be a last desperate act to hold onto this power.

But all every gold and other precious metal owner needs to remember... if you don't hold it, you don't own it.

Thursday, August 4, 2016

Two major gold events for China and the Islamic world assure prices to skyrocket between now and October

With gold prices holding support levels over $1350, the markets are preparing for two major events are are sure to skyrocket prices between now and October.

Currently, the primary body on Islamic affairs which sets the framework for Sharia Law is in talks with the World Gold Council to change their long-standing restrictions for Muslims to own gold as an investment.  Once these restrictions are lifted, the potential of two billion Muslims entering into the gold sphere would have an even greater impact on the price than what we have seen over time in India where gold is a fundament of the nation's culture.

As a result, the World Gold Council is working with The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and Amanie Advisors to develop a Shariah Standard on Gold. This Standard will provide guidance from the Shariah perspective on the usage of gold in financial and investment transactions for Islamic financial institutions and participants. The Standard also aims to increase transparency and harmonisation regarding the use of gold in various market practices. 
We want to create a Standard that meets the requirements of all active participants in the market. The Standard will enable organisations to work more efficiently in creating Shariah compliant gold products, it will enhance access to gold in the Islamic world and it will help to address the liquidity management issues currently facing the industry. - Gold.org
With China, the game they are undertaking is a bit different as they are expected to announce their current gold holdings in preparation for the issuing of new Special Drawing Rights (SDR) bonds for the IMF.  And the result should be a shock to the markets as the West believes China only has around 1600 tons of gold in their central banks, but the real number is estimated to be between 15,000 and 30,000 tons.

The importance of their plans to issue SDR bonds is that it is a major blow to the U.S.'s control over the global reserve currency and to dollar hegemony, and will give nations who are disgruntled with having to purchase dollars simply to transact in the global economy the power to bypass this method and go through China under a new reserve system using the SDR.

Thursday, May 12, 2016

Gold demand for first quarter of 2016 is the highest on record

As the numbers come in for the gold industry in the first quarter of 2016, demand for the precious metal, both in physical purchases and paper equities is the highest total amount on record.  And with institutions such as J.P. Morgan publicly calling a new bull market in full swing, chances are likely that not only the second quarter, but the rest of the year, will see massive inflows of buyers into the gold markets.

Demand for gold soared at the start of the year, the strongest first quarter on record, the World Gold Council (WGC) has said. It predicted that negative interest rates, global uncertainty and a good monsoon season in India would bolster buying further in coming months. 
Demand surged 21% between January and March, as negative interest rates in Japan and Europe, which have led to rock-bottom savings rates, slower global growth and stock market turbulence drove investors to bullion, seen as the ultimate safe haven. 
The WGC’s report [pdf] noted that China’s devaluation of the yuan had fuelled fears over the country’s economic health and the impact on the global economy, and that the pace of US interest rate rises was widely expected to slow. - The Guardian