Strange how these pundets all seem to decry gold when it is going up and up and yet voice the opposite opinion about stocks as they go up and up. I would think both markets have the potential to fall, the stock market more so at this point.
Gold is still holding up at the $1400 level this week. 1400 seems to be the new base price. It drops below but always bounces back up to it. So much for shadow's predictions.
Shadow was hopelessly wrong about the Gold Bull Market. What else is he wrong about?
Gold is still holding up at the $1400 level this week. 1400 seems to be the new base price. It drops below but always bounces back up to it. So much for shadow's predictions.
You seem to be a little bit obsessed with me. I predicted the gold bubble would pop, and it did. Enjoy your skyrocket.
Sngapore will introduce a physical gold contract this year, while Shanghai starts international bullion trading, highlighting a push in the biggest consuming region to establish new price benchmarks as demand shifts east.
Singapore’s kilobar contract for 25 kilograms of 99.99 percent purity may begin as soon as September, according to a statement from Singapore Exchange Ltd. (SGX), the World Gold Council, the government’s trade-promotion body and the Singapore Bullion Market Association at an industry conference. The Shanghai Gold Exchange plans to start its contract priced and settled in yuan in the third quarter, Chairman Xu Luode told the same gathering.
Asian exchanges are developing bullion products as more of the world’s gold is processed and consumed in the region and the industry discusses changes to the century-old fixing benchmark in London. Asia accounted for 63 percent of total consumption of gold jewelry, bars and coins last year, up from 57 percent in 2010, according to the council, which plans to hold a meeting next month on changes to the fixing. China became the world’s largest user last year, boosting consumption as prices fell.
The Epic Boom and Bust in Gold
“The center of the world for gold consumption is Asia, so it makes sense that the center of price discovery for the physical market moves that way,” said Victor Thianpiriya, an analyst at Australia & New Zealand Banking Group Ltd. “It’s only going to be positive for Asian gold demand.”
Gold for immediate delivery sank 28 percent last year, spurring demand across the region, as prospects for global growth and higher U.S. interest rates reduced the appeal of the metal as a store of value. The spot price was at $1,315.98 an ounce at 8:21 p.m. in Singapore, up 9.5 percent this year.
Metals Center
The Singapore government is promoting the city-state as a center for precious metals after removing the 7 percent goods and services tax on investment-grade gold, silver and platinum in October 2012. After the change, the trade in gold in Singapore rose 94 percent to S$35 billion ($28 billion) in 2013 from a year earlier, the groups, including IE Singapore, the trade-promotion agency, said in today’s statement.
Shanghai is aiming to become a regional bullion-trading hub, luring foreigners with services such as 1,500 metric ton storage vaults and access into the world’s largest physical-gold market, Xu said at the conference. The exchange has all the systems ready to start the platform in the city’s free-trade zone, including clearing and settlement, said Xu.
“We want Shanghai to be an offshore gold-trading hub after consulting with foreign banks,” said Xu. “Bullion flowing into those 1,500-ton vaults can be either imported into China, or en route to be transported to other markets around this region.”
Testing Ground
China started the zone in Shanghai this year as a testing ground for liberalizing interest rates and currency usage. Foreigners’ access to China’s gold market will expand the range of investment options for yuan deposits around the world, which reached at least 1.5 trillion yuan ($241 billion) in March, according to Standard Chartered Plc estimates as of last month.
About 30 percent to 40 percent of new bullion demand comes from the so-called kilobar market, Ng Cheng Thye, chairman of the Singapore Bullion Market Association, told the conference in Singapore. The kilobar market is currently priced off the London fixing, which is under scrutiny, said Ng.
The Singapore contract, which will have no price limits, will trade from 8:30 a.m. to 11:25 a.m. local time, with additional 5-minute, pre-opening and pre-closing sessions, according to the statement. The Singapore Exchange will act as the central clearing house, Trade Minister Lim said.
Reference Prices
“This is a timely development given the increased requirements for reference prices to be transparent,” Lim told the conference, which was organized by the London Bullion Market Association. “What the bullion industry needs most is a vibrant and robust marketplace within the heart of Asia. With our close proximity to both demand and supply in Asia, I believe that Singapore is well-placed to support the bullion industry.”
Metalor Technologies SA is in the final stage of getting good-delivery certification from the London Bullion Market Association for its new gold refinery in Singapore, Chairman Scott Morrison said at the conference. The city-state was chosen as the site for the plant, which will also produce silver, because of its location between China and India, he said. The countries are the world’s largest consumers.
The flow of bullion from west to east may last for 20 years, said Zhang Bingnan, vice chairman and general-secretary of the China Gold Association. There are not as many investment vehicles in the east compared with the west, so as incomes rise bullion demand will continue, Zhang said at the conference.
Regulatory Scrutiny
Precious metals are getting more attention from regulators after price rigging in everything from interbank lending rates to currencies led to fines and overhauled financial benchmarks. The U.K.’s Financial Conduct Authority in May fined Barclays Plc after a trader sought to influence the gold fix in 2012.
A new gold mechanism or changes to the current procedure should be based on executed trades rather than submitted quotes, be tradeable and not just a reference price, while data should be transparent, published and subject to audit, the producer-funded World Gold Council said last week. It will hold a meeting on July 7 in London for the industry to discuss changes.
You seem to be a little bit obsessed with me. I predicted the gold bubble would pop, and it did. Enjoy your skyrocket.
Gee shadow, you make it sound a bit like....
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
But here you are shadow, back in january calling for gold to fall to 800. Only problem with your call is that gold is going up? Care to explain what you meant by the above quote?
You sure carry on like a delusional child for somebody nudging 60 frank.
Not that you would portray THE TRUTH or reality.
The only place you have ever claimed to own IPS in all the years I have been on here is depot hill frank. It was not until we showed prices have fallen 25% over ten years and 13.9% over the last five years.
Depot Hill property market
The median sales price for houses in Depot Hill, QLD in the last year was $155,000 based on 23 home sales. Compared to the same period five years ago, the median house sales price decreased 13.9%, or $25,000, and the number of house sales increased 0.0%.
And lets look at gold over the same period you claimed to have owned property at depot hill, for which hou have also told us you pay interest only, but only a few weeks ago , I saw you making claims of owning outright to somebody, Did not even waste my time, just thought , you dope.You are so full of shit its not funny mate.
Look at gold over the rubbish you bought over the same period frank, why dont ou tell people the truth frank,that instead of your cheap arse properties double in seven years like you thought, they are now down almost 25% over ten years.
Your properties down 25% over ten years, and gold is up around 500% and has been a lot higher. Now many can understand why you feel the urge to post constant bullshit.
Depot hill the property investment disaster , if ever there was one. You have been spriuking this dissaster for years frank. Go on bulls, check out how well property has gone for him , and then when the economy was good. Once people get kicked of the dole every six months come July his Tennant's and potential tenants will have less money again.
Your answer really doesn't add anything. We are not in Asia and we always have choices to make on selling or not selling for tax reasons, but when prices rise it usually does represent an opportunity to take a profit or minimise a loss.
We are not in Asia? OK.
So when house prices go up, that represents a selling opportunity? But since house prices go up continuously and never go down, there are only selling opportunities then, no buying opportunities?
Implicit in the assertion that the price of gold rising represents a selling opportunity is the certainty that it's next move is downwards. However, if everyone in the market was of the same opinion, who exactly would you sell it to?
Have you got anything that is not a cherry picked segment of something. Like when you can never answer any of my questions and pick out a one line from a wall of reality and respond using one of your fantasy cherry pickings.
Why don't you post up a gold graph since your beloved period of 2003, a period when prices had doubled from 2003, a period which I owned two Sydney properties , while you had nothing. Your only a couple of years younger than me shadow, what were you doing all those years, you left it too late and pay interest only loans.
So for a good comparison , why not overlay a gold graph from 2003, against say high end property prices in your northern beaches area of clontarf, and put the rents in to . There we can have a closer look shadow.
You can see below how bernanke is a jibbering fool. Three months later gold hit $1923, the following day , the fed announced more QE.
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