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Pan Asia Gold Exchange (Kunming Fanya Metal Exchange)

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Kunming Kunming Pan-Asian non-ferrous metals exchange is approved by the Government, non-ferrous metals exchange in Kunming Pan Asia Investment Co., an independent corporate legal personality of non-ferrous metal trading institutions. Set of institutional innovation exchange, trading model innovation, product innovation, inter mediation, price formation mechanism innovation and innovative service model innovation advantages of a top five, following a fair, open, fair and principles of good faith to provide convenience for the members of the trading platform. Kunming Pan-Asian non-ferrous metals exchange in the April 21, 2011 formally established and open for trading.


Pan-Asian non-ferrous metals exchange in Kunming has several user-friendly set, one target a wide range, all with a corporate legal entity, able to engage in commodities trading activities of enterprises, natural, stock investors may, by written or electronic application form , in exchange to get approved, become the exchange's trading business.


The second is a more flexible trading hours, except national holidays can trade Monday to Friday, and an additional night market, every trading day trading period is divided into Night (20:00-02:00), morning (09:00-11 : 30) and lunch (13:30-16:00) three time periods, both with the international market, but also convenient for employees, and investment banking.


The third is the transaction threshold is low, is ideal for individual investors investment products, currently trading in the two listed species are 100 g / hand (reporting unit to make and transfer a multiple of 5 hand), delivery of silver minimum of 15 units kg (15 kg of an integer multiple of the declaration); indium minimum delivery unit is 20 kg (20 kg to declare an integer multiple). Fourth, flexible trading patterns, trading can take to do long and short two-way trading, and the transfer of positions is limited to T +0, which can be repeated to achieve the same trading day, and transfer transactions entered into, the delivery means delivery may take a day or delay delivery.


Kunming Kunming is the construction of Pan-Asian non-ferrous metals exchange and an important international gateway bridgehead an important part of the city, whose mission is to use the unique advantages of Yunnan, to build China's first non-ferrous metals trading platform, the formation of non-ferrous metals pricing center in China and certain types of non-ferrous metal commodities pricing center of the world, the exchange will greatly enhance the establishment of China's nonferrous metals industry value chain.




Chairman Wang Qingmin speech


We firmly believe in the government oversight committee under the supervision of pan-Asian non-ferrous metals exchange in Kunming will be innovative institutional mechanisms, scientific trading patterns, traffic patterns and convenient billing, security, money management, and strive to build into the largest, international influence the strongest commodity exchanges, the Yunnan Province of the "bridgehead" for the construction and the construction of Kunming, southwest China's opening up for regional international city and make due contributions.



Edited by Luke_Wilbur
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It is understood that the establishment of pan-Asian non-ferrous metals exchange on March 1 this year, is the first government established in the Regulatory Commission operating under the supervision of non-ferrous metals spot electronic stock exchange, is the construction of Kunming important international gateway and bridgehead important part of the city, the purpose is to use the unique advantages of Yunnan, to build China's first non-ferrous metals trading platform, forming non-ferrous metals pricing center in China, and get certain types of non-ferrous metals of the world trade center and pricing. On 21 April this year launched two trading varieties of silver and indium has been ended May 31 to 29 days, the turnover reached 4.2 billion average daily turnover of 1.5 billion, of which turnover of indium exceeded $ 2.5 billion average daily turnover of 0.9 billion, the turnover reached 3.85 million indium hand. Exchange will also continue this year, including germanium, tungsten, antimony and silicon species in four non-ferrous metal trading. Enrichment of non-ferrous metal resources in Yunnan, southwest China for opening up and building a bridgehead double, driven by two major advantages, Kunming Pan-Asian non-ferrous metal trading turnover this year expected to reach 3,000 to 5,000 yuan, and gradually to be able to master certain types of non-ferrous international pricing of the international metal exchanges goal.




July 16, 2011 afternoon, Kunming, Pan-Asian non-ferrous metals exchange and the Industrial Bank in Shanghai, signed a strategic cooperation agreement, determine the total of the total partnership. Pan-Asian non-ferrous metals exchange and the Industrial Bank Chairman Mr. Wang Qingmin general manager of futures Miss Wu Ruoman, Kunming Branch Mr. Gao Yun signed a "non-ferrous metals exchange in Kunming and the Industrial Bank Pan Asia Bank business transfer agreement," " Kunming Pan-Asian non-ferrous metals exchange agent account agreement with the Industrial Bank "and" Pan-Asian non-ferrous metals exchange in Kunming and Kunming Branch of Industrial Bank strategic cooperation agreement ", since the two sides became the overall total of the partnership, a strategic cooperation partners. Industrial Bank will provide pan-Asian non-ferrous metals exchange in the account services, trade finance three depository, non-ferrous metals industry supply chain financing and joint marketing and other aspects to provide a full range of financial support, this cooperation marks the achievement of pan-Asian non-ferrous metals exchanges with the national strategic joint-stock commercial banks have seen a breakthrough to achieve a convenient way to bank branches account for the majority of non-ferrous metal stock investors, manufacturers and traders to provide safe, efficient trading platform.



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Its economic importance derives from its geographical position. Positioned near the border with Southeastern Asian countries, serving as a transportation hub in Southwest China, linking by rail to Vietnam and by road to Burma and Laos. This positioning also makes it an important trade center in this region of the nation. It also houses some manufacturing, chiefly copper, though some other chemicals, machinery, textiles, paper and cement take key. Though having a nearly 2,400 year history, its modern prosperity dates only from 1910, when the railroad from Hanoi was built. The city has continued to develop rapidly under China's modernization efforts. Kunming's streets have widened while office buildings and housing projects develop at a fast pace.

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Guest Question

They are moving towards being the central currency. Investors will like the fact that you really cannot short or long gold like the over speculated COMEX market and the additional fact that they can get into the Chinese currency market.

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You might want to read this.


You may have heard of the new Pan Asia Gold Exchange (PAGE), a new Chinese based eastern rival to the western bullion banks of the COMEX and London Bullion Market Association (LBMA). The very interesting interview below by James Turk of Ned Naylor-Leyland conducted during the recent GATA conference in London details the significance of the soon to be available 90 day rolling spot contract on the PAGE. This is as opposed to the existing 10 ounce mini contract which was chiefly aimed at simplifying investing for Chinese retail gold investors.


I wonder why the news media is not talking about this.



China is essentially providing an incentive for gold traders to move their gold from COMEX and LBMA.

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Guest TheSignsoftheTime

PAGE will deliver gold bars right to your door.


PAGE will allow individuals to buy physical gold from their computer at home. Initially, the 200 million or so clients of Agriculture Bank of China will be able to buy 10-ounce mini contracts on the PAGE. Later, non-Chinese will be able to purchase International Spot Contracts through the exchange.


Ultimately, PAGE will provide an alternative playing field for global gold investors who hitherto have had to rely on unsecured gold futures contracts and the bullion banks to determine the price for gold. With PAGE, a gold buyer will be able to receive a 90-day International Spot Contract and actual title to the gold he/she buys, not just a futures contract or an unsecured note from a bullion bank, or certain international banking institution. The PAGE gold’s in 10 ounce bars can be delivered to the customer with little effort. The international bullion banks, have been accused for years of manipulating the gold price. Such manipulation will now be more difficult.


Read more: http://www.businessinsider.com/090811-2011-9

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Guest Friend of GATA

Market manipulation is coming to the surface.




Remarks By Chris Powell

Secretary/Treasurer, Gold Anti-Trust Action Committee

18th CLSA Investors' Forum

Grand Hyatt Hotel, Hong Kong

Wednesday, September 21, 2011


The speaker following me, George Clooney, will be able to tell you what it's like to be handsome, talented, rich, and famous. I could tell you what it's like not to be. But instead the conference has asked me to talk about gold, which at least might make you rich, or help you preserve some of whatever you've got.


This opportunity is full of risk, because the gold market long has been manipulated by Western central banks to restrain the gold price. The Western central banks are slowly losing control of the market but they are not giving up easily.


Why do Western central banks manipulate the gold market?


The gold market is manipulated because, despite Federal Reserve Chairman Ben Bernanke's insistence to Congress a few weeks ago that gold is not money, just "tradition," gold is indeed a currency that competes brutally with government-issued currencies and helps determine not only the value of those currencies but also interest rates and the value of government bonds.


Gold's competition with currencies was documented in an academic study published in June 1988 in the Journal of Political Economy written by Harvard economics professor Lawrence Summers and University of Michigan economics professor Robert Barsky. Summers and Barsky found that, in a free market, there is an inverse relationship between the price of gold and the real rate of interest:




The Summers and Barsky study implied that if governments could get control of the gold price, they could also get control of interest rates. Of course Summers went on to become deputy U.S. treasury secretary and then treasury secretary, positions in which skill in rigging markets is a great asset.


Exactly how is the gold price rigged, and by whom?


It has been rigged openly through outright sales of gold by central banks, as it was rigged openly in the 1960s by the group of Western central banks that operated what became known as the London gold pool, and, following the gold pool's collapse in 1968, rigged both openly and surreptitiously through central bank sales and lending of gold and by bullion bank short positions and derivatives that are supported by access to Western central bank gold.


The Gold Anti-Trust Action Committee has documented this rigging from official sources whose admissions are compiled in the "Documentation" section of our Internet site:




That is, the gold price suppression scheme is not what it is sometimes disparaged as being, "conspiracy theory." Rather it is a matter of the most extensive public record -- at least for those who want to look at the record.


These records include:


-- Public statements by Federal Reserve officials, officials of other Western central banks, and the International Monetary Fund.


-- Declassified Central Intelligence Agency memoranda.


-- The minutes of the Federal Reserve's Federal Open Market Committee.


-- Filings and statements in three gold price suppression lawsuits in the United States; one brought by my committee's consultant, Reginald H. Howe, against central banks and bullion banks in U.S. District Court in Boston in 2001; another brought by Blanchard Coin and Bullion against Barrick Gold Corp. in U.S. District Court in New Orleans in 2003; and the third brought two years ago by my organization against the Federal Reserve in U.S. District Court for the District of Columbia.


-- These records also include declassified or leaked U.S. State Department cables.


-- Statistical studies done by market researchers like Adrian Douglas in the United States and Dimitri Speck in Germany.


-- And testimony at the hearing about the precious metals markets that was held on March 25, 2010, by the U.S. Commodity Futures Trading Commission. That hearing produced testimony that led to the filing of a massive silver price rigging lawsuit against J.P. Morgan Chase. The revised complaint against J.P. Morgan Chase, filed last week in U.S. District Court for the Southern District of New York, contains pages and pages of extraordinarily specific detail, identifying trades, traders, and dates:




An especially incriminating document remains on the Internet site of the Federal Reserve Bank of St. Louis. It is a detailed plan from April 1961, discovered in the archive of the Fed's longest-serving chairman, William McChesney Martin, for surreptitiously rigging the currency and gold markets worldwide, a plan that went so far as to propose the alteration, falsification, or withdrawal from publication of U.S. government financial reports that otherwise would be incriminating:








My organization possesses and has posted these records on the Internet, and I would welcome an opportunity to examine and discuss them in detail, document by document, with any doubters in a public forum.


But the official record of gold price suppression is not merely historical. Thanks to my organization's work, it is very contemporary as well.


Two years ago, using the federal Freedom of Information Act, the Gold Anti-Trust Action Committee asked the Federal Reserve to provide access to its gold records, particularly its records involving gold swaps. Gold swaps are trades of gold between central banks, enabling one central bank to intervene in the gold market at the behest of another, keeping the other central bank's fingerprints off the intervention. Gold swaps are a primary mechanism of the gold price suppression scheme.


While the Fed refused to give us access to its gold records, in adjudicating our request internally the Fed did make, perhaps inadvertently, a sensational disclosure. On September 17, 2009, the member of the Fed's Board of Governors who was acting as the judge of our request, Kevin M. Warsh, wrote a letter to GATA's lawyer, William Olson of Vienna, Virginia, confirming the Fed's denial of access. Among the records being withheld from us, Warsh disclosed, were records about the Fed's gold swap arrangements with foreign banks, which, he wrote, "is not the type of information that is customarily disclosed to the public":




This admission that the Fed has gold swap arrangements with foreign banks plainly contradicted previous statements by the Fed that it was not involved in the gold market in any way.


As GATA was not willing to let Fed Governor Warsh's letter be the last word on access to the Fed's gold records, on December 31, 2009, we sued the Fed in U.S. District Court for the District of Columbia under the Freedom of Information Act. The Fed told the court that the Fed really couldn't find many records involving gold. Implausible as this was, the judge, Ellen Segal Huvelle, denied GATA's request to interrogate Fed officials under oath about what seemed to us to be their wholly inadequate search. Whereupon the judge reviewed, privately in her chambers, the few documents the Fed had submitted, and on February 3 this year she ruled that the Fed indeed could keep secret all but one of those documents. She ordered the Fed to disclose that one document to GATA within two weeks.


On February 18 this year, heeding the court's order, the Fed released the document -- the minutes of the April 1997 meeting of the G-10 Gold and Foreign Exchange Committee as compiled by an official of the New York Federal Reserve Bank. The minutes showed government and central bank officials from around the world conspiring in secret to coordinate their gold market policies:




Perhaps of equal importance, the Fed claimed not to be able to find minutes of any other meeting of the G-10 Gold and Foreign Exchange Committee. Either the the G-10 Gold and Foreign Exchange Committee has met only that once, in April 1997, or the Fed was not represented at any other such meetings, or such minutes were conveniently misplaced to keep them away from GATA's lawsuit.


Thus GATA's lawsuit established that, despite its public denials, the Fed has many gold secrets after all. Our lawsuit also managed to pry a couple of those secrets loose and publicize them -- first, that the Fed has gold swap arrangements, and second, that at a secret meeting in 1997 the Fed was conspiring with other central banks to coordinate their gold market policies and that there was never any announcement of this undertaking.


Almost as gratifying to us was that, since the court found that the Fed illegally withheld from us the minutes of the secret G-10 Gold and Foreign Exchange Committee meeting, the Fed was ordered to pay court costs to GATA, which the Fed did in May, sending us a check for $2,870:




But the Fed is far from the only central bank that has been proven to be involved in suppressing the price of gold.


In August 2009, while GATA was pressing its freedom-of-information claim against the Fed, our consultant, Rob Kirby of Kirby Analytics in Toronto, wrote to the German central bank, the Bundesbank, to confirm a news report that most of the German national gold was being kept outside Germany, particularly in New York, presumably at the New York Fed.


The Bundesbank replied to Kirby as follows:




"The Deutsche Bundesbank keeps a large part of its gold holdings in its own vaults in Germany, while some of its gold is also stored with the central banks located at major gold trading centres. This has historical and market-related reasons, the gold having been transferred to the Bundesbank at these trading centers. Moreover, the Bundesbank needs to hold gold at the various trading centres in order to conduct its gold activities."


So the Bundesbank says it keeps much of its gold at "trading centers" so that it may conduct its "gold activities."


Exactly what are those activities?


In late 2010 the German journalist Lars Schall sought to follow up with the Bundesbank, posing 13 questions about those "gold activities," particularly as to whether the Bundesbank has any gold swap arrangements with the United States. The Bundesbank replied to Schall as follows:




"In managing foreign reserves, the Bundesbank fulfils one of its mandated tasks as an integral part of the European System of Central Banks. We trust you will understand that we are not able to divulge any further information regarding this activity. Particularly with respect to the confidential nature of information about where gold holdings are kept, we are unable to go into any greater detail concerning exact locations and the quantities stored at each of these. Likewise, owing to the strategic nature of the activity, we are not at liberty to provide you with more detailed information about gold transactions."


That seems like a pretty good confession that the Bundesbank has undertaken gold swaps as part of what it considers "strategic activity."


Another confession of the secret maneuvers being played with gold by central banks came at the hearing held by U.S. Rep. Ron Paul's House Subcommittee on Domestic Monetary Policy and Technology on June 23 this year, a hearing I attended. The Treasury Department's inspector general, Eric M. Thorson, testified that he had been told that no part of the U.S. gold reserve was encumbered or compromised. But he did not say exactly who told him this, so his comment was only hearsay. And when Thorson was asked just where the gold pledged by the United States to the International Monetary Fund is kept and how it is accounted for, Thorson couldn't say:




Three years ago when GATA put similar questions to the IMF -- "Exactly where is your gold, and do you possess it directly or is it just a claim on the gold reserves of your member nations?" -- the IMF was at first evasive and then abruptly cut off the correspondence without answering:




But then most official gold data is actually disinformation.


For the six years prior to 2009 China reported to the IMF that it held 600 tonnes of gold. But in April 2009 China reported that its gold reserves had increased by 76 percent, from 600 tonnes to 1,054 tonnes. Had China obtained the new 454 tonnes only in the past year? Of course not; China had been accumulating gold steadily, through its foreign exchange agency, without reporting it for six years. Only in April 2009 was the gold transferred from China's foreign exchange agency to its central bank and reported to the IMF:




There is more confirmation of the false reporting of gold reserves. In June 2010 the World Gold Council reported that Saudi Arabia had increased its gold reserves by 126 percent since 2008, from 143 tonnes to 323 tonnes. But a few weeks later the governor of the Saudi Arabia Monetary Authority said Saudi Arabia had not been purchasing gold lately and that the 143 tonnes in question had been held all along in what he called "other accounts" -- exactly what China had done, holding gold in accounts not reported officially:




Thanks to diplomatic cables from the U.S. embassy in Beijing to the State Department in Washington, cables obtained by the Wikileaks organization and published this month, we now know that the Chinese government agrees with GATA that Western central banks suppress the price of gold to support their own currencies.


One U.S. Beijing embassy cable, dated April 28, 2009, summarizes a commentary attributed to the Chinese newspaper Shijie Xinwenbao (World News Journal), which is published by the Chinese government's foreign radio service, China Radio International. The cable's summary reads:


"According to China's National Foreign Exchanges Administration, China's gold reserves have recently increased. Currently, the majority of its gold reserves have been located in the United States and European countries. The United States and Europe have always suppressed the rising price of gold. They intend to weaken gold's function as an international reserve currency. They don't want to see other countries turning to gold reserves instead of the U.S. dollar or euro. Therefore, suppressing the price of gold is very beneficial for the U.S. in maintaining the U.S. dollar's role as the international reserve currency. China's increased gold reserves will thus act as a model and lead other countries toward reserving more gold. Large gold reserves are also beneficial in promoting the internationalization of the renminbi."


Two other U.S. Beijing embassy cables from the same period quote other semi-official Chinese commentaries to the same effect.


These cables also are posted in the "Documentation" section of GATA's Internet site:






Because central banks know that gold, far from being a quaint antique, is actually the determinant of the value of all other currencies, the true disposition of national gold reserves has become a secret more sensitive than the disposition of nuclear weapons. For gold is a weapon just as powerful -- a weapon crucial to the currency wars that flare up every few years, like the currency war that is raging now.


That is, gold is the secret knowledge of the financial universe. And while nuclear weapons can be used for blackmail, currency market rigging is a far more effective mechanism for looting the world.


Many of you have heard about the looting of Europe undertaken by the Nazi German occupation during World War II. But most of that looting did not take place as it is imagined, at the point of a gun. No, it took place through the currency markets.


This looting through the currency markets was spelled out by the November 1943 edition of a military intelligence letter published by the Military Intelligence Division of the U.S. War Department, a letter called Tactical and Technical Trends:




Of course the Nazi occupation seized whatever central bank gold reserves had not been sent out of the occupied countries in time. But then the Nazi occupation either issued special occupation currency that could not be used in Germany itself or, in countries that had strong banking systems, took over the domestic central bank and enforced an exchange rate much more favorable to the reichsmark. Or else the Nazi occupation simply printed for itself and spent huge new amounts of the regular currency of the occupied country.


It was this control of the currency markets that very efficiently drafted everyone in the occupied countries into the service of the occupation and achieved a one-way flow of production, a flow out of the occupied countries and into Nazi Germany.


For a few years Nazi Germany had a hell of a trade deficit -- and couldn't have cared less about it. For as it controlled the currencies of occupied Europe, Nazi Germany never had to cover that deficit, at least not as long as its military occupation continued.


Since the United States now issues the reserve currency for the world, the dollar, the United States now more or less occupies most countries economically, even those countries that have their own currencies, since even those countries choose to hold most of their foreign exchange reserves in dollars. Thus what we see now, the current one-way flow of production -- out of the rest of the world and into the United States.


This exploitation is not well-publicized but it is no secret.


In the 1960s France's finance minister called it an "exorbitant privilege" for just one country -- the United States -- to be able to issue the world reserve currency.


In 2004 the deputy chairman of the Bank of Russia, Oleg Mozhaiskov, told the London Bullion Market Association conference held in Moscow:


"Although there are several reserve currencies, the blatant lack of discipline is demonstrated by the U.S. dollar. I am leaving aside the main aspects of this problem, such as the social and economic injustice of a world order that allows the richest country in the world to live in debt, undermining the vital interests of other countries and peoples. What is important for us today is another aspect, which is connected with the responsibility of the state issuing the reserve currency and for the international community preserving that currency's buying power."


Mozhaiskov recognized the role of gold price suppression in maintaining the dollar's place as the world reserve currency. For the only words of English spoken by Mozhaiskov in that speech were "Gold Anti-Trust Action Committee." Mozhaiskov said gold price movements were often so "enigmatic" that the laws of market supply and demand did not seem to apply. The Bank of Russia long had been following GATA's work without our knowledge. With his speech in 2004 Mozhaiskov was telling the Western bullion bankers that Russia was on to them:




And just a few weeks ago Russia's prime minister, former president, and perhaps future president, Vladimir Putin, called the United States a "parasite" on account of its huge external debt and the international dominance of the dollar:




The gold price suppression scheme -- a dollar-support scheme -- can be exposed by any serious questioning of central bankers. My organization has found that central bankers refuse to answer the most ordinary specific questions about gold. But who else will ask the questions? The scheme survives in large part because of negligent journalism about gold.


The scheme has lasted so long because, with the assistance of Western central banks, the major Western bullion banks, investment houses that deal in gold, have developed a fractional-reserve gold banking system. They realized that they could sell a lot more gold than they really have, because many major gold buyers -- financial institutions and large investors -- never take delivery of their metal. These investors accept depository receipts instead. The fractional-reserve nature of the bullion banking system was confirmed in detail at last year's hearing of the U.S. Commodity Futures Trading Commission:




But this is changing.


The gold price spike that began just after GATA's Gold Rush 21 conference in Dawson City, Yukon Territory, Canada in August 2005 was probably caused by the withdrawal of the Russian gold reserves that had been on deposit with bullion banks in London.


You may have heard a few weeks ago that Venezuela is demanding the return of its gold reserves from deposit at the Bank of England and various U.S. bullion banks. The Venezuelan action seems to have given much support to the gold price.


Now there is constant public discussion in the most informed circles in China about the need for that country to obtain gold to diversify its foreign exchange reserves and support its currency.


Western gold reserves are being depleted as Eastern and developing-world central banks become gold buyers.


What is necessary to bring the gold fraud to an end is publicity that reaches financial markets around the world generally.


There is a big story here. For the falsity of the data about the gold market practically screams at financial journalists:


-- There is the omission from official gold reserve reports of leased and swapped gold.


-- There are the sudden huge changes in official gold reserve totals.


-- And there are the deception and conflicts of interest built into major gold and silver exchange-traded funds, since the custodians of their metal happen also to be the world's biggest gold and silver shorters:




The valid documentation about the gold market also practically screams at financial journalists:


-- There are the huge and disproportionate gold, silver, and interest rate derivative positions built up at just a few international banks, positions that never could be undertaken without the expressed or implicit underwriting of government, particularly the U.S. government.


-- There are the many official records, collected and publicized by GATA, demonstrating the explicit plans and desire of the U.S. government and its major allies to suppress and control the price of gold.


Most obvious is the question that should follow the common disparagement of gold, a question that somehow is never asked. You well may have heard this disparagement: that even with its recent rise in price, gold has not come close to keeping pace with inflation over the last 30 years. Oil has kept up, food has kept up, other metals have kept up, all the things that are used as measures of inflation have, by definition, kept up with inflation -- but not gold.


So why not? Why hasn't gold kept up with inflation?


It's because Western governments found ways of vastly increasing the supply of gold without having to go through the trouble of mining it -- to dishoard and lease it from central bank reserves and to issue certificates of deposit against gold that never existed in the first place.


"Why" is supposed to be a basic question of journalism. But it has fallen out of financial journalism when it comes to gold.


In recent years, and especially in recent months, I have spent much time explaining the gold price suppression scheme to leading financial journalists in the West. I have given them the documentation. Some of these journalists seemed interested. But none has ever reported anything about the issue. One writer who works for a major news agency in the United States was intrigued enough to call the Federal Reserve and ask about its gold swaps. She got a very telling "no comment." But unfortunately she could not get her editor's permission to write a gold story.


Frustrating as all this is, it is not too surprising. After all, who are the major advertisers in the Western financial news media and the major sources of financial news? The market manipulators and governments themselves. And journalists seem to take for granted that central banks operate in secret, particularly in regard to gold, so there's no point in questioning them -- even though central banking now determines the value of all capital, labor, goods, and services in the world, and does so in secret.


So here I am in Asia, which is a major victim of the gold price suppression scheme. Maybe there will be more curiosity and indignation about it here.


But Asia is not the only victim of this scheme. My own country may be the biggest victim. For this scheme has helped to corrupt the United States, destroying our once-free markets and the accountability of our government.


We in GATA do what we can, even though, from our beginning, we have wondered whether we could really presume to speak for gold. And not just for gold, of course -- we are not idolaters -- but for the economic and political liberty of individuals and the national sovereignty that gold serves and stands for. With gold always under attack precisely for what it represents, and with no others coming forward to defend it for what it represents, with even the gold mining industry's main trade association refusing to acknowledge the attack, we have hoped that any presumption on our part might be forgiven.


We remain largely amateurs. At the outset we did not half understand what was going on and what we were setting about to do. Our name preserves that imperfect understanding. We thought we had discovered just another anti-trust violation. It was a while before we perceived that we were up against government policy and that most of what we were discovering had been discovered long ago, at least in principle, just not well taught,

publicized, preserved, and made timely again.


Because it can work only through surreptitiousness and deceit, this government policy will be defeated when it is more widely understood -- and every day it is being better understood, because it is getting so brazen. It was more brazen than ever the other day when Switzerland devalued its franc, the world's leading "safe haven" currency, apparently leaving the "safe haven" field exclusively to gold. But just a few minutes before the Swiss franc's devaluation was announced, unidentified sellers dumped thousands of gold futures contracts on markets around the world, causing the gold price to plunge along with the Swiss franc. These sellers plainly did not aim to make a profit from their gold holdings; if they had intended to make a profit, they would have sold gradually into the market. No, they meant to knock the price down hard, and they did.


These sellers almost surely were central banks. But as far as I could tell, no Western journalist has yet put a question to any central banker about that strange and counterintuitive action in the gold market.


I ask for your help in forcing an end to the gold price suppression scheme. I ask in the cause of giving individuals, nations, and all humanity a chance at democracy, liberty, and limited government with a neutral, fair, and impartial international currency that serves not just one government or another or one class or another but rather the whole brotherhood of man.


* * *


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Now the media is beginning to buzz on this. Coming June 2012 China will become rulers of the gold market if nothing is done.




In June you’ll be able to buy spot gold or futures contracts in China. It also means that the Chinese currency- not dollars– will for the first time become the ruling currency used in one of the major speculative commodities of our age. All eyes will be on the influence of the gold trade in China rather than New York, London, Switzerland or South Africa.


Another reason for registering the reality of gold as a trading vehicle, an investment for households, central banks, hedge funds, endowments. Another bullish force behind the powering of gold prices higher.




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Guest Morbonzi

China has revealed their plan to become the world's reserve currency. They have developed their own market platform software that will be completed in November. London Bullion Market Association bullion banks will not be able to compete with their fractional reserve system. The true price of gold will stress western currency markets. Many small gold bullion investors will lose their investment during the market correction. The Federal Reserve will begin to lose leverage to adjust the value of United States currency in the face of a China gold backed currency. China will force western businesses operating in China to use their yuan as payment. As western value goes down China will have a greater opportunity to dump US Treasury bonds for gold bullion. The US will be forced to sell hard assets to cover debt interest.

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Guest August

Looks like the Chinese just opened up their exchange for business yesterday.




The deregulation of China's gold market, the world's fifth largest gold producer and third largest consumer, has caught the attention of the international gold industry.


Albert Cheng, East Asia regional director of the World Gold Council, noted the opening will drive up world gold consumption and its impact on the global gold market cannot be underestimated.


"I am convinced that Shanghai will become the gold trading center of East Asia in the not too distant future," he added.


At present, the Shanghai Gold Exchange boasts 108 members from 26 Chinese regions. They include 13 commercial banks, 24 gold miners, 61 consumer units, eight refineries and two mints. Only members can trade in the exchange.


All transactions are subject to a 0.06 percent commission. The settlement is done by China's four state-run banks, namely, the Industrial and Commercial Bank of China, the Bank of China, the Construction Bank of China and the Agricultural Bank of China.


New international trading center

With the opening of China's first gold exchange, Shanghai is poised to be a major international gold trading center, industrial analysts said Wednesday in Shanghai.


The opening of the Shanghai Gold Exchange Wednesday marks the deregulation of the gold market in the country after over half a century of government monopoly, said Cheng Binghai, deputy head of the China Gold Council.


China's status as the world's fifth largest gold producer and third largest consumer, combined with Shanghai's developed credit system and financial market, enabled the municipality likely to achieve its new ambition, Cheng said.


There are currently more than 40 major gold markets worldwide, with London, New York, Chicago, Zurich and Hong Kong as the top five markets. Most of the gold markets are now situated in international or regional financial centers instead of being located in gold production belts.


For a city to be turned into an international gold trading center, it must have a developed commodity economy and credit system, a sophisticated financial market, stable political environment, as well as sound transportation, communications and warehouse facilities and a good legal system, Cheng noted.


As long ago as the 1930s and 1940s, Shanghai was already a renowned financial center in the Far East and the largest gold trading center in the region.


More than half a century later, Shanghai is now well on its way to recovering its status as China's financial center and an international financial center.


The municipality is already home to interbank and foreign currency markets, the interbank bond market, the silver and jewelry markets, as well as securities and futures markets.


Shanghai's edge as a major hub of capital and other production factors and its strong storage capacity and developed communications and transportation facilities mean that the metropolis possesses the major essential conditions to become an international gold trading center, Cheng said.


Industrial sources predict that nearly 30 percent of Asia's annual 2,200 tons of gold trading volume will be done in Shanghai in the years ahead.


Though this figure is still small in comparison with the trading volume in the London gold market, analysts said that the figure at the Shanghai Gold Exchange will increase rapidly with China's expected removal of restrictions on the import and export of gold.


Albert Cheng, the World Gold Council's East-Asia regional director, said he believes that Shanghai will emerge as the gold trading center of Southeast Asia and maybe even all of Asia within just a short period of time.


All the top five gold markets enjoy free exchange rates and cross-border gold trading. In this regard, Shanghai is a regional market only.


But after China's entry into the World Trade Organization, the Reminbi (RMB) is also likely to become an international currency and maintain a stable value in the long term, the sources said. Itis also highly possible that China will become a major receiver ofinternational capital in the next 20 years.


Xi Jianhua, a research fellow with the Shanghai branch of the Bank of China, said if all the predictions come to true, Shanghai is very likely to become the world's sixth largest gold market.

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This Iranian PressTV dialogue paints a grim picture for U.S. markets...




Press TV: The big news coming from China in the past few weeks is that investment demand for gold and silver is up. Give us the numbers.


Collins: Yeah, real big news, Max. Shanghai Gold Exchange reported last week, starting with silver, silver demand's up 750 percent for silver forward contracts. The major buyers here are the large commercial banks of China.


First of all, I'll talk a little bit about silver. They're following the gold pattern here in China which is average Chinese citizens here now can buy silver in their bank account. So, you don't need to keep cash in your bank, you can go online and move your cash into silver or you can move it into gold. And that's really what's driving the increase in gold and silver prices here.


They started the gold trade in the major commercial banks about three years ago. Silver started last year in August, 2010. But what was really shocking is the numbers that have come out. I mentioned the year over year increases.


But if we look at just one Chinese bank, the ICBC, Industrial and Commercial Bank of China, first half of this year they sold over 300 tons of silver. 300 tons is roughly about 10 million ounces. So, this year they'll do roughly 20 million ounces of silver which is roughly 2 percent of all the silver mined in one year.


So, we look at the Chinese banking system just starting these new products in China, this year they could take nine or ten percent of all the silver mined in the world. And these products are just getting started. Two, three, four years from now, the Chinese banks could be selling 20, 30, 40 percent of all the silver mined globally. And that's really why we're seeing huge increases in silver.


Press TV: I got to tell you, Dan, these are blockbuster numbers. And the banks are effectively allowing Chinese people to have bank accounts that are based in precious metals.


I know Eric Sprott in Canada is trying to introduce a new banking facility that would give people in Canada a similar option to have their reserves or savings held in bullion. But, apparently, the Chinese are beating Eric Sprott to the punch. That's what it sounds like.


Effectively, it's becoming a bi-metal reserve currency in China, is that right?


Collins: Absolutely. It's a really innovative product and you wonder why Western banks -- that are tough to make money - haven't thought of this earlier?


Gold trading has been very successful in China. The penetration, though, in China has been very small. Probably, I would say, less than 5 percent of the people keep gold or silver in accounts. But it's growing rapidly every year in the hundreds of percentile, the new people coming in, opening gold accounts and silver accounts.


Press TV: Right. And in the case of silver, as you mentioned, two percent of the silver coming out of the mines are going into the savings accounts. That's a very big number. Plus you've got increased demand for silver in solar energy. You've got it in electronics, of course. And there's only about a billion ounces of silver above ground. Unlike gold, of course, silver is used industrially.


So, there's not very much silver out there. The price on silver, of course, with that kind of demand would have to rocket over the many hundreds of dollars per ounce level that we're looking for over the next few years.


Now, I see that you were reporting that a family of fund managers has been sentenced to death after defrauding investors of a billion dollars. Dan Collins, tell us more about this. I like the sound of this.


Collins: I knew you would, Max. I knew you would.


Basically, Hangzhou, a city here from about two hours away from where I'm at, a very Madoff-type scenario - a typical ponzi scheme - they paid off the old investors with the new money. Long story short, they lost about one billion US dollars, defrauded around 15,000 investors. But it only consisted of a father and two sons, at this fund.


The only difference between these guys and [bernie] Madoff is that they were quickly all sentenced to death.


Press TV: I like that, it has a nice finality to it. Of course, in the history of jurisprudence, this would be called a “deterrent”. If you commit a crime, there would be some kind of penalty. And I've often argued that there should be capital punishment for crimes against capital. So, the Chinese have decided that, yes, capital punishment is a good idea for crimes against capital when people commit frauds at this level.


Going back to this bi-metal reserve currency option for Chinese investors and savers, if I'm in the West, let's say I had an account at MF Global, this was a bank that was in business for more than 200 years, then Jon Corzine, former Goldman Sachs guy took it over, committed massive fraud, he started [combing] accounts. And now JP Morgan has a claim as a creditor over actual segregated deposits at that facility.


Trust in Western banks is now crashing.


Why wouldn't I want to have an account at a Chinese bank? Because I know the Chinese, at least, would have a deterrent in place. John Corzine would be put to death in China and, of course, that would be a suitable punishment for him.


Why wouldn't I want to be in China rather than the US? Isn't that going to suck in a lot of money from around the world?


Collins: Absolutely. Chinese banks are much smaller, conservatively run. You know, they're not into these derivative products. They're old school banks. Obviously, they have some loan issues but they're working through these issues. A Chinese CEO of a bank might make 150 thousand dollars a year, with no bonus.


You know, you look at Bank of America; they paid 35 percent of their revenue in bonuses in February. And then this month, we find out they're transferring trillions of dollars in toxic debt from [Merril Lynch] into the Bank of America which is FDIC insured. I mean, it's total fraud.


I personally don't invest in any American banks because I will invest in no companies that pay themselves 35 percent of their revenues in bonuses. That's not sustainable in any industry.


Press TV: OK, I know that reports in Chinatown and New York City, there are lines of Americans everyday when the bank opens to put money into Chinese banks. And I guess we're going to see more of that trend expand in the US.


Of course, America hates competition. They're no longer competitive in the sense that they're growing the economy by innovating and competing. They're just growing their economy through foreign invasions and larceny.


So, they can't be happy about the Chinese, basically, emerging as the safe hands that one would have their savings. And combine that with the bi-metal reserve option, this is going to further destabilize huge ponzi schemes like the JP Morgan, for example, with 90 trillion dollars of derivatives on their balance sheet now caught in a co-mingling scandal with MF Global. “Jamie” Dimon, the CEO, now implicated in a number of scandals and frauds.


So, when a bank like JP Morgan goes down, 160 billion dollar company, when that goes in the way of Enron, and we see it disappear in a puff of smoke one day, I would imagine that even more money would be flowing into these Chinese deposit accounts and taking advantage of this bi-metal situation.


In terms of geo-economics, Dan Collins, the IMF and European nations are pressuring China to up their contribution to bail out Europe. Very interesting dynamic here, what do you see happening?


Collins: They will get some money but there's going to be a lot of strings attached, and it's not going to be a lot of money. It's not going to be nearly enough to move the needle on any type of European debt situation.


Over here they say, yeah, China we'd like to give a little money so we have face, it looks like we have big power; but, at the end of the day, how can we justify a country that has such a low level of GDP per capita bailing out nations with very high levels of GDP per capita, and people retiring at 50, 55 years old?


So, they'll get a little bit of money but it won't be nearly enough of what they need to move any kind of needle in terms of their debt issues.


Press TV: I'm making a prediction that China makes a play for Italy's gold because Italy has 2,500 tons of gold. It's the biggest position in Europe. Why wouldn't China, who's starving for gold bullion with 1,000 tons - they're looking to acquire 5,000 tons to be competitive with the US - why wouldn't China, because they were rumored to be bailing out Greece at some point but, of course, Greece only has 110 tons of Gold, why wouldn't China make a play for Italy's gold and say 'we want that 2,500 tons of gold and in exchange we'll float some kind of lending facility to you'? What are your thoughts on that?


Collins: If we look at history, that's happened many, many times. You know, right before the Lend-Lease Act in World War II, the first thing the US did was have the British send all their gold over. So we could easily see that happen today. I don't know if we'll ever hear about it in the press but it could easily happen.


And you could easily make the case that America will have to send gold reserves over to China at some point as well.


Press TV: OK, so clearly gold is now back in play after many decades of being off the table considering the “barbarous relic” by John Keynes. Now it's suddenly in vogue, once again, as people realize that these trillions of dollars of debts that can't be paid won't be paid, and we're going to recalibrate the global currency grid. In a recalibration of the global currency grid, how do countries like China, Russia and Iran come out of that?


Collins: Well, I think they're all different. I like China's position because when the global financial system eventually reboots, they have the factories. They have the engineers. They have the productive capabilities. They have the relationships with the developing world of import-to-commodities. They won't need to export so much - you know, loaning money to a country that can't afford it to buy their goods. But I think, eventually, they'll be ok.


Russia, I'm not an expert in but they are very highly dependent on gas and they need to diversify their economy.


And I like China's chances, eventually, when the global financial system reboots.


Press TV: Alright, let's talk about the Chinese rating agency. We hear a lot about Moody's, Fitch & S&P. Occasionally, we hear from Dagong which is the Chinese rating agency - they downgraded US debt, and now they're threatening to downgrade US debt again if Ben Bernanke officially begins quantitative easing 3. Do you see this debt and currency war heating up, Dan?


Collins: Yeah. Dagong has downgraded the US currency twice. There will, no doubt, be a third time. I believe not only will Dagong do this but, globally, rating agencies will also, eventually, continue to downgrade US as well.


If anyone just takes the time to do the math behind the debts the US has run, it's absolutely inescapable. And I imagine at some point, the US debt will, once we get past these European issues, however that works out, the focus will turn to places like the United States and Japan.


Press TV: Alright. Let's go back to Europe for a second. There is a lot of hostility from the German population toward bailing out debtor nations. The Chinese population, you touched on this briefly about the GDP ratio on outputs and comparison. So, the Chinese population, I would imagine, is not so keen on bailing out the big nation of them all, the biggest debtor of them all, the United States. Or, is that not the case?


Collins: No, that is the case. The Chinese population is definitely against bailing out countries. Some of the op-ed pieces I've read in the media here, they actually say these countries aren't poor. They cry “we're poor, we're poor; we need money”. But in reality, all they have to do is collect their taxes and cut back on spending.


Their living standards are much higher than the average Chinese living standards. So it's absolutely insane to think that China could actually bail out people.


Press TV: Right, but China has never-the-less funded the American economy now for more than a decade as part of the “vendor-financing scheme” that's gone on between China and the US. China lends America money which keeps interests rates low enough for American consumers to buy Chinese made goods, and that money ends up going back to China.


At some point, that relationship is going to break because the US simply can't sustain itself any longer. China loses its biggest export market, what happens then? Do they allow the UN to appreciate? Do they focus on internal demand from its own consumers? How does the breakup of that symbiotic relationship between US and China, once it's broken, what happens in China?


Collins: You know, the US is actually their second largest trading partner, now only the EU. Exports out of China consist of about four percent of their GDP. So, obviously, if we have a complete dollar collapse and the US goes down, they can't buy anything, everyone's going to suffer. There's no way you can escape that.


As I mentioned, at that time, if the financial system does reboot, China will focus here on the domestic market. The domestic market here is much, much larger than people give it credit for. The Chinese vehicle market is twice as large as the American market. These aren't exports. These are vehicles sold here domestically in China.


Over the short-medium timeline, we will see China continue to increase the Renminbi. I think it's been bad policy on their part to keep it too low for too long. It's encouraged over investment in factories, and it's discouraged the service sector.


In my opinion, the increase in the Renminbi will only help China. China is very reliant on imported commodities. The main cost of production in its Chinese factory is the raw materials most of which are imported. I believe China has only to gain when the Renminbi increases. And as time goes on, they'll realize that more and they'll let the Renminbi appreciate.


Press TV: The cost of the imports, the raw materials, will be more beneficial for the factories, if you let the Renminbi appreciate. But they have delayed doing this for some time. Why have they waited for so long to do this, Dan?


Collins: If you go to the highest circles in Beijing, there's this conspiracy theory up there. They look at Japan's example.


A lot of people in Japan will tell you that we made a big mistake in the Japanese currency. We also kept it too long and created a huge bubble. Twenty years later, we're still not out of it. China's almost in a very same situation.


So, in Beijing, there's a lot of people saying look what happened to Japan, they increased their currency over 200, 300 percent over 20, 30 years, and now they're in such a big problem. That's been the consensus.


There's also a lot of vested interest in exporting. There are a lot of capitalist people here [who are] very focused on exporting. But I think over time, if you look at the cost of goods production in a factory, 50 percent is raw materials. Most of that's imported. Your labor, other things, that's 10 percent or less.


Eventually, they'll catch on to raising the local living standards here. And I think we'll see it higher next year. But raising the local living standards here is priority number one. And the best way to do that is to let the Renminbi appreciate.


Press TV: Now, what you've just described there, Dan, is they've seen the way it happened in Japan, they realize the problem of financing a bubble and then the burst that comes after it, so, that's not a reason why they would not let the Renminbi appreciate. What you're saying, that at the top of the People's Bank of China, at the top of the cadre of management there, are they in the pocket of foreign interests? I mean, why are they acting against their own interests? I don't understand.


Collins: I think there's been two groups. You've seen the Central Bank of China come out very positively on revaluing the currency. Now, it's never going to happen one time over night, they don't work that way. But there's a group that wants faster appreciation, and there's a group that wants slower appreciation. The slower appreciation group really has on their mind they want jobs. Jobs are number one.


But the reality today, China is almost near full employment. You go to several manufacturing regions of China, you can literally not find workers. And wages here have literally doubled in three years.


I believe the Renminbi's been relatively stable this year because they've taken into a lot of costs in terms of inflation - worker's, salaries, electricity, everything's gone up.


And I think next year, now that we've seen inflation stabilize here, we're going to see some more credit loosening happening, loan quotas are going to go up, and I think we're going to see the Renminbi appreciate more next year.


But there's really been a tug-of-war between two thought groups up in Beijing.


Press TV: It sounds like the government has extended this window, this arbitrage as a way to build this trust in terms of jobs which people can understand readily. Whereas, the service industry is a bit more abstract and, maybe, that transition will have to be managed at some point, but it's not as obvious to the average person who has a “job” in a factory, that's what that's all about.


Now, Secretary of State Hillary Clinton is saber rattling against China in the past week. 1,000 marines are going to be sent to a new permanent base in Australia, on China's doorstep. What's this all about, Dan?


Collins: Hillary came to Vietnam last year and signed a technical agreement where the US will help Vietnam enrich uranium. When I saw that, I think the strategy became very clear to me on US foreign policy in Asia.


You know, China's a continent in itself and there's a lot of small countries surrounding it, and a lot of them are nervous about Chinese power in the region. And they're going to look to the US to be a kind of consolidator of power as a hedge against the Chinese. They don't want to see China rise up and take over the region.


And I think the US, what they've announced this week with these new people going into Australia, is just a part to increase their Pacific power base.


Press TV: There's huge hedge fund bets being made on both long-China and short-China. There's a lot of talk about some of the more visible hedge fund managers out there who have a very large negative bet on China. They point to the “ghost cities”, the over building, etc.


Over the next five years, how is this going to play out, Dan Collins? Is there going to be a soft landing and the shorts are going to lose out on this particular bet? Or, is there something brewing that we should be worried about?


Collins: In my opinion, the shorts will absolutely lose. Many of them have been short two, three years already. If you go to individual companies, especially the reverse merger market in the US, an absolute place to play short.


But, if you're looking at the total macroeconomic situation in China, there's really not much reason to be bearish. And I'll give you reasons. People talk housing bubble; yet 50 percent of the homes in China have been purchased cash up front. The other 50 percent have paid 30 percent down.


So, people look at a slight slowdown in China this year and they come up with all these doomsday scenarios. They forget last year we were growing 10 or 11 percent a year with inflation getting nearly out of control.


China put industrial loans here from five percent last year all the way up to 9 percent this year. So, you're bound to get a slowdown, and it's good that we got a slowdown in China this year.


But as we talk, you know, “ghost cities” is another topic which I find interesting. Americans like to comment on “ghost cities”. But in America, we haven't built infrastructure in two generations. What do we know about infrastructure in China? These “ghost cities” really aren't ghost cities.


Obviously, local governments in some areas like Ordos [City] up in the north may have built too much, but what happens is that these cities are all overcrowded. You have massive urbanization in China now.


In fact, the area where I'm in is an area called the New City. In 18 months, they've built 35 apartment blocks, office buildings, 10 skyscrapers, shopping malls, everything. And it's done in 18 months. So, if you were to look at it, yeah, it looks like a ghost city. But if you wait a year and a half, two years, it's filled up. And all the properties have been sold and there's really no credit bubble to these properties in China. It's very difficult to get loans in China.


Press TV: Why's that?


Collins: Well, I'll give you an example. On an industrial loan for your business, you have to sign over your deed to get a loan. And even that, they will come in and they will analyze your plans, assets, equipment, everything. They will only give you a loan up to 30 percent of what they value it at. So, China is not a credit heavy nation. It's very conservative in terms of lending.


As I mentioned, the housing market is another good example. The housing market has basically stopped in terms of transactions. But the prices aren't really dropping. The reason why transactions stopped is they literally tell people they're not allowed to buy more than one house now. And if you're not from Shanghai, you can't buy a Shanghai apartment.


When you put in these kinds of draconian rules to stop people from buying houses, I don't see this as a bear signal.


Press TV: Alright, well, we're just about out of time. I just want to reiterate the highlight of this interview which is that a “fund manager in China caught defrauding investors of a billion dollars was put to death”. Bravo, China!

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China is making their move. Everyone, but traders are blind to it.




Gold traders are the most bullish in two months after mainland China imported the most metal ever from Hong Kong and investors bought U.S. bullion coins at the fastest pace in more than two years.


Eighteen of 23 surveyed by Bloomberg expect the metal to gain next week, the highest proportion since Nov. 11. Mainland China imported almost 102.8 metric tons in November, valued at about $5.4 billion, trade data on Jan. 11 showed. The U.S. Mint said it sold 85,500 ounces of American Eagle gold coins in the first 12 days of January. Full-month sales would reach 213,750 ounces at that pace, the most since December 2009.


Bullion rallied 6.2 percent since plunging to within 1 percentage point of a bear market on Dec. 29, on mounting concern that economic growth is slowing and European leaders are failing to contain the region’s debt crisis. Holdings in exchange-traded products backed by the metal are heading for the biggest weekly expansion since mid-November and are within 2 percent of an all-time high, data compiled by Bloomberg show.


“The thing that’s caught people’s minds is the massive increase in Chinese buying,” said Ross Norman, chief executive officer of Sharps Pixley Ltd., a brokerage handling physical bullion in London. “Gold has demonstrated time and time again its ability to hold purchasing power. It looks expensive and people talk about bubbles, but it’s not.”

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Guest Esperanza

The Pan Asian Gold Exchange was squashed by New York. It is manipulation that the world will never know. One hundred dollar gold drop was paper orchestrated sell off by agents that control the market and target stocks weak fish.




1 to 1 Silver Contracts will be the game changer that will bring true competition. Volume is the key.

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