Commodity Trade Mantra

Posts Tagged ‘Gold Buyer’

China Embraces Gold In Advance Of Post-Dollar Era

To challenge the US dollar hegemony & increase its power in the global realm of finance, China has firmly embraced gold in its economy. With a staggering pace the government has developed the Chinese domestic gold market, stimulated private gold accumulation, increased its official gold reserves to ensure financial stability & support the internationalisation of the renminbi.

Pro - Gold Governments and Central Banks

Many gold bugs argue that governments & central banks are generally biased against gold. Certain countries, with India as the most notable example, have adopted hostile gold policies. Here, I will however show that the tide has turned with many central banks not only accumulating gold but understanding the importance of gold.

India Gold Demand Surges 450%, Bank of Russia Demand At 15 Year High

Gold imports into India in Sept were worth $3.8 billion, up 449.7% y/y & almost double the $2 billion in Aug as, once again, the Indian middle class used the opportunity of a weakened gold price to increase their holdings. Russia’s central bank added a very large 37.3 tonnes of gold to it’s reserves in Sept – it’s largest purchase in 15 years.

Shanghai Becoming Global Gold Hub And Gold Price Discovery Center

China approached foreign banks, gold producers & refiners to participate in SGE’s international bourse to boost its position as a price-discovery center for gold. It plans to launch three physically-backed gold contracts. The chairman of SGE said that China should have its own pricing benchmark as it is the biggest consumer & producer of gold.

Russia Raises Gold Holdings By 7.247 Tonnes To Over 1,040 Tonnes In Feb

Russia has increased its gold holdings by 7.247 tonnes to 1,042 tonnes in February. Turkey and Kazakhstan also raised their bullion reserves, data from the International Monetary Fund showed today. It will be interesting to see what Russian demand is in March and indeed in the coming months.

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