Commodity Trade Mantra

Posts Tagged ‘Gold Policy’

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.

A Portrait of the Classical Gold Standard

The gold standard was the one outstanding symbol of unity and economic solidarity which the nineteenth century world had developed. Under Bretton Woods (1944), the gold standard was effectively abandoned: domestic convertibility was illegal and the role of gold was very constrained in favor of the dollar.

Indian Gold Imports Exploding In March

March has not even ended, though preliminary data indicates India has already imported over 130 tonnes of gold this month. A conservative estimate suggests total gross import can reach 150 tonnes this month. A new scheme the India government is looking at to obstruct gold import is through monetizing gold.

China’s Gold Strategy

The fact that the Chinese authorities permitted private ownership of gold between 1983 and 2002, suggests that they had by then acquired sufficient gold for monetary and strategic purposes. This raises the question as to how much gold China might have secretly accumulated by the end of 2002 for this to be the case.

Will BJP's Win Boost Gold Prices In India?

Irrespective of India’s election outcome or BJP’s win and whatever happens to India’s gold policy then in the coming weeks and months, it’s highly unlikely to boost gold prices either way. The root cause of India’s huge gold demand meanwhile remains unaddressed.

New York Federal Reserve Lying About Gold Storage

Although I’m not sure every gold lease requires a movement of physical gold, the statement from the NY Fed they grant to return the exact same bars deposited by the account holder upon withdrawal, is untenable. As we have clearly seen by the repatriation of some German gold from the NY Fed.

Precious Metals Aspirations Of The Biggest Bank In The World: ICBC

When the precious metals department was established, ICBC Chairman Jiang Jianqing said: “We have the ambition that ICBC becomes a world-class commercial bank in precious metals investment management.” In 2013, ICBC physical gold sales increased by more than 80% YoY.

The Chinese Government’s Gold Policy - From The Horse’s Mouth

This is a detailed policy memo from the China’s highest government to let the various ministries & department know of the direction, intentions, progress & steps of development of the many facets and components of the gold market that serves both the gold industry and other areas of finance.

Curbs On Gold Imports In India To Stay Despite Easing Trade Gap

India will keep a tight leash on gold imports despite a recent improvement in its trade deficit and lobbying by a bullion industry struggling with high premiums and a supply crunch – Indian importers have never been subject to restrictions and that is why they are finding this very painful.

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