• Tag Archives Singapore
  • Jim Rogers Tells ETF-Holders “The Next Bear Will Be Horrendous”

    Legendary investor Jim Rogers, who in 1973 founded the Quantum Funds, a prominent family of hedge funds, with then-unknown Hungarian-born financier named George Soros, joined RealVision’s Steve Diggle for a wide-ranging interview where the legendary financier, who moved to Singapore in 2007 with his family because he wanted his children to be immersed in Asian culture, discusses his views on gold, bitcoin, and what makes a good investor – along with his belief that a major correction in financial markets is about to begin.
    ***
    The interview, which was filmed two weeks ago in Singapore, begins with a discussion of a theme in finance that’s been at the forefront of discussions about the market outlook. Many investors believe that, with volatility at record lows and valuations at record highs, a major shock is imminent. However, these same investors have been burned by uncooperative markets, as an expected selloff has yet to materialize.

    This post was published at Zero Hedge on Oct 1, 2017.


  • Here Are The Cities Of The World Where “The Rent Is Too Damn High”

    In ancient times, like as far back as the 1990s, housing prices grew roughly inline with inflation rates because they were generally set by supply and demand forces determined by a market where buyers mostly just bought houses so they could live in them. Back in those ancient days, a more practical group of world citizens saw their homes as a place to raise a family rather that just another asset class that should be day traded to satisfy their gambling habits.
    But, thanks to the efforts of global central banks, the days where home prices roughly reflected the ability of the marginal local buyer to afford those homes, is long gone. As a general rule of thumb, a house was historically considered “affordable” if it was less than 2.5 times a family’s annual gross income…by those metrics, at least according to the UBS Global Real Estate Bubble Index released earlier today, the median buyer can’t afford housing in pretty any of the major cities of the world.
    Buying a 60m2 (650 sqft) apartment exceeds the budget of people who earn the average annual income in the highly skilled service sector in most world cities. In Hong Kong, even those who earn twice the city’s average income would struggle to afford an apartment of that size. House prices have also decoupled from local incomes in London, Paris, Singapore, New York and Tokyo, where price-to-income multiples exceed 10. Unaffordable housing is often a sign of strong investment demand from abroad, tight zoning and rental market regulations. If investment demand weakens, the risk of a price correction will increase and the long-term appreciation prospects will shrink.

    This post was published at Zero Hedge on Sep 29, 2017.


  • Commodities King Gartman Says Gold Soon Reach $1,400 As Drums of War Grow Louder

    – ‘Commodities King’ Gartman sees $1,400 gold surge in months
    – ‘Gold is the one currency that will do the best of all…’
    – Pullback below $1300 ‘is relatively inconsequential’
    – Use gold price weakness to be a buyer ‘no question’
    – Bullish on gold due to central banks and easy monetary policy and gold will be even higher in euro terms
    – Gold will be the best of all, as a result of QE and expansionary policies
    – Dalio reconfirms belief that ‘gold serves a purpose’ and portfolios should have exposure
    – ‘Gold is a diversifying asset’ says Dalio
    – Own allocated, segregated gold in Zurich or Singapore
    Editor Mark O’Byrne
    ***
    Dennis Gartman has called 2017’s gold rally and he is now forecasting gold will be ‘demonstrably higher’ rising to $1,400/oz in the coming months and rise by even more in euro terms.
    In an interview on CNBC, he said that the recent correction in gold is but a mere pullback prior to much higher prices and ‘gold is the one currency that will do the best of all.’
    Earlier this year Dennis Gartman, of the Gartman Letter, successfully called this year’s gold rally. In the year-to-date the precious metal is up by nearly 13%, thus outperforming the S&P 500 which is 12% higher.

    This post was published at Gold Core on September 25, 2017.


  • S&P Downgrades China To A+ From AA- Due To Soaring Debt Growth

    Four months after Moody’s downgraded China to A1 from Aa3, unwittingly launching a startling surge in the Yuan as Beijing set forth to “prove” just how “stable” China truly is through its nationalized capital markets, moments ago S&P followed suit when the rating agency also downgraded China from AA- to A+ for the first time since 1999 citing risks from soaring debt growth, less than a month before the most important congress for Chiina’s communist leadership in the past five years is set to take place. In addition to cutting the sovereign rating by one notch, S&P analysts also lowered their rating on three foreign banks that primarily operate in China, saying HSBC China, Hang Seng China and DBS Bank China Ltd. are unlikely to avoid default should the nation default on its sovereign debt. Following the downgrade, S&P revised its outlook to stable from negative.
    ‘China’s prolonged period of strong credit growth has increased its economic and financial risks,’ S&P said. ‘Since 2009, claims by depository institutions on the resident nongovernment sector have increased rapidly. The increases have often been above the rate of income growth. Although this credit growth had contributed to strong real GDP growth and higher asset prices, we believe it has also diminished financial stability to some extent.”
    According to commentators, the second downgrade of China this year represents ebbing international confidence China can strike a balance between maintaining economic growth and cleaning up its financial sector, Bloomberg reported. The move may also be uncomfortable for Communist Party officials, who are just weeks away from their twice-a-decade leadership reshuffle.
    The cut will ‘have a relatively big impact on Chinese enterprises since corporate ratings can’t be higher than the sovereign rating,’ said Xia Le, an economist at Banco Bilbao Vizcaya Argentaria SA in Hong Kong. ‘It will affect corporate financing.’
    ‘The market has already speculated S&P may cut soon after Moody’s downgraded,’ said Tommy Xie, an economist at OCBC Bank in Singapore. ‘This isn’t so surprising.’

    This post was published at Zero Hedge on Sep 21, 2017.


  • It’s Goldman vs JPMorgan As ISDA’s Noble Indecision Roils CDS Market

    Several years ago, the International Swaps and Derivatives Association, or ISDA, lost much of its credibility when during the peak of the Eurozone debt crisis, it first refused to determine that CDS on Greece had been triggered (i.e., that an event of default had taken place) only to eventually concede – following substantial outside pressure – that Greece had, in fact, defaulted (if only on bonds not held by a certain central bank), but not before penning a “petulant” blog post in which it claimed amusingly that the “credit event/DC process is fair, transparent and well-tested”. The fiasco prompted many, this site included, to dub sovereign Credit Default Swaps as “Schrodinger’s CDS”, contracts which may or may not pay out in case of a default, depending on which way the political winds were blowing at any given time.
    Fast forward to today when not only is ISDA in hot water again, but the entire corporate CDS market has been roiled by another indecision by ISDA, which said “it was unable to determine” if Singapore-listed Noble Group, formerly Asia’s largest independent commodity trader was in default or not, creating a vacuum similar to what happened with Greece 5 years ago, and which, according to the FT, has resulted in mass confusion in the corporate bond and CDS market. What is more striking, however, is that this is “the first time ISDA has dismissed a question of default without making a ruling either way.”
    Specifically, on August 9, ISDA ruled the following:

    This post was published at Zero Hedge on Aug 28, 2017.


  • Global Stocks Rise Amid Unexpected ECB “Trial Balloon”; Dollar Flat Ahead Of Fed Minutes

    European markets continued their risk-on mood in early trading for the third day, rising to the highest in over a week and rallying from the open led by mining stocks as industrial metals spike higher after zinc forwards hit highest level since 2007, lifting copper and nickel. The EUR sold off sharply, boosting local bond and risk prices after the previously discussed Reuters “trial balloon” report that Draghi’s speech at Jackson Hole would not announce the start of the ECB’s taper. The EURUSD has found support at yesterdays session low. Bunds have rallied in tandem before gilts drag core fixed income markets lower after U. K. wages data surprises to the upside. Early EUR/JPY push higher through 130.00 supports USD/JPY to come within range of 111.00.
    In Asia, Japan’s JGB curve was mildly steeper after the BOJ continued to reduce its purchases of 5-to-10-yr JGBs; the move was consistent with the BOJ’s desire to cut back whenever markets stabilize, according to Takenobu Nakashima, strategist at Nomura Securities Co. in Tokyo. The yen is little changed after rising just shy of 111 overnight. The S. Korean Kospi is back from holiday with gains; The PBOC weakened daily yuan fixing; injects a net 180 billion yuan with reverse repos; the Hang Seng index rose 0.9%, while the Shanghai Composite closed -0.2% lower. Dalian iron ore declines one percent. Japan’s Topix index closed little changed. South Korea’s Kospi index rose 0.6 percent, reopening after a holiday. The Hang Seng Index added 0.8 percent in Hong Kong, while the Shanghai Composite Index fell 0.2 percent. Australia’s S&P/ASX 200 Index advanced 0.5 percent. Singapore’s Straits Times Index was Asia’s worst performer on Wednesday, falling as much as 1.1 percent, as banks and interest-rate sensitive stocks dropped.
    The Stoxx Europe 600 Index rose 0.7%, the highest in a week. The MSCI All-Country World Index increased 0.3%. The U. K.’s FTSE 100 Index gained 0.6%. Germany’s DAX Index jumped 0.8% to the highest in more than a week. Futures on the S&P 500 Index climbed 0.2% to the highest in a week. Global markets are finally settling down after a tumultuous few days spurred by heightened tensions between the U. S. and North Korea. Miners and construction companies led the way as every sector of the Stoxx Europe 600 advanced as core bonds across the region declined. Crude gained for the first time in three days after industry data was said to show U. S. inventories tumbled 9.2 million barrels last week.

    This post was published at Zero Hedge on Aug 16, 2017.


  • June Swiss gold exports: 90% moving east — Lawrie Williams

    The latest figures for gold exports from Switzerland just further emphasise that physical gold is continuing to move eastwards in a big way. The country’s gold refineries sent 74% of their gold exports to Greater China (the Chinese mainland and Hong Kong) and India alone, while if we add in other south and east Asian nations – Malaysia, Singapore, Taiwan, Thailand and South Korea – and the Middle East – Turkey, the UAE, Lebanon and Jordan – fully 90% of Swiss gold exports that month moved to this region.
    Why is this so significant? Switzerland produces no gold of its own, but its gold refineries between them are the world’s largest gold exporters taking gold bullion and scrap from mines and other sources, including good delivery 400 ounce bars, and re-refining these into the smaller sizes in demand in Asia and the Middle East and re-exporting the bullion mostly to these eastern nations.
    The latest Swiss figures also support the anecdotal evidence of extremely tight supply, with the Swiss refineries struggling to source enough gold to meet the eastern demand. In June, Switzerland exported in total 162.1 tonnes of gold while only importing 124.9 tonnes – a shortfall of 37.2 tonnes. This is the second month in a row where Swiss gold exports were substantially larger than imports – the figure for May was around 39 tonnes.

    This post was published at Sharps Pixley


  • CME Stays Silent on Cause of COMEX Silver Price Glitch

    Silver futures prices on the COMEX futures trading platform briefly plummeted at approximately 7:06am Singapore time yesterday, with the price for the front month (most active) September silver contract falling from a US$16.06 quote down to a low of US$14.34 all within a 1 minute interval. The futures price then recovered nearly all of its losses in the subsequent 2-3 minute period. High to low, this COMEX silver futures contract saw its price fall by just over 10.7%, before rebounding nearly 11%.
    During this time when the COMEX price crashed, there was nothing fundamentally happening in the wider financial markets, or indeed in the physical silver market, to justify these price gyrations in COMEX silver futures prices. Which all goes to show that the COMEX ‘paper’ futures silver prices is completely detached from the physical silver market, and that COMEX silver futures prices have no anchoring in the real silver market.
    This price movement in the September 2017 silver futures contract (contract code SIU7 aka SIU17) can be seen in the below 1-minute tick candlestick chart from CME. Times in the chart are New York Time (NYT), which is 12 hours behind Singapore.

    This post was published at Bullion Star on 7 Jul 2017.


  • What Really Happened When Gold Crashed, Monday June 26?

    Let’s establish three facts up front. One, the volume of contracts traded was not ‘millions’ (as at least one conspiracy theorist is claiming). During the 1-minute window when the price of gold dropped from $1,254.10 to a low of $1,236.50 and recovered to $1,247, 18,031 August gold contracts traded. There was negligible volume in the October and December contracts.
    Two, the Earth is round. This did not occur while ‘everyone’ was sleeping (as at least one conspiracy theorist asserted). It happened when Europe was open and the UK had come online, at 9:01am British Summer Time (BST). China and Singapore were also open for business at that time.
    Three, there was no single large futures trade that ‘smashed’ the price, but a large number of smaller trades, with the largest trade being 296 contracts (close to 1 ton or $36 million). The chart below shows milliseconds (1/1000th of a second) from 9:01:00 to 9:01:30 – 30 seconds.

    This post was published at GoldSeek on Monday, 3 July 2017.


  • Dollar, Bond “Carnage” Pauses; Global Stocks Rebound Led By Tech Shares

    S&P futures rebounded shortly after the stronger than expected European CPI print, rising 0.3% to 2,426, as markets try to forget all about yesterday’s brief 50% VIX surge and tech rout, which trimmed the seventh consecutive quarterly gain for the S&P 500 Index to 2.4%. Europe shares rose 0.4%, led by tech stocks, after a drop in Asian markets, as oil and the dollar gained.
    The action this week however, yesterday’s equity fireworks notwithstanding, has been in dollar and bonds, where as Bloomberg says this morning, the “carnage has paused for a breather” with Treasuries steady after yields across the globe rose this week as central bankers shifted toward a more hawkish tone while the dollar gained against most G10 peers, paring its worst weekly loss in six.
    Putting the dollar’s quarterly performance in context, it is down -4.8% in Q2, its worst quarterly performance since 2010. Market skepticism remains over the Fed’s dots and tightening intentions, the recent 22 bps of curve flattening, and what the ECB may do next. “Obviously there’s a shift afoot. It really seems that there’s some coordinated effort going on out here among the G10 central banks,” said Stephen Innes, head of trading in Asia-Pacific for OANDA in Singapore, referring to the series of hawkish-sounding comments on monetary policy.

    This post was published at Zero Hedge on Jun 30, 2017.


  • Goldman, Citi Turn Positive On Gold – Despite ‘Mysterious’ Flash Crash

    Goldman and Citigroup Turn Positive On Gold – Despite ‘Mysterious’ Flash Crash
    – Gold bounces higher after ‘mysterious’ one minute ‘flash crash’ mistake
    – $2 billion, 50 tons or 1.8 million ounces ‘fat finger’ trade blamed
    ***
    – Massive selling at 0400 EST when U. S. markets closed and thin trading amid holidays in Muslim countries including Turkey, Singapore and Malaysia.
    – Mystery is that ‘fat fingers’ in gold market are always sell trades that push prices lower

    This post was published at Gold Core on June 27, 2017.


  • DOJ Moves To Seize DiCaprio’s Picasso, Rights To “Dumb and Dumber To” As Part Of 1MDB Case

    As part of the ongoing money-laundering probe of Malaysia’s sovereign wealth fund, 1MDB, which is perhaps best known for Goldman’s enabling and participation in what may end up being one of the world’s biggest, multi-billion, cross-border embezzlement schemes, on Thursday the DOJ moved to seize a Picasso and Basquiat paintings given to Leonardo DiCaprio, as well as rights to two Hollywood comedies, in complaints filed to recover about $540 million they say was “stolen” from 1MDB (with Goldman’s help).
    The DOJ filing was the latest in a long series of legal actions tied to money laundering at the fund set up by Malaysian Prime Minister Najib Razak in 2009 – who still remains in power – to promote economic development. In the complaint filed overnight, the department alleged that more than $4.5 billion was taken from 1MDB by high-level fund officials and their associates. Fraud allegations against 1MDB go back to 2009 and the fund is subject to money laundering investigations in at least six countries, including Switzerland and Singapore.
    “This money financed the lavish lifestyles of the alleged co-conspirators at the expense and detriment of the Malaysian people,” Kenneth Blanco, acting assistant AG said in a statement. The name of Goldman Sachs, which participated and directly profited from many of the 1MDB transactions, was oddly missing from today’s filing.
    Najib has denied taking money from 1MDB or any other entity for personal gain, after it was reported that investigators traced nearly $700 million to bank accounts that were allegedly in his name.
    And while we won’t hold our breath to learn why Goldman’s involvement was mysteriously dropped, Reuters reported that Leonardo DiCaprio has turned over an Oscar won by Marlon Brando to U. S. investigators probing the 1MDB money laundering. DiCaprio also initiated the return of other, unidentified items that the actor said he accepted as gifts for a charity auction and which originated from people connected to the 1MDB wealth fund, they said in a statement.

    This post was published at Zero Hedge on Jun 15, 2017.


  • Chats by Ex-Deutsche Bank Metals Trader Reveal Spoofing “Tricks from the Master“

    David Liew was a quick study. Less than a year into his metals-trading job at Deutsche Bank in Singapore, he joked with a colleague about their latest win.
    “Tricks from the … master,” Liew typed in a chat after working with a colleague to move gold futures prices while Liew executed a trade. In the course of a year, Liew and his colleagues used fake orders to try to manipulate prices, an illegal practice called spoofing, more than 50 times.
    After pleading guilty to fraud charges last week and agreeing to cooperate, Liew has become a prime government witness for U.S. prosecutors investigating whether traders at the world’s biggest banks conspired to manipulate prices in silver, gold, platinum and palladium. His chats with colleagues — part of an FBI affidavit filed in Chicago and placed under seal — provide a window into the investigation by the Justice Department, which began looking into such activities at a dozen of the biggest global banks two years ago.
    The U.S. is also looking beyond precious-metals trading and planning more criminal spoofing charges against Wall Street traders, according to people familiar with the matter. Working with the Commodity Futures Trading Commission, prosecutors in the Justice Department’s criminal division in Washington have been developing spoofing cases across markets since the 2010 adoption of the Dodd-Frank financial law, which made the practice illegal.

    This post was published at bloomberg


  • Gold and Silver ETF Demand Lacking as Prices Jump, Yuan Leaps vs. Dollar

    Gold prices jumped to new 7-week highs at $1291 per ounce on Tuesday, again testing the 6-year downtrend line in place since the metal’s 2011 record highs as Western stock markets fell with longer-term interest rates.
    After the ISM Prices Paid measure of inflation in manufacturing costs “tanked” in Friday’s report for May, 10-year US Treasury yields today fell again to post-Trump election lows of 2.15%.
    Crude oil also extended its drop despite the “freezing out” of Qatar by other Gulf states over what Saudi Arabia and now US President Trump call the “funding of radical ideology.”
    British police meantime said they and the MI5 security service had one of Saturday night’s 3 suicide-murderers in London Bridge under close surveillance back in 2015 when he appeared on a national TV documentary entitled The Jihadi Next Door.
    “Gold is not just for turbulent times, it has been a good source of returns over the last 10, 20 and 30 years,” said former UBS and then Paulson & Co. strategist John Reade, now chief market strategist for the mining-backed World Gold Council, at the Asia Pacific Precious Metals Conference in Singapore.

    This post was published at FinancialSense on 06/06/2017.


  • Deutsche Bank Trader Admits Guilt In Fraud Conspiracy To Rig Precious Metals Markets

    After months of “smoking guns” and conspiracy theory dismissals, a Singapore-based Deutsche Bank trader (at the center of fraud allegations) finally confirmed (by admitting guilt) what many have suspected – the biggest banks in the world have conspired to rig precious metals markets.
    The Deutsche Bank trader, David Liew, pleaded guilty in federal court in Chicago to conspiring to spoof gold, silver, platinum and palladium futures, according to court papers. Bloomberg notes that spoofing involves traders placing orders that they never intend to fill, in an attempt to manipulate the price.
    Following an introductory period that included orientation and training, LIEW was eventually assigned to the metals trading desk (which included base metals and precious metals trading) in approximately December 2009. During the Relevant Period, LIEW was employed by Bank A as a metals trader in the Asia-Pacific region, and his primary duties included precious metals market making and futures trading.

    This post was published at Zero Hedge on Jun 2, 2017.


  • Deutsche Bank Trader Admits To Rigging Precious Metals Markets

    After months of “smoking guns” and conspiracy theory dismissals, a Singapore-based Deutsche Bank trader (at the center of fraud allegations) finally confirmed (by admitting guilt) what many have suspected – the biggest banks in the world have conspired to rig precious metals markets.
    The Deutsche Bank trader, David Liew, pleaded guilty in federal court in Chicago to conspiring to spoof gold, silver, platinum and palladium futures, according to court papers. Bloomberg notes that spoofing involves traders placing orders that they never intend to fill, in an attempt to manipulate the price.
    Following an introductory period that included orientation and training, LIEW was eventually assigned to the metals trading desk (which included base metals and precious metals trading) in approximately December 2009. During the Relevant Period, LIEW was employed by Bank A as a metals trader in the Asia-Pacific region, and his primary duties included precious metals market making and futures trading.
    Between in or around December 2009 and in or around February 2012 (the “Relevant Period”), in the Northern District of Illinois, Eastem Division, and elsewhere, defendant DAVID LIEW did knowingly and intentionally conspire and agree with other precious metals (gold, silver, platinum, and palladium) traders to: (a) knowingly execute, and attempt to execute, a scheme and artifice to defraud, and for obtaining money and property by means of materially false and fraudulent pretenses, representations, and promises, and in furtherance of the scheme and artifice to defraud, knowingly transmit, and cause to be transmitted, in interstate and foreign commerce, by means of wire communications, certain signs, signals and sounds, in violation of Title 18, United States Code, Section 1343, which scheme affected a financial institution; and (b) knowingly engage in trading, practice, and conduct, on and subject to the rules of the Chicago Mercantile Exchange (“CME”), that was, was of the character of, and was commonly known to the trade as, spoofing, that is, bidding or offering with the intent to cancel the bid or offer before execution, by causing to be transmitted to the CME precious metals futures contract orders that LIEW and his coconspirators intended to cancel before execution and not as part of any legitimate, good-faith attempt to execute any part of the orders, in violation of Title 7, United States Code, Sections 6c(a)(5)(C) and 13(a)(2); all in violation of Title 18, United States Code, Section 371.

    This post was published at Zero Hedge on Jun 2, 2017.


  • Europe, US Futures Slip Despite Brent Bouncing Back To $51

    Asian stocks rose lifted by commodity names; European equities trade mostly lower but with little in the way of conviction or firm direction while the Italian banking index is at the highest level in a year following domestic earnings; S&P index futures are modestly in the red after the cash market closed at a record high Wednesday and investors prepared for earnings from retailers; we expect the now general vol selling program to promptly lift the S&P into new all time highs minutes after today’s open.
    Global sentiment was boosted for the second day by a rebound in energy shares as oil prices rose, with Brent regaining the $51 level and reverse all of last week’s losses, after U. S. fuel inventories declined and Saudi Arabia cut supplies of crude to Asia more than expected.
    The MSCI’s gauge of global stock markets was up 0.1 percent, bringing their gains for the year to nearly 10 percent, and into fresh record territory. After starting off deep in the red, the Shanghai Composite managed to recover and close green, despite another tumble in iron ore on SGX AsiaClear in Singapore, where it fell as much as 4.5% to $59 a ton, the lowest since October amid a clampdown on leverage in China, the top consumer, and expanding global supply.
    European stocks dropped for the first time in three days as a rebound in mining and energy shares failed to offset a broader negative mood at least in early trading. The Stoxx Europe 600 Index slipped following a raft of corporate results. Companies including Telefonica, UniCredit and Maersk reported good earnings, but the index this week climbed to near the highest on record and as the Bloomberg chart below shows, it is now massively overbought.

    This post was published at Zero Hedge on May 11, 2017.


  • Australian Tax Authorities on the Hunt

    The hunt for taxes has also been targeting international companies and arguing that the local operation in their country should pay more in taxes. One example is Rio Tinto (ASX, LON:RIO), the world’s second-biggest miner by market value. The Australian government handed them a A$447 million tax bill increasing a tax assessment in the new clever attack scheme known as ‘transfer pricing’ between Rio Tinto’s Australian operations and its Singapore office. The amount breaks down as A$379 million plus interest of A$68 million for the calendar years 2010 to 2013.

    This post was published at Armstrong Economics on Apr 12, 2017.


  • Asian Metals Market Update: Apr-11-2017

    Traders and everyone are on the sidelines due to uncertainty over Trump’s policies. Unless something very serious happens in Syria, bullion will not zoom. Mass genocide is something which has been ignored by markets. Gold and silver are still on the way to test key resistances. I prefer to ignore interest rate moves by the Federal Reserve. There has been too much hype over the same over the past few years. The US economy is robust. Interest rates will be hiked. Gold bulls will be able to overcome interest rate hikes by the Federal Reserve and other central bankers. But it is difficult to project the pace of rise.
    Physical demand and premiums on physical gold and silver in Asia (Hong Kong, Singapore, Mumbai and Dubai are the key centers) should determine the pace of rise of gold and silver. In the short term, demand will be volatile just as the prices. Price sentiment will determine demand for gold and silver. Intraday trading could be a nightmare.

    This post was published at GoldSeek on 11 April 2017.


  • U.S. Gold Bullion Exports To Hong Kong Surge, 82% Of Total Shipments

    U. S. gold bullion exports to Asia started off with a bang in 2017, as the majority of the total shipped in January went to Hong Kong. Not only did the U. S. export most of its gold bullion to Hong Kong, it was the highest monthly amount in quite some time.
    Looking back at the data for the past two years, Hong Kong’s highest monthly amount of gold bullion imported from the United States was less than half of what was shipped in January. According to the USGS, the U. S. exported 31.6 metric tons (mt) of gold bullion to Hong Kong, 82% of the total 38.1 mt shipped in January:
    ***
    The four other countries that received the remaining lion’s share was, China (2 mt), India (1.6 mt), Singapore (1 mt) and Switzerland (1 mt). If we assume that most of the gold bullion exported to Hong Kong made its way into China, then if we add the other 2 mt that China received, the total gold bullion shipped to China was more like 33.6 mt.

    This post was published at SRSrocco Report on APRIL 10, 2017.