Socio-Economics History Blog

Socio-Economics History Blog

Export Stats Confirm Massive Outflow of Western Gold to Asia, Maybe ETF Gold !

by mosesman
Remember the Golden Rule: He who has the gold makes the rules! Got physical gold yet?
Remember the Golden Rule: He who has the gold makes the rules! Got physical gold yet?
  • Got physical gold yet? Or are you still into the fraudulent Paper Gold market? You may wake up 1 day and realize what people like me have been saying is true: the Paper Gold market is a FRAUD! There are as many as 50-100 claims for every ounce of Paper Gold !
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  • The UK does not have any gold mines. So how is the country able to export such a great amount of gold? By taking it from the hands of ETFs? Other central banks gold held in London?? If you do not have it in your hand, you do not have gold ! Paper Gold is a SCAM !
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  • Export stats confirm massive outflow of Western gold to Asia, maybe ETF gold! 
    by Jack Farchy,  Financial Times, via http://www.gata.org/ 
    http://www.ft.com/intl/cms/s/0/876af37c-08dd-11e3-ad07-00144feabdc0.html
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    The UK’s gold exports have surged nearly tenfold this year as investor selling drives the bullion out of London vaults into the hands of Asian consumers.
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    UK gold exports to Switzerland, the hub of the gold refining industry, leapt to 798 tonnes in the first six months of the year, up from just 83 tonnes in the first half of 2012, according to data from Eurostat, the European Union’s statistics office.
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    The exports — worth E29 billion and equivalent to nearly 30 per cent of global annual mine production — underscore the scale of the shift in gold ownership taking place as Western investors lose their enthusiasm for the metal.
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    The UK has no commercial-scale gold mines, but London is the centre of the global gold market, with bankers estimating that some 10,000 tonnes are held in the city’s vaults, including at the Bank of England, largely by investors and central banks.
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    Large-scale selling by investors triggered a 26 per cent slide in gold prices from the start of the year to a near three-year low of $1,180 a troy ounce in June. The price fall has stimulated a huge increase in demand in Asia, particularly China, whose gold association reported a 54 per cent increase in demand in the first half of the year.
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    read more!

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