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BullionStar Blogs

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Shanghai Gold Exchange Physical Delivery Week 43

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  • author Koos Jansen

Physical gold withdrawn from the SGE vaults was 33 tons last weeks (21-10-2013/25-10-2013), down 18 % from a week earlier. Premiums also came down, on 21 October the price of gold (Au99.95) on the SGE was 0,8 % over the international price, on 25 October it was 0,09 %. This is remarkable because premiums in … Continue Reading arrow

PBOC Governor Zhou Xiaochuan On Gold

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  • author Koos Jansen

The next quotes are from a speech that Zhou Xiaochuan, governor of the People’s Bank Of China from 2002 till present, gave at the LBMA conference in 2004. Give Full Play to the Gold Market’s Investment and Hedging Functions The establishment and development of China’s gold market marks the basic completion of the construction of … Continue Reading arrow

Week 42 SGE Physical Delivery And It’s True Context

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  • author Koos Jansen

When I speak of physical delivery at the Shanghai Gold Exchange (SGE), I mean gold that is withdrawn from the vaults – the SGE is an exceptional exchange because it publishes these numbers. Technically, “Delivery" is a misnomer by me (and the SGE). On all other futures exchanges “delivery" actually means the amount of gold … Continue Reading arrow

Switzerland Has Never Exported This Much Gold

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  • author Koos Jansen

Four of the largest gold refineries on earth are located in Switzerland, being Metalor, Pamp, Argor-Heraeus and Valcambi. It’s estimated 70 % of the world’s refining is done near the Alps, therefor massive amounts of gold are distributed here; Switzerland has imported 808 tons of gold in the third quarter of 2013, and exported 680 tons in … Continue Reading arrow

1974 Meeting European Ministers Of Finance On Gold

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  • author Koos Jansen

This one I had to share, a report on a meeting held by all European Ministers of Finance about gold, written to the American Ministry Of Foreign Affairs in 1974: FOLLOWING IS TEXT OF STATEMENT MADE TO C-20 DEPUTIES’ MEETING ON MAY 7 BY DUTCH TREASURER-GENERAL OORT RE ZEIST MEETING OF EC FINANCE MINISTERS APRIL … Continue Reading arrow

Analyze This!

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  • author Koos Jansen

A few weeks ago I was researching UK gold trade data on the Eurostat website when I stumble upon something quite remarkable, or not. When I looked at the 2008 numbers on trade between the UK and Germany I saw a few unusual spikes. In August 2008 the UK imported 613.9 tons from Germany, in … Continue Reading arrow

Week 41 Shanghai Gold Exchange Physical Delivery

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  • author Koos Jansen

Today the SGE published trading numbers from last week. The Chinese are not slowing down their physical gold purchases this year. Although the 2013 weekly SGE delivery record stands at 117 tons, last weeks physical delivery was 47 tons, which is above the yearly average of 41.7 tons. We saw a little rise in the … Continue Reading arrow

GOFO Nosedive, 1, 2 And 3 Months Turn Negative

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  • author Koos Jansen

This week premiums for spot gold in India surged to $100 an ounce. This could have resulted in a shortage of physical gold on the LBMA, where GOFO rates of 1, 2 and 3 months turned negative as of today. Continue Reading arrow

July Silver Import India High At 797 Tons, YTD 3942 Tons

July Silver Import India High At 797 Tons, YTD 3942 Tons

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  • author Koos Jansen

The results of India’s import duty on gold – that went up in January from 4% to 6 %, in June to 8 % and in August to 10 % – are obvious. Premiums have risen, “official" gold import has dropped significantly since June (shrinking the country’s trade deficit to a 30-month low in September) and silver import has … Continue Reading arrow

China Already Has The Gold Pricing Basis

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  • author Koos Jansen

Article from the China Gold Association (CGA) on China’s gold pricing power, translated by Soh Tiong Hum: China Already Has The Gold Pricing Basis Published :2012-02-15 Since June 2008 there’s a financial crisis wherein gold prices soaring from less than USD 1000 per ounce to the current USD 1700 per ounce are a microcosm of … Continue Reading arrow

Biggest Economic Power Shift In Decades

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  • author Koos Jansen

2013 is the year wherein unprecedented amounts of physical gold are distributed from west to east; a shift in wealth and power not seen in decades. An overview, based on trade data from January till August, of the gold routes to China: The majority of the gold that is being shipped to the east springs … Continue Reading arrow

Mainland & Hong Kong Net Gold Import Jan-Aug 1154 Tons

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  • author Koos Jansen

Although the price of gold has not been able to remain north of $1400 in August, the Chinese continued accumulating gold throughout the month in order to ‘store wealth among the people‘. When looking at data from the Hong Kong Census And Statistics Department extraordinary large amounts of gold were imported by Hong Kong as … Continue Reading arrow

ABC Bank: Run On The FED Highlights The Importance Of Gold Reserves

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  • author Koos Jansen

In order to strengthen the Chinese economy and protect it from external shocks the Chinese government has been stimulating its people to buy physical gold since 2001. Although they have been buying massive amounts of gold in the last years, their grams per capita still stands far lower than the global average. My lowest estimate is 4.3 … Continue Reading arrow

Week 39 Shanghai Gold Exchange Physical Delivery

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  • author Koos Jansen

I was very delighted yesterday that me and Jan Skoyles published the second part of our collaboration. A fantastic overview of the Chinese gold market. Watch out next week for the sequels! Now let’s rush to last weeks SGE delivery numbers.Shanghai Gold Exchange – 50 metric tonnes delivered in week 39 (left the SGE vaults), 23-09-2013/28-09-2013 – … Continue Reading arrow

The History of The Chinese Gold Market

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  • author Koos Jansen

I’m very proud and excited to announce a collaboration between me and Jan Skoyles from The Real Asset Company. Today part one: Tracing The Great Chinese Gold Rush. In oncoming parts we will inform you on every detail of Chinese gold market, in example gold trade, the Shanghai Gold Exchange, the Shanghai Futures Exchange, the OTC … Continue Reading arrow

Shanghai Gold Exchange Physical Delivery vs Mining vs Import

Shanghai Gold Exchange Physical Delivery vs Mining vs Import

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  • author Koos Jansen

In the first seven months of this year total physical gold withdrawn from the 49 vaults of the Shanghai Gold Exchange was 1333 tons. Chinese domestic mining in this period was 231 tons and net import through Hong Kong 607 tons. Scrap supply couldn’t have been more that 150 tons, which means 345 tons had … Continue Reading arrow

Gold Held In China

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  • author Koos Jansen

The other day I saw a chart in a video from Mike Maloney on how much gold we know is held in China. It inspired me to make my own version of it. I have trade data from Hong Kong through which we know how much gold goes in and out of the mainland – … Continue Reading arrow

Week 37 Shanghai Gold Exchange Physical Delivery

Shanghai Gold Exchange Physical Delivery Equals Chinese Demand

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  • author Koos Jansen

Year to date physical delivery on the Shanghai Gold Exchange stands at 1546 tons. Apart from an article on Bloomberg there has been little coverage in the mainstream media on this extreme amount of physical gold that is being sold in China, nor do they report on unusual high gold export from the UK to … Continue Reading arrow

In H1 2013 India Imported 3145 Tons of Silver.

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  • author Koos Jansen

In January 2013 India’s central bank, the RBI, raised gold’s import duty from 4% to 6 %, in June to 8 % and in August to 10 %. Another rule came into life on July 22 which made it mandatory for shippers to set aside 20 percent of shipments for re-export. All this policy has finally engendered some results; gold … Continue Reading arrow

Audio Interview Alex Stanczyk: More Gold Going Into China Than Reported

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  • author Koos Jansen

This is a small part of the conversation I had with Alex Stanczyk on 4 September. This part is mostly on China. Continue Reading arrow

The US Net Exported +1500 tons To The UK 1999 – July 2013

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  • author Koos Jansen

Based on data declared by the UK more than 1500 tons of gold was net imported by the UK from the US, from January 1999 till July 2013. (from 1999 – 2012 it was 1468 tons)   Continue Reading arrow

August Chart SGE vs COMEX

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  • author Koos Jansen

Monthly chart physical gold delivered on the Shanghai Gold Exchange vs COMEX vs world mining . By @KoosJansen SGE – 165.6 metric tonnes delivered in August (left the SGE vaults) – m/m – 29.65 % – 1499.3 metric tonnes delivered year to date (January – August) COMEX – 12.7 metric tonnes delivered in August – 146.7 metric tonnes delivered year to... Continue Reading arrow

Week 36 SGE Chart

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  • author Koos Jansen

Weekly chart physical gold delivered on the Shanghai Gold Exchange vs world mining production. By @KoosJansen Shanghai Gold Exchange – 47 metric tonnes delivered in week 36 (left the SGE vaults), 02-09-2013/06-09-2013 – w/w + 28.33 % – 1546 metric tonnes delivered year to date – weekly average 43 tonnes YTD, 2013 estimate yearly total 2190 tonnes. Source: SGE,... Continue Reading arrow

Stanczyk: There Is Way More Gold Going Into China Than Is Reported

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  • author Koos Jansen

Last week I had the privilege to talk to Alex Stanczyk, Chief Market Strategist for the Anglo Far- East group of companies. Below a few quotes – Alex also has a military background so that’s where we started. Do you think there is going to be a war in Syria?   I hope not, but it’s possible. There is an old … Continue Reading arrow

The UK’s Gold Exodus Continues

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  • author Koos Jansen

The UK Net Exported 201 Tons Of Gold In July, YTD 1018 Tons. UK gold export increased in July compared to June. After net exporting 145 tons in June, gold trade soared and hit a m/m growth of 39 % to 201 tons in July, according to Eurostat. The gold that is been exported by the … Continue Reading arrow

Did The Chinese Know The Price Of Gold Was About To Drop In April?

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  • author Koos Jansen

In April the price of gold made its biggest one-day percentage drop in 30 years, it fell 9% starting a bear trend that hit an intra-day price of $1180 in June. In reaction Asian demand for physical gold since the price drop in April exploded. Shanghai Gold Exchange physical delivery was 117 tons in week 17, dating … Continue Reading arrow

July Chinese Gold Trade Charts

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  • author Koos Jansen

Today new data came out from the Hong Kong Census and Statistics Department. This data covers Hong Kong import, export and re-export of goods to July 2013. All of the charts about Chinese and Hong Kong gold trade we publish on this blog are based on these data sets. For clarity, these charts are all based on trade … Continue Reading arrow

Gold Leasing Is A Tool For The Global Credit Game

Gold Leasing Is A Tool For The Global Credit Game

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  • author Koos Jansen

Below a translation of an article on gold price suppression by global finance expert Zhang Jie, published on April 15, 2013. We have posted a Google Translate version of this article on August 13, but because of the significance of the insights of the writer we searched for real translators to make it into a more clear and understandable … Continue Reading arrow

Week 33 SGE Chart

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  • author Koos Jansen

Weekly chart physical gold delivered on the Shanghai Gold Exchange vs world mining production. By @KoosJansen Shanghai Gold Exchange – 39 metric tonnes delivered in week 33 (left the SGE vaults), 16-08-2013/20-08-2013 – w/w – 0.38 % – 1463 metric tonnes delivered year to date Source: SGE, USGS For more information on SGE deliveries read this. Premiums based on... Continue Reading arrow

The UK Net Exported 817 tons of gold YTD

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  • author Koos Jansen

As I was scrolling through some european trade numbers I found these astonishing gold exports from the UK. Before I make a few long term charts on UK total gold trade (and from which countries this gold comes from and is been sent to), I just wanted to share the most important one. The UK, … Continue Reading arrow

India’s Gold Import Reaches 165 tons in May

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  • author Koos Jansen

India has a love for gold but the country has no goldmines, all demand has to be satisfied by import. Gold is their second biggest import after oil. Due to a growing trade deficit and a weakening Rupee the RBI (India’s central bank) is desperate to curb gold’s luster. In January they raised gold’s import … Continue Reading arrow

Switzerland PM trade charts H1 2013

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  • author Koos Jansen

Swiss precious metals trade (PM), gold and silver, trade data from 2002 – Q2 2013. Unfortunately Switzerland only publishes total precious metals trade numbers, so we don’t know where every Kg ends up. Customs employees did tell me this could change next year! For the gold chart I used HS codes: Google Translate: – 71081200 Gold, including … Continue Reading arrow

Does UK Supply Shanghai Gold Exchange? Part 2

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  • author Koos Jansen

Last week we learned UK gold exports to Switzerland were to 797t in the first six months of 2013. In Part 1 I speculated on the possibility if this gold eventually ends up in China.   For decades Switzerland has been a major gold trading hub and it has an unprecedented refining capacity. “In an average year Switzerland refines … Continue Reading arrow

Week 32 SGE Chart

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  • author Koos Jansen

Weekly chart physical gold delivered on the Shanghai Gold Exchange vs world mining production. By @KoosJansen Shanghai Gold Exchange – 39 metric tonnes delivered in week 32 (left the SGE vaults), 12-08-2013/16-08-2013 – w/w + 4.93 % – 1424 metric tonnes delivered year to date Source: SGE, USGS For more information on SGE deliveries read this.   Premiums based on... Continue Reading arrow

Does The UK Supply The Shanghai Gold Exchange?

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  • author Koos Jansen

A quick calculation on where SGE deliveries might come from. If we take the delivery numbers from January to June of the Shanghai Gold Exchange, we see that 1098t left the vaults in those six months. Where does this gold come from?   The SGE states that all Chinese domestic gold mining companies and all Chinese … Continue Reading arrow

A First Look At The Chinese Gold & Silver Exchange

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  • author Koos Jansen

“Hong Kong was a traditional trading hub for gold in the past decades" Director General of the The People’s Bank of China Mr. Xie Duo, 2012. A little known Asian precious metals hub is the Chinese Gold & Silver Exchange (CGSE) located at 12-18 Mercer street, Sheung Wan, Hong Kong. It opened it’s doors in 1910 and until today it … Continue Reading arrow

Week 31 chart SGE

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  • author Koos Jansen

Weekly chart physical gold delivered on the Shanghai Gold Exchange vs world mining production. By @KoosJansen – 37 metric tonnes delivered in week 31 (left the SGE vaults) – w/w -11.31 % – 1385 metric tonnes delivered year to date Source: SGE, USGS For more information on SGE deliveries read this. Continue Reading arrow

July chart SGE vs COMEX

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  • author Koos Jansen

Monthly chart physical gold delivered on the Shanghai Gold Exchange vs COMEX. By @KoosJansen SGE – 235.4 metric tonnes delivered in July (left the SGE vaults) – m/m +30.78 % – 1334 metric tonnes delivered year to date (January – July) COMEX – 0.5 metric tonnes delivered in July – m/m -98 % – 134 metric tonnes delivered year to date (January... Continue Reading arrow

Chinese State Press On How The Fed Has Been Manipulating The Price Of Gold For Decades

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  • author Koos Jansen

This is an article from the Chinese state press agency CNTV (China Network Television), which later appeared on www.best-news.us. The writer describes how soon after Nixon closed the gold window in 1971 – and the price of gold sky rocketed to $800 an ounce – the Fed started to combat the price of gold up … Continue Reading arrow

Week 30 SGE chart

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  • author Koos Jansen

Weekly chart physical gold delivered on the Shanghai Gold Exchange vs world mining production. By @KoosJansen – 46 metric tonnes delivered in week 30 (left the SGE vaults) – w/w -11.31 % – 1347 metric tonnes delivered year to date Source: SGE, USGS For more information on SGE physical deliveries read this. Continue Reading arrow

June Chinese gold trade charts

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  • author Koos Jansen

Today new data came out from the Hong Kong Census and Statistics Department. This data covers Hong Kong import, export and re-export of goods to June 2013. All of the charts about Chinese and Hong Kong gold trade I publish on this blog are based on these data sets. The charts show exactly how much is traded … Continue Reading arrow

Week 29 SGE chart

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  • author Koos Jansen

Weekly chart physical gold delivered on the Shanghai Gold Exchange vs world mining production. By @KoosJansen – 52 metric tonnes delivered in week 29 (left the SGE vaults) – w/w 2.63 % – 1301 metric tonnes delivered year to date Source: SGE, USGS For more information on SGE physical deliveries read this. Continue Reading arrow

Physical Gold Delivery At The Shanghai Gold Exchange Compared To COMEX

Physical Gold Delivery At The Shanghai Gold Exchange Compared To COMEX

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  • author Koos Jansen

With the charts I publish about physical delivery on the Shanghai Gold Exchange and the COMEX I try to show how much metal is withdrawn from these exchanges. A few days ago two articles appeared on the internet in which the delivery process of a gold futures contract at the COMEX is explained. For me it contained … Continue Reading arrow

The BoE on it’s current gold holdings

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  • author Koos Jansen

After Alasdair MacLeod said the BoE’s gold holdings dropped 1300 tons from February to June this year, I send an email to the BoE to get clarification. This was their response: In the annual report from February which he refers to, it’s stated that the Bank holds £210 billion in gold for the UK government, other central banks around … Continue Reading arrow

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