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What jewelry-selling Western consumers have discovered about China’s gold buying…
WHATEVER the reasons for China’s massive household savings rate (Western economists blame the lack of social security, so you can guess their cure), the World Gold Council’s Gold Demand Trends today showed private consumers putting ever-more money into physical gold.
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Gold Unwinds Last Month’s Sell-Off as “Race to Bottom” in Forex Spreads to China’s Yuan
THE PRICE OF GOLD rose to its best level since the start of July in early trading on Monday, rising above $1226 per ounce as world stock markets sagged but commodity prices ticked higher.
Crude oil bounced from a 1-month low, and wheat futures rose again after dipping from this month’s near-two year high – sparked by Russia banning exports amid its worst drought in five decades.
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The US markets had a smack in the face when July’s Job report came out on Friday night.
Economists / forecasters / tea-leaf-readers had been expecting a net loss of 55,000 odd jobs. The actual figure came in at more like 131,000 jobs lost.
The fine print contained more bad news, including a big fall in part time workers. This is normally a prelude to full time jobs being axed.
Where does this leave the US?
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The bull market in gold is a long way from losing both arms and legs just yet…
WHATEVER FORCE you spy behind this week’s swoon in gold prices to $1160 per ounce and lower, ’tis but a scratch – a flesh wound – so far.
“I’ve had worse!” as Monty Python’s Black Knight says.
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The SNB can neither squash gold, nor (yet) destroy its own currency. But not for lack of trying…
GOOD JOB that gold bullion is just an inert lump of metal and holds no grudges.
Because twice in the last decade, the value of gold in the Swiss National Bank’s vaults has nearly halved as a proportion of its total reserves. Yet still it sits there, helping save the SNB’s blushes when policy fails.
“The Euro-crisis has torn a deep hole in the calculations of the Swiss central bank (SNB),” reports Tages Anzeiger. “It spent CHF 104.9 billion on Euros [US$104bn] in the first-half of 2010, leading to foreign exchange losses of over CHF14bn [$13.3bn].
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