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The Gold Anti-Trust Action Committee was organized in January 1999 to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities. The committee arose from essays by Bill Murphy, a financial commentator, and by Chris Powell, a newspaper editor in Connecticut, published at Murphy’s Internet site, www.lemetropolecafe.com.
Latest News
11:35a ET Thursday, August 22 2019
Dear Friend of GATA and Gold:
Dave Kranzler of Investment Research Dynamics in Denver discloses today that Switzerland's unusual export of 90 tonnes of gold to London in July must have involved a lot more than acquisitions by gold exchange-traded funds, the explanation offered by Bloomberg News. (See http://www.gata.org/node/19371)
Kranzler writes: "But fact-checking shows that the number of tonnes of gold in GLD, by far the largest gold ETF, increased by only 23 tonnes during July, from 800 to 823. Assume that the much smaller gold ETFs took in the same amount collectively -- an estimate that is more than generous -- and ETF gold flow accounts for less than 50% of the gold exported to London."
... Dispatch continues below ...
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So where did the rest of the gold sent from Switzerland to London in July go? Kranzler concludes that there must be other big buyers.
He adds that gold mining companies and especially junior gold miners seem terribly underpriced ahead of what is coming for the metal.
His analysis is headlined "Gold, Silver, Mining Stocks: Get Ready for a Huge Ride Higher" and it's posted at IRD here:
http://investmentresearchdynamics.com/gold-silver-mining-stocks-get-read...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
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By Peter Hobson and Yawen Chen
Reuters
Thursday, August 22, 2019
China has partially lifted restrictions on imports of gold, bullion industry sources said, loosening curbs that had stopped an estimated 300-500 tonnes of the metal worth $15-25 billion at current prices from entering the country since May.
China's central bank had for several months curtailed or not granted import quotas to commercial banks responsible for most of the gold that enters the country, Reuters reported last week.
... Dispatch continues below ...
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Sources said those measures had possibly been designed to reduce capital outflows and bolster the yuan, which has slumped to 11-year lows against the dollar as a trade dispute with the United States batters China's economy. CNY=CFXS
The central bank began to issue quotas again last week, but for lower amounts of gold than considered normal, three people with direct knowledge of the matter in London and Asia said - without specifying exact amounts. ...
... For the remainder of the report:
https://www.reuters.com/article/us-china-gold/china-eases-restrictions-o...
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By Eva Szalay
Financial Times, London
Thursday, August 22, 2019
Top Chinese bankers in London are warning of the drama that would follow any U.S. attempt to weaken the dollar by intervening in renminbi markets -- a move that would be seen by Beijing as a "political act."
The risks of such action have heightened since June, said analysts, after U.S. President Donald Trump repeatedly took aim at China and Europe for "playing currency games" as trade wars threatened to spill over into foreign exchange markets.
... Dispatch continues below ...
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The U.S. Treasury officially branded China a currency manipulator this month after the Chinese central bank allowed the renminbi to fall below 7 to the dollar, a key threshold last breached in 2008, leading to escalation in trade tensions. Today the renminbi was trading at a fresh low of 7.0749.
But despite a lull in tit-for-tat tariffs and a delay to some additional levies on Chinese imports to the U.S., the warnings are the latest signal that markets are taking the currency threat seriously. One senior staffer at a London-based Chinese bank said the U.S. could conceivably intervene in the offshore renminbi market, where the currency is traded more freely than on the mainland. But the consequences could be serious. ...
... For the remainder of the report:
https://www.ft.com/content/188047f4-c2a0-11e9-a8e9-296ca66511c9
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Indians Pawning the Family Gold Amid Credit Crunch
By Rajendra Jadhav and Nupur Anand
Reuters
Thursday, August 22, 2019
Refused a loan by a state-run lender and desperate for funds to buy cotton seeds before the summer sowing season window closed, Indian farmer Babasaheb Mandlik ran out of choices -- he pawned his wife's gold jewelry.
Mandlik, who owns an 8-acre cotton farm in western India, pledged 70 grams of gold, almost all his wife's precious trinkets, in June in return for 150,000 rupees ($2,105).
... Dispatch continues below ...
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"Pawning the jewelry was a difficult decision as my wife likes to wear it at festivals and weddings," 50-year-old Mandlik told Reuters. "I convinced her that we didn't have any other option."
Mandlik is not alone. While pawning gold has long been an option for quick funds in a country that is the world's second-biggest consumer of the yellow metal, several lenders told Reuters of unprecedented demand as people struggle to secure loans from banks grappling with bad debt and a shadow lending industry stung by a liquidity crunch.
The trend, which has prompted some lenders to impose restrictions as risks and borrowing costs rise, has been accelerated by record gold prices. ...
... For the remainder of the report:
https://www.reuters.com/article/us-india-gold-loans/indians-pawning-the-...
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... And its custodian, HSBC, will be glad to short, swap, and rehypothecate it to prevent them from profiting from it.
* * *
By Ranjeetha Pakiam
Bloomberg News
Thursday, August 22, 2019
Gold is faring extremely well as a haven asset, with inflows into exchange-traded funds hitting 1,000 tons since holdings bottomed in early 2016 after a prolonged unwind in the wake of the global financial crisis.
Total known ETF holdings expanded to 2,424.9 tons on Wednesday, the highest since 2013, following inflows over the past three years and a continued build-up in 2019, according to data compiled by Bloomberg. Current assets are about 1,000 tons higher than the post financial crisis nadir of 1,425.1 tons. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-08-22/gold-inflows-hit-1-00...
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New Orleans Investment Conference
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Friday-Monday, November 1-4, 2019
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11:11a ET Wednesday, August 21, 2019
Dear Friend of GATA and Gold:
Predictably enough the Financial Times report today that is appended here underplays the Indian government's unending war against gold, while acknowledging that the government's paperization campaign has failed so far.
But the report is delightful for its presumption that gold is for the great unwashed while modern financial assets are for more sophisticated people, people gaining "financial literacy." You know -- people who don't mind that valuations can be changed abruptly by government policy rather than market fundamentals, people who aren't worried about central bank destruction of interest rates, people who are sure that they couldn't possibly be scammed by financial houses, and people who can be persuaded that assets can be hypothecated to infinity without anyone ever realizing that they are oversubscribed.
That is, people who believe everything they read in the Financial Times.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Rise in Indian Financial Literacy Tarnishes Appeal of Gold
By Benjamin Parkin
Financial Times, London
Wednesday, August 20, 2019
https://www.ft.com/content/f370f4d8-c3e7-11e9-a8e9-296ca66511c9
That a gold trader in London has to watch the progress of South Asian monsoon rains says something about the depth of India's love for the precious metal.
Farmers celebrate a good harvest by purchasing gold jewellery, to be gifted at weddings or kept for future generations. Others might buy the precious metal on religious festivals such as Akshaya Tritiya or donate it to a temple. Gold bracelets or nose rings feature prominently across the economic spectrum. Lakshmi, the goddess of wealth, is often depicted exuding a yellowish glow.
... Dispatch continues below ...
Storage and Withdrawal of Gold with Bullion Star in Singapore
Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.
Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.
Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage rates are competitive.
For more information, please visit Bullion Star here:
India has long been a crucial source of global gold demand, its voracious appetite second only to China's. For millions of rural Indians, historically without access to bank accounts or even sometimes a steady supply of cash, hoarding gold was often the only way to store wealth.
But demand for the precious metal is waning, threatening to change the India equation for global gold investors. Prime Minister Narendra Modi's government has embarked on an aggressive programme to formalise the fast-growing economy, improve financial literacy, and increase access to products such as mutual funds. Intended or otherwise, all this has contributed to a steady fall in gold demand, setting off alarm bells in the industry.
From a record high of more than 1,000 tonnes in 2010, consumer demand for gold in India has since fallen by about a quarter to 760 tonnes last year. A recent price rally has accelerated the trend. Global prices this month traded at a six-year high of more than $1,500 a troy ounce, leading some local prices to hit record levels. In value terms, gold imports fell 42 per cent in July from a year earlier.
The most controversial of Mr Modi's initiatives, known as demonetisation, involved a shock decision in 2016 to invalidate the majority of the country's cash supply in order to flush out undeclared wealth (of which gold merchants were often ready recipients). That was followed by an overhaul of the indirect tax system.
Meanwhile, a separate scheme to increase access to banking has prompted the share of adults with bank accounts to more than double since 2011.
Newly financially savvy Indians realised they could enjoy higher returns investing in stocks and bonds rather than physical assets such as gold or property. This prompted a boom in mutual fund investing, with assets under management rising to 26 trillion rupees ($364 billion) at the end of May, almost doubling since demonetisation. Meanwhile, the share of physical assets in household savings, including gold, fell.
A consumption boom has also created new competitors. "Earlier, gold was the only ultimate luxury for Indian households," said Somasundaram PR, managing director of the World Gold Council in India. "Today it is not. A car is a luxury, electronics are a luxury, foreign travel is a luxury. Therefore it is cutting into the wallet."
This has resulted in frantic efforts by authorities and industry bodies to reinvent gold as a financial asset fit for the government's vision of a 21st-century digital Indian economy. About 24,000 tonnes of gold lies unused in households and religious institutions, according to a 2018 government report.
Efforts to draw that wealth into the financial system have mostly fallen flat. A so-called gold-monetisation scheme, whereby consumers could deposit their gold with banks and earn money on interest, has failed to catch on. Gold exchange traded funds and sovereign gold bonds, which are not backed by physical gold but track the metal's price, have also failed to excite investors.
"I don't see wealth managers very equipped in educating their clients that you should diversify in gold," said Nitin Bhasin, head of research at brokerage Ambit Capital. "The mindset is still, ‘If I'm buying gold, I might as well buy it in a format that it can serve a dual purpose," he added, referring to its jewellery form.
One problem for India is that, despite the size of its market, the country lacks a single, transparent benchmark gold price. A plan to fix that by launching a spot gold exchange, modelled after China's successful Shanghai Gold Exchange, is gathering momentum after a consortium of banks and trade groups recently submitted a blueprint to the government.
Meanwhile, companies are looking to cash in on the shift. Paytm, an Alibaba-backed digital payments start-up, launched a platform to allow users to trade gold from their mobile phones, with the option of delivery.
Paytm also plans to offer sovereign gold bonds as it expands into brokerage services. "It's a very, very different market that we've opened up," said Nitin Misra, a senior vice-president at Paytm.
India's deep affinity for gold is not going to change. But the shift in investment patterns is making the precious metal less relevant in the world's second-largest market. It will require swift action to ensure gold thrives alongside India's fast-developing financial markets, rather than suffers because of them.
* * *
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By Catherine Bosley and Richard Jones
Bloomberg News
Wednesday, August 21, 2019
The Swiss National Bank has a new way of enforcing the world's lowest interest rate.
With the franc near a two-year high against the euro, the SNB's decade-old battle against an overly strong currency is back in focus. There's evidence it has been intervening again and analysts are increasingly betting that it will soon follow with a rate cut.
... Dispatch continues below ...
Glint Completes L5 Million Private Placement
and Welcomes Sprott as Strategic Investor
Company Announcement
Thursday, June 13, 2019
Glint Pay Inc. (glintpay.com), the first-mover company that enables physical gold to make instant payments using a debit Mastercard, today announced the completion of a private placement of L5 Million in London-based parent Glint Pay Ltd. The financing was led by Sprott, an alternative asset manager and a global leader in precious metal and real asset investments with approximately $8 billion in assets under management.
Founded in the United Kingdom in 2016, Glint established the first app-based account in February 2018 giving clients in Europe a low-cost way to buy, sell, and save physically allocated gold and for the first time instantly spend it via the Glint Mastercard anywhere Mastercard is accepted. Glint Pay then added multiple currency wallets, including U.S. dollars, British pounds, and euros in July 2018. The company is working on its launch into the United States. ...
... For the remainder of the announcement:
https://glintpay.com/en_us/glint-en_us/glint-completes-5-million-private...
That would be the first change to the SNB's new benchmark interest rate, introduced in June as a successor to one based on scandal-plagued Libor. Here's a look inside the central bank's machine room. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-08-21/switzerland-has-a-new...
* * *
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Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019
https://neworleansconference.com/noic-promo/powellgata/
* * *
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GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
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Iran Moves to Strike 4 Zeroes from Its Battered Currency
By Amir Vahdat and Jon Gambrell
Associated Press
Wednesday, August 21, 2019
TEHRAN, Iran -- Iran's president today sent to parliament a bill that would cut four zeroes from the value of the Islamic Republic's sanctions-battered currency, the rial, as tensions remain high between Tehran and Washington.
By sending the bill to lawmakers, President Hassan Rouhani's government shows it is serious about an idea mulled for some time in Iran, where people discuss monetary transactions in both rials and -- informally but more commonly -- in tomans. A toman is worth 10 rials.
If passed by parliament and approved by lawmakers, Iran's central bank would in effect devalue the rial and rename it as toman. ...
... For the remainder of the report:
https://www.apnews.com/c1530ad5a3ff45ae991c7de94deefcfc
The Safest and Most Efficient Way to Own
Gold and Silver in the United Kingdom
GoldCore's mission statement since 2003 has been to protect and grow the wealth of our clients, and given the growing risks in the United Kingdom and internationally, we have put together for clients who are tax-resident in the United Kingdom an exclusive gold and silver offer free of capital gains tax.
On all lump-sum and pension investments worth more than GBP 10,000 in gold and or silver (capital gains tax-free gold and silver Britannias and gold Sovereigns) stored in Zurich you will benefit from free secure storage for six months. We also will send you one British legal-tender silver bullion coin, a beautiful 1-ounce silver Britannia.
Please visit GoldCore here for more information about this offer:
GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals.
Email the GoldCore team at [email protected] or call our trading desk:
UK: +44(0)203-086-9200. U.S.: +1-302-635-1160. International: +353(0)1-632-5010.
Visit us at:
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019
https://neworleansconference.com/noic-promo/powellgata/
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
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