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How Much Gold Is China’s Central Bank Buying?

IMG Auteur
Published : February 13th, 2013
271 words - Reading time : 0 - 1 minutes
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Category : GoldWire

[Some excerpts from the latest issue of the Weekend Update in the subscribers section of the website.]

The lack of safe haven demand, driven by a perceived improvement in the global economy, has played a key role in keeping gold and silver prices range bound, however, the chart patterns that have developed in recent months are likely to be resolved with a big move up or down in relatively short order.

24hGold - How Much Gold Is Chi...

This could attract the attention of hedge funds that have clearly lost interest in the metals lately, as the stock market has pushed higher.

Fortunately for precious metals investors, demand from Asia remains strong as evidenced by record gold imports and record gold production in China along with reports of a surge in gold smuggling in India following duty hikes by the government, part of an ongoing (and, ultimately, futile) campaign to limit gold imports.

Long-term macro considerations such as central bank money printing and intractable sovereign debt troubles in many developed nations continue to support precious metals prices, but, absent an outside catalyst, a near-term major move higher for precious metal prices seems unlikely.

In a sign of just how range-bound metal prices have become, spot gold closed on Friday exactly where it did a week earlier at $1667.60 an ounce, while the silver price fell 1.3 percent, from $31.84 an ounce to $31.42.

Gold tested the $1,680 an ounce level on two occasions last week, and silver tested the $32 an ounce mark as both metals just don’t seem to want to go much higher or lower… for now.

[To continue reading this article, please visit Seeking Alpha.]


Companies Mentionned : Catalyst | Metals X |
Data and Statistics for these countries : China | India | All
Gold and Silver Prices for these countries : China | India | All
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