Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
ArticlesNewsFlowGold & Silver PricesMarket Briefing
In the same category

Shanghai Delivers 51.5 Tonnes of Gold For the Week: How Long Can the Gold Pool Be Sustained

IMG Auteur
Jesse
Le Cafe Americain
Published : October 25th, 2014
347 words - Reading time : 0 - 1 minutes
( 6 votes, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Disclaimer
Category : GoldWire

"For 'tis the sport to have the engineer
Hoist with his own petard: and it shall go hard
But I will delve one yard below their mines,
And blow them at the moon."

William Shakespeare, Hamlet

The Shanghai Gold Exchange, where investors actually take delivery of bullion rather than just play liar's poker with multiple paper claims for the same ounces, delivered 51.5 tonnes of gold bullion in the latest week.

The trend of deliveries has been rising the last 12 weeks.
To put this in perspective, if there are 32,150.75 troy ounces of gold in a metric tonne, then the Comex has a total of just under 28 tonnes of registered (deliverable) gold in all of its warehouses.  

What is that, about three days supply in Shanghai?  Not to mention the other gold bullion markets around the world.
Sounds more symbolic, than practical.  Well, there can be great power in symbols— until long abused belief begins to falter.
There are another 239 tonnes in storage in all the Comex vaults, in the proper bullion eligible format, but not listed as deliverable at these prices.  Sometimes owners feel comfortable keeping the bullion there for storage, eliminating the need to have the bullion assayed if they ever wish to sell it.

So what does this all mean?    It means that the unsustainable will not be sustained. 
Some day the price of gold will likely be whatever China, Russia and like minded bullion markets say it is, the paper pushers in New York and London notwithstanding.   Free trade and globalization, ain't it a bitch? 
It would already be so, except for the tired efforts of Wall Street's central banking friends and their access to leasing other people's bullion in a misguided effort to influence markets and rig their prices.
China and the rest of the world is apparently not yet tired of buying gold on the cheap. 
But make no mistake, Shanghai talks, and Wall Street walks.
This chart from the data wrangler Nick Laird at Sharelynx.com.
Data and Statistics for these countries : China | Russia | All
Gold and Silver Prices for these countries : China | Russia | All
<< Previous article
Rate : Average note :5 (6 votes)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
MOST READ
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Gold Editorials | Gold Resource News | Gold Fundamental | Gold Discoveries and Drilling Results | Gold Exploration and drilling | Gold In the News and Medias | Gold Most Read Press Releases | List of Copper mining companies | List of Lead mining companies | List of Nickel mining companies | List of Zinc mining companies | List of Gold mining companies | List of Silver mining companies | List of Platinum mining companies | List of Diamonds mining companies | 金銀市價 | सोने_की_कीमत_और_रजत | Precio del oro y plata | أسعار_الذهب_الفضة | ราคาทองคำและเงิน | gold und silberwechselkurs
Contact us Privacy policy Disclaimer About us
copyright 24hGold