Chinese Gold Demand Pops; American Eagles Soar

Gold’s biggest gain in a week was attributed to Chinese demand and demand for U.S. coins. Gold imports by China from Hong Kong almost doubled from October to November, and on Monday, the Shanghai Gold Exchange set a physical gold contract record.

Sales of gold and silver American Eagle bullion coins also surged to begin 2013.  Coin Update reports that Monday’s opening day sales tally of 3,937,000 American Silver Eagles “seems to represent the highest one-day sales total in the history of the program,” while last week’s launch of the 2013 American Gold Eagle saw a 33% sales increase over 2012.

News & Views

MarketWatch/Zero Hedge:  Gold & silver up 1% & 1.3% respectively; Gold & silver win as stocks and VIX drop for second day

Barron’s/Wall St. Cheat Sheet:  Gold, silver gain:  U.S. default seen as soon as mid-February; Is the U.S. debt ceiling really a debt target?

BullionVault:  Dealers report very strong gold demand from China & India; Western savers hedging anxiety with gold

Dan Norcini/Casey Research:  Gold bounces from support; Dear 2013, What will gold do this year?

Bloomberg:  Gold lures Japan’s pension funds as Abe targets inflation

Metal Miner/SilverSeek:  Japanese silver price gains 4% on week; Silver and bank stock lovebirds

Peak Prosperity:  The trends to watch in 2013

Alasdair Macleod/Seeking Alpha:  The economics of gold and silver in 2013; The treasury bull market is over; Inflation will take center stage

SafeHaven/GoldSeek:  Merk 2013 dollar and currency outlook; Bullion vs. the dollar: Three scenarios

Bull Market Thinking: Bill Gross: Fed claims to own billions in Fort Knox gold; “With nothing in the vault to back it up—amazing!”

KWN:  We’ll see breathtaking moves in stocks, gold & silver in 2013; Nigel Farage – This is my greatest worry as we head into 2013

Coin Update:  Ron Paul’s “Free Competition in Currency Act” lives on

Zero Hedge:  Stephen Colbert takes on the trillion dollar coin; Piers Morgan vs. Alex Jones – The “gun fight” at the CNN corral

This entry was posted on Wednesday, January 9th, 2013 at 12:41 am and is filed under China, Federal Reserve, General Economy, Gold, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.


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