Turkey’s Silver Imports Surge 31% And Gold Imports Climb To 8 Month High

Turkey’s Silver Imports Surge 31% and Gold Imports Climb to 8 Month High

Today’s AM fix was USD 1,568.50, EUR 1,222.81 and GBP 1,038.40 per ounce.
Tuesday’s AM fix was USD 1,597.75, EUR 1,244.64 and GBP 1,051.64 per ounce.

Gold fell $23 or 1.45% yesterday while silver fell 76 cents or 2.7%.


Cross Currencies Table – Bloomberg

Gold has fallen to $1,570/oz as irrational exuberance continues in international markets with investors piling into equities as the U.S. stock market ‘crack up boom’ continues … for now.

Risk appetite remains recklessly high with the Dow Jones Industrial average up another 90 points yesterday to 14,662 and now targeting 15,000. This risk appetite is continuing to pressurise gold.

Gold’s lower quarterly close may also be leading to momentum players continuing to sell further pressurising gold. Gold’s fundamentals remain sound though and smart money will continue to buy on the dip.

Geopolitical risks in North Korea, between Japan and China and in the Middle East remain remain heightened and could intensify which could be the catalyst for gold bouncing from oversold levels.


Platinum in USD (5 Years) – Bloomberg

There are also still very significant sovereign risks with Slovenia and Luxembourg in the EU now under the spotlight and the risk of a major default in Argentina now looming.

Physical gold and silver demand remains robust in many markets internationally. Demand from the Middle East remains robust as seen in the near record imports of gold and silver into Turkey.


Palladium in USD (15 Years) – Bloomberg

Turkey’s gold imports climbed to an eight-month high in March as prices averaged the lowest since May, according to the Istanbul Gold Exchange. Silver imports rose 31% from a month earlier according to Bloomberg.

Gold imports increased to 18.26 metric tons, the most since July. That’s up from 17.34 tons in February and compared with 2.91 tons a year earlier, data on the exchange’s website show. The country shipped in 120.8 tons last year.

Turkey was the fourth-biggest gold consumer in 2012, according to the London-based World Gold Council. Bullion averaged $1,593.62 an ounce last month and is trading about 17% below the record nominal high of $1,921.15 set in September 2011.


Silver in USD (3 Years) – Bloomberg

Silver imports advanced to 6.19 tons in March, the most since January, according to the bourse. The nation imported 142.2 tons last year. Silver averaged $28.8157 in March, the lowest since July and remains well below the record nominal high of nearly $50/oz seen in April2011.

Gold and silver’s inflation adjusted record highs from 1980 of $2,400/oz and $140/oz have been our long term price targets since 2003 and remain so.

Platinum was down 1.4% to $1,568.50%, while palladium fell 1.6% to $766.75/oz but with large deficits expected for both PGM metals this year, weakness is likely to be fleeting.

Source: http://www.goldcore.com/goldcore_blog/turkeys-silver-imports-surge-31pc-and-gold-imports-climb-8-month-high

West Much Closer To Collapse As Gold War Continues To Rage

“That can only continue for a certain period of time. After that period of time you will have what is known as the greatest short squeeze the world has ever seen (in gold). It could be that China suddenly decides they have enough gold and come out and say, ‘The yuan is partially backed by gold.’

It could be any number of things but that catalyst is inevitable, it’s going to happen. I see us closer to major changes. A collapse of the current situation….

“Yes, much closer to collapse today than it was two or three weeks ago before Cyprus.

A lot of people aren’t buying this continued, quiet growth in Germany, and the US. Turkey, for example, is importing increased amounts of gold. You are going to see other countries outside of the eurozone importing more and more gold.

Bear in mind, it’s obviously in the interest of the leading economies in the West to keep gold under control because if gold suddenly shot-up here, what it would tell you is that we are on the verge of collapse. There is no doubt about that at all.

Source: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/2_West_Much_Closer_To_Collapse_As_Gold_War_Continues_To_Rage.html

How much gold is there in the world?

Austrian gold

Imagine if you were a super-villain who had taken control of all the world##Q##s gold, and had decided to melt it down to make a cube. How long would the sides be? Hundreds of metres, thousands even?

Actually, it##Q##s unlikely to be anything like that size.

Warren Buffett, one of the world##Q##s richest investors, says the total amount of gold in the world – the gold above ground, that is – could fit into a cube with sides of just 20m (67ft).

But is that all there is? And if so, how do we know?

A figure that is widely used by investors comes from Thomson Reuters GFMS, which produces an annual gold survey.

Their latest figure for all the gold in the world is 171,300 tonnes – which is almost exactly the same as the amount in our super-villain##Q##s imaginary cube.

A cube made of 171,300 tonnes would be about 20.7m (68ft) on each side. Or to put it another way, it would reach to 9.8m above ground level if exactly covering Wimbledon Centre Court.

But not everyone agrees with the GFMS figures.

Estimates range from 155,244 tonnes, marginally less than the GFMS figure, to about 16 times that amount – 2.5 million tonnes.

That bigger figure would make a cube of sides 50m (166ft) long, or a column of gold towering 143m above Wimbledon centre court.

Gold piled up on Wimbledon##Q##s centre court

So why are the figures so different?

Part of the reason is that gold has been mined for a very long time – more than 6,000 years, according to gold historian Timothy Green.

All the gold that has been mined throughout history is still in existence ”

James Turk Gold Money

The first gold coins were minted in about 550 BC under King Croesus of Lydia – a province in modern-day Turkey – and quickly became accepted payment for merchants and mercenary soldiers around the Mediterranean.

Up until 1492, the year Columbus sailed to America, GFMS estimates that 12,780 tonnes had been extracted.

But one investor who looked at the research done in this area, James Turk, the founder of Gold Money, discovered what he regarded as a series of over-estimates.

He believes that the primitive mining techniques used up to the Middle Ages mean that this figure is much too high, and that a more realistic total is just 297 tonnes.

Tonnes of gold

GFMS James Turk
Pre-1492 12,780 297
Post-1492 158520 154947
Total 171,300 155,244

His figure for the overall amount of gold in the world is 155,244 tonnes – 16,056 tonnes, or 10% less, than the assessment by Thompson Reuters GFMS. A relatively small disparity, perhaps, but one that at today##Q##s prices comes to more than $950bn.

His conclusions are accepted by some investors but such is the feeling between rival analysts that one competitor described Turk##Q##s figures as an alternative to the GFMS##Q##s “in the same way that Jedi is an alternative to Christianity”.

But there are others who think both sets of figures are too low.

One of Tutenkhamen##Q##s sarcophagi

“In Tutankhamen##Q##s tomb alone they found that his coffin was made from 1.5 tonnes of gold, so imagine the gold that was found in the other tombs that were ransacked before records were taken of them,” says Jan Skoyles of gold investment firm The Real Asset Company.

While James Turk makes only minor adjustments to the GFMS figure for the amount of gold mined after 1492, Skoyles points out that even today China is “not particularly open” about how much gold it is mining.

And in some countries, such as Colombia, “there##Q##s a lot of illegal mining going on”, she says.

She doesn##Q##t have an exact figure to offer, but one organisation that has tried to do some maths is the Gold Standard Institute.

Gold mine in Bunia
There is much gold still in the ground, like here in Democratic Republic of Congo

Its experts believe that if we emptied our bank vaults and jewellery boxes, we##Q##d find no less than 2.5 million tonnes of gold – though they admit that the evidence is somewhat sparse and the figure is a bit speculative.

So who##Q##s right?

Well, we don##Q##t know.

In the end, all these numbers are made up of estimates added to estimates added to yet more estimates. Maybe they##Q##re all way off.

The good news is that we are not likely to run out of gold any time soon. The US Geological Survey estimates there are 52,000 tonnes of minable gold still in the ground and more is likely to be discovered.

The bad news is that the way we use gold is starting to change.

Queen Elizabeth surveying gold in the Bank of England

Up to now it has never gone away. It has always been recycled.

“All the gold that has been mined throughout history is still in existence in the above-ground stock. That means that if you have a gold watch, some of the gold in that watch could have been mined by the Romans 2,000 years ago,” says James Turk.

The way gold is being used in the technology industry, however, is different.

The British Geological Survey states that about 12% of current world gold production finds its way to this sector, where it is often used in such small quantities, in each individual product, that it may no longer be economical to recycle it.

Source: http://www.bbc.co.uk/news/magazine-21969100