Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Gold Bug

Reply
 
LinkBack Thread Tools
Old 12-20-2011, 09:37 AM   #1
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,027
Liked: 2449 times
Robust Demand for Bullion in Europe, Middle East and China Again - Very Little Selling

Quote :
...
Last week's price drop has stimulated demand from Europe and the Middle East and Asia with GoldCore and other dealers confirming still robust demand and little or no selling of bullion.

Gold bar premiums in Singapore and Hong Kong rose from last week, as demand is expected to increase during the upcoming Chinese New Year holidays and buying interest has returned after last week’s price drop. Premiums in India have also increased.

Demand from China ahead of the Lunar New Year in late January should help support prices. While demand may not be on the massive scale seen last year – demand will likely be very high again which makes gold well supported at these levels.

Reuters report that Societe Generale points out in a note this morning that turnover on the Shanghai Gold Exchange was at record levels yesterday morning. "After an average daily turnover of 6.5 tonnes during November, volumes have averaged 11.5 tonnes daily since the 12 December, when gold had dropped below $1,700," Soc Gen said.

This means that average daily turnover on the SGE is up a significant 77% from levels seen in November suggesting that China’s influence on the gold market may be reasserted in the coming days.
...
More: http://www.goldcore.com/goldcore_blo...little-selling

It was just two weeks ago that reports of demand for physical gold in India was waning on the weakness of the Rupee were breaking news.

It's been about a month and a half since I saw any news of the Shanghai Gold Exchange. Interesting to track it's influence in the physical market in anticipation of PAGE rolling out in June.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Investment demand for physical gold PMBug Gold Bug 14 05-09-2013 04:07 AM
Investment demand vs. Industrial demand PMBug Silver Bug 19 10-12-2012 06:31 AM
Investment demand for physical silver PMBug Silver Bug 7 12-06-2011 08:28 AM
Are we headed for another Lehman moment in Europe? PMBug Fiat Ponzi 11 11-04-2011 03:06 PM
If Europe Should Fail PMBug Fiat Ponzi 9 10-26-2011 06:14 PM


All times are GMT -5. The time now is 01:48 PM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.