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Mainland Chinese purchasers have been ferocious. First, they emptied stores in their own country. Caibai, Beijing’s largest gold merchant, had a queue 30 feet out the door on the morning of the 19th. “So many people in line,” remarked a customer in Nanjing, where one person splashed out 2.9 million yuan on ten gold bars each weighing a kilogram. Retailers ran out of stock in Guangzhou. The China Gold Association reported that on the 15th and 16th retail sales of gold tripled across China. Daily sales soared to five times the usual level at one retail chain.
Volume on the Shanghai Gold Exchange, considered a proxy for the metal’s demand in China, surged, setting consecutive records of 30.4 metric tons on the 19th and 43.3 tons on the 22nd. The previous record was 22.0 tons on February 18 of this year.
As Chinese emptied the shelves in their own country, they also went south and swarmed shops in Hong Kong, sometimes in groups. Chow Tai Fook, the world’s largest jeweler by market capitalization, said some stores popular with Mainland Chinese ran out of gold bars and that demand had not been as strong since the late 1980s.
...
So is the demand for physical ramping up or tailing off ? ...
Export data released by the Hong Kong Census and Statistics Department overnight showed, Chinese gold imports in March exploded to an all time record high of 223.5 tons.
It also means that since January 2012, China has imported an absolutely stunning 1,206 tons of gold. Putting this number in context, this is 20% more than the entire reporter official gold holdings of 1054 tons, and represents roughly half of the total 2500 tons of gold mined every year (a number which is set to decline as gold miners find current prices unsustainable and are forced to shut down production).
"April imports will be stronger than March," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. "The world was buying gold and China was no different at all."
Premiums for gold bars hit a record high in Asia on Wednesday as lower spot prices lured more buyers, mainly in China, the world's second biggest consumer of the precious metal, amid tight physical supplies.
Premiums for gold bars in Hong Kong touched a new all-time high of $6 an ounce over spot London prices, up from $5 last week. Singapore premiums rose to $5.
Banks in China were quoting up to $7 in premiums, two traders in Singapore said.
"China premiums remain high because of a shortage in supply of the physical metal," said a Hong Kong-based trader.
"Unless we see more supply coming into the market, or spot prices trading much above the current level, premiums will stay relatively high."
...
Volume on the Shanghai Gold Exchange, considered a proxy for the metal’s demand in China, surged, setting consecutive records of 30.4 metric tons on the 19th and 43.3 tons on the 22nd. The previous record was 22.0 tons on February 18 of this year.
“Some qualified banks used up their gold import quota in the first three months and weren’t able to get the paperwork done fast enough to bring in bullion in April,” said Tian Rui, vice president of the precious metals division at INTL FCStone Trading Co. “We might see higher imports in May because demand surged after the rout.”
(Even though headline should be 'China imports 2nd highest ever on price dip!') & China keeps getting the West to sell them gold for a few more months...China’s Gold Imports From Hong Kong Slump on Quota Backlog
June 11, ten thousand people line up in front of a gold shop to buy gold. The buyers lined up during the three day Dragon Boat Festival
Sometimes one must see to believe, in this case believe just how massive the raw demand for the shiny, barbarous relic is in China during times of relative monetary stability (in this case the Dragon Boat Festival). Now assume runaway inflation as we saw in 2011 China, which may be unleashed by something as catalytic as the PBOC once again deciding to inject liquidity in its suffocating banking system and to revive growth in the stalling economy.
A line 10,000 people long to buy gold? Inconceivable!
Sorry, I probably should have included a short vid clip to provide proper context:
An inconceivable Montage - YouTube
In mainland China, the Shanghai Gold Exchange saw record volumes on Monday, while queues formed outside some jewellery shops in Beijing.
China is set to become the world’s No. 1 gold buyer this year – and it may be already. So far net imports through Hong Kong for the first five months of the year have totalled over 413 tonnes – double those of a year earlier when China imported just over 830 tonnes in the full year.
bullshit, it CLEARLY is auditions time for the next edition of "Chinese Idol" :rotflmbo:. See Chinese have their priorities right, too!A line 10,000 people long to buy gold? Inconceivable!
Chinese Demand
During May, gold imports into China jumped to the second-highest level ever. Demand for physical gold in Asia is the strongest it has been in 30 years, with bargain hunters using the lower prices to secure jewellery and gold bars. The demand has left many of Hong Kong’s banks, jewellers and even its gold exchange without enough yellow metal to meet demand.
The president of the Hong Kong Gold & Silver Exchange Society, Haywood Cheung, said the exchange had effectively run out of most of its holdings as members looked to meet a shortfall in supply amid rampant retail demand for gold. “In terms of volume, I haven’t seen this gold rush for over 20 years,” he said. “Older members who have been in the business for 50 years haven’t seen such a thing.”
Chow Tai Fook, the Hong Kong-based company that is the world’s biggest jeweller by market capitalisation, reported that some stores in areas popular with mainland Chinese tourists had sold out of gold bars. It also stated that demand had not been this strong for gold products since the late 1980s.
At the same time, lines of people wanting to buy gold bars at Beijing’s largest gold store, Caibai, stretched as long as 10 metres last Friday.
When this happens in the U.S. and Europe, it won't be too long before it is time to start selling some of your PMs.
China’s Gold Imports From Hong Kong Decline as Demand Slows
China’s net gold imports from Hong Kong fell 4.8 percent in June as a slump in prices damped demand and the government curbed the use of bullion in financing deals.
Mainland buyers purchased 101 metric tons, after deducting flows from China into Hong Kong, compared with 106 tons a month earlier
The Shanghai Gold Exchange, China’s largest bullion bourse, delivered 1,098 tons to buyers in the six months through June, compared with 1,139 tons for the whole of last year
Gold scrap supply likely to drop up to 25%. Scrap bullion supply could fall by 300 to 400 tonnes in 2013 from about 1,600 tonnes last year, according to Marcus Grubb, managing director of investment research at the World Gold Council.
China has been "gold crazy" for a very long time...
They are also nuts about US bonds and US dollars overall. How crazy!
Gold shipments to China from Hong Kong increased in July as importers took advantage of local prices that were an average 2.1 percent higher than global markets and as mainland investors bought jewelry and coins.
Net imports, after deducting flows from China into Hong Kong, were 113 metric tons, from 101 tons a month earlier, according to calculations by Bloomberg. ...
... Premiums paid by jewelers on top of spot prices on the Shanghai Gold Exchange to take physical delivery of the metal were an average $27 an ounce in China during July, according to calculations by Bloomberg.
...
Even as the Indian government is seeking to restrict gold imports and is coming down hard on gold loan companies across the country, China could well be on its way to import 1,000 tonnes of gold for the whole year if recent buying trends continue.
China has imported through Hong Kong 129 tonnes of physical gold in July, from the 113 tonnes it imported in June, according to the Hong Kong Census and Statistics Department.
This is the second highest import level on record in a month and a year-over-year increase from 76 tonnes in July 2012. The July imports are also over and above the 518 tonnes of gold imports the nation already brought in the first six months of 2013, according to available data.
The country continues to buy at record levels, importing on an average, over 100 tonnes of gold every month for the last five months. ...
"China Expected To Announce It Has More Than Doubled Its Gold Reserves", Shanghai Daily
China may soon announce an increase in its official gold reserve from 1,054 tons to 2,710 tons, Jeffrey Nichols, managing director of American Precious Metals Advisors, said.
Oh well: the period of quiet accumulation was fun while it lasted.
2,710 tons? That sounds low. Real numbers are likely more than 4,000 tons by now.
Mars Ipan
GENERAL CASE LAW ON JURISDICTION
“Jurisdiction can be challenged at any time.” Basso v. Utah Power & Light Co., 495 F 2nd 906 at 910.
“It is axiomatic that the prosecution must always prove territorial
jurisdiction over a crime in order to sustain a conviction therefor.”
U.S. v. Benson, 495 F.2d, at 481 (5th Cir., 1974).
“The law provides that once State and Federal Jurisdiction has been
challenged, it must be proven.” Main v. Thiboutot, 100 S. Ct. 2502
(1980).
“Where there is absence of proof of jurisdiction, all administrative
and judicial proceedings are a nullity, and confer no right, offer no
protection, and afford no justification, and may be rejected upon direct
collateral attack.” Thompson v Tolmie, 2 Pet. 157, 7 L. Ed. 381; and
Griffith v. Frazier, 8 Cr. 9, 3 L. Ed. 471.
“The United States is entirely a creature of the Federal
Constitution, its power and authority has no other source and it can
only act in accordance with all the limitations imposed by the
Constitution.” Reid v. Covert, 354 U.S. 1, 1 L. Ed. 2nd. 1148 (1957).
“The rights and liberties of the citizens of the United States are
not protected by custom and tradition alone, they are preserved from the
encroachments of government by express/enumerated provisions of the
Federal Constitution.” Reid v. Covert, 354 U.S. 1, 1 L. Ed. 2nd. 1148
(1957).
“The prohibitions of the Federal Constitution are designed to apply
to all branches of the national government and cannot be nullified by
the executive or by the executive and the senate combined.” Reid v.
Covert, 354 U.S. 1, 1 L. Ed. 2nd. 1148 (1957).
“Where rights as secured by the Constitution are involved, there can
be no rule making or legislation which will abrogate them.” Miranda v.
Ariz., 384 U.S. 436 at 491 (1966).
“Congress may not, by any definition it may adopt, conclude the matter, since
“Citizens may resist unlawful arrest to the point of taking an
arresting officer’s life if necessary.” Plummer v. State, 136 Ind. 306.
United states of America Constitution Article 1 section 9 No Bill of
Attainder or EX POST FACTO Law shall be passed. 2nd Amendment; shall NOT
be infringed!
They took an oath to uphold and preserve the constitution.. Perjury of oath is a FELONY! 18 U.S. Code § 1001
Brookfield Construction Co. v. Stewart, 284 F.Supp 94: “An officer
who acts in violation of the Constitution ceases to represent the
government.”
in Eisner v. Macomber, 252 U.S. 189 (1920), to wit:
Congress … cannot by legislation alter the Constitution, from which
alone it derives its power to legislate, and within whose limitations
alone that power can be lawfully exercised.
U.S. v Mersky (1960) 361 U.S. 431 a statute that regulates without
constitutional authority is a nullity even though it be published in the
books, recognized by the police and lowers courts, and even though it
be unchallenged for decades.
The Legislature, either by amending or otherwise, may not nullify a
constitutional provision Rost v. Municipal Court of Southern Judicial
District of San Mateo (1960)
“Every person (this includes EVERY government official) who under
color of law, deprives any citizen of rights, privileges, or immunities
secured by the United States Constitution is subject to civil and/or
criminal penalties pursuant to Title 18, United States Code, Section 241
and 242. Penalties include up to $10,000 fine and/or 10 years to life
imprisonment, or both, if death results.”
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