Sunday, August 25 2019

JPM: Is the dollar's "exorbitant privilege" coming to an end?

Given the persistent—and rising—deficits in the United States (in both fiscal and trade), we believe the U.S. dollar could become vulnerable to a loss of value relative to a more diversified basket of currencies, including gold. As we scan client portfolios, we see that many of them have far more U.S. dollar exposure than we feel is prudent. At this stage of the economic cycle, we believe this exposure should be more diversified. In many cases, our recommendation would likely be to place a higher weighting on other G10 currencies, currencies in Asia and gold.

Note: gold increased to 5% in chart.

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Saturday, August 24 2019

Transparent Precious Metal Holdings - Gold/Silver

Flows this week

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Gold/silver - Futures - COTs - Commitment of Traders

COTs this week

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The Complacency Bubble

I don’t know if you saw it, but the other day on Zerohedge there was an article that referred to a research piece by J.P. Morgan Private Bank expressing concerns over the reserve status of the U.S. dollar. And it shows that J.P.’s private bank clients hold virtually zero gold, but the bank is now suggesting that they hold up to 5%. If institutional investors move into gold on that scale, it would be momentous.

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Friday, August 23 2019

United Kingdom Silver Exports

Of note is the UK export of 673 tonnes of silver to India - the 6th largest shipment in 20 years

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US Gold Imports & Exports

US flows for June

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EuroStat Gold Imports & Exports

Euro flows for June

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United Kingdom Gold Imports & Exports

UK flows for June

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China eases restrictions on gold imports

China has partially lifted restrictions on imports of gold, bullion industry sources said, loosening curbs that had stopped an estimated 300-500 tonnes of the metal worth $15-25 billion at current prices from entering the country since May.

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Thursday, August 22 2019

Indians pawning the family gold amid credit crunch

While pawning gold has long been an option for quick funds in a country that is the world’s second-biggest consumer of the yellow metal, several lenders told Reuters of unprecedented demand as people struggle to secure loans from banks grappling with bad debt and a shadow lending industry stung by a liquidity crunch.

The trend, which has prompted some lenders to impose restrictions as risks and borrowing costs rise, has been accelerated by record gold prices.

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Swiss gold exports re-distributed as Chinese imports curtailed

As can be seen, destination Asia, which has been the principal recipient of Swiss gold exports in the past, has paled into virtual insignificance with a huge volume re-exported back to the UK – usually the principal source of Swiss gold imports. Reports put this down to big inputs into the principal gold ETFs which have their gold principally vaulted in London. Notably, in addition to the now low levels of gold being exported to China and Hong Kong, exports to India have fallen off a cliff as well. The suggestion here is that the recent higher gold price has led to buyers holding off and looking for a possible fall before re-entering the market. This stand-off will likely persist until either the price falls back, or purchasers just get used to the higher price levels.

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Jewelry alone continues to glitter in gold downtrend

Gold consumption in China reached 523.54 metric tons during the first half of 2019, down 3.27 percent year-on-year, against the backdrop of China closing down outdated production facilities and optimizing its industrial structure, according to the China Gold Association.

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Wednesday, August 21 2019

Switzerland Gold Imports & Exports

Swiss flows for July

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Swiss Gold Exports to U.K. Hit 6-Year High on ETF Surge

Swiss gold exports to the United Kingdom rose to the highest in six years, driven by a surge in demand for exchange-traded funds.

Switzerland shipped 90.7 tons of bullion to the U.K. in July, the most since September 2012, according to data on the website of Swiss Federal Customs Administration. That compares with just 7.4 tons in June.

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Tuesday, August 20 2019

Russian Gold Reserves

Russia adds 300,000oz to it's reserves in July

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JPMorgan Spoofer Pleads Guilty To Gold Manipulation, Faces 11 Years In Jail

Christiaan Trunz, another former JPMorgan metals trader, pleaded guilty on Tuesday to conspiracy and to manipulating prices in the precious-metals market as part of the U.S. government’s continuing crackdown on bogus spoofing trades.

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Monday, August 19 2019

PNG aims to retain 30% of exported gold, may change currency pegs

Papua New Guinea wants to retain at least 30% of the gold it currently exports as it transforms its economy under a new government leadership, the country’s commerce minister said on Monday.

Mori said that PNG would also consider pegging its currency, the kina, to gold, rather than the U.S. dollar.

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Saturday, August 17 2019

Transparent Precious Metal Holdings - Gold/Silver

Flows this week

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Gold/Silver - Futures - COTs - Commitment of Traders

COTs this week

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Friday, August 16 2019

Dignity Gold, LLC Hires Bureau Veritas through SION Trading FZE to Independently Verify Gold, Which is Backing its Dignity Tokens

Dignity Gold, LLC, a wholly-owned subsidiary of Dignity Holdings, LLC and a leader in cryptocurrency, today announced that through SION Trading FZE, it has hired Bureau Veritas, a world leader in testing, inspection, and certification (TIC) services, to count the gold backing its tokens. SION Trading FZE is supplying the safe keeping receipt (SKR) for the gold that is backing Dignity Gold and has entered into an official agreement with Bureau Veritas to verify and count the gold. Under the supervision of Joseph Chapman, North American Audits Manager, Metals and Minerals Division at Bureau Veritas, company executives in Dubai will be counting the initial $3 billion out of Dignity Gold's 395,000 kilograms of gold provided under the SKR agreement. The first verification will be completed in September 2019.

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