Sunday, February 19 2017
By GCRU Gold News on Sunday, February 19 2017, 10:22
The first measure clarifies the legal status of gold as money, and not mere tangible property. There should not be a tax levy on any form of gold. Gains in its price are just the mirror image of central banks debauching their currencies in pursuit of price stability. They are not real gains, and people should not be taxed when they exchange gold and currency.
By GCRU Gold News on Sunday, February 19 2017, 01:50
Spearheaded by legislative efforts in Utah, Texas, and Oklahoma, a substantial number of states have undertaken efforts to reinstitute gold and silver as money (according to the hyperlink-based sources, 24 have made efforts). Numerous states are increasingly concerned about the nation’s Fed-based fiat monetary system, which debases the dollar, enables protracted, yawning deficit spending and trade deficits, and runs up huge, unpayable debts. With Utah, Texas, and Oklahoma blazing a trail back to constitutional money, states such as Louisiana, Arizona, South Carolina, and Kansas have been inspired to once again make gold and silver legal tender with which to conduct commerce in their jurisdictions.
By GCRU Gold News on Sunday, February 19 2017, 01:46
Arguing that federal policies have made paper money “virtually worthless,” Arizona lawmakers are moving to allow residents to invest in gold coins and not have to pay state taxes on any profits they make when they sell them.
By GCRU Gold News on Sunday, February 19 2017, 01:06
Germany has recently pretended that they are totally open about their gold dealings, but what have they actually told the world?
In 2013 Germany announced a plan to repatriate 674 tons of gold from the US and France. In the first year, they only received 37 tons back and were told that they would have the rest in 2020. We have now been informed that the programme has been accelerated. Out of the 3,381 tons that Germany owns, 51% or 1,713 tons will be in Germany by the end of 2017. Over 49% of the German gold will remain abroad with 1,236 tons still in New York and 432 tons in London.
Saturday, February 18 2017
By GCRU Gold News on Saturday, February 18 2017, 07:30
After five years of painful belt-tightening, the world's biggest gold miners are starting to cautiously loosen their purse strings and spend more money to find new deposits and build mines.
Several miners said this week that they have hiked budgets for exploration, construction and expansion projects. The plans, detailed in financial reports and conference calls, come as top producers face a "production cliff", with some analysts forecasting a sharp drop in their output in just four years due to under-investment.
By GCRU Gold News on Saturday, February 18 2017, 06:06
By GCRU Gold News on Saturday, February 18 2017, 06:03
By GCRU Gold News on Saturday, February 18 2017, 05:50
Some banks will start testing a new bullion-trading platform next week as part of the London Bullion Market Association’s push to make the city’s over-the-counter market more modern and transparent.
Several banks will be asked to input mock trades into the platform built by Autilla Inc. which will then feed into a new trade data repository developed by Boat Services Ltd., Autilla Chief Executive Officer Mike Greenacre said. Testing may take up to four weeks and the platform may start around late March.
By GCRU Gold News on Saturday, February 18 2017, 04:20
Gold is extremely rare, impossible to create out of “thin air”, easily identifiable, malleable, and it does not tarnish. By nature of these properties, gold has been highly valued throughout history for every tiny ounce of weight. That’s why it’s been used by people for centuries as a monetary metal, a symbol of wealth, and a store of value.
Visualizing Gold’s Value and Rarity
With all that value coming from such a small package, sometimes it is hard to put gold’s immense worth into context.
The following 11 images help to capture this about gold, putting things into better perspective.
Friday, February 17 2017
By GCRU Gold News on Friday, February 17 2017, 04:56
On 5 February, the Financial Times of London (FT) featured a story revealing that the London Bullion Market Association (LBMA) plans to begin publishing data on the amount of real physical gold actually stored in the London precious metals vaulting network.
What this data will cover only time will tell, but more data than less is always welcome, and these data releases might also help show how near or how far we were with earlier estimates in trying to ascertain how much gold is in the London vaulting system that is not accounted for by ETF holding or central bank holdings.
Thursday, February 16 2017
By GCRU Gold News on Thursday, February 16 2017, 22:19
Significant increases in inflation will ultimately increase the price of gold. Investment in gold now is insurance. It’s not for short-term gain, but for long-term protection.
I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counterparty signature. Gold, however, has always been far more valuable per ounce than silver. No one refuses gold as payment to discharge an obligation. Credit instruments and fiat currency depend on the credit worthiness of a counterparty
Gold, along with silver, is one of the only currencies that has an intrinsic value. It has always been that way. No one questions its value, and it has always been a valuable commodity, first coined in Asia Minor in 600 BC.
By GCRU Gold News on Thursday, February 16 2017, 22:16
In total, since 2011, China has imported more than 5,000 tonnes. That’s more than is in the vaults of the International Monetary Fund (IMF), and more even than Germany’s holdings (around 3,400 tonnes). Another three years at a similar rate, and China will have imported more gold than there is at Fort Knox.
The cumulative impact is astonishing. Add China’s domestic production into the equation, as well as the recycling of scrap, and it seems that since 2009, more than 12,000 ounces of gold have either been produced in, or imported to, China.
It’s pretty easy to start drawing the conclusion that China is planning to return the world to some kind of international gold standard and thereby undermine US imperial and economic might by destabilising the dollar.
By GCRU Gold News on Thursday, February 16 2017, 22:12
Kyrgyzstan’s central bank wants every citizen to diversify into gold. Governor Tolkunbek Abdygulov says his “dream” is for every one of the 6 million citizens to own at least 100 grams (3.5 ounces) of the precious metal, the Central Asian country’s biggest export.
By GCRU Gold News on Thursday, February 16 2017, 03:31
The Perth Mint, which refines nearly all the bullion output from the world’s second-biggest producer, sees rising sales this year as global concerns trigger demand for haven assets.
Uncertainty over the new leadership in the U.S. and concerns over bank debt issues in Europe, as well as a drop in prices and demand for special edition Lunar New Year coins, helped boost sales recently, said Neil Vance, group manager of minted products at The Perth Mint. About 80 percent of the mint’s coins and minted bars are exported to the U.S. and Germany, he said.
Wednesday, February 15 2017
By GCRU Gold News on Wednesday, February 15 2017, 23:59
The SPDR Gold Trust, an exchange-traded fund which holds 836.7 tonnes of bullion worth $33 billion, now falls in line with rules from the Accounting and Auditing Organization for Islamic Financial Institutions.
"Middle Eastern buyers have been transacting in gold long before the SPDR ever came into existence. As a result, I don't think this will necessarily pave a new avenue for untapped demand," said INTL FCStone analyst Edward Meir.
By GCRU Gold News on Wednesday, February 15 2017, 07:32
PM sector is buoyant when the HUI-XAU spread is rising.
By GCRU Gold News on Wednesday, February 15 2017, 03:09
Soros Fund Management LLC got out of gold in the fourth quarter of 2016
John Paulson, cut its stake in SPDR Gold Trust to 4.4 million shares, worth $478 million, from 4.8 million shares, worth $600 million, at the end of the third quarter
Tuesday, February 14 2017
By GCRU Gold News on Tuesday, February 14 2017, 23:53
PM sector is buoyant when the Silver/Gold ratio is rising.
By GCRU Gold News on Tuesday, February 14 2017, 23:37
Armenia’s leadership has made a political decision to restore the country's gold reserves in the near future, a local daily "Haykakan Zhamank" (Armenian Time) says in its today’s issue.
According to the newspaper, this issue will be handled by the Central Bank. It says also there is no information how much gold will be reserved, but in all likelihood the Central Bank will buy part of the gold produced in Armenia.
By GCRU Gold News on Tuesday, February 14 2017, 22:25
For 2016 international merchandise trade statistics point out China has net imported roughly 1,300 tonnes of gold, down 17 % from 2015.