As gold supplies are squeezed, India's jewellery imports soarBy Siddesh MayenkarOn Wed Feb 5, 2014 5:38am ESThttp://www.reuters.com/article/2014/02/05/india-gold-idUSL3N0L427A20140205MUMBAI, Feb 5 (Reuters) - Indian jewellers are stepping up imports of finished gold jewellery from Dubai and Singapore, as a record high import tax on the metal and rising premiums demanded by sellers are choking bullion supplies in the world's second-biggest consumer.India has put in place measures to dissuade gold buying to tackle a widening trade deficit, including a 10 percent import tax and a requirement that a fifth of all imports of the metal be shipped out. As a result, domestic sellers are asking for up to 10 percent more than quoted gold prices for deliveries.The measures are making finished jewellery imports a viable option and could even reshape the domestic jewellery industry by luring their manufacturing overseas.Gold jewellery imports have surged nearly four times to 4-5 tonnes in January from 1.0-1.5 tonnes two months prior to that, according to the All India Gems and Jewellery Trade Federation, which represents more than 300,000 jewellers.A 10-gram gold chain from Dubai costs 27,000 rupees ($430), about 10 percent lower than the cost in India, said Raman Solanki, owner of Mumbai-based Sangam Jewels and Gold, who now regularly imports from Dubai. The cheaper price is even after adding a 15 percent duty that finished jewellery imports attract.Indian jewellers import finished jewellery either to sell directly or to melt to make customised designs."Since there is no gold available, we import jewellery as it fits well with our costing. We imported about 700-800 kg of jewellery from Dubai last month," said Prithviraj Kothari, managing director of Mumbai-based Riddhisiddhi Bullions Ltd.Dubai-based wholesaler Siroya Jewellers, which exports to India, has also seen a spurt in jewellery sales to India."There is demand for jewellery from India due to a shortage of gold there," said Rajesh Jain, a partner at Siroya Jewellers.MANUFACTURING MOVING OVERSEAS?Cheaper imports of finished jewellery now pose a threat to local jewellery manufacturing units that employ more than 10 million workers, excluding retail store employees.Hit by lower availability of gold, a few Indian jewellery makers such as Gitanjali Exports are also thinking of raising capacities at their overseas manufacturing units."Some jewellery exporters are definitely contemplating shifting part of their production to other locations like Thailand, Malaysia and China," said Sanjeev Agarwal, chief executive of Gitanjali Exports, a unit of Gitanjali Gems .Gitanjali Exports is planning to increase capacities at its units in China and Thailand, said Agarwal.To make gold readily available for jewellers, the government should remove the condition that forces importers to export 20 percent of their overseas purchases, said Bachharaj Bamalwa, director of the All India Gems and Jewellery Trade Federation.There are indications that India may give in to the demand, but only after March when the government would get to know about the exact extent of the trade deficit.Gold imports fell to just 21 tonnes in November against a record 162 tonnes in May last year, pushing up premiums to a record $160 an ounce on London prices. It has also triggered a huge rise in smuggling and recycling.In its efforts to curb illegal imports, New Delhi focuses more on big buyers, with jewellers now required to give details of any purchase of gold bars or jewellery worth more than 500,000 rupees as at the end of January. ($1 = 62.61 rupees) (Editing by Mayank Bhardwaj and Muralikumar Anantharaman)
Ouro a subir 9 USD no início da sessão de hoje.... a correlação inversa do Ouro com os movimentos dos indices US terminouAgora sobem os dois a ver quem sobe mais ... BN
Deutsche Bank resigns gold, silver fix seat, gives two weeks' noticeTue Apr 29, 2014 2:33pm GMThttp://af.reuters.com/article/commoditiesNews/idAFL6N0NL5DM20140429LONDON, April 29 (Reuters) - Deutsche Bank has resigned its seat on the London gold and silver fix without finding a buyer, a spokesman for the bank said on Tuesday.A source close to the matter said the bank gave two weeks' notice and it will cease to be part of the price-setting process as of May 13.(Reporting by Clara Denina; Editing by Dale Hudson)
Banks Sued on Claims of Fixing Price of GoldBy ALAN FEUER May 5, 2014, 9:04 pmhttp://dealbook.nytimes.com/2014/05/05/banks-sued-on-claims-of-fixing-price-of-gold/?_php=true&_type=blogs&emc=eta1&_r=0Frustrated traders and offbeat activists have complained for years in whispers and in online screeds that the price of gold has been subject to collusion. On Monday, these accusations of manipulation found a more august arena for expression: the federal courts.At a 40-minute hearing, lawyers for more than 20 plaintiffs gathered in Federal District Court in Manhattan to coordinate their linked lawsuits against the five banks that make up what is known as the London gold fix. The suits, filed by hedge funds, private citizens and public investors like the Alaska Electrical Pension Fund, contend that the banks have used their privileged positions as market makers to rig the price of gold to their benefit.The lawsuits — the first of which was filed in March — question the integrity of the gold fix, which dates to 1919, when a handful of bankers began to meet in the wood-paneled offices of N. M. Rothschild & Sons in London. The purpose of the fix is to set a benchmark price for gold, which is subsequently used by dealers, central banks and mining firms to buy and sell the precious metal and its various derivatives.These days, the fix takes place by phone twice a day — at 10:30 a.m. London time and again at 3 p.m. — and generally lasts 10 minutes to an hour.According to one of the suits, “The ‘great flaw’ of the gold fixing process is that the member banks trade on the information exchanged during the call to manipulate the price of gold and gold derivatives before publication of the gold fix to the wider market.”Each of the banks — Barclays, Scotiabank, Deutsche Bank, HSBC and Société Générale — denied, or declined to comment, on the accusations of collusion, which — at least traditionally — have been dismissed as a conspiracy theory. Nonetheless, concerns that the gold fix may be rigged have escalated of late in part because of investigations into the setting of the London interbank offered rate, or Libor, and suspicions about manipulation of global foreign exchange rates.“A lot of conspiracy theories have turned out to be conspiracy fact,” said Kevin Maher, a former gold trader from New York, who filed the first suit against the banks. (The case is Maher v. Bank of Nova Scotia, 14-cv-01459.) “We now know that Libor was manipulated and that a bad odor is coming out of the Forex market. So why not gold?”Mr. Maher, who started trading gold in 1993, said he filed his suit reluctantly and only after he became convinced that official regulators were unwilling or unable to investigate the fix. “I didn’t feel like there was any oversight, either from the government or from self-regulating entities,” he said in an interview last month. “A lawsuit seemed to be the only means to rectify the problem.”Over the last few weeks, so many plaintiffs have joined Mr. Maher with copycat complaints that a hearing was held to consolidate the cases and to appoint a lead lawyer. The fourth-floor courtroom was so full of lawyers that it took nearly 15 minutes for all of them to introduce themselves. “I want to do this in an organized way to figure out who’s who,” said Valerie E. Caproni, the presiding judge. “Not,” she added, “that I’ll remember.”The lawsuits — and there are still more being filed — center on two main aspects of the gold fix: the fact that it is unregulated and that member banks can trade gold, and gold derivatives, during the call.“The gold fix is by its very nature not transparent and therefore vulnerable to conspiratorial and manipulative behavior,” one of the suits maintains. The suit claims: “The lack of prohibition against trading during the calls allows defendants to gain an unfair trading advantage because pricing information exchanged during the calls provides them with insight into the immediate future direction of gold and gold derivative prices.”As proof that collusion exists, the suits point to a handful of academic studies — some of them unpublished — that describe what one of the studies calls “significant spikes in trading volume during, but not after, the fixing period, when defendants are free to share information with each other and their clients.” Because the fix is private and not monitored, it enables its participants “to coordinate with their respective trading desks,” one suit said, and “to disseminate information” about the price of gold “while the process is occurring.”The price-setting of gold has drawn some regulatory scrutiny, particularly in Britain and Germany.The Financial Conduct Authority of Britain began looking at other benchmark rates, including for gold and silver, as part of its investigation into the rigging of Libor, a person briefed on the matter said.The Federal Financial Supervisory Authority of Germany, or BaFin, has acknowledged that it is looking at the trading of precious metals as part of its inquiry into potential manipulation of the currency markets.More than 20 traders have been suspended or fired as part of internal investigations into potential manipulation of currency markets. But no suspensions have emerged related to precious metals trading.In the United States, the Commodity Futures Trading Commission routinely reviews the prices of commodities, but has not opened a formal investigation into gold, a person close to the agency said.Deutsche Bank has announced that it will no longer participate in the fix as of May 13, though it still remains a defendant in the consolidated cases. Judge Caproni is considering whether to split the plaintiffs into two groups — one for those that trade physical gold and another for those that trade gold futures — but her decision will not come until at least the end of May.
UPDATE 3-Historic silver price benchmark bites the dust as banks pull outBy A. Ananthalakshmi and Clara DeninaWed May 14, 2014 8:00pm ISThttp://in.reuters.com/article/2014/05/14/silver-fix-idINL3N0O02LD20140514SINGAPORE/LONDON, May 14 (Reuters) - The 117-year old London silver price benchmark - or fix - will cease on Aug. 14, its operator said, as regulatory scrutiny of price-setting intensifies across markets.The fix is set once a day by banks getting together via telephone to work out a price, based on deals between their clients. It is used by producers, consumers and investors who use it to base contracts on.The announcement by the London Silver Market Fixing Ltd on Wednesday left a question mark over the role of a benchmark, which could be replaced an electronic alternative.The London Bullion Market Association (LBMA) said it had launched a consultation among market participants "to try and ensure that there is something that replaces the silver fix.""We don't have a lot of time until August 14," a spokesman said. "We will be talking to people who can help administer."The LBMA said it will approach miners and users of the benchmarks, regulators and potential administrators requesting feedback.Some users said they were taken aback by the silver fix loss."I'm a customer of the fix, and I have to say, I'm completely in the dark about this," one precious metals trader said.Players have been investigating ways to offer a more transparent way of disseminating information throughout the gold and silver fix. Over the past few months bullion banks have been contemplating a move to electronic platforms to respond to tighter regulatory requirements.A source close to Britain's Financial Conduct Authority (FCA) said it was pursuing frequent talks with the administrators of price benchmarks."You are likely to see an increased professionalization of benchmarks as an industry," the source said.The London Metal Exchange (LME) currently distributes gold and silver forward rates on behalf of the London Bullion Market Association (LBMA)."We are always looking at ways to expand our product offering, and are ready to expand our range of price discovery and post-trade tools to further service the precious metals market," the LME said in a statement.DEUTSCHE POSTPONES RESIGNATIONThe gold and silver fixes, along with other commodity benchmarks, has come under increasing scrutiny by regulators in Europe and the United States since the London Interbank Offered Rate (Libor) manipulation case last year.Deutsche Bank's decision earlier this year to leave the fix process raised questions about its future as a process.The banks are also facing lawsuits accusing them of alleged gold price manipulation.The lawsuits have not targeted the silver fix, but in a five-year probe the U.S. Commodity Futures Trading Commission investigated allegations that some of the world's biggest bullion banks distorted silver futures prices.After 7,000 staff hours of investigation, the regulator found no evidence of wrongdoing and dropped the probe last September.Deutsche Bank AG, HSBC and Bank of Nova Scotia will continue to participate in the fix until the August deadline, London Silver Market Fixing Ltd saidThe period until then would be used for adjustment, with consultation between clients and market participants.Deutsche Bank's resignation in April from its gold and silver fixing seats left just HSBC and Bank of Nova Scotia to set prices.A source familiar with the situation told Reuters that Deutsche Bank had postponed its resignation, responding to a specific request from Britain's Financial Conduct Authority (FCA)."The other banks may have indicated to the regulator that they were looking to withdraw as well and so to make this an orderly affair Deutsche was asked to postpone the date of resignation," the source said. (Additional reporting by Jan Harvey; Editing by Veronica Brown and William Hardy)
Nao percebo a admiração ate poque todos os mercados sao claramente manipulados isso e noticias para ingles ver andam a caca de bruxas lol
With London "fix" under fire, China seeks bigger sway in gold tradeMon May 26, 2014 5:01pm EDTBy A. Ananthalakshmihttp://www.reuters.com/article/2014/05/26/china-gold-pricing-idUSL3N0OC0M820140526SINGAPORE, May 27 (Reuters) - China has approached foreign banks and gold producers to participate in a global gold exchange in Shanghai, people familiar with the matter said, as the world's top producer and importer of the metal seeks greater influence over pricing.The Shanghai Gold Exchange (SGE) got the go ahead from the central bank last week to launch a global trading platform in the city's pilot free trade zone, a move that could challenge the dominance of New York and London in gold trade and pricing.Beijing's plans to open up gold trading comes at a time when the benchmark price-setting process for precious metals is under scrutiny. Barclays Plc became the first bank to be fined over attempted manipulation of the 95-year-old benchmark London gold market daily "fix" last week.State-backed SGE has asked bullion banks such as HSBC , Australia and New Zealand Banking Group, Standard Bank, Standard Chartered and Bank of Nova Scotia to take part in the global trading platform, two people approached by the exchange said.SGE, the world's biggest physical gold exchange, where domestic banks, miners and retailers buy and sell gold, could also open up the international platform to foreign brokerages and gold producers, they said."China wants to have more voice in gold prices," said Jiang Shu, an analyst with Industrial Bank, one of 12 banks allowed to import gold into China. "The international exchange is the first step towards gaining a say in gold pricing.""If you don't allow foreign players to participate in your market actively, or do not push Chinese financial institutions to participate in the international market, then China's strong gold demand is only a number, not a power," he said.HSBC and Standard Bank declined to comment, while the other banks and SGE were not immediately available for comment.The global platform will first host spot physical contracts for gold and other precious metals, before aiming to launch derivatives down the line, said a third source who is directly involved in the launch of the international exchange."We are not just encouraging foreign banks but also producers and other entities," added the source.China, the world's biggest buyer of raw materials from copper to coal, is pushing hard to establish pricing benchmarks for a number of commodities.Gold, along with oil, could be among the first to be opened up to foreign players. The free trade zone in Shanghai is set to see international energy trading by hosting the country's first crude oil futures.ASIAN VOICEThe Shanghai exchange is looking to launch three yuan-denominated physical gold contracts, of 100 grams, 1 kg and the bigger London good delivery bar weighing 12.5 kg, said another source who has received a draft prospectus from SGE.Contract specifications for silver, platinum and palladium were also being discussed, though the sources said specifications and participants had not yet been finalized. The exchange is expected to be launched by the fourth quarter.Even if China lures foreign players, the exchange would still need to see full convertibility of the yuan and enough liquidity on the exchange before it can be considered to operate on a par with other hubs.Currently, the London gold "fix" is the benchmark for spot prices, while New York's COMEX contract sets the futures' benchmark. SGE prices are tracked to gauge Chinese demand as reflected in premiums or discounts to spot rates.Earlier this year, China's ICBC - in conjunction with its acquisition target Standard Bank - indicated interest in buying Deutsche Bank's seat on the London gold fix but it is not interested anymore, sources previously told Reuters.While physical demand has always provided underlying support to gold prices, speculative trade is what largely drives prices. With China's push for an international physical exchange, physical demand could begin to have a stronger influence.China overtook India last year as the world's biggest gold importer and gold jewellery and investment demand was up about a third to a record 1,065.8 tonnes in 2013.The influx of gold has made SGE the biggest physical exchange, with a turnover of 10,000 tonnes for its immediate and deferred delivery contracts, according to Thomson Reuters GFMS.The Shanghai Futures Exchange has the world's second-most traded gold futures contract, though trading is largely limited to the domestic market with volumes of about 41,176 tonnes last year, still well behind COMEX's 147,083 tonnes.The SGE's international board and the main exchange could eventually be merged when the yuan is fully convertible, Albert Cheng, managing director of the World Gold Council's far east region, said."That would become a very important exchange in the world, and Shanghai will truly become one of the three international gold centres after New York and London," he said. "No doubt, the participation in the international market is the key effort of the SGE and the current administration." (Editing by Ed Davies)
QUESTION: Martin,I’ve written you a few times and greatly appreciate the replies and posts on your blog. As I have mentioned before, I worked for a metals dealer that traded on margin and caught a substantial amount if heat for being a bear w silver at 50 and gold at 1900+. I shorted silver the day you called the turning point. Unfortunately, most brokers on the floor had no interest in reading your 90+ page reports at the time, to try to learn the truth.If I weren’t turned into you by Mr 50,000 gold, both myself and my clients would have lost a substantial amount of money. Not to mention future income derived by maintaining the trust of my clients throughout these past few years, and I’m certain the income I have lost over the past few years will come back sevenfold.My question tonight is regarding financial privacy. Like you, I believe that high net worth investors should purchase gold, not for financial gain, but to hold assets out of the spying eyes of the gvmt. Like you, I also believe that we are heading towards digital currency (Israel is taking the reigns from what I have read) and negative nominal interest rates. Once the digital currency hits the shores of the USAA in full force, how does one liquidate their gold holdings in a private manner? Will the have to smuggle metal out if the country to be paid in cash? Will there be a black market for hard cash in the states? Ultimately, how does gold help protect folks from an out of control government?Any advise is greatly appreciated.Best wishes,RANSWER: Let me begin by making it very clear that I do not read what other people write. Not that I do not respect other’s opinions, it is just that I have no time. Secondly, opinion does not mean much, even my own. Nobody’s opinion can be always right. My comments about $50,000 gold were not based on Jim Dines nor any reference regarding growing tired of pontificating by people who have zero experience. I would never engage in name-calling or other personal attacks. Lowering yourself to that level demonstrates you have nothing left to argue with and are in fact just hot air. Any reference was made in general to numerous people who pontificate with zero experience (new-comers) who have the audacity to pretend they know what really goes on by osmosis. I was referring to people’s comments that come in expressed in emails with no particular person even named just coughed in question. This is not a personal game to me. I do not need money so I do not have to bullshit to get readers to sell them something or to prove a point to anyone. Nobody will ever have 100% of any market so why bother? Everyone would never follow a single “opinion” for that is against human nature. If I said the sky is blue, someone will disagree and say it is dark blue and therefore I am wrong so do not listen to anything else I have to say. That is the essence of communism – denial of freedom of speech. If I wanted to kiss-ass, so to speak, I would run for politics. NO THANKS! I have no interest in singling people out to disagree with. We all have opinions. Besides, opinions are never consistent and forecasting the future based upon opinion is a fool’s game. Those who close their mind because of bias or “married to some idea” be it one-world government, dark conspiracies, only block themselves from advancing in knowledge. They know everything, ridicule anything that disagrees with their beliefs, and are thus incapable of ever advancing in life destined to die as ignorant as they came in. I enjoy this field because I continue to learn nuances every day for as much as you think you have seen everything, they is always something new around the next corner.That said; I received emails about others saying that number $50,000 gold – not Dines.Perhaps they plagiarized him – I do not know who was first. As I have said, $50,000 is not a real gold target, that would be assumption that the dollar decline placing such a move in the realm of currency inflation. For that to take place you must see a like advance in everything else, real estate, wages etc.. The maximum price projection for 2032 seems to be the $22,000 to $24,000 dollar level.That aside, gold is not an “institutional” investment for it offers only costs and risks to hold producing no income for cash flow. Gold is purely a retail product. It cannot get off the ground institutionally.US$20Gold-pileFor the individuals it is one way to get off the grid, although they do track who is buying and how much. You cannot hop on a plane anymore and carrying a brief case full of gold bullion will only justify its confiscation. We have to be concerned about our financial privacy, which the government has converted to a crime of “money laundering” that amounts to just hiding money from their reach. True, high net worth investors should purchase gold, not for financial gain, but as the hedge against government, which it appears we may need in the years ahead. We are headed into negative interest rates and a new world of digital currency for then nothing will be private. Those who think they can create their own currency – good luck. Ain’t gonna happen. It is government that has the tanks – not the Rothchilds.The digital currency will come AFTER 2015.75. Those who thought they were clever and think they can make tax-free income in Bitcoin, all I have to say is – been there done that. There were tax straddles that allowed people to push income from one year to the next using futures. They were sold by the major brokerage houses in the late 1970s. The IRS allows such schemes to progress, then hits them with huge interest, penalties, and sometimes criminal prosecutions. If anyone thinks they can use Bitcoin tax-free – good luck. You are probably destined for real tax-free living at the closes Federal prison. Don’t worry, like Motel 6 – they will keep the light on for ya.“How does one liquidate their gold holdings in a private manner?” Good luck. The French went after coins shows requiring that they report all attendees. The shows no longer go to Paris. The coin and bullion dealers were by law in France barred from dealing in cash. The French started to travel to Belgium to buy and sell gold. The French complained to Belgium and hence we now have coordinated G20 level monitoring. So gold may no longer provide the easy way to facilitate life as it once did. It will depend upon someone taking it in barter and to understand that possibility, you have to use coins – not bars.“Will the have to smuggle metal out if the country to be paid in cash?” There comes the metal detectors and Xrays. Then just traveling with more than even $3,000 is a presumption of guilt and they get to just seize it. Perhaps now you are starting to get a feel for why the NSA really monitors everything.“Will there be a black market for hard cash in the states? Ultimately, how does gold help protect folks from an out of control government?” Gold may still be viable outside of the major cities the further you get off the grid. However, keep in mind that absent moving too far into a Dark Age where even gold loses all value, such a period historically tends to last 3.5 to 6 years max. Dark Ages you multiply that by 100.1907 $20 Gold CoinsThis is why I recommend collector’s coins dated prior to 1947. Regular common date $20 gold pieces are probably best. They were not confiscated only because Teddy Roosevelt had been an ancient coin collector. That will lend a bit more cover rather than pure bullion. You can always argue its your coin collection – not bullion. Depends upon the judge.Gold-JewelryYou can also place gold in jewelry as in ancient times. There are Ancient Egyptian pieces. I support I could ask the jeweler who makes the coins for us what it would be to create 24k bracelets like this for those really looking hard. I have no idea. But this would get by most TSA people.
