O problema dos saldos é que a mesma quantidade de dinheiro produz um maior estrondo.
Isso é desagradável para os bancos pois o crédito é fácil de criar [sacos dourados, no caso dos bullion banks], já a base é que não, principalmente quando se é um bullion bank e a base está em promoção.
É aí que a porca torce o rabo, pois a remoção da base aumenta a alavancagem do banco e por isso a racionalidade da corrida ao banco... Note-se que os bullion banks não têm o luxo de terem um banco central de último recurso, pois o padrão-ouro clássico está morto e enterrado.
Golden times for Perth MintApril 17, 2013
http://www.smh.com.au/business/markets/golden-times-for-perth-mint-20130417-2hzv7.htmlGold sales from Perth Mint, which refines nearly all of the nation’s bullion, have surged after prices plunged, adding to signs that the metal’s slump to a two-year low is spurring increased demand.
“The volume of business that we’re putting through is way in excess of double what we did last week,” Treasurer Nigel Moffatt said, without giving precise figures. “There’s been people running through the gate.”
Bullion plunged 14 per cent in two sessions through April 15, the most since 1983, and the commodity has entered a bear market after losing 28 per cent from its record in 2011.
The recent slump was one of the largest corrections in modern history, Deutsche Bank said. However, gold is now poised to move higher as the physical market reacts, according to HSBC.
“There’s been significant sales made as people see this as great value,” Mr Moffatt said. “Gold owners are very reactive to significant market movements.”
Gold for immediate delivery, which slumped 9.1 per cent on Monday, climbed 0.9 per cent to $US1380.33 an ounce today. Prices, which peaked at $US1921.15, dropped as low as $US1321.95 yesterday, the lowest level since January 2011.
Gold’s drop has been excessive but there were still a lot of troubles out there, Dominic Schnider, head of commodities research at UBS, said today, citing the potential for a weaker dollar and debt concerns.
Still, the metal may drop to the so-called marginal cost of production at $US1150 if investment demand doesn’t return, Mr Schnider said.
Meanwhile, reports of strong demand for physical gold are coming in from across the region. Physical dealers have noted a shortage in gold bars because of the demand, pushing up premiums for gold bars in Singapore and Hong Kong, Reuters said today.
Japanese individual investors doubled gold purchases yesterday at Tokuriki Honten, the country’s second-largest retailer of the precious metal.
In India, the world’s largest gold consumer, the plunge may make bullion more affordable, said Mehul Choksi, chief executive of Gitanjali Gems, the nation’s biggest retailer of jewellery and diamonds by sales.
Sales from the Perth Mint may climb even as gold rebounds as some people wait for the price to advance before buying, Moffatt said. “We’ll see a fair bit of buying on renewed strength,” he said.
Chow Sang Sang’s gold-jewellery sales increased 50 per cent last weekend from the weekend before after prices slumped on April 12, Hong Kong’s Ming Pao Daily reported today, citing Lau Hak-bun, the company’s sales director.
The Perth Mint’s sales of gold coins climbed 49 per cent to 97,541 ounces in the three months ended March 31 from a year earlier, according to data from the facility in Western Australia that was founded in 1899.
The sell-off in gold was sparked by investor concern that European governments may have to follow Cyprus in selling part of their holdings and exacerbated as the metal fell below so-called technical-support levels, Goldman Sachs said yesterday. BlackRock said that it was a “panic event”.
