• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 20 mins Iran Is Winning Big In The Middle East
  • 3 hours Trump cancels Denmark visit amid spat over sale of Greenland
  • 53 mins Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 16 hours Nor Chicago, nor Detroit: Killings By Police Divide Rio De Janeiro Weary Of Crime
  • 14 hours Strong, the Strongest: Audi To Join Mercedes, BMW Development Alliance
  • 12 hours US to Drown the World in Oil
  • 2 days Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 2 hours OPEC will consider all options. What options do they have ?
  • 15 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 17 hours With Global Warming Greenland is Prime Real Estate
  • 2 days A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 10 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 1 day What to tell my students

Breaking News:

UK’s Oil Tanker May Soon Be Released

Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

This Another Sign of Big Changes in Gold?

More confirmation last week of critical shifts underway in the gold market. With potential impacts on global demand patterns, and prices.

Reports from Hong Kong show that gold imports here have dropped considerably. With shipments during March falling 24%, to 85.1 tonnes. Down from 112.3 tonnes in February.

That's a big drop. Representing a fourth-month low.

The interesting question is: why?

Analysts attributed the decline to a weaker yuan. Which has made gold less attractive to Chinese buyers of bullion.

But it's interesting that the fall in Hong Kong shipments coincides with another event. The announced opening of official gold imports through Beijing--the first time foreign bullion sales will be allowed directly through the capital.

Up until now, Hong Kong has been the preferred channel for China's gold imports. But authorities are reportedly uneasy about Hong Kong's extensive reporting on trade. Seeking instead to import gold more discreetly, by using Beijing as a "top secret" receiving point.

Speculation is this will allow China's banks to build a big position in physical gold. Without global buyers realizing the accumulation is taking place.

The fall in Hong Kong gold trade jives with such a shift in buying. If Chinese purchasers really are moving to more-secretive sales through Beijing, we may see a permanent decrease in the amount of trade conducted through other cities.

We could thus be witnessing the beginning of a new era in the global gold market. Of course, there's no way to know for sure what's happening with Chinese purchases. But the timing of the shifts in trade is interesting--signalling that this is a space we should be watching.

Here's to going for the gold,

By Dave Forest




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play