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Fools Gold

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Posted by Peter Schiff - Gold-Eagle News

on Wednesday, 20 September 2017 02:01

ps091917-1aRecently Jamie Dimon of JP Morgan Chase made headlines by labeling Bitcoin a fraud. Whether those comments played any part in Bitcoin’s recent sell off is hard to say, but the true believers reacted with predictable outrage given that the comments came from the ultimate Wall Street insider whose financial supremacy is supposedly threatened by crypto currencies like Bitcoin.  

Although my critical comments on Bitcoin over the years have not received nearly as much attention, they have been just as summarily dismissed by the crypto currency crowd.  But I am a well knowlibertarian and follower of the Austrian School of economics. I am not a member of the banking establishment, nor am I a fan of fiat money. I should be one of the good guys.   But since I happen to own a company that sells gold, a metal that supposedly Bitcoin will soon make obsolete, the crypto crowd looks at me like a stubborn old buggy whip salesman who refuses to acknowledge that the future resides in horseless transportation.



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Gold & Precious Metals

Gold Ownership: A Golden Wave

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Posted by Stewart Thomson - Graceland Updates

on Tuesday, 19 September 2017 06:15

Sep 19, 2017

  1. Several weeks ago, I surprised most investors by issuing my “Book Profits Now!” call for the precious metals asset class.
  2. When I did so, head and shoulders top formations immediately formed on gold and GDX, and prices have swooned.
  3. Rumours of a sudden drop in Indian dealer demand appeared to become a concern for commercial traders on the COMEX. 
  4. India’s monsoon season has turned out to be a bit of a “bust”, with both flooding and drought. Farmers buy gold with a portion of their crop profits. With only another week or two left in the monsoon season, crop sales may not be very good.
  5. Of further concern to me was the fact that the demand drop was occurring as gold arrived at the $1352 resistance zone. That resistance was created by Modi’s cash call-in that took place in November of 2016.
  6. The upcoming Fed meeting will probably mark the end of the decline related to those concerns, but there could be additional weakness until the next US jobs report is released.
  7. Please  click here now. Double-click to enlarge.
  8. For investors, this gold chart tells the entire tactical story. The $1270 - $1260 area is the target of the H&S top pattern. 


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Gold & Precious Metals

Gold Demand within the Chinese Gold Market

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Posted by BullionStar

on Monday, 18 September 2017 06:29

In China, nearly all physical gold supply flows through the Shanghai Gold Exchange (SGE). Likewise, nearly all gold demand in China is met by physical gold withdrawals from the Shanghai Gold Exchange’s nationwide network of precious metals storage vaults.

Therefore, using the broadest definition of gold demand, SGE gold withdrawals are a suitable proxy for overall gold demand in China. This gold demand can be labelled as “Chinese Wholesale Gold Demand” and comprises two main categories, namely, consumer gold demand and institutional gold demand. Consumer gold demand generally refers to gold jewellery fabrication demand, retail physical gold bar and coin demand, and in some cases also includes industrial fabrication demand. Institutional demand can be viewed as individual and institutional investor purchases of gold bullion directly on the SGE trading bourse, and withdrawal of this gold from the SGE vaults.

SGE gold withdrawals for 2016 totalled 1970 tonnes. Although this was 24% lower than 2015’s record 2596 tonnes of SGE gold withdrawals, it was still in line with 2014’s total of 2102 tonnes of gold withdrawals

Contents

Highlights

  • The vast majority of overall gold demand in China is met by gold withdrawals from the Shanghai Gold Exchange (SGE).

  • This ‘Wholesale’ gold demand consists of 2 main components, namely consumer gold demand and institutional gold demand.

  • Institutional gold demand is a term used to reflect direct purchases of physical gold on the SGE by both institutions and individuals with SGE trading accounts.

  • Western precious metals consultancies are infamous for only reporting consumer gold demand (gold jewellery fabrication, gold bar and coin demand, and industrial gold demand), and by and large ignoring direct purchases of gold on the SGE.

  • Western precious metals consultancies therefore vastly understate the true magnitude of gold demand in China, which, based on SGE gold withdrawals, is far larger than the consumer demand figures would suggest.

Chinese Wholesale Gold Demand

Controversially, a number of Western precious metals consultancies, such as  the World Gold Council, limit their definitions of Chinese gold demand solely to consumer gold demand.

For example, for 2016, the World Gold Council (which uses gold demand data collected by consultancy Metals Focus) reported Chinese gold demand of 913.6 tonnes, comprising jewellery demand of 629 tonnes, and gold bar and coin demand of 284.6 tonnes. This total is less than half of total SGE gold withdrawals for 2016.

 

Estimate-of-SGE-withdrawals-distribution-1024x611

SGE Gold Withdrawal components, an illustrative example

 

What these consultancies methodologies fail to take into account, however, is that direct purchases of gold by institutions and individuals with trading accounts on the Shanghai Gold Exchange represent a substantial additional component of overall Chinese gold demand above and beyond consumer gold demand.



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Gold & Precious Metals

Gold Stocks: Core Position Focus

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Posted by Morris Hubbartt - Super Force Signals

on Friday, 15 September 2017 07:11

Here are today's videos and charts (double click to enlarge):
 

SFS Key Charts & Video Update

Screen Shot 2017-09-15 at 7.28.22 AM



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Gold & Precious Metals

The Next Phase in Gold’s Seasonality

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Posted by Ross Clark - Institutional Advisors

on Friday, 15 September 2017 06:22

Screen Shot 2017-09-15 at 6.38.23 AM

Screen Shot 2017-09-15 at 6.38.39 AM

 

 

 

 

 

 

 

The Next Phase in Gold’s Seasonality

Once again gold is entering an important seasonal juncture. In the best of years gold picked up momentum coming out of August (1977, ’78, ’79, ’80, ’82, ’86, ’01, ’02, ’03, ’04, ’05, ’07, ’09, ’10 & ’12). The rallies generally took prices higher into October and occasionally beyond.

Every instance since 1975 that September exceeded the high of the last complete week of August (i.e. last week; Aug 21st-25th) it needed to hold that week’s low. Any breakout that reversed through that support went on to make lower lows (2000, 2006, 2011 & 2016). Last year is a prime example. Prices made new highs on the week of September 9th, violated the $1321 low on September 13th and then dropped to $1125 by December.

Although prices are through the resistance line from the all-time high, any movement through last week’s high means that it is time for traders to place tight stops below last Friday’s low. 

Screen Shot 2017-09-15 at 6.45.03 AM

CHARTWORKS – 8/27/2017 



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