This Month in Gold – March 2015

Gold Prices Could Skyrocket as Asian Demand Increases
Bloomberg – Australia & New Zealand Banking Group Ltd. published a report predicting that gold demand in Asia will double by 2030. The price of gold could increase to up to $2,400 in the same time frame to keep up with demand. As incomes in India and China rise, consumers will purchase more jewelry and invest in the commodity. Central banks in these and other countries will also continue to buy gold. The report predicted that if global financial instability continues, the price of gold may reach as high as $3,230.
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China Relaxes Gold Import Restrictions, Premiums Expected to Drop
Wall Street Journal – Effective April 1, China will allow domestic miners with overseas assets to start importing gold into the country. The Chinese premium over international rates will likely drop thanks to a possible 11% growth in imports. Domestic buyers previously had to pay premiums as high as $10 over international rates for fast delivery of the commodity. Currently, only 15 banks are allowed to import gold, and at least 4 domestic miners are expected to apply for import licenses.
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US Allies Join Rival to World Bank
Business Insider – The United States has publicly expressed worries about the Asia Infrastructure Investment Bank (AIIB), even as more of its Western allies join the bank. China announced the new development bank last year, and the US sees it as a rival to the US-led World Bank. Taiwan, India, Britain, and other European countries have signed on to the AIIB, indicating they favor closer ties with China at the expense of fewer ties with the US. While not yet a major investment opportunity, the AIIB throws into question the US’ influence over geopolitics in the East.
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France Tightens Cash Restrictions
Reuters – In the wake of a terrorist attack, France will start to more closely monitor cash payments and bank withdrawals. Under the new restrictions, French citizens will only be allowed to make cash payments of €1,000, down from €3,000. Foreign visitors will be permitted to make payments of €10,000 rather than €15,000. Additionally, the Tracfin anti-fraud agency will receive an alert if any cash deposit or withdrawal of more than €10,000 occurs in a month.
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