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This Month in Gold – October 2014

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Asia Maneuvering to Become World Gold Hub
Wall Street Journal – Two major Asian economic centers have launched gold trading contracts, and a third is planned for later this year. The Shanghai Gold Exchange started offering yuan-denominated gold contracts in September. In October, Singapore began offering a contract. Later in 2014, CME Group Inc. will offer a contract denominated in US dollars out of Hong Kong. Although most of the world’s gold is bought by Asians, the majority of gold contracts are currently traded in the West, with prices fixed in London. China and other Asian economic interests hope these new gold contracts will begin to have a greater influence on the global gold price, while boosting Asian gold demand.
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14 10 31 gold purchasing WSJ

Russian Gold Reserves Are Largest in Two Decades
Bloomberg – In September, Russia added 37.2 metric tons of gold to its reserves, the largest addition since November 1998. Russian official gold holdings surpassed those of Switzerland and China this year, making them the fifth largest in the world, with a total of 1,149.8 tons. US and European economic sanctions on Russia have weakened the ruble, spurring the large gold purchases. Brian Lucy, former economist for the Central Bank of Ireland said, “From the perspective of a sovereign which is concerned about aspects of geopolitical risk, it makes sense that they would have a bias toward physical gold.”
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Indian & Chinese September Gold Imports Surge
Bloomberg – India imported about 95 metric tons of gold in September, valued at $3.75 billion. This is 450% more than September 2013, according to the Indian Commerce Ministry. The drop in the gold price just as India entered its Diwali festival season are the main reasons for this growth. Indian gold consumption is second only to China, which imported more gold from Hong Kong in September than it has in the previous five months. Chinese jewelry sales grew 11.4% in September, year-over-year.
Read Full Article on India>> Read Full Article on China>>

Russia & China Begin Currency Swap Deal
Wall Street Journal – The central banks of Russia and China have opened a three year yuan-ruble swap agreement worth about $24.47 billion. The swap line will allow the two countries to exchange their currencies without using the international currency exchange markets. China is Moscow’s second largest trade partner, but Russia has had trouble using international markets to purchase Chinese yuan due to Western sanctions. Russian officials hope the new swap deal will lower the country’s reliance on the US dollar.
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9 thoughts on “This Month in Gold – October 2014

  1. Joe says:

    We are experiencing some major manipulation here ..so powerful you can see the desperation ….the swiss gold vote will be another nail in dollar coffin ..these are last gasps it appears with these rallies here and there …I wait for the days squack box starts in morning with all,thier liberal heads under their desk wile gold soars .

  2. Jay says:

    I have to admit, I’m losing a little faith in gold. What is happening just doesn’t make any sense. Fed stops QE, Dollar goes up, gold gets killed and stock market goes up. The OPPOSITE of what Mr Schiff predicted.

    But, I did invest in gold for the long haul and I’ve only been in it for a few months. So, we’ll see…..

    • schiffgold says:

      If you listen to Peter’s response to the QE news, you’ll find that he was not surprised by this market reaction. The markets took the Fed’s announcement at face value: the economy is improving. Peter bases his predictions on long-term trends and believes that as time goes on, even mainstream analysts will see that the economy is getting worse without the help of QE. This will cause market turmoil and a flight to gold. You’ve done the smart thing – bought gold at a low price as a long-term holding. Don’t sell early based on short-term trends. Here are Peter’s latest thoughts: https://schiffgold.com/commentaries/qe-dead-long-live-qe-audio/

      • Jay says:

        Hello, SchiffGold,

        Thank you very much for replying back to my comment. It was thoroughly appreciated. Gold has taken a bit more of a hit (current price $1145) I bought it at $1235. But, I must admit, when I wrote my last comment, I thought that maybe I’d got it wrong and the mainstream economists knew something I didn’t (I’m not a professional economist). But now? I really think they are this clueless! Clearly, something is wrong with the global economy (Chinese debt, for instance), but everyone seems to be ignoring it.

        But anyway, once again, thank you for your reply.

        Warm regards from the UK.

    • Gary says:

      Japan stimulus caused today’s nose dive in metals. Look back to the late 20’s everything was great one day the next day the world was a different place. These days the ups and downs will be a reaction to information in the media.
      If you truly don’t believe you should not be in metals. It’s not Peters Fault when individuals purchase their metal watching it drop before it goes up.

  3. paul butler says:

    my only regret with gold is that i didnt wait till now to buy it lol cause i could have got more, however, i have no doubt sometime over the next 5 years whatever i paid for gold will seem cheap, to wall street $5000 per ounce seems unlikely but doesn’t it sound cheap due to the size of the bubbles… the fact peter saw this coming before QE even started is a credit to him.

  4. Midas says:

    Interesting, although the numbers presented in the chart to the left has proven to be incorrect. The chairman himself of the SGE has stated that total Chinese demand for 2013 was above 2000 metric tones while the China Gold Association says it was 2199 tones. High above the incorrect numbers presented by the World Gold Council.
    http://www.ingoldwetrust.ch/sge-chairman-2013-chinese-gold-demand-2000t

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