This Month In Gold – June 2015

Texas Wants Gold Back from Feds
CBS News – Texas wants its physical gold back. In mid-June, Gov. Greg Abbot signed a law creating a state gold bullion and precious metal depository. The Star-Telegram reported that the primary goal of the depository is to “bring home more than $1 billion in gold bars that are owned by the University of Texas Investment Management Co. and are now housed at the Hong Kong and Shanghai Bank in New York.” Under the new law, Texas gold will be beyond the purview or control of any “governmental or quasi-governmental authority” not directly administered by the state. Read Full Article >>

Bank of China to Help Set London Gold Price
The Telegraph – The Bank of China will become the first Asian firm in history to join a group of western institutions setting the price of gold in the London market with its entry to the London Bullion Market Association gold price auction. China is the world’s largest producer and consumer of bullion. Bank officials said its inclusion will allow the gold price to better reflect supply and demand in the People’s Republic. Read Full Article>>

 Wage Dispute Could Lead to South African Gold Mining Strike
Mining.com – South Africa’s Association of Mineworkers and Construction Union could launch a wildcat strike if its rival union and gold mining companies extend a wage deal to its members. The wage dispute appears far from a resolution. South African gold companies tabled a five-year wage increase offer of as much as 13% to the industry’s unions, after they said the proposed pay raise falls “way too short” of their demands. Read Full Article>>

Greece Imposes Capital Controls
Bloomberg – Greece shut its banks and imposed capital controls in a move designed to avert the collapse of its financial system, heightening the risk it will be forced out of the euro. Controls include daily cash withdraw limits of 60 euros, and a ban on payments and transfers abroad.  Read Full Article >>

Puerto Rico Can’t Pay Debts
New York Time – Puerto Rico Gov. Alejandro García Padilla announced in late June that the island cannot possibly pay its roughly $72 billion in debts. Puerto Rico has more municipal bond debt per capita than any US state. A broad restructuring of the territory’s debts sets the stage for an unprecedented test of the US municipal bond market. Cities and states rely on these bonds to pay for their most basic needs. Read Full Article>>

China Plans to Launch Yuan Gold Fix by Year-End
Reuters – China will reportedly create a yuan-denominated physical gold price setting mechanism through the Shanghai Gold Exchange (SGE) by the end of the year. The plan aims to give China more influence over gold pricing. Officials have not released details on the fix, but sources say it will be derived through a contract traded for a few minutes with the SGE serving as the central counterparty. Read Full Article>>

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