News Articles

Bank of China Ltd. will become the first Chinese bank to join the auction process that sets gold prices in the London market. The bank, along with seven other lenders, will start participating in the twice-daily electronic auction, according to a statement from the London Bullion Market Association on Tuesday. While China is the world’s largest bullion buyer, it has never directly played a role in determining London gold prices . . . .

Suppose someone approached you in the year 2000, when the price of gold was around $250 an ounce and suggested that it would be worth almost eight times its current value within the next decade. I am sure most people would have thought that person to be less than credible making such an outrageous market call . . . .

As it pertains to silver, something big is taking place in India.  While investors were amazed by the massive volume of Indian silver imports last year, 2015 may turn out to be a real whopper.  Indians are buying so much silver, they are on track to surpass 2014’s record by a wide margin . . . .

The global benchmark price has fallen 17% in the past year. Silver stockpiles in China surged this year as the country’s slowing economic growth weakened demand for the precious metal, according to a state researcher . . . .

On May 15, the Russian news source Pravda passed along an unconfirmed story that appeared in Duowei News that the Chinese government had accumulated 30,000 tons (965 million ounces) of gold reserves.

The question of how much gold China owns now could be answered soon . . . .

We keep seeing reports in the mainstream media suggesting that Chinese gold demand is slipping away, but continuing strong gold withdrawal figures from the Shanghai Gold Exchange (SGE) seem to contradict these reports . . . .

The United States is “scared to death” of Chinese plans to back the yuan with gold, money manager Stephen Leeb said on Tuesday . . . .

Bloomberg’s Ken Hoffmann sets out his researchers’ findings on the possibility of China coming up with some form of gold standard to back the yuan . . . .

Gold is a regarded as a hedge against market turbulence by Bank of America who, in a note to clients, advised holding gold and paper currency at this time . . . .

Economic uncertainty in Europe and fear of a Greek default are turning people to buy gold bars and coins . . . .