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China Winning Gold War, US Fed Fraud to Implode ORDERS FOR GOLD GO UNFILLED
IN ASIA
MAY 14, 2013 by RUSS WINTER
Considering the rush of gold orders in mid to late April, it is
understandable that there would be some temporary delays in delivery.
However, we’re now into mid May and sources indicate those same orders are
still unfulfilled. So it begs the question: Where’s the gold?
The Shanghai Gold Exchange has an enormous appetite for physical gold, so
much so that it’s absorbing all world production month after month — even
before the April fire sale. A month’s production averages about 230 tonnes.
Gold Miner Pulse, which tracks the numbers from the Shanghai Gold Exchange,
reports that during the week of April 22 only one tonne has been delivered
to the exchange. Since May 1, it has received only 0.3 tonnes.
The Economic Times of India reports a similar story. Furthermore, many
Indian jewelers said compared to last year they expected gold sales will be
up 30 % to 50% during the Akshaya Tritiay holiday on May 13 due to the lower
price of gold.
Haresh Soni, chairman of the All India Gem and Jewellery Trade Federation,
said banks and trading houses importing gold are getting only 10 percent of
their orders as the demand has surged sharply after a sudden slide in gold
prices last month. ‘If they place order for one tonne, for instance, then
they are getting only around 100 kg,’ Soni said. “
Oh, wait. I get it now. You deal with real market demand by declaring a
defacto force majeure. Meanwhile, the paper market continues on unimpeded.
Could the Comex and LBMA be next for force majeure?
IN ASIA
MAY 14, 2013 by RUSS WINTER
Considering the rush of gold orders in mid to late April, it is
understandable that there would be some temporary delays in delivery.
However, we’re now into mid May and sources indicate those same orders are
still unfulfilled. So it begs the question: Where’s the gold?
The Shanghai Gold Exchange has an enormous appetite for physical gold, so
much so that it’s absorbing all world production month after month — even
before the April fire sale. A month’s production averages about 230 tonnes.
Gold Miner Pulse, which tracks the numbers from the Shanghai Gold Exchange,
reports that during the week of April 22 only one tonne has been delivered
to the exchange. Since May 1, it has received only 0.3 tonnes.
The Economic Times of India reports a similar story. Furthermore, many
Indian jewelers said compared to last year they expected gold sales will be
up 30 % to 50% during the Akshaya Tritiay holiday on May 13 due to the lower
price of gold.
Haresh Soni, chairman of the All India Gem and Jewellery Trade Federation,
said banks and trading houses importing gold are getting only 10 percent of
their orders as the demand has surged sharply after a sudden slide in gold
prices last month. ‘If they place order for one tonne, for instance, then
they are getting only around 100 kg,’ Soni said. “
Oh, wait. I get it now. You deal with real market demand by declaring a
defacto force majeure. Meanwhile, the paper market continues on unimpeded.
Could the Comex and LBMA be next for force majeure?
