Daniel March
@Daniel_March3Gold & Silver at Jupiter Asset Management. Formerly at JPM, HSBC, and ICBC Standard Bank. Views are my own, not trade advice, RTs not endorsement.
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Global #gold ETFs have seen nearly US$7bn in outflows in H1. However, the trend seems to be shifting as ETFs reported a 2nd consecutive month of inflows in June (+US$1.4bn) driven by European and Asian funds. More on H1 gold #ETF activity: spr.ly/60189ohBO @GOLDCOUNCIL
According to this @business report, Czech National Bank (CNB) Governor Ales Michl has plans to lift its #gold reserves to 100 tonnes, from 40 tonnes currently. The CNB has been a consistent gold buyer since March 2023, accumulating 28 tonnes over that period (to May 2024).
BANK OF KOREA CONSIDERS BUYING MORE GOLD IN MID- TO LONG-TERM
Gold Flows (Jan-March 2024) Western ETFs: -113 tonnes. SGE Withdrawals: 522 tonnes.
US 10-year Treasuries are having their worst day since May 2023, with yields surging after the one-two punch of a hot CPI and a bad auction. @pboockvar: "10 yr auction was bad...Dealers were left with 24% of the auction, which is the most since Nov. 2022."
PBoC 'official' gold holdings +314 tonnes / 10.1Moz since Nov 2022.
China’s central bank purchased gold for its reserves for a 17th straight month in March, extending a buying spree that has helped the precious metal surge to a record. trib.al/rBB9Odd
Another record on the Shanghai Gold Exchange (SGE) earlier today ~$40/oz premium versus London ($2,380/oz equivalent).
Shanghai Gold Exchange (SGE) ~$35 per ounce premium over London. ($2,320/oz equivalent).
Friday's Shanghai #gold fix +9.7% for the month, ends March with new record high - as does gold in all other currencies loom.ly/_pxCq9I
Gold breakout looks for real this time and in the early stage of a new bull market.
The Shanghai Gold Exchange (SGE) is still trading at a consistent premium versus London (~$2,178/oz equivalent).
Gold: China's monthly net imports via Hong Kong reached the highest level since January 2018. tinyurl.com/3t9azctz
Swiss #gold exports (HS7108) leapt 86% m/m in January, to 216 tonnes. That's the highest monthly total since December 2016. Gold exports saw significant m/m increases to Asia and the Middle East, outweighing weaker trade to western markets and Turkey.
Last 6 months: Shanghai Gold Exchange (SGE) premium has averaged $48/oz over London OTC.
Shanghai Gold Exchange (SGE): the highest withdrawals since July 2015.
Holy shit, SGE withdrawals in January were the second highest on record at 270 tonnes.
Newly published data from the People's Bank of China shows its official #gold reserves rose by 10t in January - the 15th consecutive month it has added to its gold reserves. Total gold holdings now stand at 2,245t, nearly 300t higher than at the end of October 2022.
The evolution of the composition of global international reserves (#gold and foreign exchange) since 1950.
Despite the apparent quiet in the global OTC #gold market, THIS is interesting. Turnover on the 9999 gold contract of the Shanghai Gold Exchange just hit a seven year high.
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Who to follow
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Kevin C. Smith, CFA
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Graddhy - Commodities TA+Cycles
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Bai, Xiaojun
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DC
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Ronnie Stoeferle
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Jeff Clark
@TheGoldAdvisor -
TF Metals Report
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Edward Gofsky
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Momentum Structural Analysis
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SilverSeek.com
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Palisades Gold Radio
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Simon Mikhailovich
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In Gold We Trust
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James Anderson
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Gold Investor Research
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