Peter Grandich writes:
"... Gold and silver are very close to a breakout and a run to the biggest resistance number for gold in quite some time ($1,800). ..." click through for the chart.
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Tracking all things that relate to and affect the price of gold.
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Scooped by Hal onto Gold and What Moves it. |
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Criticizing the move, Vietnam Gold Business Association said gold bullion trading is a transaction between gold traders and members of the public, but the central bank has intervened too much.
HANOI(BullionStreet): A year after Vietnam announced SJC as state gold brand, country's country's central bank, the SBV issued a decree declaring all other gold bullion as illegal and not eligible for transactions.
According to the decree only one-tael SJC gold bullion of 99.99 percent purity is eligible for transactions.
The new decree has created a panic among public as they fear market may soon only accept amounts of 1 tael (37.5 grams).
But gold holders say they are afraid of being forced to sell their precious metal at low prices due to their light weights.
Last year SJC was selected as a state gold brand name under the SBV’s bid to better control the market.
Saigon Jewelry Co currently produces as many as seven different ..
Hal's insight:
Control, control, control, confiscate. Delete the scoop?
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by Ashley Kindergan, The Financialist
When uncertainty reigns, investors all over the world turn to gold as a safe haven.
But some countries are starting to take issue with their residents’ preference for storing wealth in gold bars, rather than bank accounts.
Large gold imports can throw off a country’s current account balance – the difference between what a country earns and what it spends on foreign trade.
Widespread investments in physical gold also mean that large pots of wealth sit idle, instead of being put to work in the broader economy.
And in countries where gold is a popular investment, those financial institutions which carry large gold deposits, lend cash against gold or offer interest-bearing gold deposit accounts, can pose a risk to the financial system if commodity prices suddenly shift.
Hal's insight:
Interesting read. hat tip to http://www.caseyresearch.com/gsd/edition/forget-germany-its-turkeys-central-bank-we-should-be-watching
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Analysts questioned this claims and said gold bar holders are having trouble finding a proper place to sell their precious metal.
HANOI(BullionStreet): Gold bullion trade in Vietnam continued to get affected as majority businesses were kicked out of gold trading market following the new regulation.
Analysts said more than eighty percent gold shops were banned from gold bullion transactions after failed to meet financial requirements necessary to maintain business after the implementation of the January 10 regulation.
However, country's central bank, State Bank of Vietnam claims that there are 2,500 facilities available countrywide, licensed to trade gold bullion, are enough to serve public need. ... Delete the scoop?
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However, analysts said it will take nearly four years to clear all the outstanding loans in gold as most of the credit contracts were signed before the Gold Decree were all long term up to ten years.
HANOI(BullionStreet): Banks in Vietnam were told by the central bank to settle or reduce sharply outstanding loans against gold by June 2013.
However, analysts said it will take nearly four years to clear all the outstanding loans in gold as most of the credit contracts were signed before the Gold Decree were all long term up to ten years.
Since the central bank has set up the deadline in June 2013, banks would have to convert the gold outstanding loans into VND outstanding loans. If not, banks would have to use their dong to buy gold for lending. Analysts added that on an average most banks in Vietnam keep about 100,000 taels of gold against loans.
Banks may have to negotiate with clients to convert the current gold outstanding loans to Vietnam dong. ... Delete the scoop?
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Nearly six thousand other gold shops would be weeded out from the bullion gold market, and they would only be able to trade jewelries.
HANOI(BullionStreet): Majority of the gold companies evicted by Vietnam's new gold regulation would become black marketeers and remain in the sector, analysts said.
An estimated 4000 small gold shops had been shut down already in Vietnam before the new decree took effect in early 2013.
Nearly six thousand other gold shops would be weeded out from the bullion gold market, and they would only be able to trade jewelries.
A question has been raised about the fate of the 5600 gold shops which cannot trade bullion gold.
Another question has been awaiting the answer that what will happen if there are only 2,400 gold transaction points nationwide ...
Hal's insight:
No surprise that people would seek to get the security gold via the blackmarket when their government would deny it from them. Delete the scoop?
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