While the London and New York fraudulent paper gold market continues to function as the price-setting markets for the global price of gold, China continues hoovering physical gold. In the latest week reported (June 8-12), 46 tonnes of gold were removed from the Shanghai Gold Exchange. This puts the year-to-date total at 1,061 tonnes, which is up 20% for the same period over 2014 and 7% over 2013. Koos Jansen refers to the YTD total as “staggering” LINK.
The actual amount of gold being “consumed” by China is quite contrary to the flood of bearish media reports on gold this year, including several which characterize China’s demand a weak. The reports, of course, are entirely misleading as they rely on data from the World Gold Council. The WGC only tracks and publicizes gold which enters China through Hong Kong. This is despite the fact that China opened up Beijing and Shanghai for gold imports specifically to mask the amount of gold that it is bringing into the country:
Opening the capital as the third shipment point will help the PBOC keep purchases discreet as it is believed to be adding to its bullion reserves. – South China Morning Post, April 21, 2014 – LINK
Of course, the western media only uses factual reporting when it fits the propaganda it promotes.
Lawrence Williams has written a short piece describing the facts about the amount of gold flowing into China vs. the media disinformation:
Contrary to a number of media reports telling us China demand for gold has collapsed, and also that premia on the Chinese gold markets have turned to discounts, the latest figures out of Shanghai belie these statements…We have been calculating that perhaps around 40% of Chinese gold imports are now coming in directly rather than via Hong Kong which makes the Hong Kong figures, as reported by the mainstream media, no longer indicative of total Chinese demand.
Here’s the link: China’s Gold Demand Is Strong
We can pnly wonder how much longer London and NYC can rig the price of gold, as occurred in overnight trading into Monday morning:
Once again gold was somewhat steady during Indian/Asian market hours. Rumors about a deal with Greece started to appear shortly before Asia closed and London opened. Of course the market manipulators used this as an opportunity to put downward pressure on gold. Then the Comex opened. Selling hit the Comex floor right at the floor trading opened at 8:20 a.m. EST. There was no news or events that would have triggered selling by an investment account that was long gold futures. This was yet another blatant paper attack on the price of gold by the banks, acting on behalf of the policy-makers at the Fed and the U.S. Treasury – collectively the “Plunge Protection Team.”
Of course, it’s easy to put the blame on an HFT hedge fund. But this is nothing more than a shameless manner in which the truth gets repackaged by the elitists and served up the masses wallowing in a cesspool of denial and hungry for a fairytale.
But here’s the truth: