Die Wahrheit über alles (The Truth over all)
As we used to say when I traded on Wall Street in the 1990’s: “there’s no BS like UBS.”
UBS put out a research report claiming the U.S. dollar has renewed “predictive” economic powers. Nothing could be more misleading.
The U.S. dollar vs what? The dollar index is measured strictly against the euro/yen/pound/Canadian$/Swissy/krona.
The dollar is down vs. yuan since May:
I read Edel Tully’s report every day and she is about as rhetorically biased against gold as Wall St. can get. She’s been writing about waning demand in India and China all year. Nothing could be further from the truth.
In June, the latest month for which we have final numbers, India imported the highest amount of gold in the last 12 months. That does not include smuggling or Indian gold purchased through Dubai. We can’t track China’s numbers anymore because China specifically opened up Beijing for gold imports to hide its true import volume.
I have emailed Edel – TWICE – in the last 6 weeks to ask her if she can tell me how much gold is flowing into China through Beijing because I pointed out that you can’t quantify China’s import demand unless you know that number. In other words, it is humanly impossible to quantify and make statements about China’s true import numbers. Any entity that puts out statements and conclusions about the quantity of China’s demand is a fraud.
So far she has failed to respond. Therefore, she has NO credibility as a gold analyst.
If you read this news report about Beijing, you’ll see that China opened up Beijing SPECIFICALLY to hide its true import demand: http://www.scmp.com/business/commodities/article/1493507/china-opens-beijing-gold-imports-cutting-hong-kongs-transit
UBS research is a waste of time.