UBS/Edel Tully’s Gold Market Research Is Completely Useless

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.

13 thoughts on “UBS/Edel Tully’s Gold Market Research Is Completely Useless

  1. I do not waste my time with any mainstream “information” concerning
    precious metals and gold in particular. I was at dinner in Beverly Hills and
    two of our dinner guests brought up gold. Each guest claimed that gold was dead
    money. I put my two ounces in and said, if you believe that gold is dead money
    then you really don’t understand what money truly is. The looks I received at the
    table, you would of thought I farted. The bottom line is that even some wealthy
    investors believe the media and special report bullshit that the bankers are puking.
    I know that when this house of card falls I will be glad I own gold.

    1. I would bet that 99% of all millionaires do not own gold. They’re money is tied up in fiat-currency based assets and real estate. It will be just like the millionaire-equivalents in Weimar Germany. One night they’ll go to bed feeling wealthy, when they wake up the next day they will be paupers. How do you go broke: it happens slowly (inflation) and then all at once (currency collapse).

      1. One might think that Germans have learned their lesson after the currency reforms in 1924 and after WWII. But they haven´t. They are ridiculously immune to warnings that the fiat money is just a ponzi scheme and the bubble is bigger than in 08. Their trust in politicians and big government is infinite. After the collapse I would like to see some faces when they realize that there is a bill to pay by the creditors of the government. And government will coerce house owners and real estate investors into making a “contribution”, as they did in 1924 by a wealth tax on real estate and land after the currency reform.

        1. LOL. April Gallup? Actually Fannie Mae just put out its August housing market outlook and the number of people who thought now was good time to buy home fell way below 50% – Oops

  2. she will never admit the truth, if she did she would be unemployed the next day. gold is money and those that a even a little will be far ahead of those with none. paper millionaires will be paupers, just like all the rest of the people still sucking on the teet of this dead cat bounce.

    1. Then she’s an even bigger fraud because she whores herself out for money over truth/principle. Phonies are bigger scum than the clueless.

  3. These math problems are hard.

    It’s lonely being a gold bug. The hardest part is that we are in a period of time when people should be flocking to own gold and silver. Instead they are doing the exact opposite.

    If I’ve learned one thing in life- it is that people are gullible sheep. They will believe any amount of bullshit just so long as it is spewed by some person who they think has credentials and knows what they are talking about. The illusion of credentials as conferring credibility is a fascinating topic.

    But I concur with you Dave. In a day of disappearing virtue, one more whore for the boss isn’t going to make much difference. We know who she works for.

  4. Living through this orchestrated pummeling of gold price for the past
    two years has been a bitch but I remember very well what transpired
    in the 1970’s so I know how this will end. There are times when I get
    exasperated with the ongoing BS but then I think of how desperate
    the manipulators must be to have painted themselves into a corner
    with no way out. The more paper gold shorted the deeper the hole
    these scumbags have dug for themselves so I expect it will only be
    a matter of a short time before the hole caves in on them and the
    table turns. My thinking is that the 1970’s will just be small
    potatoes compared to what is coming down the pike like an
    out of control freight train. It will be interesting to read Edel’s and
    other anti gold commentators when that happens.

      1. What about the mew emergence of cryptocurrencies like bitcoin? Do you suppose they could siphon some of that ponzi collapse away from PMs?

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