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Koos Jansen: China’s gold imports have calmed down

June 23, 2014 by · Leave a Comment 

GATA

8:41a ET Monday, June 23, 2014

Dear Friend of GATA and Gold:

China’s gold imports seem to have calmed down while maintaining a steady rate, gold researcher and GATA consultant Koos Jansen reports today at his Internet site, In Gold We Trust:

http://www.ingoldwetrust.ch/chinese-gold-demand-883-tonnes-ytd

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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German gold stays in New York in rebuff to euro doubters

June 23, 2014 by · Leave a Comment 

GATA

By Birgit Jennen
Bloomberg News
Monday, June 23, 2014

http://www.bloomberg.com/news/2014-06-23/german-gold-stays-in-new-york-i…

BERLIN — Germany has decided its gold is safe in American hands.

Surging mistrust of the euro during Europe’s debt crisis fed a campaign to bring Germany’s entire $141 billion gold reserve home from New York and London. Now, after politics shifted in Chancellor Angela Merkel’s coalition, the government has concluded that stashing half its bullion abroad is prudent after all.

“The Americans are taking good care of our gold,” Norbert Barthle, the budget spokesman for Merkel’s Christian Democratic bloc in parliament, said in an interview. “Objectively, there’s absolutely no reason for mistrust.”

Ending talk of repatriating the world’s second-biggest gold reserves removes a potential irritant in U.S.-German relations. It’s also a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can’t be impounded to blackmail Germany into keeping the currency union together.

The Bundesbank, Germany’s central bank, sent a delegation to the New York Fed’s vault in 2012 for spot checks on the hoard. As the gold’s guardian, the Frankfurt-based Bundesbank is obliged to ensure its safety. It says it’s sensible to store part of the reserves outside the country so they can be swapped more easily for foreign currency in an emergency.

Germany’s election in September hastened the shift when the Free Democratic Party, which flirted with bringing the gold home, dropped out of Merkel’s coalition and was replaced by the Social Democrats. Other supporters included Philipp Missfelder, a member of Merkel’s Christian Democratic Union who quit as her government’s envoy for relations with the U.S. in April. Juergen Hardt, his successor, signaled a change of position.
Postwar History

“It’s my view that the gold reserves should be stored wherever they might be needed in an emergency,” Hardt, also from the CDU, told reporters in May. There’s no evidence that German gold at the New York Fed has been tampered with, he said.

German gold reserves, the second-biggest in the world after those of the U.S., totaled 3,386.4 tons on March 31, according to World Gold Council data. Due to German postwar history, the biggest part is stored at the Federal Reserve Bank of New York; the rest is in London, Paris and Frankfurt.

After World War II and the export revival of West Germany’s “economic miracle” in the 1950s, the central bank accumulated dollars it swapped for gold at the Federal Reserve. With Germany split between capitalist west and the communist East German state until 1990, storing most of the gold abroad was a way to keep it out of Soviet reach during the Cold War.
Gold Inventory

That the hoard had never been counted and isn’t fully on German soil for easy access was fodder for critics.

Lawmakers including Klaus-Peter Willsch, a CDU member who opposed bailouts during the debt crisis, asked federal auditors for an opinion. Their report in October 2012 increased pressure on the Bundesbank, urging it to do an inventory and “physically ascertain” German gold holdings abroad.

The central bank met the critics halfway. Last year, it began moving the Paris gold to Frankfurt, pointing out that Germany and France now have the same currency, the euro. Enough of the gold in New York and London will be brought home so half the reserves will be in Germany by 2020.

German gold abroad is stored “only at central banks of the highest international reputation” in countries with “stable democratic structures” and high security standards, the Bundesbank said in a presentation in 2013 in response to bring-our-gold-home campaigners.
Storage Sites

“The Bundesbank never doubted the integrity of the foreign gold-storage sites,” Carl-Ludwig Thiele, the bank’s council member for payments and settlements, said in an interview on May 23. “We were able to see everything we wanted to see in New York. As far as we’re concerned, there are no more open issues.”

The Social Democrats, Merkel’s junior coalition ally, have signaled agreement with the Bundesbank position. Campaigners at “Repatriate Our Gold” also doesn’t see the Bundesbank going further anytime soon.

“Right now, our campaign is on hold,” Peter Boehringer, a Munich-based euro critics who co-founded an initiative to bring home all of Germany’s gold in 2012, said in an interview.

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Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Hexagon Acquires Aibotix, an Innovative Manufacturer of Advanced Drones

June 23, 2014 by · Leave a Comment 

The leading global provider of design, measurement and visualisation solutions, Hexagon, has acquired Aibotix, a manufacturer of intelligent multicopter systems for high-efficiency aerial applications. The acquisition strengthens the life of mine sol…

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Chile: earthquakes and instability threaten world’s copper king

June 23, 2014 by · Leave a Comment 

The massive earthquake which struck Chile in early April this year miraculously left the country’s copper operations unscathed. Copper prices rose markedly, however, as investors waited to see what the fallout could be for the world’s biggest produce…

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After port fraud, China’s vast warehouse sector under scrutiny

June 22, 2014 by · Leave a Comment 

GATA

By Melanie Burton and Fayen Wong
Reuters
Sunday, June 22, 2014

Shaken by a fraud investigation into metal financing in the world’s seventh-busiest port, banks and trading houses have been made painfully aware of the risks they face storing commodities in China’s sprawling warehouse sector.

The probe at Qingdao port centers around a private metals trading firm suspected of duplicating warehouse certificates in order to use a metal cargo multiple times to raise financing.

Some banks have asked clients to shift metal, used as collateral for loans, to more regulated London Metal Exchange warehouses outside China or those owned and operated by a single warehouse firm to limit their exposure.

“The banks still haven’t looked under the hood,” said an executive at a bank involved in commodity financing in China, referring to China’s warehousing sector. …

… For the full story:

http://www.reuters.com/article/2014/06/22/us-china-qingdao-warehouses-id…

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Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Mike Kosares: Reflections in a golden eye

June 22, 2014 by · Leave a Comment 

GATA

10:04p ET Sunday, June 22, 2014

Dear Friend of GATA and Gold:

With his new essay, “Reflections in a Golden Eye,” Centennial Precious Metals proprietor Mike Kosares provides a wide-ranging and even profound review of where gold has been in recent years and where it’s likely to go.

Kosares writes:

“There is a movement afoot among central bankers and high-profile economic thinkers of profound interest to gold owners, simply because it will play such a significant and direct role in physical gold demand over the coming years. That movement has to do with the inclusion of gold in central bank reserves — not necessarily as backing to their currencies but as a reserve asset to balance and hedge the risks of holding foreign exchange. Diversification is the mechanism at work in the transition of central banks from net gold sellers (and lessors) to net buyers, just as it is for the attuned private investors. That blueprint in my estimation is the future of official-sector participation in the gold market.”

Kosares also has some kind compliments for GATA.

“Reflections in a Golden Eye” is posted at Centennial’s Internet site, USAGold, here:

http://www.usagold.com/cpmforum/2014/06/22/reflections-in-a-golden-eye/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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India plans coal production boost to meet power shortage

June 22, 2014 by · Leave a Comment 

India’s power minister Piyush Goyal has urged Coal India, the world’s largest producer of the fuel, to increase production at existing mines, reduce the amount offered in e-auctions and use produced material in power generation.

Read more….

Leica Jigsaw Positioning System (Jps): Ground-Based Positioning System Using Locata Technology

June 22, 2014 by · Leave a Comment 

Locata Corporation (Locata) has invented a groundbreaking radio positioning system that can be considered a “local GPS”.

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40,000 mine workers in South Africa affected by TB every year, says health minister

June 22, 2014 by · Leave a Comment 

Mine workers in South Africa are the world’s most affected by tuberculosis (TB), with 41,810 annual reported cases, according to data presented by the country’s health minister Aaron Motsoaledi.

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Explosion in Russia copper mine kills four

June 22, 2014 by · Leave a Comment 

Four miners have been killed and two injured in an explosion that ripped through the Gai copper mine in the Orenburg Region in south-east Russia.

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