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37 replies to this topic | 45 praises

#1

Posted 19 April 2013 - 08:20 AM

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Recent drops in Gold makes interesting news




Gold Drop Spurs Demand From Indian Bazaar to Chinese Mall


Shoppers in China lined up for gold this week, while in Hong Kong they rushed to buy bracelets and in India sought jewelry for weddings not set until December. The metal’s biggest price drop in three decades provoked the clamor.

From Zaveri Bazaar in Mumbai, India’s largest bullion market, to Australia’s Perth Mint, where sales doubled from last week, consumers headed to shops after the commodity entered into a bear market last week. As gold plunged 13 percent in the two sessions through April 15, retail sales tripled across China on April 15-16, the China Gold Association reported.

The frenzy appeared in India and China, the biggest gold- consuming nations, with cultures that traditionally acquire the metal for brides, babies or strongboxes. This year’s 18 percent decline may reignite demand that last year fell for the first time in three years, with Asian investors in particular seeing the drop as a buying opportunity.

“The culture in Asia is such that they will absorb the physical metal when the price drops,” Dick Poon, general manager at refiner and trader Heraeus Metals Hong Kong Ltd., said in a telephone interview. “Jewelry demand is improving and industrial customers are also buying on the dip.”

In India, where coins and mass-market jewelry often are priced by weight, demand in the world’s biggest buyer during recent days was the most this year, the All India Gems & Jewellery Trade Federation reported. Daily customer traffic in Hong Kong and Macau rose as much as 25 percent April 13-16, said Chow Tai Fook Jewellery Group Ltd. (1929), the world’s largest jewelry chain.
‘Built Into DNA’

“We are buying gold after two years, and we will buy some more if prices fall further,” Yogender Gyan, 29, said in an interview in a jewelry store in New Delhi’s Connaught Place retail area, where shoppers outnumbered salesmen by about 5- to-1. Urged by his mother, the blue jean-clad physics teacher went shopping on his break and said he saved 5,000 rupees ($92) compared with a week ago on earrings for his sister.

Owning gold “is built into the DNA” in Asia, said Grant Williams, portfolio manager at Vulpes Investment Management Ltd. in Singapore, which manages $280 million. “Whenever we get these meaningful sell-offs, there’s always a pick-up in demand for physical gold. It’s a very different attitude you get in places like China, Hong Kong and India than you do in the U.S.”

In London, the scene was calmer. Fewer customers entered Baird & Co., a bullion merchant in Hatton Garden for trade buyers, and goldsmiths J Blundell & Sons Ltd. next door, during the lunch hour. Customers at ATS Bullion were thinned as the Strand road was cordoned off for the funeral of former U.K. Prime Minister Margaret Thatcher.
‘Massive’ Buying

A 24 carat 1-ounce Brittania gold coin sells for about 1,000 pounds ($1,525), down from about 1,080 to 1,090 pounds last week, ATS Chief Executive Officer Chris Burrow said in an interview. He said buying earlier in the week was “massive.”

Gold futures fell to a two-year low of $1,321.95 an ounce on April 16 on growing optimism that an economic recovery will curb demand for a protection of wealth. The metal’s two-day slump through April 15 was the most since January 1980. Gold for immediate delivery dropped 0.8 percent to $1,365.10 today.

The sell-off in gold was sparked by investor concern that European governments may have to follow Cyprus in selling part of their holdings and exacerbated as the metal fell below so- called technical-support levels, Goldman Sachs Group Inc. said April 16. BlackRock Inc. (BLK) said that it was a “panic event.”
Sales Volumes

For retailers and refiners the price plunge is proving a boon for business.

Volumes of gold products sold surged 150 percent in Hong Kong and Macau during the April 13 weekend compared with the weekend prior, Dennis Lau, director of sales operations at Chow Sang Sang Holdings International Ltd. (116), said in a phone interview yesterday. Customer traffic rose as much as 40 percent on April 16 from a week earlier, with gold bracelets popular with shoppers, said Kent Wong, managing director at Chow Tai Fook.
Previous 1

RESPECT is only for the DEAD!

#2

Posted 19 April 2013 - 08:25 AM

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wah seh..
buy buy buy! happy.gif

so and so - capitaine lentement


#3

Posted 19 April 2013 - 08:25 AM

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so your company's product should be cheaper now right??? "Gold Paper" should have dropped price quite a lot mah......... tongue.gif laugh.gif
命里有时终需有,命里无时莫强求

#4

Posted 19 April 2013 - 08:48 AM

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pity my friend holding on to Genneva Gold sleep.gif
New to iHerb? Use coupon code MCG340 for up to $10.00 off your first order.
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#5

Posted 19 April 2013 - 08:55 AM

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Wonder how low can it go ...



#6

Posted 19 April 2013 - 09:37 AM

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looking to enter when hit 1200 leh..dun noe can bo..lol

#7

Posted 19 April 2013 - 09:46 AM

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pity my friend holding on to Genneva Gold sleep.gif


that is worth as much as the paper it's printed on and the imaginary value held in a person's head laugh.gif

#8

Posted 19 April 2013 - 09:52 AM

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2004 was 200+, 2009 was 800+.... now still seem high
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#9

Posted 19 April 2013 - 09:55 AM

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It just goes to show that people who keep shouting

Obama's policies and Ben Bernanke's policies are all rubbish

are completely wrong.

Dow is up and gold is down.

biggrin.gif


Say no to harsh artificial chemicals

that pollute the earth

and go natural. [thumbsup]

#10

Posted 19 April 2013 - 10:12 AM

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its the papers which r more volatile, physical always lag, but always rem the biggest buyers have been central banks, not uncle auntie at bazaar.
Pursuant to section 49, subsection 7e, paragraph a...

#11

Posted 19 April 2013 - 10:17 AM

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for newbie like me, what is the best way to invest in gold? Some say buy PAMP gold, some say open gold saving account and other suggest riskier way through ETF.
Any advise?

#12

Posted 19 April 2013 - 10:29 AM

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for newbie like me, what is the best way to invest in gold? Some say buy PAMP gold, some say open gold saving account and other suggest riskier way through ETF.
Any advise?


bought a few 1oz kangaroo & maple coins earlier this week wink.gif
prefer touchy feely than just a savings account. no need pay storage also.

#13

Posted 19 April 2013 - 10:32 AM

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I think there is still room for gold to drop. Probably until $1100+

#14

Posted 19 April 2013 - 10:36 AM

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for newbie like me, what is the best way to invest in gold? Some say buy PAMP gold, some say open gold saving account and other suggest riskier way through ETF.
Any advise?

The real problem is storage. You have to think where to keep the gold?

My suggestion is you buy the gold and I store for you at no change.

If the price goes up I will sell for you and give you the money.

If the price of gold goes down, I will pay you the difference.

Hence you don't have to worry about storage and never lose

any money.

biggrin.gif
Say no to harsh artificial chemicals

that pollute the earth

and go natural. [thumbsup]

#15

Posted 19 April 2013 - 10:42 AM

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for newbie like me, what is the best way to invest in gold? Some say buy PAMP gold, some say open gold saving account and other suggest riskier way through ETF.
Any advise?


for long term inflation hedge, i suggest buying an all gold rolex submariner, coz if paper price drops, at least u still feel good by wearing it out, then when prices jump back up, can trade in 2nd hand n wont lose much biggrin.gif
Pursuant to section 49, subsection 7e, paragraph a...

#16

Posted 19 April 2013 - 01:50 PM

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The real problem is storage. You have to think where to keep the gold?

My suggestion is you buy the gold and I store for you at no change.

If the price goes up I will sell for you and give you the money.

If the price of gold goes down, I will pay you the difference.

Hence you don't have to worry about storage and never lose

any money.

biggrin.gif


if its 1 or 2 gold bars, can store at home ph34r.gif

#17

Posted 19 April 2013 - 01:53 PM

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Just like COE drop abit and everyone queue to buy car...

#18

Posted 19 April 2013 - 02:03 PM

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I think there is still room for gold to drop. Probably until $1100+


Agree. Gold production at 900 all in, so profit margins still high based on todays selling price 1390.

Prices buoyed by Indians buying gold in large amounts though.

Will stack on more at 1150 on more news of economy picking up and fatboy giving up his antics.

Currently at 60 long 40 short but holdings at lowest level.


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"How fortunate for leaders, that the masses do not think." - Hitler.

#19

Posted 03 August 2013 - 06:14 PM

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Nice to meet metal detecting guy. How is your metal detecting going on? Have you find anything good? Also, can you recommend some place good for metal detecting?

#20

Posted 05 August 2013 - 08:42 PM

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Any gold hunter here? Is there anyone who has ever brought a metal detector to hunt gold?


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