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« State of Denial | Main | Agnico-Eagle Mines Limited: Buy, Hold, Sell »
Monday
Jan242011

Chinese Gold and Silver demand has been phenomenal

Panda Gold 25 Jan 2011.JPG

“Chinese gold and silver demand has been phenomenal ahead of the New Year holiday,”

said Adrian Ash, head of research at BullionVault.com, a leading online service for gold bullion trading and ownership, citing comments from dealers among others.

Shipments have been “heavy” and they began very early, in mid-December, he said.

This is an excerpt from an article by Myra P. Saefong, of MarketWatch in
San Fransisco (MarketWatch) — Gold prices have lost around $75 an ounce this year but analysts are unfazed by the drop, with many betting the slump in prices will soon be cut short as the Chinese New Year feeds an increase in global demand that’s destined to last.

“We are entering a period of strong seasonal growth in gold demand and Chinese New Year is a big part of that,”

said Brien Lundin, editor of Gold Newsletter. “Physical demand has been supporting the gold prices on the downside even during the typical slack periods, and I expect that upcoming increase in demand will also support the price, but at higher levels.”

The Chinese New Year, also known as Lunar New Year, begins on Feb. 3 this year and ends with the Lantern Festival 15 days later.

“Chinese New Year is the time of year when the Chinese share gifts, usually money in little red envelopes,” said Mark Leibovit, chief market strategist for VRTrader.com. “Perhaps the little red envelopes will be a bit heavier this year.”

But the recent spike in China’s demand for gold goes well beyond providing gifts to celebrate the new year.

“It’s really simple,” said Cary Pinkowski, chief executive officer of Astur Gold,

“China banned gold ownership for most of the 20th century and that’s over. China has a savings rate of more than 30% … [and] has an official inflation rate of 10%.”

Well put!

To read this article in full please click this link.






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Over in the options trading pit we have just closed 3 more winning trades, so we now have 62 winners out of 64 trades, or a 96.87% success rate.


If you have any questions regarding these trades please address them through their site where they will be handled quickly and I hope efficiently.


sk chart Jan 2011.JPG


The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today, before we decide to cap membership.

Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.


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Reader Comments (4)

I confirm continued major demand with official bank-issued silver and gold pieces well above and beyond anything I've seen in the last 4 years of experience accumulating certian examples of those official mintages (of course, snake mintages)...counterfeiting is alive and well but once you learn what is official it's quite easy to tell the fakes from the officials...the expert counterfeiters, if there are any, devote their time to popular US coinage or Pandas, not niche markets like mine...premiums may back-off after the Chinese New Year but not so much with the quite limited mintage #'s of the snake market...I fully expect trend to continue into the future...hands down my best gains have been all-things Asian...VietNam, Singapore, Tiawan, and China,,,I'm holding and NOT selling, period. Shorters can look elsewhere. I thank the powers that be I started collecting back in 2007 before the chinese "awakening"...the future is SHINNY there, folks...
Keep up the excellent reporting gentleman...Snakeman Scott

January 25, 2011 | Unregistered CommenterSnakeman

Thanks once again snakeman, but when you get the time can you tell us a tad more about this area

January 25, 2011 | Unregistered CommenterGold Prices

Gentlemen, what is your direct email address where I can contact you directly? Thank you...Scott

January 25, 2011 | Unregistered CommenterSnakeman

Snakeman,

bob@gold-prices.biz

cheers

January 26, 2011 | Unregistered CommenterGold Prices

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