Gold anyone? Time to buy again.

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Re: Gold anyone? Time to buy again.

Postby SillyWilly » 02 Aug 2012, 13:24

adguy wrote:There are 22 references to the BOT site, and zero links to it. But then several links to other vendors that we are warned not to buy from. :loco:


I've never personally bought from BOT, so won't vouch for them. Others have and say they're fine. The link is: http://www.bot.com.tw/English/EInternat ... fault.aspx

I've used http://www.Shiny.com.tw and they are good and getting better. I suggest taking physical delivery of your bullion products.
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Re: Gold anyone? Time to buy again.

Postby kevinsang01212 » 02 Aug 2012, 14:33

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Re: Gold anyone? Time to buy again.

Postby SillyWilly » 02 Aug 2012, 15:22

Tony the Tiger wrote:When you buy gold from the BOT, they give you a certificate. And when you want to sell it back to them, you need that certificate.


Tony, if you want to take physical delivery of your gold from BOT, is it possible? The reason I'm asking is because it sounds like they only give you a certificate / receipt that represents your gold.

kevinsang01212 wrote:Yes they do. you have to keep the receipt tho, thats what they say.


Kevin, the above quote was about BOT's buyback policy. Yes, they buy back their own gold, but can you take physical possession of the gold you bought and then sell it back to them at a later stage?

Thanks guys.
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Re: Gold anyone? Time to buy again.

Postby Tony the Tiger » 02 Aug 2012, 19:52

SillyWilly wrote:
Tony the Tiger wrote:When you buy gold from the BOT, they give you a certificate. And when you want to sell it back to them, you need that certificate.


Tony, if you want to take physical delivery of your gold from BOT, is it possible? The reason I'm asking is because it sounds like they only give you a certificate / receipt that represents your gold.

Thanks guys.


I'm sorry if I wasn't clear. BOT offers both physical gold and gold accounts. I was referring to physical gold.

I bought an Australian Kangaroo from them, they gave me the coin AND a certificate/receipt. When you want to sell the coin back to them, you need that certificate.
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Re: Gold anyone? Time to buy again.

Postby SillyWilly » 02 Aug 2012, 21:45

Tony the Tiger wrote:I bought an Australian Kangaroo from them, they gave me the coin AND a certificate/receipt. When you want to sell the coin back to them, you need that certificate.


That's great! The buy-sell spread on gold 1oz coins like the Canadian Maple and the Australian Kangaroo are very narrow at BOT. When I measured it it was 2.3%. Shiny definitely can't compete with that. :thumbsup:
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Re: Gold anyone? Time to buy again.

Postby SillyWilly » 03 Aug 2012, 00:02

South Korea bought 16 tons or 466,656 troy ounces of gold in July. The central banks know the jig is up and they keep accumulating gold by the ton.
Source: http://www.reuters.com/article/2012/08/ ... JD20120802

Image
Central banks are doing their best to accumulate as much gold bullion as possible from 2007 - right after the financial crisis struck. Big gold buyers are: 1)China 2)Russia 3)Thailand 4)South Korea. Notice how most of these gold-buying countries are in the East. There is a massive wealth transfer taking place right before our eyes from the West to East.

Central Banks Still Significant Buyers On Gold Dip
Central banks internationally continue to diversify their foreign exchange reserves into gold bullion due to concerns about fiat currencies – including the dollar and especially the euro.

IMF data shows that central banks were again net buyers in April with Turkey and Philippines being the largest buyers of gold.

The Philippines increased their gold holdings significantly by 32.13 tonnes to 194.241 tonnes in March – a 17% increase in their gold reserves in the month.

It was the single largest addition Philippines has made since September 2008. They have been pretty consistent buyers of gold over the last few years, but the 17% increase in April was another big rise.

Turkey expanded its gold reserves by 29.7 metric tons in April. Turkey’s bullion reserves climbed to 239.3 tons last month meaning that Turkey increased their gold reserves by 14% in April.

The central bank on March 27 doubled the share of lira reserves banks can hold in gold to 20%, saying it would provide 6.1 billion liras ($3.3 billion) of extra liquidity.

Mexico increased gold holdings by 2.92 tonnes to 125.5 tonnes in April.

Kazakhstan raised gold holdings by 2.02 tonnes to 98.19 tonnes in April.

Ukraine upped gold reserves by 1.4 tonnes to 30.607 tonnes in April.

Sri Lanka raised gold reserves by 2.177 tonnes to 7.807 tonnes in January. There is a delay in Sri Lankan gold reserve reporting to the IMF.

Central banks added 456.4 tons last year, the most in almost five decades, and will buy as much as 400 tons this year, the London-based World Gold Council estimates.


Source:http://www.zerohedge.com/contributed/2012-21-24/central-banks-still-significant-buyers-gold-dip

Image
See how China only has 1.6% of all foreign exchange reserves in gold. That's why they're buying gold hand over fist. They export no gold and import hundred of tons per year. Why? Because they know the paper (fiat) money system can't go on forever, and when the music finally stops they want to have gold in their vaults.

The Russians are no different. Gold is their money of choice now. Check out this chart:
Image
And since October 2011 they have added to their gold holding each month, except for one.

If central banks and governments are accumulating gold like it's going out of fashion, why do most Westerners still think it's a "dumb" investment? Maybe because people like Warren Buffett hates the stuff (in public at least) and he's not ashamed to tell the world. Buffett's long time business partner, Charlie Munger also recently said: "civilized people don't buy gold"

Start following the smart money and stop listening to the so-called "experts" - who don't always have your best interest at heart.
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Re: Gold anyone? Time to buy again.

Postby kevinsang01212 » 03 Aug 2012, 00:11

SillyWilly wrote:See how China only has 1.6% of all foreign exchange reserves in gold. That's why they're buying gold hand over fist. They export no gold and import hundred of tons per year. Why? Because they know the paper (fiat) money system can't go on forever, and when the music finally stops they want to have gold in their vaults.



WOW that chart certainly answered my question for "Chinese govt advise gold buying - why? What is their plan?" : http://www.youtube.com/watch?v=YPXncTuw ... sults_main

China not only do it but also it have been persuading its citizens to do so as well

and when I started search Gold on google before, The first firm that came up was a Chinese firm working in TW selling gold in TW
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Re: Gold anyone? Time to buy again.

Postby kevinsang01212 » 03 Aug 2012, 00:20

I didn't know this before but they also say that the cert is on the physical gold.

and u would have a separate reciept and you have to have both to sell back
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Re: Gold anyone? Time to buy again.

Postby SillyWilly » 03 Aug 2012, 12:19

SillyWilly wrote:With the Fed still holding off on the next inevitable stimulus, gold has lost some ground. All eyes now on ECB "whatever it takes to save the Euro" stimulus. Should be a big one, but you never know with these "smart guys" at the central banks. Draghi said he would do whatever it takes, but he can easily backtrack and bow to political pressure instead.

USD rallied back up to 83 after the FED's inaction.


The ECB does nothing and punts back to the FED. No stimulus action out of Europe this time around. The question becomes: What are they waiting for? Another Lehman moment, maybe.

Next up: FED's Jackson Hole meeting at the end of August. Gold should trade sideways from now until then.
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Re: Gold anyone? Time to buy again.

Postby SillyWilly » 03 Aug 2012, 12:55

kevinsang01212 wrote:
China not only do it but also it have been persuading its citizens to do so as well



That's a major difference between the Chinese government and Western ones. The Chinese are actively educating their people on how to buy gold/silver to store their wealth. Real estate in China can't go up anymore since it's already in a bubble so the next best thing for the Chinese is precious metals.

Hong Kong Exchanges and Clearing (HKEx) will take control of the world’s largest commodities exchange, the London Metal Exchange (LME) later this year, a move that will further strengthen China’s hold on the global metals market. The Shanghai Gold Exchange is set to take over from the COMEX and the London Bullion Market Association as the primary gold exchange in the world in the near future.

In China you can buy gold bars at vending machines. Yes, that's right. Vending machines.
Image
With literally hundreds of millions of people buying gold on a consistent basis, the price can't stay where it is now.

China wants to be the country in the world with the most gold, and they're well on their way. They are the biggest gold producer in the world now, they export zero gold, they import hundreds of tons per quarter, they are actively investing in gold mining companies around the world, and their official gold holdings is a state secret.

It's just a matter of a few years until they have more gold than Europe and the US to back their currency with.
Follow the smart money! :thumbsup:
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