My name is Shawn Ozbun, and our goal is to keep you up to date with what’s going on in the world of Gold and Silver by providing you with current news and precious metals pricing.
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Let's have a look at this mornings precious metals pricing.
Gold - $1288.31 Up $15.79
Silver - $21.64 Up $0.29
Platinum - $1386.00 Up $8.50
Palladium - $721.00 UP $3.50
China just arranged a currency swap with the European Union.
The European Central Bank and the People’s Bank of China agreed to establish a bilateral currency swap line, bolstering access to trade finance in the euro area and strengthening the international use of the yuan.
The yuan was the world’s eighth most-traded currency in August, up from 11th in January 2012, the Society for Worldwide Interbank Financial Telecommunications, or Swift, said in an Oct. 8 statement.
“Yuan is certainly becoming more internationalized,” Williams said. “Users of renminbi in Europe can have more reassurance that in any financial squeeze they would still be able to access renminbi liquidity.”
That means the two biggest markets outside of America will not be settling trade with U.S. dollars. Read More....
Key creditor China begins acting to hedge against US default
Hong Kong has sent the first sign from Asia that the region is creating extra financial buffers against a possible default in the US. China said some US short – term Treasury bonds appear to be more risky to hold as collateral than previously thought.
The clock is ticking for the US to make a decision on its spending bill and the massive $16.7trln debt. The country’s key foreign lender China has shifted from words to actions and said it has taken two steps to reflect the increased difficulty of valuing certain short-term US Treasuries, the Financial Times reports. Read More...
China’s Hunger for Gold Triggers Speculation About Reserves
China is on pace to consume a record amount of gold this year, which may be partly due to the central bank diversifying its foreign-exchange reserves, analysts say.
China imported around 861.40 metric tons of gold via Hong Kong in the first eight months of the year, more than double the 361.02 tons during the same period last year, new data from Hong Kong Census and Statistics Department showed. Imports from Hong Kong fell in August from the previous month but remained elevated, the data showed.
“My suspicion is that they [Chinese government] are increasing their gold holdings as part of their foreign reserves,” said Joyce Liu, an investment analyst with Phillip Futures in Singapore.
China has the world’s biggest stockpile of foreign-exchange reserves, at roughly $3.5 trillion, including around $1.3 trillion in U.S. Treasury bonds. Beijing is thought to be keen to diversify its exposure, and the current legislative gridlock in the U.S. and a possible debt default have only deepened concerns about the outlook for the U.S. dollar and Treasurys, analysts said.
The World Gold Council has estimated that Chinese imports this year will top 1,000 tons–believed to be a record amount. China became the world’s biggest gold consumer in the first half of this year, just topping India, which had held the top spot for years. Read More...
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[Disclaimer] Shawn Ozbun is not a licensed financial adviser, there is risk associated with all investment including gold and silver. You should seek advise from a licensed financial expert before making a purchase.
