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Plenty of Gold in London Vaults says Adrian Ash of Bullion Vault
Today is Monday 21st March 2016 and we are analysing an article published by Bullion Vault suggesting that there is plenty of gold in London despite what the pumpers claim.
A little over a week ago Bullion Vault published an article by Adrian Ash (who runs their research desk) entitled “China & India’s Hotel California for Gold”, in which he highlights that although gold imports can go into these countries, they generally cannot get back out.
To those of us who follow the gold market, this suggests of course that this can only be bullish for gold prices. However, within India for example, this can mean something very different, especially as large discounts are currently hitting India’s gold retailing Industry.
Now Adrian also has a comment concerning the shortly to be introduced Shanghai Gold Fixing arrangement, this is what he says:
“Meantime, "sources" say that April 19 will bring the first-ever Shanghai Gold Fixing – a new benchmarking auction to ape and then overtake the century-old process now refreshed in London as the LBMA Gold Price. Good luck with that. Ten banks classed as market makers will bid and offer metal to help find that single price which does the most business. But lacking the ability to ship out bullion to the wider world, China's new fixing will remain a wholly Chinese affair. It's the ability to ship it out which entices it in. Maybe someone should tell Beijing, never mind New Delhi.”
So to us this simply means, whilst indeed precious metals have firmed and may continue to do so short term, be under no illusion that the shortages the pumpers are attempting to frighten you with do not exist and also it is very unlikely indeed that any activity carried out by China or any of these proposed Banks will have a limited impact on price, again contradicting what the pumpers would have you believe.
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