From Bill Murphy's today:
"
"New York, Aug. 9 (Bloomberg) -- Imports by India, the
world's biggest gold consumer, more than tripled in
June to 80 tonnes from a year earlier, the Business
Standard in New Delhi reported. The gain came as prices
fell almost 6 percent in the second quarter.
"`It is truly a remarkable figure for India,' said Paul
Walker, a director of Gold Fields Mineral Services Ltd.
in London. Malaysia, Indonesia, and other Asian
countries also have been buying more gold in recent
months, he said."
The Cafe's John Brimelow was right; Hannibal's crew was
wrong.
"Taipei, Aug. 9 (Reuters) -- Taiwan's imports of gold
bars and coins surged to 9.845 tonnes in July, up
298.74 percent from 2,469 tonnes in July 1998, the
finance ministry said on Saturday."
We are getting the same kind of demand numbers out of
Japan as well. In addition our sources tell us that the
refineries are all backed up trying to fill gold bar
demand orders. Premiums on Gold Eagle coins in the
United States have just risen a substantial 6 percent.
Further, we received a report today that a dealer just
bought 30 to 40 tonnes of gold. That's only one order
and a good deal more than the 25 tonnes sold by the
British.
While demand is soaring, gold supply is being
curtailed. For example:
"Sydney, Aug. 8 (Platts) -- Australia's gold production
fell by 4 percent in the financial year ended June 30,
1999, Melbourne-based consultancy Surbiton Associates
said over the weekend." |
