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London Gold Market Report from Ben Traynor, BullionVault Wednesday 8 May 2013, 07:30 EDT
“Safe Haven Demand Lower” for Gold as Stock Markets Hit New Highs
WHOLESALE market prices for buying gold climbed back above $1460 an ounce during Wednesday morning’s London trading, in line with its range over the last week, as stocks gained and longer-dated US Treasuries dipped ahead of an auction of 10-year bonds later today.
Silver climbed back above $23.90 an ounce, while copper [...] The Chinese government has agreed to buy investment stakes currently held by General Motors’ pension plan, in a deal that will make Beijing a sizeable investor in many of the U.S. and Europe’s largest private equity funds. The State Administration of Foreign Exchange, which manages China’s more than $3 trillion in foreign exchange reserves, will pay $1.5 billion -$2 billion for GM’s [GM 20.07 0.47 (+2.4%) ]positions in blue chip private equity funds managed by firms including [...] BEIJING (MNI) – China is profiting on its overseas investments, realizing a 32% average annual return during 2004 to 2011, the State Administration of Foreign Exchange said Sunday. The regulator said China made a $128 billion return on its overseas investments in 2011 alone, the majority of which came from its foreign exchange reserve investments. The statement followed data showing a negative return of $26.8 billion on the investment income item of [...] China is in position to direct more foreign capital toward acquisitions China is gearing up to channel more foreign reserves toward overseas acquisitions, a top banker has said. Li Ruogu, chairman and president of the Export-Import Bank of China, said the next two years would be a key period for Chinese enterprises to buy overseas assets from European and North American companies.
“We expect the State Administration of Foreign Exchange will set [...] Chinese government says it will continue to help Europe in various ways, but says that Europe cannot rely on China to solve their debt problems or bail them out and expects Europe to do something about its own debts: BEIJING – The China Investment Corporation (CIC), China’s sovereign wealth fund, has had a new injection of investment worth $30 billion from the Chinese government, the company’s vice-president Wang Jianxi told China [...] From FT: taly’s centre-right government is turning to cash-rich China in the hope that Beijing will help rescue it from financial crisis by making “significant” purchases of Italian bonds and investments in strategic companies. According to Italian officials, Lou Jiwei, chairman of China Investment Corp, one of the world’s largest sovereign wealth funds, led a delegation to Rome last week for talks with Giulio Tremonti, finance [...] 1) PBOC Official: China Should Set Up Fund For Forex Interventions “Xu added that China could consider diversifying its foreign exchange reserves away from U.S. dollar assets by cutting the share of reserves held in the form of currencies and bonds, while adding resources, equities and energy and metals that are of strategic importance to China. Many Chinese analysts have called for China to invest more of its [...] And so the immaculate record of all those calling for the “inevitable” correction in gold continues with a roughly 0% success rate. From Reuters: BEIJING, March 9 (Reuters) – China should use some of its $2.85 trillion foreign exchange reserves to buy more gold XAU=, a government adviser was quoted as saying by local media reports on Wednesday. Li Yining, a senior economist at Peking University and member of the Chinese People’s [...] by zh Liu Wei, a director with China’s State Administration of Foreign Exchange, the foreign exchange reserve manager responsible for administering $2.6 trillion in FX reserves, told Caing.com today that “Quantitative easing carried out by the U.S. Federal Reserve could exacerbate global currency interventions, hurt the developed countries and fuel flows of speculative capital into emerging market economies.” Additionally, and contrary to all those who [...] http://af.reuters.com/article/metalsNews/idAFTOE69P08W20101027 “BEIJING Oct 27 (Reuters) – China should significantly boost the amount of gold XAU= held in state reserves, a newspaper run by China’s Ministry of Commerce said on Wednesday, citing a local researcher. Meng Qingfa, a researcher with China Chamber of International Commerce, was quoted by the International Business Daily as saying that China should eventually boost its gold reserves to a level equal to that held by the United States. U.S. [...] http://www.ft.com/cms/s/0/5f038fc8-89a3-11df-9ea6-00144feab49a.html China rules out ‘nuclear option’ on T-bills. Published: July 7 2010 10:44 | Last updated: July 7 2010 23:56 China has delivered a qualified vote of confidence in the dollar and US financial markets, ruling out the “nuclear option†of dumping its huge holdings of US government debt accumulated over the last decade. But the State Administration of Foreign Exchange, which administers China’s $2450bn [...] “China Cautious on Gold Buying” “BEIJING — China’s chief foreign-exchange regulator suggested the country’s appetite for further gold purchases may be limited and offered soothing words about China’s role as an investor in U.S. Treasurys. “Gold is not a bad asset, but currently a few factors limit our ability to increase foreign-exchange investment in gold,” said Yi Gang, director of China’s State Administration of Foreign Exchange. [...] |
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