Hong Kong Completing 1,000 Ton Gold Vault

via: ZeroHedge
by: Tyler Durden
July 26, 2012

Tyler Durden's picture

From GoldCore

Gold’s Rally Short Term? Long Term Outlook Bullish

Today’s AM fix was USD 1,603.00, EUR 1,321.74, and GBP 1,034.26 per ounce.
Yesterday’s AM fix was USD 1,587.50, EUR 1,309.39 and GBP 1,024.86 per ounce.

Silver is trading at $27.79/oz, €22.77/oz and £17.89/oz. Platinum is trading at $1,416.00/oz, palladium at $570.75/oz and rhodium at $1,150/oz.

Gold climbed $22.20 or 1.04% in New York yesterday and closed at $1,604.50/oz. The silver price hit a high of $27.559 and finished the day with a gain of 1.3%.

Gold was trading sideways in Asia with a slight rise and fall before the open in European trading where gold is in a tight range of ($1,601-$1,608/oz).

Cross Currency Table – (Bloomberg)

There were no major alarm bells in terms of central bank gold purchases in June according to the IMF. The biggest buyer was Russia at 6.2 tons.  Germany sold 0.7 tons.  Mexico sold 0.1 tons.  Guatemala bought 0.2 tons.  June’s net purchases were 5.6 tons versus 57.8 tons in June 2011. This shows a 38% drop in net purchases from central banks for the 1st half of the year in 2012 compared to last year.

In Hong Kong they are completing work on its largest gold vault due to open in September which can hold 22% of the gold that is in the US facility Fort Knox.

The new secure storage facility will compete with services set up by the Airport Authority Hong Kong in 2009 that serviced governments, commodity exchanges, bullion banks, refiners, wealthy individuals and exchange-traded funds.

The new facility is within the international airport compound and its capacity is 1,000 metric tons.

This signals the growing interest from China currently the world’s second largest consumer of gold in owning physical gold bullion.

Continue Reading At: ZeroHedge.com

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