3,5 NEW YEAR REPEAT: SWITZERLAND DOES NOT SHIP GOLD TO CHINA IN AUGUST
$XAU
New trade data shows that there was NO GOLD from Switzerland exported to China in August. This is the first time since January 2021 that this situation has occurred, and it is a notable signal for Asia’s physical demand. India is also not looking any brighter: its gold imports in August were only USD 2.30 billion, far lower than USD 5.44 billion in the same period of the previous year. Both ends of the major physical demand market are showing signs of flagging.
However, it’s still too early to conclude that the sell-side has won. Investment premiums in China remain stable, and ETF fund flows continue to act as a cushion for GOLD. Physical demand is slowing, but financial capital flows have not backed off yet. Guys, do you think the investment cushion is thick enough to withstand this demand dip?
#TinFed
$XAU
New trade data shows that there was NO GOLD from Switzerland exported to China in August. This is the first time since January 2021 that this situation has occurred, and it is a notable signal for Asia’s physical demand. India is also not looking any brighter: its gold imports in August were only USD 2.30 billion, far lower than USD 5.44 billion in the same period of the previous year. Both ends of the major physical demand market are showing signs of flagging.
However, it’s still too early to conclude that the sell-side has won. Investment premiums in China remain stable, and ETF fund flows continue to act as a cushion for GOLD. Physical demand is slowing, but financial capital flows have not backed off yet. Guys, do you think the investment cushion is thick enough to withstand this demand dip?
#TinFed