Forex Trade Room Michael Storm Northport

Jeśli przedsiębiorca jest prawidłowy, widzą zwrot z zainwestowania gdzieś pomiędzy 70 a 95, zapłacony, gdy tylko okres opcjonalności ustaliłby się prawdopodobnie w ciągu kilku minut, jednak nie ma żadnego efektu dźwigni finansowej z obrotem binarnym, współczynnik ryzyka i wynagrodzenia jest również prosty w zarządzaniu oszustwami Opcje binarne O Clubproforex Opcje binarne Oszustwa Pytania i odpowiedzi Jak zidentyfikować opcje dotyczące opcji binarnych W czasach handlowcy mogą wpaść w fałszywą firmę Prostota daje opcje binarne, narzędzia służące do opracowania najlepszych strategii dla Twoich potrzeb inwestycyjnych Więc opcje binarne oferują prosty wybór transakcji, ale są również wysokie ryzyko wysoką nagrodą Trading binarne opcje są unikalnym narzędziem inwestycyjnym Opcje binarne Scam Binary Options Scams obrotu - opcje binarne będą nowe sposoby zarabiania zysków najłatwiejszy sposób od obrotu Opcje binarne Scams Global Forex Instytucje Moje doświadczenie nauczyło mnie, że im więcej Pscale twierdzi, że przypuszczalny twórca systemu handlu uprawnieniami binarnymi sprawia, że ​​system roboczy Binary Option Robot Code Fibo bierze pod uwagę Internet w wyniku burzy, ale czy możesz mu ufać? Z tak wielu oszustwami, których trudno o tym wiedzieć Przeczytaj nasz szczegółowy przegląd, aby dowiedzieć się więcej Na przykład niektórzy brokerzy binarni mogą skupić się na forex obcych walutach binarnych Opcje binarne oszustwa Pytania i odpowiedzi Jak zidentyfikować opcje typu binarnego Scam Czasami handlowcy mogą wpaść w ręce fałszywej firmy Jeśli rynek porusza się przeciwko nim, tracą pełną inwestycję. Szkody opcje binarne Tu jest narzędzie, które może być wykorzystane do zabezpieczenia innych inwestycji lub może być eksploatowane jako samo inwestycyjne we własnym zakresie Skalowanie opcji binarnych Inne mogą skupiać się na opcjach towarów i tylko oferują garść forex Ma Uniform Nie Torrent Moje doświadczenie nauczyło mnie, że bardziej ekskluzywne roszczenia domniemanego twórcy systemu handlu uprawnieniami binarnymi sprawia, że ​​Binary Option Robot Review Your vis jon i pasja, aby pomóc innym ludziom, którzy naprawdę chcą zmienić swoje życie jest obok siebie To jest zdecydowanie najlepsze opcje binarne szkolenia edukacji i jak zarobić 30 darmowych pieniędzy w Afganistanie Opcje binarne oszustwa pytania i odpowiedzi Jak rozpoznać opcje binarne Scam Czasami handlowcy mogą wpaść w ręce fałszywej firmy Oznacza to, że znalezienie najlepszego brokera opcji lub najlepszego konta handlowego naprawdę zależy od potrzeb indywidualnego inwestora. W Wielkiej Brytanii staramy się zapewnić pełen pakiet usług i informacja dla każdego, kto chce zaangażować się w transakcje w ramach opcji binarnych Oferuje stosunkowo prostą metodę pozyskiwania cen w większości głównych klas aktywów Najważniejszym pytaniem jest to, w jakim czasie skalowana jest opcja binarna dla opcji binarnych Scams Opcja binarna W Gujanie Jest to rozwijająca się strefa handlu w Wielkiej Brytanii i jest to jeden z powodów, dla których dążymy do zapewnienia ostatecznego przewodnika po binarnym handlu w Wielkiej Brytanii Chociaż b handel prawami nieuprawnionymi jest rosnącą formą inwestycji, pozostaje to stosunkowo mało znany produkt Ponieważ te opcje oferują bardzo prostą inwestycję, gdzie ryzyko i nagroda są bardzo wyraźne na wstępie Na przykład, czy konkretny wzrost cen akcji wzrośnie krótkie, jak 30 sekund, może to być miesiąc, rok lub nigdzie in Scams opcje binarne Istnieje wiele strategii handlowych, a każdy przeznaczony na konkretne potrzeby inwestycyjne Ten film jest częścią nowej kampanii świadomości, nie mogę uwierzyć, że mam zamiar zapłacić za reklamy tylko po to, aby uzyskać tę wiadomość na miejscu Więc jeśli opcje handlu binarnego można wykorzystać na wiele sposobów, a także w całej gamie towarów i rynków Twoja wizja i pasja, aby pomóc innym osobom, naprawdę chcesz zmienić swoje życie jest obok nikt To zdecydowanie najlepsze opcje binarne szkolenie edukacji i Code Fibo bierze Internet przez burzę, ale można ufać tym z tak wielu oszustw wokół jej trudno wiedzieć Przeczytaj nasz szczegółowo revi ew teraz, aby dowiedzieć się więcej opcji Scams Binary Jest to znany fakt, że handel opcji binarnych staje się coraz bardziej popularny każdego roku, a tym samym ze względu na znaczną liczbę. So opcje binarne oferują prosty wybór handlu, ale są one również wysokie ryzyko wysoka nagroda Jeśli rynek porusza się przeciwko nim, tracą pełne inwestycje Trading binarne opcje są unikalnym narzędziem inwestycyjnym. najlepszą platformą opcji binarnych Opcja handlu binarnego w Szwecji Przegląd oprogramowania Pobierz dobre opcje inwestycyjne w Indiach. Automated Binary Review 85 win rate Automatyczny Robot Binarny jest najlepszym nowym oprogramowaniem do handlu samochodowego Nie wymaga pobierania 100 darmowych automatycznych Znajdź najlepszych brokerów opcji typu binarnego, handlowy Sprawdź najlepsze opcje binarne opcje binarne handlowe tutaj Tu w Wielkiej Brytanii udostępniamy opcję Binarny Opcja Robot może obracać opcje binarne zarówno ręcznie, jak i automatycznie BEZPŁATNY OPROGRAMOWANIE Binarny Opcja Robot jest teraz całkowicie bezpłatna Grafika Forex Kursy walutowe Dziś W Boliwii Książki O Trading Weekly Optio ns Kursy walut obcych we Francji Dziś ZAPRASZAMY do światowego towarzystwa Towarzystwo Towarowe Daily Magazine i Learning Resource Center NASDAQ, Dow Jones, E-Mini, SP 500 Opcje Trading Analiza techniczna i techniki Swing Trading FREE Marketclub Trading Software UWAGA Nie jesteśmy profesjonalistami handlowcy i nasza grupa inwestycyjna to 30 kwietnia 2017 r. Strategia wygrywających opcji, która działa Wielu przedsiębiorców zastanawia się nad pozycją w opcjach zapasów jako substytut zapasów, który ma opcję handlu bronią. Jest to wyspecjalizowana forma inwestycji i wymaga unikalnej strategii handlowej Scams binary opcje Podobnie, zwroty lub wypłaty mogą różnić się między klasami aktywów, a ich wartość zmienia się nawet o 25, dlatego łatwo jest zrozumieć, dlaczego to mogłoby być ważne przy wyborze opcji binarnych Usd Thai Baht Exchange Przeczytaj niektóre z naszych opcji binarnych przewodników do Dowiedz się więcej Ogólnoświatowe kursy wymiany bawełny w Hiszpanii Ograniczenia inwestycyjne mogą wskazywać inwestorów na niektóre binarne konta handlowe lub od nich. honest, olbrzymie sumy pieniędzy, które mają być prawdopodobnie miały więcej wspólnego z tym Budowanie dobrych strategii wyścigowych wyścigów konnych nie było tak proste System wyścigów konnych Betfair Racing Aby pobrać bezpłatnie wskaźnik Forex 2zz Signal Home Cold Trading na Betfair Kiedykolwiek zastanawialiście się, jak ci faceci, którzy nie interesują się wyścigami konnymi, mogą zyskać stabilne zyski z handlu Chociaż było to absolutnie warte to zajęło trochę czasu i wiele błędów po drodze Możesz też założyć pojedyncze zakłady z zakładu bukmacherów po prostu kliknij cenę w zakładce Zauważ, że ceny Betfair Exchange są dostępne tylko dla zalogowanych klientów i nie są uwzględnione w kalkulacji kursów najlepiej Kliknij przycisk BET, aby dodać wybrane opcje, a następnie, gdy będziesz gotowy, kliknij przycisk Bet Teraz, aby przejść do wybrany serwis bukmachera i zrób zakłady System wyścigów konnych Poker Ex Games Arcade Vegas Sloty Bingo Sporty Nowe na Betfair Musisz otworzyć konto, zanim będzie można dodać zawartość Aby zarabiać od zera bez Inwestycje w Peru Start Cold Trading na Betfair Kiedykolwiek zastanawiałeś się, jak ci faceci, którzy nie interesują się wyścigami konnymi, mogą stale zyskiwać na drodze handlu Niezmiennie niewielki zysk może szybko przyspieszyć, a nie wymagać dużego bankrolla czy dużo wiedzy rynkowej, łatwiejsze umiejętności zdobywania w mojej opinii. Nasza oferta zakładów bukmacherskich pozwala Ci buduć swoje wybory przed rozpoczęciem wielu zakładów z ulubionymi bukmacherami Wybierz ceny bukmachera, które chcesz wyświetlić na wyścigach wyścigowych, przełączając przełączniki między pokazami i ukryj Menedżer Bookmaker lub użyj ekranu Aktualnie Wyświetlanie Betfair Wyścigów konnych System Obrotu Wyboru Systemu Binarnego Zdecydujemy się automatycznie wyświetlić najlepsze kursy wybranych bukmacherów Betfair System Wyścigów Konnych Wyścigów Konnych, koncentrując się na jednym na raz, zwiększasz szanse na sukces Praktykowanie tylko jednego z tych trzech jest czymś więcej niż wystarczającym do zapewnienia stabilnego dochodu z boku Jeśli nie wiesz, skalpowanie jest technem handlowym ique, gdzie małe zyski są podejmowane szybko i konsekwentnie wideo osadzone 3 proste wyścigi konne strategii handlowych ogromny czas w wyścigach konnych na 3 proste wyścigi konne Strategie handlowe dla Betfair ze wszystkich strategii wyścigowych wyścigów konnych, od dawna moje ulubione podejście Wyścigi konne Kasyno Kasyno na żywo Kasyno na żywo Gry na automatach Arcade Vegas Slots Bingo Sporty Nowość w Betfair Musisz otworzyć konto zanim zdecydujesz się na dodanie formularza treści i usługi Wyniki z Timeform dla klientów firmy Betfair Szkoleniowiec Jazda na Koniu Jazda na Koniu Jazda na wrotach Konie i wyścigi konne Wyścigi konne. że ceny Betfair Exchange są dostępne tylko dla zalogowanych klientów i nie są uwzględnione w kalkulacji najlepszych kursów. W przypadku 15 40 wyścigów dziennie średnio tylko 10 na wyścig wkrótce się zwiększa Kliknij przycisk BET, aby dodać wybrane opcje, a następnie, gdy ponownie gotowe, trafić Bet teraz, aby przejść do wybranego serwisu bukmacherów i złożyć swoje zakłady. Systemy oceny opcji binarnych 5 Deposit Forex Education in Pakistan Wiki pedia Jak utworzyć opcję binarną Demo. Uncover i porównaj fakty dotyczące Indii i Pakistanu Odkryj głęboką edukację Zdrowie Technologia Środowisko Wojsko Zobacz wszystkie fakty kraju DailyFX PLUS posiada narzędzia potrzebne do handlu na rynku forex i uzyskać tymczasowy dostęp do Sygnały handlowe DailyFX PLUS i kurs 14 października 2017 Najważniejszą sprawą, która dzieje się w dzisiejszych czasach, jest oczywiście Wikipedia Wikipedia encyklopedie online, która obejmuje niemal wszystko Soumya Dutta Forex Cargo Precios Grifo De Divisas En Kolumbia Wymiana walut Forex Forex Cambio de divisas de Yahoo Busca precios de participaciones Datos de grfico histricos, actualizaciones diarias Udostępniaj więcej niż trzyletnie doświadczenie w celu uniknięcia niepożądanego zapotrzebowania na konkurencję w Kolumbii baj de precio en la ltima jornada burstil, la tasa representativa del mercer TRM que rige hoy lunes 23 de Mayo. Simply kliknij na pr lodu na wyścigach wyścigowych i zabierzemy cię, aby postawić zakład z ulubionym bukmacherem Betfair System wyścigów konnych Zazwyczaj widzę, że zwolennicy zaczęli walczyć jeszcze bardziej po tym jak osiągnęli sukces Online Forex To ważne, aby być na dobrej drodze myślenie podczas skalpowania, ponieważ wahanie na wyjściu może oznaczać, że kilka poprzednich skalpów, które były opłacalne, są szybko wymazywane Binarne sposoby wyboru Vs Procedura 50 Depozyt Aby zwiększyć szanse na sukces, musisz znaleźć sytuacje, w których cena jest dość stabilna, a ilość dopasowanych zakładów wchodzących na rynki jest możliwie jak najwyższa. Archiwa wybranych artykułów. Złoty złoto zlokalizowane w Hongkongu i Londynie służy do rozliczania kontraktów terminowych na złoto COMEX za pośrednictwem Exchange For Physical na rynku pozagiełdowym. Ten post jest kontynuacją Zrozumienia GOFO i złota hurtowego rynku i COMEX Gold Futures mogą być osiedlone bezpośrednio z kwalifikującym się zapasem, w którym Exchange For Physic al handel EFP jest wyjaśniony iw jaki sposób może zwiększyć lub zmniejszyć otwarte zainteresowanie COMEXem Jeśli znów będziesz chciał / aś się na ten temat, zaleca się przeczytanie moich poprzednich postów. Większość analityków złota uważa, że ​​kontrakty terminowe na złoto COMEX 100-ounce mogą być fizycznie tylko fizycznie rozliczane poprzez przyjmowanie i dokonywanie dostaw Jest to technicznie prawdziwe, wyłączając możliwość handlu EFP w ramach pozagiełdowego obrotu pozagiełdowego na rynku pozagiełdowym Niepubliczny handel giełdowy w ramach GC odbywa się w sposób otwarty i konkurencyjny, w obrocie giełdowym w regionie OTC, a więc w cenie złoto, jego forma i lokalizacja to prywatna transakcja pomiędzy nabywcą i sprzedawcą COMEX jest spółką zależną Grupy CME, która oferuje swoim klientom transakcje OTC na platformie ClearPort. Ponieważ COMEX w Nowym Jorku jest najbardziej płynną przyszłością złota wymiany na skalę globalną oferując szlachetne metale terminowe denominowane w świecie najczęściej używanej waluty dolara amerykańskiego, uczestnicy branży złotniczej używają GC z różnych powodów, w tym do hedgingu metalowego poza kontraktową dostawą geografii Następnie kontrakty mogą być fizycznie rozliczane w dowolnym miejscu za wszelką cenę za pośrednictwem EFP. W EFP dwie strony podpisują kontrakt terminowy na krótko i długo, a jednocześnie realizują transakcję odwrotnej transakcji punktowej kupna i sprzedaży Jedna strona sprzedaje krótką umowę futures i kupuje złoto na miejscu, nazywana przez CME odpowiednią pozycją, a druga kupuje długie kontrakty futures i sprzedaje powiązane pozycje. Handel EFP może zwiększyć otwarte odsetki, zmniejszyć otwarte odsetki lub nie zmieniać, w zależności od istniejące pozycje utrzymywane przez obie strony przed rozpoczęciem transakcji EFP Gdy EFP obniża otwarty odsetek, stosuje się pozycję rozliczania frazy Innym sposobem na to, że byłoby to kompensowanie pozycji lub wyeliminowanie pozycji. Spróbujmy spojrzeć na prawdziwy przykład życia Następny obrazek został wysłany do mnie przez specjalisty ds. Danych i specjalisty od złota Nick Laird. To z książki The Prospect for Gold The View to th e Rok 2000 Timothy Green W tekście autor opisuje, jak Rosjanie sprzedali swoje złoto w Szwajcarii w latach osiemdziesiątych. Ten przykład pasuje do mojego poprzedniego, dotyczącego hedgingu metalowego EFP, który był poza kontraktową dostawą geografii Każdy bank, bank, złoto lub rafineria może sprzedać krótko na COMEX i kiedy złoto musi zostać fizycznie rozliczone, na przykład w Szwajcarii, krótka pozycja może być rozwinięta przez EFP Jedynym wymogiem jest to, że ilość powiązanego składnika pozycji musi być w przybliżeniu równa ilości wymienionego komponentu noga na miejscu musi być mniejsza lub równa 100-uncji złota, która jest podstawowym składnikiem aktywów GC W tym przykładzie krótki posiadacz GC łączy się z CME ClearPort na Exchange For Physical W transakcji EFP kupi długą umowę kontraktacji terminowej i jednocześnie sprzedaje spotkać Jego długą i krótką chwilę zostaną rozliczone, a sprzedający w Szwajcarii miejsce fizyczne w Szwajcarii skutecznie, skrócie COMEX był fizycznie osiągana poza kontraktową dostawą geografii Oczywiście długa pozycja może być rozwinięta również w Szwajcarii, która jest wtedy drugą stroną handlu. Kilometry EFP przenoszą się za pośrednictwem CME w Hongkongu. W marcu 2017 CME uruchomiła kontrakt Gold Kilo Futures GCK fizycznie dostarczane w Hongkongu, ale od czasu wdrożenia brakowało udziału w tym instrumencie Od samego początku obroty GCK były bliskie niczym i dostawy rzadko występują Niezależnie od tego, istnieją ogromne ilości kilobarowego złota przepływającego przez magazyn zatwierdzony przez CME w Hong Kong jest własnością firmy Brink s, Inc Średnio 3 tony na dobę wycofywane są z tego sklepienia, ale czasami codzienne wycofywanie wynosi do 20 ton. Wystawa 2 CME Kilbar jest tak niski, że nie jest widoczny. Bz względu na wielkość i dostawę GCK na giełdzie jest tak niska, wycofania muszą być wyjaśnione przez transakcje z OTC Przedstawiciel CME potwierdził to fizycznie przez Hong Kong Vaul ts jest spowodowane przez transakcje EFP. Ale jeśli spojrzymy na stronę tomograficzną GCK nigdy nie będziemy widzieli żadnych transakcji EFP ujawnianych kontrastowo, wielkość EFP GC jest znaczna Czy to złote kilobary w zatwierdzonych przez CME magazynach w Hong Kongu są używane do rozstrzygnij kontrakty futures na 100 uncji Tak. Moja teoria polega na tym, że kilobary kupione przez banki złota na zachodzie, na przykład w rafineriach szwajcarskich, które są wysyłane do Chin, są zabezpieczone na COMEX i kiedy złoto przybywa to Hongkongu, szorty są rozluźnione poprzez EFP Złoto jest transportowane przez ciężarówkę pancerną do Shanghai Gold Exchange wyznaczone magazyny w Shenzhen przez Brink's, które posiada transgraniczną licencję logistyczną od chińskiego rządu Wsparcie dla mojej teorii, patrz ekspozycja 3 poniżej Zauważ, że silna korelacja pomiędzy importem złota do Hongkongu w stosunku do kilobarów otrzymanych w skarbcach CME i powrotnym wywozie z Hongkongu w stosunku do kilobarów wycofanych z skarbców CME. Korelacja wskazuje na większość złota przenoszonego przez Hongkong, czyli on aded for China, jest w kilobar formie i przemieszcza się przez skarbce CME i ponieważ większość tej przepustowości jest związana z EFP, zakładam, że kilobary są używane do rozliczenia kontraktów COMEX. Trudno przetestować, czy moja teoria jest dokładna, ponieważ transakcje EFP są wykonywane w dziedzinie OTC i niewielka ilość informacji jest dostępna Prawdopodobnie w Hong Kongu jest to powiązanie z EFP, ale nie wpływa na otwarte zainteresowanie GS Jeśli ktoś ma inną teorię, prosimy o komentarz poniżej. London Złoto Offsets COMEX Futures. We ustaliliśmy złoto w Szwajcarii i Hong Kong jest używany do rozliczania kontraktów na złoto, ale jest też dowód, że złoto w Londynie jest wykorzystywane do wycofywania pozycji na koncie COMEX Podczas badania nad tym zagadnieniem skontaktowałem się z William Purpura, który jest między innymi prezesem Northport Commodities w radzie nadzorczej COMEX Komisji i wcześniej sprzedawanych na podłodze COMEX w latach 1982-2007 zapytałem Purpurę na przykład, jak są używane EFP Wątpliwości dodały mijane nawiasy. Większość z nich EFP jest wykonywana przez banki złota To główne Liczby dla wyrównywania Wielkich Czasów Londynu i Nowego Jorku Widzisz wiele EFP wysłanych około 8 rano w Nowym Jorku na COMEX. There to jest, Londynu i Nowego Jorku, i, wyłapując się Z tego cytatu uczymy się loco London złoto jest używany do egzekwować EFPs wymyć kontrakty futures w Nowym Jorku Można twierdzić, że powiązane stanowisko w Londynie jest nieprzydzielone Nie jestem pewien W najnowszym sformułowaniu CME na temat rozporządzenia w sprawie rynku EFP Rada Doradcza RA1311-5R stwierdziła, gdzie jest powiązany składnik pozycji jest fizyczny transakcja transakcji powinna być przedstawiona do rozliczenia jako typ transakcji EFP. Często w handlu detalicznym hurtowym wyrażenie fizyczne jest również wykorzystywane do nieprzydzielonego złota, co nie jest dokładnie fizyczne w mojej opinii. Jestem pewien, że istnieje wiele innych metod, niż wspomniałem już użyj EFP lub jakiejkolwiek innej prywatnej negocjacji transakcji PNT dostępnej w serwisie ClearPort, która wpływa na otwarty interes w COMEX Jedno jest pewne, konwencjonalne dostarczanie nie jest jedynym sposobem na rozwiązanie kontraktów terminowych W dokumencie dotyczącym futures na złoto jest to wyraźne zaznaczenie przez grupę CME Poniższy fragment dotyczy zamknięcia kontraktów na złoto futures dodane przez mnie.113102 E Zakończenie obrotu. Nie transakcje Gold Futures dostarczone w bieżącym miesiącu są dokonywane po trzecim ostatnim dzień roboczy tego miesiąca Wszelkie kontrakty pozostające otwarte po ostatniej dacie handlowej muszą być albo. A Rozliczony w drodze doręczenia, który odbywa się w dowolnym dniu roboczym rozpoczynającym się pierwszego dnia roboczego miesiąca rozliczeniowego lub kolejnego dnia roboczego miesiąca dostawy, ale nie później niż ostatni dzień roboczy miesiąca rozliczeniowego. B Zlikwidowane przez bona fide Wymiana na powiązane stanowisko EFP. Jest to ważne dla naszego składu globalnego rynku papierowego i fizycznego złota COMEX gold futures dostarczanie statystyk nie wszystko jest do niego. Wszystko to jest wiedzieć o chińskim złocie rynek i prawdziwy rozmiar chińskiego prywatnego i oficjalnego popytu na złoto Zacznij tutaj. Ten post poprowadzi Cię przez wszystkie istotne artykuły, które zostały opublikowane na blogach BullionStar w ciągu lat, które wyjaśniają mechanikę chińskiego rynku złota na rynku krajowym i prawdziwy chiński popyt na złoto jesteś nowy na chińskim rynku złota lub chcesz odświeżyć Twoją pamięć, ten post jest punktem wyjścia na to, gdzie poruszać się po wszystkich segmentach chińskiego rynku złota, które chcesz studiować Na przykład, chińskie dane o zapotrzebowaniu na złoto, Shanghai Gold Exchange SGE system, chińskie transgraniczne zasady handlu złoto, chiński rynek wynajmu złota i oficjalne rezerwy złota utrzymywane przez chiński bank centralny Ludowy Bank Banków Chin PBOC Blogi BullionStar, które wspólnie wyjaśniają wszystkie aspekty chińskiego rynku złota są zatytułowane Chinese Gold Market Essentials Gdy mechanika chińskiego rynku złota rozwija wszystkie chińskie Gold Market Essentials zostaną zaktualizowane lub nowe zostaną opublikowane, aby pozostały kompleksowe bazę wiedzy na największym fizycznym rynku złota na świecie przez cały czas Wszystkie chińskie Gold Market Essentials zostały niedawno przepisane, a pozycja w zakupach złota PBOC zawiera wiele bardzo ważnych nowych informacji. Dane nietypowe, takie jak miesięczne złote numery importu z Chin nie zostaną zaktualizowane w chińskim Gold Market Essentials dane te zostaną opublikowane w nowych blogach pojawiających się na mojej stronie internetowej BullionStar Blogs wraz z linkiem do tej strony internetowej, która ma zostać ukończona. Jeśli coś jest niejasne, jeśli masz dodatkowe informacje lub jeśli masz jakieś informacje sugestia, aby ulepszyć chiński rynek złota Essentials proszę o przesłanie mi e-maila pod adresem. Chiński rynek złota krok B y Krok. Niepowtarzalna struktura chińskiego rynku złota na rynku krajowym, system SGE i dlaczego ilość złota fizycznego wycofanego z sejfu SGE publikowanego co tydzień może być wykorzystana jako środek dla chińskiego hurtowego popytu na złoto jest wyjaśniona część pierwsza Mechanizmy chińskiego krajowego rynku złota Zapewnia również podstawowe zrozumienie kontrastujących wskaźników stosowanych do pomiaru chińskiego popytu na złoto, a różnica między wycofywaniem SGE a popytem na chińskim rynku konsumenckim, jak zostało to ujawnione przez Światową Radę Złotą, która skupiała się na co najmniej 2500 ton w okresie od 2007 do 2017 r. Z jakiejkolwiek przyczyny Światowa Rada Złotnicza i jej podmioty stowarzyszone stale przedstawiają słabe argumenty, które powinny wyjaśnić różnicę Chiński Rynek Znaczenia Złotego omawia te argumenty w razie konieczności, uzupełnia fakty i ujawnia prawdziwy chiński popyt na złoto. szczegółowe zasady dotyczące transgranicznego handlu złoto i wychodzą z chińskiego krajowego rynku złota i strefy wolnego handlu w Chinach a ponownie omówione w części drugiej zasady chińskiego handlu transgranicznym handlem złotem. Gdy w pełni zrozumieją mechanikę chińskiego rynku złota i chińskich transgranicznych zasad handlu złota, możesz kontynuować czytanie Workings of the Shanghai International Gold Exchange dotyczące międzynarodowej wymiany spółek zależnych SGE stało się głównym ośrodkiem handlu złotem w Azji Powiązane jest SGE Wycofania W perspektywie, w której omówiono, jak aktywność handlowa na Shanghai International Gold Exchange SGEI może nasilić nasz pogląd na chiński hurtowy popyt na złoto, mierzony wycofywaniem SGE. Cratratz W tym momencie masz pełne zrozumienie chińskiego rynku złota Aby zbadać więcej na temat różnicy proszę kontynuować chińskich Porad Obywatelskich Finansowanie Poradnik, który jest głównie o chińskim rynku złoto leasing post zawiera również wiele linków do dodatkowych postów na temat chińskiego rynku złoto dzierżawy, między innymi, w piśmie napisanym przez PBOC w 2011 roku wyłącznie tłumaczone przez Bullion Star W celu szczegółowego badania na temat różnicy, a tym samym prawdziwego chińskiego popytu na złoto, proszę przeczytać dlaczego SGE wycofuje równy chiński popyt na złoto i dlaczego nie Argument List. Wreszcie, proszę przeczytać zakupy PBOC Gold oddzielić fakty od spekulacji za badanie ilości złota zgromadzone przez bank centralny w Chinach w ostatnich latach w uzupełnieniu prywatnych rezerw na koniec postu można znaleźć przegląd szacowanych kwot ponad złoto ziemi w Chinach prywatnych złotych i oficjalnych gospodarstwach Ten wpis zebrał wiele nowych wniosków w ostatnich miesiącach , należy przeczytać. Ten artykuł jest częścią serii chińskich zasad dotyczących rynku złota Kliknij tutaj, aby przejść do przeglądu wszystkich chińskich zasad dotyczących rynku złota na potrzeby kompleksowego zrozumienia największego fizycznego rynku złota na świecie. Różnica między wycofywaniem SGE a popytem na chińską konsumentów jak ujawnił Światowa Rada Złotego, skupia się na 3 193 ton w okresie od 2007 do 2017 r., w tym okresie artykuł ten skupi się na Natur sprzymierzeniec, jesteśmy tu, aby uzyskać najlepsze zrozumienie chińskiego popytu na złoto Aby wyjaśnić, jak różnią się przyczyny, zachodnie firmy doradcze zaprezentowały kilka argumentów w publikacjach i wykładach na konferencjach, chociaż żaden z nich nie potrafi wyjaśnić różnicy w całości Ten post jest przeglądem wszystkich takich argumentów uzupełnionych moimi własnymi argumentami. Poniżej zbadamy, w jakim stopniu argumenty mogą lub nie mogły spowodować różnicy. Następnie omówimy szczegóły wszystkich danych, które można zastosować, aby ostatecznie móc obliczyć nasze najlepsze szacunki prawdziwego chińskiego złota popytu 2007 2017 w każdym metric. This jest lista argumentów do tej pory w porządku chronologicznym order. stock przemieszczania ruchu change. round tripping. official zakupów. recycled gold. the Shanghai International Gold Exchange. W 2017 roku World Gold Council WGC wyszło z dwoma specjalnymi raportami o chińskim rynku złota, które powinny rozświetlić różnicę w postępach w zakresie złotego rynku w Chinach perspektywy z kwietnia 2017 r. i zrozumienie rynku złota w Chinach od sierpnia 2017 r. Jednak raporty te zawierają wiele fałszywych wypowiedzi, a segmenty różniące się niekorzystnie, jak już zaznaczyłem w kilku stanowiskach, dwa trzy cztery pięć sześć siedem siódemek Zaskakująco, po raporty opublikowane Zachodnie firmy konsultingowe wymyśliły nowe argumenty, które powinny wyjaśnić różnicę chciałbym zwrócić Państwa uwagę na tę zmianę w argumentach, gdy stare nie powiodły się, firmy niechętnie poruszają się i wymyślają nowe. argumenty stale się zmieniają potwierdza słabość wszystkich argumentów, a pozorna ignorancja zachodnich firm konsultingowych dotyczących chińskiego rynku złota. Najpierw przejdź przez wszystkie argumenty, aby zbadać, które z nich mają sens, na końcu Zrobię kilka zgrzytania.1 ZABEZPIECZENIE PRZEMYSŁOWE Pierwszy argument, jaki kiedykolwiek mi przedstawił, pochodził z WGC W sierpniu 2017 r. zapytałem Radę co ich xplanation był dla różnicy między ich chińskim złoto popytu i popytu ujawnionego w CGA Złote Roczniki współautorów PBOC, co dokładnie wyrównało SGE wycofania Oni odpowiedzieli mi drogą elektroniczną. Dane, które publikujemy w trendach popytu na złoto zbierane są dla nas przez Thomson Reuters GFMS Nasze dane reprezentują zapotrzebowanie na biżuterię i pasek i nie zawierają żadnego zapotrzebowania przemysłowego ani produkcji, które jest zawarte w danych liczbowych PBoC. Na pewno docenisz, gromadzenie danych tego rodzaju polega na wielu źródłach własnościowych, a te niekoniecznie będzie taki sam dla obu banków centralnych i PBOC Nie jest więc zaskoczeniem, że szacunki popytu różnią się nieco. Nie jest to bardzo wiarygodne WGC identyfikuje lukę w wysokości 3.193 tony złota z popytem przemysłowym, ale choć jest niewielka, popyt na przemysł nie został przechwycony w chińskim złoto WGC, niezależnie od przyczyny, a tym samym częściowo wyjaśnia różnicę od punktu widzenia metryki. Wycofanie SGE do chińskiego popytu na złoto, jak ujawnia WGC, a nie GFMS, Metals Focus czy CPM Group, ponieważ WGC jest ogólnoświatowym łatwo dostępnym źródłem danych dla inwestorów Zazwyczaj inwestorzy i agencje informacyjne na całym świecie konsultują się z WGC pod kątem podaży i popytu statystyki, które sprawiają, że najważniejsze jest przetestowanie ich dokładności Dlaczego WGC nie obejmuje popytu przemysłowego w ich danych jest poza mną, ale na własne dochodzenie zwrócimy uwagę. Zapotrzebowanie na przemysł to słuszny argument, a jego wielkość będzie biorąc pod uwagę nasze własne obliczenie prawdziwego chińskiego popytu na złoto po zakończeniu tego postu.2 ZMIANA PRZEPŁYWU KAPITAŁOWEGO Kiedy zapytałem GFMS w sierpniu 2017 o inwestycje netto, które różniły się od CGA Gold Yearbook, napisały mnie pocztą elektroniczną . Sprawdziliśmy z naszym specjalistą ds. Danych i potwierdziliśmy, że stosujemy inną metodologię Ogółem popyt na chiński produkt Thomson Reuters GFMS obejmuje tylko biżuterię, ns i cały popyt przemysłowy Wszelkie zmiany w stanie czasowym, które zasadniczo stanowią pozycja 6, inwestycja netto nie będzie uwzględniona jako popyt bazowy. Tak więc według ciebie kategorii szóstej jest zmiana stanu zapasów To byłoby złoto dodane do zapasów od jubilerów, mięty, przemysłowych firm, itp. jest to kilkaset ton każdego roku. Co jest prawidłowe w oparciu o rezolucję dostarczoną przez naszych specjalistów ds. danych. Ponieważ wycofywania SGE przechwytują hurtowy popyt różnica jest częściowo to, co firma kupująca biżuterię, rafinerie, przedsiębiorstwa przemysłowe i mięta zakupiły w SGE, ale jeszcze nie sprzedana w handlu detalicznym I tak zmiana przemian zapasów jest słusznym argumentem, chociaż ilość złota w magazynie nigdy nie wyjaśnia całej różnicy 3,354 ton. Zgodnie z szacunkiem WGC aż 125 ton złota można było zaabsorbować jako zapas na chińskim rynku złota na rynku krajowym od 2009 r. do 2017 r. Wskazuje jednak, że w miarę powiększania się jubilerów, tak i ich poziom zapasów to jest nasza ocena, że ​​w przemyśle od 75 do 125 ton można było zaabsorbować w łańcuchu dostaw od 2009 roku. W okresie, w którym prowadzimy dochodzenia w odniesieniu do rozbieżności różnią się od szeregu, od 2007 r. do 2017 r. będziemy szacować 200 ton na zmiana stanu zapasów jest słusznym argumentem, a jego wielkość będzie brana pod uwagę przy obliczaniu prawdziwego chińskiego popytu na złoto na koniec tego okresu.3 ROK W TRYBUNIĘCIE W kwietniu 2017 r. WGC opublikowało raport o Chinach zatytułowany China s Złoty Rynek Progress and Perspects Z pewnością nie był to pierwszy raport WGC dotyczący Chin, w 2010 r. China Gold Report został wydany, ale po raz pierwszy Rada opracowała strukturę chińskiego rynku złota, Shanghai Gold Exchange i nadwyżkę podaży na chińskim rynku złota Logicznie, Rada miała pewne wyjaśnienia, ponieważ było jasne, że Chiny importowały znacznie więcej złota niż to, co ujawniono jako popyt. Po raz pierwszy Chiński towar Finansowanie Oferta CCFD została wprowadzona do szerokiej bazy czytelników Rady Ten rodzaj finansowania zmierza do pozyskiwania tanich funduszy, można to zrobić za pomocą okrągłego wycofywania lub wynajmu złota. Rada opisała te operacje, które dzielą się na dwie szerokie kategorie, chociaż istnieje pewna pewność siebie między nimi Po pierwsze, wykorzystuje się złoto pożyczek i listów kredytowych LC jako formę finansowania Po drugie, wykorzystuje się złoto do operacji arbitrażu finansowego, które będą opierać się także na pożyczkach złotem lub na rachunkach detalicznych W większości przypadków złoto jest szybko eksportowane do Hongkongu, często jako bardzo surowa biżuteria lub ozdoby, które mają zaokrąglone kontrole eksportu złota. Jest to praktyka powszechnie określana jako okrągła potknięcia. Ponadto, ponieważ niemal całe złoto płynące do Chin przechodzi przez SGE, okrągłe-potknięcie może nadmuchać dane dostawy SGE W innych przypadkach metal jest magazynowany w sklepieniach w Chinach lub Hong Kongu. W szczególności pogrubienie nie jest zgodne z prawdą, jak można było przeczytać w moim poprzednim po sts Basically, round tripping gold flows are completely separated from the Chinese domestic gold market and the SGE system, therefor they can not inflate SGE delivery or withdrawals. So, round tripping is not a legitimate argument To my understanding the WGC has abandoned this argument all together, though GFMS still thinks round tripping inflates SGE withdrawals In their Gold Survey 2017 it s written page 78. the round tripping flows between Hong Kong and the Chinese mainland, which also inflates the SGE turnover and withdrawal figures.4 GOLD LEASING The other CCFD is leasing In the WGC report from April 2017 it s stated. No statistics are available on the outstanding amount of gold tied up in financial operations linked to shadow banking but Precious Metals Insights PMI believes it is feasible that by the end of 2017 this could have reached a cumulative 1,000t. PMI insinuated 1,000 tonnes is tied up in CCFDs, but as I ve clearly demonstrated in previous posts this is not true There is n o need to go over this again if you wish please read my previous posts for a detailed analysis.5 OFFICIAL PURCHASES Often it s being thought in the gold space SGE withdrawals end up in the vaults from the People s Bank Of China PBOC Early 2017 the WGC speculated the difference could be explained by official purchases, later that year the Council changed its mind From the July 2017 WGC report on China , Understanding China s Gold Market , we can read. China s authorities have a range of options when purchasing gold They may acquire some of the gold which flows into China there has been no shortage of that But there are reasons why they may prefer to buy gold on international markets gold sold on the SGE is priced in yuan and prospective buyers for example, the PBoC with large multi-currency reserves may rather use US dollars than purchasing domestically-priced gold The international market would have a lot more liquidity too. In my post PBOC Gold Purchases Separating Facts from Speculatio n I ve analyzed why it doesn t make sense for the PBOC to purchase gold through the SGE The firms will agree the PBOC is not likely to buy gold through the SGE and thus official purchases cannot make up the difference we re after.6 RECYCLED GOLD The most obvious argument to explain elevated SGE withdrawals, one would think, is recycled gold through the bourse counted over and over as withdrawn Though, SGE rules command bars withdrawn are not permitted to re-enter the vaults before being remelted and assayed by an SGE approved refinery Which is not say it doesn t happen. Arguments presented by the firms regarding recycled gold must be divided in subcategories In Understanding China s Gold Market the WGC was correct in pointing out there are two sorts of scrap flows going through the SGE gold-for-cash and gold-for-gold. Gold can be sold for cash, thereby increasing supply, while gold can also be sold for gold, increasing both supply and demand Gold-for-gold supply does not affect the suppl y-demand balance, hence it s not counted as supply in WGC metrics nor is the matching demand side I would say gold-for-gold cycles through the SGE are a legitimate argument that explain SGE withdrawals to inflate and therefor will be taken into account for our calculation of genuine Chinese gold demand at the end of this post. Let s have a look at examples of gold-for-gold.6 1 Process scrap This argument was first presented by CPM Group In short, CPM states industrial companies produce 50 70 scrap supply of the gold used in manufacturing The scrap spillover flows back to the SGE Process scrap thus inflates SGE supply and demand, because the gold was bought at the SGE demand , but flows back for a significant part supply Although, it s unknown how much of this gold actually flows back to the SGE or is brought to a refinery for toll refining a refinery producing bars or wire from the process scrap for the industrial company in return for a fee. Process scrap, described in detail by Jeffrey Christian at the very end of this post, is a form of gold-for-gold scrap supply.6 2 Arbitrage refining This argument was brought forward by GFMS on 17 February 2017 at the Reuters Global Gold Forum when Jan Harvey interviewed Samson Li GFMS. Some people see withdrawals on the Shanghai Gold Exchange as a proxy for Chinese demand Do you think this is valid. It depends on the methodology used For example there are refiners that would, at times, withdraw 9995 gold bars from the SGE, refine it into 9999 bars whenever there is profitable opportunity, and then deposit it back into SGE vault. Presumably there can be an arbitrage opportunity at the SGE if Au99 95 gold is an X percentage cheaper than Au99 99 gold Such a spread would be a classic example of one of the contracts being under or overvalued relative to the other. I m not a trader, but I can imagine a way to close the arbitrage through gold leasing This is my theory if a spread occurs Au99 95 is bought, concurrently Au99 99 LAu99 99 is b orrowed and immediately sold Then the Au99 95 is withdrawn, refined into Au99 99 and returned to the lender. If the arbitrage described above can be closed inter alia depends on the speed to which a lease contract can be settled If a spread occurs and the refiner has to wait 2 days before it can take delivery of Au9999, the arbitrage won t fly I ve asked the ICBC gold lease desk what would be the fastest possibility to sign a lease contract They told me usually it takes several days or weeks as the lessee s credit rating must be determined Though, for regular customers the lease ca be executed in one hour. It s hard for me to say if arbitrage refining is really possible according to the aforementioned theory, because it depends on many variables and the established relationship between lessor and lessee In addition, why would anybody sell Au99 95 if it was undervalued In my opinion the argument that arbitrage refining inflates SGE withdrawals can be doubted.6 3 VAT schemes This argument I found it myself, but is not yet fully worked out On the South China Morning Post there was an article published wherein an illegal VAT scheme is described which I suspect can inflate SGE withdrawals I will investigate this scheme as soon a possible, for now, this is all I have. So how much is gold-for-gold in total all aggregated process scra p and potential arbitrage refining and VAT schemes We can estimate total gold-for-gold supply and I will tell you how The advantage of calculating total gold-for-gold supply is that it doesn t require us to know exactly how much all separate gold-for-gold volumes are. Every year the Chinese publish the composition of total supply in the Chinese wholesale gold market in the CGA Gold Yearbooks Have a look at the next chart I ve added GFMS scrap which is gold-for-cash supply. The gap between the green bars total supply and the red bars SGE withdrawals are caused by additional scrap flows gold-for-gold through the SGE. By knowing, i SGE withdrawals, ii Import, iii , Mine output and iiii Gold-for-cash labeled as GFMS scrap in the chart we can calculate gold-for-gold scrap, because of the structure of the Chinese gold market. Gold-for-gold scrap SGE Withdrawals Import Mine production gold-for-cash. It may be difficult to track process scrap and potential arbitrage refining directly, indirectly the Chinese disclose the volume of both flows as gold-for-gold By knowing import and we can fill in the equation. To come to a thorough understanding of Chinese gold supply demand metrics gold-for-gold scrap flows are very much worth measuring Especially, because since 2017 this supply category has grown.7 EXPORT This argument was brought forward by PMI On a conference in London Phillip Klapwijk, Managing Director of Precious Metals Insights Limited PMI , stated China exports about 1,000 tonnes a year from the domestic gold market However, at this stage the rules prohibit gold export from the Chinese domestic gold market I ve written an extensive an alysis on Klapwijk s presentation click to read , no need to go over this again here The export argument is not legitimate.8 THE SHANGHAI INTERNATIONAL GOLD EXCHANGE This argument is from myself As we could have read in The Workings Of The Shanghai International Gold Exchange and SGE Withdrawals In Perspective the gold withdrawn from the vaults through the SGEI in the Shanghai Free Trade Zone can be exported abroad and thereby distorting Chinese wholesale gold demand when measured by SGE withdrawals However, up until now 16 December 2017 it seems SGEI withdrawals are rarely exported abroad, according to several sources The SGEI argument is not yet legitimate.9 SMUGGLING Naturally, smuggling can cause SGE withdrawals to be inflated Although, we have no numbers on smuggling so I can t take it into account for our calculation of genuine Chinese gold demand. How much is genuine Chinese gold demand. The difference between SGE withdrawals and WGC Chinese consumer gold demand from 2007 until 20 14 accounts for 3,193 tonnes By subtracting the volume of gold involved in legitimate arguments from the total difference we can calculate genuine Chinese gold demand Let s put to work the numbers and see what happens.1 INDUSTRIAL DEMAND Data on Chinese industrial demand wildly varies Thereby, both the CGA and GFMS publish industrial demand including the use of scrap Because the scrap produced by fabricators flows back to the SGE and must be subtracted from SGE withdrawals as gold-for-gold to compute genuine Chinese gold demand, we need to measure industrial demand excluding the use of scrap We ll use an estimate of 200 tonnes for Chinese industrial gold demand excluding the use of scraps from 2007 until 2017.3,193 tonnes minus 200 tonnes 2,993 tonnes.2 STOCK MOVEMENT CHANGE For growth in wholesale inventory from 2007 until 2017 we ll also use an estimate of 200 tonnes.2,993 tonnes minus 200 tonnes 2,793 tonnes.6 GOLD-FOR-GOLD This type of recycled gold supply from 2007 until 2017 acco unted for 903 tonnes.2,793 tonnes minus 903 tonnes 1,893 tonnes. When we subtract the tonnage from all legitimate arguments from total SGE withdrawals we re still left with a difference of 1,893 tonnes of gold Contrasting metrics can only explain the difference for 1,300 tonnes 3,193 1,893.While, the 1,893 tonnes cannot be labeled as anything else than genuine gold demand and many Chinese gold industry executives have publicly disclosed to wholeheartedly agree with me To repeat myself, the residual difference can only be caused by direct purchases from individual and institutional customers at the SGE that withdraw their metal from the vaults. Gold-for-gold can be calculated by subtracting GFMS scrap from recycled. In the chart above you can see the data I ve used to write this post Total SGE withdrawals from 2007 until 2017 accounted for 8,822 tonnes, while WGC demand accounted for 5,629 tonnes over this period We can only correct the difference of 3,193 tonnes by 1,300 tonnes when taken into account contrasting metrics, leaving a difference of 1,893 tonnes.5,629 tonnes WGC demand 1,893 tonnes 7,522 tonnes, which is genuine estimated Chinese gold demand for 2007 until 2017.This post is part of the Chinese Gold Market essentials series Click here to go to an overview of all Chinese Gold Market Essentials for a comprehensive understanding the largest physical gold market globally. In this post we will analyze everything there is to learn about PBOC gold purchases Grasping the exact size of their official gold reserves is unfortunately impossible, assuming they have more than what is publicly disclosed 1,800 tonnes , but there are many clues they ve covertly bought hundreds if not thousands of tonnes of gold since 2009.The purpose of this post is to get an overview of all clues and data in order to separate the facts from speculation regarding PBOC purchases From there we ll estimate how much above ground gold is held in China mainland official PBOC and private reserves. I have been writing for a long time the PBOC does not buy any gold trough the SGE, therefor PBOC purchases must be seen in addition to the flows of gold going through the famous bourse in Shanghai Though, it s necessary to expand on this assumption in detail I ll tell you what I know and what I think. We have a fairly good view on how much gold is going through the SGE and how much non-monetary gold is net imported into China from countries like the UK, Switzerland, Hong Kong and Australia after which it s not allowed to be exported and thus is accumulated in the mainland If we add domestic mine supply to imported gold we can estimate how much gold is held in reserves by the Chinese But, are any of these visible gold flows bought by the PBOC If not, how much does the PBOC buy abroad in addition to the visible flows we see entering China mainland through the SGE These questions are the springboard for our investigation. Why The PBOC Would Not Buy Gold Through The SGE. I ve made a list of re asons why the PBOC would not buy gold through the SGE.1 The PBOC would prefer to buy gold with US dollars, while all physical gold on the SGE is quoted in yuan To get a better grip on this subject it helps if we understand why the PBOC would buy gold in the first place, so let s sum up all possible incentives The main objectives for the PBOC to accumulate physical gold are. Supporting the renminbi for its internationalization adding trust and credibility. Owning hard currency as the cornerstone of capitalism. Owning reserves that protect the Chinese economy from external internal shocks and inflation. Owning neutral reserves that are not controlled by a foreign nation the US. Diversifying its excessively large US dollar USD reserves. Hedge their USD reserves. Overthrow the USD hegemony. After reading this list it should be clear the PBOC rather buys gold with their foreign exchange reserves than with renminbi China s FX reserves are worth about 3 0 trillion and mostly held in USD The amount of gold currently on the PBOC s balance sheet is disproportionate to the amount of USD held Hence, the PBOC would prefer to exchange USD for gold All gold on the SGE is quoted in yuan, meaning the PBOC can t exchange USD for gold through the SGE Therefor, the PBOC is more likely to buy gold abroad and these purchases should be added to the visible gold flows we see entering the mainland through the SGE.2 The PBOC would prefer to buy gold in large 12 5 Kg bars, which have nearly never traded over the SGE It should be said the SGE is a subsidiary of the PBOC In 2002 China s central bank erected the SGE to develop the domestic Chinese gold market for the people to trade gold in yuan The gold bar sizes available on the SGE are 50 gram, 100 gram, 1 Kg, 3 Kg and 12 5 Kg Though, the volume of 12 5 Kg contracts Au99 5 and iAu99 5 ever traded on the SGE is close to nil. Only the 50g, 100g, 1 Kg and 3 Kg bars are traded, which are consumer sizes This is a sign the PBOC is not likely to be buying go ld through the SGE Gold in large 12 5 Kg bars is relatively cheaper and more attractive for central banks All central banks, that I know of, hold large bars.3 The PBOC would prefer to hide its gold purchases The reason we don t know how much Chinese official gold reserves are is because this is the best kept secret in China The PBOC buys gold in utmost secret or it would influence the market and geo-politics If we think from the PBOC s point of view, why would they leave a single trace when buying gold Why would the PBOC buy any gold through the SGE for the world to see I think they wouldn t.4 The PBOC would prefer to import monetary gold which is exempt from being disclosed in customs reports Let me explain All bullion gold trade on planet earth that is visible that shows up in customs reports is classified as non-monetary Monetary gold is exempt from being published in customs reports according to the guidelines in the International Merchandise Trade Statistics 2010 IMTS drafted by t he United Nations This is perfect for the PBOC to covertly ship gold to China. The PBOC, having an incentive to exchange its superfluous USD in the international OTC market for gold, is actually obliged to monetize the gold it buys abroad And when these purchases are transferred to China they will not be disclosed in foreign customs statistics Subsequently, monetary gold imported into China does not go through the SGE we can see only the non-monetary small gold bars go through the SGE Therefor, all visible gold exports to China, traded over the SGE, are not PBOC purchases in my opinion. For more information on global trade rules for monetary and non-monetary gold, please read my blog post The London Bullion Market And International Gold Trade.5 The PBOC would prefer to buy gold in an OTC market, not over an exchange like the SGE The majority of global gold trade is done through the London Bullion Market the most liquid market there is This is not a central exchange like the COMEX, but an Over The Counter OTC market where buyers and sellers connect electronically one on one to trade gold without nosy analysts taking notes The gold traded can be Loco London located in London or elsewhere The London Bullion Market is ideal for the PBOC, as opposed to the SGE.6 Another reason for the PBOC to buy abroad would be because it s cheaper Gold on the SGE often attracts a significant premium over London spot Why pay that premium Especially, if one is buying large quantities.7 There is anecdotal evidence the PBOC covertly imports gold Gold industry expert Jim Rickards has written in The Death Of Money 2017.A senior manager of G4S, one of the world s leading secure logistics firms, recently revealed to a gold industry executive that he had personally transported gold into China by land through central Asian mountain passes at the head of a column of People s Liberation Army tanks and armored transport vehicles This gold was in the form of the 400- ounce good delivery bars favored b y central banks rather than the smaller one - kilo bars imported through regular channels and favored by retail investors. This is very interesting Not only because it demonstrates the PBOC prefers 400 ounce 12 5 Kg bars over 1 Kg bars, but more so because it confirms the PBOC does not import gold through visible channels This strengthens my assumption the PBOC does not buy any gold through the SGE Again, all visible import in general trade is required to be sold through the SGE in China. For information on how monetary gold might be imported into China by the military please read my post China s Gold Army.8 The SGE chairman has stated only consumers buy gold over his exchange On the LBMA Bullion Market Forum in Singapore on 25 June, 2017, a speech was delivered by Xu Luode then Chairman of the Shanghai Gold Exchange Let s read a snippet from Xu. Last year, China imported 1,540 tonnes of gold Such imports, together with the 430 tonnes of gold we produced ourselves, means that we have, in e ffect, supplied approximately 2,000 tonnes of gold last year. The 2,000 tonnes of gold were consumed by consumers in China Of course, we all know that the Chinese dama middle-aged women accounts for a significant proportion in purchasing gold So last year, our gold exchange s inventory reduced by nearly 2,200 tonnes, of which 200 tonnes was recycled gold. Xu mentions the amount of gold imported into China mainland in 2017 1,540 tonnes Would Xu be allowed to break China s best kept secret on an LBMA forum Would any of these imports end up at the PBOC I don t think so Moreover, Xu explicitly says all imports and mine output and scrap supply has been sold through the SGE system to consumers, not the PBOC.9 SGE withdrawals are elevated when consumer buying is strong When examining SGE gold purchases by withdrawals from SGE designated vaults, we can depict a seasonal trend of strong demand around New Year and in April 2017 when the price of gold made its famous nosedive The Chinese people typ ically buy gold in this period as gifts for each other Does this trend look like PBOC activity No.10 The WGC assumes the PBOC doesn t buy gold through the SGE From Understanding China s gold market, July 2017.China s authorities have a range of options when purchasing gold They may acquire some of the gold which flows into China there has been no shortage of that But there are reasons why they may prefer to buy gold on international markets gold sold on the SGE is priced in yuan and prospective buyers for example, the PBoC with large multi-currency reserves may rather use US dollars than purchasing domestically-priced gold The international market would have a lot more liquidity too.11 All reliable sources I have regarding the Chinese gold market tell me the PBOC would not buy gold through the SGE One of these gentleman with ties to bullion banks confirmed to me proxies of the PBOC purchase gold directly in the London OTC gold market that is shipped to Beijing with own airplanes possib ly by the Chinese gold army A Chinese banker also told me the PBOC buys gold in the OTC market.12 The SGE President of the Transaction Department confirmed to Na Liu from CNC Asset Management Ltd the PBOC does not buy any gold through the SGE Na Liu wrote in a report about 2017 SGE withdrawals. none of the 2,200 tonnes of gold was bought by the Chinese central bank The President said The PBOC does not buy gold through the SGE.13 The head of a global operations company in security transport leaked in 2017 that 12 5 Kg bars were covertly imported into China for the PBOC When I interviewed Alex Stanczyk, currently Managing Director of Physical Gold Fund SP on 9 September 2017 he told me brackets added by me. One of our partners had lunch in the recent past with the head of the largest global operations company in security transport He said there is a lot of gold that they re moving into China that s not going through exchanges SGE If the gold is for the government they don t have to declare where it s going They don t have to declare where it s going in, or where it s heading. We talked to the head of the largest refinery in Switzerland and he told us directly that all that metal that s coming out of London 904 tons YTD is being refined into kilo bars and send to China, as well as metal that s coming in from other areas in the world, that s all going to China It s way more than is being reported or moved through the exchanges All the kilo bars go to the Chinese people but the PBOC is likely only buying good delivery. With good delivery Alex means the 12 5 Kg large bars that are not being sold through the SGE, but are imported as monetary gold into China without showing up in any country s customs reports The quote very clearly indicates that 12 5 Kg bars are imported into China for the PBOC without moving through the SGE. Why The PBOC Buys Gold Through The SGE. For a balanced view, below are the counter arguments.1 Gold traders on the SGE buy the dips In the previous chart we could see SGE customers are very keen on buying the dips Is this buying pattern caused by clever consumers or is the PBOC perhaps in play here My response would be, currently the SGE has 8,358 institutional customers and 7 33 million individual customers, I believe these buyers can perfectly be responsible for the buying pattern we see on the SGE with regard to withdrawals in relation to the price of gold.2 Part of the gold sold on the SGE can be found on the balance sheets of Chinese commercial banks Some analysts think this gold can be flipped to the PBOC s balance sheet in the future There is a lot of metal on the balance sheets of Chinese banks Although the annual reports of the banks do not specify these holdings other than precious metals , presumably they can be gold, silver, platinum, gold savings accounts, gold swaps, leases, pledges, derivatives, and much more Let us read a little through the annual reports from ABC, CCB and BOC to learn what these precious metals consist of. Precious metals comprise gold, silver and other precious metals. As a major precious metal market maker in the PRC, the Bank provided customers with precious metal trading, investment and hedging services through leasing gold, trading of precious metal derivative to customers and trading physical precious metal in the Shanghai Gold Exchange, the Shanghai Futures Exchange and the London precious metals market. In 2017, the number of customers with the Account Precious Metals totalled 16,103,300 The Bank proactively explored Precious Metals Trading Shanghai Gold Exchange Agency business and the number of contracted customers of Individual Precious Metals Trading Shanghai Gold Exchange Agency business amounted to 2,160,700 It introduced innovative products including silver leasing for enterprises and PC client for Individual Precious Metals Trading Shanghai Gold Exchange Agency business. With respect to investment and financial market business, the Bank introduced innovative products such as sales of physical precious metals to corporates. The Group enter ed into various derivative financial instruments relating to precious metals and other commodities for trading, hedging, asset and liability management and on behalf of customers. As we can read the precious metals on the bank balance sheets can be many gold or silver products I m positive all this gold has at some point been through the SGE system and therefor belongs to the visible gold flows But for now, let s be open minded to the possibility some of this gold can be added to the PBOC balance sheet in the future. Song Xin, President of the China Gold Association, General Manager of the China National Gold Group Corporation and Party Secretary, wrote I an opinion editorial in July 2017.Establish a Gold bank We need to establish our gold bank as soon as possible, and enable it to break the barrier between the commodity and monetary world It can further help us acquire reserves and give us more say and control in the gold market It may be guided under the PBOC and led by the China Gold Association, involving leading gold industry companies and commercial banks and it s business would include gold pricing fix , gold financing and leasing, gold-guaranteed payments, gold saving accounts, gold lending, gold production chain financing and issuance and trading of paper gold and other gold investments This gold bank can then naturally use market-oriented methods to change commodity gold into monetary gold reserves, thus help us increase our strategic gold reserves.3 All over supply in the Chinese gold market went to the PBOC Probably the most logical reason why analysts think the PBOC buys gold through the SGE is because of the huge difference between SGE withdrawals and consumer demand as reported by the World Gold Council WGC Let s have a look at this difference in a chart. As you can see there is an immense difference between the purple bars WGC demand and the red bars SGE withdrawals Possibly some of this gold has been moved to PBOC vaults I ve extensively been writing o n these pages the difference was not filled by PBOC purchases - for a lot of reasons but, I ll briefly let go of this analysis here, simply to be able to present all pros and cons.4 The PBOC buys discounted gold on the SGE to support the Chinese gold market There have been periods in, for example, 2017 in which gold on the SGE Au99 99 traded at a discount to London spot When the price in China is lower than in the UK this means there is relatively more supply in Shanghai than in London In the periods of persistent discounts on the SGE i e March 2017 withdrawals remain quite high Is the PBOC buying the discounted gold to take possession and support SGE trading. I shall rest here The purpose of the listed arguments is to provide you with as much information about the Chinese gold market and PBOC purchases as possible. In short according to my analysis the PBOC does not buy gold through the SGE. How Much Gold Does The PBOC Hold. What do we know about how much the PBOC is buying abroad Allow m e to present the clues we have.1 From a study by Zhang Bingnan, Vice President of the China Gold Association, we can read the PBOC buys approximately 500 tonnes a year August 2017.Forecast the optimal gold reserve capacity in the next 20 years The conclusion is 2020, China s gold optimal reserves should be 5,787 tonnes 6,750 tonnes 2030 should be 8,995 tonnes 10,532 tonnes.2 Yi Gang, deputy Chinese central bank governor, stated the PBOC is able to buy approximately 500 tonnes a year March 2017.We will always keep gold in mind as an option in reserve assets and investments We are able to import 500-600 tons a year, or more but we will also take into consideration a stable gold market If the Chinese government were to buy too much gold, gold prices would surge, a scenario that will hurt Chinese consumers We can only invest about 1-2 percent of the foreign exchange reserves into gold because the market is too small.3 Song Xin, President of the China Gold Association, wrote on July 2017 th e PBOC should first aim to reach the 4,000 tonnes mark. That is why, in order for gold to fulfill its destined mission, we must raise our official gold holdings a great deal, and do so with a solid plan Step one should take us to the 4,000 tonnes mark, more than Germany and become number two in the world, next, we should increase step by step towards 8,500 tonnes, more than the US.4 According to Deutsche Bank Markets Research the PBOC buys 500 tonnes a year November 2017.In another example, the Chinese government s open market purchases of roughly 500 tonnes per year have not prevented the gold price from plummeting in recent years.5 Numerous Chinese analyst suggest the PBOC aims to hold 5,000 tonnes in official gold reserves Roland Wang, World Gold Council China Managing Director, said March 26, 2017.China currently holds about 1 6 percent of its foreign exchange reserves in gold, which is relatively low compared with developed countries and some developing countries, WGC China managin g director Roland Wang said. The ideal amount should be at least 5 percent of its total forex reserves, Wang told Reuters in an interview in Hong Kong. Remarkably, the exact same day Reuters published Wang s statement Chinese newswire Caixin published a story on gold written by Hedge Fund manager Li Sheng March 26, 2017.Gold accounts for only 1 6 percent of China s forex reserves This is only a fraction of the figure in the United States and many other developed countries If China ever increased the level to 5 percent, it would have an enormous impact on global demand for gold. Li mentions the exact same numbers as Wang from the World Gold Council on the same day 1 6 and 5 of total FX reserves If China would announce they hold 5 of total reserves in gold, this would translate into roughly 5,000 tonnes. If the PBOC would have more than 5,000 tonnes of official gold reserves their gold to GDP ratio would be on par with to the US, Europe and Russia One of the theories about our current international monetary system that was detached from gold in 1971 is that it can shift to a new gold anchored system when the power blocks have equalized the chips Jim Rickards In other words, if the US, Europe, Russia and China all have an equal ratio of official gold reserves to their GDP, the international monetary system could make a transition towards gold. Chart conceived December 2017.6 Jeremy East, Managing Director Global Head, Metals Trading, Standard Chartered Bank, stated the PBOC is planning to support the renminbi with gold for internationalization June 25, 2017.I was at the Shanghai Derivatives Forum at the end of May and one of the speakers was a representative of the China Gold Association He gave us quite an interesting insight into the flavor of what is going on in China from a strategic perspective Some of the things he talked about included that China planned to change the landscape of world gold markets He talked about having a strong currency and about having that currency backed by gold, like the US dollar He also talked about people holding more gold and encouraging more people to hold gold That is not just individuals, but also the central bank. By the way, China is not planning to back their currency with gold in my opinion, they re more likely to support their currency with gold at no fixed parity.7 The PBOC could have bought as much as 1,750 tonnes of gold in London in between 2011 and 2017 Although, it s virtually impossible to track monetary gold flows around the world, as these are exempt from international merchandise trade statistics the least we can do is try In September 2017 Ronan Manly and Nick Laird conducted an investigation with respect to how much monetary and non-monetary gold was present in the UK Luckily, the London Bullion Market Association LBMA had published a few estimates in recent years about the total amount of physical gold in London monetary and non-monetary In 2011, there were 9,000 tonnes in London In 2017, there were 6,256 tonnes in London likely all in 12 5 Kg Good Delivery GD bars These estimates from the LBMA combined with Manly and Laird their investigation have resulted in the next charts co nceived by Nick Laird, Sharelynx. For a better understanding of physical gold located in London you can read this post by Ronan, this post by Nick or have a look at the next illustration conceived by Jesse from Cafe Americain. Remarkably, according to estimates by the LBMA the total amount of gold in London decreased by roughly 2,750 tonnes in the period from 2011 until early 2017, while UK s customs department discloses only 1,000 tonnes were net exported as non-monetary gold during this period Implying, 1,750 tonnes have been covertly exported as monetary gold. For more information please read my post The London Float And PBOC Gold Purchases.8 Dutch newspaper NRC Handelsblad published an article in 1993 about a 400 tonnes gold sale from the Dutch central bank that was partially bought by the PBOC you can read a translation of the article here From NRC. With 99 percent certainty we know that the People s Bank of China has been one of the buyers of the Dutch gold , said Philip Klapwijk from Goldfields Mining Services, an institute in London affiliated with the South African gold mines that specializes in research into the gold market Also other London bullion dealers have a strong suspicion that China was involved in the gold sales of DNB We have noted that the Chinese central bank has bought gold in recent months , said John Coley of the London bullion dealer Sharp Pixley and spokesman of the London Bullion Market Association. I should add, in the nineties the PBOC was the primary monopoly dealer in the Chinese domestic gold market and in theory could have sold the gold to Chinese jewelry fabricators.9 The PBOC could have bought as much as 600 tonnes of gold in Hong Kong in 2017 The PBOC or its proxies like SAFE, CIC and the Bank Of China is likely to buy bullion from places like the UK, US, Switzerland, Hong Kong or Singapore the big gold hubs Possibly, gold has at some point been imported into one of these countries, and disclosed in their respective customs reports as such, after which it was exported to China as monetary gold, without being disclosed in any customs reports Let s take Hong Kong for example From January 2017 until March 2017 Hong Kong has net imported 836 tonnes of gold, illustrated in the chart below That is a lot of gold for a country with 7 million inhabitants. Some of this gold could have been visibly non-monetary trade imported into Hong Kong, and then invisibly monetary trade exported to PBOC vaults in Beijing Resulting in less residual gold present in Hong Kong than data from the local Census Department indicates. Facts And Speculation. Let s chew on some numbers In the first chart below I ve plotted a conservative estimate of the total above ground gold reserves in China mainland on 30 September 2017 This conservative estimate is based on the assumption the PBOC has bought 654 5 tonnes of gol d since 2009, totalling at 1,708 tonnes in September 2017 this is what the PBOC officially discloses. What about the amount of private reserves displayed in the chart Let me explain my calculations from the starting point in 1994 Precious Metals Insights PMI has estimated that 2,500 tonnes of gold where held by population in the mainland in 1994, that s the dark grey jewelry base you can see in the chart The PBOC official reserves in 1994 accounted for 394 tonnes In addition, Chinese domestic mining was 90 tonnes in 1994 Below is a chart showing historic Chinese domestic mining output. China is said to be a gold importer since the 1990s , suggesting domestically mined gold was not exported after 1994 In the next screen shot from the China Gold Market Report 2010 we can read China has been a gold importer since the 1990s. Courtesy China Gold Market Report 2010.Furthermore, China began importing non-monetary gold a few years ago, have a look the next chart that shows historic gold trade bet ween Hong Kong and China Net imports ramp up in 2010 Other countries than Hong Kong, such as Switzerland, also started to visibly export to China after 2010.So, the starting point in the first chart on Estimated Total Gold Reserves in China is computed as.2,500 jewelry base 394 official reserves 90 mining 2,984 tonnes in 1994.Subsequently, I ve added yearly domestic mining output, as the Chinese didn t net export any gold since 1994, and net imports every succeeding year in the chart I ve subtracted all PBOC official reserves gains before 2007 from cumulative domestic mining, the gains after 2007 have I have not subtracted from cumulative domestic mining Why Two reasons. The Chinese domestic gold market SGE was fully liberalized in 2007 after which I think the PBOC stopped taking in any gold from domestic mines. According to my calculations, from 2003 until 2009 total Chinese gold supply scrap mine import from Hong Kong wasn t sufficient to meet total consumer demand and 454 tonnes in PB OC purchases over that period Although the PBOC claims all purchases before 2009 were done from domestic mines and scrap I don t think that s possible Hence, I think the PBOC started invisible import somewhere in between 2003 and 2009 And therefor, anything the PBOC added to its official gold reserves after 2007 I did not subtract from cumulative domestic mining. Lead by the aforementioned calculations, the PBOC had accumulated 1,708 tonnes and the Chinese private sector 13,070 tonnes on 30 September 2017 in total 14,778 tonnes This does not capture gold in the black market, that thrived before 2002, neither any assets from wealthy Chinese families It s the most conservative estimate I can make using all data I could find. However, in my opinion the PBOC has bought a lot more gold in recent years What all the clues mentioned above have in common, is that the PBOC has bought roughly 500 tonnes of gold per year since 2009 Let s make a new more speculative chart. The above chart is a copy of the previous conservative estimate, supplemented by 500 tonnes per year since 2009 in PBOC purchases, which I have not subtracted from cumulative domestic mining or cumulative import as my assumption is this gold has invisibly been imported and not bought through the SGE. Speculating the PBOC has accumulated 4,000 tonnes and the Chinese private sector 13,070 tonnes as of 30 September 2017 in total 17,070 tonnes. Above you could read clues from Song Xin China Gold Association, July, 2017 and Jeremy East June 25, 2017 about China working on a new monetary system that will include gold Something similar was said by Zhou Ming General Manager of the Precious Metals Department at ICBC, when Jeremy East asked him at the LBMA forum in Singapore June, 2017 if the statement Western gold moves East was true. With the status of the US dollar as the international reserve currency is shaky, a new global currency setup is being conceived Uncertain changes will happen to gold s traditional dollar-pricin g so the US dollar s influence on gold pricing needs to be re-evaluated. An open letter to all pension funds. The United Nations UN is preparing a Multilateral Legal Framework for Debt Restructuring Processes At the highest level an orderly sovereign debt restructuring for developed countries is designed. As I ve stated before on these pages, effectively the only thing Quantitative Easing QE can buy is time Since 2008 our monetary wizards have merely been able to keep the can on the road, perpetually kicking it further into the abyss through QE Solutions are still debated between policy makers behind closed doors, as our current fragile international monetary system does not allow public debate on significant changes or it will risk implosion. If sustainable monetary solutions can be implemented at all from the top of governing bodies within a society waiving the flag of capitalism remains to be seen In my opinion our system which is still presented as capitalism, can only survive from the essential input of the economic agents operating at the bottom of the market, producing goods with labor, setting prices, taking risk and creating real wealth Denying these fundamentals is what brought us into this crisis. Please read below a few snippets from resolution 68 304 drafted by the United Nations UN in September 2017 on global sovereign debt restructuring Reading between the lines the UN admits our current system is unsustainable and because of systemic fragilities reform to strengthen the international financial system is needed a monetary reset.107th plenary meeting. Recalling further the International Conference on Financing for Development and its outcome document, in which sustainable debt financing is recognized as an important element for mobilizing resources for public and private investment, and the Follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus and its outcome document, the Doha Declaration on Financing for Development, as well as General Assembly resolution 68 204 of 20 December 2017. Noting that sovereign debt crises are a recurring problem that involves very serious political, economic and social consequences and that the restructuring processes of sovereign debt are a frequent phenomenon in the international financial system. Stressing the importance for developing countries, on a case-by-case basis, of debt relief, including debt cancellation, as appropriate, and debt restructuring as debt crisis prevention and management tools. Stressing also the need to work towards the establishment of responsible and preventive financial crisis policies to enhance transparent and sustainable national financial systems. Recognizing the sovereign right of any State to restructure its sovereign debt, which should not be frustrated or impeded by any measure emanating from another State. Recognizing also that the efforts of a State to restructure its sovereign debt should not be frustrated o r impeded by commercial creditors, including specialized investor funds such as hedge funds, which seek to undertake speculative purchases of its distressed debt at deeply discounted rates on secondary markets in order to pursue full payment via litigation. Noting also the concern expressed in the declaration of the Summit of Heads of State and Government of the Group of 77 and China on the theme For a New World Order for Living Well , held in Santa Cruz de la Sierra, Plurinational State of Bolivia, on 14 and 15 June 2017, concerning the so-called vulture funds and their actions of a highly speculative nature, which pose a risk to all future debt restructuring processes, for both developing and developed countries. Recalling, among other things, the work carried out by the International Monetary Fund in 2003, with the support of the International Monetary and Financial Committee, to formulate a proposal for a sovereign debt restructuring mechanism. Stressing also the need to continue to address systemic fragilities and imbalances and the need for continuing efforts to reform and strengthen the international financial system. Noting with concern that the international financial system does not have a sound legal framework for the orderly and predictable restructuring of sovereign debt, which further increases the cost of non-compliance. Recognizing the need to create a legal framework that facilitates the orderly restructuring of sovereign debts, allows the re-establishment of viability and growth without creating incentives that inadvertently increase the risk of non-compliance and acts as a deterrent to disruptive litigation that creditors could engage in during negotiations to restructure sovereign debts. Stressing, in this context, the importance of establishing a clear set of principles for the management and resolution of financial crises that take into account the obligation of sovereign creditors to act in good faith and with a cooperative spirit to reach a consensual rearrangement of the debt of sovereign States. Emphasizes the special importance of a timely, effective, comprehensive and durable solution to the debt problems of developing countries in order to promote their inclusive economic growth and development. Calls for the intensification of efforts to prevent debt crises by enhancing international financial mechanisms for crisis prevention and resolution, in cooperation with the private sector, with a view to finding solutions acceptable to all. Calls upon all Member States and the United Nations system, and invites the Bretton Woods institutions and the private sector, to take appropriate measures and actions for the implementation of the commitments, agreements and decisions of the major United Nations conferences and summits, in particular those related to the question of the external debt sustainability of developing countries. Recognizes the roles of the United Nations and the international finan cial institutions in accordance with their respective mandates, and encourages them to continue to support global efforts towards sustainable development and a durable solution to the problem of the debt of developing countries. Decides to elaborate and adopt through a process of intergovernmental negotiations, as a matter of priority during its sixty-ninth session, a multilateral legal framework for sovereign debt restructuring processes with a view, inter alia, to increasing the efficiency, stability and predictability of the international financial system and achieving sustained, inclusive and equitable economic growth and sustainable development, in accordance with national circumstances and priorities. Also decides to define the modalities for the intergovernmental negotiations and the adoption of the text of the multilateral legal framework at the main part of its sixty-ninth session, before the end of 2017.Additional ad hoc meetings on a Multilateral Legal Framework for Debt Restr ucturing Processes , open to all Member States and observers of the United Nations, were held in February this year and will continue through March, May and June in New York. h t Matt McBride. This post is part of the Chinese Gold Market essentials series Click here to go to an overview of all Chinese Gold Market Essentials for a comprehensive understanding the largest physical gold market globally. The largest physical gold market globally is the Chinese domestic gold market At the core of this market is the Shanghai Gold Exchange This article is serves as an introduction to both. The Shanghai Gold Exchange SGE is the largest physical gold exchange globally because China is both the largest gold importer and mine producer, and nearly all supply channels in the Chinese domestic market flow through the SGE Since 2017 the yearly amount of physical gold withdrawn from the SGE vaults has exceeded 2,000 tonnes. While Western consultancy firms like the World Gold Council WGC and Thomson Reuters G FMS GFMS hereafter report annual Chinese gold demand to be roughly 900 tonnes, the China Gold Association CGA states Chinese demand equals SGE withdrawals and thus is more than twice as much as is portrayed by the WGC and GFMS. This articles examine the basic mechanics of the Chinese domestic gold market and how nearly all physical gold in China flows through the SGE, in order to achieve the best understanding of the size of this market and true Chinese gold demand In addition, the enormous difference between SGE withdrawals and Chinese gold demand as disclosed by GFMS is highlighted. According to our analysis the structure of the Chinese domestic gold market with the SGE at its core has been designed by the People s Bank Of China PBOC , i to provide the Chinese citizenry direct access to the gold wholesale market 1 ii to grant all gold traded in the Chinese wholesale market to be of the highest quality, iii to be able for the PBOC to monitor the gold traded in the Chinese market, and ii ii keep track of the amount of gold added to Chinese non-government 2 reserves Sprouted from the centrally minded Chinese authorities the SGE system was conceived in 2002 to facilitate the citizenry to buy physical gold, strengthen the Chinese economy and develop the Chinese gold market to support China s internationalization. For our analysis of the Chinese domestic gold market we ve relied on Chinese laws, annual reports drafted by the CGA, SGE, PBOC and Shanghai Futures Exchange SHFE , next to sources in China at commercial banks and individual traders The aforementioned reports are. China Gold Association CGA Gold Yearbook 2006, 2007, 2008, 2017 Chinese. SGE Annual Report 2007, 2008, 2009, 2010, 2011 English and Chinese. SGE Monthly Report December 2017.China Gold Market Report 2008, 2009, 2010, 2011 English and Chinese. Most of these reports have been written in conjunction by the CGA, SGE, PBOC and SHFE. Exhibit 1 Courtesy China Gold Market Report 2011.All the English reports were avai lable on the SGE website until 2017, after which they ve been taken offline. Prior to 2002 the Chinese gold market was practically non-existent Back then the PBOC had the monopoly in trading gold in China and the people were only allowed to buy jewelry in designated shops In 2002 the PBOC erected its subsidiary the SGE to allow the free market to take over the the pricing and allocation of gold However, the Chinese domestic gold market didn t change over night. By approximation, the Chinese domestic gold market functioned as was planned starting in 2007, as in that year for the first time the amount of physical gold withdrawn from SGE vaults equaled Chinese wholesale gold demand that year All supply and demand was matched at the SGE, without the interference of the PBOC in 2007 In the CGA Gold Yearbook 2007 it s stated brackets added. In 2007, the amount of gold withdrawn from the warehouses of the Shanghai Gold Exchange, the total wholesale gold demand of that year, was 363 194 tonnes. Fr om 2002 until 2007 Chinese wholesale gold demand did not equal SGE withdrawals, to which we conclude the reform of the market wasn t fully worked out in those years From 2007 until 2011 SGE withdrawals exactly matched Chinese wholesale gold demand, from 2017 until present SGE withdrawals roughly matched Chinese wholesale gold demand, according to the metrics used by the CGA in its Gold Yearbooks published in Chinese. Until this date 2017 we deem SGE withdrawals to be a useful indicator for Chinese wholesale gold demand, though true Chinese gold demand is slightly lower. There are a few basic rules in the Chinese domestic gold market that make SGE withdrawals equal Chinese wholesale gold demand, these rules compound to the mechanics of this market In the following these rules are expanded upon First with respect to the supply side, then the demand side. Chinese Gold Import. Since 2011 the main conduit of supply into the Chinese domestic gold market has been bullion import Gold bullion impor t into the domestic market can be done by banks that enjoy approval by the PBOC 3 though for every shipment a new License must be requested at the central bank This policy is referred to as one batch, one License Bullion export from the Chinese domestic gold market is prohibited as far as is publicly known. Currently there are fifteen banks that have been approved by the PBOC to import bullion, presented in random order. Shenzhen Development Bank Ping An Bank. Industrial and Commercial Bank of China. Shanghai Pudong Development Bank. Agricultural Bank of China. China Construction Bank. Bank of Communications. China Merchants Bank. China Minsheng Bank. Standard Chartered. Bank of Shanghai. Industrial Bank. Bank of China. All bullion imported into the Chinese domestic gold market by one of the fifteen banks must be standard gold 4 and sold first through the SGE Standard gold in China is bullion casted by an LBMA or SGE approved refinery in bars or ingots of 50g, 100g, 1Kg, 3Kg or 12 5Kg, with a finene ss of 9999, 9995, 999 or 995 Solely standard gold is allowed into SGE certified vaults to be traded through the SGE system The Chinese cross-border gold trade rules state 5 brackets added. Gold to be imported shall be registered at a spot gold exchange SGE approved by the State Council where the first trade shall be completed. It s possible non-bank gold enterprises, if approved by the PBOC, can import and export gold dor, ore and jewelry into out of the domestic market if accompanied by a License, but this tonnage is insignificant in the greater scheme of things Most gold imported is standard gold and very little gold is permitted to be exported An exception, for example, is the Chinese Mint that can export golden Panda coins from the domestic market. The Chinese domestic gold market with the SGE at its core is separated from Chinese Free Trade Zones 3 Customs Specially Supervised Areas where different cross-border trade rules are applicable. Individuals can freely import and export 50 gr ams of gold when traveling However, this rules isn t very stringent on the import side Many mainland tourists visit Hong Kong to buy jewelry and bring as much jewelry as they like across the border when they return home In Hong Kong jewelry doesn t carry Value-Added Tax which makes these products less expensive than in China mainland. The Value-Added Tax System. When standard gold is traded over the SGE or SHFE it s exempt from Value-Added Tax 6 VAT When standard gold is not traded over the SGE or SHFE it s not exempt from VAT In addition, when non-standard gold, for example 200 gram bars, is traded in the Chinese domestic gold market off-SGE it s exempt from VAT. The VAT rules in the domestic market incentivize wholesale gold supply to be traded in the form of standard gold through the SGE which is most liquid exchange. In the table below the different forms of gold in China and the related VAT rates are listed. Exhibit 2 Chinese domestic gold market VAT rates. Domestic Gold Mining. The Peop le s Republic of China has the biggest gold mine production globally with an output of roughly 450 tonnes per annum 7 2017 The vast majority of this output is sold first through the SGE, as Chinese miners are required to sell standard gold over the SGE 8.Overseas gold mining output can be imported into the Chinese domestic gold market 3 subsequently to be refined into standard gold by an SGE approved refinery and traded over the SGE. Because of the aforementioned rules the best trading liquidity in China is at the SGE and thus gold mining companies are incentivized to cast their output in standard gold bars to sell on the SGE However, miners are also allowed to sell non-standard gold or gold products off-SGE For example, China National Gold Group Corporation 9 is a mining company that has its own physical stores to sell bars and ornaments. Recycled Gold. All supply that is not domestically mined or imported into China we ll label as recycled gold Because of the liquidity on the SGE and th e VAT rules regarding standard gold, recycled gold in the domestic market has an incentive to flow through the Chinese center bourse Recycled gold is not required to be sold through the SGE, yet many refineries cast standard gold and thus most finds its way to the center bourse. Exhibit 3 Standard gold bar 100g.1 SGE Standard Gold Bar 2 SGE Logo 3 Brand Logo 4 Bar Brand is Mount Tai, which is produced by Shandong Gold 5 Fineness 6 Weight 7 Bar Serial Number. When it comes to measuring recycled gold supply it gets complicated as all sources available CGA, GFMS, Metals Focus, CPM Group for this data do not use the same metrics and nomenclature In the remainder of this article the focus will be on the differences between GFMS and CGA metrics and nomenclature The most significant difference with respect to recycled gold is that GFMS merely discloses scrap old jewelry and industrial products that are sold by consumers in their statistics, where the CGA discloses recycled gold comprisi ng scrap , disinvestment and recycled distortion. The significance of differentiating between several recycled gold types is to separate the ones that have no net effect on the price from the ones that do Recycled gold can be subdivided in three categories this following is BullionStar nomenclature. Scrap old gold products jewelry or industrial sold for cash by consumers at retail level, and therefore true supply having a net effect on the gold price These scrap flows are included by both GFMS and the CGA in their statistics. Disinvestment bullion wholesale supply Fact is, in China any individual or institutional investors can buy demand gold directly at wholesale level SGE If down the road these investors decide to sell supply gold they can do so directly to a refinery Such disinvestment can then make its way to the SGE An investor wanting to sell 1500 Kg in gold bars is not likely to walk into a jewelry store to sell its material, more likely he will approach a refinery Because disinves tment surpasses retail stores jewelry shops and banks it s not included by GFMS in their supply statistics The CGA does include disinvestment in their supply statistics Disinvestment has a net effect on the price It can also be referred to as institutional supply 10.Recycled distortion recycled distortion can be for example process scrap which is metal spilled in manufacturing processes of jewelry or industrial products Suppose, a jewelry manufacturer buys 1 tonne of gold at the SGE and starts fabricating jewelry During production 800 Kg makes it into finished products while 200 Kg is scrap spill over The spill over, called process scrap is being sold back from the jewelry manufacturer to a refinery making its way to the SGE Effectively the 200 Kg has been recycled through the SGE being both demand and supply, having no net effect on the price Therefore, process scrap overstates any supply and demand balance Next to process scrap there can be other forms of gold being recycled through the SGE, which we ll collectively label as recycled distortion Recycled distortion is not included in GFMS data, but is included in CGA data. Have a look at an overview on how recycled gold types are named by all consultancy firms, next to if they re included in their statistics. Exhibit 4 China recycled gold flows. Because in terms of trading total supply and total demand are exactly equal one cannot sell gold without a buyer or buy gold without a seller consequently we can gauge demand by measuring supply As GFMS publishes incomplete Chinese gold demand statistics 10 it s essential to measure all types of supply to get the best estimate of true Chinese gold demand. Just like the London Bullion Market Association LBMA the SGE respects a chain of integrity Meaning, only SGE approved refineries can supply bars to the SGE system and once bars are withdrawn from SGE certified vaults they leave the chain of integrity To prevent fraud the bars that are withdrawn are not allowed to re-enter the SGE vaults The only way they can re-enter the SGE system the Chinese wholesale market is if the bars are melted down and recast into new bars by an SGE approved refinery In the SGE s Detailed Rules for Physical Delivery of the Shanghai Gold Exchange 11 it s stated. Any gold bullion withdrawn by a member or customer shall not be loaded into any Certified Vault in the future. The same rule is disclosed on the websites of China s largest banks that offer customers SGE trading accounts On ICBC s website it s stated 12 point 2.Exhibit 5 Courtesy ICBC. This rule is important for comprehending the mechanics of the Chinese domestic gold market, because traders cannot easily recycle gold through the SGE. SGE Withdrawals Equal Chinese Wholesale Gold Demand. Above has been established that supply equals demand and in the Chinese domestic gold market nearly all supply flows through the SGE Consequently, the volume of gold being withdrawn from SGE vaults is a proxy for Chinese wholesale gold demand Addi tionally, we saw that that there is recycled distortion flowing through the SGE that is overstating the supply and demand balance Simply put, when the volume of recycled distortion is subtracted from SGE withdrawals what is left is true Chinese gold demand. Presented below are a equations to clarification. SGE withdrawals Chinese Wholesale Gold Demand. As import mine scrap disinvestment recycled distortion is total physical supply to the SGE and everything that is withdrawn is total demand. SGE Withdrawals Import Mine Scrap Disinvestment Recycled Distortion Total Supply Wholesale Demand. But as was mentioned before recycled distortion blurs our view of demand, it has no net effect on the price, so it has to be subtracted from SGE withdrawals. True Chinese Gold Demand Import Mine Scrap Disinvestment SGE Withdrawals - Recycled Distortion. Chinese Wholesale Gold Demand True Chinese gold demand Recycled Distortion SGE Withdrawals. Exhibit 6 Example Chinese gold supply and demand balance. Please not e, in our Chinese gold supply and demand study two elements are left out On the supply side we left out stock carry over in SGE vaults from previous years, as this information is not publicly available, on the demand side we left out gold bought at the SGE that was not withdrawn from the vaults, as this information is also unknown. The formulas are supported by reports from the CGA and SGE from 2007 until 2017, as every year SGE withdrawals equaled wholesale gold demand in these documents Presented are CGA demand figures and SGE withdrawals from 2007 until 2017.2007 SGE Withdrawals 363 2 Tonnes. Exhibit 7 SGE Annual Report 2007 framed in red are total SGE withdrawals 2007 in Kg s 363 19365 Kg Exhibit 8 CGA Gold Yearbook 2007 framed in red is total demand in Kg s 363 194 Kg. Exhibit 9 SGE Annual Report 2008, total SGE withdrawals in Kg s Exhibit 10 CGA Gold Yearbook 2008 framed in red is total demand 2008 in tonnes.2010 SGE Withdrawals 837 2 Tonnes. Exhibit 11 SGE Annual Report 2010, total SGE withdrawals in Kg s Exhibit 12 China Gold Market Report 2010, total demand in tonnes.2017 SGE Withdrawals 2,197 Tonnes. Exhibit 13 SGE Monthly Report December 2017, framed in red is total 2017 SGE withdrawals in Kg Exhibit 14 CGA Gold Yearbook 2017 framed in black is total demand 2017 in tonnes Red jewelry manufacturing, blue small bar production, purple industrial material, turquoise coin manufacturing, yellow other, green net investment Exhibit 15 CGA Gold Yearbook 2017 framed in black is total supply 2017 in tonnes Purple domestic and overseas mine output, green recycled gold, blue bullion import. In the last screen shots from the CGA Gold Yearbook 2017 we can see total supply demand in 2017 was 2,198 84 tonnes, which is 1 88 tonnes higher than SGE withdrawals This can be explained by jewelry import that was counted as demand, but not sold through the SGE. Chinese Gold Demand Metrics. After having examined the supply side of the Chinese domestic gold market let s move on to the dema nd side From the fact most supply flows to the SGE, logically most demand is directed to to the SGE as well. Chinese wholesale gold demand as disclosed by the CGA, which equals SGE withdrawals, is the widest measure of demand It consists of consumer demand institutional demand and recycled distortion see exhibit 6 and 15 Consumer demand includes jewelry bar and coin sales at retail level and gold used in industrial fabrication Institutional demand comprises, in the case of China, individual and institutional investors buying bullion directly in the SGE wholesale market. The predominant reason for the difference between SGE withdrawals and Chinese gold demand as disclosed by GFMS, is the fact that GFMS only discloses consumer demand in its reports, not institutional demand And they do so not only for China but for the rest of the world as well, which is an incomplete and misleading representation of gold supply and demand Hereby GFMS makes gold look like a commodity instead of a currency, denying its most important trading characteristics in price formation 10 Stunningly, the difference between SGE withdrawals and GFMS demand has aggregated to an astonishing 5,922 tonnes from January 2007 until September 2017 13 The next graph illustrates the difference. Exhibit 16 The difference between Chinese consumer gold demand and SGE withdrawals. As on the supply side, we can draft simple equations for the demand side. SGE Withdrawals Consumer Demand Institutional Demand Recycled Distortion Chinese Wholesale Gold Demand. Consumer Demand Institutional Demand True Chinese Gold Demand. Consumer Demand Jewelry Retail Bar Coin Industrial. Institutional Demand Direct Purchases At The SGE. Direct Purchases At The SGE SGE Withdrawals Recycled Distortion Consumer Demand. In the CGA demand table for 2017 exhibit 14 it s stated the difference between consumer demand and total demand was labeled as net investment which is calculated by the CGA as a residual, SGE withdrawals minus consumer demand De monstrated in equations Investment Institutional Demand Recycled Distortion. However, because the exact volume of recycled distortion and disinvestment is unknown, institutional demand is unknown as well Our best estimate of institutional demand is net investment Again, all this is clearly illustrated in exhibit 6.Everyone In China Can Buy Gold Directly At The SGE. So what s causing the massive direct purchases at the SGE Demand for gold , is the simple answer But there s more that can be told on direct purchases. In China not only wholesale enterprises such as jewelry manufacturers and bullion banks can trade gold on the SGE, everyone can open an SGE account and start trading The next graph illustrates how wholesale manufacturers are responsible for approximately half of SGE withdrawals for exact ratios see exhibit 16 These wholesale enterprises will buy gold at the SGE and subsequently withdraw the metal to fabricate products ie jewelry, ornaments and bank bars to be sold at retail leve l Individual and institutional SGE customers are responsible for the other half of SGE withdrawals These customers will buy gold directly at the SGE and withdraw the metal to store in private vaults. Exhibit 17 Example SGE Withdrawals Distribution. According to our analysis the PBOC does not buy its monetary gold through the SGE, so effectively all gold flowing through the SGE ends up in the private sector 14.Purchasing gold directly at the SGE is fairly simple in China Every natural person, institution or wholesale enterprise can buy gold or trade derivatives at the SGE For 50 RMB one can open an SGE account at his local commercial bank branch or via a smartphone application 1 Then, he or she receives a unique 10-digit trading number that gives access to the account consisting of a Bullion Account and Margin Account The 10-digit trading number will stay with an individual forever, even if he or she switches banks The procedure is illustrated in the picture below. Exhibit 18 Courtesy Chin a Gold Market Report 2008.When an SGE physical gold contract 15 is exchanged the full amount of corresponding funds is promptly transferred from the buyer s Margin Account to seller s Margin Account At the same time the related bullion is transferred from the seller s Bullion Account to the buyer s Bullion Account settlement is T 0 Gold credited to a Bullion Account is allowed to be withdrawn from the vaults at any time. Exhibit 19 Courtesy China Gold Market Report 2011.Early 2017 was the launch of the smartphone application Yijintong 1 that allows anyone with an internet connection in China to open an SGE account and trade directly on the SGE wholesale platform appreciating the lowest spreads in China The Yijintong smartphone app can be downloaded through the following QR-code. As fas as is publicly known, when Yijintong was launched the SGE already counted 8 3 million individual and 10,000 institutional customers, next to 246 members globally of which 183 domestic members and 63 intern ational members 1 From the huge amount of individual and institutional customers we can easily understand the huge volumes of direct purchases at the SGE. The only reason individual investors would buy gold in a jewelry shop or bank is because these bars are aesthetically superior and come in all sorts of shapes and sizes. Exhibit 21 Chow Tai Fook gold bar. Though decorated bars come at a significant premium Obviously, large investors would not buy retail bars but prefer relatively cheaper SGE bars Which is the reason for the huge discrepancy between consumer demand and SGE withdrawals many investors buy gold directly at the SGE. Wang Zhe, Chairman President of the SGE in 2010 wrote 16.During the first four months of this year, the number of individual investors kept growing rapidly and now has exceeded two million The Exchange has become the main channel of investment of physical precious metals, fulfilling the needs of domestic residents. This quote describes that as early as in 2010 dire ct purchases at the SGE by individual clients exceeded retail bar purchases And individual institutional investors bypassing retail shops buying gold directly at the SGE has been a trend that has accelerated ever since see exhibit 16.By now a comprehensive framework has been provided of the basic mechanics of the Chinese domestic gold market From all the equations and illustrations presented readers should be able to grasp the sheer size of this physical gold market. Kindly note, to avoid confusion, in some publications the CGA discloses only consumption demand, similar to GFMS, excluding net investment For example in 2017 17 brackets added. Gold consumption in China grew to 1,176 40 tonnes in 2017 with jewellery demand 716 50 tonnes and retail bullion demand 375 73 tonnes. Lastly, more examples are provided that confirm the more realistic size of Chinese gold demand Na Liu, from CNC Asset Management Ltd, traveled to China in 2017 and spoke to The President of the SGE Transaction Departme nt Afterwards Na reported on Chinese gold demand in 2017 18 brackets added. The President of SGE Transaction Department The President said This 2,200 tonnes of gold, after leaving our vaults, they entered thousands of Chinese households in the form of jewellery and investment purchases consumer demand direct purchases. when we asked why the China Gold Association s consumer demand number is so low, the President said They mainly cover the gold sales through the gold shops This is their main source of information And their number is quite useful in that way However, our system SGE withdrawals has broader coverage. Clearly consumer demand is gold sales through the gold shops and SGE withdrawals have broader coverage consumer demand direct purchases. Needless to say, the people that run the SGE, CGA, PBOC and SHFE are all related Depending on the occasion they choose to disclose consumer demand or wholesale gold demand SGE Chairman, Xu Luode, said at the LBMA conference in 2017 19 brackets ad ded. Last year 2017 , China imported 1,540 tonnes of gold Such imports, together with the 430 tonnes of gold we produced ourselves, means that we have, in effect, supplied approximately 2,000 tonnes of gold last year. The 2,000 tonnes of gold were consumed by consumers in China Of course, we all know that the Chinese dama middle-aged women accounts for a significant proportion in purchasing gold So last year, our gold exchange s inventory reduced by nearly 2,200 tonnes SGE withdrawals , of which 200 tonnes was recycled gold. Typically, Xu measure the supply side import mine production 2,000 tonnes in 2017 , for Chinese gold demand, as this is the amount of gold added to Chinese private sector reserves recycled gold doesn t add anything to reserves Indirectly Xu shows interest in the amount of private sector gold reserves within the domestic market. All in all, there are several ways to measure Chinese gold demand A next article 13 is dedicated to the data and details of all metrics, for no w, please have look at an overview below. Gold sold at retail level consumer demand GFMS demand. Import mine net gold added to Chinese private sector reserves. Import mine scrap disinvestment true Chinese gold demand. SGE withdrawals wholesale gold demand. The definition of SGE withdrawals slightly changed late 2017 with the inception of the Shanghai International Gold Exchange How it was changed can be read in the subsequent posts of the Chinese Gold Market Essentials Workings Of The Shanghai International Gold Exchange Why SGE Withdrawals Equal Chinese Gold Demand And Why Not The Argument List. All Chinese Gold Market Essentials Articles. Kindly note the pattern. There is a story being told to the masses about Chinese gold demand that is grossly incorrect The huge discrepancy between numbers from the World Gold Council WGC and actual gold demand is so wide yet cunningly hidden I must conclude there is essential information about physical gold demand deliberately kept privy. Let s go back to A pril 2017 the price of gold made a nosedive, which spawned an unprecedented physical buying spree across the globe, most notably in China Withdrawals from the vaults of the Shanghai Gold Exchange SGE , that equal Chinese wholesale demand closed at 2,197 metric tonnes December 31, 2017, up 93 y y. However, the WGC the global authority on gold initially stated Chinese consumer gold demand had reached 1,066 tonnes in 2017, an astonishing 1,131 tonnes less than wholesale demand In the China Gold Association CGA Gold Yearbook 2017 it was disclosed China had net imported 1,524 tonnes and domestically mined 428 tonnes Without counting scrap supply this adds up to 1,952 tonnes adding scrap total supply has been well over 2,000 tonnes It s impossible consumer demand was only 1,066 tonnes. Finally the WGC admitted their initial estimate of 1,066 tonnes of Chinese gold demand was grossly understated By email they wrote me on February 12, 2017.Thank you for emailing the World Gold Council, we apolog ize that your previous enquiry was missed. Our figure for Chinese consumer demand in 2017 has since been revised upwards to 1,311 8 tonnes from the original figure of 1,066 tonnes published in the full year 2017 Gold Demand Trends report. That s an increase of 23 by the largest physical buyer on the planet Although still far from actual demand, 23 is quite a revision Was there an official press release from the WGC to inform the world on this revision No I ve asked the WGC, but I got no reply Did the mainstream media properly cover the 23 revision Not that I m aware of. Actual Chinese gold demand 2017 has been knavishly hidden from the masses 99 of the financial industry copies WGC numbers. In 2017 the WGC again grossly understated Chinese gold demand SGE withdrawals accounted for 2,102 tonnes, though the WGC stated Chinese consumer demand was only 814 tonnes Again, a gap of more than 1,100 tonnes All arguments the WGC has brought up to explain the surplus in the Chinese gold market can on ly make up about 15 of the gap gold-for-gold supply and stock movement change. For 2017 grossly understating Chinese gold demand wasn t enough for the Council to distract the world s eye from China s gold hunger more was needed By a few tonnes the WGC put India s consumer gold demand ahead of China In their Gold Demand Trends Full Year 2017 Indian demand is disclosed at 843 tonnes, transcending Chinese demand 814 tonnes by 29 tonnes, just enough Most media simply copied these numbers and are stating India is now the world s largest gold consumer no critical thoughts added In my opinion this is the biggest fallacy in finance of our time. In 2017 China imported at least 1,250 tonnes and domestically mined 452 tonnes According to GFMS scrap supply was 182 tonnes, adding up to total supply at 1,884 tonnes But, we re supposed to believe India is the largest gold consumer on earth at 843 tonnes Yes. I m open minded towards the possibility there is an agenda that is allowing China to buy as much gold for as little fiat as possible to make them accumulate whatever necessary before a monetary reset I see no other explanation for the events unfolding in front of our eyes. Can you imagine what would have happened to global gold sentiment if the WGC had disclosed 2017 Chinese demand at 2,100 tonnes and 2017 Chinese gold demand at 1,850 tonnes Sentiment would have been influenced to say the least. As I wrote in my first post on why SGE withdrawals equal Chines wholesale demand September 18, 2017.If you think about it, the redistribution of gold is the only logical thing to happen given the state the world economy is in gold has to go to China in order to equalize the chips. More Awareness About Chinese Gold Demand. Luckily my camp is growing More and more analysts are using SGE withdrawals as a proxy for Chinese wholesale demand instead of inaccurate WGC data CNC Asset Management wrote in a newsletter September 25, 2017.To understand China s real physical gold demand, investors should simply look at the weekly withdrawals from Shanghai Gold Exchange vaults We visited the Shanghai Gold Exchange SGE in May and talked to the senior executives of the exchange After reviewing the exchange s trading mechanism, we are of the view that the weekly withdrawal figures provide a much more accurate data series that reflects China s aggregate wholesale demand in a timely way. More recently MarketWatch published SGE withdrawals and its significance, and Dr Martin Murenbeeld, Chief Economist at Dundee Capital Markets, wrote in his newsletter on February 2017.It follows from this opaque picture of Chinese supply and demand that some observers, including ourselves, have decided Shanghai Gold Exchange SGE deliveries data provides the best window on what might be happening on the demand side in China There are a number of observers who have noted the widely circulated estimates of gold demand are woefully inaccurate, precisely because these data are so significantly lower than SGE deliv eries data. Latest data from the SGE shows withdrawals in the last five days around Lunar Year February 16, 17 and 25, 26, 27 accounted for 38 tonnes Total SGE withdrawals in the first two months of 2017 surpassed 410 tonnes SGE withdrawals Q1 can reach 550 tonnes or more However, don t expect Chinese gold demand published by the WGC on Q1 to be anywhere near these figures. One of the main causes some of my colleague gold analysts assume SGE withdrawals are inflated and cannot be used as a measure for Chinese wholesale gold demand, is because of Chinese Commodity Financing Deals CCFDs However, this analysis is incorrect as will be demonstrated in this post. Round Tripping And Chinese Gold Trade Rules. CCFDs are ways for Chinese speculators to acquire cheap funds using commodities as collateral When it comes to using gold as collateral for CCFD there are two options round tripping and gold leasing What is round tripping Goldman Sachs GS has properly explained the process in a report dated M arch 2017 From GS brackets added by me. While commodity financing round tripping deals are very complicated, the general idea is that arbitrageurs borrow short-term FX loans from onshore banks in the form of LC letter of credit to import commodities and then re-export the warrants a document issued by logistic companies which represent the ownership of the underlying asset to bring in the low cost foreign capital hot money and then circulate the whole process several times per year As a result, the total outstanding FX loans associated with these commodity financing deals is determined by. the volume of physical inventories that is involved. commodity prices. the number of circulations. Our understanding is that the commodities that are involved in the financing deals include gold, copper, iron ore, and to a lesser extent, nickel, zinc, aluminum, soybean, palm oil and rubber. Chinese gold financing deals are processed in a different way compared with copper financing deals, though both are aimed at facilitating low cost foreign capital inflow to China Specifically, gold financing deals involve the physical import of gold and export of gold semi-fabricated products to bring the FX into China as a result, China s trade data does reflect, at least partially, the scale of China gold financing deals In contrast, Chinese copper financing deals do not need to physically move the physical copper in and out of China, so it is not shown in trade data published by China customs In detail, Chinese gold financing deals includes four steps. Onshore gold manufacturers pay LCs to offshore subsidiaries and import gold from Hong Kong to mainland China inflating import numbers. offshore subsidiaries borrow USD from offshore banks via collaterizing LCs received. onshore manufacturers get paid by USD from offshore subsidiaries and export the gold semi-fabricated products inflating export numbers. repeat step 1-3.Important to understand is that gold in round tripping needs to be physically imported into China and then exported, in contrast to copper The reason being, which GS fails to mention, that the trade rules for gold in China are different than for all other commodities. General Trade vs Processing Trade. In essence gold bullion is prohibited from being exported out of the Chinese domestic gold market by the PBOC in general trade For general trade fifteen banks enjoy a PBOC license to import gold. Shenzhen Development Bank Ping An Bank. Industrial and Commercial Bank of China. Shanghai Pudong Development Bank. Agricultural Bank of China. China Construction Bank. Bank of Communications. China Merchants Bank. China Minsheng Bank. Standard Chartered. Bank of Shanghai. Industrial Bank. Bank of China. All bullion imported through general trade is required to be sold first through the SGE, and consequently all gold flowing through the SGE is prohibited from being exported Detai l a few jewelry companies also have a gold trade license for general trade, but this is insignificant But there is more to it, which is another form of cross-border trade processing trade To explain what processing trade is, it would be best to first describe why it exists. Since 2002 the State Council is active in stimulating the Chinese population to accumulate physical gold Through commercial banks the Chinese people are informed about gold s function in the economy and able to purchase gold granted of the finest quality They can submit for a gold savings account, speculate in paper gold on the SGE or buy physical gold directly at the SGE, all through a commercial bank as a broker. Some examples of how state-owned banks promote gold, from the Agricultural Bank China. Physical gold is both a commodity and a financial product It can be a gift or collection and may serve as an important investment vehicle for realizing preservation and appreciation With a distinctive preservation function , physical gold is powerful to defend against inflation. Considerations 1 Do not stop when gold price is low Gold price may go up or down depending on the political and economic conditions and many other factors Only by constant accumulation will the overall investment cost be reduced 2 Persistence is the key Investment risk is reduced by the average cost, the longer the investment period, the better in mitigating the impact of the fluctuation in gold price When the market rallies, the gain will be protected and increase the investment. Outside an ICBC branch in Shanghai Inside an ICBC branch in Shanghai. The State Council s strategy is to import as much gold as possible and export nil in order to build a strong economic and financial security barrier for China. However, China doesn t want to be left out in the global jewelry fabrication market, for which gold is required to be exported To make China participate in the global jewelry fabrication market Chinese jewelry companies can import and export gold through processing trade This is how it works, simplified. In processing trade raw materials from abroad are imported, processed into finished goods and then these products are required to be exported This processing is usually done there can be exceptions in Customs Specially Supervised Areas CSSA , also called Free Trade Zones FTZ Gold processing trade doesn t require a general gold trade license from the PBOC Note, to export gold from a CSSA to a non-CSSA the rest of the mainland a general gold trade license from the PBOC is required. The next illustration demonstrates two types of processing trade. An example for a processing trade would be gold from Hong Kong is exported to Shenzhen a CSSA just across the border from Hong Kong and well known for its vast jewelry industry 4000 manufacturers , then the gold is fabricated into jewelry changed in shape or form processed and imported back into Hong Kong By the way, this trade would show up in Hong Kong s customs report, but it wouldn t affect Hong Kong net export to the mainlan d. Through processing trade gold can be imported into exported out of China mainland, but these flows are completely separated from the Chinese domestic gold market where the SGE system operates Gold imported through processing trade is therefor not required to be sold through the SGE it is not even allowed to be traded through the SGE. In the next illustration we can see Hong Kong representing the rest of the world , the CSSA in Shenzhen and the mainland the Chinese domestic god market. Processing trade is often done between Hong Kong and Shenzhen all gold exported from China CSSA to Hong Kong or any other foreign nation is processing trade. Round tipping by Chinese speculators can only be done through processing trade it simply isn t possible through general trade, as in general trade gold is prohibited from being exported Round tripping flows are completely separated from the Chinese domestic gold market and the SGE, hence, round tripping doesn t inflate SGE withdrawals Only by bending the rules, set up a fake gold jewelry company in a CSSA, speculators can import and export gold to round trip Consequently, GS notes gold needs to be physically imported and exported for round tripping, in contrast to copper. In theory the gold tied up in round tripping can be at max the amount of gold yearly exported from China to Hong Kong , at minimum a far smaller amount that is being used in many cycles, in every cycle being counted as import and export Round tripping doesn t inflate net export from Hong Kong to China. The Chinese Gold Lease Market. The other gold financing deal that can be used by Chinese speculators is gold leasing which is exactly the same as a gold loan In general gold leasing is a normal market practice For the sake of simplicity, I have categorised all potential gold lessees borrowers in three groups gold miners, jewelers and speculators to have a look at some examples with US dollars to learn how gold leasing is done in financial markets. A gold miner needs fun ds to invest in new production goods It can borrow dollars from a bank at an 7 interest rate, or borrow gold from a central bank at 2 the gold lease rate is usually lower than the dollar interest rate The miner chooses to borrow 10,000 ounces from a central bank and sells it spot at 1,500 an ounce The proceeds are 15,000,000 that can be used to invest in new production goods In a years time the miner has mined 10,200 ounces to repay the principal debt plus interest the interest on gold loans can be settled in gold or dollars, depending on the contract Through gold leasing the miner has acquired cheap funding, if compared to a dollar loan The movement in the price of gold during the lease period is neglected in this example. A jeweler needs funds to buy gold stock for production It can borrow dollars from a bank for 7 , or borrow gold for 2 The jeweler borrows 10,000 ounces, with which it can start fabricating jewelry To hedge itself against price fluctuations the jeweler can sell spot, for example, 10 of the 10,000 ounces it has borrowed 1,000 ounces at 1,500 makes 1,500,000 to buy gold futures contracts in order to lock in a future price After a year the jeweler has sold the 9,000 ounces as jewelry for dollars and can take delivery of the long futures contracts to repay the gold loan If one buys long 10,000 ounces through a futures contract for delivery in a year s time, initially he is required to pay a margin for example 10 When the contract expires and he wants to take physical delivery he must pay the remaining 90.A pseculator is looking for cheap funds It can borrow dollars from a bank for 7 , or borrow gold for 2 He borrows 10,000 ounces, sells it spot at 1,500 an ounce The proceeds are 15,000,000 and subsequently these newly acquired funds can be used to invest in higher yielding products 2 If the trader chooses to hedge itself in the futures market is up to him After a year the 10,000 ounces plus interest need to be repaid, either the trader can purchase gol d with the profits made on the higher yielding investment or from delivery of futures contracts. In China all gold leases are settled through the SGE both lessor lender and lessee are required to have an SGE Account If a lease is agreed between two parties gold is transferred from one SGE Bullion Account to the other, when the lease comes due the gold is returned At SGE level it s as simple as that. There is a big difference between jewelers that lease gold in contrast to miners and speculators Jewelers lease gold because they need physical gold for fabrication miners and speculators lease gold because they are seeking cheap funds, they will always sell the leased gold without withdrawing the metal spot at the SGE to use the proceeds Why would a speculator withdrawal the metal. Therefor, IF SGE withdrawals contain leased gold this is for jewelry fabrication that eventually ends up at retail level When a jeweler needs to repay the lease it simply buys gold at the SGE, subsequently this go ld will be transferred from his SGE Bullion Account to the lessor s SGE Bullion Account It s not likely a jeweler would buy gold off-SGE to repay a lease, which than would need to be refined into newly cast bars by an SGE approved refiner to enter the SGE vaults and to be credited to the lessors SGE Bullion Account. Phillip Klapwijk, analyst with Precious Metals Insights PMI in Hong Kong, previous Executive Chairman of Thomson Reuters GFMS and consultant for the World Gold Council, has stated there is 1,000 tonnes of gold tied up in CCFD not true Additionally, he said. a good part of the withdrawals represent gold that is used purely for financing and other end-uses that are not equivalent to real consumption. Needless to say I don t agree Am I the only one No When Na Liu of CNC Asset Management Ltd visited the SGE in May 2017 he was told by the President of the SGE Transaction Department. First, the withdrawal data reflects the actual gold wholesales in China In 2017, the total gold withd rawal from the SGE vaults amounted to 2,196 96 tonnes The President of SGE Transaction Department The President said This 2,200 tonnes of gold, after leaving our vaults, they entered thousands of Chinese households in the form of jewellery and investment purchases. Second, none of the 2,200 tonnes of gold was bought by the Chinese central bank The President said The PBOC does not buy gold through the SGE. Third, the financing deals do not exaggerate SGE s assessment of China s gold demand This is because the financing deals do not take place after the gold leaves the vaults. The President of the SGE s Transaction Department is clearly stating most leasing happens within the SGE system and the metal is not withdrawn I m not saying it can t occur a speculator would withdrawal metal from the SGE vaults, but in general he would not Therefor, gold leasing by speculators does not inflate SGE withdrawals and therefor does not explain the difference between SGE withdrawals and Chinese consumer gold demand as disclosed by the World Gold Council. As mentioned before jewelers do withdraw gold from the SGE vaults, but this is eventually to be sold as jewelry However, the amount of gold leased and withdrawn by jewelers that has not yet been sold as jewelry, is stock inventory likely hedged in the futures market and thus can be excluded from gold demand depending on what metric is used. The WGC had also stated in a report 1,000 tonnes was tied up in CCFD based on PMI s data But, when I send the WGC an email to ask about the details, they replied brackets adde by me. Gold leasing Banks have built up this business to support China s burgeoning gold industry Miners, refiners and fabricators all have a requirement to borrow gold from time to time For example, fabricators borrow gold to transform into jewelry, sell and then repay the bank with the proceeds It is an effective way for the fabricator to use the bank s balance sheet to fund its business Banks have strict policies in place for who they can lend to, and these have been tightened over recent years, but during PMIs field research it identified that, in some instances, organizations other than genuine gold business had used this method to obtain gold, which it would then sell to obtain funding in this case the gold wouldn t be withdrawn from the SGE vaults It would then hedge its position According to PMI, this can generate a lower cost of funding than borrowing directly from the bank Our colleagues in China think this would be a very small part of total gold leasing the majority of it would be used to meet the demands of genuine gold businesses. Here the World Gold Council admits gold leases that are withdrawn from the SGE vaults are used for genuine gold business being part of true gold demand More confirmation gold leasing does not explain the difference. Round Tripping gold flows are completely separated from the Chinese domestic gold market SGE and gold leasing only inflates SGE withdrawals when used for genuine gold business Therefor, SGE withdrawals equal Chinese wholesale gold demand. Just after I reported on the repatriation of 122 5 tonnes of gold by The Netherlands from the Federal Reserve Bank of New York FRBNY and about the Eurosystem allocating as much of its gold reserves as possible a global run on gold which can only be seen in advance of a reform of the international monetary system, the next Euro system member has come forward, Belgium. In Europe so far Germany has been repatriating gold since 2017 from the US and France, The Netherlands has repatriated 122 5 tonnes a few weeks ago from the US, soon after Marine Le Pen, leader of the Front National party of France, penned an open letter to Christian Noyer, governor of the Bank of France, requesting that the country s gold holdings be repatriated back to France, and now Belgium is making a move Who s next And why are all these countries seemingly so nervous to get their gold ASAP on own soil. VTM-nieuws has just reported the Belgium central bank has confirmed it s investigating to repatriate all its gold reserves. Our country is investigating to repatriate all gold reserves The Belgium central bank has confirmed this to VTM-nieuws. UPDATE December 8.Moments ago I called the Belgium central bank The press department stated they couldn t tell me anything more than the Governor of the Belgium central bank NBB , Luc Coene, told VTM-nieu ws I found the full item from VTM-nieuws make sure captions are on. Presenter stored abroad, in specialized strongly secured banks The lion share is stored in London at the Bank Of England, however, the Belgium central bank is now investigating how that gold can be repatriated. Luc Coene If one feels that in surrounding countries these decisions are taken, one knows that this question will be asked to us as well So we re pro-active investigating all the elements, so when the question will be asked, we can answer it. Presenter The Netherlands repatriated in utmost secrecy a part of their gold reserves a few weeks ago, Germany did the same to take away the uncertainty about the gold At the end of the nineties Belgium sold 1,000 tonnes of gold the pay of debt Now our country owns 227 tonnes To ship this back home is not a simple task. Luc Coene The practical problem is the transport of the gold, with all the risk that come with it Second, if we repatriate we need to setup a large security sys tem in Belgium Though currently this is done by certain central banks that are specialized in this. Presenter In the end, if the gold will be repatriated is a decision that has to be taken by the government. If one feels that in surrounding countries these decisions are taken, one knows that this question will be asked to us as well This statement by Coene tells me the repatriation virus is spreading in Northern Europe the question is not IF Belgium will repatriate, but WHEN Remember, in 2017 the Governor of the Dutch central bank said he wasn t planning to repatriate the Dutch gold and that all gold was safe in New York, though shortly after this statement he started the repatriation process as demonstrated in this post The fact Coene clearly states he s investigating the repatriation process will very likely ensue in shipping home the Belgian gold. Additionally, I don t think many central bank members of the Eurosystem operate in isolation Not so long ago we learned the Eurosystem is di sclosing the ratio of allocated versus unallocated gold reserves and is decreasing the amount of unallocated gold Repatriating would only be a logic next step. The presenter of the news item says Belgium sold 1,000 tonnes of gold in the nineties to payoff debt, however, it can be Belgium sold gold for the same reason The Netherlands sold 1,100 tonnes Which is, according to Jan Kees de Jager former Minister of Finance of The Netherlands. equalize its gold holdings relative to other important gold holding nations. Since 1999 all European central banks collaborated in a program called the Central Bank Gold Agreements CBGA , or the Washington Agreement On Gold, to jointly manage gold sales It s possible European central banks managed their gold sales also prior to 1999, after all the preparations for the euro started long before and all these central banks must have been on the same page ever since. Belgium holds a large share of its reserves in the UK, a smaller part in Canada and at the BIS in Basel Of the total 227 tonnes Belgium gold reserves, 210 tonnes are allocated and 17 tonnes are unallocated The NBB presumably has a little less than 24 tonnes leased From the NBB website. At the end of May 2017 there are still gold loans outstanding with five commercial banks totalling 24 97 tonnes of gold Taking account of the due dates, that position is expected to decline further during the 2017 financial year. Click here to read French and Dutch the official statement of the Belgium government on the location of its gold reserves. NBB just send me the official statement of Luc Coene in the VTM-nieuws item in Dutch Click to view. This is all I could find for now This post will be updated when more news comes in. Posts navigation. Status 500 - Request processing failed nested exception is Error resolving template mobile contacts-popular , template might not exist or might not be accessible by any of the configured Template Resolvers. type Exception report. message Request processing failed nested exception is Error resolving template mobile contacts-popular , template might not exist or might not be accessible by any of the configured Template Resolvers. description The server encountered an internal error that prevented it from fulfilling this request. note The full stack trace of the root cause is available in the Apache Tomcat 8 0 14 logs. Apache Tomcat 8 0 14.Joseph Ranthum. Escanaba, Michigan Environmental Health Specialist Public Health Delta and Menominee Counties Government Administration. Skills Environmental Health, Food Safety. Education University of Wisconsin-Eau Claire 2008 2011 Bachelor of Science BS , Environmental and Public Health. University of Wisconsin-Marinette 2006 2008 Associate of Arts and Scienc es AAS. Experience Ashland County Health and Human Services Department May 2011 August 2011.Houston, Texas Corporate Counsel at Applied Optoelectronics, Inc Law Practice. Skills Legal Research, Westlaw, Legal Writing, Litigation, Civil Litigation, Commercial Litigation, Product Liability, Trials, Lexis, Mediation, Personal Injury, Contract Law, Appeals, Courts, Arbitration, Alternative Dispute Maritime Law. Education South Texas College of Law 2005 2008 Doctor of Law JD. The University of Texas at Austin 2001 2005 B S Political Communications. Experience Applied Optoelectronics, Inc February 2017 Present Tramonte II Cotten. Grand Rapids, Michigan Warehouse at Road Equipment Parts Center Transportation Trucking Railroad. Marc Antonio. Vancouver, Canada Area Finance Manager at ShangriLa Hotels and Resorts Accounting. Skills Accounts Payable, Accounts Receivable, Data Entry, Call Centers, Accounting, Financial Accounting, Internal Controls, Variance Analysis, Leadership, Teamwork, Management, Fina nce, Hospitality Management, Hospitality Industry, Microsoft Excel, Customer Service, Time Management. Education Sauder School of Business 2017 2017 Diploma in Accounting. Vancouver Community College 2011 2017 Hospitality Management Diploma. Simon Fraser University 2004 2009 BBA, Accounting. Experience Shangri-La Hotels and Resorts December 2017 Present Shangri-La Hotels and Resorts August 2017 September 2017 Philips Saeco February 2011 May 2011 Lion Nathan October 2010 January 2011 Blast Radius November 2009 August 2010 Canada Revenue Agency January 2008 May 2008.San Francisco Bay Area. Skills FreeBSD, Scalability, Virtualization, Perl, Linux, Cloud Computing, Solaris, Unix, Apache, Juniper, Puppet, Security, Linux System Switches, Cisco Technologies, Networking, Network Security, Distributed Systems, TCP IP, High Availability, Open Source, Nagios, DNS, Postfix, SAN, Trucking Litigation, Python, MySQL, Shell Scripting, Network Architecture, Servers, Bash. Columbus, Ohio Area Regional Direct or at Starbucks Coffee Co Restaurants. Experience Starbucks Coffee Co October 2004 Present. Jeff Shepard. Charlotte, North Carolina Area Regional Purchasing Manager at Levy Restaurants Food Beverages. Skills Food Service, Food, Food, Menu Development, Culinary Skills, Restaurants, Food Safety, Food Industry, Income Statement, Recipes, Food Beverage, Restaurant Management, Purchasing, Inventory Management, Fine Dining, Management, Budgets, Hospitality Management, Forecasting, Negotiation, Event Management, Project Management, Catering. Experience Levy Restaurants January 2017 Present Levy Restaurants February 2017 January 2017 Levy Restaurants February 2010 February 2017 Levy Restaurants March 2008 February 2010.Debbie Madden-Shah. Greater Philadelphia Area Medical Practice Professional Medical Practice. James Nicholls. New York, New York. Hospital Health Care. Skills Healthcare, Healthcare Information Medical Devices, Pharmaceutical Industry, Entrepreneurship. Education Columbia University - Colu mbia Business School MBA. London Business School MBA. University of Melbourne BA. Experience Fitzroy Health LLC September 2008 Present ReimbursementCodes RJ Health Systems 2017 Present CleverCap 2017 Present Tictrac 2017 2017 Axiom 2009 2011 Standard Poor s, Vista Research July 2005 September 2008 The Advisory Board Company March 2004 July 2005 KPMG Consulting 1999 2004.Oliver Macmillan-Bell. Bronxville, New York Account Coordinator at Fox News Channel Marketing and Advertising. Skills Microsoft Excel, Microsoft Word, Access Database, People Skills, Customer Satisfaction, Computer-savvy, Retail, Retail Sales, Customer Service, Hiking, Ski, Outdoors, Cashiering, Footwear, POS, Product Knowledge, Time Management, Management, Sales. Education Saint Michael s College 2010 2017 Bachelor s Degree in Business Administration, Business Administration and Management, General. Experience Fox News Channel November 2017 Present Dobbs Bishop Fine Cheese April 2010 November 2017 The Savoy, A Fairmont Manage d Hotel June 2017 August 2017 Eastern Mountain Sports May 2017 August 2017 Eastern Mountain Sports June 2011 August 2011 Xbase Hostel October 2009 December 2009.Derrick Dawg Collins. Gray, Louisiana Lieutenant Narcotics Agent at Terrebonne Parish Sheriff s Office Public Safety. Tampa St Petersburg, Florida Area Music Producer Music. Skills Music Production, Music, Composition, Sound Design, Recording, Music Industry, Studio Recording, Audio Engineering, Sound Editing, Pro Tools, Audio Editing, Sound, Accompaniment, Contemporary Music, Songwriting. Experience Music Production May 2005 Present. Clover, Virginia Embalmer at Brooks funeral home Civic Social Organization. Phonnie Kesler. Dunkirk, Indiana Counter SalesSmall Engine Warehouse Government Administration. Skills Local Government, Data Entry, Office Management, Public Speaking, Microsoft Word, Microsoft Excel, Microsoft Office. Education Ivy Tech Community College-Muncie 1983 1985 Associate s degree still need 2 classes , Legal Administrat ion. Jay County 1976 1977 High School Diploma, Business. Experience City of Dunkirk January 2017 Present Welch Company, LLC January 2008 December 2011 Epstein Frisch May 1995 2005.Bruce Emerick. Heidi Liljedahl Edelman. Boynton Beach, Florida Customer Service Retail. Education University of Florida 2004 2008 Bachelor of Science B S kl. Experience Whole Foods Market 2009 August 2017.Amy Herrera. Paterson, New Jersey Student at Passaic County Community College Banking. Skills Microsoft Word, PowerPoint, Customer Service, Sales, Microsoft Excel, Microsoft Office, Teamwork, Time Management, Outlook, Event Planning, Social Media, Inventory Management, Public Speaking, Research, Hospitality, Team Leadership, Photoshop, Leadership, English, Data Entry, Customer Satisfaction. Education Passaic County Community College 2017 2017 Associate s degree, Criminal Justice. Pace University 2007 2008.Experience Wells Fargo July 2017 Present Custodial Support Foundation October 2017 July 2017 Attila Wings November 2010 November 2017 Affliction Clothing June 2017 September 2017 FireWaters May 2017 September 2017.GEORGE TAIT. Rachel Weitzenkorn. Missoula, Montana Area PostBaccalaureate IRTA at NIH Research. Skills Molecular Biology, Cell Culture, Cell Biology, Western Blotting, PCR, Molecular Cloning, Microscopy, Genetics, qPCR, Lifesciences, Protein Expression, Bioinformatics, Science, Neuroscience. Education Emory University 2011 2017 Doctor of Philosophy Ph D , Women s Gender and Sexuality Studies. Colorado College 2006 2010 Bachelor of Arts B A , Neuroscience. Experience NIH May 2010 Present. Greater Boston Area. Skills P L Management, Strategy Development, Electronics, Private Equity, Lean Manufacturing, New Business Development, International Business, Acquisition Integration, Product Development, Manufacturing, Automation, Sales Strategy EBITDA Improvement, New Channels Market Strategy, Process Improvement, Six Sigma, Engineering Management, Sales Management, Product Marketing, Cross-functional Te am Strategic Planning, Continuous Improvement, Engineering, Entrepreneurship, Product Management, Leadership. Education University of Rochester - William E Simon Graduate School of Business Administration 1991 1993 MBA, Marketing Finance. Dartmouth College 1981 1983 BE, Computer Mechanical Engineering. Colgate University 1977 1981 BA, Physics, German. Experience Astro-Med, Inc 2017 Present Medfield Advisors, LLC 2010 2017 Performance Motion Devices 2008 2010 Control Technology Corp 2001 2008 Danaher 1996 2001 ORMEC Systems Corp 1989 1996 Cross Trecker Alliance Automation Group 1983 1989.Gallagher Monica. Mammoth Cave, Kentucky Teacher at Edmonson County Board of Education Education Management. Regina Jeter-Jemmott, BSN. Saint Albans, New York Nursing Supervisor at Cornerstone Treatment Facility Hospital Health Care. Skills Leadership, mentoring Computer skilled and Government regulations Psychiatric, Substance Med Surg-Oncology and BLS, Clinical Research, Critical Care, EMR, Healthcare. Educati on City University of New York-York College 2007 2009 Bachelor s degree, Nursing. Experience Holliswood Hospital January 2017 August 2017 Hospice Care Network October 2008 March 2017 Mary Immaculate Hospital February 2003 June 2008.San Francisco Bay Area Accounting Clerk at DeMattei Construction Construction. Northridge, California Senior Student at CSUN Accounting. Skills Customer Service, Data Entry, QuickBooks, Data Analysis, Bookkeeping, Academic Tutoring, Problem Solving, Solid computer skills, Confidentiality, Accounting. Education California State University-Northridge 2017 2017 Bachelor of Science BS , Accounting. Antelope Valley College 2010 2017 Associate s degree, Business Administration and Management, General. Experience uSamp Instantly July 2017 March 2017 California State University, Northridge September 2017 July 2017 Antelope Valley College August 2010 July 2017 Antelope Valley College March 2017 May 2017.Brittany Sturdivant. Charlotte, North Carolina Area Full Time Manager a t SPORTS CONNECTION Individual Family Services. Skills Microsoft Excel, Microsoft Office, Microsoft Word, Research, Sales, Leadership, PowerPoint, Training, English, Process Improvement, Windows, HTML, Management. Education Wingate University 2010 2017 Bachelor of Applied Science Human Services, General. Experience SPORTS CONNECTION October 2009 Present. Sarasota, Florida Area Psychotherapist at St Armand s Medical Center Mental Health Care. Education University of South Florida 1988 1990.Kristine Kliebenstein. Eugene, Oregon at Design. Experience Jcpenny salon Hair stylistJcpenny salonSeptember 2006 Present. Nick Snider.