Gold

Gold has started a powerful new wave that could have three major impulses to it with the first impulse carrying bullion up to the $1,900 level, right around its all-time high, by year-end…on the four-year monthly chart below, you’ll see that the 5-wave up motive phase that started in 2009 resulted in a doubling of the Gold price in just over two years…the first wave of a new motive phase commenced in the $1,550′s, so ultimately we’re looking for Gold to go well beyond the $2,000 level…RSI(14), currently at 61%, still has plenty of room to move higher…it bottomed and found support just above 50 in May…the +DI indicator has made a significant turn higher for the first time in a year, another very bullish sign…Gold’s move of course won’t be straight up – there will be bumps and minor periods of consolidation along the way, but have faith in the primary trend…fundamentally, several catalysts could trigger this explosive new phase in Gold - aggressive central bank monetary action around the globe, U.S. Dollar weakness, Obama and Democratic success in November’s U.S. elections, geopolitical conflict (Israel-Iran, for example), inflationary pressures, investment demand and the continued strong appetite of the Chinese to grow their Gold reserves…

China’s Gold Imports From Hong Kong Up 345% In 2012

Mainland China’s Gold imports from Hong Kong rose sharply by 98.84% year-on-year to 75.84 metric tons in July this year, according to the latest export data released by Census and Statistics Department of the Hong Kong government (China doesn’t publish such data)…the country exported 38.14 metric tons of Gold to China a year earlier…it was the first rise in China’s Gold imports after three months of slightly lower imports….shipments were a record 103.64 metric tons in April…according to the government data, China’s Gold imports from Hong Kong advanced sharply by 344.87% year-on-year to 458.628 metric tons in the first seven months of this year compared to 103.09 metric tons a year earlier…China, therefore, has imported nearly as much Gold from Hong Kong in the first 210 days of 2012 as the total official holdings of the European Central Bank (502.1 tons)…so it’s rather amusing that China, through the IMF, still wants the world to believe that total Chinese official holdings are just 1040 tons (double the ECB’s) when it has imported half this amount through just the first seven months of this year…