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China Running Out Of Economic Gold Mining Reserves (Editors' Note: This article covers a microcap stock. Please moncler men jacket be aware of the risks associated with these stocks.)
First order of business is that the Chinese stepped it up in Shanghai last night, trading moncler mens vests 16,105 kg Au and 38,650 Au (T+D). Going forward, I think I will report this as T+D as the composition of activity has shifted of late. As importantly, 17,916 kg was delivered. That is roughly 702,500 oz. That brings it to over 2.5 million oz in the last four sessions since the phony economic numbers and the Lockhart Pinocchio routine.
Shanghai delivered more gold in just one session than the so called Comex "market" has registered to cover about 400,000 paper futures contracts. There seems to be such moncler women vest a quick and aggressive response to these paper attacks that it makes me wonder who is conducting them. Do the Chinese use agents on the phony Comex to flush out physical gold? I have no evidence or strong opinion. I'm just asking.
China's domestic mining industry does produce a lot of gold. For 2013, it is estimated to be 440 tonnes. I believe this is largely sold directly to the PBoC. However, China and its miners have a serious problem. Remaining mineable reserves are put at 1,900 tonnes. So unless China can turn up some major discoveries and they have been somewhat unsuccessfully looking then they have less than five years moncler womens jackets of production remaining.
A few months ago, Bloomberg ("China Gold Mine Deals") discussed the Chinese appetite for foreign acquisitions. Where possible, Chinese firms don't moncler mens coats want to buy up gold on the open market, as the profits are greater with mining. From the Bloomberg article:
Financing is often easier for Chinese commodities companies compared with rivals overseas, Jake Klein, chairman of Evolution Mining Ltd., said in an interview: "They have access to cheaper, vast pools of capital, they are going to be competitive," said Klein, who previously ran gold mines in China. Zijin said in November 2012 it http://www.monclerstore.co.uk/ had received 30 billion yuan ($4.9 billion) in loans from the statecontrolled China Development Bank's Hong Kong and Fujian units for overseas acquisitions.
"China's government has urged national gold producers to boost moncler women coat development of overseas resources in neighboring countries and in Africa and Latin America, according to its 12th FiveYear Plan which ends in 2015.