World economy talk

[safeorigin]

Gold spot

almost feels like deja vu

[Monseratto]

http://edition.cnn.com/2010/BUSINESS...ex.html?hpt=T2

China's gold imports surge fivefold
By Leslie Hook and Robert Cookson, FT.com
December 3, 2010 -- Updated 0048 GMT (0848 HKT)

(FT) -- Gold imports into China have soared this year, turning the country, already the largest bullion miner, into a major overseas buyer for the first time in recent memory.

The surge, which comes as Chinese investors look for insurance against rising inflation and currency appreciation, puts Beijing on track to overtake India as the world's largest consumer of gold and a significant force in global gold prices.

The size of the imports -- more than 209 tonnes of gold during the first 10 months of the year, a fivefold increase from an estimate of 45 tonnes last year -- was revealed on Thursday. In the past, China has kept the volume secret.

[uls]

^^^

taas kasi inflation rate sa China

people use gold as a hedge against inflation

China inflation is much higher than their official CPI number

recently, a think tank in Beijing published a research article saying China CPI is being understated by more than 7%

[uls]

i posted the gold chart last night coz i thought spot gold would break above $1400

but the push-pull of the EUR/USD kept gold under $1400

[tidus1203]

US Non-farm payrolls later tonight 9:30PM Manila time...

[uls]

^^^

estimates range from 130,000 to 168,000

[tidus1203]

Pretty good numbers. But still unemployment does not want to budge down...

[uls]

way below consensus --- only 39,000

9.8% unemployment rate

futures selling off

[tidus1203]

Patay tayo dyan!!! Unemployment even rose, we are nearing 10%...

Just the breather the EUR needs... Look at the JPY!!!!

[uls]

risk off dude

[uls]

gold breaks above $1400

[tidus1203]

Now the attention will slightly shift back to the US economy's weakness again after all those Euro debt woes are somewhat tamed by the ECB...

[tidus1203]

Sige akyat lang, I have been into Gold I dunno since I can remember hehehe I am a Gold permabull... Where are my critics back in 2008? Balik na kayo dito so I can slam you!

[uls]

the ECB is buying Portugal bonds... forcing short squeeze on speculators shorting eurozone bonds

Portugal 10 yr yield falling


Spain 10 yr yield falling


EUR/USD

[uls]

after the jobs report... the USD falls

USD index


but wasnt it supposed to be risk off?

nope

the thinking is -- high unemployment means there could be QE3!!

dollar negative

[tidus1203]

YEHEY! QE3 so that's good for gold... Pero baka next year na yun, too soon for a QE3. They just don't learn seriously. Money printing does not help the economy if no one wants to use it!

[safeorigin]

hmmm... to sell or not to sell?

[tidus1203]

Is that Silver? No I won't sell precious metals at all mapa Gold or Silver... Sayang nga I like Silver in terms of valuations than Gold pero I think for me its a bit too rich to get in...

[safeorigin]

yes, it's silver... went in when it was still at 18 per ounce

[uls]

really huh?

"went in"?

tell us how you invested in silver

ETF?

futures contract?

physical silver?