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China To Make Gold Shipping Easier

China To Make Gold Shipping Easier
Category: Market Reports
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Posted: 05-06-2016 12:26:00 PM

China’s customs and central bank will allow companies that have done frequent gold transactions crossing the border to apply for a single permit that will allow up to 12 gold shipments

Here is a story that caught my eye overnight that I wanted to share with my readers: China to make it easier for gold imports and exports to cross their borders.

China’s customs and central bank will allow companies that have done frequent gold transactions crossing the border to apply for a single permit that will allow up to 12 gold shipments.

Starting June 1st, the rule will take effect in the following cities:

  • Shenzhen
  • Nanjing
  • Qingdao
  • Guangzhou
  • Shanghai
  • And the big one, Beijing

I believe this has all come about because of the Shanghai Gold Exchange’s influence. This is significant because China is the largest gold producer and consumer of gold in the world.

Gold purchases have increased of late, as economic growth continues to increase, which in turn increases demand for gold coins and bars. It seems that finding metal in China has become a problem for most dealers and in turn must rely on imports to fill the void.

Back to today’s market:

Strong rally in the gold market this morning off of a lower than expected job number. This job number virtually takes any chance of a June rate hike off the table unless something unforeseen happens.

Total non-farm payroll increased by 160,000 jobs well below the expected 205,000 forecast.

Gold ETF holdings now at a year high sitting at 59,387,919 ounces.

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About The Author

Walter Pehowich Author Name: Walter Pehowich
This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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