Physical Demand - Perth Mint

Discussion in 'Gold' started by theiain1, Jan 12, 2011.

  1. theiain1

    theiain1 New Member

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    The following story was included in Dan Norcini's piece over at jsmineset today talking about how physical demand is the real indication of true value.

    http://jsmineset.com/2011/01/11/physical-market-continues-to-show-true-value-of-gold/



    SINGAPORE, Jan 11, 2011 (Dow Jones Commodities News via Comtex) -- Demand for gold bullion from Australia's Perth Mint has been unrelenting since gold's price dropped below $1,400 an ounce, a senior Mint official said Tuesday.

    "At the moment demand is such that we cannot meet all the enquiries that we are getting," said Nigel Moffatt, Treasurer of the Perth Mint, one of the world's largest gold refiners and distributors.

    "Demand for our coins and medallions is strong, but the biggest demand is coming from banks and traders looking for kilo bars," he told Dow Jones Newswires.

    One-kilogram bars are the most popular trading instrument in Asia's physical market.

    Demand doesn't appear to be directly related to the upcoming Chinese Lunar New Year, with buying also coming from in from India, Moffatt said.

    "The way I see it at this point, it is because of the current correction in the price rather than anything else," he said.

    Spot gold has declined 3.1% since the start of 2011 to $1,376/oz during Asian trade Tuesday after hitting a low of $1,353/oz Friday.

    Moffatt said premiums for physical gold had "doubled" in the past week, but declined to provide any figures.

    Mitsui Global Precious Metals said in a report that gold was trading at premiums of up to $3 an ounce over the spot price in Hong Kong Monday.

    -By James Campbell, Dow Jones Newswires, +656415-4082; [email protected]

    (END) Dow Jones Newswires

    01-11-11 0126ET
     
  2. glittery bits

    glittery bits New Member

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    wish i had the ability to purchase 1 kilo bars...
     
  3. Slam

    Slam Active Member Silver Stacker

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    $3 oz premium on gold isn't alot.

    The silver premiums can be that much for eagles and maples.

    Lunars have a $9 premium now from Perth Mint.

    Slam
     
  4. SilverSale

    SilverSale Well-Known Member Silver Stacker

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  5. systematic

    systematic Well-Known Member

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    that article referred to in the vid appeared in the wall street journal on the 22nd may 2010

    http://online.wsj.com/article/SB10001424052748704167704575258783702875778.html


    "Through his firm, Tigris Financial Group, and affiliates, Mr. Kaplan has loaded up on bullion and bought up properties in 17 countries on five continents, where geologists are exploring for more. Tigris subsidiaries have taken stakes in mining companies, including tiny firms that have yet to produce an ounce.

    Though he won't disclose how much physical gold he owns, Mr. Kaplan, who is 47 years old, controls up to 30% of the shares in some so-called junior miners. Together, his holdings amount to a nearly $2 billion bet on gold, more than the Brazilian central bank's bullion is currently worth."

    "But Mr. Kaplan has concentrated risk in a volatile sector, and he knows the potential pitfalls better than most.
    In 2008, for instance, a company that Mr. Kaplan founded, Apex Silver Mines Ltd., went bankrupt, felled by the terms of a loan made after Mr. Kaplan left the company in 2004. The company emerged from bankruptcy last year, and now operates as Golden Minerals Co.

    In January 2009, Mr. Kaplan received a so-called Wells notice from the Securities and Exchange Commission related to what the company said were "impermissible payments" of $125,000 to government officials by executives at a South American subsidiary.
    The SEC delivers Wells notices to inform recipients that it may bring an enforcement action, providing an opportunity for the recipient to persuade the agency not to pursue charges. No charges have been filed against Mr. Kaplan. An SEC spokesman declined to comment."

    more at the link above
     
  6. bron suchecki

    bron suchecki Active Member Silver Stacker

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  7. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    So what sort of job do you have at the PM Bron? You don't have to be specific, just an idea of your line of work.
     
  8. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Bron?

    The reason I ask mate is that your signature says "Disclosure: I work for the Perth Mint. What I say is done in a personal capacity and is not endorsed by the Mint." Yet you post a link to an article authored by you on the blog of the Perth Mint. And I quote from the Blog Disclaimer:

    "Whilst the views, comments or opinions of the listed blog contributors represent the views, comments or opinions of The Perth Mint, the views, comments or opinions of any guest bloggers or any non- authorised Perth Mint Bullion bloggers are their respective own views, comments or opinions and may not necessarily reflect or represent the views, comments or opinions of the Perth Mint and should not be attributed in any manner to the Perth Mint. At all times The Perth Mint reserves the right at its sole discretion to decide if, and to what extent, any opinions, comments or views will be placed on this web/blog site."

    So do you represent the views, comments or opinions of The Perth Mint or don't you?

    Actually, you're the Manager Analysis and Strategy aren't you? ;) So you're views must reflect those of the PM.
     
  9. bron suchecki

    bron suchecki Active Member Silver Stacker

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    When I'm writing on the corporate blog, it is an official view. But stuff on my person blog is not. I put that disclaimer on forum posts so I can be more flexible in expressing my own opinions, but yes some of the forum posts are sort of official, such as the recent one on ID.
     
  10. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Thank you bron for your response.

    With respect, I would suggest you clearly identify which of your posts are "official" and which are "personal". Please keep posting, however, there are a number of other members of this forum who have commercial interests in trading bullion and they are clearly identified as dealers so that when we read their posts we are aware of their background and therefore, possibly their motives for posting. As you have an important role to play at the Perth Mint, I believe you are obligated to clearly state which hat you are wearing. :)

    On another note, and nothing to do with bron, it makes we wonder what other organisations are either members of this forum or part of those group of guests that usually outnumber
    members at any given time. There were 16 members online and 22 guests when I just looked. I think it would be wise if we exercised some discretion in what we put in our posts.

    If other members think I'm being unreasonable please let me know and why and if enough tell me to shut up, I'll drop it.
     
  11. kram

    kram New Member

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    I've found Bron's posts pretty straightforward. You see similar disclaimers at the base of 95% of emails from company employees.
     
  12. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Kram, trouble is not all the posts are personal opinion. Disclaimers mean nothing.
     
  13. Willow

    Willow New Member

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    Shiney, i have found bron contributions to this site informative thoughtful and thought provoking. I think he and his comments are productive contributions to this site. chill out, i own my own thoughts no matter who has input to the deliberation phase.

    Its all good mate. :)
     
  14. goldpelican

    goldpelican Administrator Staff Member

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    Bron's disclosure and his posts are within the guidelines of the forum, and I have no issue with it. We're lucky to have him - treat him well!

    One of the few horses mouths we have.
     
  15. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Righty oh then, topic dropped.
     

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