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06.10.26 - 22:45
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Asia′s Gold Producers Start Hoarding Their Own Metal As Faith In The Dollar Erodes (ZeroHedge)
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Asia's Gold Producers Start Hoarding Their Own Metal As Faith In The Dollar Erodes
For most of modern history, the gold trade worked one way: emerging-market mines dug it up, shipped it out (often as cheap ore, more often through the back door), and London and New York did the rest. But that arrangement is now quietly breaking down.
According to a must-read report in Nikkei Asia, countries across Asia are moving to capture more of the value from the gold boom by refining domestically, taxing exports and having their central banks buy local production. Nikkei calls it "a new form of resource nationalism", and one that "could exert upward pressure on gold prices over the medium to long term." The two reasons it gives will be very familiar to regular readers: waning confidence in the US dollar as the world's reserve currency, and the fact that dollar assets of countries at odds with Washington have been frozen under sanctions.
In other words, the world's gold producers have...
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