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Koos Jansen: Shanghai exchange chief confirms WGC badly underestimates gold demand
8:15a ET Wednesday, June 25, 2014
Dear Friend of GATA and Gold:
Gold researcher and GATA consultant Koos Jansen today reports confirmation from the chairman of the Shanghai Gold Exchange that offtake from the exchange exceeded 2,000 tonnes in 2013, nearly doubling the estimate of Chinese gold demand made by the World Gold Council. Jansen also reports the assertion by the chief of the precious metals department of Industrial and Commercial Bank of China, the world's largest bank, that pricing for gold will shift from the derivatives market to the physical market.
The information comes to Jansen from an associate reporting on the proceedings of the London Bullion Market Association meeting in Singapore.
Together these assertions seem to constitute the best confirmation yet that China's view of the gold market is GATA's view and not the purported view of the bullion bankers in London, New York, and Washington.
Jansen's report is posted at his Internet site, In Gold We Trust, here:
http://www.ingoldwetrust.ch/lbma-forum-singapore-sge-chairman-confirms-c...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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