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Gold returns to London because there's no demand, anonymous banker tells FT
Swiss Gold Exports to UK Hit Seven-Year High in August
By Henry Sanderson
Financial Times, London
Friday, September 20, 2019
https://www.ft.com/content/22250f48-db9a-11e9-8f9b-77216ebe1f17
Swiss gold exports to the UK reached their highest levels in seven years last month, driven by strong investor demand for gold-backed exchange traded funds and a slowdown in demand for the metal in India and China.
Exports of gold from Swiss refineries to the UK rose by 24 percent in August to 112.5 tonnes, according to Swiss customs data, making up 64 percent of total Swiss gold exports for the month.
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Crystal Lake Intersects 15.11 g/t Gold over 8 Meters
at Newmont Lake Project in British Columbia
Company Announcement
Wednesday, September 18, 2019
VANCOUVER, British Columbia, Canada -- Crystal Lake Mining Corp. (TSXV: CLM, OTC: SIOCF, FSE: SOG-FF) announces the intersection of shallow high-grade gold mineralization at the company's Newmont Lake gold corridor. The new results are crucial as they provide evidence of a thick unit of unusually high-grade gold mineralization within a broad envelop of continuous low-grade gold mineralization.
This discovery demonstrates that the mineral zone actually increases in width and in grade where previous models indicate a narrowing of the mineral zone. Additionally, a second deeper horizon has been intersected in an area without gold mineralization in previous models, adding to the exploration potential of the Newmont Lake gold corridor, located along the western flank of the Eskay Rift in northwest British Columbia.
The first diamond drill core assay results from ongoing drilling at the northwest zone underscore the potential for higher grades and increased continuity of grade that can result in significant expansion of the historic mineralization while new high-grade domains are targeted elsewhere along the gold-bearing McLymont Fault and numerous associated splay faults. ...
... For the remainder of the announcement ...
https://crystallakemining.com/crystal-lake-intersects-15-11-g-t-gold-ove...
Inflows into gold-backed exchange-traded funds hit their highest levels since 2013 last month, as investors look for a hedge against a global economic slowdown and the prospects of a no-deal Brexit. The largest gold-backed ETF, the SPDR Gold Shares, is backed by gold stored in London.
Gold prices have rallied by 17 per cent this year to trade at $1,503 a troy ounce.
At the same time, physical demand for gold in jewellery and industrial applications in China and India has been weak this year, forcing banks to bring gold back to store in London, according to one bullion banker. Hong Kong demand has also been weak due to the protests in the city, they said.
"Physical gold demand has been nonexistent this year," the banker said. "We're seeing metal finding its way back into London from some of the refineries. It's a last resort -- if demand is not there, you bring it back into London."
China, the world's largest consumer of gold, has restricted imports of gold for most of this year, according to people familiar with the trade, due to concerns about outflows of U.S. dollars. While restrictions were slightly lifted in August, it might be a one-off, they said.
Imports of gold into India also fell by 73 percent in August, as higher gold prices and a weaker rupee have put off buyers.
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