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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Even China now is terrified by risks of paper gold

By cpowell
Created 2020-07-29 17:06

China Banks, Regulators Move to Cool Gold Rush

By Andrew Galbraith, Winni Zhou, Samuel Shen, and Arpan Varghese
Reuters
Wednesday, July 29, 2020

SHANGHAI -- Chinese regulators and major banks are rushing to curb precious metal trading by domestic investors to temper speculation that some fear could cause a repeat of this year’s oil trading mishaps.

The scramble to limit risks comes as gold prices hit record highs this week, spurred by investors hunting for safe-haven assets in markets rattled by worries of rising coronavirus cases, lofty equity valuations and a falling U.S. dollar.

... Dispatch continues below ...


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Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System

Company Announcement via Globe Newswire
Thursday, July 2, 2020

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:

http://www.asantegold.com/assets/Video/SEMSpitMagSmthCore.mp4 [1]

In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...

... For the remainder of the announcement:

https://www.globenewswire.com/news-release/2020/07/02/2056982/0/en/Asant... [2]



A deepening rift between the United States and China has also become a factor drawing mainland investors to gold.

Industrial and Commercial Bank of China, the country's biggest lender, said today that from Friday it would bar its clients from opening new trading positions for platinum, palladium, and index products linked to precious metal. That directive, according to the lender's customer service department, was in response to "violent price volatility" and "the need to control risks."

Agricultural Bank of China said it had recently suspended new businesses related to gold, while Bank of China said it halted new account openings for platinum and palladium trading.

The Shanghai Gold Exchange said on Tuesday gold and silver holdings were high, and it would take risk-control measures if warranted to protect investors.

The Shanghai Futures Exchange, where gold and silver futures contracts are traded, also urged its members to strengthen risk-management efforts and invest rationally.

"Gold remains a niche investment in China due to limited investment channels," said Frank Hao, an analyst at Hywin Wealth Management in Shanghai. "Investors mainly rely on purchasing paper gold products at commercial banks as a way to counteract risks." ...

... For the remainder of the report:

https://www.reuters.com/article/us-china-gold-rush/china-banks-regulator... [3]

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Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg [4]

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg [5]

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* * *

Support GATA by purchasing
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"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

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-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net [8].

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Source URL:
http://www.gata.org/node/20350