Global gold demand down at 5-year low

November 14, 2014

Global gold demandLondon, Nov 14: Global gold demand fell to its lowest in nearly five years in the third quarter as Chinese buying slid by a third, the World Gold Council said on Thursday, putting it back behind India as the world's biggest gold consumer.

Total gold demand fell 2 per cent to 929 tonnes in the third quarter, the data, prepared in conjunction with GFMS analysts at Thomson Reuters, showed. That is the lowest since the last three months of 2009.

Last year's number one consumer China saw a 39 per cent drop in jewellery consumption as well as a 30 per cent fall in bar and coin investment. Combined demand fell 37 per cent.

India once again took over as the world's biggest gold consumer, buying 225.1 tonnes of gold jewellery, coins and bars last quarter, compared to 182.7 tonnes in China.

India, which lost its crown as the leading gold buyer to China in 2011, saw a 60 per cent surge in jewellery demand in the third quarter.

"Our forecast for the full year is the same for both India and China. We expect demand in both to come in at between 850-950 tonnes," Alistair Hewitt, head of market intelligence at the World Gold Council, said. "Both remain very positive pillars of gold demand."

Demand for gold snowballed in the wake of the financial crisis that followed the collapse of Lehman Brothers in 2008, as investors sought the metal as a portfolio diversifier and safe store of value.

It peaked in 2011 at 4,702 tonnes, but had fallen to 4,080 tonnes by last year. Prices XAU=, which crashed 28 per cent last year, have fallen another 3.3 per cent in 2014. This year the WGC expects gold demand to stabilize.

"We expect gold demand to be largely similar to last year, at between 4,000-4,100 tonnes," said Hewitt.

The third quarter marked the seventh consecutive quarter of outflows from exchange-traded funds. Holdings of the vehicles, which issue securities backed by physical gold, fell 41.3 tonnes last quarter, the data showed.

Global demand for gold jewellery, the biggest single area of consumption, fell 4 per cent to 534 tonnes.

Among supply sources, mine production rose 1 per cent to 812 tonnes, while scrap supply fell 25 per cent to 250.5 tonnes. Year to date, 2014 has seen the lowest level of recycling since 2007, the WGC said.

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News Network
January 22,2020

New Delhi, Jan 22: The BJP on Wednesday cited statements of several opposition leaders to accuse them of "abusing" Hindus for their appeasement politics and referred to the Congress as "Muslim League Congress".

Seeking apologies from Congress president Sonia Gandhi and NCP chief Sharad Pawar, BJP spokesperson Sambit Patra said leaders of these parties have used the ongoing protests against the amended citizenship law to "abuse" Hindus.

Chavan has said in a public meeting that the Congress decided to join hands with the Shiv Sena to form government in Maharashtra as Muslims wanted the party to stop the BJP, Patra stated, claiming that it shows the opposition party has nothing to do with people belonging to other religions, including Hindus.

Patra also referred to a statement from an NCP leader to attack the opposition.

Asked about Congress leader Mallikarjun Kharge's reported jibe at the RSS for its "non-participation" in the freedom movement, the BJP leader shot back, asking if parents of Sonia Gandhi, who is of Italian origin, had fought in India's independence struggle.

The Indian National Congress, he said referring to the opposition party's full name, should be called "Muslim League Congress".

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Keshu
 - 
Thursday, 23 Jan 2020

LOL...this is a waste body

This guy cannot even debate with Kanaiah kumar.

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News Network
July 22,2020

New Delhi, Jul 22: Congress leader Sachin Pilot has served a legal notice to party MLA Giriraj Malinga, for claiming that the former had offered him money to join the BJP.

"Former Rajasthan Deputy Chief Minister Sachin Pilot has served a legal notice to Congress MLA Giriraj Malinga for his Rs 35 crore bribery allegation," a source close to Pilot said.
P
Earlier, addressing a press conference, Malinga said, "Those MLAs who are stuck either in Haryana or Jaipur, are running after money. To say, they are not, are false claims. Even I was offered the same by Pilot, which I had refused. Came to this party knowing BJP and Congress do not accept money to give tickets."

When asked by the reporters whether he was offered Rs 35 crore, he claimed by saying, "Yes, 35." The MLA claimed he was himself the prove when the reporters asked for the same.

The political situation in Rajasthan is in turmoil after Chief Minister Ashok Gehlot sacked his then-deputy Sachin Pilot and the latter's confidants from his council of ministers. The Congress has also claimed that BJP was trying to buy its party MLAs.

On Monday, the Rajasthan High Court had said that it would hear the petition filed by Pilot and 18 of his loyalist MLAs on July 24, against the disqualification notices issued against them, a lawyer said.

"The arguments in the matter have been concluded. The court has heard the arguments from all the parties. The High Court has slated the matter for orders on July 24," Advocate Prateek Kasliwal told reporters after the hearing. 

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News Network
March 5,2020

New Delhi, Mar 5: Union Health Minister Harsh Vardhan assuring that the government has the coronavirus crisis under control, is like the Titanic captain telling passengers not to panic as his ship was unsinkable, Congress leader Rahul Gandhi said on Thursday.

Gandhi's remarks came after Vardhan's assurance in Parliament that the government is taking all necessary measures to prevent the spread of COVID-19 (coronavirus disease) in India.

“The health minister saying that the Indian government has the coronavirus crisis under control, is like the Captain of the Titanic telling passengers not to panic as his ship was unsinkable,” Gandhi said in a tweet.

“It's time the government made public an action plan backed by solid resources to tackle this crisis,” he said.

RMS Titanic was a British passenger liner that sank in the North Atlantic Ocean in the early morning hours of April 15, 1912, after striking an iceberg during her maiden voyage from Southampton to New York.

Gandhi has been raising concerns over the coronavirus infection since long. In a February 12 tweet, he had said coronavirus is an extremely serious threat to “our people and our economy”.

“My sense is the government is not taking this threat seriously. Timely action is critical,” he had said.

Earlier this week, Gandhi had hit out at Prime Minister Narendra Modi over the detection of fresh coronavirus cases in the country, saying he should quit wasting India's time “playing the clown” with his social media accounts when India is facing an emergency.

With the message of “Here's how it's done”, Gandhi had also tweeted a video of Singaporean Prime Minister Lee Hsien Loong addressing Singaporeans on how to deal with the coronavirus.

The number of coronavirus cases in India is 29, including 16 Italians, the government had said on Wednesday, adding all international passengers will now be screened at airports, amid growing concern over the spread of the respiratory infection.

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