Gold and Silver <em>HEADLINES</em>
American Eagle Early 2013 Gold Bullion Coin Sales Soar (<em>Mineweb</em>)
The US Mint reports that gold bullion coin sales increased a whopping 283% this February to 80,500 ounces. Gold coin sales in the first two months reached 230,500 ounces, up 56% compared to the same period of 2012.
Silver coin sales grew 127% year-on-year in February 2013 (3.4 million ounces and 1.5 million ounces respectively).
On one hand, we have a lot of informational noise about the end of gold bull market. On the other hand, bullion sales suggest demand isn't letting up. And you know our viewpoint: we think buying on dips is wise.
China Reserves Ample to Buy World's Gold Twice (<em>Bloomberg</em>)
In its Chart of the Day, <em>Bloomberg</em> shows that China's foreign currency reserves have soared more than 700% since 2004 and now surpass the value of all official bullion holdings by a factor of two.
About two-thirds of China's US$3.3-trillion assets are dollar-denominated, with another 25% in euros. At the end of 2012, this amount accounted for 30.2% of the world's total, compared with 14% in the beginning of 2004.
There is a lot of speculation on how these reserves may be utilized. Diversification into gold is very probable, yet not officially documented, as Chinese authorities do not report their gold reserves regularly. We have only indirect evidence that this process continues - growing gold demand within the country that involves massive imports, while the country is itself the biggest gold producer andlets little of the gold mined to leave the country.
Infographics on a History of Gold Confiscation (<em>Mining.com</em>)
<em>Mining.com</em> has created an infographic providing background on historical precedents of gold confiscation that turned out to be a not-so-uncommon practice when push came to shove.
Visualizing All the Silver in the World (<em>Zero Hedge</em>)
This infographic "visualizes the 1.411 million tonnes of silver that has been mined in history, and compares that to the world government reserve holdings (and gold)."announced a deal that provides a lot of upside exposure to its shareholders.
[img> <em>BIG GOLD</em>