metals market + Gold My take
MY Take:
Copper: After my weekly study of the market reports looks like the only current hope for copper is the U.S. market and our building market India, Europe, Turkey, all predict there buying market will remain stable at current demands or will depreciate, China reports a surplus for the coming year.
Iron: Europe continues declining prices, Turkey continues slow down, and China is structuring to avoid a building bubble as It has complete cities built with no inhabitants.
Gold: It is common knowledge that China is a big player in this market, but is just becoming apparent they are a lot bigger player then previously thought. It was estimated that China had about 5000 tons, but now covert buys uncovered and unreported puts their gold holdings in line with the U.S. (8000) tons and the 17 euro union at (10,000) tons.
China last year surpassed India as the worlds biggest buyer of gold. They are already the worlds largest producer and it is illegal in China to sell gold to any one but the Chinese government.
China is by far the largest holder of world currency and is using that currency to buy up the worlds most productive and profitable gold associated
mines, supply, and associated industries including the largest gold vault in the world in New York.
Last year China made a move that no other country in history has done, I opened owning gold by it's citizens and encouraged them to buy it. Remember all that gold stays in China.
Strikes in south Africa and shortages around the world look good for Zink.
Alu looks steady as it goes.
Disclaimer: All of this could change tomorrow 8-l. just my .02
