Yesterday afternoon I suddenly had extreme hunger pangs and had to go get an egg mcmuffin.
I think the hunger pangs must mean my lung infection is wearing off and I'm finally getting better. So today I'm going to go fill up on ribs and beer for lunch, to give my immune system that one final push that it needs.
By the way, I freakin' love egg mcmuffins! So chock-full of fat and protein! That stuff hits my bloodstream and it's like a veil has been lifted from my eyes.
Fat is actually good for you, btw - it's what your muscles run on, and it probably also is needed for proper functioning of your bone marrow and your immune system. So when your body is screaming for saturated fats, it's telling you that it's low on vital nutrients: so do make sure you indulge yourself.
Anyway, two morning newsbits for you, and they're both on the yellow metal:
Reuters - Switzerland's physical gold heads for Asia. Here's the customs data to reinforce what people have been saying. Quote:
Holdings of the largest gold-backed ETF, New York-listed SPDR Gold Shares, fell more than 550 tonnes.So here's a question for Wall Street Whitey: when these guys are so desperately buying, do you really think it's smart for you to be selling?
Meanwhile, demand soared to record levels in China and rose sharply in Turkey, Egypt, Japan and India, despite tough import restrictions in the latter, historically the world's biggest bullion consumer.
While the statistics office does not provide data on the source or destination of its gold shipments by volume, analysts say outflows from ETFs are likely to have fed this demand via Switzerland.
"A lot of metal was migrating (last year) from Europe and North America, not least from the SPDR and similar funds, to the Middle East, the Far East, and to some extent South Asia," said Rhona O'Connell, head of metals research at consultancy Thomson Reuters GFMS.
"Metal coming out of the ETFs and to some extent the over-the-counter market would have been large 400-ounce bars. They would have been going through refineries, predominantly in Switzerland, for conversion into kilobars or smaller."
Gold held to back the SPDR ETF is stored in 400-ounce bars in HSBC's vaults in London, according to the fund's prospectus.
In a note earlier this week, Australian bank Macquarie, citing trade data from EU statistics agency Eurostat, said the UK exported 1,739 tonnes of gold in 2013, with the vast majority sent to Switzerland.
This is more than 10 times higher than in 2012, it said. "We believe this largely reflects investor liquidation, and that much of it eventually found its way to China," Macquarie said.
Bullionvault - UK gold exports were twice ETF selling in 2013. Quote:
UK GOLD EXPORTS in 2013 were nearly double the volume of exchange-traded fund liquidation, new research shows.Again, Whitey, you gots ta ax yourself: why do you want to give all your gold to Asia so darn cheap?
Compared with only 160 tonnes in 2012, exports of physical gold bullion totaled 1,739 tonnes last year according to data reported by the UK's HMRC tax authority to the European Union's Eurostat agency.
More than 5 times visible UK gold imports, according to a report from Macquarie Bank analyst Matthew Turner, and equal to 60% of annual world gold mining output, that was nearly twice the outflow of gold from ETF gold trusts, which typically vault metal in London to back their shares.
The gap between gold ETF sales and UK exports suggests heavy sales by investors such as hedge funds and wealthy family offices, who owned metal outright and vaulted it securely in London – heart of the world's physical bullion and silver market – with either a major bank or private specialist.