Two #HKEX platforms trade 24 hours a day; could turn HK into a global #gold trading hub
#Gold US$1,210/oz vs US$1,207/oz yesterday –
From SP Angel: Hong Kong Exchanges & Clearing (HKEX) has said 3,000 of its new gold contracts traded on their launch day
London Metal Exchange traded a third of this volume on its system which also went live today.
The two HKEX platforms trade 24 hours a day and could turn HK into a global gold trading hub while allowing Chinese currency RMB deposits to trade in gold
The idea is to attract trading and investment away from the much larger OTC market, to increase market visibility and enable better regulation
The HKEX gold contract is available for trading in offshore renminbi 'CNH' and US dollars enabling the arbitrage between CNH futures and the other currency gold contracts
Physical delivery in Hong Kong is also available which should lead to price convergence and help prevent manipulation
July 11, 2017
#Gold #ETF holdings in June up from May: World @GoldCouncil
Tags:
Gold
Weak currencies are #Gold's best friends!
In the U.K., with the weaker Pound, UK's Source Physical Gold Trust added 12.2 tonnes of gold or 12% to 111.72 tonnes in June 2017.
· At the end of June, total holdings in gold-backed ETFs and similar products stood at 2,313.1t (74.4moz), 22.2t higher from May. These holdings were valued at US$92.4bn, 1% lower compared to a month earlier.
· North American and European Funds led the way: the former gained 12.8t to 1,227.1t while the latter added 10.5t to 977.7t. Asian funds lost 1.3t (-2%) to 61.9t and funds in the Other region increased marginally (+0.2t) to 46.4t.
· In North America, gains by iShares Gold Trust (+7.4t) outpaced that of SPDR Gold Shares (+5.0t). Their holdings at the end of June were 210.3t and 852.5t respectively.
· In Europe, it was UK's Source Physical Gold P-ETC that witnessed the largest inflow across the universe in the month. Its holdings increased a whopping 12.2t (+12%) to 111.7t.
· In Asia, decline of the Chinese fund holdings slowed in June. After falling below the 20t mark during June, holdings of the Hua'an Yifu Gold ETF rebounded and ended the month at 20.0t.
June 24, 2017
#Zinc Positioned to Move Higher After Successful Retest of Support: $TV.TO, $TK.V
Zinc is breaking out from a five month bearish channel and two month double bottom
From Paradigm Capital:
Chart 1 – Zinc has printed a bullish reversal off converging support levels along the 2014/2015 highs and retest of a seven year downtrend. The recent weakness was a healthy correction to work off the overbought pressure built up from the ~100% advance in 2016. Now weekly momentum has reset with Full Stochastics curling higher from oversold levels, confirming the price reversal off converging support levels. Zinc remains the strongest commodity within the CRB Index as price action carves out a multi-year uptrend and once again breaks out on a relative basis. Conservative long term upside measures to $3,500/t ($1.59/lb).
Chart 2 – Near-term, Zinc is breaking out from a five month bearish channel and two month double bottom. The breakout confirms the bullish divergence in momentum indicators and positions price action for a rally back to the 2017 highs. Look for any near-term checkback to find support at ~$2,650.
Chart 3 – Trevali was unable to break above resistance at the 2014 highs on its first attempt as momentum was already trending at overbought levels. Price action has subsequently pulled back in a retest of converging support levels along the uptrend from the 2015 lows and previous multi-year downtrend. With momentum now reset as price action tests support, the risk reward setup is very favourable.
Chart 4 – Tinka Resources has also pulled back to an attractive level along the rising 100-day moving average and 1/3rd retracement of the 2016-2017 advance. Momentum indicators have largely reset, providing a favourable risk/reward entry level.
Zinc: Bullish Reversal Off Support
Zinc: Breakout from Bearish Channel
Trevali Resources Corp.:
Tinka Resources Ltd.:
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