Morning Meeting: CITI says Gold to $3,000; JPM shows its hand in China

Authored by GoldFix ZH Edit

1. Gold shining ‘bright like a diamond’ and could hit $3,000, says Citi
2. JPMorgan Chase Bank Visits Shanghai Gold Exchange

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Main Topics

• 3:40- Citi Says Gold to $3,000 on Table
• 5:02- JPM Head of Gold Meets SGE Exec
• Other topics: Markets, Charts, Price Action

1- Gold is shining ‘bright like a diamond’ and could hit $3,000, says Citi

• Gold prices continued its rally as Middle East tensions spurred demand, lifted by the bullion’s safe haven appeal.
• Gold prices notched another record close Monday, with the most-active June contract for gold futures settling at $2,383 per ounce.

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2- JPMorgan Chase Bank Visits Shanghai Gold Exchange

In November, GoldFix broke a story that a NY Bank had taken delivery of Comex Gold and sold it in China to close the widening Shanghai/Comex Arb differential. Since then may tonnes of gold have left US shores for China. Since then almost none else has discussed it.

But now it is becoming obvious who at least one of those banks was. Why would your head of trading visit the SGE unless he was buying or selling physical gold on that exchange. Further, given the price in China is higher than the price in the US, and he wants to make money…. hes not buying China gold for US delivery.

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