now gold exports hit new record high
According to the WGC, this year Japan's gold exports will reach 100 metric tonnes. Data from the According to the World Gold Council (WGC), Japan's exports of gold is at the highest level since 1985. In reference to data from the Ministry of Finance of Japan, the World Gold Council reported that during the first eight months of this year, Japan exported 95.6 metric tons of gold..
Referring to Bloomberg's data, Tanaka Kikinzoku Kogy, Japan's largest gold dealer, announced that during the first nine months of this year the company acquired 40% more gold bars and jewellery from private citizens than the same period last year. Japan is the only country in the world that does not produce important amounts of gold, but does have significant gold exports.
According to other data from Bloomberg, investments in gold ETFs (exchange-traded funds) dropped to 2,356.716 metric tonnes, after having hit a new record high of 2.358,206 metric tonnes on December 6. Nevertheless, analysts point out that the upward trend in gold ETFs investments remains intact. Currently investors only sell when they are in need of liquidity. Gold will continue to be an excellent investment that protects from high price volatility and systemic risks at the financial markets. Investors are especially keeping a wary eye on Europe's sovereign debt crisis.
In May 2010 crisis hit the periphery countries in the euro area, and now seems to be eroding confidence in the debt of "core" such as Germany and France. Has been awarded each of these countries generous credits and guarantees to its partners in the euro area of bankruptcy, thus relieving their own creditworthiness in the process. As long as Europe does not find any solutions to financial problems, investors will continue to search for gold and other precious metals as a safe haven.
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