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Email: info@preciousmetalsinsights.info
5th June 2017 - Asia Pacific Precious Metals Conference in Singapore
To read the pdf of the presentation "Globalisation and the Gold Market: The Growing Interconnectivity of Trade and Trading" given by Philip Klapwijk, Managing Director of Precious Metals Insights Limited at the Singapore Bullion Market Association's inaugural Asia Pacific Precious Metals Conference at the Grand Copthorne Waterfront Hotel, Singapore please click on this link:
http://www.preciousmetalsinsights.info/pdf-presentations-slides-gold_silver_platinum_consulting-2/appmc-philip-klapwijk-050617-precious-metals-insights-limited-presentation.pdf
Proposed gold trading initiatives would promote further interconnectivity in the global gold market:
• LBMA’s OTC trade repository and pricing project
• LME spot and futures trading; centralised clearing venture
• HKEX’s CNH and USD gold futures contracts
• CGSE’s Qianhai / Hong Kong corridor
• SGE partnership with DGCX to trade Shanghai gold futures
• SGX’s Shariah compliant futures contract
• Planned gold futures contract on the ASX
Globalisation and the Gold Market: Conclusions:
• Gold market globalisation is well advanced in terms of trade links, although there
are still important exceptions, e.g. (near) prohibition on gold exports from China
• While Switzerland/UK are still pivotal, other physical entrepôts have become
increasingly important and intra-regional trade, especially within Asia, is growing
• Domestic gold trading has become liberalised in most countries but currency and
capital controls still hinder cross border activity in several cases
• Scope for arbitrage exists where partial gold market liberalisation creates
opportunities based on local / international price or regulatory differences
• China’s market development a key factor for future trends in globalisation; much
depends on the Chinese leadership’s appetite for further capital account
liberalisation and the associated scope for internationalisation of the RMB
• London will remain the dominant OTC trading hub and Comex the principal gold
futures market for the foreseeable future but their market shares will be
Asia Pacific Precious Metals Conference
Since Singapore lifted the Goods and Services Tax (GST) on Investment Precious Metals in 2012, the Singapore Bullion Market Association (SBMA) has been playing an active role in raising the profile of Asian bullion markets internationally. Over the next three years, the SBMA intends to play a greater role in the region by bringing together the bullion markets of the 10 ASEAN countries through the sharing of knowledge and best practices, liaison with governmental agencies and other relevant stakeholders in the region and beyond, and by connecting industry participants to global markets. The Asia Pacific Precious Metals Conference (APPMC) is one such platform through which SBMA and International Enterprise (IE) Singapore will work towards developing and strengthening a unified body in Southeast Asia for the bullion market. SBMA and IE Singapore would like to welcome the entire bullion fraternity to attend the inaugural APPMC here in Singapore and for them to share their views, inputs and suggestions to enhance the region's role in the global bullion market.
http://www.asiapacificpmc.com/index.html
27.04.2017 - Metals Focus Gold Focus 2017
Philip Klapwijk spoke at the annual Metals Focus Gold Focus 2017 publication presentation in Beiing China one of several simultaneous launch events for Metals Focus' annual "Gold Focus" publication, others taking place in London, Mumbai and Hong Kong. Metals Focus' annual Chinese language "Gold Focus" publication is produced with the support of the China Gold Association. At this event Philip Klapwijk gave a presentation on the annual yearbook's key findings and a forecast for supply, demand and prices in 2017.
30th March 2017 - Metals Focus Gold Focus 2017
Philip Klapwijk spoke at the annual Metals Focus Gold Focus 2017 publication presentation in Toronto Canada. Below is a link to see Philip Klapwijk's presentation:
http://www.preciousmetalsinsights.info/pdf-presentations-slides-gold_silver_platinum_consulting-2/Gold-Focus-Launch-Presentation_Toronto_300317-philip-klapwijk.pdf
16.01.2017 - LBMA 2017 Price Forecast - Philip Klapwijk, Precious Metals Insights
Click on this link to read the full price forecast for Gold, Silver, Platinum & Palladium for 2017.
http://www.preciousmetalsinsights.info/pdf-presentations-slides-gold_silver_platinum_consulting-2/Philip-Klapwijk-Precious-Metals-Insights-LBMA-Forecast-2017.pdf
19-20th October 2016 - 121 Mining Investment Hong Kong
Philip Klapwijk, Managing Director, Precious Metals Insights will participate in the precious metals debate: "Where next for gold and precious metals equities in an uncertain world?" on Thursday 20 October. 10:10
· Price drivers in 2016/17 - Currencies, interest rates and geopolitics
· Impact of the election on US fiscal and monetary policy and what this means for gold
· China’s gold buying and future plans for the metal
· How should mining companies be valued relative to the gold price in this market environment?
· Silver and PGMs: How are the other precious metals faring?
Panelists include:
Andrew Ballingal, Director, Ballingal Investment Advisors
Philip Klapwijk, Managing Director, Precious Metals Insights
John Deniz, MD, Paragon Funds Management
Amanda Van Dyke, Fund Manager, Peterhouse Asset Management
121 Mining Investment Hong Kong 2016 is a conference where leading institutional investors and industry analysts will meet with 40 mining production, development and exploration companies to discuss the outlook for mining finance and investment.
Join us in China's international gateway city to enjoy two intensive days of 1-2-1 meetings, company presentations and investor-led panel discussions.
Mining corporates – Present project updates and meet with leading experts from Asia’s mining and investment community.
Mining investment and finance experts – Share insights with your peers and receive project updates from the management teams of mining production, development and exploration companies gathered together in a convenient central Hong Kong location - Passes for institutional investors are free.
With limited space available, register now for this exclusive event.
121 Mining Investment Hong Kong is part of a highly successful global series, with events held in London, Cape Town and Hong Kong
http://www.weare121.com/121mininginvestment-hk/
29th September 2016 - 9th International Gold Summit & Excellence Awards - "Creation of India Fix in Next Five Years"
Philip Klapwijk, MD of Precious Metals Insights, Hong Kong will be panel discussion member at the 9th International Gold Summit & Excellence Awards - Creation of India Fix in Next Five Years at Shangri-La's Eros Hotel, New Delhi, India.
PDF of programme here: http://www.assocham.org/eventdetail.php?id=1320
15th May 2016 - "China goes cold on platinum jewelry, crimping world demand - London" by Jan Harvey
"It's not as if consumers aren't spending money, but they're not spending it on jewelry in the way they used to," said Philip Klapwijk, director of Hong Kong-based Precious Metals Insights.
"Consumers' discretionary purchasing power is being spent on other things -- white goods, and certainly tourism. More Chinese tourists are going abroad, and that also means during important public holidays, fewer people are visiting department stores."
http://www.reuters.com/article/us-platinumweek-jewellery-china-idUSKCN0Y60VO
18th May 2016 - Reuters with Philip Klapwijk "China goes cold on platinum jewellery, crimping world demand" By Jan Harvey
"It's not as if consumers aren't spending money, but they're not spending it on jewellery in the way they used to," said Philip Klapwijk, director of Hong Kong-based Precious Metals Insights.
"Consumers' discretionary purchasing power is being spent on other things -- white goods, and certainly tourism. More Chinese tourists are going abroad, and that also means during important public holidays, fewer people are visiting department stores."
http://uk.reuters.com/article/uk-platinumweek-jewellery-china-idUKKCN0Y60WQ
18th May 2016 Bloomberg Intelligence Precious Metals Forum
Philip Klapwijk Managing Director of Precious Metals Insights Limited gave the presentation "Central Banks: Inactive or Active?" To read the full pdf of the presentation please click on this link.
Bloomberg Intelligence fifth annual Precious Metals Forum. This informative event featured keynote speeches, panel discussions and expert presentations covering physical and paper precious metals market.
Philip Klapwijk also participated in the Panel Discussion: Gold/China Participants with Matthew Chamberlain, Head of Business Development, London Metal Exchange and Moderator: Ken Hoffman — Senior Metals and Mining Analyst, Bloomberg Intelligence.
31 March 2016 - Metals Focus - Gold Focus 2016
Philip Klapwijk spoke at the presentation of English Language Edition of the Metals Focus annual Gold Focus 2016 launch in Toronto Canada. Metals Focus launch the Gold Focus every March. This annual ‘glossy’ publication is fast becoming the number one reference source for the global gold market. The Gold Focus provides an in-depth analysis of market developments, including historical data and statistics on gold mine production, costs and consumption (featuring a country-by-country analysis). The Gold Focus also includes a full supply/demand and price outlook for 2016.
To view the PDF of the presentation by Philip Klapwijk at the Metals Focus annual Gold Focus 2016 launch please click here.
Online pdf Gold Presentation
10th China Gold & Precious Metals Summit 2015 - Shanghai China - 10th December 2015 Presentation "Examining Market Sentiment Towards Gold" by Philip Klapwijk, Managing Director of Precious Metals Insights Limited is in link in pdf here:
http://www.preciousmetalsinsights.com/pdf-presentations-slides-gold_silver_platinum_consulting-2/KLAPWIJK_Philip_PMI_SHANGHAI_101215.pdf
January 2016 LBMA Precious Metals Forecast
Philip Klapwijk - Precious Metals Insights, Hong Kong - LBMA Forecast for 2016.
Au
Range:
$958 - $1,147
Average:
$1,043
The gold price will fall further this year due to tighter monetary policy in the US, a further rise in the dollar and unsupportive supply/demand fundamentals. While it is true that the Federal Reserve will be cautious in raising rates, it would appear that the market is now too sanguine regarding the number of increases likely in calendar 2016 (just two on average compared to the Fed’s latest consensus view of four). Higher US interest rates will favour the dollar, which will also benefit from secular weakness in the euro and most EM currencies, including the renminbi. Furthermore, in terms of gold’s supply/demand fundamentals, the outlook is not price-supportive. The market is likely to remain well supplied, with mine production holding up due to new projects still coming on stream and cost reductions at existing operations, while scope for further reductions in scrap supply are limited. Jewellery demand is set to recover this year but only to a limited extent, in no small measure due to only modest consumption gains forecast for India and China. Critically, the price ‘floor’ supported by Asian physical demand in the form of jewellery and small bars is again set to move lower. At the same time, very limited institutional investor gold demand and, perhaps also, reduced net central bank purchases of bullion will require yet lower dollar gold prices for the market to clear.
Pt
Range:
$772 - $948
Average:
$828
Platinum prices are unlikely to recover materially unless either gold returns to a bull-market (unlikely before 2017) or mine production is cut substantially (much talk but little action) or diesel cars recover their appeal (a hard sell to both European consumers and governments). Rand devaluation and the (much larger) slump in oil prices have given the South African producers some breathing space. In addition, local political factors are an obstacle to any rapid, large-scale cuts to uneconomic operations. Talk of the ‘death of diesel’ is overblown, but diesel’s share of the European market is expected to slide due to greater concern over particulate emissions and a shift away from diesel towards fuel-efficient petrol engines. In the meantime, in spite of lower prices, global platinum jewellery demand is expected to remain becalmed due to relatively little scope for growth this year in the dominant Chinese market. Overall, the platinum market is likely therefore to be in rough ‘balance’ this year in terms of supply and fabrication demand. This might be considered a condition favouring some upside for the price if it were not for the likely slide in gold prices and the fact that investors are expected to remain negative towards platinum during 2016.
Ag
Range:
$11.96 - $14.89
Average:
$13.19
A further slide in prices is expected in 2016, with silver tending (as is typically the case) to ‘outperform’ gold to the downside. Besides facing similar economic and financial headwinds this year (particularly the stronger US dollar and soft commodity prices), the white metal will additionally have to contend with lacklustre industrial demand (in part due to the slowdown in Chinese capital investment and construction) and relatively ‘sticky’ supply from mine production and recycling. In addition, it is debatable whether the underlying level of physical demand from India, investors in bullion products and ETF holders will be as supportive this year as these were in 2015. More likely, lower silver prices will be required to stimulate a continued high level of Indian imports and bullion coin sales, particularly in light of the huge demand seen from both sources last year. Against this, it is probable that outflows from silver ETFs will increase as silver makes new lows for the bear market to date.
Pd
Range:
$442 - $605
Average:
$492
From a low starting point, palladium is expected to outperform its peers among the major precious metals. Currently, the price is discounting a more negative outcome for the global economy and auto demand than would seem justified, in large part due to bad news from China. Specifically regarding China, while car sales growth has slowed (to 7% last year), the base is much higher (21.1m vehicles). Moreover, combating pollution is a priority and emission controls are becoming tighter. US auto sales also reached a record level last year (17.5m units) and the consensus is that in 2016 there should be a further (albeit smaller) increase in sales. Indeed, global autocatalyst demand is forecast to increase in 2016 and underpin an increase in overall palladium fabrication demand. This will only partly be offset by a small rise in supply (due to higher recycling) such that palladium will remain in a substantial fundamental ‘deficit’. In the short run, this can be swamped by investor selling (as seen recently), but as such investors’ sales ease some rebound in palladium prices is probable basis ‘stronger hands’ holding remaining bullion stocks and the metal’s healthy supply/demand fundamentals.
To read full pdf of the 2016 Forecast click here
December 2015 - 10th Annual China Gold & Precious Metals Summit 2015
Philip Klapwijk was a speaker at the 10th Annual China Gold & Precious Metals Summit 2015 in Shanghai, China.
http://www.chinagoldsummit.com/speakers.php
China Gold & Precious Metals Summit is an annual precious metals gathering jointly endorsed by the China Gold Association and the Shanghai Gold Exchange for miners, refiners, fabricators, dealers, bankers, traders, money managers, analysts, brokers, jewelers, advisors, policy setters to discuss prices, fundamentals, investor sentiment, macroeconomic environment as well as the growth and development of China's gold & precious metals market. In 2015 with China's Silk Road initiative announced and the launch of Shanghai gold benchmark approaching, their implications for the global bullion market coupled with insights on price actions, Fed policy and supply/demand picture etc were highlighted at the conference.
18-20 October 2015 LBMA/LPPM Precious Metals Conference 2015
Philip Klapwijk, Managing Director of Precious Metals Insights will be panel member in the session "Evolution of the Precious Metals Market" at the LBMA/LPPM Precious Metals Conference 2015 Date: Sunday, October 18, 2015 to Tuesday, October 20, 2015 Venue: Hilton Vienna, Vienna.
Website: https://www.eiseverywhere.com/ehome/vienna2015/300251/?&
20 July 2015 FT.com - Financial Times - Gold driven to five-year low by Henry Sanderson. Additional reporting by Nicole Bullock.
"This has been reflected in the low premium for gold on the Shanghai Gold Exchange, where physical gold is traded in China" according to Philip Klapwijk of Precious Metals Insights Ltd. “The Shanghai Gold Exchange premium has been amazingly low for the level of price we’re at, which tells us the Chinese physical market is not strong at the moment,” he says. “Nor is India, which is at a discount. The physical markets haven’t been there to hold the price.”
To read the full article click on this link: http://www.ft.com/intl/cms/s/0/621a2ec0-2ed9-11e5-91ac-a5e17d9b4cff.html?siteedition=intl#axzz3gVGFYKT3
2 July 2015 "China clamours to set global gold prices" Al Jazeera English Business & Economy
The world's biggest producer and consumer of the metal sees a golden opportunity to expand its pricing power. Raphael Balenieri
"The country's role in the international gold markets is still surprisingly small. China is very much a price taker, rather than a price setter," said Philip Klapwijk, founder of Precious Metals Insights Limited, a consultancy based in Hong Kong. "You might argue that given its huge consumption, China obviously influences global gold prices. But all the trading activity that goes on in China tends to be a domestic affair," said Klapwijk.
To read the full article click on the link: http://www.aljazeera.com/indepth/features/2015/06/china-clamours-set-global-gold-prices-150629082056754.html
Friday 22 May 2015 Bloomberg Intelligence Agenda 2015 - Chinese Gold
Philip Klapwijk Managing Director of Precious Metals Insights Limited was speaking at Bloomberg Intelligence Agenda 2015 in Bloomberg London Headquarters. To see the slides in pdf format of "Making Sense of Chinese Gold Flows & Gold Demand" by Philip Klapwijk MD of Precious Metals Insights Ltd click here.
Bloomberg Intelligence in partnership with the CME Group for a conference featuring expert speakers and panel discussions addressing drivers and themes in the precious metal markets. In tribute to LPPM Week, Johnson Matthey reviewed the supply and demand situation, and hosted a panel on the PGM markets. Discussion topics included:
Outlook for Global Precious Metals Markets
Chinese Demand: a New Gold Standard?
Supply/Demand for PGMs
To see full agenda click here.
29 April 2015 - "New trade initiatives to spur gold demand" China Daily USA with Philip Klapwijk
"China's growing interest in gold, however, was the opposite of what has been happening on the world market, where the price of the medal has been falling, said Philip Klapwijk, head consultant of Metals Focus, an independent precious metals consultancy."
http://usa.chinadaily.com.cn/epaper/2015-04/29/content_20578012.htm
08 April 2015 - Platinum Guild International PGI's Platinum Retail Barometer. Comments by Philip Klapwijk of PMI on China platinum jewelry. Philip Klapwijk from Precious Metal Insights, who supervised the China Barometer, commented: “Plain platinum jewellery is facing headwinds these days in the Chinese market. In contrast, bridal continues to be solid and, most importantly perhaps for the future of demand, gem-set is expanding very strongly, albeit from a still relatively low base.” Full press release can be viewed in this link.
31 March 2015 - Metals Focus Conference Gold Focus 2015 Launch in Toronto Canada - Presentation by Philip Klapwijk of Precious Metals Insights Limited Hong Kong and Chief Consultant to Metals Focus.
Review of 2014 - Headwinds for Gold: Rates, Equities and Currencies - Key physical gold markets: China and India - Key Supply & Demand Factors - Market & Price Outlook for 2015. Presentation slides by Philip Klapwijk can be viewed in this link.
25th March 2015 - Mines and Money Hong Kong 2015 - Platinum & Palladium 2015 Outlook
Pdf of presentation slides by Philip Klapwijk Managing Director, Precious Metals Insights Limited Hong Kong can be viewed in this link.
17 februari 2015 - Market Update Frank Knopers Goud en Zilvermarkt Geen reacties Philip Klapwijk: “Shanghai Gold Exchange overschat Chinese vraag naar goud”
Volgens analist Philip Klapwijk van Precious Metals Insights zijn de cijfers van de Shanghai Gold Exchange niet te vergelijken met de totale vraag naar fysiek goud in China. Dat zei de analist tijdens het 2015 Reuters Global Gold Forum in een vraaggesprek over de Chinese goudmarkt.
“De opnames van goud uit de Shanghai Gold Exchange (SGE) laten het grote plaatje zien van de fysieke ‘vraag’. Ze geven niet per definitie een indicatie van de totale vraag naar juwelen, beleggingsgoud of industriële vraag naar goud. Dit komt omdat een groot deel van de opnames uit de SGE enkel en alleen gebruikt wordt voor financiering en andere doeleinden die niet equivalent zijn aan reële consumptie. Daarom is het zeer misleidend te vertrouwen op de SGE opnames om de omvang en de verandering van de werkelijke vraag naar goud in China te bepalen. In 2013 was de totale opname van goud uit de SGE bijvoorbeeld 2.197 ton en in 2014 was dat 2.102 ton. Beide cijfers overschatten de werkelijke vraag naar goud in China, net zoals ze de werkelijke daling van de verkoop van gouden juwelen en met name goudbaren in China onderschatten.”
Goud gebruikt voor financiering
Omdat een groot deel van de opnames van goud via de Shanghai Gold Exchange wordt gebruikt voor financiering vertroebelt het cijfer de daadwerkelijke vraag naar gouden munten, goudbaren, juwelen en andere ornamenten die als goudbelegging aangemerkt kunnen worden. Over het gebruik van goud als middel voor financiering zei analist Klapwijk het volgende:
“Het gebruikt van goud voor financiering… een soort van goud carry trade… is zich de afgelopen jaren aanzienlijk toegenomen. In het schaduw banksysteem maakt men dankbaar gebruik van de beschikbaarheid van goud tegen een verhoudingsgewijs lage rente in vergelijking met gewone renminbi leningen. Dat blijkt ook uit het feit dat het opgegeven volume van goudleningen onder de leden van de SGE in totaal meer dan 1.100 ton groot was. Naar mijn weten is dat volume in 2014 nogal toegenomen. Het is belangrijk om te weten dat vrijwel al deze goudtransacties gehedged worden… het is niet om te speculeren op de goudprijs. Spreads op leningen in het schaduw banksysteem zijn zodanig groot dat tussenpersonen hun blootstelling aan de goudprijs kunnen indekken en nog steeds grote winsten kunnen boeken.”
china-gold-barsChinees Nieuwjaar
Klapwijk kreeg de vraag of er naar aanleiding van het Chinese Nieuwjaar veel meer goud verkocht is dan tijdens eerdere jaarwisselingen op de Chinese kalender. Traditioneel is dit een periode waarin Chinezen meer goud kopen. Philip Klapwijk zei daar het volgende over:
“Er was inderdaad sprake van substantiële aankopen van goud, voornamelijk de aankoop van gouden sieraden in de aanloop en zelfs tijdens het Chinese Lunar Nieuwjaar. De impact op de goudmarkt is inmiddels grotendeels voorbij… totdat de voorraden weer aangevuld worden. Vergeleken met het vorige Chinese Nieuwjaar heb ik het gevoel dat de vraag naar goud wat is toegenomen, maar het totaal lag ruim onder het uitzonderlijk hoge niveau van dezelfde periode in 2013. De premie op goud op de SGE gaf hier ook al wat inzicht in… $3 tot $6 per troy ounce is substantieel minder dan wat we zagen in de aanloop naar het Chinese Nieuwjaar in 2013, toen we premies in de dubbele cijfers zagen.”
Over de daling van de vraag naar goudbaren zei de goudanalist van Precious Metals Insights het volgende:
“De vraag naar goudbaren en ornamenten was zwak. dat komt vooral door het gebrek aan belangstelling bij beleggers en door de anti-corruptie campagne in China. De bulk van de vraag is in de vorm van 99,99% zuivere gouden juwelen. Chinezen zien dat zowel als juweel als investering, omdat de premie op 99,99% goud laag is en het gemakkelijk weer te verkopen is. Ik zag laatst een gouden ketting te koop voor 261 renminbi per gram, dat was slechts marginaal hoger dan de goudprijs van die dag. Een dergelijk model ketting moet een hoge omzet genereren.”
Goud als veilige haven?
Philip Klapwijk kreeg ook de vraag voorgelegd of Chinezen goud nog steeds zien als veilige haven. Hij gaf de volgende verklaring:
“De daling van de goudprijs van de afgelopen jaren wat glans van goud heeft weggehaald. Echter is de impact daarvan op de verkoop van gouden juwelen marginaal geweest. Voor goudbaren is het een ander verhaal, zoals blijkt uit de cijfers van 2014. Die halveerden van jaar op jaar.”
http://marketupdate.nl/nieuws/goud-en-zilvermarkt/philip-klapwijk-shanghai-gold-exchange-overschat-chinese-vraag-naar-goud/
18 February 2015 - Bloomberg News / GARP Global Association of Risk Professionals with Philip Klapwijk "Gold Holds Near 6-Week Low on Greek Optimism, Before Fed Minutes"
“People are fairly bullish about the U.S. economy and they are no longer putting back their expectations of a rate hike, so the Fed minutes will be fairly critical,” Philip Klapwijk, managing director of Hong Kong-based Precious Metals Insights Ltd., said by phone. “For Greece the consensus is that there is going to be a last-minute deal.
http://www.garp.org/risk-news-and-resources/risk-headlines/story.aspx?newsId=128687
18 February 2015 - Bloomberg News with Philip Klapwijk "Altın 6 haftanın en düşüğüne indi Altın, Yunanistan haberleri ile birlikte, Fed tutanakları açıklanmadan önce, altı haftanın en düşük seviyesine indi (15:55'te güncellendi)"
"Hong Kong'da Precious Metals Insights Ltd., idari direktörü Philip Klapwijk, "İnsanlar ABD ekonomisi konusunda oldukça iyimser ve artık faiz artırımına ilişkin beklentilerini geri plana itmiyorlar. Bu yüzden, Fed tutanakları oldukça kritik," dedi ve "Yunanistan için, son dakika anlaşması olacak şeklinde bir görüş birliği var" yorumunda bulundu." http://www.bloomberght.com/haberler/haber/1725943-altin-6-haftanin-en-dusugu-yakininda
17 February 2015 - Reuters Global Gold Forum Jan Harvey with Philip Klapwijk
To read full interview with Philip Klapwijk click here:
www.preciousmetalsinsights.com/2015_Reuters_Global_Gold_Forum_Philip_Klapwijk_PMI_Limited1
6 February 2015 - online.barrons.com "Don’t look for a repeat of gold’s January rise; the looming increase in interest rates is likely to hurt prices." By Tatyana Shumsky
"Still, investors looking for a fresh bull market in gold may be disappointed, says Philip Klapwijk, an analyst with Precious Metals Insights. “In the absence of a major, unexpected shock to the financial system this year, it is difficult to see why gold’s bear market should not continue,” he says."
http://online.barrons.com/articles/SB51367578116875004693704580437734260788738
21 January 2015 ETF - Securities Annual Conference London - Precious Metals: Review and Outlook
Philip Klapwijk Managing Director of Precious Metals Insights Limited - pdf of presentation is now available.
To download Philip Klapwijk's presentation in pdf please click here:
23 January 2015 - or-argent.eu "L’argent connait son meilleur début d’année depuis plus de 30 ans" - Situation du marché physique
"Selon Philip Klapwijk, directeur de Precious Metals Insights Ltd, un marché physique plus tendu fournira du support au cours cette année. La production mondiale d’argent (mines et métal de récupération inclus) devrait baisser de 2 % en 2015, tandis que la demande d’argent physique en provenance de l’industrie, de la photographie et de la joaillerie devrait augmenter de 2 %. Le surplus de métal qui existe sur le marché devrait baisser de 40 millions d’onces en 2015 pour atteindre 211 millions d’onces, toujours d’après Precious Metals Insights Ltd."
http://or-argent.eu/largent-connait-son-meilleur-debut-dannee-depuis-plus-de-30-ans/
22 January 2015 - Bloomberg "Speculators Looking for Havens from Slowing Growth are Piling Into Silver" By Debarati Roy
"A tighter physical market will provide some support to prices this year, Philip Klapwijk, managing director of Hong Kong-based Precious Metals Insights Ltd., said at a conference in London on Jan. 21.
The consulting firm expects global silver supply from mine production and scrapping to fall 2 percent in 2015, and physical demand for uses including industry, photography and jewelry to grow 2 percent. The physical silver-market surplus will shrink by 40 million ounces to 211 million ounces in 2015, according to Precious Metals Insights."
http://www.bloomberg.com/news/2015-01-21/silver-poised-for-bull-market-as-economic-woes-spur-haven-demand.html
22 January 2015 - Die Welt "Silber mit bestem Jahresstart seit 30 Jahren - Kurs auf Hausse"
Mit dem stärksten Jahresauftakt seit mehr als 30 Jahren ist Silber auf dem besten Weg in einen Bullenmarkt. Von Debarati Roy
Philip Klapwijk, Direktor bei Precious Metals Insights Ltd. in Hong Kong, verwies bei einer Konferenz in London am 21. Januar auch auf das
geringere Angebot. Er rechnet mit einem Rückgang von zwei Prozent 2015, während die Nachfrage gleichzeitig um zwei Prozent zulegen dürfte.
http://www.welt.de/newsticker/bloomberg/article136643584/Silber-mit-bestem-Jahresstart-seit-30-Jahren-Kurs-auf-Hausse.html
20 January 2015 - Release of LBMA 2015 Price Forecast by Philip Klapwijk of Precious Metals Insights Ltd
Gold
Average $1,173 High $1,320 Low $1,060
In the absence of a major, unexpected shock to the financial system this year it is difficult to see why gold’s bear market should not continue. Nevertheless, losses ought to be mitigated by somewhat more favourable supply/demand conditions. Mine production may only fall slightly in 2015 but this is likely to represent a noteworthy turning point following many years of output growth. A further drop in scrap is also to be expected. Global jewellery demand will grow this year but those expecting fireworks from China or India are likely to be disappointed. As a result, the bullion surplus that either investors or the official sector needs to absorb will not shrink by all that much. Most importantly, the appetite of these buyers is unlikely to be that great, given relatively little incentive for safe haven or, especially, inflation hedging purchases in 2015. Moreover, gold’s appeal will be limited due to continued stock market gains, further appreciation of the US dollar and the Fed eventually raising interest rates. All the same, a fair degree of resilience to these negative exogenous developments should see attrition rather than collapse in the gold price this year.
Silver
Average $15.95 High $18.45 Low $13.90
The slump in silver prices last year would have been yet more severe had it not been for record levels of Indian demand, massive retail investor purchases of bullion products and the stickiness of ETF holdings. Decent but unspectacular growth in fabrication demand and a small reduction in supply in 2015 is likely to be more than compensated for by losses in the aforementioned three areas. India’s appetite for silver will at the margin be affected by a shift back towards gold now that the latter should be more freely available. Retail investors will continue to support the price but the volume of their purchases is expected to fall and they will need the incentive of lower prices. Finally, although a ‘gold-style’ bailout from ETFs is most unlikely some liquidation is probable if prices slide to new lows for the bear market to-date.
Platinum
Average $1,267 High $1,420 Low $1,180
Platinum prices are expected to be soft in 2015 due to a major recovery in South African mine production from last year’s strike affected level that will more than compensate for higher platinum fabrication demand, most of this coming from auto catalysts. Moreover, there are risks that expected gains this year from the automotive sector may not materialise if the European economy slides back into recession, as this could severely affect the region’s demand for diesel-powered vehicles. Similarly, expectations for moderate growth in Chinese platinum jewellery consumption would need to be revised if GDP growth in the country were to slow substantially. On the other hand, and more positively for the price outlook, the market is currently far too sanguine about the supply side and South Africa. Negative surprises here could therefore translate into substantial price gains driven also, in part, by speculative buy-side interest. Such purchases may also be motivated by buyers’ expectation of a widening in the platinum:gold spread this year, as the white metal partially decouples from gold.
Palladium
Average $841 High $920 Low $775
A major growth in palladium supply this year, principally from mine production and auto catalyst recycling should more than compensate for robust gains in fabrication demand, especially for auto catalysts and electronics. As such, the market’s ‘deficit’ should be reduced, although it will still require a substantial drawdown of existing bullion stocks. This implies that the price should remain buoyant in 2015, with some bias to the upside. Palladium’s gains will be capped though by investor dishoarding on higher prices and, more generally, the negative influence on sentiment of the rest of the precious metals complex being in the doldrums.
To download Philip Klapwijk's price forecast in pdf please click here:
For further details of the consultancy services we offer st PMI please write to us at: Email: info@preciousmetalsinsights.com
19 Jauary 2015 - Philip Klapwijk of Precious Metals Insights Limited at the Annual Investment Conference 2015
Philip Klapwijk will be speaking at the conference series which attracts around 500 senior level decision makers from the Private Bank, Wealth Management and Asset Management industries in our key locations – London, Zurich, Frankfurt, Milan and for the first time Paris. The Annual Investment Conferences provide our clients with a view and outlook of the economy on which they can base their 2015 investment decisions; all conferences feature an external expert from the Asset Management industry.
http://www.etfsecurities.com/institutional/de/en-gb/events/annual-investment-conference
6 January 2015 - Precious Metals Insights Limited is proud start the new year by announcing that Managing Director Philip Klapwijk has just been named as winning analyst in platinum in the 2014 LBMA London Bullion Market Association Precious Metals Forecast Survey results announced today.
Philip Klapwijk secured first prize for his platinum forecast of $1,369, just over $15 off the actual average price for the year of approximately $1,385. This was Philip’s sixth first prize, which makes him the most successful analyst.
For full details and LBMA press release:
http://www.lbma.org.uk/_blog/lbma_media_centre/post/lbma-2014-forecast-survey-results/
7 January 2015 - Philip Klapwijk von Precious Metals Insights Limited sicherte sich den ersten Platz bei den Vorhersagen zum Platinpreis. Er hatte auf einen durchschnittlichen Kurs von 1.369 US-Dollar je Feinunze getippt und lag damit 16 US-Dollar unter dem tatsächlichen Jahresdurchschnitt von 1.385 US-Dollar. Auch hier hatten die Experten im Schnitt mit einem deutlich höheren Preis von 1.490 US-Dollar je Feinunze gerechnet.
http://www.goldseiten.de/artikel/229906--LBMA---Die-genauesten-Edelmetallprognosen-in-2014.html
7 January 2015 - LBMA公布2014年各贵金属预测奖 2015-01-07 15:02 来源：幸福黄金网 我要评论 微信 [导读] 伦敦金银市场协会(LBMA)近期公布了2014年贵金属价格预期的总结。 幸福黄金网01月07日讯——伦敦金银市场协会(LBMA)近期公布了2014年贵金属价格预期的总结。 幸福黄金网 在铂金方面，分析师Philip Klapwijk对2014年铂金价格走势的预测是最为准确的。 Klapwijk对2014年铂金价格的预测为1369美元/盎司，而最终的价格为1385美元/盎司，这是Klapwijk第六次获此殊荣。
http://www.xftz.cn/a/2015/0107234430.html
7 January 2015 - LBMA назвала лучший прогноз по золоту за 2014 г. LBMA назвала лучший прогноз по золоту за 2014 г. 9 января 2015 Лондонская ассоциация участников рынка драгоценных металлов (LBMA) определила победителей более точных прогнозов цен на золото и серебро в прошедшем 2014 году. Каждый год организация собирает прогнозы многочисленных аналитиков и рассчитывает прогноз среднегодовой цены на драгметаллы, а также максимумы и минимумы цен в течение года. Подробнее: http://gold.ru/news/lbma-nazvala-luchshij-prognoz-po-zolotu-za-2014-god.html
Аналитик Philip Klapwijk из компании Precious Metals Insights Limited получил первое место благодаря своему прогнозу по платине. Он спрогнозировал среднегодовую цену на платину на уровне 1369$ за унцию, а фактическая средняя стоимость платины по итогам года оказалась 1385$. Большинство экспертов прогнозировало более высокую среднюю цену на платину на уровне 1490$ за унцию, поэтому их прогноз также не сбылся. Подробнее:
http://gold.ru/news/lbma-nazvala-luchshij-prognoz-po-zolotu-za-2014-god.html
1 December 2014 - Bullion Bulletin India bullionbulletin.in "It is hard to see the gold bear market ending soon"
Philip Klapwijk, Managing Director, Precious Metals Insights Limited, talked about the current price movement of global gold trade, physical demand in Asia, China’s gold mining sector and PGMs demand etc. while interviewed by Bullion Bulletin. Excerpts…
To read the full interview: http://www.bullionbulletin.in/more_expert_column.aspx?pageid=DtPhilip120214
6 November 2014 - El Economista eleconomista.com.mx "Oro y petróleo, en su nivel más bajo" de Diego Ayala y Erick Gallardo.
Según Philip Klapwijk, director de la revista Precious Metals Insights, “los consumidores chinos están un poco preocupados, pues piensan que los bajos precios durarán algún tiempo más”.
Para leer el artículo completo: http://eleconomista.com.mx/mercados-estadisticas/2014/11/06/oro-petroleo-su-nivel-mas-bajo
6 November 2014 - Cronista.com "Inversores chinos perdieron el interés por comprar oro" por Henry Sanderson
"Los consumidores chinos están un poco reacios. No está la misma convicción de que sea una caída temporaria este año", señaló Philip Klapwijk, director general de Precious Metal Insights, una publicación del sector.
Para leer el artículo completo: http://www.cronista.com/financialtimes/Inversores-chinos-perdieron-el-interes-por-comprar-oro-20141107-0015.html
6 November 2014 - Financial Times FT.com "Gold price bears take charge of bullion" by Henry Sanderson
“There is a natural caution on the part of buyers and they don’t want to catch the proverbial falling knife,” says Philip Klapwijk, managing director of Precious Metals Insights, an industry publication. “Chinese consumers are a little bit wary – last year they piled in with the correction of the price. There isn’t the same conviction that it’s a temporary blip down [this year].”... “You need China and India to start absorbing more – that would arrest the fall in the price,” Mr Klapwijk says.
To read the full article: http://www.ft.com/intl/cms/s/0/ca2c9dd0-6428-11e4-bac8-00144feabdc0.html?siteedition=uk#axzz3IO6Y3YYD
18 October 2014 - Fubrec.com 中国将超印度成为全球第一大黄金消费国 中国将超印度成为全球第一大黄金消费国 China will exceed India to become the world's largest gold consumer
“这样的设施说明对中国黄金市场的极大信心,”precious metals insights的总经理philip klapwijk说,“需求的走势是非常积极的”. "This facility shows great confidence in the Chinese gold market," Philip Klapwijk general manager of Precious Metals Insights, says "the demand trend is very positive."
http://fubrec.com/rongyuzizhi/20141018/528.html
17 October 2014 - "Riddle of inventory levels keeps platinum investors shy" Daily Mail Online by Reuters by Clara Denina and Jan Harvey editing by Veronica Brown and Jason Neely
"My sense is in 2013 they stocked up and in 2014 they let this stuff go," Philip Klapwijk, director at consultancy Precious Metals Insights said. "We have seen selling from investors who, if they think prices are cheap, will fill their boots, and if they think prices are at a good level, will sell."
http://www.dailymail.co.uk/wires/reuters/article-2796780/Riddle-inventory-levels-keeps-platinum-investors-shy.html
3-4 December 2014 - 9th annual China Gold & Precious Metals Summit 2014 in Shanghai China - Philip Klapwijk, managing director of Precious Metals Insights will be attending the conference and will be pleased to see you all there. For more information and for conference attendence bookings visit:
http://www.chinagoldsummit.com/
9 – 11 November 2014 - LBMA Precious Metals Conference 2014 in Lima Peru Westin Lima Hotel & Convention Center - Philip Klapwijk, managing director of Precious Metals Insights Ltd will be attending the conference and will be pleased to see you all there. For more information and for conference attendence bookings visit:
http://www.lbma.org.uk/upcomingevents/lbma-precious-metals-conference-2014
10-12 September 2014 - China Gold Conference 2014 - Beijing International Conference Center BICC - Philip Klapwijk, managing director of PMI Ltd will be a panel discussion host. For more information and for conference attendence bookings visit:
http://www.china-gold.org/en/
平行论坛 Breakout Session 3-3 2014年9月11日（星期四） 14:00-15:30 Thursday- September 11, 2014 14:00-15:30 二楼201CD号会议厅 Meeting Room 201CD, Second Floor 主 持 人： 飞利浦 Philip Klapwijk 职 务： 董事总经理 Managing Director 单 位： 贵金属洞察公司 Precious Metals Insights Limited Philip Klapwijk 在分析黄金、白银、以及铂族金属的市场领域具有超过 25 年的经验。其生涯大部分在 GFMS （全 称 黄金矿业服务公司）工作，并于最近担任该公司的执行总裁一职。这是一家在全球贵金属市场行业内领先的专业咨询机构。 2011 年 8 月， GFMS 被汤森路透公司收购，直到 2013 年 2 月为止， Philip 担任该集团公司的金属分析全球主管，负责对所 有贵金属及普通金属市场的分析与研究。自 2013 年起担任贵金属见解有限公司的董事总经理，这是一家专业、精英级别的 贵金属市场咨询机构。他经常是贵金属及期货相关会议上的发言人，在黄金、白银、及铂族金属市场领域的见解常常见诸纸 质媒体以及电子媒体。他拥有伦敦经济学院以及布鲁日欧洲学院的经济学学位。
Press release in pdf: China Gold Conference 2014_Feilipu_press-release-2014.pdf
Press release in jpeg: China Gold Conference 2014_Feilipu_press-release-2014.jpeg
22 July 2014 - RTHK Radio Hong Kong radio - Gold market
Philip Klapwijk, Managing Director of Precious Metals Insights Limited said, "I think for people who have got sufficient net worth - that there's something really worth trying to protect - I think five to ten percent of your portfolio in gold is a good idea as a backstop."
To hear his commentary on world events affecting the gold price, including the Gaza crisis listen to the full interview by going to the link below and clicking on 8.20 am - Gold market.
http://programme.rthk.hk/channel/radio/programme.php?name=radio3/money_for_nothing&d=2014-07-22&m=episode
4 July 2014 - Reuters & South China Morning Post www.scmp.com "Chinese gold imports tipped to drop in loan deals fallout"
"Chinese gold imports could fall by up to 400 tonnes this year as the central government tightens controls on gold financing deals and domestic demand softens, a leading precious metals consultant said yesterday.
Philip Klapwijk, a director of Hong Kong-based Precious Metals Insights, said the Chinese authorities were once again moving to rein in abuse of gold lending, after a crackdown on commodity financing last year.
He said weaker import volumes in recent months - the mainland's gold imports from Hong Kong dropped in May to the lowest level since January last year - suggested the gold lending business was already being partly wound down.
In the full year, imports could fall by 300 to 400 tonnes, or as much as 22 per cent, he said.
"[Gold imports] will probably decline for the full year given the impact of firstly, weaker real demand in China compared to its outstanding level in 2013 and secondly, measures to restrict the abuse of gold lending and other financial plays using the yellow metal," he said.
"Total imports into China may have reached nearly 1,800 tonnes in 2013, taking into account unofficial and direct shipments.
"That figure will surely be several hundred tonnes lower in 2014 … it is another headwind for any rally in gold this year, and it also means the price floor may be a bit shakier."
Gold prices are up nearly 10 per cent this year after falling last year for the first time in more than a decade, but remain more than 30 per cent below 2011's record highs.
A report from the World Gold Council earlier this year, based on research by Klapwijk, said gold imported into China was being used through gold loans and letters of credit to raise low-cost funds for business investment and speculation. It estimated that up to 1,000 tonnes of gold, worth about US$42 billion at current prices, could be tied up in these transactions.
"In short, you have in China a very large 'surplus' of gold - cumulatively over 2,000 tonnes in the last four years - that can mostly only be explained by either private sector financial use of gold or official purchases," Klapwijk said.
The mainland's chief auditor said last week gold processing firms had since 2012 used falsified gold transactions to borrow 94.4 billion yuan (HK$117.7 billion) from banks.
Klapwijk said the unwinding of gold financing deals could reverse the flow of physical gold, which has moved from west to east in recent years as gold stored to back exchange-traded funds in London and New York was shipped east to meet Chinese demand after investors sold ETFs."
To read the full article: http://www.scmp.com/business/commodities/article/1546164/chinese-gold-imports-tipped-drop-loan-deals-fallout
4 July 2014 - Reuters.com "China gold imports may drop 400T hit by financing curbs-consultant" By Jan Harvey (editing by Keiron Henderson)
"Philip Klapwijk, director of the Hong Kong-based Precious Metals Insights, said the Chinese authorities are once again moving to rein in abuse of gold lending, after a crackdown on commodity financing last year.
He said weaker import volumes in recent months - China's gold imports from Hong Kong dropped in May to the lowest level since January last year - suggested the gold lending business was already being partly wound down.
In the full year, imports could fall 300-400 tonnes, or as much as 22 percent, he said.
"(Gold imports) will probably decline for the full year given the impact of firstly, weaker real demand in China compared to its outstanding level in 2013 and secondly, measures to restrict the abuse of gold lending and other financial plays using the yellow metal," he said in an interview with the Reuters Global Gold Forum on Thursday.
"Total imports into China may have reached nearly 1,800 tonnes in 2013, taking into account unofficial and direct shipments," he said. "That figure will surely be several hundred tonnes lower in 2014... It is another headwind for any rally in gold this year, and it also means the price floor may be a bit shakier."
Gold prices are up nearly 10 percent this year after falling in 2013 for the first time in more than a decade, but remain more than 30 percent below 2011's record highs.
A report from the World Gold Council earlier this year, based on research by Klapwijk, said gold imported into China was being used via gold loans and letters of credit to raise low-cost funds for business investment and speculation.
It estimated that up to 1,000 tonnes of gold, worth about $42 billion at current prices, could be tied up in these transactions.
"In short you have in China a very large 'surplus' of gold - cumulatively over 2,000 tonnes in the last 4 years - that can mostly only be explained by either private sector financial use of gold or official purchases," Klapwijk told the Forum.
"It is impossible to be sure of the split between these two main semi-hidden sources of demand, but both would be large, in my view."
China's chief auditor said last week Chinese gold processing firms have since 2012 used falsified gold transactions to borrow 94.4 billion yuan ($15.2 billion) from banks.
While affirming that a drop in Chinese gold imports could prove a drag on price, Klapwijk played down the impact of a large-scale unwinding of Chinese gold financing deals on international prices.
He said however that it could reverse the flow of physical gold, which has moved from west to east in recent years as gold stored to back exchange-traded funds in London and New York was shipped east to meet Chinese demand after investors sold ETFs."
"Given that nearly all of these gold trades are hedged in the futures market, there should be no net effect on the price if they are unwound," he said.
"However, there could be an impact on the contango (discount for immediate delivery) and also on the physical premium or discount loco (located in) China or Hong Kong versus the rest of the world.
He said the premium could potentially fall significantly, adding: "If the discount grows sufficiently then there will be pressure to export material from China to Hong Kong and then back to Europe, reversing in fact some of the financially-driven flows seen between 2011-13."
To read the full article: http://in.reuters.com/article/2014/07/03/idINL6N0PE46E20140703
30 June 2014 - FT.com Financial Times - Singapore seizes on soaring Asia gold demand by Jeremy Grant
"Philip Klapwijk, managing director of Precious Metals Insight, an industry publication, says Hong Kong is unlikely to be dented by Singapore’s plans given its entrenched status as the main entry point for gold destined for cities such as Shenzhen. “I think it’s going to be very difficult for Singapore to take much business from Hong Kong due to the sheer critical mass of China. But Southeast Asia is where it could make its mark,” he says."
To read the full article: http://www.ft.com/intl/cms/s/0/1446c078-fffa-11e3-9a4a-00144feab7de.html?siteedition=intl#axzz36DH0v6ne
3 June 2014 - FT.com Financial Times - Trading to influence gold price fix was ‘routine’ by Xan Rice
"Philip Klapwijk, managing director of Precious Metals Insights, a consultancy, says digital options were also sold to funds, as well as to private banks, and then repackaged for sale to wealthy individuals, typically as interest rate products. In these cases, the option seller pushing around a benchmark was “not quite cricket”, Mr Klapwijk said.""
To read the full article: http://www.ft.com/intl/cms/s/0/7fd97990-eb08-11e3-9c8b-00144feabdc0.html#axzz33fHoAFSH
21 May 2014 - Presentation at Mines and Money Beijing by Philip Klapwijk "China’s Growing Demand for PGMs"
To view the slides of the presentation in pdf format click here.
To view the slides of the presentation in html format click here.
Outlook for Chinese PGM Demand?:
• Chinese automobile production will grow considerably (KPMG forecast domestic sales of nearly 35m in 2020) plus there will be a positive impact from tighter emission controls, with this only partly offset by ” thrifting ”. Substantial rise in Pd autocatalyst demand therefore expected, with sizeable gains too for Pt and Rh.
• Pt bridal jewellery demand will be adversely affected by a drop in the number of weddings by 2020 but Pt should gain from younger, more sophisticated buyers’ preference for “white” fashion jewellery. Plenty of room for growth in this market even though Pt jewellery faces competition from white K-gold and, to some extent, branded silver jewellery.
• Industrial demand for PGMs should generally continue to increase but gains may be more modest than in the past due to an expected slowdown in Chinese industrial production growth and less re-location of manufacturing industry from overseas to China than formerly.
• China’s importance to the PGMs market should increase further in future and its demand will play a part in supporting higher prices for the PGMs. China is already the world’s number one consumer of platinum and is expected to overtake the US as the world’s largest user of palladium by 2015.
15 April 2014 - The World Gold Council report Chinese gold demand over the medium term with Philip Klapwijk of Precious Metals Insights
The World Gold Council commissioned Precious Metals Insights (PMI) to lead the research into the outlook for Chinese gold demand over the medium term (defined as 2014 - 2017 for the purpose of this report) and to compose this report that details its findings. Philip Klapwijk, founder and Managing Director of PMI, is a veteran of the gold market, with a wealth of experience through his time as Executive Chairman of GFMS and Head of Global Metals Analytics at Thomson Reuters GFMS. The research is a synthesis of his intimate knowledge of the Chinese gold market and the World Gold Council’s expertise. This was complemented by a series of in - depth interviews PMI and the World Gold Council jointly undertook with a number of key gold market participants in Shenzhen, Shanghai and Beijing. In addition, the report draws upon the extensive consumer research the World Gold Council has undertaken over recent years. This includes: A comprehensive usage and attitudes study of over 10,000 Chinese consumers’ relationship with gold jewellery undertaken in 2011 (TNS). A piece of regular research from May 2013 to March 2014 with a series of waves asking Chinese consumers about their outlook for gold prices and intentions to buy gold jewellery over the next 12 months (Kadence). A snapshot of 1,000 Chinese consumers to understand what motivates them to buy gold jewellery and bullion (TNS). The collective knowledge of PMI and the World Gold Council, combined with extensive consumer research and industry expertise, has resulted in a detailed and insightful piece of analysis.
To read the full report click here: China-world-gold-council-market-progress-and-prospects-2014.pdf
Press release here: World-gold-council-China_report_press-release-2014.pdf
15 April 2014 - FT.com Financial Times - "China companies hoard gold for collateral" The World Gold Council report with PMI
“We expect 2014 to be a year of consolidation,” said the report, written by veteran gold market analyst Philip Klapwijk. “The sudden price drop in 2013 meant some Chinese consumers brought forward jewellery and bar purchases, which may limit growth in demand in 2014.”
http://www.ft.com/intl/cms/s/0/7b3ce740-c3db-11e3-a8e0-00144feabdc0.html?siteedition=intl
15 April 2014 - Reuters - "Update 1 - China may have 1,000 tonnes of gold tied in financing - WGC" with Philip Klapwijk of PMI
"The report - issued by the World Gold Council (WGC) on Tuesday - and other sources in China said gold was not as widely used for raising money as copper, which saw prices drop to a 3-1/2 year low in March on fears that those deals would unravel. "Imported gold is being used via gold loans and letters of credit (LC) to raise low cost funds for business investment and speculation," the report said. "The use of gold for purely financial operations is a form of demand that represents a small part of the much wider growth in shadow banking. It is feasible that by the end of 2013 this could have reached a cumulative 1,000 tonnes." That accounts for almost a third of annual global production and is worth about $43 billion at current prices. The estimates come from Precious Metals Insights, a Hong Kong-based consultancy commissioned for the survey on China."
http://uk.reuters.com/article/2014/04/15/china-gold-financing-idUKL3N0N70XE20140415?feed&feedName=rbssFinancialServicesAndRealEstateNews
2014 March - The Alchemist 73 LBMA Page 18 Table 1
"The Precious Metals Premiership Table" for the period 1998 to 2013. In the number 2 position is Philip Klapwijk of Precious Metals Insights Ltd Hong Kong.
To view the article in pdf form - LBMA The Alchemist "Precious Metals Premiership Table" 1998 to 2013 click here.
Full issue is at: www.lbma.org.uk/assets/Alchemist73.pdf
2014 January 29 Bullion Morning with Precious Metals Insight – Gold price may drop to $1,100/oz by Eddie van der Walt & editing by Mark Shaw
(In a new series, FastMarkets examines state of the precious metals markets in conjuction with some of the industry's most respected commentators. Today we spoke with Precious Metals Insight’s Philip Klapwijk)
London 29/01/2014 - The immediate future for gold prices is firmly lower, Precious Metals Insight's Philip Klapwijk told FastMarkets in an exclusive interview on Wednesday. "My view remains bearish, and it has been reinforced by the rather disappointing rally in gold in what should have been a very positive period recently," he said. After falling to a six-month low of $1,182.45 on the last trading day of 2013, gold posted the largest rally since October, climbing to $1,276.80 before retreating - it was last at $1,254.55/1,255.40 per ounce, up $2.15 on Tuesday's close. But the rally was uninspiring and did little to restore his confidence in the gold market, Klapwijk said. "It didn't manage to challenge $1,300 this time and, while the bottom seems to be very well protected, we seem unable to break higher," he added. But a test to the downside is back on the cards, he believes particularly with Asian demand easing off ahead of the Lunar New Year holidays, which start at the end of this week, and the likelihood that the US Federal Reserve will announce a further round of QE tapering later today...
"The committee could, though, move to remind us that the threshold is merely an indication of where it might consider raising rates," he added.
The FOMC is due to publish its statement this evening. QE has been a prop to gold so its removal could send prices lower. "The key thing to see to see is whether the downside support is broken," Klapwijk said. "So far it has proved very solid, but I think it will be broken in February and in that case I think we will see gold gap lower and trade closer to $1,100, and pretty quickly. I think the dam will break if those technical support levels are broken and people rush for the exit." But Klapwijk also remains negative further ahead, saying he does not believe lower prices will immediately lead to substantial production cuts - while all-in costs may be in the red, the cash cost level remains substantially more positive. In wider markets, the dollar weakened against the euro this morning, falling a fifth of a cent to 1.3676. And in equities, the Nikkei, the Hang Seng, the FTSE 100 and the Dax are all firmer. Holdings in gold-backed exchange-traded funds (ETFs) continue to fall, with those tracked by FastMarkets shedding a further 2.27 tonnes to 1,752.90 tonnes. Apart from the FOMC meeting, the market is awaiting weekly US crude oil inventories. Earlier, EU M3 money supply at 1.0 percent in December was at its lowest in almost three-and-a-half years, while private loans at -2.4 percent was in line with forecast and unchanged from the previous month. In the rest of the complex, strikes in South Africa are still not lending support to the platinum group metals. Klapwijk said this may have been a case of "buy the rumour, sell the fact", with investors banking that the strikes will not last very long. Platinum was last holding just above $1,400, up $2 at $1,406/1,411 per ounce, with palladium up $6 at $716/721. Silver was 12 cents higher at $19.62/19.67.
Read the full article here: http://www.fastmarkets.com/bullion-desk-news/70380-0-en
The London Bullion Market Association - LBMA 2014 Price Forecast by Philip Klapwijk of Precious Metals Insights Limited
To download the LBMA 2014 Price Forecast by Philip Klapwijk of Precious Metals Insight Ltd in pdf format click here
To view the LBMA 2014 Price Forecast by Philip Klapwijk of Precious Metals Insight Ltd in html format click here
2014 - January - Financial Times FT.com article by Xan Rice with Philip Klapwijk "Gold analysts most bearish since 2002"
"The metal has enjoyed a decent start to 2014, rising about 3 per cent. But Philip Klapwijk, of Precious Metals Insights, said this was in
fact disappointing, given the lead-up to Chinese New Year, when purchases are usually strong. “I would have thought gold would have gone to $1,350 this month,” Mr Klapwijk said. He expects the price to fall below $1,180 – a level where it has previously enjoyed support – in the coming months."
Read the full article here: http://www.ft.com/cms/s/0/9e22bbc4-82c0-11e3-8119-00144feab7de.html
2013 - December - Financial Times FT.com article by Xan Rice and Jack Farchy with Philip Klapwijk "Little glitter for gold in 2014"
“The deck is pretty much stacked against gold next year in terms of economic developments,” says Philip Klapwijk, managing director of Precious Metals Insights, a Hong Kong-based consultancy. “We will continue to see disposals but I don’t think it will be on the scale of this year.”...
Read the full article here: http://www.ft.com/intl/cms/s/0/1ed5c0ea-6700-11e3-a5f9-00144feabdc0.html#axzz2olB40JfR
Email: info@preciousmetalsinsights.info
5th June 2017 - Asia Pacific Precious Metals Conference in Singapore
To read the pdf of the presentation "Globalisation and the Gold Market: The Growing Interconnectivity of Trade and Trading" given by Philip Klapwijk, Managing Director of Precious Metals Insights Limited at the Singapore Bullion Market Association's inaugural Asia Pacific Precious Metals Conference at the Grand Copthorne Waterfront Hotel, Singapore please click on this link:
http://www.preciousmetalsinsights.info/pdf-presentations-slides-gold_silver_platinum_consulting-2/appmc-philip-klapwijk-050617-precious-metals-insights-limited-presentation.pdf
Proposed gold trading initiatives would promote further interconnectivity in the global gold market:
• LBMA’s OTC trade repository and pricing project
• LME spot and futures trading; centralised clearing venture
• HKEX’s CNH and USD gold futures contracts
• CGSE’s Qianhai / Hong Kong corridor
• SGE partnership with DGCX to trade Shanghai gold futures
• SGX’s Shariah compliant futures contract
• Planned gold futures contract on the ASX
Globalisation and the Gold Market: Conclusions:
• Gold market globalisation is well advanced in terms of trade links, although there
are still important exceptions, e.g. (near) prohibition on gold exports from China
• While Switzerland/UK are still pivotal, other physical entrepôts have become
increasingly important and intra-regional trade, especially within Asia, is growing
• Domestic gold trading has become liberalised in most countries but currency and
capital controls still hinder cross border activity in several cases
• Scope for arbitrage exists where partial gold market liberalisation creates
opportunities based on local / international price or regulatory differences
• China’s market development a key factor for future trends in globalisation; much
depends on the Chinese leadership’s appetite for further capital account
liberalisation and the associated scope for internationalisation of the RMB
• London will remain the dominant OTC trading hub and Comex the principal gold
futures market for the foreseeable future but their market shares will be
Asia Pacific Precious Metals Conference
Since Singapore lifted the Goods and Services Tax (GST) on Investment Precious Metals in 2012, the Singapore Bullion Market Association (SBMA) has been playing an active role in raising the profile of Asian bullion markets internationally. Over the next three years, the SBMA intends to play a greater role in the region by bringing together the bullion markets of the 10 ASEAN countries through the sharing of knowledge and best practices, liaison with governmental agencies and other relevant stakeholders in the region and beyond, and by connecting industry participants to global markets. The Asia Pacific Precious Metals Conference (APPMC) is one such platform through which SBMA and International Enterprise (IE) Singapore will work towards developing and strengthening a unified body in Southeast Asia for the bullion market. SBMA and IE Singapore would like to welcome the entire bullion fraternity to attend the inaugural APPMC here in Singapore and for them to share their views, inputs and suggestions to enhance the region's role in the global bullion market.
http://www.asiapacificpmc.com/index.html
27.04.2017 - Metals Focus Gold Focus 2017
Philip Klapwijk spoke at the annual Metals Focus Gold Focus 2017 publication presentation in Beiing China one of several simultaneous launch events for Metals Focus' annual "Gold Focus" publication, others taking place in London, Mumbai and Hong Kong. Metals Focus' annual Chinese language "Gold Focus" publication is produced with the support of the China Gold Association. At this event Philip Klapwijk gave a presentation on the annual yearbook's key findings and a forecast for supply, demand and prices in 2017.
30th March 2017 - Metals Focus Gold Focus 2017
Philip Klapwijk spoke at the annual Metals Focus Gold Focus 2017 publication presentation in Toronto Canada. Below is a link to see Philip Klapwijk's presentation:
http://www.preciousmetalsinsights.info/pdf-presentations-slides-gold_silver_platinum_consulting-2/Gold-Focus-Launch-Presentation_Toronto_300317-philip-klapwijk.pdf
16.01.2017 - LBMA 2017 Price Forecast - Philip Klapwijk, Precious Metals Insights
Click on this link to read the full price forecast for Gold, Silver, Platinum & Palladium for 2017.
http://www.preciousmetalsinsights.info/pdf-presentations-slides-gold_silver_platinum_consulting-2/Philip-Klapwijk-Precious-Metals-Insights-LBMA-Forecast-2017.pdf
19-20th October 2016 - 121 Mining Investment Hong Kong
Philip Klapwijk, Managing Director, Precious Metals Insights will participate in the precious metals debate: "Where next for gold and precious metals equities in an uncertain world?" on Thursday 20 October. 10:10
· Price drivers in 2016/17 - Currencies, interest rates and geopolitics
· Impact of the election on US fiscal and monetary policy and what this means for gold
· China’s gold buying and future plans for the metal
· How should mining companies be valued relative to the gold price in this market environment?
· Silver and PGMs: How are the other precious metals faring?
Panelists include:
Andrew Ballingal, Director, Ballingal Investment Advisors
Philip Klapwijk, Managing Director, Precious Metals Insights
John Deniz, MD, Paragon Funds Management
Amanda Van Dyke, Fund Manager, Peterhouse Asset Management
121 Mining Investment Hong Kong 2016 is a conference where leading institutional investors and industry analysts will meet with 40 mining production, development and exploration companies to discuss the outlook for mining finance and investment.
Join us in China's international gateway city to enjoy two intensive days of 1-2-1 meetings, company presentations and investor-led panel discussions.
Mining corporates – Present project updates and meet with leading experts from Asia’s mining and investment community.
Mining investment and finance experts – Share insights with your peers and receive project updates from the management teams of mining production, development and exploration companies gathered together in a convenient central Hong Kong location - Passes for institutional investors are free.
With limited space available, register now for this exclusive event.
121 Mining Investment Hong Kong is part of a highly successful global series, with events held in London, Cape Town and Hong Kong
http://www.weare121.com/121mininginvestment-hk/
29th September 2016 - 9th International Gold Summit & Excellence Awards - "Creation of India Fix in Next Five Years"
Philip Klapwijk, MD of Precious Metals Insights, Hong Kong will be panel discussion member at the 9th International Gold Summit & Excellence Awards - Creation of India Fix in Next Five Years at Shangri-La's Eros Hotel, New Delhi, India.
PDF of programme here: http://www.assocham.org/eventdetail.php?id=1320
15th May 2016 - "China goes cold on platinum jewelry, crimping world demand - London" by Jan Harvey
"It's not as if consumers aren't spending money, but they're not spending it on jewelry in the way they used to," said Philip Klapwijk, director of Hong Kong-based Precious Metals Insights.
"Consumers' discretionary purchasing power is being spent on other things -- white goods, and certainly tourism. More Chinese tourists are going abroad, and that also means during important public holidays, fewer people are visiting department stores."
http://www.reuters.com/article/us-platinumweek-jewellery-china-idUSKCN0Y60VO
18th May 2016 - Reuters with Philip Klapwijk "China goes cold on platinum jewellery, crimping world demand" By Jan Harvey
"It's not as if consumers aren't spending money, but they're not spending it on jewellery in the way they used to," said Philip Klapwijk, director of Hong Kong-based Precious Metals Insights.
"Consumers' discretionary purchasing power is being spent on other things -- white goods, and certainly tourism. More Chinese tourists are going abroad, and that also means during important public holidays, fewer people are visiting department stores."
http://uk.reuters.com/article/uk-platinumweek-jewellery-china-idUKKCN0Y60WQ
18th May 2016 Bloomberg Intelligence Precious Metals Forum
Philip Klapwijk Managing Director of Precious Metals Insights Limited gave the presentation "Central Banks: Inactive or Active?" To read the full pdf of the presentation please click on this link.
Bloomberg Intelligence fifth annual Precious Metals Forum. This informative event featured keynote speeches, panel discussions and expert presentations covering physical and paper precious metals market.
Philip Klapwijk also participated in the Panel Discussion: Gold/China Participants with Matthew Chamberlain, Head of Business Development, London Metal Exchange and Moderator: Ken Hoffman — Senior Metals and Mining Analyst, Bloomberg Intelligence.
31 March 2016 - Metals Focus - Gold Focus 2016
Philip Klapwijk spoke at the presentation of English Language Edition of the Metals Focus annual Gold Focus 2016 launch in Toronto Canada. Metals Focus launch the Gold Focus every March. This annual ‘glossy’ publication is fast becoming the number one reference source for the global gold market. The Gold Focus provides an in-depth analysis of market developments, including historical data and statistics on gold mine production, costs and consumption (featuring a country-by-country analysis). The Gold Focus also includes a full supply/demand and price outlook for 2016.
To view the PDF of the presentation by Philip Klapwijk at the Metals Focus annual Gold Focus 2016 launch please click here.
Online pdf Gold Presentation
10th China Gold & Precious Metals Summit 2015 - Shanghai China - 10th December 2015 Presentation "Examining Market Sentiment Towards Gold" by Philip Klapwijk, Managing Director of Precious Metals Insights Limited is in link in pdf here:
http://www.preciousmetalsinsights.com/pdf-presentations-slides-gold_silver_platinum_consulting-2/KLAPWIJK_Philip_PMI_SHANGHAI_101215.pdf
January 2016 LBMA Precious Metals Forecast
Philip Klapwijk - Precious Metals Insights, Hong Kong - LBMA Forecast for 2016.
Au
Range:
$958 - $1,147
Average:
$1,043
The gold price will fall further this year due to tighter monetary policy in the US, a further rise in the dollar and unsupportive supply/demand fundamentals. While it is true that the Federal Reserve will be cautious in raising rates, it would appear that the market is now too sanguine regarding the number of increases likely in calendar 2016 (just two on average compared to the Fed’s latest consensus view of four). Higher US interest rates will favour the dollar, which will also benefit from secular weakness in the euro and most EM currencies, including the renminbi. Furthermore, in terms of gold’s supply/demand fundamentals, the outlook is not price-supportive. The market is likely to remain well supplied, with mine production holding up due to new projects still coming on stream and cost reductions at existing operations, while scope for further reductions in scrap supply are limited. Jewellery demand is set to recover this year but only to a limited extent, in no small measure due to only modest consumption gains forecast for India and China. Critically, the price ‘floor’ supported by Asian physical demand in the form of jewellery and small bars is again set to move lower. At the same time, very limited institutional investor gold demand and, perhaps also, reduced net central bank purchases of bullion will require yet lower dollar gold prices for the market to clear.
Pt
Range:
$772 - $948
Average:
$828
Platinum prices are unlikely to recover materially unless either gold returns to a bull-market (unlikely before 2017) or mine production is cut substantially (much talk but little action) or diesel cars recover their appeal (a hard sell to both European consumers and governments). Rand devaluation and the (much larger) slump in oil prices have given the South African producers some breathing space. In addition, local political factors are an obstacle to any rapid, large-scale cuts to uneconomic operations. Talk of the ‘death of diesel’ is overblown, but diesel’s share of the European market is expected to slide due to greater concern over particulate emissions and a shift away from diesel towards fuel-efficient petrol engines. In the meantime, in spite of lower prices, global platinum jewellery demand is expected to remain becalmed due to relatively little scope for growth this year in the dominant Chinese market. Overall, the platinum market is likely therefore to be in rough ‘balance’ this year in terms of supply and fabrication demand. This might be considered a condition favouring some upside for the price if it were not for the likely slide in gold prices and the fact that investors are expected to remain negative towards platinum during 2016.
Ag
Range:
$11.96 - $14.89
Average:
$13.19
A further slide in prices is expected in 2016, with silver tending (as is typically the case) to ‘outperform’ gold to the downside. Besides facing similar economic and financial headwinds this year (particularly the stronger US dollar and soft commodity prices), the white metal will additionally have to contend with lacklustre industrial demand (in part due to the slowdown in Chinese capital investment and construction) and relatively ‘sticky’ supply from mine production and recycling. In addition, it is debatable whether the underlying level of physical demand from India, investors in bullion products and ETF holders will be as supportive this year as these were in 2015. More likely, lower silver prices will be required to stimulate a continued high level of Indian imports and bullion coin sales, particularly in light of the huge demand seen from both sources last year. Against this, it is probable that outflows from silver ETFs will increase as silver makes new lows for the bear market to date.
Pd
Range:
$442 - $605
Average:
$492
From a low starting point, palladium is expected to outperform its peers among the major precious metals. Currently, the price is discounting a more negative outcome for the global economy and auto demand than would seem justified, in large part due to bad news from China. Specifically regarding China, while car sales growth has slowed (to 7% last year), the base is much higher (21.1m vehicles). Moreover, combating pollution is a priority and emission controls are becoming tighter. US auto sales also reached a record level last year (17.5m units) and the consensus is that in 2016 there should be a further (albeit smaller) increase in sales. Indeed, global autocatalyst demand is forecast to increase in 2016 and underpin an increase in overall palladium fabrication demand. This will only partly be offset by a small rise in supply (due to higher recycling) such that palladium will remain in a substantial fundamental ‘deficit’. In the short run, this can be swamped by investor selling (as seen recently), but as such investors’ sales ease some rebound in palladium prices is probable basis ‘stronger hands’ holding remaining bullion stocks and the metal’s healthy supply/demand fundamentals.
To read full pdf of the 2016 Forecast click here
December 2015 - 10th Annual China Gold & Precious Metals Summit 2015
Philip Klapwijk was a speaker at the 10th Annual China Gold & Precious Metals Summit 2015 in Shanghai, China.
http://www.chinagoldsummit.com/speakers.php
China Gold & Precious Metals Summit is an annual precious metals gathering jointly endorsed by the China Gold Association and the Shanghai Gold Exchange for miners, refiners, fabricators, dealers, bankers, traders, money managers, analysts, brokers, jewelers, advisors, policy setters to discuss prices, fundamentals, investor sentiment, macroeconomic environment as well as the growth and development of China's gold & precious metals market. In 2015 with China's Silk Road initiative announced and the launch of Shanghai gold benchmark approaching, their implications for the global bullion market coupled with insights on price actions, Fed policy and supply/demand picture etc were highlighted at the conference.
18-20 October 2015 LBMA/LPPM Precious Metals Conference 2015
Philip Klapwijk, Managing Director of Precious Metals Insights will be panel member in the session "Evolution of the Precious Metals Market" at the LBMA/LPPM Precious Metals Conference 2015 Date: Sunday, October 18, 2015 to Tuesday, October 20, 2015 Venue: Hilton Vienna, Vienna.
Website: https://www.eiseverywhere.com/ehome/vienna2015/300251/?&
20 July 2015 FT.com - Financial Times - Gold driven to five-year low by Henry Sanderson. Additional reporting by Nicole Bullock.
"This has been reflected in the low premium for gold on the Shanghai Gold Exchange, where physical gold is traded in China" according to Philip Klapwijk of Precious Metals Insights Ltd. “The Shanghai Gold Exchange premium has been amazingly low for the level of price we’re at, which tells us the Chinese physical market is not strong at the moment,” he says. “Nor is India, which is at a discount. The physical markets haven’t been there to hold the price.”
To read the full article click on this link: http://www.ft.com/intl/cms/s/0/621a2ec0-2ed9-11e5-91ac-a5e17d9b4cff.html?siteedition=intl#axzz3gVGFYKT3
2 July 2015 "China clamours to set global gold prices" Al Jazeera English Business & Economy
The world's biggest producer and consumer of the metal sees a golden opportunity to expand its pricing power. Raphael Balenieri
"The country's role in the international gold markets is still surprisingly small. China is very much a price taker, rather than a price setter," said Philip Klapwijk, founder of Precious Metals Insights Limited, a consultancy based in Hong Kong. "You might argue that given its huge consumption, China obviously influences global gold prices. But all the trading activity that goes on in China tends to be a domestic affair," said Klapwijk.
To read the full article click on the link: http://www.aljazeera.com/indepth/features/2015/06/china-clamours-set-global-gold-prices-150629082056754.html
Friday 22 May 2015 Bloomberg Intelligence Agenda 2015 - Chinese Gold
Philip Klapwijk Managing Director of Precious Metals Insights Limited was speaking at Bloomberg Intelligence Agenda 2015 in Bloomberg London Headquarters. To see the slides in pdf format of "Making Sense of Chinese Gold Flows & Gold Demand" by Philip Klapwijk MD of Precious Metals Insights Ltd click here.
Bloomberg Intelligence in partnership with the CME Group for a conference featuring expert speakers and panel discussions addressing drivers and themes in the precious metal markets. In tribute to LPPM Week, Johnson Matthey reviewed the supply and demand situation, and hosted a panel on the PGM markets. Discussion topics included:
Outlook for Global Precious Metals Markets
Chinese Demand: a New Gold Standard?
Supply/Demand for PGMs
To see full agenda click here.
29 April 2015 - "New trade initiatives to spur gold demand" China Daily USA with Philip Klapwijk
"China's growing interest in gold, however, was the opposite of what has been happening on the world market, where the price of the medal has been falling, said Philip Klapwijk, head consultant of Metals Focus, an independent precious metals consultancy."
http://usa.chinadaily.com.cn/epaper/2015-04/29/content_20578012.htm
08 April 2015 - Platinum Guild International PGI's Platinum Retail Barometer. Comments by Philip Klapwijk of PMI on China platinum jewelry. Philip Klapwijk from Precious Metal Insights, who supervised the China Barometer, commented: “Plain platinum jewellery is facing headwinds these days in the Chinese market. In contrast, bridal continues to be solid and, most importantly perhaps for the future of demand, gem-set is expanding very strongly, albeit from a still relatively low base.” Full press release can be viewed in this link.
31 March 2015 - Metals Focus Conference Gold Focus 2015 Launch in Toronto Canada - Presentation by Philip Klapwijk of Precious Metals Insights Limited Hong Kong and Chief Consultant to Metals Focus.
Review of 2014 - Headwinds for Gold: Rates, Equities and Currencies - Key physical gold markets: China and India - Key Supply & Demand Factors - Market & Price Outlook for 2015. Presentation slides by Philip Klapwijk can be viewed in this link.
25th March 2015 - Mines and Money Hong Kong 2015 - Platinum & Palladium 2015 Outlook
Pdf of presentation slides by Philip Klapwijk Managing Director, Precious Metals Insights Limited Hong Kong can be viewed in this link.
17 februari 2015 - Market Update Frank Knopers Goud en Zilvermarkt Geen reacties Philip Klapwijk: “Shanghai Gold Exchange overschat Chinese vraag naar goud”
Volgens analist Philip Klapwijk van Precious Metals Insights zijn de cijfers van de Shanghai Gold Exchange niet te vergelijken met de totale vraag naar fysiek goud in China. Dat zei de analist tijdens het 2015 Reuters Global Gold Forum in een vraaggesprek over de Chinese goudmarkt.
“De opnames van goud uit de Shanghai Gold Exchange (SGE) laten het grote plaatje zien van de fysieke ‘vraag’. Ze geven niet per definitie een indicatie van de totale vraag naar juwelen, beleggingsgoud of industriële vraag naar goud. Dit komt omdat een groot deel van de opnames uit de SGE enkel en alleen gebruikt wordt voor financiering en andere doeleinden die niet equivalent zijn aan reële consumptie. Daarom is het zeer misleidend te vertrouwen op de SGE opnames om de omvang en de verandering van de werkelijke vraag naar goud in China te bepalen. In 2013 was de totale opname van goud uit de SGE bijvoorbeeld 2.197 ton en in 2014 was dat 2.102 ton. Beide cijfers overschatten de werkelijke vraag naar goud in China, net zoals ze de werkelijke daling van de verkoop van gouden juwelen en met name goudbaren in China onderschatten.”
Goud gebruikt voor financiering
Omdat een groot deel van de opnames van goud via de Shanghai Gold Exchange wordt gebruikt voor financiering vertroebelt het cijfer de daadwerkelijke vraag naar gouden munten, goudbaren, juwelen en andere ornamenten die als goudbelegging aangemerkt kunnen worden. Over het gebruik van goud als middel voor financiering zei analist Klapwijk het volgende:
“Het gebruikt van goud voor financiering… een soort van goud carry trade… is zich de afgelopen jaren aanzienlijk toegenomen. In het schaduw banksysteem maakt men dankbaar gebruik van de beschikbaarheid van goud tegen een verhoudingsgewijs lage rente in vergelijking met gewone renminbi leningen. Dat blijkt ook uit het feit dat het opgegeven volume van goudleningen onder de leden van de SGE in totaal meer dan 1.100 ton groot was. Naar mijn weten is dat volume in 2014 nogal toegenomen. Het is belangrijk om te weten dat vrijwel al deze goudtransacties gehedged worden… het is niet om te speculeren op de goudprijs. Spreads op leningen in het schaduw banksysteem zijn zodanig groot dat tussenpersonen hun blootstelling aan de goudprijs kunnen indekken en nog steeds grote winsten kunnen boeken.”
china-gold-barsChinees Nieuwjaar
Klapwijk kreeg de vraag of er naar aanleiding van het Chinese Nieuwjaar veel meer goud verkocht is dan tijdens eerdere jaarwisselingen op de Chinese kalender. Traditioneel is dit een periode waarin Chinezen meer goud kopen. Philip Klapwijk zei daar het volgende over:
“Er was inderdaad sprake van substantiële aankopen van goud, voornamelijk de aankoop van gouden sieraden in de aanloop en zelfs tijdens het Chinese Lunar Nieuwjaar. De impact op de goudmarkt is inmiddels grotendeels voorbij… totdat de voorraden weer aangevuld worden. Vergeleken met het vorige Chinese Nieuwjaar heb ik het gevoel dat de vraag naar goud wat is toegenomen, maar het totaal lag ruim onder het uitzonderlijk hoge niveau van dezelfde periode in 2013. De premie op goud op de SGE gaf hier ook al wat inzicht in… $3 tot $6 per troy ounce is substantieel minder dan wat we zagen in de aanloop naar het Chinese Nieuwjaar in 2013, toen we premies in de dubbele cijfers zagen.”
Over de daling van de vraag naar goudbaren zei de goudanalist van Precious Metals Insights het volgende:
“De vraag naar goudbaren en ornamenten was zwak. dat komt vooral door het gebrek aan belangstelling bij beleggers en door de anti-corruptie campagne in China. De bulk van de vraag is in de vorm van 99,99% zuivere gouden juwelen. Chinezen zien dat zowel als juweel als investering, omdat de premie op 99,99% goud laag is en het gemakkelijk weer te verkopen is. Ik zag laatst een gouden ketting te koop voor 261 renminbi per gram, dat was slechts marginaal hoger dan de goudprijs van die dag. Een dergelijk model ketting moet een hoge omzet genereren.”
Goud als veilige haven?
Philip Klapwijk kreeg ook de vraag voorgelegd of Chinezen goud nog steeds zien als veilige haven. Hij gaf de volgende verklaring:
“De daling van de goudprijs van de afgelopen jaren wat glans van goud heeft weggehaald. Echter is de impact daarvan op de verkoop van gouden juwelen marginaal geweest. Voor goudbaren is het een ander verhaal, zoals blijkt uit de cijfers van 2014. Die halveerden van jaar op jaar.”
http://marketupdate.nl/nieuws/goud-en-zilvermarkt/philip-klapwijk-shanghai-gold-exchange-overschat-chinese-vraag-naar-goud/
18 February 2015 - Bloomberg News / GARP Global Association of Risk Professionals with Philip Klapwijk "Gold Holds Near 6-Week Low on Greek Optimism, Before Fed Minutes"
“People are fairly bullish about the U.S. economy and they are no longer putting back their expectations of a rate hike, so the Fed minutes will be fairly critical,” Philip Klapwijk, managing director of Hong Kong-based Precious Metals Insights Ltd., said by phone. “For Greece the consensus is that there is going to be a last-minute deal.
http://www.garp.org/risk-news-and-resources/risk-headlines/story.aspx?newsId=128687
18 February 2015 - Bloomberg News with Philip Klapwijk "Altın 6 haftanın en düşüğüne indi Altın, Yunanistan haberleri ile birlikte, Fed tutanakları açıklanmadan önce, altı haftanın en düşük seviyesine indi (15:55'te güncellendi)"
"Hong Kong'da Precious Metals Insights Ltd., idari direktörü Philip Klapwijk, "İnsanlar ABD ekonomisi konusunda oldukça iyimser ve artık faiz artırımına ilişkin beklentilerini geri plana itmiyorlar. Bu yüzden, Fed tutanakları oldukça kritik," dedi ve "Yunanistan için, son dakika anlaşması olacak şeklinde bir görüş birliği var" yorumunda bulundu." http://www.bloomberght.com/haberler/haber/1725943-altin-6-haftanin-en-dusugu-yakininda
17 February 2015 - Reuters Global Gold Forum Jan Harvey with Philip Klapwijk
To read full interview with Philip Klapwijk click here:
www.preciousmetalsinsights.com/2015_Reuters_Global_Gold_Forum_Philip_Klapwijk_PMI_Limited1
6 February 2015 - online.barrons.com "Don’t look for a repeat of gold’s January rise; the looming increase in interest rates is likely to hurt prices." By Tatyana Shumsky
"Still, investors looking for a fresh bull market in gold may be disappointed, says Philip Klapwijk, an analyst with Precious Metals Insights. “In the absence of a major, unexpected shock to the financial system this year, it is difficult to see why gold’s bear market should not continue,” he says."
http://online.barrons.com/articles/SB51367578116875004693704580437734260788738
21 January 2015 ETF - Securities Annual Conference London - Precious Metals: Review and Outlook
Philip Klapwijk Managing Director of Precious Metals Insights Limited - pdf of presentation is now available.
To download Philip Klapwijk's presentation in pdf please click here:
23 January 2015 - or-argent.eu "L’argent connait son meilleur début d’année depuis plus de 30 ans" - Situation du marché physique
"Selon Philip Klapwijk, directeur de Precious Metals Insights Ltd, un marché physique plus tendu fournira du support au cours cette année. La production mondiale d’argent (mines et métal de récupération inclus) devrait baisser de 2 % en 2015, tandis que la demande d’argent physique en provenance de l’industrie, de la photographie et de la joaillerie devrait augmenter de 2 %. Le surplus de métal qui existe sur le marché devrait baisser de 40 millions d’onces en 2015 pour atteindre 211 millions d’onces, toujours d’après Precious Metals Insights Ltd."
http://or-argent.eu/largent-connait-son-meilleur-debut-dannee-depuis-plus-de-30-ans/
22 January 2015 - Bloomberg "Speculators Looking for Havens from Slowing Growth are Piling Into Silver" By Debarati Roy
"A tighter physical market will provide some support to prices this year, Philip Klapwijk, managing director of Hong Kong-based Precious Metals Insights Ltd., said at a conference in London on Jan. 21.
The consulting firm expects global silver supply from mine production and scrapping to fall 2 percent in 2015, and physical demand for uses including industry, photography and jewelry to grow 2 percent. The physical silver-market surplus will shrink by 40 million ounces to 211 million ounces in 2015, according to Precious Metals Insights."
http://www.bloomberg.com/news/2015-01-21/silver-poised-for-bull-market-as-economic-woes-spur-haven-demand.html
22 January 2015 - Die Welt "Silber mit bestem Jahresstart seit 30 Jahren - Kurs auf Hausse"
Mit dem stärksten Jahresauftakt seit mehr als 30 Jahren ist Silber auf dem besten Weg in einen Bullenmarkt. Von Debarati Roy
Philip Klapwijk, Direktor bei Precious Metals Insights Ltd. in Hong Kong, verwies bei einer Konferenz in London am 21. Januar auch auf das
geringere Angebot. Er rechnet mit einem Rückgang von zwei Prozent 2015, während die Nachfrage gleichzeitig um zwei Prozent zulegen dürfte.
http://www.welt.de/newsticker/bloomberg/article136643584/Silber-mit-bestem-Jahresstart-seit-30-Jahren-Kurs-auf-Hausse.html
20 January 2015 - Release of LBMA 2015 Price Forecast by Philip Klapwijk of Precious Metals Insights Ltd
Gold
Average $1,173 High $1,320 Low $1,060
In the absence of a major, unexpected shock to the financial system this year it is difficult to see why gold’s bear market should not continue. Nevertheless, losses ought to be mitigated by somewhat more favourable supply/demand conditions. Mine production may only fall slightly in 2015 but this is likely to represent a noteworthy turning point following many years of output growth. A further drop in scrap is also to be expected. Global jewellery demand will grow this year but those expecting fireworks from China or India are likely to be disappointed. As a result, the bullion surplus that either investors or the official sector needs to absorb will not shrink by all that much. Most importantly, the appetite of these buyers is unlikely to be that great, given relatively little incentive for safe haven or, especially, inflation hedging purchases in 2015. Moreover, gold’s appeal will be limited due to continued stock market gains, further appreciation of the US dollar and the Fed eventually raising interest rates. All the same, a fair degree of resilience to these negative exogenous developments should see attrition rather than collapse in the gold price this year.
Silver
Average $15.95 High $18.45 Low $13.90
The slump in silver prices last year would have been yet more severe had it not been for record levels of Indian demand, massive retail investor purchases of bullion products and the stickiness of ETF holdings. Decent but unspectacular growth in fabrication demand and a small reduction in supply in 2015 is likely to be more than compensated for by losses in the aforementioned three areas. India’s appetite for silver will at the margin be affected by a shift back towards gold now that the latter should be more freely available. Retail investors will continue to support the price but the volume of their purchases is expected to fall and they will need the incentive of lower prices. Finally, although a ‘gold-style’ bailout from ETFs is most unlikely some liquidation is probable if prices slide to new lows for the bear market to-date.
Platinum
Average $1,267 High $1,420 Low $1,180
Platinum prices are expected to be soft in 2015 due to a major recovery in South African mine production from last year’s strike affected level that will more than compensate for higher platinum fabrication demand, most of this coming from auto catalysts. Moreover, there are risks that expected gains this year from the automotive sector may not materialise if the European economy slides back into recession, as this could severely affect the region’s demand for diesel-powered vehicles. Similarly, expectations for moderate growth in Chinese platinum jewellery consumption would need to be revised if GDP growth in the country were to slow substantially. On the other hand, and more positively for the price outlook, the market is currently far too sanguine about the supply side and South Africa. Negative surprises here could therefore translate into substantial price gains driven also, in part, by speculative buy-side interest. Such purchases may also be motivated by buyers’ expectation of a widening in the platinum:gold spread this year, as the white metal partially decouples from gold.
Palladium
Average $841 High $920 Low $775
A major growth in palladium supply this year, principally from mine production and auto catalyst recycling should more than compensate for robust gains in fabrication demand, especially for auto catalysts and electronics. As such, the market’s ‘deficit’ should be reduced, although it will still require a substantial drawdown of existing bullion stocks. This implies that the price should remain buoyant in 2015, with some bias to the upside. Palladium’s gains will be capped though by investor dishoarding on higher prices and, more generally, the negative influence on sentiment of the rest of the precious metals complex being in the doldrums.
To download Philip Klapwijk's price forecast in pdf please click here:
For further details of the consultancy services we offer st PMI please write to us at: Email: info@preciousmetalsinsights.com
19 Jauary 2015 - Philip Klapwijk of Precious Metals Insights Limited at the Annual Investment Conference 2015
Philip Klapwijk will be speaking at the conference series which attracts around 500 senior level decision makers from the Private Bank, Wealth Management and Asset Management industries in our key locations – London, Zurich, Frankfurt, Milan and for the first time Paris. The Annual Investment Conferences provide our clients with a view and outlook of the economy on which they can base their 2015 investment decisions; all conferences feature an external expert from the Asset Management industry.
http://www.etfsecurities.com/institutional/de/en-gb/events/annual-investment-conference
6 January 2015 - Precious Metals Insights Limited is proud start the new year by announcing that Managing Director Philip Klapwijk has just been named as winning analyst in platinum in the 2014 LBMA London Bullion Market Association Precious Metals Forecast Survey results announced today.
Philip Klapwijk secured first prize for his platinum forecast of $1,369, just over $15 off the actual average price for the year of approximately $1,385. This was Philip’s sixth first prize, which makes him the most successful analyst.
For full details and LBMA press release:
http://www.lbma.org.uk/_blog/lbma_media_centre/post/lbma-2014-forecast-survey-results/
7 January 2015 - Philip Klapwijk von Precious Metals Insights Limited sicherte sich den ersten Platz bei den Vorhersagen zum Platinpreis. Er hatte auf einen durchschnittlichen Kurs von 1.369 US-Dollar je Feinunze getippt und lag damit 16 US-Dollar unter dem tatsächlichen Jahresdurchschnitt von 1.385 US-Dollar. Auch hier hatten die Experten im Schnitt mit einem deutlich höheren Preis von 1.490 US-Dollar je Feinunze gerechnet.
http://www.goldseiten.de/artikel/229906--LBMA---Die-genauesten-Edelmetallprognosen-in-2014.html
7 January 2015 - LBMA公布2014年各贵金属预测奖 2015-01-07 15:02 来源：幸福黄金网 我要评论 微信 [导读] 伦敦金银市场协会(LBMA)近期公布了2014年贵金属价格预期的总结。 幸福黄金网01月07日讯——伦敦金银市场协会(LBMA)近期公布了2014年贵金属价格预期的总结。 幸福黄金网 在铂金方面，分析师Philip Klapwijk对2014年铂金价格走势的预测是最为准确的。 Klapwijk对2014年铂金价格的预测为1369美元/盎司，而最终的价格为1385美元/盎司，这是Klapwijk第六次获此殊荣。
http://www.xftz.cn/a/2015/0107234430.html
7 January 2015 - LBMA назвала лучший прогноз по золоту за 2014 г. LBMA назвала лучший прогноз по золоту за 2014 г. 9 января 2015 Лондонская ассоциация участников рынка драгоценных металлов (LBMA) определила победителей более точных прогнозов цен на золото и серебро в прошедшем 2014 году. Каждый год организация собирает прогнозы многочисленных аналитиков и рассчитывает прогноз среднегодовой цены на драгметаллы, а также максимумы и минимумы цен в течение года. Подробнее: http://gold.ru/news/lbma-nazvala-luchshij-prognoz-po-zolotu-za-2014-god.html
Аналитик Philip Klapwijk из компании Precious Metals Insights Limited получил первое место благодаря своему прогнозу по платине. Он спрогнозировал среднегодовую цену на платину на уровне 1369$ за унцию, а фактическая средняя стоимость платины по итогам года оказалась 1385$. Большинство экспертов прогнозировало более высокую среднюю цену на платину на уровне 1490$ за унцию, поэтому их прогноз также не сбылся. Подробнее:
http://gold.ru/news/lbma-nazvala-luchshij-prognoz-po-zolotu-za-2014-god.html
1 December 2014 - Bullion Bulletin India bullionbulletin.in "It is hard to see the gold bear market ending soon"
Philip Klapwijk, Managing Director, Precious Metals Insights Limited, talked about the current price movement of global gold trade, physical demand in Asia, China’s gold mining sector and PGMs demand etc. while interviewed by Bullion Bulletin. Excerpts…
To read the full interview: http://www.bullionbulletin.in/more_expert_column.aspx?pageid=DtPhilip120214
6 November 2014 - El Economista eleconomista.com.mx "Oro y petróleo, en su nivel más bajo" de Diego Ayala y Erick Gallardo.
Según Philip Klapwijk, director de la revista Precious Metals Insights, “los consumidores chinos están un poco preocupados, pues piensan que los bajos precios durarán algún tiempo más”.
Para leer el artículo completo: http://eleconomista.com.mx/mercados-estadisticas/2014/11/06/oro-petroleo-su-nivel-mas-bajo
6 November 2014 - Cronista.com "Inversores chinos perdieron el interés por comprar oro" por Henry Sanderson
"Los consumidores chinos están un poco reacios. No está la misma convicción de que sea una caída temporaria este año", señaló Philip Klapwijk, director general de Precious Metal Insights, una publicación del sector.
Para leer el artículo completo: http://www.cronista.com/financialtimes/Inversores-chinos-perdieron-el-interes-por-comprar-oro-20141107-0015.html
6 November 2014 - Financial Times FT.com "Gold price bears take charge of bullion" by Henry Sanderson
“There is a natural caution on the part of buyers and they don’t want to catch the proverbial falling knife,” says Philip Klapwijk, managing director of Precious Metals Insights, an industry publication. “Chinese consumers are a little bit wary – last year they piled in with the correction of the price. There isn’t the same conviction that it’s a temporary blip down [this year].”... “You need China and India to start absorbing more – that would arrest the fall in the price,” Mr Klapwijk says.
To read the full article: http://www.ft.com/intl/cms/s/0/ca2c9dd0-6428-11e4-bac8-00144feabdc0.html?siteedition=uk#axzz3IO6Y3YYD
18 October 2014 - Fubrec.com 中国将超印度成为全球第一大黄金消费国 中国将超印度成为全球第一大黄金消费国 China will exceed India to become the world's largest gold consumer
“这样的设施说明对中国黄金市场的极大信心,”precious metals insights的总经理philip klapwijk说,“需求的走势是非常积极的”. "This facility shows great confidence in the Chinese gold market," Philip Klapwijk general manager of Precious Metals Insights, says "the demand trend is very positive."
http://fubrec.com/rongyuzizhi/20141018/528.html
17 October 2014 - "Riddle of inventory levels keeps platinum investors shy" Daily Mail Online by Reuters by Clara Denina and Jan Harvey editing by Veronica Brown and Jason Neely
"My sense is in 2013 they stocked up and in 2014 they let this stuff go," Philip Klapwijk, director at consultancy Precious Metals Insights said. "We have seen selling from investors who, if they think prices are cheap, will fill their boots, and if they think prices are at a good level, will sell."
http://www.dailymail.co.uk/wires/reuters/article-2796780/Riddle-inventory-levels-keeps-platinum-investors-shy.html
3-4 December 2014 - 9th annual China Gold & Precious Metals Summit 2014 in Shanghai China - Philip Klapwijk, managing director of Precious Metals Insights will be attending the conference and will be pleased to see you all there. For more information and for conference attendence bookings visit:
http://www.chinagoldsummit.com/
9 – 11 November 2014 - LBMA Precious Metals Conference 2014 in Lima Peru Westin Lima Hotel & Convention Center - Philip Klapwijk, managing director of Precious Metals Insights Ltd will be attending the conference and will be pleased to see you all there. For more information and for conference attendence bookings visit:
http://www.lbma.org.uk/upcomingevents/lbma-precious-metals-conference-2014
10-12 September 2014 - China Gold Conference 2014 - Beijing International Conference Center BICC - Philip Klapwijk, managing director of PMI Ltd will be a panel discussion host. For more information and for conference attendence bookings visit:
http://www.china-gold.org/en/
平行论坛 Breakout Session 3-3 2014年9月11日（星期四） 14:00-15:30 Thursday- September 11, 2014 14:00-15:30 二楼201CD号会议厅 Meeting Room 201CD, Second Floor 主 持 人： 飞利浦 Philip Klapwijk 职 务： 董事总经理 Managing Director 单 位： 贵金属洞察公司 Precious Metals Insights Limited Philip Klapwijk 在分析黄金、白银、以及铂族金属的市场领域具有超过 25 年的经验。其生涯大部分在 GFMS （全 称 黄金矿业服务公司）工作，并于最近担任该公司的执行总裁一职。这是一家在全球贵金属市场行业内领先的专业咨询机构。 2011 年 8 月， GFMS 被汤森路透公司收购，直到 2013 年 2 月为止， Philip 担任该集团公司的金属分析全球主管，负责对所 有贵金属及普通金属市场的分析与研究。自 2013 年起担任贵金属见解有限公司的董事总经理，这是一家专业、精英级别的 贵金属市场咨询机构。他经常是贵金属及期货相关会议上的发言人，在黄金、白银、及铂族金属市场领域的见解常常见诸纸 质媒体以及电子媒体。他拥有伦敦经济学院以及布鲁日欧洲学院的经济学学位。
Press release in pdf: China Gold Conference 2014_Feilipu_press-release-2014.pdf
Press release in jpeg: China Gold Conference 2014_Feilipu_press-release-2014.jpeg
22 July 2014 - RTHK Radio Hong Kong radio - Gold market
Philip Klapwijk, Managing Director of Precious Metals Insights Limited said, "I think for people who have got sufficient net worth - that there's something really worth trying to protect - I think five to ten percent of your portfolio in gold is a good idea as a backstop."
To hear his commentary on world events affecting the gold price, including the Gaza crisis listen to the full interview by going to the link below and clicking on 8.20 am - Gold market.
http://programme.rthk.hk/channel/radio/programme.php?name=radio3/money_for_nothing&d=2014-07-22&m=episode
4 July 2014 - Reuters & South China Morning Post www.scmp.com "Chinese gold imports tipped to drop in loan deals fallout"
"Chinese gold imports could fall by up to 400 tonnes this year as the central government tightens controls on gold financing deals and domestic demand softens, a leading precious metals consultant said yesterday.
Philip Klapwijk, a director of Hong Kong-based Precious Metals Insights, said the Chinese authorities were once again moving to rein in abuse of gold lending, after a crackdown on commodity financing last year.
He said weaker import volumes in recent months - the mainland's gold imports from Hong Kong dropped in May to the lowest level since January last year - suggested the gold lending business was already being partly wound down.
In the full year, imports could fall by 300 to 400 tonnes, or as much as 22 per cent, he said.
"[Gold imports] will probably decline for the full year given the impact of firstly, weaker real demand in China compared to its outstanding level in 2013 and secondly, measures to restrict the abuse of gold lending and other financial plays using the yellow metal," he said.
"Total imports into China may have reached nearly 1,800 tonnes in 2013, taking into account unofficial and direct shipments.
"That figure will surely be several hundred tonnes lower in 2014 … it is another headwind for any rally in gold this year, and it also means the price floor may be a bit shakier."
Gold prices are up nearly 10 per cent this year after falling last year for the first time in more than a decade, but remain more than 30 per cent below 2011's record highs.
A report from the World Gold Council earlier this year, based on research by Klapwijk, said gold imported into China was being used through gold loans and letters of credit to raise low-cost funds for business investment and speculation. It estimated that up to 1,000 tonnes of gold, worth about US$42 billion at current prices, could be tied up in these transactions.
"In short, you have in China a very large 'surplus' of gold - cumulatively over 2,000 tonnes in the last four years - that can mostly only be explained by either private sector financial use of gold or official purchases," Klapwijk said.
The mainland's chief auditor said last week gold processing firms had since 2012 used falsified gold transactions to borrow 94.4 billion yuan (HK$117.7 billion) from banks.
Klapwijk said the unwinding of gold financing deals could reverse the flow of physical gold, which has moved from west to east in recent years as gold stored to back exchange-traded funds in London and New York was shipped east to meet Chinese demand after investors sold ETFs."
To read the full article: http://www.scmp.com/business/commodities/article/1546164/chinese-gold-imports-tipped-drop-loan-deals-fallout
4 July 2014 - Reuters.com "China gold imports may drop 400T hit by financing curbs-consultant" By Jan Harvey (editing by Keiron Henderson)
"Philip Klapwijk, director of the Hong Kong-based Precious Metals Insights, said the Chinese authorities are once again moving to rein in abuse of gold lending, after a crackdown on commodity financing last year.
He said weaker import volumes in recent months - China's gold imports from Hong Kong dropped in May to the lowest level since January last year - suggested the gold lending business was already being partly wound down.
In the full year, imports could fall 300-400 tonnes, or as much as 22 percent, he said.
"(Gold imports) will probably decline for the full year given the impact of firstly, weaker real demand in China compared to its outstanding level in 2013 and secondly, measures to restrict the abuse of gold lending and other financial plays using the yellow metal," he said in an interview with the Reuters Global Gold Forum on Thursday.
"Total imports into China may have reached nearly 1,800 tonnes in 2013, taking into account unofficial and direct shipments," he said. "That figure will surely be several hundred tonnes lower in 2014... It is another headwind for any rally in gold this year, and it also means the price floor may be a bit shakier."
Gold prices are up nearly 10 percent this year after falling in 2013 for the first time in more than a decade, but remain more than 30 percent below 2011's record highs.
A report from the World Gold Council earlier this year, based on research by Klapwijk, said gold imported into China was being used via gold loans and letters of credit to raise low-cost funds for business investment and speculation.
It estimated that up to 1,000 tonnes of gold, worth about $42 billion at current prices, could be tied up in these transactions.
"In short you have in China a very large 'surplus' of gold - cumulatively over 2,000 tonnes in the last 4 years - that can mostly only be explained by either private sector financial use of gold or official purchases," Klapwijk told the Forum.
"It is impossible to be sure of the split between these two main semi-hidden sources of demand, but both would be large, in my view."
China's chief auditor said last week Chinese gold processing firms have since 2012 used falsified gold transactions to borrow 94.4 billion yuan ($15.2 billion) from banks.
While affirming that a drop in Chinese gold imports could prove a drag on price, Klapwijk played down the impact of a large-scale unwinding of Chinese gold financing deals on international prices.
He said however that it could reverse the flow of physical gold, which has moved from west to east in recent years as gold stored to back exchange-traded funds in London and New York was shipped east to meet Chinese demand after investors sold ETFs."
"Given that nearly all of these gold trades are hedged in the futures market, there should be no net effect on the price if they are unwound," he said.
"However, there could be an impact on the contango (discount for immediate delivery) and also on the physical premium or discount loco (located in) China or Hong Kong versus the rest of the world.
He said the premium could potentially fall significantly, adding: "If the discount grows sufficiently then there will be pressure to export material from China to Hong Kong and then back to Europe, reversing in fact some of the financially-driven flows seen between 2011-13."
To read the full article: http://in.reuters.com/article/2014/07/03/idINL6N0PE46E20140703
30 June 2014 - FT.com Financial Times - Singapore seizes on soaring Asia gold demand by Jeremy Grant
"Philip Klapwijk, managing director of Precious Metals Insight, an industry publication, says Hong Kong is unlikely to be dented by Singapore’s plans given its entrenched status as the main entry point for gold destined for cities such as Shenzhen. “I think it’s going to be very difficult for Singapore to take much business from Hong Kong due to the sheer critical mass of China. But Southeast Asia is where it could make its mark,” he says."
To read the full article: http://www.ft.com/intl/cms/s/0/1446c078-fffa-11e3-9a4a-00144feab7de.html?siteedition=intl#axzz36DH0v6ne
3 June 2014 - FT.com Financial Times - Trading to influence gold price fix was ‘routine’ by Xan Rice
"Philip Klapwijk, managing director of Precious Metals Insights, a consultancy, says digital options were also sold to funds, as well as to private banks, and then repackaged for sale to wealthy individuals, typically as interest rate products. In these cases, the option seller pushing around a benchmark was “not quite cricket”, Mr Klapwijk said.""
To read the full article: http://www.ft.com/intl/cms/s/0/7fd97990-eb08-11e3-9c8b-00144feabdc0.html#axzz33fHoAFSH
21 May 2014 - Presentation at Mines and Money Beijing by Philip Klapwijk "China’s Growing Demand for PGMs"
To view the slides of the presentation in pdf format click here.
To view the slides of the presentation in html format click here.
Outlook for Chinese PGM Demand?:
• Chinese automobile production will grow considerably (KPMG forecast domestic sales of nearly 35m in 2020) plus there will be a positive impact from tighter emission controls, with this only partly offset by ” thrifting ”. Substantial rise in Pd autocatalyst demand therefore expected, with sizeable gains too for Pt and Rh.
• Pt bridal jewellery demand will be adversely affected by a drop in the number of weddings by 2020 but Pt should gain from younger, more sophisticated buyers’ preference for “white” fashion jewellery. Plenty of room for growth in this market even though Pt jewellery faces competition from white K-gold and, to some extent, branded silver jewellery.
• Industrial demand for PGMs should generally continue to increase but gains may be more modest than in the past due to an expected slowdown in Chinese industrial production growth and less re-location of manufacturing industry from overseas to China than formerly.
• China’s importance to the PGMs market should increase further in future and its demand will play a part in supporting higher prices for the PGMs. China is already the world’s number one consumer of platinum and is expected to overtake the US as the world’s largest user of palladium by 2015.
15 April 2014 - The World Gold Council report Chinese gold demand over the medium term with Philip Klapwijk of Precious Metals Insights
The World Gold Council commissioned Precious Metals Insights (PMI) to lead the research into the outlook for Chinese gold demand over the medium term (defined as 2014 - 2017 for the purpose of this report) and to compose this report that details its findings. Philip Klapwijk, founder and Managing Director of PMI, is a veteran of the gold market, with a wealth of experience through his time as Executive Chairman of GFMS and Head of Global Metals Analytics at Thomson Reuters GFMS. The research is a synthesis of his intimate knowledge of the Chinese gold market and the World Gold Council’s expertise. This was complemented by a series of in - depth interviews PMI and the World Gold Council jointly undertook with a number of key gold market participants in Shenzhen, Shanghai and Beijing. In addition, the report draws upon the extensive consumer research the World Gold Council has undertaken over recent years. This includes: A comprehensive usage and attitudes study of over 10,000 Chinese consumers’ relationship with gold jewellery undertaken in 2011 (TNS). A piece of regular research from May 2013 to March 2014 with a series of waves asking Chinese consumers about their outlook for gold prices and intentions to buy gold jewellery over the next 12 months (Kadence). A snapshot of 1,000 Chinese consumers to understand what motivates them to buy gold jewellery and bullion (TNS). The collective knowledge of PMI and the World Gold Council, combined with extensive consumer research and industry expertise, has resulted in a detailed and insightful piece of analysis.
To read the full report click here: China-world-gold-council-market-progress-and-prospects-2014.pdf
Press release here: World-gold-council-China_report_press-release-2014.pdf
15 April 2014 - FT.com Financial Times - "China companies hoard gold for collateral" The World Gold Council report with PMI
“We expect 2014 to be a year of consolidation,” said the report, written by veteran gold market analyst Philip Klapwijk. “The sudden price drop in 2013 meant some Chinese consumers brought forward jewellery and bar purchases, which may limit growth in demand in 2014.”
http://www.ft.com/intl/cms/s/0/7b3ce740-c3db-11e3-a8e0-00144feabdc0.html?siteedition=intl
15 April 2014 - Reuters - "Update 1 - China may have 1,000 tonnes of gold tied in financing - WGC" with Philip Klapwijk of PMI
"The report - issued by the World Gold Council (WGC) on Tuesday - and other sources in China said gold was not as widely used for raising money as copper, which saw prices drop to a 3-1/2 year low in March on fears that those deals would unravel. "Imported gold is being used via gold loans and letters of credit (LC) to raise low cost funds for business investment and speculation," the report said. "The use of gold for purely financial operations is a form of demand that represents a small part of the much wider growth in shadow banking. It is feasible that by the end of 2013 this could have reached a cumulative 1,000 tonnes." That accounts for almost a third of annual global production and is worth about $43 billion at current prices. The estimates come from Precious Metals Insights, a Hong Kong-based consultancy commissioned for the survey on China."
http://uk.reuters.com/article/2014/04/15/china-gold-financing-idUKL3N0N70XE20140415?feed&feedName=rbssFinancialServicesAndRealEstateNews
2014 March - The Alchemist 73 LBMA Page 18 Table 1
"The Precious Metals Premiership Table" for the period 1998 to 2013. In the number 2 position is Philip Klapwijk of Precious Metals Insights Ltd Hong Kong.
To view the article in pdf form - LBMA The Alchemist "Precious Metals Premiership Table" 1998 to 2013 click here.
Full issue is at: www.lbma.org.uk/assets/Alchemist73.pdf
2014 January 29 Bullion Morning with Precious Metals Insight – Gold price may drop to $1,100/oz by Eddie van der Walt & editing by Mark Shaw
(In a new series, FastMarkets examines state of the precious metals markets in conjuction with some of the industry's most respected commentators. Today we spoke with Precious Metals Insight’s Philip Klapwijk)
London 29/01/2014 - The immediate future for gold prices is firmly lower, Precious Metals Insight's Philip Klapwijk told FastMarkets in an exclusive interview on Wednesday. "My view remains bearish, and it has been reinforced by the rather disappointing rally in gold in what should have been a very positive period recently," he said. After falling to a six-month low of $1,182.45 on the last trading day of 2013, gold posted the largest rally since October, climbing to $1,276.80 before retreating - it was last at $1,254.55/1,255.40 per ounce, up $2.15 on Tuesday's close. But the rally was uninspiring and did little to restore his confidence in the gold market, Klapwijk said. "It didn't manage to challenge $1,300 this time and, while the bottom seems to be very well protected, we seem unable to break higher," he added. But a test to the downside is back on the cards, he believes particularly with Asian demand easing off ahead of the Lunar New Year holidays, which start at the end of this week, and the likelihood that the US Federal Reserve will announce a further round of QE tapering later today...
"The committee could, though, move to remind us that the threshold is merely an indication of where it might consider raising rates," he added.
The FOMC is due to publish its statement this evening. QE has been a prop to gold so its removal could send prices lower. "The key thing to see to see is whether the downside support is broken," Klapwijk said. "So far it has proved very solid, but I think it will be broken in February and in that case I think we will see gold gap lower and trade closer to $1,100, and pretty quickly. I think the dam will break if those technical support levels are broken and people rush for the exit." But Klapwijk also remains negative further ahead, saying he does not believe lower prices will immediately lead to substantial production cuts - while all-in costs may be in the red, the cash cost level remains substantially more positive. In wider markets, the dollar weakened against the euro this morning, falling a fifth of a cent to 1.3676. And in equities, the Nikkei, the Hang Seng, the FTSE 100 and the Dax are all firmer. Holdings in gold-backed exchange-traded funds (ETFs) continue to fall, with those tracked by FastMarkets shedding a further 2.27 tonnes to 1,752.90 tonnes. Apart from the FOMC meeting, the market is awaiting weekly US crude oil inventories. Earlier, EU M3 money supply at 1.0 percent in December was at its lowest in almost three-and-a-half years, while private loans at -2.4 percent was in line with forecast and unchanged from the previous month. In the rest of the complex, strikes in South Africa are still not lending support to the platinum group metals. Klapwijk said this may have been a case of "buy the rumour, sell the fact", with investors banking that the strikes will not last very long. Platinum was last holding just above $1,400, up $2 at $1,406/1,411 per ounce, with palladium up $6 at $716/721. Silver was 12 cents higher at $19.62/19.67.
Read the full article here: http://www.fastmarkets.com/bullion-desk-news/70380-0-en
The London Bullion Market Association - LBMA 2014 Price Forecast by Philip Klapwijk of Precious Metals Insights Limited
To download the LBMA 2014 Price Forecast by Philip Klapwijk of Precious Metals Insight Ltd in pdf format click here
To view the LBMA 2014 Price Forecast by Philip Klapwijk of Precious Metals Insight Ltd in html format click here
2014 - January - Financial Times FT.com article by Xan Rice with Philip Klapwijk "Gold analysts most bearish since 2002"
"The metal has enjoyed a decent start to 2014, rising about 3 per cent. But Philip Klapwijk, of Precious Metals Insights, said this was in
fact disappointing, given the lead-up to Chinese New Year, when purchases are usually strong. “I would have thought gold would have gone to $1,350 this month,” Mr Klapwijk said. He expects the price to fall below $1,180 – a level where it has previously enjoyed support – in the coming months."
Read the full article here: http://www.ft.com/cms/s/0/9e22bbc4-82c0-11e3-8119-00144feab7de.html
2013 - December - Financial Times FT.com article by Xan Rice and Jack Farchy with Philip Klapwijk "Little glitter for gold in 2014"
“The deck is pretty much stacked against gold next year in terms of economic developments,” says Philip Klapwijk, managing director of Precious Metals Insights, a Hong Kong-based consultancy. “We will continue to see disposals but I don’t think it will be on the scale of this year.”...
Read the full article here: http://www.ft.com/intl/cms/s/0/1ed5c0ea-6700-11e3-a5f9-00144feabdc0.html#axzz2olB40JfR
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Precious Metals Insights Limited is a Hong Kong company providing providing worldwide gold, silver, platinum & palladium markets consultancy, advice and analysis. Global gold, silver, platinum & palladium advisory services. Conference & summit speaking, presentations, panel members, seminars, bespoke advice, reports, analysis, forecasts and other precious metals services provided by Philip Klapwijk managing director and Precious Metals Insights Ltd. Specialised China market reports. Chinese supply and demand analysis.
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Copyright: All texts and images on this website and related social networks and documents are Copyright. All rights are reserved. Do not reproduce any texts or images contained in this website. All Portrait & Precious metals photography on this website and web design are Copyright Edward Olive corporate, commercial & portrait photographer specialised in precious metals & jewelry photography and all rights are reserved. Website: www.edwardolive.eu Examples of gold, silver, platinum & palladium ingots, bars, coins & jewelry photos: www.preciousmetalsinsights.info/precious-metals-photos www.facebook.com/pages/Precious-Metals-Photographer
Email: info@preciousmetalsinsights.info PDF Download: To download information about PMI in pdf click here.or in a word document here
Websites: www.preciousmetalsinsights.com www.preciousmetalsinsights.info www.preciousmetalsinsights.biz Blogs: preciousmetalsinsights.blogspot.com philipklapwijk.blogspot.com Twitter: twitter.com/pmilimited Stocktwits: stocktwits.com/preciousmetalsinsights LinkedIn: www.linkedin.com/company/precious-metals-insights-limited www.linkedin.com/pub/philip-klapwijk YouTube video playlist: www.youtube.com Google+: plus.google.com Google Site: sites.google.com/site/preciousmetalsinsights
Copyright: All texts and images on this website and related social networks and documents are Copyright. All rights are reserved. Do not reproduce any texts or images contained in this website. All Portrait & Precious metals photography on this website and web design are Copyright Edward Olive corporate, commercial & portrait photographer specialised in precious metals & jewelry photography and all rights are reserved. Website: www.edwardolive.eu Examples of gold, silver, platinum & palladium ingots, bars, coins & jewelry photos: www.preciousmetalsinsights.info/precious-metals-photos www.facebook.com/pages/Precious-Metals-Photographer