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Premier-eFinance: Japan’s July gold exports reach net 6.1 tonnes.
Japan’s Ministry of Finance data shows the country exported net 6.1 tonnes of gold in July, making it more likely that net gold exports will reach a new record this year.
Once again, Japan is a net gold exporter so far this year, with shipments at a net 49 tonnes in the first seven months following a record net outflow of 78 tonnes in 2010 as households cashed in on rocketing prices.
Traders and analysts expect Japan's gold exports to climb further in August as a surge in global gold prices spurred a selling rush of gold holdings by Japanese households, against the global trend.
Gold rose 8% in July and has climbed as much as 17.5% in August to a record high of $1,911.46 an ounce as investors sought a "safe haven” in gold amid the sovereign debt crisis in Europe and concerns over the U.S. economy.
"Japanese do not necessarily see gold as a long-term investment asset but rather as something they can cash in for consumption, which is more attractive,"
Analysts are forecasting that gold will extend its gains given that the fundamentals which have supported the rally so far -- the debt crisis in the euro zone and worries over U.S. economic deterioration -- appear unlikely to change in the near future.
Some however, warn that a sharp correction could be on the cards, which could in turn either halt Japanese selling or prompt buying on dips, capping the outflow of gold from the country.
Of the gold Japan exported in July, 54% went to Britain, 25% went to Hong Kong, while Switzerland accounted for 5%, Premier-eFinance has learned..
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