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Gold prices rise amid China’s missing bullion mystery

14/05/2019 | 南京夜网 | Permalink

Gold has hit a three-month high. Photo: Phil CarrickGold has hit a a three-month high, defying most expert views that 2014 would see further falls in the precious metal a day after a report revealed 500-tonnes of bullion is missing somewhere in China.
Nanjing Night Net

However, the recent rally still has many analysts questioning whether the recent turnaround is just a “dead cat bounce” or a sustained revision in market sentiment?

The yellow metal is up 6 per cent since the beginning of the year at around $US $1290 an ounce, but still a long way off the historic high above the $US 1900 an ounce that was achieved in 2011. Gold endured its biggest price collapse in 30 years in 2013 as investors shifted assets out of exchange traded funds and into higher yielding equities.

But one broker believes that the outlook for gold is once again about to change positively.

“While the fundamental situation has brightened, the technical picture has also improved, which could spark follow-up buying that in the short term would probably drive the gold price even further up,” wrote Commerzbank analysts on Tuesday.

According to the bank, trading volume on the Shanghai Gold Exchange on Monday totalled 25,725kg, the highest it has been since early May last year, “pointing to robust demand for gold there”.

China’s love of the precious metal seem once again to be the main driver behind the current rebound in prices. China consumed 1176 tonnes of gold in 2013, 41 per cent higher than in 2012, according to data released on Monday by the China Gold Association (CGA).

This was made up of 717 tonnes of jewellery, 376 tonnes of gold bar investment and 49 tonnes in industrial use. The remaining 35 tonnes was in coins and other items, said the CGA.

However, the CGA report, which cites a figure similar to the net gold imports to China from Hong Kong of 1157 tonnes, has created a mystery surrounding what has happened to the country’s indigenous supply. About 500 tonnes of gold from Chinese mines and scrap is unaccounted for by the CGA.

According to brokers at Macquarie it “remains a mystery what happened to the other gold available in China”. The missing gold will again raise questions over the strength of demand in the world’s largest market for the metal amid concern that more gold is being traded on the black market. One conspiracy theory is that the People’s Bank of China is simply stockpiling gold off balance sheet.

Somewhat less mysterious is the emerging market turbulence that has certainly helped to support gold prices, with investors seeking out the precious metal as a safe haven as has the change in leadership at the US Federal Reserve and the central bank’s schedule for tapering monetary stimulus.

The Telegraph, London

This story Administrator ready to work first appeared on Nanjing Night Net.

Imam charged over marriage of girl, 12

14/05/2019 | 南京夜网 | Permalink

AN imam accused of conducting the illegal marriage of a 12-year-old girl has been granted conditional bail as police decide whether to lay charges against the child bride’s father.
Nanjing Night Net

The arrest of the imam came as the 26-year-old man accused of marrying and having a sexual relationship with the girl prepared to apply for his release from custody on Tuesday.

Child abuse detectives allege the 35-year-old imam performed a marriage ceremony in the Hunter Valley this year.

Detectives arrested the imam at Parramatta police station on Monday and charged him with solemnisation of a marriage by an unauthorised person.

Police will allege the imam conducted the Islamic ceremony after he was approached by a Lebanese man who was visiting Australia.

The victim’s father consented to the marriage and for the ceremony to take place in his home on January 12.

He then allowed his daughter and the accused to move to south-west Sydney.

Police said they believed the imam had been associated with an Islamic centre and mosque in the Hunter region ‘‘on and off’’ since 2009.

It is understood the imam made frequent trips from Australia to Pakistan during this time.

He was released on strict conditional bail and is expected to appear before Parramatta Local Court on April 2.

Premier Barry O’Farrell said yesterday that he was pleased the Muslim religious leader had been arrested.

‘‘I’m delighted charges have been laid,’’ Mr O’Farrell said.

‘‘This charging of this person sends a strong message, whether to religious celebrants or civil celebrants.’’

Police arrested the victim’s husband last Thursday and charged him with 25 counts of having sexual intercourse with a child between January 1 and February 4 this year.

The accused had been living in Australia on a student visa and attending the University of Newcastle.

It is understood he had no ties with the town he was living in but met the under-age victim through a local mosque.

He was formally refused bail at Burwood Local Court last Friday and will remain behind bars until he makes an application for bail.

Police say they do not believe the girl’s mother had any knowledge of the marriage or that her daughter had moved to Sydney with a 26-year-old man.

It is understood the girl’s father and mother are separated.

Police learnt of the man and under-age girl’s marriage after the accused tried to enrol the girl, who recently turned 13, at school and applied for legal guardianship.

The girl has been taken into the care of the Department of Family and Community Services until a permanent home can be found for her.

One man’s generosity attracts internet fame

14/05/2019 | 南京夜网 | Permalink

A random act of kindness has made Lewis Richards a sensation on Facebook, with more than 2100 people showing their appreciation after he painted the bike of a young boy free of charge.
Nanjing Night Net

Lewis was working at Geoff Richards Panel Beating when the young Aboriginal boy came in, looking for someone to help him tighten the chain on his bike.

The bike was in poor condition and Lewis said he felt the sudden compulsion to help the boy out and he offered to paint the boy’s bike. The youngster was ecstatic and was even more impressed he saw the result of Lewis’ work a day later.

An initial post on Facebook about the encounter from Lewis attracted 2100 likes and when he posted photos of his handywork, he attracted a further 1800.

Lewis said he didn’t expect the reaction but had felt compelled to help the boy.

Lewis Richards has attracted plenty of attention on the internet since fixing up and respraying a young boy’s bike for him free of charge. Photo: BELINDA SOOLE

The bike during its construction process.

Lewis Richards has attracted plenty of attention on the internet since fixing up and respraying a young boy’s bike for him free of charge. Photo: BELINDA SOOLE

Lewis Richards has attracted plenty of attention on the internet since fixing up and respraying a young boy’s bike for him free of charge. Photo: BELINDA SOOLE

Lewis Richards has attracted plenty of attention on the internet since fixing up and respraying a young boy’s bike for him free of charge. Photo: BELINDA SOOLE

“I really didn’t expect that. When I posted it I didn’t think anyone would even read it,” he said.

“It hit close to home. He came over with a big ring spanner, way too big, and asked if we could tighten his chain for him.

“It just reminded me of me when I was a kid. He was cruising around with his mate and his bike was pretty average. It didn’t have handlebars and it was pretty beat up.

“We gave him a hand and he looked around and asked if we had painted everything. He couldn’t believe we painted this stuff and said ‘prove it’ so I told him to drop his bike round and we would paint it for him.

“He was a bit surprised and he thought I was joking. He said ‘you’re going to paint it pink’. I assured him I wasn’t and told him if he pulled the bike down and brought the pieces back in I would paint them up.”

The boy couldn’t choose what colours he wanted so Lewis chose a range of custom pearlescent and candied paints and worked his magic. Simmo Signs donated some custom graphics for the bike and Lewis purchased some new handlebar grips.

Lewis gave the back the finished pieces and asked him to come back into the shop when he had put it back together but so far he hasn’t seen him again.

“He was really excited and really thankful. It was really nice and you could see it meant a lot to him. I hope he comes back in because I would like to get a photo with him and his bike,” he said.

“My dad [Todd Richards, the business owner] was good, he allowed me to do it all in work time and told me to make sure I went all out with it. It was good of the sign company to do them free of charge too.”

Paramedic’s bone marrow gift a legacy of friendship

14/05/2019 | 南京夜网 | Permalink

Source: Illawarra Mercury
Nanjing Night Net

It was for an old friend that Gerringong dad Shane Wicks added his name to the bone marrow donor registry 17 years ago.

But when he makes good on his offer – submitting to surgery and a week of painful recovery – it will all be for the good of a stranger.

Mr Wicks, a NSW Ambulance paramedic attached to Kiama station, will undergo surgery at Westmead Hospital today after he was found to be a match for a person with serious health problems.

He was one of about 50 area surf lifesaving volunteers who signed on to the Australian Bone Marrow Donor Registry in 1997, when Gerringong lifesaver Bob Churton was diagnosed with leukaemia and required a transplant.

Mr Churton’s cousin was identified as a suitable match, but the father of four ultimately died from complications resulting from his condition.

“Bob was a well-respected family man – and extremely community minded,” said Mr Wicks, 38.

“It was quite hard, and you just feel for his family. If you can help somebody – if you can help a family not go through what Bill’s family – and a lot of other families – go through, you definitely would.”

Mr Wicks will be placed under general anaesthetic for the procedure.

Waiting for him to wake will be his wife of 16 years, Katie Wicks.

The two started dating when he was 15 and she was 13, and went on to have three children together – Kirralee, 10, Harrison, 9, and Darcey, 6.

“Shane is just one of those people who genuinely likes to help,” Mrs Wicks said.

Mr Wicks said he hoped his experience would show his children “it doesn’t hurt to help somebody”, and would encourage others to sign on to the Australian Bone Marrow Donor Registry.

The requirements for a donor match are so specific that only about one in 1000 would-be donors are asked to make good on their offer each year.

Mr Wicks will get progress reports of the person who receives his bone marrow after six months and 12 months, with the details decided by the recipient.

Katie Wicks plans to be bedside today as her husband, Shane Wicks, a paramedic, donates bone marrow in aid of a person he has never met.Picture: GREG TOTMAN

“Hopefully we’ll find out how the person is – how they’re travelling – that they went on to have a long and fulfilling life and beat whatever disease they were fighting,” Mr Wicks said.

ANZ Bank boss Mike Smith urges tax breaks for regions

14/05/2019 | 南京夜网 | Permalink

ANZ chief Mike Smith has urged governments to provide tax breaks to businesses setting up in regions hit by the exodus of car manufacturers, amid fears the loss of tens of thousands of jobs in Victoria and South Australia would push the states into recession.
Nanjing Night Net

The chief executive of Australia’s third-largest bank said tax and other incentives for new businesses were a proven way of tackling the social and economic impact the closure of the auto industry would have on some towns.

”If you were starting up a business at the moment in Australia, I think those businesses should be encouraged to look at those areas where there is likely to be a labour supply,” Mr Smith said.

”There are all sorts of ways to [encourage] businesses to set up in areas, and frankly the most effective one is using some sort of tax incentive and we’ve seen that around the world.”

Despite the looming loss of Toyota, economists on Tuesday issued an optimistic outlook for the manufacturing sector, saying the industry remained strong despite the structural changes it has undergone over the past few decades.

The exit of such large firms is tipped to have a severe impact on local regions already suffering from jobless rates twice as high as the national average.

Even so, economists said the exit of Toyota, Ford and Holden would have a small impact on the wider economy. But they called on state and federal governments to use the pull-out to boost productivity in manufacturing and other sectors, by cutting regulatory burdens and introducing tax reforms.

Without a local industry to protect, policy makers could also abolish all tariffs on motor vehicles, which would, in turn, make cars cheaper and allow households to spend their money on other goods. The move would reduce the fall-out from the industry’s shutdown, Deutsche Bank’s chief economist Adam Boyton said.

A boost in government infrastructure and retraining investment would also soften the blow on the Victorian and South Australian economies, analysts said.

The manufacturing industry has seen its share of the workforce decline over the past three decades, with the services sector

employing the largest share of workers at more than 75 per cent.

At the same time, the manufacturing sector’s contribution to the Australian economy has fallen since it peaked at just under 30 per cent of gross domestic product in the late 1950s and early 1960s. Manufacturing is now estimated to make up about 7 per cent of GDP.

A shift has also taken place within the manufacturing sector. While Australia has struggled to compete in the low-cost, mass-produced sections of the industry, it has seen a rise in the production of high-value goods such as scientific equipment and specialised machinery.

The services sector was expected to fill the hole left by the auto sector, analysts said. ”Low interest rates are supporting the housing market, supporting the pick-up in retail sales and a turn in the housing construction cycle, and we think that’s going to lead to job creation across those industries, as well as in the services industries,” HSBC’s chief economist for Australia Paul Bloxham said.

In the short term, Toyota’s production withdrawal from Australia would undermine confidence and could prompt consumers to be more cautious about their spending, National Australia Bank’s chief economist Alan Oster said.

A key question would also be where and what industries the affected car workers would move to, Mr Oster said.

This story Administrator ready to work first appeared on Nanjing Night Net.