This latest news out of China could not be any worse for da boyz in NY.

Such a shame - VHF

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Gold rises above US$1,500, silver market at 'standstill' but demand from Asia 'off the charts'

Ben Traynor - Bullion Vault

May 21, 2011

INTERNATIONAL. US Dollar gold prices rose above US$1500 Friday morning, 0.6% above where they started the week, but barely changed since two weeks ago, while stock and commodity markets also rose.

Gold prices have now traded in a tight range within 2% of US$1500 since May 6.

"Market is dead quiet today," said a Hong Kong bullion dealer on Friday, adding that gold prices have "basically gone nowhere" this week.

"Silver has [also]come to a standstill," Reuters quoted one Singapore dealer. "That's a pity, but allows time for us to focus on gold... I heard there's not much movement in Hong Kong and there isn't gold scrap flowing through there. Basically, the Hong Kong supplies are one-way traffic into China and there's limited selling out."

Chinese demand to buy silver is also "off the charts", a senior Tokyo precious metals executive privately told BullionVault on Tuesday.