Gold World News Flash |
- 2010-09-22 A Mysterious Combination ... remain alert for almost anything - Chris Martenson
- Gold is on the Move: Mary Anne & Pamela Aden, The Aden Sisters
- How High Will Gold Go This Fall?
- The Price of Gold
- GoldSeek.com Radio Gold Nugget: Catherine Austin Fitts & Chris Waltzek
- Hourly Action In Gold From Trader Dan
- QE To Infinity ? No Surprise There
- FOMC's Increasingly Accomodative Lean Pushes Gold to Record, Oil Lower
- Things
- My Life
- Gold & USD Technicals: Blips & Shapes
- Russia's Central Bank Buys 300,000 Ounces of Gold in August
- Gold RSI Rolls Over
- Ben in Luck
- LGMR: Gold's "Straight North" Rally Driven by Fears of QE and "Lack of Alternatives"
- Terminally Ill Uncle Sam Weakening
- Jim?s Mailbox
- Crude Oil Reluctantly Rallies, Gold Records Continue to Fall
- Don't Get Bullied Out of Bonds
- Gold/Silver Ratio Analysis
- That Rumbling Sound Is Dollar Giving Way
- Who will buy the Last 88.3 Tonnes of I.M.F. Gold?
- Deep Thoughts From Tony Boeckh On Act II - The Consequences Of The Debt Hangover
- Please take a look at my collection of gold. I plan to sell it with today's prices
- Brazil Unable to Control Dollar Price, Meirelles Says
- [Audio] Fed's mission is deception, Jim Rickards tells King World News
- Gold Seeker Closing Report: Gold and Silver Fall Before Fed; Gain After
- An Angry Sugar Trader Shares His Frustration With The Incursion Of HFT Algos On The ICE
- Cintas CEO Discusses F1Q2011 Results - Earnings Call Transcript
- Gold Just Surged On News That The Fed Is Prepared To Print More
- A New ‘Trade of the Decade'
| 2010-09-22 A Mysterious Combination ... remain alert for almost anything - Chris Martenson Posted: 22 Sep 2010 03:26 AM PDT I wish I knew what exactly Chris Martenson meant by posting this on facebook: "Time to be vigilant: stocks up, bonds up, gold/silver up is a mysterious combination indicating that we need to remain alert for almost anything.
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| Gold is on the Move: Mary Anne & Pamela Aden, The Aden Sisters Posted: 21 Sep 2010 11:41 PM PDT Gold is looking good. Since its summer low of $1160 in late June, it has surged to $1275. That's a nearly 10% gain in less than two months, and even though gold has again broken its all-time record high, it's poised to move still higher.
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| How High Will Gold Go This Fall? Posted: 21 Sep 2010 08:07 PM PDT By Jeff Clark, Senior Editor, Casey's Gold & Resource Report The gold price has been hitting ever-new records over the past couple weeks, now closing in on the $1,300 mark. Some gold followers are saying this is extremely bullish for the near-term price since it broke so decisively through its June 28th high of $1,261. If [...]
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| Posted: 21 Sep 2010 08:07 PM PDT Today we are going to be looking at gold and analyze the recent run-up that has created a great deal of excitement and fear for many investors and traders. We're also going to be looking at some upside measurements that we have for this market. Conversely, we are also looking at an area that should provide [...]
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| GoldSeek.com Radio Gold Nugget: Catherine Austin Fitts & Chris Waltzek Posted: 21 Sep 2010 07:00 PM PDT GoldSeek.com Radio Gold Nugget: Catherine Austin Fitts & Chris Waltzek
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| Hourly Action In Gold From Trader Dan Posted: 21 Sep 2010 06:38 PM PDT View the original post at jsmineset.com... September 21, 2010 01:10 PM Dear CIGAs, Click chart to enlarge today's hourly action in Gold in PDF format with commentary from Trader Dan Norcini ...
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| QE To Infinity ? No Surprise There Posted: 21 Sep 2010 06:38 PM PDT View the original post at jsmineset.com... September 21, 2010 01:13 PM Dear Friends, The BIG, "no news" news of today was the release of the FOMC details concerning their view of the economy. At 1:15 PM, CST, the "news" broke that the Fed stands ready to provide further QE should the struggling economy encounter additional headwinds. Both gold and silver shot up sharply higher and the dollar plummeted below support at the 81 level in the USDX, while the equity markets simultaneously jumped and the bond market surged. I personally do not know why the reaction was so profound. After all, it is no surprise to any of the readers here at JSMineset that the Fed stands ready to engage in "QE to infinity" as Jim has been saying for longer than I can remember. If you want to distill the essence of their press release, it is basically as follows: The economy is flat and while it has not worsened, it is also lagging in key areas, notably employment, business spending and consumer spending....
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| FOMC's Increasingly Accomodative Lean Pushes Gold to Record, Oil Lower Posted: 21 Sep 2010 06:38 PM PDT courtesy of DailyFX.com September 21, 2010 04:08 PM The FOMC rate decision was a uniquely distorting factor for the capital market Tuesday afternoon. With heavy speculation heading into the meeting, the essentially unchanged approach would nevertheless spur a trader and investor response in gold and crude. North American Commodity Update Commodities - Energy Fed’s Bearish Outlook Offsets the Promise of Additional Stimulus Down the Line for Energy Traders Crude Oil (LS Nymex) - $73.52 // -$1.34 // -1.79% Energy traders were following exactly the same track that equities investors were taking Tuesday as the masses prepared, speculated and reacted to a significant round of event risk. And yet, the ultimate outcome from this collective wave would have a volatile and somewhat convoluted impact on the markets despite the clearly defined scenarios market participants had mapped out. What’s more, the energy market was further distorted beyond the presence of high ...
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| Posted: 21 Sep 2010 06:38 PM PDT The following is automatically syndicated from Grandich's blog. You can view the original post here. Stay up to date on his model portfolio! September 21, 2010 04:10 PM [LIST] [*]I’m hearing more whispers about a “Hail Mary” by Obama administration as the election draws near. The speculation is some sort of Uncle Sam backs all Fannie and Freddie mortgages if creditors take a 10% or so haircut. The thinking is that puts some sort of floor under the real estate market. Crazy thinking as I believe it won’t be long for the world realizes we can’t possibly service all this debt without paying something (if not all) to the piper and the U.S. Dollar goes into cardiac arrest. [*]Forget milk, Got Gold? [*]Fed news much more uglier than most came away from it. I believe the Fed is becoming desperate. [*]The signs are many [*]Bad plastic [*]Obama should have a weekend at Bernie’s [*]The truth and nothing but the truth [*]BI Research issued major buy recommend...
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| Posted: 21 Sep 2010 06:38 PM PDT The following is automatically syndicated from Grandich's blog. You can view the original post here. Stay up to date on his model portfolio! September 21, 2010 01:13 PM Life Can Be Summarized in 4 Bottles… Holy Moly!!! I’m on #3 [url]http://www.grandich.com/[/url] grandich.com...
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| Gold & USD Technicals: Blips & Shapes Posted: 21 Sep 2010 06:38 PM PDT Stewart Thomson email: [EMAIL="s2p3t4@sympatico.ca"]s2p3t4@sympatico.ca[/EMAIL] Sep 21, 2010 1. The US dollar. Some amateur chartists see a bull continuation H&S (head and shoulders) pattern on the weekly chart of the US dollar. I suspect this analysis comes from the non-stop pounding I gave the gold community on the existence of a bull continuation H&S in Gold, between 680-1033. That pattern activated, and has been the main driver of the move in gold from 970 to current levels. 2. Unfortunately, you need to actually read Edwards & Magee, many times, before announcing to the universe you are now a technical analysis master. Jim Sinclair calls the US dollar chart, "worse than Enron." Amateur land calls it a "bull continuation pattern." My view: amateur land is going to get a very interesting lesson in technical analysis, and account drawdowns, very very soon. 3. There are many parame...
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| Russia's Central Bank Buys 300,000 Ounces of Gold in August Posted: 21 Sep 2010 06:38 PM PDT Gold bull market has a long way to go: Jim Rogers. The Battle for $21 Silver Begins. Russia's Central Bank Buys 300,000 Ounces of Gold in August. The IMF itself has become the problem: Ambrose Evans-Pritchard... and much, much more. YESTERDAY IN GOLD AND SILVER Gold gained about six bucks from the time the markets opened in the Far East on Monday morning... until shortly after London opened at 9:30 a.m. local time. From that point, the gold price rolled over a bit, declining into the London p.m. gold fix at 10:00 a.m. in New York, before rising to a new record high of $1,284.80 spot... and then getting sold off and trading sideways for the rest of the New York session. Silver's price followed a similar path, except its high of the day [around $21.00 spot] was in London... shortly after 9:00 a.m. local time. From there it got sold off a bit, rose after the London p.m. gold fix... and then got sold off for a small loss on the day. Silver did not...
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| Posted: 21 Sep 2010 06:38 PM PDT courtesy of DailyFX.com September 21, 2010 06:11 AM Daily Bars Prepared by Jamie Saettele Gold has traded to a new high, which negates the bearish implications and sets sights on round figures such as 1300, 1400, 1500, etc. Last week’s breakdown was of the false variety. Watch channel resistance going forward. The line is at 1306 today and increases about $3 a day. A key reversal today above the top keltner channel yesterday warns of at least a pullback. Initial support is 1265....
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| Posted: 21 Sep 2010 06:38 PM PDT Ben had served his master for seven years, so he said to him, master, my time is up, now I should be glad to go back home to my mother, give me my wages. The master answered, you have served me faithfully and honestly, as the service was so shall the reward be. And he gave Ben a piece of gold as big as his head. Ben pulled his handkerchief out of his pocket, wrapped up the lump in it, put it on his shoulder, and set out on the way home. [LIST]Comment: This story is an adaptation of Hans in Luck (also known as Brother Lustig; original German title Hans im Glück), a Grimm Brother fairy tale. Our Ben had been handed the gold standard by the U.S. constitution. Having studied it extensively, Ben embarks on a journey. Read on [/LIST] As he went on, always putting one foot before the other, he saw a horseman trotting quickly and merrily by on a lively horse. Ah, said Ben quite loud, what a fine thing it is to ride. There you sit as on a chair, you stumble over no...
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| Posted: 21 Sep 2010 06:38 PM PDT London Gold Market Report from Adrian Ash BullionVault 08:45 ET, Tues 21 Sept. Gold's "Straight North" Rally Driven by Fears of QE and "Lack of Alternatives" Ahead of US Fed Decision THE PRICE OF WHOLESALEgold bullion eased back from yesterday's new record highs in London on Tuesday, unwinding Monday's 0.7% gain as world stock markets crept higher ahead of the US Federal Reserve's latest policy decision. Major-economy government bonds rose, and crude oil fell.Silver prices slipped to three-session lows beneath last week's close of $20.75 per ounce. "At these rarefied levels, investors continue to be wary," says a note from Swiss refinery group MKS's Finance division."While the yellow metal ought to continue to rise, it will be a volatile trip."Volatility has been absent, however, from the last 7 week's 10% rise in gold prices, with the Chicago Board of Exchange's new CBOE/Comex Gold Volatility Index (ticker: GVZ) closing Monday at just 19. The CBOE's new oil volatili...
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| Terminally Ill Uncle Sam Weakening Posted: 21 Sep 2010 06:38 PM PDT The following is automatically syndicated from Grandich's blog. You can view the original post here. Stay up to date on his model portfolio! September 21, 2010 06:00 AM While I noted last week the U.S. stock market could work higher in the near term, I also said the terminally ill U.S. Dollar (remember the only party that doesn’t know the U.S. Dollar is dead is the U.S. Dollar) was breaking down technically and going to test key support around 80. It’s dipped below some near term support at 81 but 80 is “the” major technical and psychological support number. [url]http://www.grandich.com/[/url] grandich.com...
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| Posted: 21 Sep 2010 06:38 PM PDT View the original post at jsmineset.com... September 21, 2010 06:00 AM Silver looks ready to rip CIGA Eric The gold to silver ratio (GSR) suggested an acceleration in the global fiat currency debasement and the potential for silver to rip ahead months ago. BNP Paribas obviously thinks the price of silver is about to go on a tear. It has agreed to pay $US20.58 an ounce for 680,000 ounces of the white metal to be delivered from December through to June 2012. That compares with a closing price on Friday in New York of $US20.79/oz (although intraday it poked its head above $US21/oz). Source: theaustralian.com.au More… Classic Trend Energy Divergence With Price In Gold Shares CIGA Eric There’s an increasing number of precious metals miners (and various dollar hedge plays) displaying the classic trend energy divergence with price This setup is revealed in the following chart: Gold Miners Index ETF (GDX): This surge of trend energy to new highs wh...
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| Crude Oil Reluctantly Rallies, Gold Records Continue to Fall Posted: 21 Sep 2010 06:38 PM PDT courtesy of DailyFX.com September 20, 2010 10:51 PM A breakout in U.S. equity markets allowed crude oil to finally catch a break, as the commodity rose for the first time in five sessions. Gold rallied to a new record with no sign that momentum is waning. Commodities – Energy Crude Oil Reluctantly Rallies Crude Oil (WTI) - $74.25 // $0.61 // 0.81% Commentary: Crude oil arrested a four-day slide on Monday, rising $1.20, or 1.63%, due in large part to the rally and breakout in U.S. equity markets. The S&P 500 stock index soared 1.52% on the day, reaching its highest level since May. Traders have become more optimistic about the global economic outlook in recent weeks, thus it is no surprise that oil would catch a bid given how depressed it has been. But prices are down in overnight trade, illustrating how hard it remains for crude oil to sustain any up move with U.S. inventories tempering any bullish macro enthusiasm. It is worth noting that the prompt month October fut...
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| Don't Get Bullied Out of Bonds Posted: 21 Sep 2010 06:14 PM PDT Jon D. Markman submits: Bonds have provided a welcome safe-haven for investors seeking shelter from the financial maelstrom of the past two years, offering steady returns while stocks bounce up and down. Now some analysts are afraid that once the selling of bonds begins it will be indiscriminate, and there will be a bloodbath. But that fear totally ignores the new investment reality in which we're living. The fact is, stocks won't be crawling out of the gutter anytime soon, and until they do, investors will continue to look elsewhere for a store of value. They have already decided they can find it in two places: U.S. bonds and gold. American equity mutual funds this year have seen net outflows of $7 billion, and bond funds have had inflows of $191 billion, The Economist reported last week. In fact, bond funds attracted $559 billion in the 30 months through June, according to the Investment Company Institute (ICI). In that same period, investors withdrew $209.4 billion from U.S. stock funds and $24.4 billion from funds that buy foreign stocks. Complete Story »
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| Posted: 21 Sep 2010 06:03 PM PDT The Gold/Silver ratio has just broken in favor of Silver. In other words, the ratio has broken to the downside. This development along with persistent strength in Gold has prompted the mainstream gurus and "experts" to talk up Silver. We've been writing about the potential in Silver on more than one occasion.
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| That Rumbling Sound Is Dollar Giving Way Posted: 21 Sep 2010 06:01 PM PDT For nearly twenty years, we haven't flinched from our prediction that the massive debt build-up of the last generation would precipitate out as a deflationary bust. That is what we still expect, although we now believe there is likely to be a hyperinflationary phase at some point as the financial system implodes.
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| Who will buy the Last 88.3 Tonnes of I.M.F. Gold? Posted: 21 Sep 2010 05:35 PM PDT
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| Deep Thoughts From Tony Boeckh On Act II - The Consequences Of The Debt Hangover Posted: 21 Sep 2010 05:02 PM PDT
Tony Boeckh has issued his most recent investment letter, which, at 15 pages, discusses an outlook that can be summarized best as "we really have no clue what will happen" and may have been about 14.5 pages too long. On the other hand, with everyone having surefire money making schemes up their sleeve, and peddling a guaranteed economic outcome, perhaps some outlook humility is precisely what is needed. "Some believe the bull market in gold has just begun. Others believe we are headed for a deflationary depression in which high quality bonds would continue to thrive. Another view is that we are heading into high inflation and a dollar collapse. Yet others believe there will be a return to the good old days of stability and growth. In the time frame of most investors, we are in none of those camps. With bonds significantly overvalued, investors hardly have an edge in that area, except perhaps to go short. High yield bonds are fair value but the weak economic picture suggests growing risk for those companies with poor balance sheets and poor cash flow prospects. Gold as insurance at 5-10% of the portfolio makes sense but only for the long run and only if volatility can be ignored." All in all, some good observations. From Tony Boeckh, U.S. Government Debt: The Upward Spiral Continues
h/t Chips4Pips
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| Please take a look at my collection of gold. I plan to sell it with today's prices Posted: 21 Sep 2010 05:02 PM PDT
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| Brazil Unable to Control Dollar Price, Meirelles Says Posted: 21 Sep 2010 04:58 PM PDT Brazilian central bank President Henrique Meirelles said the dollar is weakening because of problems in the U.S. economy and there's very little policy makers can do about it. "No country in the world can hold the dollar,"
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| [Audio] Fed's mission is deception, Jim Rickards tells King World News Posted: 21 Sep 2010 04:46 PM PDT In the first half of a two-part interview at King World News, market intelligence officer Jim Rickards remarks, among other things, that the job of the Federal Reserve is not its stated one of maintaining price stability but rather to debase the dollar and that the Central Bank Gold Agreement has broken down.
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| Gold Seeker Closing Report: Gold and Silver Fall Before Fed; Gain After Posted: 21 Sep 2010 04:00 PM PDT Gold saw a slight gain at $1282.17 in London, but it then fell back off for most of the rest of trade and ended with a loss of 0.53%. Silver rose to as high as $20.83 and fell to as low as $20.485 before it rebounded a bit in New York, but it still ended with a loss of 0.82%. Both metals have risen sharply in after hours trade in reaction to the fed's statement.
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| An Angry Sugar Trader Shares His Frustration With The Incursion Of HFT Algos On The ICE Posted: 21 Sep 2010 03:46 PM PDT
If you think algos gone wild in stocks is bad, just wait until you see what happens when the same feedback-loop generating robots start frontrunning and churning all cotton, sugar, and other commodity contracts. According to this trader, this has already happened. Next up: plunging liquidity, and surging volatility, just in time for commodity prices to find that extra computerized "oomph" as they explode in expectation of Bernanke's reflation experiment gone wild to blow all fair value concepts to smithereens. An Angry Sugar Trader Shares His Frustration With The Incursion Of HFT Algos In The ICE Submitted by reader Menji In the days before electronic trading, when commodities were traded open-outcry in trading pits, floor brokers kept spread and flat-prices in line as part of their day’s work – offering and bidding one month against another depending on the spread orders they were working. Some of these guys had almost unbelievable skills of mental arithmetic, bidding and offering across the whole board as the flat price and the spread structure fluctuated.
(SOURCE https://www.theice.com/multicast.jhtml)
Other consequences were greatly increased volatility as algo trading systems unleashed their orders into a relatively small market, and increased exchange revenue for ICE and its shareholders as the algo traders fed their orders directly into the exchange servers. Liquidity plummeted, as many of the market participants who traditionally provided it (market makers and day-traders) packed up in disgust and went elsewhere, sickened by the random walk behaviour generated by computers which had started to push the market the range of an old, pre-algo, day in the space of seconds.
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| Cintas CEO Discusses F1Q2011 Results - Earnings Call Transcript Posted: 21 Sep 2010 03:00 PM PDT Cintas Corporation (CTAS) F1Q2011 Earnings Call Transcript September 21, 2010 5:00 pm ET Complete Story »
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| Gold Just Surged On News That The Fed Is Prepared To Print More Posted: 21 Sep 2010 03:00 PM PDT Ben Bernanke just confirmed that more Fed easing is likely. Gold is loving the news:
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| A New ‘Trade of the Decade' Posted: 21 Sep 2010 02:49 PM PDT If you're going to be invested in a single metal this decade, my advice is to back copper. Specifically - companies that are sitting on long-life, high-quality copper resources. He dropped out of the spot light for a while there, but 'Doctor Copper' is making some big moves again. The copper price fell nearly 25% earlier this year after the 2009 rally. But whilst gold hogged the headlines copper has snuck back up the chart again. It is now only about 3% from hitting a two year high. This latest bounce could well be the start of another decent rally too. The chart below shows the price in dark blue. In orange is the short-term trend, and the light blue is the long-term trend. Not too long ago, the two lines crossed over, and you can on the chart that this usually signals a big turning point in the market. 
Source: ANZ Commodity report
So what's going on here? And how can you profit from it? Copper is used in a whole bunch of things that are involved in economic growth - building national power grids, the mass production of electronic goods, and putting the plumbing in new tower blocks and so on. That's why it's called Doctor Copper (Phd in Economics). Does this mean the global economic woes are over? I don't know. It's certainly a confusing message we're being sent. Uncertainty and volatility are still extreme, bad numbers keep pouring out of Europe. I'll leave it the macro guys like Dan and Nick to solve the riddle of why copper is rallying NOW when a lot of economic problems are yet to be fixed. What I'm interested in - and YOU should be too - is the market for this metal over the next ten years. Put bluntly: the copper market is already huge… and it's about to get a whole lot bigger. Global copper consumption for this year is expected to be around 17 million tonnes. At the current price the global copper metal market should be worth about US$125 billion this year. To put that in context, the global copper market is about the same size as New Zealand's economy. So who is buying it now? Last year, China was the biggest user of the red metal, with 28% of demand. Construction firms used 48% of global supply last year. Manufacturing of electrical and electronic appliances takes 20%. Transport takes about 10%, and the power sector takes 5%.
Who is buying all that copper?
Source: AME Mineral Economics
The commodity data coming out of China shows that demand isn't slowing either. Copper imports are in the rise at the moment, jumping 10.7% last month. China is importing even more 'copper scrap', which is just reclaimed copper from buildings and so on. Imports of this jumped by 5.3% last month. Why's China buying up copper? Maybe because a MAJOR copper shortage is coming... Copper inventories have steadily declined since peaking in February. According to the Metals Economics Group, significant copper discoveries have fallen "well short of what is needed to replace the copper produced." Morningstar predicts "60% of today's open pit mines will deplete or go underground (at a higher-cost) by 2021." Rio Tinto is racing to open new mines to meet a massive "shortage coming in 2011 as United States and European demand also rises" One mining executive has admitted to Salon.com: "Globally, economic copper resources are being depleted with the equivalent production of three world-class copper mines being consumed annually." Yikes! To make money as a resource investor you need to find the high ground... so you can see over the hubbub of the daily markets... and catch a glimpse of the next big high demand/low supply story. For me, that story is copper. My advice: Buy well-priced companies sitting on high-quality copper resources. Dr Alex Cowie
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