Gold World News Flash |
- CME Margin Hike 1 Day Before Sep 11 Options Expiration Day
- Grandich autobiography is a painfully candid story
- 2008 Déjà Vu Signals Rebound for Gold
- Is The U.S. Government Stockpiling Food In Anticipation Of A Major Economic Crisis?
- Is it Too Late to Buy Gold?
- On Scary Corrections
- The Story of Our Lives
- This is Not 2008 Revisited – It's Worse!
- Be Calm, Hold Your Silver and Gold Positions
- Gold/Silver on Sale!
- Silver Update: “Load the Boat” September 23rd, 2011
- Smashing of silver futures spikes demand for real metal at SprottMoney
- By the Numbers for the Week Ending September 23
- CME raises gold, silver, copper margin requirements
- Marc Faber: On Operation Twist, The Dollar, Gold, And The Greeks
- Keep an Eye on Newmont for signs of a bottom in the gold shares
- Extreme Moves Leave Markets in Rare Territory
- Twist Paves the Way for QE III
- Martin A. Armstrong: Political Inaction Creating a Financial Meltdown
- CME Hikes Gold, Silver, Copper Margins
- Gold Price Lost $174.60 or -10.7% and the Silver Price Lost $10.73 or -35.7% This Week
- Biggest Names Discuss Silver- Follow-Up Call- Part 3
- When Hope Fades
- Gold Down $122! Silver Down $6.66! Buying Opportunity of a Lifetime Coming
- Case Closed: CME Hikes Gold, Silver, Copper Margins
- Have Faith: These 140 Analysts Believe Gold is Going UP to at Least $3,000!
- Detailing a monthly Silver chart
- Global economy pushed to the brink
- CME raises margins for gold, silver, copper
- CME hiking Margins on the Precious Metals Monday
| CME Margin Hike 1 Day Before Sep 11 Options Expiration Day Posted: 23 Sep 2011 06:17 PM PDT If you thought how insane it is – that in this current financial crisis and all paper currencies going down the toilet, that even price of paper gold and silver are going down… …then maybe new margin hike coming on Monday, Sep 26th 2011 may be the reason why. Silver futures margin is going up [...]
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| Grandich autobiography is a painfully candid story Posted: 23 Sep 2011 03:57 PM PDT 11:55p ET Friday, September 23, 2011 Dear Friend of GATA and Gold: Financial market analyst, gold and silver advocate, and longtime GATA supporter Peter Grandich is publishing his autobiography this fall. It's titled "Confessions of a Wall Street Whiz Kid" and it is a painfully candid story of overcoming depression through a religious faith that has shaped his beliefs about investing. You can learn about the book at its Internet site here: http://www.confessionsofawallstreetwhizkid.com/ CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project Company Press Release Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces results from its 2011 drilling program for its first completed hole on the Wellgreen Project in the Yukon Territory, Canada. Borehole WS11-184 encountered 472.6 meters of mineralization grading 0.43% nickel equivalent from surface to the footwall contact. Within this larger swath of mineralization the hole encountered 49.5 meters of 1.27 grams per ton platinum group metals plus gold, 0.71% nickel, and 0.45% copper (or 1.11% nickel equivalent). The geology transitioned from blebby disseminated to net-textured to massive sulphide approaching the footwall contact grading 6.3% nickel, 1.7% copper, 2.7 grams per ton platinum, 1.6 grams per ton palladium, 0.17 grams per ton gold, and 3.4 grams per ton silver. The drilling zones and results are tabulated here, with more information: http://www.prophecyplat.com/news_2011_aug22_prophecy_platinum_wellgreen_... Join GATA here: The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Company Press Release, October 27, 2010 VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include: -- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres. -- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres. -- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre. Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface. "The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest." For the company's full press release, please visit: http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf
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| 2008 Déjà Vu Signals Rebound for Gold Posted: 23 Sep 2011 03:56 PM PDT from WealthCycles:
Amid news that China's juggernaut economy is slowing and fears that the Eurozoners don't have the political will to fix what ails them, stock markets worldwide took a dive today. The Dow closed down 738 points—its worst week since October 2008. Gold and silver also dropped dramatically—gold down 9.5% from its Sept. 6 peak of $1,923.70, but with gold and silver, the memory of 2008 is more reassuring. Gold fell simply because investors burned in the securities and commodities markets needed the cash to cover margin calls, as reported by Bloomberg earlier today. "Gold fell more than $100 to below $1,650 an ounce as some investors sold the metal to cover losses in other assets…. 'We view the correction in gold as being temporary and similar to initial losses suffered in 2008,' Suki Cooper, an analyst at Barclays Capital in New York, said in a report. There is still 'a fertile backdrop for gold.'"
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| Is The U.S. Government Stockpiling Food In Anticipation Of A Major Economic Crisis? Posted: 23 Sep 2011 03:47 PM PDT from The Economic Collapse Blog:
Read More @ TheEconomicCollapseBlog.com
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| Posted: 23 Sep 2011 03:43 PM PDT by James Hickling, GoldMoney.com:
In similar fashion, on May 9 1999, two days after the UK Treasury announced that the Bank of England was going to start auctioning of more than half of its gold reserves (415 tonnes), the Financial Times commented in its Lex Column: "It is entirely rational for the UK to seek to maximise the value of Britain's gold, currently an unjustifiable 43 per cent of net reserves… It is odd that the UK is keeping 300 tonnes. At 18 per cent of net reserves, it will represent a heavy position in a low-returning commodity that has proved to be a lousy investment in recent years, even if it may still serve as a partial store of value in [times of] global crises. So having already unnerved the markets, the Treasury might as well have gone the whole hog and planned to sell the lot."
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| Posted: 23 Sep 2011 03:39 PM PDT from FOFOA:
1. Perspective Is today *really* a down day for gold? For $10,609.37 you could have bought the DOW on May 13, 2000. On June 6, 2006 you would have paid $10,706.37 of inflation-riddled dollars for your trouble. Today you'd pay $10,771.48 for that same DOW. On the other hand, $10,609.37 of gold purchased on May 13, 2000 would have had a dollar value of about $21,660 on June 6, 2006. And today, Sept. 23, 2011, that same gold would have a dollar value of $63,552. Choose gold. Hold gold. Don't worry. Be happy. Read More @ FOFOA.Blogspot.com
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| Posted: 23 Sep 2011 03:36 PM PDT by David Galland, Casey Research: Dear Reader, Fortunately, no one took me up on my proposed bet last week that gold would hit $1,900 before it hit $1,700… it broke through this morning, marking a 10% correction. Circling back prior to sending this edition off, I see that the sell-off has continued, with gold now at $1,642, a drop just shy of the 18% that has been the average correction in the yellow metal over the last several years. Supping on my own soup, yesterday I went back into the market and topped off the tank with more gold stocks and silver (in an easily tradable ETF form). Today, I intend to add to those positions – but with even smellier stink bids. For those of you without the telling scars of veterans in the volatile precious metals and who are maybe still sporting open wounds from paying too much for your latest tranche, find a comfortable seat and take a few deep breaths.
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| This is Not 2008 Revisited – It's Worse! Posted: 23 Sep 2011 03:30 PM PDT by David Schectman, MilesFranklin.com: "As of 8:30 a.m. EST, Sept. 20, the US National debt was $14,744,278,404,668. That is over $47,000 per American citizen, over $131,000 per taxpayer. America is bankrupt and desperate to grab at any loose dollar within its reach." — Five Min. Forecast "I get an increasingly ugly feeling that we are re-living 1930." — Richard Russell
I was in touch with Bill Murphy (LeMetropole Café) and Andy Hoffman today. One thing we all agree on – this is NOT 2008 revisited. It is different and it is worse. The Fed is desperate and whatever they try does not work. Soon, they will be forced to announce QE3 and then gold and silver will rocket up! Andy Hoffman dropped me a note this afternoon. "It looks like the EU is about ready to announce a MASSIVE MONEY PRINTING EXERCISE. And the FED will JOIN them, you can take that to the bank." The markets are reacting to the Fed's Operation Twist – everything is falling. Holding down long-term interest rates will not spur on more borrowing and more hiring. Unless the economy suddenly improves (not gonna happen) and the stock market suddenly reverses course and moves smartly up (not gonna happen), the Fed will introduce QE3 (this was always in the cards) and gold and silver will resume their strong moves up. Jim Sinclair hit the nail on the head, last night, when he wrote:
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| Be Calm, Hold Your Silver and Gold Positions Posted: 23 Sep 2011 03:24 PM PDT Gold Price Close Today : 1,637.70 Gold Price Close 16-Sep : 1,812.10 Change : -174.40 or -9.6% Silver Price Close Today : 3006 Silver Price Close 16-Sep : 4078.1 Change : -1072.10 or -26.3% Gold Silver Ratio Today : 54.48 Gold Silver Ratio 16-Sep : 44.43 Change : 10.05 or 22.6% Silver Gold Ratio : 0.01836 Silver Gold Ratio 16-Sep : 0.02250 Change : -0.00415 or -18.4% Dow in Gold Dollars : $ 135.96 Dow in Gold Dollars 16-Sep : $ 131.29 Change : $ 4.67 or 3.6% Dow in Gold Ounces : 6.577 Dow in Gold Ounces 16-Sep : 6.351 Change : 0.23 or 3.6% Dow in Silver Ounces : 358.33 Dow in Silver Ounces 16-Sep : 282.22 Change : 76.12 or 27.0% Dow Industrial : 10,771.48 Dow Industrial 16-Sep : 11,509.09 Change : -737.61 or -6.4% S&P 500 : 1,136.00 S&P 500 16-Sep : 1,216.01 Change : -80.01 or -6.6% US Dollar Index : 78.356 US Dollar Index 16-Sep : 76.623 Change : 1.73 or 2.3% Platinum Price Close Today : 1,610.40 Platinum Price Close 16-Sep : 1,805.90 Change : -195.50 or -10.8% Palladium Price Close Today : 641.10 Palladium Price Close 16-Sep : 732.90 Change : -91.80 or -12.5% When I saw today's prices, I rushed back to send y'all a commentary. Since I claim to be nothing more than a natural born fool from Tennessee, I might not have anything to say worth hearing. Might just add more fog to an already foggy situation, but here goes. No way to tell what final straw will break a market's back. Markets are human phenomena, and who knows what causes crowds to panic? Stocks, silver, and gold were all set to drop and the US dollar to rise. Something pushed them over the edge. Bloomberg News, which always tells the truth (when it's convenient), said today US stocks fell for their biggest weekly loss since 2008. In four days stocks lost $1.1 trillion in value. Wednesday and Thursday alone the Dow lost 5.9%. Cause they assigned to this effect was the Fed's warning Wednesday that risks to the economy have increased. Right, and fire is hot, too. Clearly, the public perceives that nobody in authority on the North American or European continents has a clue what to do. Today the Dow dead-cat-bounced to 10,771.48, up 37.65 points or 0.35%, hardly amounting to a rounding error. S&P500 rose 0.61% or 6.87 to 1,136. Today's 10,638 low took the Dow back to its August low, setting it up for a fall THRU that low on Monday. Point and Figure chart gives a target of 9,600 [sic]. Big break. Follow thru Monday will confirm whether it will fall much further, but I don't know how you could draw any other conclusion. Stocks -- as much fun as pouring vinegar on a broken tooth. Thursday the US DOLLAR INDEX broke through 78 resistance and rose 118.5 basis points to 78.489. Today it rose pennies to 78.50, but the trend is confirmed. Dollar index has now (1) broken through its upper trading channel line, (2) traded through its 200 day moving average, now 76.10), and (3) broken above 78, a height not seen since last February. Man'd be a fool to stand in the way of this. Dollar is rallying, and may reach 81.50 OR EVEN MUCH HIGHER. That throws a headwind into the paths of silver and gold. This will keep up until falling stocks and screams of deflation scare Ben the Bernancubus so badly that he pumps out more dollars. What y'all must not do is lose your head while everybody else is panicking. Don't become confused, mistaking short term moves for long term changes. NOTHING HAS CHANGED. SYSTEM IS UNALTERED. The Keynesian fools (takes a fool to know one) in government and central banking will keep on applying the same failed "cures" and keep on avoiding any real medicine. Thus after a correction, silver and gold will come roaring back. Euro bounced a little today, up 0.23% to close at 1.3491 on its way to 1.2000 [sic]. Watch and see if it doesn't. If the yen can remain above 130c (Y76.9 = $1) it will prove a breakout and move even higher. Danger with looking at past performance is that your mind inevitably forces that pattern onto today's movements, so that you expect things to follow the past exactly. Doesn't work that way: it only gives us a general comparison. With that waning, let's look at how GOLD and SILVER PRICES acted back in 2008. Remember that the mortgage bubble popped then, precipitating a banking crisis in the US, like that today in European banks with sovereign debt. GOLD topped 18 March 2008 at $1,003.20, then  ** The GOLD PRICE fell to a correction low 1 May at $848.90 ** Climbed to a correction high of $977.70 on 15 July, ** broke down at about $900 on 4 August, and ** waterfalled to $786 (down 14.5%) by 18 August ** went lower, then rose to $900 on 22 September, and ** fell to a final bottom at $704.90 on 13 November, down 30% from the March peak.  ** from the August break to the November low 97 days passed. The SILVER PRICE topped 5 March 2008 at 2068.50c, then **fell to a 1 May correction low at 1612c ** rose to 14 July at 1917.5c, then dropped gently and ** broke on 6 August at 1650c into a waterfall ** plunging to 1049c (down 36.4% in that break) on 11 Sept, ** dropped more, then rose to 1345.8c on 26 September, and ** fell to double bottoms 28 Oct and 13 Nov. at 880c, down 57.5% from the March peak. ** From the August break to the November low, 98 days elapsed. SILVER and GOLD will not repeat these exact numbers, but should follow that same general pattern. Tops in 2011 came in May, and events have not played out exactly the same. This time gold's first correction recovery high (top of B wave) ran much higher than the previous $1,577 peak, but once again silver's recovery has not been nearly as vigorous as gold's. Okay, smart guy, if all this is so, why didn't you tell us before? Because I couldn't be sure metals were following the same pattern until they broke this week. More than that, scared money was running into gold, driving it up all summer. Big question to deal with now is whether this is a relatively minor correction, or whether it will correct the entire move from the 2008 lows to the 2011 highs. Not so fast, Jack! Gold's $1,637.70 closing price today was only about 15% lower than its peak -- not a major correction yet. Today's silver close, 3006c, is 38.1% lower than its 4858 peak last day of April. Not huge for silver. Yet this waterfall makes me expect lower prices still. Based on 2008's performance, a bottom can be expected sometime in December, if silver and gold are following that 2008 track. Most of all, 2008 offered us a gigantic opportunity to swap gold for for silver when the ratio reached 83.5. Applying that 2008 correction of the gold/silver ratio from 46.677 to 83.5 or 179% of the low, the ratio this time around would reach 57.24. Whoa! Today's ratio was 54.481, taking it higher faster than expected. That reminds me that this correction ought not to take as long as 2008's because the market is in a later, more violent and speedier stage of development. So we will want to trade gold for silver very shortly. Watch it every day. That break through 45 in the ratio over the last 2 days will send it rocketing upward. Today's market in gold was raw, bloody carnage. Comex gold dropped $101.70 (5.8%) to $1,637.70, on top of losing $66.40 yesterday, a total of 9.5% in two days. Low today came at $1,629.50. Targets are the 150 day moving average, which has contained every decline in the last year. It's now at $1,573. Another target is the 200 dma at $1,522.65. The 150 dma nests with lateral support about $1,575. If gold falls through $1,478, it could drop to $1,432.50, down about 25% from its $1,920 high. The SILVER PRICE lost 674c today or 17.7%. I don't recall seeing any drop that large in since 1980. That was added to a 9.7% loss yesterday, or 27.4% in the past two days. Silver has broken to a new lower low in the correction from its end-April high. May intraday low was 3230c. Low today was 2999c, and Comex close came at 3006c. What about targets? Silver has dropped through its 300 day moving average (now 3143c), which hasn't happened since 2008. Lateral support stands at 2630c, the February 2011 low, then at a congestion area about 1950c - 2000c. A 57.5% correction repeating 2008's performance would take silver to 2064.7c. The area from 3127c to 2630c offers considerable support. Point and Figure target is 1600c. Again I warn y'all not to lose your heads. Be calm, hold your silver and gold positions, alertly watch for the opportunity to swap gold for silver and to buy more gold and silver at panic prices. Lift your eyes up to the horizon, look at the long term, not at the bumpy road right in front of your hood, otherwise you'll run off the road into an oak tree. It's been a hard week. Y'all go home, kiss your wife or husband and your children, and think about this: "Behold, it is good and comely for one to eat and to drink and to enjoy the good of all his labor that he takes under the sun all the days of his life, which God giveth him: for it is his portion. "Live joyfully with the wife whom thou lovest all the days of thy vanity . . . For that is thy portion in this life, and in thy labour which thou takest under the sun." Y'all enjoy your weekend! Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com © 2011, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down. Whenever I write "Stay out of stocks" readers inevitably ask, "Do you mean precious metals mining stocks, too?" No, I don't. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. 
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| Posted: 23 Sep 2011 03:18 PM PDT |
| Silver Update: “Load the Boat” September 23rd, 2011 Posted: 23 Sep 2011 03:07 PM PDT |
| Smashing of silver futures spikes demand for real metal at SprottMoney Posted: 23 Sep 2011 02:49 PM PDT 10:44p ET Friday, September 23, 2011 Dear Friend of GATA and Gold (and Silver): Sprott Money President Larisa Sprott today tells King World News today that the coin and bullion dealer's silver supply was temporarily wiped out by huge demand prompted by this week's huge decline in silver future's prices. An excerpt from the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/9/23_Sp... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Be Part of a Chance to Discover Multi-Million-Ounce Gold and Silver Deposits in Canada Northaven Resources Corp. (TSX-V:NTV) is advancing five gold and silver projects in highly prospective and politically stable British Columbia, Canada. Check out the exploration program on our Allco gold/silver project : -- A large (13,000 hectare) property, covering more than 15 square kilometers of a regional mineralized trend just 3km from a recently announced 1.2-million-ounce gold and 15-million-ounce silver deposit. -- The property hosts historic high-grade silver workings and many mineral -- A deep-penetrating airborne geophysics survey has just been completed on the entire property and neighboring deposits and its results are eagerly awaited. To learn more about the Allco property or Northaven's other gold and silver projects, please visit: http://www.northavenresources.com Or call Northaven CEO Allen Leschert at 604-696-3600. Join GATA here: The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Lewis E. Lehrman on How to Solve the U.S. Debt Problem Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program. Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust. Lehrman says: Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust." To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: http://www.thegoldstandardnow.org/gata
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| By the Numbers for the Week Ending September 23 Posted: 23 Sep 2011 02:42 PM PDT Cascade 23.5% crash for silver largest one-week plunge since May. Largest two-day plunge for gold since 1983. Hedge Funds and Managed Money heavy sellers even before the gold and silver cascade plunge.
Continued… Comments: Gold has biggest two-day plunge since 1983 as liquidation, intentional and otherwise, rules. Panic selling hits silver hard, tripping multiple sell and trailing stops in cascade fashion. Largest one week drop for Cash Market silver (-$9.56 or 23.5% to $31.09) since May 6 (-$13.31 or -27.3% to $35.28). Some silver futures had the largest drop in decades according to published reports. Reports of Europe preparing for a Greece default and rumors of hedge fund blowups added gasoline to the selling fire for silver. Small miners and explorers clobbered. Cash silver closed at $31.09 but the near-active Dec '11 contract closed about a dollar lower at $30.101. Cash silver closed above all futures contracts. Note the huge increase in ICE commercial net short positions for the USDX. A selling cascade is underway. We will have more comments in a new report for subscribers late Sunday, early Monday at the latest. In the DCOT table below a net short position shows as a negative figure in red. A net long position shows in black. In the Change column, a negative number indicates either an increase to an existing net short position or a reduction of a net long position. A black figure in the Change column indicates an increase to an existing long position or a reduction of an existing net short position. The way to think of it is that black figures in the Change column are traders getting "longer" and red figures are traders getting less long or shorter. All of the trader's positions are calculated net of spreading contracts as of the Tuesday disaggregated COT report.
(DCOT Table for September 23, data as of September 20. Source CFTC for COT data, Cash Market for gold and silver.)
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| CME raises gold, silver, copper margin requirements Posted: 23 Sep 2011 02:37 PM PDT By Matt Day http://online.wsj.com/article/SB1000142405311190379150457658922171567849... Exchange operator CME Group Inc. will raise the collateral requirements for trading in gold, copper, and silver futures after a volatile week. Gold margins will be raised by 21%, silver margins by 16%, and copper margins by 18%, effective at the close of trading Monday, CME said in an email after trading closed Friday. Following the change, speculative investors in the benchmark 100-troy ounce gold contract must put up $11,475 to open a position and maintain $8,500 of that to keep it overnight. Producers and consumers of the precious metal must put up $8,500 to open a position, and the same figure to hold it overnight. ... Dispatch continues below ... ADVERTISEMENT Lewis E. Lehrman on How to Solve the U.S. Debt Problem Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program. Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust. Lehrman says: Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust." To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: http://www.thegoldstandardnow.org/gata In silver, speculative traders must put up $24,875 to trade a 5,000-ounce contract. The cost to hold a contract overnight was lifted to $18,500. Copper speculators must post $6,750 to open a contract and $5,000 to hold it overnight. Exchanges require market participants to post margins to cover potential losses in trading sessions. CME executives have said margin increases typically take place when markets become more volatile. The gold market swung wildly this month, rising to record intraday highs above $1,900 an ounce Sept. 6, only to dip below the $1,800 mark the following day. This week, futures collapsed in a rout felt across metals markets as traders liquidated their holdings to raise cash. The most actively traded gold contract fell more than $100 Friday, ending down 5.9% at $1,639.90 a troy ounce. CME raised gold margins twice in August. Including the increases that take effect Monday, the margin increases since Aug. 11 total 55%. Silver and copper weren't spared by this week's selloff, with both metals falling sharply. Those losses came as some investors worried that demand for industrial metals would crumble because of flagging global economic growth. Join GATA here: The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Be Part of a Chance to Discover Multi-Million-Ounce Gold and Silver Deposits in Canada Northaven Resources Corp. (TSX-V:NTV) is advancing five gold and silver projects in highly prospective and politically stable British Columbia, Canada. Check out the exploration program on our Allco gold/silver project : -- A large (13,000 hectare) property, covering more than 15 square kilometers of a regional mineralized trend just 3km from a recently announced 1.2-million-ounce gold and 15-million-ounce silver deposit. -- The property hosts historic high-grade silver workings and many mineral -- A deep-penetrating airborne geophysics survey has just been completed on the entire property and neighboring deposits and its results are eagerly awaited. To learn more about the Allco property or Northaven's other gold and silver projects, please visit: http://www.northavenresources.com Or call Northaven CEO Allen Leschert at 604-696-3600.
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| Marc Faber: On Operation Twist, The Dollar, Gold, And The Greeks Posted: 23 Sep 2011 02:25 PM PDT In his inimitable manner, Marc Faber describes to ThomsonReuters why it is time for Greece to leave the common currency, claim bankruptcy, and allow its citizens to live decently even if European leaders (and bankers) have to suffer. Furthermore, he reflects on how the stock market sell-off indicates real concerns about the global economy and in an unusual moment for the author of the Gloom, Boom, and Doom report, believes the Fed was right (but only in so much as they limited the scope of Operation Twist).
Part 1. Choice Quotes include:
Click Image for Video (no embed available) Part 2. Outstanding perspectives include:
Click Image for Video (no embed available)
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| Keep an Eye on Newmont for signs of a bottom in the gold shares Posted: 23 Sep 2011 02:12 PM PDT [url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] Newmont has recently been one of the best performing gold stocks on the board. As such it should be closely watched for signs of a potential bottom across the entirety of the gold mining sector. Note the chart below and look at the former resistance level near the $60 region. That held the stock in check for some time and prevented it from moving solidly higher. Now that it has decidedly cleared this level, technical analysis principles tell us that this level should provide some support in the way of buying once it is approached again on a retest lower in price. The reason is that buyers who missed the initial move higher and still want to own the stock will use the move lower towards this level as an opportunity to acquire the stock. It does seem that there were some fairly active buyers in Newmont today. The stock rebounded fairly well off its worst levels of the session. In the process it h...
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| Extreme Moves Leave Markets in Rare Territory Posted: 23 Sep 2011 01:15 PM PDT By Frank Holmes CEO and Chief Investment Officer U.S. Global Investors If you haven’t paid much attention to global markets this week, here’s what you missed…fears that the global economy is dangerously close to a recession due to the financial crisis in the eurozone and flatlining growth in the U.S. sent assets of all shapes and sizes into a tailspin. Among the E7 and G7 countries, only two markets increased for the week—Pakistan (up 2.2 percent) and Japan (up 0.5 percent). Russia (down 12.2 percent) and Indonesia (down 10.7 percent) were the leaders in the opposite direction. The average return for the 14 countries was a 5.7 percent decline. Many investors have used gold and other commodities as a haven from recent volatility, buoying prices while equities sunk, but even those investments weren’t immune to the wave of selling. Silver was hit the hardest, falling nearly 24 percent, with copper (down 16.5 percent) and platinum (down 11.2 ...
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| Twist Paves the Way for QE III Posted: 23 Sep 2011 01:01 PM PDT By: Peter Schiff Friday, September 23, 2011 Earlier this week the Federal Reserve ignited a firestorm in the global markets by admitting that the U.S. economy is facing downside risks. Although it continues to sugar coat the unpleasant reality, never has such a stunningly obvious statement resulted is so much turmoil. Once again we are seeing the knee-jerk market reaction to seek refuge in the perceived safety of the U.S. dollar and U.S. Treasuries. However I expect investors will soon discover that such assets are firmly in the eye of the storm. As the tempest moves on, those enjoying the dollar’s current stability may soon find themselves battered by a category five monster. Market disappointment was compounded when the Fed failed to follow up its dire outlook with a new round of quantitative easing (QE). Instead, through a policy entitled “Operation Twist&rdq...
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| Martin A. Armstrong: Political Inaction Creating a Financial Meltdown Posted: 23 Sep 2011 12:43 PM PDT This is like calling the fire department after the house has burned down.
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| CME Hikes Gold, Silver, Copper Margins Posted: 23 Sep 2011 12:31 PM PDT CME hikes gold margins by 21%, silver by 16% and copper by 18%. This explains the steep drop followed by subsequent panic. Gold Margin Hike 9.23(function() { var scribd = document.createElement("script"); scribd.type = "text/javascript"; scribd.async = true; scribd.src = "http://www.scribd.com/javascripts/embed_code/inject.js"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(scribd, s); })();...
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| Gold Price Lost $174.60 or -10.7% and the Silver Price Lost $10.73 or -35.7% This Week Posted: 23 Sep 2011 12:08 PM PDT Gold Price Close Today : 1,637.50 Gold Price Close 16-Sep : 1,812.10 Change : -174.60 or -10.7% Silver Price Close Today : 30.05 Silver Price Close 16-Sep : 40.78 Change : -10.73 or -35.7% Platinum Price Close Today : 1,613.20 Platinum Price Close 16-Sep : 1,813.90 Change : -200.70 or -12.4% Palladium Price Close Today : 640.75 Palladium Price Close 16-Sep : 731.20 Change : -90.45 or -14.1% Gold Silver Ratio Today : 54.49 Gold Silver Ratio 16-Sep : 44.44 Change : 10.06 or 1.23% Dow Industrial : 10,733.83 Dow Industrial 16-Sep: 11,509.09 Change : -775.26 or -7.2% US Dollar Index : 78.38 US Dollar Index 16-Sep : 76.24 Change : 2.14 or 2.7% Franklin Sanders will not be writing commentary today, he will return on Monday the 26th of September. 
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| Biggest Names Discuss Silver- Follow-Up Call- Part 3 Posted: 23 Sep 2011 11:57 AM PDT
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| Posted: 23 Sep 2011 11:50 AM PDT CME hiked margins after-hours seems to be as much a driver of the weakness in gold, silver, we are seeing both silver and gold up around 1%.
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| Gold Down $122! Silver Down $6.66! Buying Opportunity of a Lifetime Coming Posted: 23 Sep 2011 11:39 AM PDT |
| Case Closed: CME Hikes Gold, Silver, Copper Margins Posted: 23 Sep 2011 11:15 AM PDT And there you have it: CME just hiked gold margins by 21%, silver by 16% and copper by 18%. Mystery solved.
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| Have Faith: These 140 Analysts Believe Gold is Going UP to at Least $3,000! Posted: 23 Sep 2011 10:52 AM PDT [B][B][B][B][/B][/B][/B][/B][B][B][B][B]155 analysts have gone public, to date,*in [B]maintaining that gold*will*eventually go to a parabolic peak price of at least*[B]$2,500/ozt.+ before the bubble bursts. Of those 155 a total of 140 believe*gold will reach at least*$3,000/ozt., 101 see gold achieving a price of*at least*$5,000/ozt.*and*20 maintain that gold will reach a parabolic peak price of $10,000 per troy ounce or more.[/B][/B][/B][/B][/B][/B][B][B][B][B]*Take a look here*at who is projecting what, by when and why. [/B][/B][/B][/B]Words:*832 Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com*(A site for sore eyes and inquisitive minds)and*www.munKNEE.com (Your Key to Making Money!) identifies below*the 155 analysts by name with their price projections and time* frame. Please notethat this complete paragraph, and a link back to the original article*,*must be included in any article posting or re-posting to avoid copyright infringement.* MunKNEE.com Editor-in-Chief...
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| Detailing a monthly Silver chart Posted: 23 Sep 2011 10:30 AM PDT [url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] Silver has been the victim of its industrial metal status this week as fears of a global slowdown in growth slammed the base or industrial metals complex. Copper, aluminum, lead, zinc, platinum and palladium, to name some of them, were all hammered sharply lower as traders were heading for the exits trying to snatch what little might have been left of their profits for this year. Under those circumstances, silver was facing far too strong of a headwind to hope to rely on its status as a monetary metal. The resultant selling has done some serious damage to the chart. We now want to look at the longer term monthly to see if we can spot any levels that might provide us a bottom in this market and to perhaps gauge how low it might fall before it attracts buying in sufficient size to halt the decline. I am using two sets of Fibonacci retracement levels to do this. The first originates from the bo...
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| Global economy pushed to the brink Posted: 23 Sep 2011 10:20 AM PDT 23-Sep (Financial Times) — Time is running out to find a solution to the eurozone crisis and prevent another global recession, finance ministers warned on Friday, as they hinted that discussions were under way to boost the firepower of European rescue funds. Financial markets experienced another day of intense volatility as investors struggled to interpret an emergency statement from the Group of 20 leading economies, which met on the sidelines of the International Monetary Fund and World Bank meetings in Washington. …Gold continued to slide sharply and US oil prices traded below $80 a barrel, their lowest in more than a year. Shares rallied modestly in Europe and the US, accompanied by selling in government bonds and the dollar. [http://www.ft.com/intl/cms/s/0/9bedaa82-e603-11e0-960c-00144feabdc0.html#axzz1YUm6X1iD]
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| CME raises margins for gold, silver, copper Posted: 23 Sep 2011 09:45 AM PDT 23-Sep (MarketWatch) — The CME Group CME +0.00% , the parent company of the New York Mercantile Exchange, on Friday raised margin requirements for some gold, silver and copper futures contracts. Margins are money investors must put up to be able to trade and hold futures contracts. Initial requirements for gold's benchmark contract rose 21% to $11,475 per contract, from $9,450 and maintenance margins climbed to $8,500 from $7,000 per contract. Initial requirements for silver's benchmark contract rose 16% to $24,975 per contract, from $21,600 and maintenance margins climbed to $18,500 from $16,000 per contract. [source] PG View: It is likely that expectations of this margin hike factored into today's sell-off.
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| CME hiking Margins on the Precious Metals Monday Posted: 23 Sep 2011 09:24 AM PDT [url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] As of the close of trading on Monday afternoon, margins for the precious metals will be increasing. For Gold Old Margin New Margin $9,450 $11,475 Old Maintenance New Maintenance $7,000 $8,500 SILVER Old Margin New Margin $21,600 $24,975 Old Maintenance New Maintenance $16,000 $18,500 I would not read too much into these margin hikes as far as any determined attempts by the exchange to induce more selling. This time around I believe the hikes are legitimate. When you get a market like silver that drops 15% in ONE DAY, you are going to get margin hikes. The reason - the very integrity of the Clearinghouse comes into play. Silver closed down $6.48 today. In a single session, one long contract in this market cost the buyer a paper loss of $32,4...
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Is the U.S. government stockpiling huge amounts of food and supplies in anticipation that something bad is about to happen? Is something about to cause a major economic crisis that will require large quantities of emergency food? For a while, I have been hearing things about the government storing food through the grapevine and I have not been sure what to think about those rumors. Well, today I received a phone call that blew me away. I debated for quite a while before I decided whether or not to share this information with you all. Normally I do not like to talk about anything unless I am able to prove it by pointing to an article in the mainstream media. But the source of the information that I am about to share with you is rock solid. I cannot reveal his name, so you will just have to trust me on that. Hopefully the following information will be one more "dot" as we all try to connect the dots about what is really going on out there.
For years, the mainstream investment community has snubbed gold. Warren Buffett – perhaps the most famous investor in the world, and one of the richest – famously dissed gold 13 years ago with the line: "It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
In the wake of gold's scary 12.5% three week correction from its all-time high (and having to stew in it all weekend), I thought I'd share with you some encouraging comments I found on another website:
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