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- Is The Global Economy Heading For Another 'Lost Decade?'
- COT Silver Report - November 18, 2011
- New Orleans Investment Conference YouTube Videos
- HAS THE BEAR RETURNED?
- central banks scarfing up tons of tradition
- The Clock Is Ticking For GLD
- Shanghai Gold Exchange to raise silver forward margins
- Gold Falls 2.5% But Up 21% YTD – Technical’s Short Term Bearish; Long Term Bullish
- Not Your Father's Gold Investing Market
- $2.50 gold pieces exempt from confiscation?
- Will China’s Real Estate Boom Flow to Silver?
- Gold Demand Hits New Record with Central Bank Buying Up Sixfold
- Morgan: MF Global Collapse Mega Bullish for Bullion
- Shanghai Gold Exchange raises margin requirements
- Central Bank Gold Purchases Jump Six-Fold in the Third Quarter
- “Buying Gold Is Just Buying A Put Against The Idiocy Of The Political Cycle. It's That Simple!”
- Euro survival uncertain as Italy and Spain yields surpass bailout territory
- Brink’s Adds Over 1.1 Million Ounces of Silver to Vaults Wednesday
- BrotherJohnF: Silver Update – “Buy The Dips”
- Global Gold Demand Up 6% In Third Quarter 2011 – World Gold Council
- Euro gold price rising as continent stares into debt abyss
- Not Your Fathers Gold Market
- James Turk: gold price will go above $11,000
- Gold market and prices 1800-2008
- Forbes: The Dollar Will Be Re-Linked To Gold
- Rickards on Currency Wars, Real Wars, and Gold
- “Validated Carbon Credits”: a Correction, a Confirmation, Questions, and No Hint of an Apology
- Another Gold and Silver Raid
- European bonds rise in yield/another gold and silver raid
- Gold & Silver Miners Lead Market Rebound
| Is The Global Economy Heading For Another 'Lost Decade?' Posted: 18 Nov 2011 06:55 AM PST By Investment U: By Ryan Fitzwater According to the International Monetary Fund Managing Director Christine Lagarde, unless nations work together to encourage growth, we risk another "lost decade" for the global economy. Japan saw what some would call a lost decade in the '90s. After a real-estate bubble burst, Japan saw its economy jump in and out of recession for over a decade. The economy crept along at an average growth rate of around one percent for years after the real-estate collapse. This situation sounds eerily similar to the situation in the United States today, and there are even more issues over the pond… A Scary Movie That Never Ends In Europe, Italy has become the next country in line to be overwhelmed by a sovereign debt crisis. This brought European leaders together to create another rescue package. Developed by the European Financial Stability Facility (EFSF), the next rescue package should be able Complete Story » |
| COT Silver Report - November 18, 2011 Posted: 18 Nov 2011 06:33 AM PST COT Silver Report - November 18, 2011 |
| New Orleans Investment Conference YouTube Videos Posted: 18 Nov 2011 04:01 AM PST For those who were unable to join us at the New Orleans Investment Conference, below is a taste of the event, courtesy of Brien Lundin, who has developed a YouTube Channel of videos and interviews. Absolutely worthy of our reader's investment of time in our opinion. Just below is Brien's interview with Fox News analyst Charles Krauthammer to get the ball rolling. Lots more available at the Youtube link below. Enjoy.
New Orleans Investment Channel on YouTube |
| Posted: 18 Nov 2011 03:17 AM PST The recent market action has me wondering if the next leg down in the cyclical bear market has begun. I always expected that we would see a very convincing rally out of the October yearly cycle low. I thought it even possible that we would test the 200 day moving average. Most bear markets do rally out of the initial leg down and test the 200 day moving average.  Recently the S&P made two attempts to close and hold above the 200 day moving average. They both failed. That was a pretty loudly warning bell ringing.  As a matter fact every index, except the utilities, is now trading below its declining 200 day moving average, and that includes all the major European and Asian markets. At the moment the major concern is that the market is now moving into the timing band for a major daily cycle low (due in the next 5 to 10 days). The current daily cycle is left translated (topped in less than 20 days). That is relevant because most of the time left translated cycles move below their prior cycle bottom. The last cycle low occurred in October at 1075. Now I'm not suggesting that the stock market is going to crash below 1075 in the next 5 to 7 days. However the S&P has broken below the 1220 support zone. When support was broken in July it led to a seven-day 17% crash.  I don't know if breaking of support this time will lead to another climax selling event or not. I do know that the market is now in the timing band for some serious selling. I know that this is beginning to look like a counter trend rally in a bear market that is in the process of topping. And if that's true then we are in the period of time when the next leg down should begin. Confirming this is the fact that the dollar index has rallied back above the 200 day moving average and completed an intermediate cycle bottom. The dollar index is currently on only the third week of this new intermediate cycle. Those cycles tend to run about 20 weeks, so there is potentially many more weeks of upside left before the dollar moves down into another significant correction, which presumably would drive the next bear market rally in stocks. The safest position at this time is to be in cash, and that's exactly what I did with the model portfolio yesterday morning.        This posting includes an audio/video/photo media file: Download Now |
| central banks scarfing up tons of tradition Posted: 18 Nov 2011 02:19 AM PST http://blogs.wsj.com/marketbeat/2011.../?mod=yahoo_hs It seems there's a few mystery buyers in the gold market, and they have been snapping up bullion tons at a time. These unknown purchasers are none other than central banks, with the official sector having swooped in to secure a net haul of almost 150 tons of the shiny yellow metal in the third quarter—almost seven times as much as was bought in the year-earlier period. |
| Posted: 18 Nov 2011 01:51 AM PST Like fiat paper money, all paper gold investments eventually fail. Written last month but a must read imho: http://www.321gold.com/editorials/de...ger111811.html fyi dyodd, R. |
| Shanghai Gold Exchange to raise silver forward margins Posted: 18 Nov 2011 01:27 AM PST Shanghai Gold Exchange to raise silver forward margins If silver forward contracts hit limit up or down on settlement on Friday, the Chinese exchange said it will lift daily trade limits on silver forward contracts to 15%. Posted: Friday , 18 Nov 2011 SHANGHAI (Reuters) - The Shanghai Gold Exchange said it will raise margins on silver forwards to 18 percent from 15 percent from Monday if the silver contract hits its daily trade limit on settlement on Friday. The exchange said it would lift daily trade limits on silver forward contracts to 15 percent from 12 percent if the contract hits limit up or down on settlement on Friday. (Reporting by Ruby Lian and Fayen Wong; Editing by Jacqueline Wong) http://www.mineweb.com/mineweb/view/...ail&id=110649 |
| Gold Falls 2.5% But Up 21% YTD – Technical’s Short Term Bearish; Long Term Bullish Posted: 18 Nov 2011 01:23 AM PST |
| Not Your Father's Gold Investing Market Posted: 18 Nov 2011 12:44 AM PST From TTT through KFC to a wholly different Gold Investing landscape... |
| $2.50 gold pieces exempt from confiscation? Posted: 18 Nov 2011 12:31 AM PST found this old newspaper - seems to say the 2.5 was exempt http://news.google.com/newspapers?id...ld+coins&hl=en |
| Will China’s Real Estate Boom Flow to Silver? Posted: 18 Nov 2011 12:17 AM PST The question is, will you buy before China does? |
| Gold Demand Hits New Record with Central Bank Buying Up Sixfold Posted: 18 Nov 2011 12:13 AM PST Gold demand in the third quarter of 2011 reached 1,053.9 tonnes, an increase of 6% compared to the same period last year. This equates to $57.7 Billion, an all-time high in value terms. According to the World Gold Council's Gold Demand Trends report for Q3 2011, this increase was driven by investment demand which [...] |
| Morgan: MF Global Collapse Mega Bullish for Bullion Posted: 17 Nov 2011 10:58 PM PST Tekoa Da Silva of BullMarketThining talks with David morgan about the collapse of MF Global and potential impact on metals. Part One Part Two ~TVR |
| Shanghai Gold Exchange raises margin requirements Posted: 17 Nov 2011 09:30 PM PST This morning the Shanghai Gold Exchange announced that it is raising the margin requirements for local silver contracts from 15 to 18%. China's largest exchange for precious metals such as gold and ... |
| Central Bank Gold Purchases Jump Six-Fold in the Third Quarter Posted: 17 Nov 2011 09:24 PM PST ¤ Yesterday in Gold and SilverWell, the decline that began shortly after the London open, continued unabated until precisely 12:00 o'clock noon in New York. Then the bid disappeared...and gold crashed more than $25 in forty minutes. The low of the day was $1,709.20 spot. From that low, the gold price recovered about twenty bucks going into the close of electronic trading in the New York Access Market. Gold closed at $1,719.90 spot, down $42.30 on the day. Net volume was a very chunky 189,000 contracts.
It was pretty much the same story in silver on Thursday, with the rug getting pulled out from underneath the silver price at 12:00 o'clock noon in New York as well. It took JPMorgan et al just over an hour to peel a bit over $1.50 off the price. Kitco reported the low tick of the day at $30.96 spot. From there, the silver price recovered about 70 cents of its loss...and closed at $31.71 spot, down $1.99 on the day. Net volume was very heavy at 56,000 contracts.
The dollar closed pretty much unchanged...and was not a factor in yesterday's bear raid on the precious metals.
The gold stocks gapped down at the open...and then really took a dive when 'da boyz' engineered the big noon sell-off in New York. The HUI closed down 4.05%.
The silver stocks got smoked, with Nick Laird's Silver Sentiment Index closing down 5.36%
(Click on image to enlarge) The CME's Daily Delivery Report showed that 40 gold, along with 4 silver contracts, were posted for delivery on Monday. The link to that action, such as it was, is here. Well, the GLD ETF has sure been taking in the metal. Yesterday they reported receiving another huge shipment. This time it was 389,102 troy ounces. Since November 4th, 'authorized participants' have deposited 1,427,300 ounces of gold in GLD. Considering the price action, this is a huge amount. What do they know that we don't? And, once again, there were no reported changes in SLV...and there haven't been any since November 8th. Since November 1st, only about 650,000 ounces have been deposited in SLV. The U.S. Mint had a tiny sales report yesterday. They reported selling another 1,000 ounces of gold eagles. Over at the five Comex-approved depositories on Wednesday, they reported receiving 1,196,368 ounces of silver...and only shipped two good delivery bars out the door...2,028 troy ounces in total. All the receipts were at Brink's, Inc...and the link to the action is here. I have a few stories today about the continuing saga into the MF Global catastrophe...starting with this comment from reader "Frances in Texas". "[On Tuesday] you commented that the traders from MF Global must not be able to get back up on their trading. Well, I am one of those traders whose commodity trading account was with MF. I liquidated all of my positions the last week of October, with the intent of moving my account to another firm. I did not feel comfortable with the news on the street about MF. My account has now been moved .... but, and it's a big BUT, because my account was 'all cash' on the day MF went bankrupt...no cash has been transferred. I am unfortunately one of those in the 'pool' of that missing $600 Million dollars, and the administrator/judge has not released our funds yet. (they released the positions of those who had not liquidated along with a portion of their funds to cover margin calls). From what I have learned/read/talked to others about .... there was a large number of us who took the same action (of liquidating positions) at about the same time. We saw the handwriting on the wall, but our timing was terrible. And all of us are now 'stuck'...waiting for our funds from MF...or having to cough up funds out of our other pockets for trading. Today, I have a significantly reduced trading account until the judge releases MF's funds to my account. The ones to really pity are those who called for wire transfer of funds the last couple of days of October. Many were sent bank checks which 'bounced'. Now, they have to jump through hoops with claims on bounced checks, since their accounts show the funds have been sent to them." END To really help out the CFTC in the MF Global situation, I noted these two paragraphs in a Bloomberg story that reader Scott Pluschau sent me yesterday... "Republicans blocked Obama's request to increase by one-third the budget of the Commodity Futures Trading Commission, which is responsible for helping implement the 2010 overhaul of financial-industry regulations. The agency instead will be funded at roughly its current level." "Representative Barney Frank of Massachusetts, the top Democrat on the Financial Services Committee, called it a "terrible act of irresponsibility" that would "open us up to the kind of irresponsible, unregulated financial behavior that led to the greatest crisis that we've had in so many years." I received an e-mail from Dr. Dave Janda over at all-talk radio WAAM 1600 out of Ann Arbor, Michigan yesterday...as he was none to pleased with the antics of the bullion banks yesterday... "So, in the past 2 days....while Europe implodes....and the US. Federal deficit is announced to be over $15 trillion dollars....now greater than the GDP....the criminals have severely taken down gold and silver when in fact they should be exploding to the upside. "NOT a word out of the CFTC....other than Chilton selling his book on "Ponzi Schemes" on CNBC....what a clown....he, Gensler and the entire CFTC need to go to jail along with Dimon, Masters and everyone at the CME. This is beyond criminal." Dave. Time to go long guillotines. Despite my best editing efforts, I have a lot of stories again today. Since November 4th, 'authorized participants' have deposited 1,427,300 ounces of gold in GLD. Considering the price action, this is a huge amount. The 2011 Gold Price: What Correction? - Jeff Clark. John Hathaway: A King World News Audio Interview. Gold Pullback Meaningless, It's Headed Much Higher: Jim Rickards ¤ Critical ReadsSubscribe"The Entire System Has Been Utterly Destroyed By The MF Global Collapse" - Presenting The First MF Global CasualtyDear Clients, Industry Colleagues and Friends of Barnhardt Capital Management, It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator...but there was no possible way to continue given the inevitability of the collapse of the global financial markets, the overthrow of our government, and the resulting collapse in the rule of law. - Ann Barnhardt This is an absolutely stunning letter...and a must read from one end to the other. I would also recommend that you distribute this article far and wide. The letter is posted over at zerohedge.com...and I thank reader Matthew Nel for being the first of many who sent me this piece. The link is here....and the link to he original letter posted at her website is here.  MF Global Trustee to return roughly $521 million to cash-only customersTrustee James Giddens for the MF Global bankruptcy filed a motion [on Wednesday] to return up to a 60% distribution to those former MFGI customers that had only cash in their accounts as of the commencement of this proceeding on Oct. 31, 2011. This release will only affect MFGI customers that were cash-only and did not have any positions on at the time of the bankruptcy. This is approximately 21,000 customers with a total of over $869 million in cash assets. This 1-paragraph article...plus the link to the 13-page 'motion to release'...was sent to me by reader "Frances in Texas". It's posted over at the futuresmag.com website...and the link is here.  MF Global customer group joins battleJames L. Koutoulas has formalized his group advocating on behalf of former MF Global customers and brokers and given it a name: The Commodity Customer Coalition, which is more than 2,500 strong and growing. And on Monday Koutoulas filed an objection to JP Morgan's interim order that he claims could put JP Morgan interests ahead of MF Global customers whose funds are still frozen by the liquidation trustee. The objection states, "Were this Court to allow any party to have an interest superior to customer segregated funds, it would provide a loophole in the protections which are the bedrock of commodity trading. This Court should only provide for the use of Cash Collateral which protects customer funds as Congress, the CFTC, CME, and hundreds of thousands of commodity traders have, for over 100 years, believed to have been the case." This is another very short story posted over at the futuresmag.com website...and "Frances from Texas" sent me this one as well. The link is here.  Probe points to MF Global's misuse of segregated customer fundsMF Global's internal records indicate that the company moved segregated customer funds in transactions as large as hundreds of millions of dollars at a time, these people said. The money was transferred out of the unit that houses the assets of futures-trading customers and went into the accounts of MF Global's brokerage, people familiar with the situation said. Such moves could violate regulations stipulating that commodities brokers can't mix customer funds with brokerage funds. Brokerage funds often are used to back proprietary-trading positions. One has to ask why Jon Corzine isn't sitting in jail right now? This story out of yesterday's edition of The Wall Street Journal is posted in the clear in this GATA release. The link is here.  Sale of MF Global's LME Shares Separate to Deal For Metals TeamThe sale of the metals team of MF Global Holdings Ltd. is being conducted as a separate process from the sale of the U.S. brokerage firm's near 6% stake in the London Metal Exchange due to "a high level of interest," a person familiar with the matter said. Given the interest, the process to sell the shares is unlikely to be conducted as a fire sale, the person said. MF Global is the fourth-largest holder of LME shares, with 600,000 shares, or 5.9%, and is a category-one member of the exchange. The rest of this story, posted in yesterday's edition of The Wall Street Journal, is subscriber protected...but the above few lines were sent to me by Washington state reader S.A....and the link to the 'subscriber protected' portion is here.  First Felony Charges Brought Against RobosignersUp until now, fraudclosure and robosigning were both merely civil offenses, and as such the banks were actively doing all they could to bury any and all pending litigation under a large settlement umbrella, wash their hands of the whole affair and move on, with nobody in danger of actually walking the plank and certainly not in danger of going to jail. That has all changed as of now. This zerohedge.com story was sent to me by reader Doug Beiers yesterday...and the link is here. |
| Posted: 17 Nov 2011 09:01 PM PST From Kyle Bass comes this nugget: "Buying gold is just buying a put against the idiocy of the political cycle. It's That Simple" Likely Related Posts None Share/Save |
| Euro survival uncertain as Italy and Spain yields surpass bailout territory Posted: 17 Nov 2011 09:00 PM PST The gold price took a hit yesterday, falling close to $1,700 before once again rebounding to $1,732 per troy ounce. Despite a large increase in central bank demand and investment demand, both in ... |
| Brink’s Adds Over 1.1 Million Ounces of Silver to Vaults Wednesday Posted: 17 Nov 2011 08:54 PM PST
Yesterday, we reported JP Morgan's tripling of registered silver inventories overnight with a 1.1 million adjustment of eligible silver into registered. We have another massive silver movement to report from today's COMEX inventory update- this time a 1.2 million deposit into Brink's eligible vaults. For those with the belief that eligible silver COMEX inventories are meaningless and only registered inventories are worth monitoring, yesterday's action by JP Morgan enforces The Doc's belief that when the rats are cornered and are in desperate need of phyzz, eligible owners will be strong armed into converting their eligible phyzz into registered in order to continue the game a little longer. Read More @ SilverDoctors.Blogspot.com |
| BrotherJohnF: Silver Update – “Buy The Dips” Posted: 17 Nov 2011 08:42 PM PST From BrotherJohnF: Got Physical? ~TVR |
| Global Gold Demand Up 6% In Third Quarter 2011 – World Gold Council Posted: 17 Nov 2011 06:03 PM PST Perth Mint |
| Euro gold price rising as continent stares into debt abyss Posted: 17 Nov 2011 05:51 PM PST |
| Posted: 17 Nov 2011 05:45 PM PST |
| James Turk: gold price will go above $11,000 Posted: 17 Nov 2011 04:43 PM PST |
| Gold market and prices 1800-2008 Posted: 17 Nov 2011 04:30 PM PST Finfacts |
| Forbes: The Dollar Will Be Re-Linked To Gold Posted: 17 Nov 2011 04:01 PM PST Steve Forbes on the key thing holding back this economy.. monetary policy. ~TVR |
| Rickards on Currency Wars, Real Wars, and Gold Posted: 17 Nov 2011 04:00 PM PST In this Capital Account with Lauren Lyster a report from US Congress says the Chinese renminbi could threaten the dominance of the US dollar within a decade. We've seen tough talk between the countries on currency before, including now, but are we already in the throes of a currency war? We talk to James G. Rickards, author of Currency Wars, who sure thinks so. Meanwhile, US President Obama calls the Asia-Pacific region a top priority of US security policy. And the US is stationing troops in Australia reportedly to counter China's expanding influence. But could the next war be waged not with boots on the ground, or drones for that matter, but with financial weapons: stocks, bonds, and derivatives? Also, one clothing company thinks they have a better solution for US-China relations. It involves world leaders making love, not war. ~TVR |
| “Validated Carbon Credits”: a Correction, a Confirmation, Questions, and No Hint of an Apology Posted: 17 Nov 2011 03:41 PM PST By Richard Smith Validated Carbon Credits is a trading name of Baron Traders Limited, a company operated by an expatriate British scammer called James Richards. I wrote about him here; when he popped up in the post's comments threatening litigation, I snarled at him a little. Now I have a few minor updates. Finding that there were no hits for "Baron Traders Limited" in Opencorporates, an international corporate registry, and usually a reliable free source on corporate registrations, I had written about his company:
But now, the Gibraltar regulator, whom I contacted, by way of backup, confirms that James Richards' company Baron Traders Limited is registered in Gibraltar. So my conclusion was wrong, and I unreservedly retract my claim that Baron Traders Limited doesn't exist. This makes no difference to the main points of the original post, and it emphasizes some new oddities. For a start, "Validated Carbon Credits" really is just a name, not a company, though "Ellie Richards" told the FT that she was a director of it. That just isn't right. The Gibraltar regulator did confirm my claim that Baron Traders Limited (and another company that I inquired about) are unregulated:
This leads to another question for Mr Richards. Given that the FSC doesn't regulate trading in carbon credits, and Baron Traders Limited isn't registered with the FSC, this part of Richards' comment to our original post makes no sense:
Why does he mention the FSC? Baron Traders Limited' transactions are covered by ordinary Gibraltar law, nothing more. The FSC do not supervise Baron Traders Limited. They would become involved if Baron Traders Limited operated some kind of collective investment scheme; or if it traded certain instruments and securities for certain types of clients. We also repeat our observation on Vogue Estates, his now defunct real estate company:
We continue to question the way he promotes his trading services via bulletin boards and the like, wonder what his target market is, and now ask whether any of his activities on behalf of clients, if there are any, would fall under the FSC's purview. We note that he claims a 300%+ return on $100,000 in three weeks and implies that he can repeat it (now that's too good to be true!). We again ask why, and to whom, he is promoting his company's trading activities, at this venue, cheek by jowl with upfront fee scammers. There is one more thing. Readers are invited to consider this series of postings, where Richards promotes a Private Placement Program,
A Billion, eh? Here is more on Prime Bank Fraud ("Private Placement Program" is picked out as a "red flag" phrase) from the US Treasury. The New York Fed has this to say about Private Placement Programs:
Note also Richards' abuse of the sceptical commenters. I hope that will explain my uncivil response to his threats, and my reluctance to provide any contact details to him. Note also his habit of misdirection: as to his location, which was Spain in 2009 and is still Spain now: not the UK, and not Gibraltar; and as to his affiliations: his postings were made in 2009 and give Vogue Estates' UK "main office" address (actually, it's just an accommodation address), while his LinkedIn profile, copied here, says his involvement with Vogue Estates ceased in 2008. We still do not expect to hear from Mr Richards' lawyers, and will have some more fun, if we do.
|
| Posted: 17 Nov 2011 11:46 AM PST
Good evening Ladies and Gentlemen: The world today experienced a frozen liquidity squeeze as bankers refuse to loan any money to other bankers. The USA provided emergency swap relief as the global meltdown continues. The bankers are now trying desperately to obtain whatever physical they can and thus they raid the paper comex. The price of gold fell by 53.20 dollars to $1720.60 Silver also fell victim to the raid dropping by 2.32 dollars to 31.49. Let us head over to the comex and assess the damage. The total open interest at the gold comex fell by 2000 contracts to rest tonight at 468,305. Since OI is always 1 day back, I must wait until tomorrow to see how many gold leaves left the gold tree. The front options expiry month of November mysteriously saw its OI rise 17 contracts from 56 to 73 even though we had 30 delivery notices yesterday. We must have gained 47 contracts or 4700 oz of gold standing. The big delivery month of December saw its OI fall from 226,106 to 211,893 as we had considerable rollovers. The estimated volume at the gold comex today was 229,630. The confirmed volume yesterday, registered 207,631. Read More @ HarveyOrgan.Blogspot.com |
| European bonds rise in yield/another gold and silver raid Posted: 17 Nov 2011 10:30 AM PST This posting includes an audio/video/photo media file: Download Now |
| Gold & Silver Miners Lead Market Rebound Posted: 17 Nov 2011 10:00 AM PST Gold miners are approaching interim upside targets as the upward breakout in the miners accelerates as it reaches new, all-time record highs. It is now playing catch up to the underlying bullion which we have been predicting for several weeks. |
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