saveyourassetsfirst3 |
- Michael Krieger: Silver & Liberty
- Tuesday Options Recap
- Maloney: I'm Buying Silver
- Mining 101 videos great series
- Newt to Suspend Campaign
- Quick Precious Metals Update
- THE INFLATION TRADE IS ON: BERNANKE HAS BROKEN THE DOLLAR RALLY
- Business is Booming at Ruff Times
- Indian Gold Interest “Anemic” as Rupee Prices Hit All-Time High, But “Gradually Higher Inflation” Risk Means Portfolios Need “More Real Assets”
- A Tale of Two Gold Miners
- Manipulative Gold ‘Fat Finger’ Or Algo Trade Worth 1.24 Billion USD
- I’m Swapping Some Gold for Silver
- ‘Anemic Interest’ in Buying Bullion at Rupee Record
- Fat-Finger Trade or Not?
- Silver Prices: New Chinese Futures Trading Supports Rally
- Gold ‘Fat Finger’ or Algorithmic Trade Worth $1.24B
- Morning Outlook from the Trade Desk 05/01/12
- Gold Seen Advancing on Central Banks Stimulus Speculation
- Zimbabwe produces 3.12 tons of Gold
- Gold’s Nastiness Hints of a Major Bottom
- Yesterday's Gold Slam Makes The Mainstream Press
- Invest in Africa Now: Nana Sangmuah
- Yesterday's $1.24 Billion Targeted Gold Slam Down Makes the Mainstream Press
- Russia Today's 'Capital Account' interviews GATA's Bill Murphy
- California Sifts Gold Claims: Proposal to End Ban on Riverbed Dredging Prompts Rush of Lawsuits, Objections
- Mining CEO McEwen cites GATA's work on Bloomberg TV
- Gold & Silver Market Morning, May 01 2012
- Andy Hoffman: Everything is Going Down
- Golden Handcuffs and Love Affairs
- Murphy Exposes the Gold Cartel on Capital Account
| Michael Krieger: Silver & Liberty Posted: 01 May 2012 06:57 AM PDT Michael Krieger Interview, Part One: Silver is Tight and Coiled, Part Two: A White Knight for the Liberty Movement, from visionvictory: Part Two http://www.futuremoneytrends.com http://www.libertyblitzkrieg.com http://www.zerohedge.com |
| Posted: 01 May 2012 06:55 AM PDT By Frederic Ruffy: Sentiment Stock market averages are holding gains with help from manufacturing data Tuesday. ISM was up to 54.8 in April, from 53.4 in March and better than the 53 that was expected. Stock market averages ticked higher on the data in morning trading and were able to build on the gains through midday. From that point, trading has been mostly range-bound and without much conviction. Investors are waiting for April jobs data. ADP offers a peek tomorrow morning when it releases its private sector report. Jobless claims are due Thursday before the Labor Department releases its monthly payroll report Friday morning. Some of the energy names are seeing gains after crude oil added $1.16 to $106.03 per barrel. Gold is flat at $1,664. Earnings are a factor. CBS, Broadcom (BRCM) and the Chicago Board Options Exchange (CBOE) are among the names reporting after the closing bell. Overall, however, there hasn't Complete Story » |
| Posted: 01 May 2012 06:50 AM PDT This is an 'Insiders' report that was sent out to our customers a few weeks ago, advising of the impending inverse head and shoulders pattern forming on the gold and silver charts. from whygoldandsilver: Usually these videos are for our Insiders only, but every now and then we release one to the public so that folks can see one of the main benefits of being a GoldSilver.com Insider: we let our customers know how we are investing as this bull market unfolds, sharing our research and analysis. In this case, Mike and many of the team here at GoldSilver.com had made large purchases of US Silver Eagles, warranting this update video. We have had many questions of late as to what the Insiders program entails, so we have made a short info clip on it at the end of this video. If you have any questions, please check our website or call 1-888-319-8166 Mike also points out in this update that the European crisis is worsening, and there are now even more nails in the dollar's coffin than before. Human nature is playing its role in the market, as people become accustomed to the bad news (and a relatively flat silver price)…BRICS, PIIGS, just more reasons why many of our team have ramped up their accumulation program and changed their gold/silver purchase allocation ratios. Don't forget to get our free report on the 6 precious metals scams to avoid, like Mike says, 'Learn what you are doing first!'. Thanks for watching, may all your investments have a silver lining. Remembering that the best investment that you will ever make, is your own financial education. The team at GoldSilver.com ~TVR |
| Mining 101 videos great series Posted: 01 May 2012 06:18 AM PDT I came across this series of 26 videos today. I've only watched a few so far, but these are great. http://evenkeelmedia.com/category/mining-education/ |
| Posted: 01 May 2012 05:24 AM PDT In a short message to donors Newt Gringrich says he'll officially suspend his campaign on Wednesday, May 2. All eyes on Mitt Romney and Ron Paul.
Source: Newt 2012 and YouTube |
| Posted: 01 May 2012 05:08 AM PDT Just a quick Precious Metals sector update. Yesterdays dip, even though reversed by the end of the trading day in the US, scared retail investors from the iShares SPDR GLD ETF data that I collect.  The sharp 1 minute drop during London trading hours in Gold got retail crowd worried that more selling will follow through. Don't get me wrong, it just might. But what is good to see is that retail investors sold about 5 tonnes of GLD holdings within a day, despite price reversing by days end. Prices have been moving sideways for the best part of March and April in Gold, and yet retail investors are slowly pulling out their physical Gold holdings out of GLD. I do have to admit that we have not seen a drop in physical holdings like during September 2011 and December 2011.  This week, we once again have outflows and more selling. This is now one of the highest consecutive weekly outflows since I began collecting data in 2007 (minus one week of inflows last week). Fund flow tracking company called EPFR stated that Gold and precious-metals funds outflows totaled $64 million last week. The week before it was quite the similar picture really, as Gold and precious-metals outflows totaled $11 million. And the week before that? Gold and precious metals outflows totaled $290.3 million, the biggest exit since December 28th bottom. As we can see outflows have been consistent week after week. Retail money is getting out of the PMs market, without a doubt.  Silver's options ratio still remains bearishly elevated at 0.94 Puts for every 1.00 Call. This is very close to a one year high of 0.98 we saw in late December 2011 bottom at $26 per ounce. From a contrarian point of view from the chart above, it makes sense to be buying underlying Silver futures, various Silver ETPs, Silver mining companies (Silver Wheaton) and / or related Silver Calls.The above three charts are more to do with what "retail money did" as opposed to various sentiment surveys which show us what the "retail money said". In case you are wondering what "retail money said", I am re-posting Silver's Public Opinion chart from last weeks post.  I have numbered the similarities in the 2008 cyclical bear market with the current cyclical bear market decline with 5 main contrarian signals. All signals dipped below 40% bulls and incase you are wondering what the range of the indicator is – we have moved from 90% bulls to 29% bulls over the last decade. In 2008, the 5th contrarian signal was the final low and the first higher low for the Silver price. Could we now repeat the similar outcome here in May 2012? A refusal to make a new low by Silver, while the Fed currently refuses to engage into QE3 would be a major bullish sign and a potential start of a new cyclical bull market similar to point No. 5 in March 2009. Summary It is said that when trade is obvious to the public, it is obviously a wrong trade as majority have most likely already discounted what the price was meant to do. As many regular readers should already know, this blog is mostly about the contrarian way of investing and not following the crowd into awful investment decisions. In financial markets, you are either a contrarian or a victim and I think currently being short the PMs sector is lining one up to become a major victim when we consider extreme sentiment readings and oversold conditions from Silver all the way to Gold Mining companies. PMs sector is beautifully setup to be a contrarian trade of the year…
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| THE INFLATION TRADE IS ON: BERNANKE HAS BROKEN THE DOLLAR RALLY Posted: 01 May 2012 04:30 AM PDT It may not seem like much happened yesterday, but a very important event occurred. Yesterday the dollar index breached 78.65. The reason that is significant is because 78.65 marked the intraday low of the prior daily cycle. A penetration of that level indicates that the current daily cycle has now topped in a left translated manner and a new pattern of lower lows and lower highs has begun. Any time a daily cycle tops in a left translated manner it almost always indicates that the intermediate cycle has also topped. In this case it would indicate that the intermediate dollar cycle topped on week two and should now move generally lower for the next 10-12 weeks, bottoming sometime in late June or early July, about the time Operation Twist ends  Now that we have confirmation that Bernanke has broken the dollar rally I'm confident in calling April 4th an intermediate bottom (B-Wave bottom) in the gold market. Gold should now be entering the consolidation phase of the next C-wave. I expect a test of the all-time highs sometime this summer as the dollar moves down into its intermediate bottom.  That being said I have no interest in a 15% rally in gold. The real money will be made as the mining stocks exit their bear market, re-enter the consolidation zone between 500 and 600, and move up to retest the old highs. It's not inconceivable that we could see a 30-45% gain in mining stocks over the next 2 1/2 months. Sentiment in the mining index has reached the same levels of bearishness that were seen in the fall of 2008. That black pessimism drove a 300+ percent rally over the next two years. I have little doubt this time will be any different. Now what we need to see is a change in character. We need the mining stocks to stop generating these sharp bear market rallies and transition into the wall of worry type rally that characterizes a bull market. So far that is exactly what is happening. The miners are rallying very hesitantly, and as long as this continues it will camouflage the move and keep sentiment depressed. That's exactly what we need to happen to drive a long sustained rally back up to the old highs. The problem with the rocket launch type rallies we've seen over the last year and a half is that they swing sentiment very quickly to the bullish side and we run out of buyers. As long as the bottoming process proceeds gradually I think there's a very good chance the HUI could break back above the 200 day moving average, and possibly test the 600 level by mid-July.  So far all of the pieces are starting to fall in place to initiate the very early stages of what I think will eventually become another huge momentum move similar to what happened in silver and gold last year. Ultimately culminating in a parabolic blowoff top sometime in late 2014 as the dollar moves down into its next three year cycle low.  Now is the time to invest in this sector as it struggles to transition from a bear market back to the secular bull trend. The time to enter is at the very beginning when no one believes. This is when the really big money is made. If you wait till your emotions give you the all clear, half the move will be over. Most traders are going to jump back into the general stock market, or tech stocks. You have to be smarter than that. The stock market, including tech, have already generated a massive move out of the October bottom. That kind of move usually leads to a multiweek, or month, consolidation. The odds of another 20 to 30% rally in the stock market are very slim. The odds of a 20 to 30% rally as the mining stocks resume the secular bull trend are extremely high. The combination of extreme downside momentum, and irrational human nature has created the kind of oversold conditions and extreme undervaluation that generates an opportunity that only comes around once or twice a decade. The $10 one-week trial for the premium newsletter will be available for the rest of the week. Click on the subscribe link on the right hand side of the homepage.        This posting includes an audio/video/photo media file: Download Now |
| Business is Booming at Ruff Times Posted: 01 May 2012 04:23 AM PDT Silver (SLV) is his first choice, which will outperform gold, and eventually top $100 from the current $27. His personal target for the barbarous relic (GLD) is $2,300, but that might prove conservative. |
| Posted: 01 May 2012 04:05 AM PDT
Indian Gold Interest "Anemic" as Rupee Prices Hit All-Time High, But "Gradually Higher Inflation" Risk Means Portfolios Need "More Real Assets" WHOLESALE MARKET prices for buying gold climbed above $1670 an ounce for the first time in over a fortnight Tuesday lunchtime in London, while stocks and commodities were broadly flat, with the main European markets except London closed for the May 1 holiday. Prices for buying silver meantime broke through $31.20 an ounce, though they remained below last week's close by Tuesday lunchtime in London. The previous day, gold was broadly steady for most of Monday's trading, with the exception of a sharp $15-an-ounce drop reportedly triggered by 7,500 gold futures – equivalent to around $1.2 billion – being sold in just one minute, leading to a 10 second suspension in trading. "The reason for the selloff remains uncertain," says Standard Bank commodities strategist Leon Westgate. "However, given the volumes traded, it is unlikely to be a fat finger." Over in India, where Rupee gold prices hit an all-time high today, interest in buying gold "has become anemic after the recent gold buying festival ended," according to a note from Barclays this morning. Indian exports meantime fell in March for the first time in three years, dropping 5.7% by value from a year earlier, official data published Tuesday show. Ratings agency Standard & Poor's last week cut the outlook on India's credit rating from 'stable' (BBB+) to 'negative (BBB-), adding that India's sovereign debt faces a one-in-three chance of losing its investment grade status. The move has made it more difficult for India's central bank to halt the depreciation of the Rupee, one Reserve Bank of India official told news agency Reuters on Tuesday. "The main problem now is lack of confidence among investors and this is getting reinforced every time by either data or events like S&P cutting rating outlook," said the RBI official. "When risk aversion is high, the success rate of intervention is low and that is why we are seeing Rupee at such low levels despite intervention." The Rupee has fallen 18% against the Dollar over the past 12 months. China's manufacturing sector growth accelerated last month, according to official purchasing managers' index data published Tuesday. The official manufacturing PMI came in at 53.3, up from 53.1 in March. A figure higher than 50 indicates expansion in manufacturing activity. "The peak reading in a year usually occurs in April so the actual strength of China's manufacturing sector was probably not as resilient as indicated," warns Societe Generale economist Yao Wei in Hong Kong. "There's a big chance that the second quarter is going to be weaker than the first quarter," adds Joy Yang, chief economist, Greater China at Hong Kong's Mirae Asset Securities, speaking to Bloomberg Television this morning. "We see that the external environment has sort of stabilized but we don't see drivers in growth yet. I think [policymakers] will have to start easing no later than the middle of the year." "Beijing will continue its pro-growth policies," agrees Ting Lu, economist at Bank of America Merrill Lynch. "But the markets should also be wary of overly optimistic [growth] forecasts." Here in the UK, official data suggest a slowdown in manufacturing activity, with the PMI falling to 50.5 last month, down from 51.9 in March. The fall was "partly due to a sharp reduction in new export orders," said a statement from Markit, the data services provider that produces the PMI. Tuesday saw a series of anti-austerity protests across Europe, with workers in France, Greece, Italy, Portugal and Spain using the May 1 holiday to attend rallies. Across the Atlantic, the Occupy movement is set to mark the day with a series of demonstrations across the United States. The US is "in a low-key version of the Great Depression," according to Princeton economics professor and New York Times columnist Paul Krugman. "We have had a massive failure of our political system that has come to accept that 8% unemployment is the new normal and there is nothing that can be done," Krugman said in Bloomberg's 'Paul vs Paul' debate between Krugman and Congressman Ron Paul on Monday. "What we really want from the Fed now is that kind of resolve to do whatever it takes." "The most likely trigger for more private sector involvement in the gold market," says a research note from Deutsche bank today, "would be from a deterioration in the US labor market alongside a weakening in the US Dollar." Quantitative easing and ultra-low interest rates will lead to "gradually higher rates of inflation" warns Bill Gross, managing director of world's largest bond fund Pimco, in his monthly 'Investment Outlook'. "Real assets/commodities should occupy an increasing percentage of portfolios." Americans' appetite for buying gold coins however appears to have diminished since this time last year, with April's US Mint sales showing an 81% year-on-year drop in gold American Eagle sales. Ben Traynor Gold value calculator | Buy gold online at live prices Editor of Gold News, the analysis and investment research site from world-leading gold ownership service BullionVault, Ben Traynor was formerly editor of the Fleet Street Letter, the UK's longest-running investment letter. A Cambridge economics graduate, he is a professional writer and editor with a specialist interest in monetary economics. (c) BullionVault 2011 Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.
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| Posted: 01 May 2012 03:48 AM PDT Gold has doubled since 2008, so you'd expect the gold mines that were green-lighted based on those old numbers to be generating massive cash flow by now. Some are. But some aren't, and the difference, as with so much of life, is execution. Canadian miner Agnico-Eagle, for instance, had a tough 2011, with a mine-related problem raising costs, cutting production, and knocking its stock down by half. But its other properties are picking up the slack, so this year it gets to sell rising production into a reasonably strong market with fewer extraneous costs. The result:
Enduring a harder 2012 is Goldcorp, another big Canadian miner that had its operating problem this year rather than last:
The lesson? For big, diversified miners, operating problems are seldom permanent or decisive. Mines have their ups and downs, and technical snags usually get fixed, after which production, costs and cash flow return to plan. And even when they don't, one mine's shortfall is frequently offset by pleasant surprises at other mines. That's the attraction of the majors versus the juniors: If a junior has just one or two properties and one of them fails, it's an existential threat. If one of Goldcorp's mines underperforms, it's one bad quarter (defined as only a slight increase in operating profit) followed by a return to normalcy. This is not to say that majors will outperform the best juniors — they probably won't — but it is a lesson in how to play diversified miners: If you're confident that gold will rise from here, operating problems that crush the share price of an Agnico-Eagle or Goldcorp represent a buying opportunity. The worst case for a company like this is that it can't fix its problems in the near term and becomes a buy-out candidate, probably for a premium over its post-bad-quarter price. |
| Manipulative Gold ‘Fat Finger’ Or Algo Trade Worth 1.24 Billion USD Posted: 01 May 2012 03:10 AM PDT gold.ie |
| I’m Swapping Some Gold for Silver Posted: 01 May 2012 01:30 AM PDT by Mike Shedlock
I have held physical silver and gold investments continuously for 5 years, and on and off before that. Today I cashed out of silver, trading it for an equal dollar value of gold. For the sake of full disclosure, my physical precious metals holdings are now entirely at GoldMoney and I have an affiliate relationship with them. As a result of that relationship, I will likely be back in silver soon, but in small amounts, and hopefully at decreasing prices. If silver crashes, I will consider switching a considerable percentage of my gold for an equal dollar value of silver. |
| ‘Anemic Interest’ in Buying Bullion at Rupee Record Posted: 01 May 2012 01:26 AM PDT Dollar prices for buying gold rallied above $1,670 per ounce for the first time in over two weeks ahead of US trading, while stocks and commodities were broadly flat, with the main European markets except London closed for the May 1 holiday. |
| Posted: 01 May 2012 01:11 AM PDT from Gold Money
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| Silver Prices: New Chinese Futures Trading Supports Rally Posted: 01 May 2012 01:06 AM PDT
from moneymorning.com: We already told you that silver prices would rally this year, and developments last week could make the surge approach even faster. The white metal was trending down last week until dovish remarks from Team Bernanke following the Federal Open Market Committee meeting on April 25 reversed the price slide. Spot silver prices on the Comex ended the week at $31.27. But there's another reason supporting a long-term silver price climb. That reason lies in a news item out of China that many investors may have missed. China and Silver Prices On April 26, China Daily reported that the Shanghai Futures Exchange received approval to begin trading silver futures. Previously, Asian investors had to access international markets to trade silver futures, or else they could trade indirectly on local Chinese markets. "There has been an absence of a means of trading in silver in China," Wang Ruilei, an analyst with precious metal trader CGS Co Ltd, told China Daily. "The market will be bigger and more liquid with the advent of these futures contracts." The Chinese announcement allows for two major things to take place. Keep on reading @ moneymorning.com |
| Gold ‘Fat Finger’ or Algorithmic Trade Worth $1.24B Posted: 30 Apr 2012 11:52 PM PDT Gold rose $3.80 or 0.23% in New York yesterday and closed at $1,666.10/oz. However, there were more peculiar goings on in the gold market which saw one massive sell order knock prices lower, prior to gold gathering itself and moving higher. |
| Morning Outlook from the Trade Desk 05/01/12 Posted: 30 Apr 2012 11:37 PM PDT Gold attempted a break of $1,650 but was thwarted and the market settled comfortably in the middle of the range by the close. Markets tired and path of least resistance appears lowers. Equity markets are flat. Focus today will be on dollar. Range is still in play. |
| Gold Seen Advancing on Central Banks Stimulus Speculation Posted: 30 Apr 2012 11:37 PM PDT Gold is seen climbing in New York on speculation central banks will add more stimulus to spur the economy. Palladium reached a five-week high. The dollar reached a four-week low versus the euro before a U.S. report that economists said will show manufacturing slowed in April. Business activity in the U.S. expanded in April at the slowest pace since the end of 2009, data showed yesterday. Australia's central bank cut interest rates by a bigger-than- expected half percentage point. "The market may be factoring in the hopes of possible policy easing after some of the softer data numbers that came out" of the U.S., said Natalie Robertson, an analyst at Australia & New Zealand Banking Group Ltd. (ANZ) in Melbourne. "Buyers will come into the market when they see a certain direction or momentum buying occurring." Gold for June delivery rose 0.1 percent to $1,665.50 an ounce by 7:59 a.m. on the Comex in New York. Prices earlier reached $1,668.90, the highest since April 13, after slipping 0.5 percent last month. Bullion for immediate delivery was little changed at $1,664.80 in London. Comex halted trading in gold futures for about 10 seconds yesterday after prices plunged, Dow Jones reported, citing an unidentified spokesman for the exchange. The so-called Stop Logic halt began at 8:31 a.m. in New York on June futures, the news agency said. The metal dropped about $14.50 shortly before 8:30 a.m. local time, data compiled by Bloomberg show. ETP Holdings Fall Holdings in bullion-backed exchange-traded products fell 4.8 metric tons to 2,385.6 tons yesterday, data compiled by Bloomberg show. Assets are about 1 percent below the March 13 record. Prices are up 6.3 percent in 2012 after advancing for 11 consecutive years. Asian markets including Hong Kong, South Korea, China, India and Singapore are closed today for public holidays. Most western European markets, including Germany, France and Spain, are closed for the May Day holiday today. Silver for July delivery was little changed at $31.015 an ounce, after dropping 4.5 percent last month. Palladium for June delivery reached $686.20 an ounce, the highest level since March 22, and was last down 0.2 percent at $680.90. It jumped 4.3 percent in April. Platinum for July delivery was 0.2 percent lower at $1,569.40 an ounce, and slipped 4.4 percent last month. The comment section: Silver T. Rader, Traveled often. Enjoy different cultures. Hope everyone can find some cause to help others. Help can be food, leadership, mentorship, or trading. 32 minutes ago 1 comment collapsed Collapse Expand Or maybe it is the Mayday Holiday and the High-Frequency-Trading of paper contracts with out physical backing in London. Interesting how the overwhelming public comments to the CFTC about this were completely ignored. The trading volume may have less to do with physical trading and more to do with computer trading. Off CFTC market trading of oil for gold and Europe central bank purchasing of gold may not show up on these markets anymore. The news of central bank accumulation comes months later if at all. It might be in a central bank's interest to keep this kind of news to itself. Lets remember last May 1, silver fell 25% on an overseas empty Asia market within a couple of hours. The CFTC had no public investigation and the transparancy of a free-trade was ignored http://www.bloomberg.com/news/2012-0...ce-august.html |
| Zimbabwe produces 3.12 tons of Gold Posted: 30 Apr 2012 10:27 PM PDT Zimbabwe produces 3.12 tons of Gold during QI-2012 from bullionstreet.com: Zimbabwe produced 3.126 tons of gold in the first quarter this year, up by six percent compared with same period last year, according to African Development Bank. HARARE(BullionStreet): Zimbabwe produced 3.126 tons of gold in the first quarter this year, up by six percent compared with same period last year, according to African Development Bank. In it's monthly economic review, ADB said Zimbabwe's primary producers were the largest contributors to this growth. Country's gold deliveries grew at an average rate of 5,77 percent for the first three months in 2012 to register a cumulative total of 3 126,6kg, while the average growth rate for small-scale and primary producers stood at -3,2 percent and 8,3 percent, respectively during the same period, ADB said. The regional financier attributed the positive performance of the gold local sector in the period under review to conducive internal and external macro-economic conditions. For instance, in early March, gold prices reached a high of US$1 710 an ounce. The international prices of metals such as gold and platinum appear to be largely benefiting from a weakening United States dollar and the eurozone financial crisis as investors are favouring investing in commodities. "These positive growth rates can be attributed to the firming gold prices on the international commodity markets with the spot price averaging more than $1 600 an ounce and the positive macroeconomic outlook in the country that have allowed an increase in production capacity as compared to developments in 2011," said the bank. Keep on reading @ bullionstreet.com |
| Gold’s Nastiness Hints of a Major Bottom Posted: 30 Apr 2012 10:21 PM PDT
from rickackerman.com: Are gold and the bloodied mining stocks at an important turning point? So it would appear. Persuasive evidence of this came together for us yesterday after we ran into an old friend, a real estate developer with a commodity-trading jones, who asked whether it might finally be time to buy the stuff. "Buy it?" we replied. "We've been trying for a week to buy anything gold-related but it's like trying to catch a jackrabbit." Hmmm. Is gold trying to tell us something? Signs had been accumulating. When we turned in late Sunday night, we felt comfortable with a futures "tracking" position in gold acquired near Friday's lows. Using a Hidden Pivot "camouflage" strategy, several subscribers reported buying the Comex June contract for around 1654.30, based on a playbook sketch accompanying Friday's trading touts. Later in the day, with gold in a strong rally, we advised taking partial profits that would have reduced the theoretical cost basis of the position to 1641.50. With the futures trade near 1665.00 Sunday night, how could we lose? We advised subscribers to use a 1649.10 stop-loss for what remained of the position. Keep on reading @ rickackerman.com |
| Yesterday's Gold Slam Makes The Mainstream Press Posted: 30 Apr 2012 10:19 PM PDT
from zerohedge.com: For the first time in what may be ages, a phenomenon that has become near and dear to anyone who trades gold, and which at best elicits a casual smirk from those who observe it several times daily, we find that the WSJ has finally picked up on the topic of the endless daily gold slam down, where the seller in complete disregard for market disruption (because in a normal world one wants to sell any given lot without notifying the market that one is selling so as to get a good price on the next lot… but not in the gold market where the seller slams the bid with reckless abandon) ignores market depth and in a demonstration of nothing but brute price manipulation force, slams every bid down just to demoralize further buying. Naturally, that this simply provides buyers with a more depressed price than is "fair" is lost on the seller, but not on the buyers who promptly bid up the metal as attempt to demoralize buying end in failure after failure. Yet it is peculiar that today, for the first time, the intraday gold slam down has finally made the MSM. To wit: "The CME Group Inc.'s Comex division recorded an unusually large transaction of 7,500 gold futures during one minute of trading at 8:31 a.m. EDT. The sale took out blocks of bids as large as 84 contracts in one fell swoop and cut prices down to $1,648.80 a troy ounce. The overall transaction was worth more than $1.24 billion… Gold traders buzzed with speculation that the transaction was an input error — a so-called "fat finger" trade. "Or a Gold Finger as it might be known in the bullion market," traders at Citi joked in a note to clients." Well, no. It wasn't. Keep on reading @ zerohedge.com |
| Invest in Africa Now: Nana Sangmuah Posted: 30 Apr 2012 09:38 PM PDT Last year, Africa was the region that witnessed the strongest growth in gold-mining operations. The managing director of research with Toronto-based Clarus Securities, expects that trend to continue and suggests some investments in Ghana, Mali, Liberia and Congo |
| Yesterday's $1.24 Billion Targeted Gold Slam Down Makes the Mainstream Press Posted: 30 Apr 2012 09:16 PM PDT ¤ Yesterday in Gold and SilverIt was deathly quiet in the gold market right up until I went to bed on Monday morning, which was shortly after the 8:00 a.m. BST London open...which was 3:00 a.m. Eastern. The gold price developed a slightly negative price bias about two hours after the London open...and drifted quietly lower until 8:31 a.m. in New York. At that point gold was down about four bucks from Friday's close. Then the 'fat finger' hit the sell button...and a 7,500 contract gold order showed up...and that, as they say, was that. A sell order that size in an illiquid market had the desired effect. Less than a minute later, the low of the day [$1,643.90 spot] was in...and the gold price began to recover from there. By 12:20 p.m. Eastern time, the gold price had recouped all its loses...and more or less traded sideways from there into the close of electronic trading at 5:15 p.m. in New York. I was very encouraged by that, because in the 'old days'...ten year ago...it would have taken weeks or months for the gold price to recover from such a hammering. This time it only took a few hours.
Here's the New York Spot Gold [Bid] chart on its own...as what happened in the New York gold pit about ten minutes after the Comex open...and its subsequent recovery...were the most pertinent features during the Monday trading day.
The gold price closed at $1,664.30 spot...up $1.50 from Friday's close...and heaven only knows what the gold price would have done if left to its own devices. Net volume was only 101,000 contracts, so you can see that an order of 7,500 contracts hitting the market all in one shot, blasted out a pretty big price crater on the Kitco gold chart. Needless to say, I'll have more on this in 'The Wrap' further down. As much as all eyes were on the gold price, the real action was going on in the silver market. The high tick, around $31.40 spot, came in late afternoon trading in the Far East in their Monday afternoon...and less than half and hour before the London open. Net volume was less than a 1,000 contracts up to that point. From that high, the silver price rolled over...and had declined about 45 cents just before the Comex opened. Silver then got sold down along with gold at 8:31 a.m. Eastern. But the silver price stayed down, with the low tick of the day [$30.50 spot] coming a couple of minutes after 10:00 a.m. Eastern time. The silver price recovered a bit from there, but didn't really do much until 12:15 p.m. Then, in less than twenty minutes, the silver price was back over the $31 spot price...but only by a few cents. From there it traded sideways into the close. Silver had an intraday price move of 2.46%. Silver closed at $31.01 spot...down 26 cents from Friday's close. Net volume was around 28,000 contracts.
The dollar index spent Monday wandering around in a 25-point range...and closed virtually unchanged from Friday. It was obviously not a factor in yesterday's price shenanigans in New York.
The gold stocks gapped down...and showed no signs of a permanent recovery until about 11:45 a.m. Eastern time. Then the stocks recovered half their gains by the close of trading at 4:00 p.m....and the HUI finished down only 1.38%. And this despite the fact that gold closed in positive territory.
But it was an entirely different story with the silver stocks. Virtually all of them finished in the black...and some had some eye-popping gains. Don't ask me who was catching a falling knife...but someone was buying silver shares with both hands yesterday. Nick Laird's Silver Sentiment Index closed up 0.67%...and this despite the fact that silver finished down almost a percent on the day.
(Click on image to enlarge) The CME's Daily Delivery Report [for the second delivery day in May] showed that 8 gold and 411 silver contracts were posted for delivery tomorrow. In silver, the two biggest short/issuers were JPMorgan and Jefferies...with 195 and 120 contracts respectively. The largest long/stoppers were Deutsche Bank, Goldman Sachs and JPMorgan with 152, 111 and 102 contracts respectively. There were lots of other issuers and stoppers in yesterday's report...and it's worth a look. The link is here. The GLD ETF showed a rather large withdrawal yesterday, as an authorized participant took out 194,199 troy ounces. There were no changes reported in SLV. To end the month of April, the U.S. Mint reported selling another 200,000 silver eagles yesterday. For the entire month, the mint sold 20,000 ounces of gold eagles...9,000 one-ounce 24K gold buffaloes...and 1,520,000 silver eagles. Silver eagles outsold gold eagles and buffaloes 52:1 during the month just past...and year-to-date that ratio is a hair under 41:1. It was pretty quiet over at the Comex-approved warehouses on Friday. They reported receiving 92,099 troy ounces of silver...and shipped 398,296 ounces of the stuff out the door. The link to that action is here. Silver analyst Ted Butler posted his weekend commentary for his paying subscribers on Saturday...and here are a couple of free paragraphs. "There was a significant although a not unexpected improvement in this week's Commitment of Traders Reports (COT) for gold, given the sell-off during the reporting week. The total commercial net short position declined by almost 9,000 contracts to 167,200 contracts. All three categories of commercials bought back short positions (big 4, 5 thru 8 and the raptors) fairly evenly on the price weakness undoubtedly induced and rigged by the commercials themselves. As always, I am at a loss to explain the uniform behavior in other than collusive terms." "One standout feature to this week's gold COT report was that the big 4, once again, reduced their net short position to a new low level not seen in years. This category of commercials is, therefore, well situated for a significant gold price rally. The big question is how aggressive they will be in selling short when that rally develops. While I would continue to label the gold COT structure as very bullish, the only thing that bothers me a bit is that the gold raptors are still net short 10,200 contracts. Most often, at past price bottoms, these raptors would be holding a net long position by now. This opens up the possibility that these gold raptors will still be gunning for lower prices to create more speculative selling. It also opens up the possibility that the gold raptors will have their heads handed to them, as happened last August. I'll leave it to you to guess which I am rooting for." Before I get into my stories...here are a couple of charts that Nick sent me late last night. You'll need to use the 'click to enlarge' feature to bring up all the glorious details, but it's worth it.
(Click on image to enlarge)
(Click on image to enlarge) Reader Scott Pluschau has a blog posted over at his website headlined "Gold is on Verge of Change in Trend"...and the link is here. I have, what I believe to be, a reasonable number of stories for a Tuesday column...and the most important ones involve the precious metals. So if you read nothing else, those are the stories you should start with. You pretty much have to have been born yesterday to believe that it was a 'fat finger' that caused that 1-minute sell-off in gold. Dutch central banker's memoirs confirm gold price suppression. Mining CEO McEwen cites GATA's work on Bloomberg TV. Jim Rickards: The Real Reason Ben Bernanke Resists the Gold Standard. ¤ Critical ReadsSubscribeChicago PMI Plunges To Lowest Since November 2009The headline number was the worst since November 2009, the miss was the biggest since September 2009, Production of 57.1 was the lowest since September 2009, New Orders slide to 57.4 from 63.3, Supplier deliveries lowest since September 2011, and so on. The only good print was employment which mysteriously rose from 56.3 to 58.7, just in time for the NFP print [on Friday] to come really, really ugly. This zerohedge.com piece is courtesy of reader Scott Pluschau...and the link is here.  The Costs of War - Ron PaulThis month Veterans Affairs Secretary Eric K. Shinseki announced the addition of some 1,900 mental health nurses, psychiatrists, psychologists, and social workers to its existing workforce of 20,590 mental health staff in attempt to get a handle on the epidemic of suicides among combat veterans. Unfortunately, when presidents misuse our military on an unprecedented scale - and Congress lets them get away with it - the resulting stress causes military suicides to increase dramatically, both among active duty and retired service members. In fact, military deaths from suicide far outnumber combat deaths. According to an article in the Air Force Times this month, suicides among airmen are up 40 percent over last year. This short commentary from Congressman Ron Paul yesterday is a must read in my opinion. It's posted over at the safehaven.com website...and I thank Roy Stephens for sending it our way. The link is here.  Spain Default Could Hit US Market 10%-20%: EconomistSpain's newly announced recession won't be ending any time soon and it could force the U.S. stock market to fall anywhere between 10 percent and 20 percent, economist Harry Dent told CNBC Monday. "Spain is going to default. The markets are in total denial on this," Dent, author of "The Great Crash Ahead," told CNBC's "Squawk on the Street." "It's a question of whether it's going to happen sooner or later." Dent spoke after Standard & Poor's downgraded 16 Spanish banks and the nation announced first-quarter gross domestic product figures that showed the country to be in recession. Spain's problems are far worse than what happened in Greece, he added. This cnbc.com story from yesterday was sent to me by West Virginia reader Elliot Simon...and the link is here.  Punk Economics: Lesson 3Irish economist David McWilliams, whose work also showed up in Saturday's column, presents an artful 6-minute lecture on Europe's banking woes. It's very well done...and if you wish to partake of the first two "Lessons"...they are in the right side bar. I thank reader Steven Kelly for bringing it to my attention...and the link is here.  Hollande's 'Growth Bloc' spells end of German hegemony in EuropeFor two years Germany has had its way in Europe, treating historic nations much as Bismarck treated Bavaria – sovereign only in name. Mrs. Merkel will have to relearn the forgotten art of compromise. The French-led counter-attack and rumblings of revolt through every branch of the EU institutions last week have brought this aberrant phase of the eurozone crisis to an abrupt end. "It's not for Germany to decide for the rest of Europe," said François Hollande, soon to be French leader, unless he trips horribly next week. Strong words even for the hustings. "If I am elected president, there will be a change in Europe's construction. We're not just any country: we can change the situation," he said. European allies are flocking to his cause from left and right, he claims. Not even Austria supports Germany's austerity drive any longer. This Ambrose Evans-Pritchard offering was filed at The Telegraph on Sunday evening...and is, of course, courtesy of Roy Stephens. The link is here.  'Counterproductive Strategy' - UN Agency Slams European Austerity MeasuresGovernments in many countries, particularly in Europe, have implemented radical reforms and austerity measures in an effort to combat the economic crisis. But this approach has "devastating consequences" on the job market, the International Labor Organization (ILO) warned on Monday. Furthermore, these measures have not achieved the desired result of reduced deficits, the United Nations agency said. The "World of Work Report 2012" called the global employment situation "alarming," and urged governments to recognize that job-centered policies have a positive effect on the economy. "The austerity and regulation strategy was expected to lead to more growth, which is not happening," director of the ILO's Institute for International Labor Studies, Raymond Torres, told the press in Geneva. "The strategy of austerity actually has been counterproductive from the point of view of its very objective of supporting confidence and supporting the reduction of budget deficits." This is another Roy Stephens offering. This one was posted on the spiegel.de website yesterday...and the link is here.  Egypt: The horror and the pitaEgypt's national tragedy took a turn towards farce April 27, when Saudi Arabia closed its embassy and several consulates after demonstrations that "threaten the security and safety of Saudi and Egyptian employees, raising hostile slogans and violating the inviolability and sovereignty", according to a Saudi statement. Saudi Arabia and other Gulf States were supposed to anchor an international aid package that will forestall a disorderly financial crisis. This story was posted over at the Asia Times website early on their Tuesday morning. It's a bit of a read, but worth it if you have the time. I thank Roy Ste |
| Russia Today's 'Capital Account' interviews GATA's Bill Murphy Posted: 30 Apr 2012 09:16 PM PDT  GATA Chairman Bill Murphy was interviewed for about 20 minutes by Lauren Lyster on the cable television network Russia Today's "Capital Account" program on Monday. There's a reason why the subject -- gold market manipulation -- can be discussed only in non-Western news media, and the continuing interest shown in it by Russia Today, a creation of the Russia government, suggests that governments not part of the market rigging have long figured it out. While Lyster's skirt is, certainly by design, shorter than JPMorgan's position in silver, she is once again well-versed in the subject and unafraid to press it to its uncomfortable conclusion, unlike the "money honeys" of U.S. cable TV networks. |
| Posted: 30 Apr 2012 09:16 PM PDT  California is proposing to lift a ban on a once-common method of dredging gold from riverbeds, raising objections from some state regulators and prompting lawsuits against the state by anti-mining and pro-mining groups. At issue is "suction-dredge mining," which uses equipment to vacuum up gravel and sift out gold. State lawmakers imposed a temporary ban on the method in 2009 to protect fish and water quality. In March, the California Department of Fish and Game proposed lifting the ban while imposing new regulations. |
| Mining CEO McEwen cites GATA's work on Bloomberg TV Posted: 30 Apr 2012 09:16 PM PDT  In its struggle against the gold price suppression scheme and surreptitious market rigging by governments generally, GATA long has failed to win support from major gold and silver mining companies, despite our frequent solicitation, perhaps because mining companies are so vulnerable to the scheme's instigators -- governments, which control mining licenses, royalty requirements, and environmental regulations -- and to the scheme's agents and profiteers -- big investment houses, which control mine finance, mining being the most capital-intensive industry. |
| Gold & Silver Market Morning, May 01 2012 Posted: 30 Apr 2012 09:00 PM PDT |
| Andy Hoffman: Everything is Going Down Posted: 30 Apr 2012 08:50 PM PDT Andy Hoffman is here for his Monday Rant. Seems the worldwide economy is sinking faster than the standard of living of the average American worker. There's nothing else to blame but the collapsing dollar and the fiat currency based world economy. em>from financialsurvivalnet: It is appearing more and more likely there will be nothing left standing in its path, except perhaps the few people that had the foresight to purchase gold and silver. Certainly, if you have any chance of surviving at all, precious metals are the road to salvation. Bu then again, maybe governments will become honest and banks will become non-profit organizations so we can all go back to buying stuff we didn't need anyway, but then again, probably not. Go to http://www.FinancialSurvivalNetwork.com for the latest info on the Economy, Markets and Precious Metals. < ~TVR |
| Golden Handcuffs and Love Affairs Posted: 30 Apr 2012 08:43 PM PDT Don H discusses his love for the precious and its limitations. (So long Lynda Carter.) from daytradeshow: Golden Handcuffs: Golden Love Affair: ~TVR |
| Murphy Exposes the Gold Cartel on Capital Account Posted: 30 Apr 2012 08:42 PM PDT In one of his writings, a leading English art critic of the Victorian era, John Ruskin, told the story of a man who boarded a ship carrying his entire wealth in a large bag of gold coins. When a storm hit a few days into the voyage and the decision was made to abandon ship, the man strapped the bag around his waist, jumped overboard, and sank straight to the bottom of the sea. The man's body was found with the wreck of the ship many years later. Reflecting on this, Ruskin asked "Now, as he was sinking, had he the gold? Or had the gold him?" from capitalaccount: We tell you this story to impress upon you the enduring value that gold has held in the minds of people through the centuries. It has represented not only a store of value, but a means to an end…any end, including one that concludes at thebottom of the sea. For muchof Western history, gold has been synonymous with money. It was not so long ago that the United States and Europe fixed their currencies to gold, and despite the free floating currency regime that we have had since the end of Bretton Woods in the early 1970s, one could argue that we are still on a defacto gold standard. After all, gold has been rising steadily, and at times rather frenetically, since 2001, when it was trading at below 300 dollars per ounce, to levels nearing 2000 dollars in the past year. There are those, like Nouriel Roubini, who have been calling it a bubble since at least 2009. One of the good things about markets is that they tend to have a mind of their own, and don't care all too much what academics or policy makers think. But evenif markets don't need policymakers, policymakers still need markets, and the gold market in particular is one that central bankers keep a close eye on. Gold, as our guest James Turk said in a recent interview with us, is the messenger, and what it has been telling us is that people don't trust governments and they definitley don't trust central banks. But how far are governments, central banks and their too-big-to-fail handlers willing to go in order to silence the messenger? Is market manipulation by governments real, and if so, how is it being done and where? Joining us to discuss this, and other golden news is Bill Murphy, Chairman of the Gold Anti-Trust Action Committee and veteran of the precious metals space. Bill Murphy has been raising the alarm of manipulation in the precious metals market since at least 1999, and has been a prominent voice among defenders of free markets and sound currency. ~TVR |
Roughly one year ago (April 27, 2011 to be precise) I wrote 
The 
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