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- Got Gold Report – Special Email Update for May 13, 2012
- How much is your coin worth?
- David Coffin Memorial Event June 4
- The Mythical Land of Us
- Junk silver coins : Why 90% junk silver coins are worth the investment?
- Links 5/13/12
- Gold Bar Types Definitions
- Central Banks Official Gold Reserves
- Gold bugs will be vindicated
- Gold! Haiti hopes ore find will spur mining boom
- EndlessMountain: Silver Update with Dow/XAG ratio
- AltInvestors: Wars and Funny Money
- FT's Gillian Tett Provides the Rationale for Gold Price Suppression
| Got Gold Report – Special Email Update for May 13, 2012 Posted: 13 May 2012 06:29 AM PDT Vultures (Got Gold Report Subscribers) please log in to the Subscriber pages and navigate to the Got Gold Reports Section to view a Special Got Gold Report released Sunday, May 13, 2012. We update subscribers on the markets for gold, silver and mining shares in this time of uncertainty, with an in-depth look at the commitments of traders reports, which we believe are sending very, very important signals now. To continue reading, please log in or click here to subscribe to a Got Gold Report Membership | |||
| Posted: 13 May 2012 05:56 AM PDT Here's a short video on nickels from the folks at Whiskey and Gunpowder. http://whiskeyandgunpowder.com/how-m...57125&l=433088 | |||
| David Coffin Memorial Event June 4 Posted: 13 May 2012 05:02 AM PDT Friends and fellow Vultures kindly take note of the announcement below from my good friend Eric Coffin of HRA Advisories, aka Hard Rock Analyst. We urge all to participate if they can. David was an exceptional, one-of-a-kind human resource and the natural resource industry is better because he walked among us. HRA Advisory
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| Posted: 13 May 2012 02:01 AM PDT
from bullionbullscanada.com: If ever we needed proof of the saturation-level brainwashing to which the Western masses are now subjected (and to which they have succumbed), there is no clearer evidence than the U.S. Treasuries market. The U.S. economy has never been less-solvent in its entire history, meaning that U.S. Treasuries have never been less valuable. The new supply of U.S. Treasuries grossly exceeds any level of paper the U.S. has ever pumped into global markets before, meaning that Treasuries have never been less valuable. And yet we see (alleged) buyers being permanently willing to pay (by far) the highest prices in history for these mountainous stacks of paper. However, this is just the beginning of the absurdity here. We're told that the U.S. government can continue to obtain these record prices despite the fact that the two largest buyers of Treasuries over the past decade (China and Japan) have virtually stopped buying. Indeed, for more than a year China has been a net-seller of Treasuries. This collapse in demand also implies the lowest rather than the highest prices in history for U.S. Treasuries. Keep on reading @ bullionbullscanada.com | |||
| Junk silver coins : Why 90% junk silver coins are worth the investment? Posted: 12 May 2012 08:24 PM PDT 2 clicks | |||
| Posted: 12 May 2012 07:59 PM PDT Verizon finally performs, connection back as of Saturday PM. Keep your fingers crossed. I've kept threatening thin links. It is 5:00 AM and I need to turn in, so I hope the charitable among you will provide links in comments. We should be back to normal programming tomorrow. EU central bankers ponder Greece euro exit BBC (Abe, NYC) Is Europe on a Cross of Gold? Barry Eichengreen, VoxEU Merkel faces tough election test BBC U.S. may scrap costly effort to train Iraqi police New York Times At JPMorgan, the Ghost of Dinner Parties Past Gretchen Morgenson, New York Times Bitter origins of the Sicilian Mafia VoxEU The Myth About Marriage Garry Willis, New York Review of Books Antidote du jour:
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| Posted: 12 May 2012 04:30 PM PDT GoldBarsWorldwide | |||
| Central Banks Official Gold Reserves Posted: 12 May 2012 04:00 PM PDT wikipedia | |||
| Posted: 12 May 2012 01:00 PM PDT
from goldmoney.com: In recent weeks, while the eurozone has suffered escalating levels of systemic stress in government bond markets and its banking system, the gold price has fallen under $1,600. One would have thought that – but for the occasional fat-finger trade – gold would rise in all this instability, not fall. Putting aside short-term considerations, the simple reason has to be that the investment establishment, which has bought into the bond market bubble, does not believe that gold is any longer an alternative to paper money. We can understand why they think this. Though the Keynesian vs Austrian economic debate is attracting increasing attention, financial services companies recruit economists who have been trained in the traditions of Keynes and Friedman. They are thus immersed in economic disciplines that assume gold is old-fashioned and has no meaningful place in a modern economy. While they might accept that gold has an historical attraction for some investors, they see it as a "risk-on" investment. This is jargon for something you buy when you want to take risks, the opposite of gold's traditional role. For further proof, you need look no further than the average level of portfolio exposure, which across the global investment management industry is said to average less than one per cent. This is certainly not compatible with the level of risk in today's markets, with many nations on the edge of bankruptcy. The result is that flaky gold bulls are experiencing the discomfort of rising panic. Keep on reading @ goldmoney.com | |||
| Gold! Haiti hopes ore find will spur mining boom Posted: 12 May 2012 12:59 PM PDT
from google.com: Its capital is blighted with earthquake rubble. Its countryside is shorn of trees, chopped down for fuel. And yet, Haiti's land may hold the key to relieving centuries of poverty, disaster and disease: There is gold hidden in its hills — and silver and copper, too. A flurry of exploratory drilling in the past year has found precious metals worth potentially $20 billion deep below the tropical ridges in the country's northeastern mountains. Now, a mining company is drilling around the clock to determine how to get those metals out. In neighboring Dominican Republic, workers are poised to start mining the other side of this seam later this year in one of the world's largest gold deposits: 23 million ounces worth about $40 billion. The Haitian government's annual budget is $1 billion, more than half provided by foreign assistance. The largest single source of foreign investment, $2 billion, came from Haitians working abroad last year. A windfall of locally produced wealth could pay for roads, schools, clean water and sewage systems for the nation's 10 million people, most of whom live on as little as $1.25 a day. Keep on reading @ google.com | |||
| EndlessMountain: Silver Update with Dow/XAG ratio Posted: 12 May 2012 12:47 PM PDT endlessmountain: Silver Update with Dow/XAG ratio ~TVR | |||
| AltInvestors: Wars and Funny Money Posted: 12 May 2012 12:45 PM PDT In this podcast, I discuss how there seems to be a shift in the dollar paradigm when there are wars. from altinvestorshangout: Check my work at altinvestors.com Pictures used in the video are fair use (according to SXC.HU). The graphs are made by myself. ~TVR | |||
| FT's Gillian Tett Provides the Rationale for Gold Price Suppression Posted: 12 May 2012 12:35 AM PDT ¤ Yesterday in Gold and SilverAs you already know from yesterday's comments in 'The Wrap'...the gold price came under selling pressure at 9:00 a.m. Hong Kong time on their Friday morning...with the low tick of the day [around $1,573 spot] coming at 8:30 a.m. in London. From that low, the subsequent rally made it up to the high of the day [$1,591.90 spot]...which came around 10:45 a.m. in New York. And, like Thursday, it got sold off into the close electronic trading from there. Gold finished the Friday trading session at $1,580.40 spot...down $13.00 from Thursday's close. Net volume was around 117,000 contracts.
Silver also got sold off in Far East trading starting at the same time. But silver's low [around $28.40 spot] came exactly thirty minutes after gold's...at precisely 9:00 a.m. in London. The silver price recovered a bit from there, but then got sold off once Comex trading began...and by 9:30 a.m. in New York, it was almost back at its London low. But from there it moved sharply higher...with the high of the day [$29.23 spot] coming around 11:00 a.m. Eastern time. From that point, the silver price got sold off just over a percent going into the 5:15 p.m. close. The silver price closed the day at $28.89 spot...down 15 cents from Thursday. Net volume was around 33,000 contracts.
The dollar bounced around between 80.10 and 80.30 for most of the trading day on Friday...closing almost on it high at 80.26...but only up about 6 basis points from Thursday's close.
The gold stocks gapped down over a percent at the open...but then managed to make it back into positive territory for about thirty minutes around gold's high. However, once the gold price rolled over, the equities followed...and the HUI finished the Friday trading session down 1.69%.
The silver stocks didn't do much better...and Nick Laird's Silver Sentiment Index closed down 1.38%
(Click on image to enlarge) The CME's Daily Delivery Report showed that 65 gold and 7 silver contracts were posted for delivery on Tuesday. Not much to see here. There were no reported changes in either GLD or SLV...and the U.S. Mint sold another 75,000 silver eagles. Switzerland's Zürcher Kantonalbank updated their gold and silver ETF totals at the end of the Wednesday trading day on May 8th. Their gold ETF took in 42,497 troy ounces...and their silver ETF added 574,823 troy ounces. It was extremely busy over at the Comex-approved depositories on Thursday. They reported receiving 1,207,452 troy ounces of silver...and shipped another 1,097,050 ounce of the stuff out the door. The link to that action is here. Well, yesterday's Commitment of Traders Report [for positions held at the close of Comex trading on Tuesday, May 8th] was beyond even my expectations...which were considerable. And, as fantastic as these numbers were, I should point out right up front that the new lows in all precious metals that were set on Wednesday...and again yesterday morning in London...means that they are even more fantastic now. In silver, the Commercial net short position declined by a whopping 5,844 contracts. The Commercial net short position is now down to 17,900 contracts, or 89.5 million ounces. The biggest changes in the Non-Commercial and Nonreportable categories were the huge increases in their respective short positions. Between both categories, they increased their net short positions by 4,844 contracts. As Ted Butler mentioned several times during the reporting week, it was obvious that JPMorgan et al were setting prices lower in such a way as to entice the traders in these other two categories to go massively short...and they succeeded. Many multi-year records were broken in this COT report...and I know that Ted Butler will have much to say in his weekly commentary later today. One record that fell in this COT report was the net long position of the small traders in silver...the Nonreportable category. It hit a record low on Tuesday...and is lower still, since the cut-off. It was just as impressive, if not more so, in the COT for gold. The Commercial net short position in gold dropped by 26,548 contracts, or 2.65 million ounces. The Commercial net short position is now down to 15.1 million ounces...a level not seen in a bit over three years. In the other two categories of the COT...the Non-Commercial and the Nonreportable...traders dumped long positions and piled onto the short side. During the reporting week, these two categories dumped 7,136 long contracts and went short 19,412 contracts. If you add those last two numbers up, the total comes to the drop in the Commercial net short position...26,548 contracts. Don't forgot that there has to be a long for every short...and there's your proof. In some ways, this COT report is better than the one that we had at the prior low of late December of last year...and with the improvements from Wednesday and Friday thrown in, we're most likely at new records in all categories in all four precious metals. Today's first chart is courtesy of Washington state reader S.A. It's the "Annual Consumer Inflation" graph from John Williams over at shadowstats.com...and needs no further embellishment from me.
The next chart courtesy of Nick Laird shows the "Total Weight vs. Total Value" of all the transparent precious metal holdings in the world.
Nick also pointed out the following..."Just updating my ETFs holdings...and UBS declared that they sold 347,850 oz ($5.5 billion worth) of gold out of three different Gold ETFs this week - 23% of their total gold holdings, so it's a huge change." Yes, it is...and here's the "UBS Gold ETF Ounces" chart that Nick sent me.
(Click on image to enlarge) I have the usual number of stories for a weekend...and I hope you have the time to glance through all of them. The internal structure of the precious metals market from a Commitment of Traders perspective is the most bullish I can remember in years Gold -- what correction? Gold 'Will Go To 3,000 Dollars Per Ounce' - David Rosenberg. If It's Made of Metal, Thieves Aren't Picky. A Blockbuster COT Report. ¤ Critical ReadsSubscribeWhat Jamie Dimon Doesn't Know Is Plain ScaryCould Jamie Dimon really be as clueless as he sounded on the phone yesterday? Last month, after Bloomberg News broke the story that JPMorgan Chase & Co.'s chief investment office had, in essence, become a ticking time bomb, Dimon, the bank's chief executive officer, called the press coverage "a complete tempest in a teapot." That explanation no longer works. Yesterday, Dimon changed tacks. Losses on the investment office's "synthetic credit portfolio" had reached $2 billion so far this quarter, though he refused to give any meaningful details on how that had happened. Presumably, these are derivatives of some sort, but even that basic fact was too much for the bank to specify. What Dimon lacked in information, he more than made up for in assigning blame -- to himself and JPMorgan employees. Bloomberg columnist Jonathan Weil tees up Jamie Dimon and drives him down the fairway in this op-ed piece posted on their website early yesterday morning. It's certainly a must read...and I thank Phil Barlett for sending it. The link is here.  Jamie's Cryin: Dimon, J.P. Morgan Chase Lose $2 Billion: Matt TaibbiA quick note on the disastrous news emanating from J.P. Morgan Chase, whose unflappable (well, unflappable until yesterday) CEO Jamie Dimon yesterday disclosed that the bank suffered $2 billion in trading losses this quarter. I'm still not entirely clear on what the trades by Bruno Iksil, the so-called "London Whale," were exactly. According to the excellent Felix Salmon at Reuters, Iksil had taken a massive long position on corporate CDS, and when word of this leaked out, the market turned on him and beat his brains out. From Salmon's piece: "Whenever a trader has a large and known position, the market is almost certain to move violently against that trader — and that seems to be exactly what happened here. On the conference call, when asked what he should have been watching more closely, Dimon said "trading losses — and newspapers". It wasn't a joke. Once your positions become public knowledge, the market will smell blood." Matt Taibbi over at Rolling Stone magazine posted this piece on their website about two hours after the Bloomberg piece above. It's also worth reading...and I thank Roy Stephens for bringing it to my attention. The link is here.  Chilton: JPMorgan's Loss Signals It's Time for Regulators to Put the Hammer DownLeave it to Wall Street to remind us all how vulnerable our economy remains, and how important it is that we implement financial reform as soon as possible. Yesterday, JPMorgan Chase reported mammoth losses—over $2 billion—a significant amount of which appear to be related to failed speculative bets on credit default swaps. While that won't trigger a repeat of 2008, it certainly highlights what we already know, painfully well: reckless speculation and poor risk management by large, interconnected financial institutions can spark financial calamities. These circumstances take on a fantasy-world quality in that many of us continue to believe the bankers are so scary smart about our markets and economy. What it really demonstrates is what chumps we sometimes have become. Bart Chilton has always struck me as one of those "all hat and no cattle" kind of guys. Since they can't/won't do anything about JPMorgan's obscene short position in silver, you have to wonder what makes you think that the CME will allow the CFTC to put JPMorgan Chase in its place now. This op-ed piece by Chilton was posted over at the cnbc.com website late Friday morning...and I thank West Virginia reader Elliot Simon for sharing it with us. The link is here.  Guest Post: How Long Before Massive Government Debt Buildup Triggers Another Financial Shock?Sometimes a picture is worth a thousand words. A recent post on the popular ZeroHedge financial blog compared the annualized growth in federal debt to the annualized growth in GDP in Q1 2012. ZeroHedge reported that while U.S. government debt rose by $359.1 billion in Q1 2012, the U.S. GDP grew only $142.4 billion. Durden noted that, "It now takes $2.52 in new federal debt to buy $1 worth of economic growth." The surprising observation prompted us to examine the relationship between growth in debt and growth in GDP from 1975 through 2012. What we found is both astonishing and frightening. Each $1 increase in GDP has been accompanied by, on average, a $2.50 increase in debt. Before the recession, an increase in debt generally generated a greater increase in GDP, but now it takes an enormous increase in debt to eke out a small increase in GDP. At some point, the amount of debt required to generate even modest GDP growth will suffocate the economy and trigger another financial shock. This short piece posted over at zerohedge.com is worth the trip for the chart alone. I thank Roy Stephens for digging it up on our behalf. The link is here.  James Turk: Central Bankers Are Intellectually BankruptCongressman Ron Paul says that "central bankers are intellectually bankrupt". This is actually the title of an excellent op-ed article he wrote last week for London's Financial Times in which he clearly explains that controlling interest rates is a form of price fixing. We know from monetary history that price fixing has always been harmful to economic activity. Yet "control of the world's economy has been placed in the hands of a banking cartel" even "while socialism and centralised economic planning have largely been rejected by free-market economists". It is an excellent article, and I highly recommend it. But I do want to comment on one point. This short piece by James was posted on his fgmr.com website earlier this morning in Europe...and the link is here.  Fitch: REOs Now Reach One-Third of All U.S. CMBS DelinquenciesU.S. Commercial Mortgage-Backed Securities [CMBS] delinquencies rose for the second straight month while the volume of real estate-owned [REO] assets continued to climb, according to the latest index results from Fitch Ratings. Late-pays rose 10 basis points in April to 8.53% from 8.43% in March. This was largely expected with five-year loans originated in 2007 now starting to come due. Another notable trend is the increased amount of REO assets, which are making up a larger share of the index. REO assets climbed again and now represent one-third of all delinquencies, reaching $11.1 billion in scheduled loan balance in April. This story was posted on the finance.yahoo.com website yesterday...and I thank reader Ryan McQuire for sending it along. The link is here.  Postal Service Reports Quarterly Loss of $3.2. BillionThe United States Postal Service on Thursday reported a quarterly loss of $3.2 billion and blamed Congress for blocking the agency's cost-cutting efforts to offset declining mail volume and mounting costs for future retiree health benefits. From January to March, losses were $1 billion more than during the same period last year. The Postal Service said that without legislative action, it would be forced to default on more than $11 billion in health prepayments due to the Treasury this fall. This very short AP story showed up in The New York Times yesterday...and you've already read half of it. I thank Phil Barlett for sending it our way...and the link is here. |
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