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Tuesday, June 19, 2012

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Jim Rogers on Gold and More

Posted: 19 Jun 2012 06:51 AM PDT

Jim Rogers – NDTV Interview 15 June 2012
from jimrogerschannel:

~TVR

With Uncertainty Rampant and Politics Dominant, Charts Matter More Than Ever

Posted: 19 Jun 2012 06:42 AM PDT

In times like these it is very important to understand the message of price, and the value of charts as an extremely efficient short-hand means for communicating broad based fundamental assessments.

But first a quick (or maybe not so quick) aside: There is a false dichotomy between 'fundamental' trading on one side and 'technical' trading on the other.

The competing perspectives at the poles are so extreme, "fundamentals vs technicals" is practically a theological debate.

We reject this artificial separation of fundamentals and technicals.

In fact we argue that, with a sufficiently nuanced perspective, there is no clear demarcation between the two. The visual picture of the charts, and the mathematical and anecdotal points of fundamental data, are just different forms of situational analysis.

And because the chart represents the collective votes of all market participants — on a size weighted basis, with the biggest participants getting the most 'votes' — it is hard to say where one stops (technicals) and the other (fundamentals) begins.

Traders and investors alike get hung up on the supposed predictive power of their models. The technical participant falls into this trap by supposing charts predict the future; the fundamental participant equally errs by assuming his data models — belief about what value 'should' be — are incontrovertible claims on reality.

The answer to this problem can be found in the old zen koan, "the finger pointing at the moon is not the moon."

Whether considering the abstract input of a pattern on a chart, or the abstract mathematical data point of, say, USDA crop estimates or a company's enterprise value to EBITDA ratio, it is good to remember 'the map is not the territory' and that models are not reality. We work with approximations and heuristics — sophisticated rules of thumb — for the sake of efficiency in a complex world.

As such, the need for "certainty" should be taken with a grain of salt (or perhaps a whole shaker). As with bluff-raising a poker hand, or approaching an attractive stranger In a bar, the game is all about odds, probabilities, and situational dynamics.

(This leads to one embedded advantage for chart-oriented traders over pure fundamental investors: More accessible risk management protocols. For the chart-oriented trader, if price violates his logically placed stop, he is out; for the pure fundamental investor, a sharp countermove only increases the hypothetical fundamental value, and may spur an urge to "double down" on the position.)

The pure fundamentalist may argue that chart patterns lie and deceive — but so too can numbers. As Mark Twain reputedly said, "there are lies, damn lies, and statistics."

The further challenge with fundamentals is that, as Gary bielfeldt once noted, you are lucky if you have 70% of the puzzle pieces – and those who hold the remaining 30%, via their nature as informed insiders, connected officials etc, leave footprints in the form of price action.

It is an irony that, even as the lament goes up that charts have become schizophrenic, we find the communicative value of the charts – on a macro level – to be higher than ever.

Of course, from a fundamental perspective, we invest time and energy into developing a view of what is happening – and the various scenario trees – for Europe, China and the United States.

But we are very aware there is a cap on how useful this understanding can be, when the present drivers are so intensely political. How do you game what a frenzied flock of economically illiterate politicians are going to do?

Europe is balanced on a knife edge. The Greek election results don't change that, unless Raoul Pal's 'end game' plays out, in which the change entails a fiscal armageddon scenario.

China, too, is balanced on a knife edge of potential hard landing (vs trillions in reserves). And the United States is either 1) recovering slowly but surely, or 2) slipping back into recession, with very astute observers falling on both sides of the debate.

It is truly a blender environment. As such, it is a great comfort and utility to us as traders to be able to focus on what we NEED to know, as opposed to what we would LIKE to know, or, worse, still, wasting precious energy attempting to suss out what it is IMPOSSIBLE to know.

When a situation falls in Charlie Munger's "too hard bucket" — a highly useful meme to be explored in future — only a modest amount of elbow grease to get a handle on the situation is required.

Consider the following hypothetical scenario:

You have inherited a piece of property from a distant relative. You are inspecting the property for the first time. In the backyard shed, on a very hot day, you come across a dilapidated crate of old dynamite. The dynamite sticks, bundled together with twine, are covered in a quarter inch of dust. They haven't been touched in years — perhaps decades? — and appear to be sweating nitroglycerine.

Here is the question: How much due diligence is required in deciding what to do next?

Do you need to oh-so-carefully take samples of the dust, to determine the ratio of explosive particle content?

Do you need to visit the county examiner's office for a historical record of munitions companies in the area, to see where the dynamite may have originated?

Do you need to do a detailed web search on the destabilizing effects of heat and age on poorly stored explosives?

Or, do you simply 1) back the hell out of the shed, 2) call a bomb squad, and 3) stay away until someone takes care of it?

The dynamite-in-the-shed metaphor is our way of poking fun at those who choose to "deep dive" into the Europe situation when the clear signaling of front-and-center risk is enough. Without a lot of web searching effort, you can find exhaustive analyses of Target 2 and ELAs and LTROs and blah blah excruciating minutia blah. But what is the point, when a basic risk:reward assessment — and the possibility of a political explosion at any moment — tells you what you need to know?

Sometimes, a broad level macro understanding — informed by the message of price — is more than enough to say "stay away."  Nassim Taleb put it nicely in an excerpt from his upcoming book, Antifragile:

Just as we are not likely to mistake a bear for a stone (but likely to mistake a stone for a bear), it is almost impossible for someone rational with a clear, uninfected mind, one who is not drowning in data, to mistake a vital signal, one that matters for his survival, for noise. Significant signals have a way to reach you.

For us the "significant signals" are contained in price action, i.e. charts. Fundamental legwork is like drilling for oil: The charts tell you where to dig… and how deep… and which digging sites should be capped, expanded, or abandoned.

With the above in mind, let's take a look at some charts — circa June 19th, 2012 —  and see what they are saying (click to enlarge):

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Charting a profitable course,

JS (jack@mercenarytrader.com)

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Managing Your Portfolio At This Major Turning Point: Top Stocks To Watch

Posted: 19 Jun 2012 05:44 AM PDT

ChartProphet submit:

The markets are at a major turning point. The fate of commodities, emerging markets, the US Dollar, technology, and housing is at stake. Europe and the Middle East are in turmoil. Governments and central banks are trying to maintain order and stimulate the economy. But their effectiveness is in great question. Can we make it through on very slow growth, or is a big economic and financial shock coming up? Either way, in good or bad markets there are always ways to make money. So how should investors manage their portfolios?

It is very important for all investors to know their portfolio's asset allocation at all times. How much of your money is in stocks, bonds, cash, annuities, life insurance, home value, and any other possession or asset? And, furthermore, the harder to answer question - how much risk are you currently taking? How much are you willing to risk


Complete Story »

What's Driving Gold Trusts?

Posted: 19 Jun 2012 05:39 AM PDT

By Christian Magoon:

Gold trust products are the largest products in the gold ETF space. Gold trust ETFs include the SPDR Gold Trust (GLD), the iShares Gold Trust (IAU), the ETF Securities Swiss Gold Trust (SGOL) and the ETF Securities Asian Gold Trust (AGOL). All of these products actually hold gold bars, store them in a vault and then use the bars to back any shares the gold trust issues. The share price of these ETFs is simply the price of gold, less fees and expenses of the ETF, times the amount of gold being stored. This number is then divided by the number of ETF shares outstanding.

The two factors ultimately driving the price of gold, and thus the returns of gold trust ETFs, are demand and supply. Demand is the most dynamic factor of the two. Today India and China dominate gold demand but weak economies have called into question their


Complete Story »

Best Gold ETF Choice Now? Miners

Posted: 19 Jun 2012 05:36 AM PDT

By Christian Magoon:

GOLD MINERS ETF PRODUCTS JUMP AHEAD OF GOLD PRICES

Gold miners ETF products bucked the tide yesterday. While the price of gold was essentially flat, gold miners ETF funds like GLDX, GDXJ and GDX rose between 1.7% - 5.5% on the day. Here's the daily performance chart showing the bounce gold miners had on Monday.

The truth is that gold miners ETF funds have been outperforming physical gold ETFs for over a month now. Perhaps it's because gold miners ETF products had been the victim of such a steep sell off versus gold that contrarians stepped in to bet that the disconnect had to revert back to the mean. Here's a performance chart of the best performing ETFs over the last month. Note the largest physical gold ETF, GLD, takes the bottom rung of this ranking while mining oriented products have soared.


(Click to enlarge)

Despite the surge in gold


Complete Story »

USCF Launches Broad, Futures-Based Metals ETF

Posted: 19 Jun 2012 05:23 AM PDT

By Hard Assets Investor:

A new futures-based metals fund gives investors a new way to access the global development story.

United States Commodity Funds, the Alameda, Calif.-based firm behind the $1.19 billion U.S. Oil Fund (USO), today launched the first broad futures-based metals fund that holds everything from gold to industrial metals such as copper or lead.

The United States Metals Fund (USMI), which comes with an all-in annual cost of about 0.90%, is breaking new ground in combining precious metals and industrial metals into one security that's futures-based. Its management fee is 70 basis points, while trading commissions will max out at 5 basis points and "other" expenses won't exceed 15 basis points, the company said.

To date, most metals ETFs have been physical funds and focused on precious metals. iPath, the ETN provided backed by Barclays Plc, offers a slew of individual metals ETNs, and a pair of broader securities that are


Complete Story »

GEAB N°66 is available! Red alert / Global systemic crisis – September-October 2012: When the trumpets of Jericho ring out seven times for the world before the crisis

Posted: 19 Jun 2012 05:20 AM PDT

- Public announcement GEAB N°66 (June 19, 2012) -
GEAB N°66 is available! Red alert / Global systemic crisis – September-October 2012: When the trumpets of Jericho ring out seven times for the world before the crisis
The progression of world events unfolds in accordance with the anticipations mapped out by LEAP/E2020 during these last few quarters. Euroland has finally come out from its political torpor and short-termism since François Hollande's election (1) as France's president and the Greeks have just confirmed their willingness to resolve their problems within Euroland (2) thus contradicting all the Anglo-Saxon media and Euro sceptics' "forecasts". From now on, Euroland (in fact the EU minus the United Kingdom) will therefore be able to move forward and create a true project of political integration, economic efficiency and democratization over the 2012-2016 period as LEAP/E2020 anticipated last February (GEAB N°62. It's positive news but, for the coming six-month periods, this "second Renaissance" of the European project (3) will really be the only good news at world level.

All the other components of the global situation are in fact pointed in a negative, even catastrophic, direction. Here again, the main media are starting to echo a long-standing situation anticipated by our team for summer 2012. Indeed, in one form or another, more often on the inside pages than in big headlines (monopolized for months by Greece and the Euro (4)), one now finds the following 13 topics:

1. Global recession (no engine of growth anywhere / end of the myth of the "US recovery") (5)
2. Growing insolvency of the Western banking and financial system and henceforth partially recognized as such
3. Growing frailty of key financial assets such as sovereign debts, real estate and CDSs underpinning the world's major banks' balance sheets
4. Fall off in international trade (6)
5. Geopolitical tensions (in particular in the Middle East) approaching the point of a regional explosion
6. Lasting global geopolitical blockage at the UN
7. Rapid collapse of the whole of the Western asset-backed retirement system (7)
8. Growing political divisions within the world's "monolithic" powers (USA, China, Russia)
9. Lack of "miracle" solutions as in 2008 /2009, because of the growing impotence of many of the major Western central banks (Fed, BoE, BoJ) and States' indebtedness
10. Credibility in freefall for all countries having to assume the double load of public and excessive private debt (8)
11. Inability to control/slow down the advance of mass and long-term unemployment
12. Failure of monetarist and financial stimulus policies such as "pure" austerity policies
13. Quasi-systematic ineffectiveness henceforth of the alternative or recent international closed groups, G20, G8, Rio+20, WTO,… on all the key topics of what is no longer in fact a world agenda absent any consensus: economy, finances, environment, conflict resolution, fight against poverty…

GEAB N°66 is available! Red alert / Global systemic crisis – September-October 2012: When the trumpets of Jericho ring out seven times for the world before the crisis
According to LEAP/E2020, and in accordance with its already timeworn anticipations, just like Franck Biancheri from 2010 in his book "The World Crisis: The path to the World Afterwards", this second half of 2012 well really mark a major inflection point of the global systemic crisis and the answers to it.

In fact, it will be characterized by an event which is very simple to understand: if, today, Euroland is able to address this period in a promising fashion (9), it's because, these last few years, it has gone through a crisis of an intensity and depth unequalled since the beginning of the European construction project after the Second World War (10). From the end of this summer all the other world powers, led by the United States (11), will have to face an identical process. It's at this cost, and only at this cost, that they will subsequently, in a few years, be able to start a slow recovery towards the light.

But today, after having tried all means of delaying the payment on the due date, the hour of payment arrives. And, as with everything, the ability to put off the inevitable comes at a high price, namely the bigger shock of adjusting to the new reality. In fact, it's a question of the endgame for the world of before the crisis. The seven blasts of the trumpets of Jericho marking the September October 2012 period will cause the "Dollar Wall's" last sections and the walls which have protected the world as we know it since 1945 to collapse.

The shock of the autumn 2008 will seem like a small summer storm compared to what will affect planet in several months.

In fact LEAP/E2020 has never seen the chronological convergence of such a series of explosive and so fundamental factors (economy, finances, geopolitical…) since 2006, the start of its work on the global systemic crisis. Logically, in our modest attempt to regularly publish a "crisis weather forecast", we must therefore give our readers a "Red Alert" because the upcoming events which are readying themselves to shake the world system next September/ October belong to this category.

GEAB N°66 is available! Red alert / Global systemic crisis – September-October 2012: When the trumpets of Jericho ring out seven times for the world before the crisis
In this GEAB issue, we expand on our anticipations for seven key factors in this September-October 2012 shock, the seven blasts of the trumpets of Jericho (12) marking the end of the world before the crisis. Four Middle Eastern geopolitical factors and three economic and financial elements are involved at the heart of the coming shock:

1. Iran/Israel/USA: The war too far will really happen
2. The Assyrian bomb: the Israeli-American-Iranian match put to the Syria-Iraq powder keg
3. The AfPak chaos: the US army and NATO, hostages in an exit from an increasingly difficult conflict
4. The Arab Autumn: the Gulf countries swept away in the turmoil.
5. United States: « Taxargeddon » will begin from summer 2012 – The US economy in free-fall by autumn
6. Major bank insolvencies due in September-October 2012: The City-Wall Street version of Bankia
7. The untenable irresponsibility of QE in summer 2012 - the US, British and Japanese central banks out of the game

In addition, we expand on our clear recommendations on how to minimize the impact of the shock in preparation on one's own situation whether an individual or a business or public service decision maker. We also offer this month's GlobalEurope Dollar Index.

Finally, LEAP/E2020 announces the resumption of its political anticipation training next autumn, which will henceforth take place on line to satisfy the demand coming out of the four corners of the planet. If GEAB is a "fish", an end product of anticipation, with this training, we hope to teach a growing number of people to "fish" for direction in the troubled waters of the future. Because hopes that the endgame of the world before the crisis leads to the building of a better world after the crisis, it seems essential to us to build the anticipation capacities of as many people as possible. In fact, it's this absence of anticipation which for the most part has caused the mistakes at the current crisis' origin.

This training will be organized in partnership with the non-profit Spanish foundation FEFAP (Fondacion por Educacion E Formacion has Politica Anticipation) recently set up thanks to a donation from Franck Biancheri (13).

---------
Notes:

(1) Henceforth discussions, salutary especially if they are frank and wide-ranging, will be concerned with the long-term average, political integration and the new institutions needed. By the end of summer, the evidence that the Euroland dimension is core will prevail and make it possible to circumvent the difficulty of the 27 country institutions which are in such a state of decay and British omnipresence today that it's not possible at this stage to entrust them with the important task of setting up Euroland governance. The Holland-Merkel problem sticks much closer to this reality than a "common institutions" divergence or "intergovernmental approach". The Brussels institutions also belong to the world before the crisis and are unfit to found the Europe of after the crisis. Sources: Deutsche Welle, 11/06/2012; Spiegel, 06/05/2012; El Pais, 10/06/2012; La Tribune, 10/06/2012

(2) Who, in exchange, will make the country's difficult adjustment after 30 lost years within the EU more tolerable, lost because they were wasted without any modernization of the Greek State at stake. Source: YahooNews, 18/06/2012

(3) MarketWatch 14/06/2012 is even predicting Switzerland's inevitable integration in Euroland… as LEAP already did some time ago.

(4) As diversion strategies oblige!

(5) Sources: Bloomberg, 15/06/2012; Albawaba, 12/06/2012; ChinaDaily, 05/06/2012; CNNMoney, 11/05/2012; Telegraph, 04/06/2012; MarketWatch, 05/04/2012

(6) Source: Irish Times, 12/04/2012; CNBC, 08/06/2012

(7) Sources: WashingtonPost, 11/06/2012; Telegraph, 11/06/2012; TheAustralian, 15/06/2012; Spiegel, 06/05/2012; ChinaDaily, 15/06/2012

(8) In two years, there has been disarray in the world diplomatic diary.

(9) On this subject, LEAP/E2020 anticipates questions of defence being introduced into the middle of the political integration debate. Just like the Euro was created at the centre of a complex agreement involving strong French support for German unification against the pooling of the Deutsche Mark, the political integration which emerges will involve the "German signature" pooling in return for a form of pooling (at least for the Euroland core) of the French nuclear deterrent. The French leaders will thus discover three things: that the security/defence issue is a major concern for their Euroland partners contrary to appearances (in particular due to the fact of the rapid loss of credibility in US protection), that there is no reason that a complex and difficult debate should be sparked off by this new phase of integration in Germany alone (France also will have to get involved), and finally that public opinion is not against this kind of very practical approach unlike incomprehensible legal texts (as in 2005). As regards defence, we are already seeing a major change: France is turning away from any significant partnership with the United Kingdom without proclaiming it high and low to focus on co-operation with Germany and the continent's countries. The fact that the United Kingdom always promises and never keeps to its commitments as regards European defence (latest: the joint aircraft carrier development is called into question by the British decision not to adapt its aircraft carrier to accommodate French aircraft) has been finally analyzed for what it was, namely an uninterrupted attempt to prevent the emergence of a European defence. And the drastic reductions in British defence capabilities for budgetary reasons, have made it an increasingly less attractive partner. Sources: Monde Diplomatique, 15/05/2012; Telegraph, 06/06/2012; Le Point, 14/06/2012

(10) A shock amplified in collective European and world psychology by the Europeans' incapacity during this period to prevent itself from being used by City and Wall Street media wise, in order, on one hand, to, divert attention from their own difficulties and, on the other, to try and "break" this emerging Euroland which was jostling the post-1945 established order.

(11) A country which has seen its inhabitants' wealth reduced by 40% between 2007 and 2010 according to a recent US Federal Reserve study. A reminder that, in 2006, when we explained in the first GEAB issues that this crisis was going to cause a 50% fall in American households' wealth, most "experts" considered this anticipation totally absurd. And that's for 2010. As we have said, US households can expect a further fall of at least 20%. This reminder aims at stressing that one of the greatest difficulties of anticipation work is the immense inertia of opinion and the absence of experts' imagination. Each reinforces the other to give the impression that no major negative change is just round the corner. Source: WashingtonPost, 11/06/2012; US Federal Reserve, 06/2012

(12) For more information on the story of the trumpets of Jericho: see Wikipedia

(13) It must be one of the very rare players to have brought money into the Spanish banking system these last few weeks. Proof of a convergence between analysis and action.

A Comprehensive Analysis Of The Current Gold Market With An Eye Towards Its Future

Posted: 19 Jun 2012 05:09 AM PDT

By Dorian Issock:

Noting shifts in trends is an integral part of market predictions, as it offers investors a way to maximize profit opportunities. When comparing 1st quarter 2012 results in global gold demand with Q1 2011 results, it's clear that the gold market deserves close scrutiny.

Global demand for gold during 2012's first quarter was only 5% below the demand levels noted during 2011's first quarter. Though some might reason that this downturn does little to support the theory that gold demand will strengthen, let's put Q1 2011 into proper perspective:

Two words sum up one of the reasons why gold demand swelled during the first quarter of 2011: Arab Spring.

Since December 2010, rulers have been forced from power in Egypt, Libya, Yemen, and Tunisia, whereas civil uprisings have occurred in Syria and Bahrain. Major protests have erupted in Iraq, Algeria, Jordan, Morocco and Kuwait, along with clashes at the borders


Complete Story »

What Will Replace The Dollar?

Posted: 19 Jun 2012 05:07 AM PDT

By Shaun Connell:

The World Economic Forum has reported that the mainstream view is that we're headed toward a world reserve currency basket, explaining:

"The widespread view is that the world is moving toward a multi-polar currency system based on the euro, dollar, and yuan, but each of these currency areas faces the need for significant internal adjustments that constrain their future international roles."

This is one of the most important trends to watch, as I pointed out in my very first article here at Seeking Alpha, entitled The Age of the Dollar is About to End.

In the article I agreed with the majority of world central bankers who concluded that the dollar's reserve status would be incredibly hurt within 10 or so years. Within 30, assuming a new trend doesn't change everything, the dollar will be but a shell of its former reserve self.

The real question is, of course, what


Complete Story »

Yamana Gold Snaps Up An Attractive Asset In Extorre Gold

Posted: 19 Jun 2012 05:00 AM PDT

By David Urban:

Yamana Gold's (AUY) purchase of Extorre Gold Mines Ltd (XG) allows investors to breathe a sigh of relief. The junior market has been under fire since the gold price peaked last August with most stocks down by more than 50% and calls from investors and banks for consolidation. This purchase in the gold sector shows increasing interest from majors, who it was thought were backing away from the sector.

Yamana will pay $3.50 in cash and .0467 shares for each Extorre share in a deal valued at slightly more than $410 million dollars based on Friday's close.

Extorre's main asset is the Cerro Moro deposit located in the Santa Cruz Province of Argentina, 70 kilometers southwest from the port of Puerto Deseado. More specifically, the deposit is located in the Deseado Massif gold-silver mining district which has seen increasing attention in the past few months. Just a little more than


Complete Story »

Prepare for the Pivot Point in the Gold Exploration Cycle: Quinton Hennigh

Posted: 19 Jun 2012 05:00 AM PDT

How Shorts on Metals ETFs are Nearing a Big Squeeze

Posted: 19 Jun 2012 04:51 AM PDT

There has been an increasing number of investors taking short positions on gold exchange-traded funds – but they better watch out for what's ahead this summer. In fact, each day that passes brings us closer to what could be the day of reckoning.

Gold market waiting on Fed decision

Posted: 19 Jun 2012 04:27 AM PDT

from goldmoney.com:

Gold and silver prices have crept higher during Asian trading today, with the US Federal Reserve about to start a two-day Open Market Committee meeting that will provide important clues as to precious metals' likely short and medium-term price trajectories. Gold has nudged above resistance at $1,630, while silver looks like challenging $29. We likely won't see any big moves in the metals until the end of play tomorrow, when Ben Bernanke gives his post-FOMC press conference, and it becomes clear whether or not the Fed is in fact going to try to juice the US economy with more newly-printed money.

This "QE3" speculation has been rumbling on ever since the QE2 finished in June 2011, though clear signs in recent months that the US economy is slowing – with the horrific June 1 jobs report a particularly telling indicator – is raising dovish expectations. Goldman Sachs thinks it possible that the Fed could resort to regular open-market purchases of $50-$75 billion, perhaps as part of efforts to target nominal GDP increases

Keep on reading @ goldmoney.com

Gold More Than 50% Below Real Record High Of 32 Years Ago

Posted: 19 Jun 2012 04:08 AM PDT

from goldcore.com:

Today's AM fix was USD 1,628.50, EUR 1,291.74, and GBP 1,040.31 per ounce. Yesterday's AM fix was USD 1,623.50, EUR 1,284.52, and GBP 1,035.20 per ounce.

Silver is trading at $28.87/oz, €22.96/oz and £18.49/oz. Platinum is trading at $1,492.00/oz, palladium at $628.70/oz and rhodium at $1,215/oz.

Gold edged up $1.20 or 0.07% yesterday in New York and closed at $1,627.40/oz. Gold remained steady in Asia seeing gradual gains which continued in European trading.

Gold rose for an eighth consecutive session today, its longest winning streak in almost a year. The gains may be due to concerns that the U.S. Federal Reserve may launch further non conventional monetary measures, such as QE, in increasingly desperate attempts to prevent the world's largest economy falling into recession or Depression.

Keep on reading @ goldcore.com

The Shape and Future of Indian Gold Demand - Part 2/2

Posted: 19 Jun 2012 04:04 AM PDT

Gold Forecaster

Higher gold, silver and interest rates to result from the euro crisis

Posted: 19 Jun 2012 03:59 AM PDT

from arabianmoney.net:

When there is a crisis of confidence in a currency then it is the precious metals that gain. Visit any city in Germany or Austria this summer and there is a gold shop in a prominent location.
They have not quite replaced the banks yet. But the message is there for anybody with eyes to see. It is noticeable too that this is not just a phenomenon in the peripheral eurozone but in its teutonic heart.

Spanish interest rates

Then again you certainly are getting good rates on your money in Spain and Italy these days, let alone Greece. Spanish bond yields have passed the danger point of seven per cent.This is what happens when debtors become scarred about not getting repaid. Interest rates go up. No matter than the ECB has set official rates at a record low.

Keep on reading @ arabianmoney.net

Prepare for the Pivot Point in the Gold Exploration Cycle

Posted: 19 Jun 2012 03:53 AM PDT

from news.goldseek.com:

Historically, major gold exploration has occurred when the Dow was down and out. In this exclusive interview with The Gold Report, geologist and Exploration Insights writer Quinton Hennigh talks about the coming gold rush and what that could mean for existing companies.

The Gold Report: While the NYSE Arca Gold BUGS Index (HUI) is up a bit from its May low, it is still lagging the price of gold and not living up to expectations based on the role it has traditionally played as a safe haven for investors. Are we close to a turning point in that dynamic?

Quinton Hennigh: Many investors and speculators are deservedly frustrated and dejected by the recent performance of gold and, more specifically, the gold mining sector. For many of us in this business these ups and downs are the norm; however, I see the current down as a critical one. Something is going to happen. It could be a month, six months, a year or two years from now. We can't know. We may continue to see more pain in junior stocks until then, but a change is coming, and investors should take heed.

Keep on reading @ news.goldseek.com

Ocean Mar gets nod to search for SS Islander Gold

Posted: 19 Jun 2012 03:48 AM PDT

from bullionstreet.com:

Seattle based Ocean Mar finally allowed to search for the missing gold among the wreckage of SS Islander that sank in 1901.A U.S. federal court has approved a Washington state company's plan to recover cargo, including any gold, on a Klondike gold rush-era ship that sank en route from Alaska to Vancouver in 1901.The SS Islander, owned by the Canadian Pacific Steam Navigation Company, plunged to the ocean floor Aug. 15 near Juneau, Ala., after hitting an iceberg.

The luxurious 240-foot vessel could have had up to 480,000 ounces of gold aboard (worth about $720 million) — some owned by the Canadian Bank of Commerce, the Puget Sound Business Journal reports.

Keep on reading @ bullionstreet.com

Auguries — Endgame

Posted: 19 Jun 2012 03:41 AM PDT

from business.financialpost.com:

Gold was up (at press time) $28.30 (+1.8%) for the week to $1,619.60, and silver was down $0.13 (+0.3%) to $28.41. According to Goldcore, "Gold appears to be consolidating after hitting its fourth session of gains, when weak US economic data, in the form of poor retail sales, led to renewed QE chatter. [It] is likely also being supported by real concern about the outcome of Greece's elections on Sunday."

Ah, quantitative easing, the Walter White-grade intoxicant demanded by globalists worldwide. Reuters reports June 13, "Many more years of money printing from the world's big four central banks now looks destined to add to the $6 trillion already created since 2008… As rich economies sink deeper into a slough of debt after yet another wave of euro financial and banking stress and U.S. hiring hesitancy, everyone is looking back to the US Federal Reserve, European Central Bank, Bank of England and Bank of Japan to stabilize the situation once more."

Keep on reading @ business.financialpost.com

Turk – Gold Will Shock Investors By Soaring This Summer

Posted: 19 Jun 2012 03:27 AM PDT

from kingworldnews.com:

With continued uncertainty in major markets, as well as gold and silver, today King World News interviewed James Turk out of Europe. Turk discussed the aftermath of the Greek elections and what investors should expect going forward. Here is what Turk had to say about what is taking place: "The Greek election has come and gone, Eric, but the Greek vote has changed nothing. Europe is still in a severe crisis, and every attempt to solve this crisis has failed because no serious solutions have been proposed. All the central planners did was buy time, and that precious time has been squandered with their various schemes."

James Turk continues:

"There are two crises actually, Eric, but they are interlinked. Worryingly, these sovereign debt and bank insolvency crises are deepening. Today we have Spanish 10-year yield topping 7%. That is the level that brought Greece, Ireland and Portugal to their knees. These countries asked for bailouts because private lenders no longer wanted to take the risk of lending money to them.

Keep on reading @ kingworldnews.com

FOMC “Influencing Gold More Than Eurozone”

Posted: 19 Jun 2012 03:16 AM PDT

from news.goldseek.com:

THE U.S. DOLLAR gold price hovered around $1630 an ounce during Tuesday morning's trading in London – in line with where it ended last week – while stocks and commodities were also broadly flat ahead of the latest Federal Reserve policy meeting.

The silver price traded in a tight range just below $29 an ounce – 1.7% up on Monday's low.

Over in India, traditionally the world's biggest gold buying nation, local press report that the Rupee gold price set a fresh record in Delhi Tuesday, as the Rupee fell against the Dollar on international currency markets."There has been very light buying from India, but it's really quiet there," says one Singapore-based dealer, adding that there has been a pickup in scrap gold bullion sales from Thailand.

Keep on reading @ news.goldseek.com

India should unlock value of Gold in households, promote exports

Posted: 19 Jun 2012 03:10 AM PDT

from bullionstreet.com:

Gold is always considered as a safe haven asset or too be precise a perfect hedge against any economic turmoil. Investing i.e. saving in gold is preservation and even addition of individual's wealth.

Savings is a way by which you expect returns over a later stage in life or during some emergency. So, calling gold investment a non productive one is not correct when we are talking about a shield for Indian people who are running the economy.

Research & development is the key to the future of Indian bullion industry. India holds around 9% of the global gold reserves estimated at 14,000 tonnes but fails to generate wealth out of it due to weak investment in exploration and mining activities. India is rich in mines but the Research & development is so poor that we are hardly in position to extract much of its abundant resources.

Keep on reading @ bullionstreet.com

Kyrgyzstan total explored Gold reserves hit 90.9 tons

Posted: 19 Jun 2012 03:06 AM PDT

from bullionstreet.com:

BISHKEK(BullionStreet): Former soviet state Kyrgyzstan's total explored gold reserves increased by 26.5 percent to 90.9 tonnes.

According to country's Geological Agency, 11 gold deposits and 1 coal deposit will be put up for a first auction in the country.

According to him, the commission of the State Geological Agency processed 50 applications which revealed an increase in reserves.

The agency said 6 deposits out of 12 ones put up for auction are gold placers, 4 are gold deposits, 1 is a complex deposit having both gold and other metal and 1 is a coal deposit.

Keep on reading @ bullionstreet.com

India Gold finance co's to form self-regulatory organisation

Posted: 19 Jun 2012 02:42 AM PDT

from bullionstreet.com:

HARARE(BullionStreet): Hit by strong RBI regulations, India's struggling private gold finace companies have decided to form a self-regulatory organisation which will frame a fair business practices code for the industry.

The new organization will represent about 85 percent of gold loan portfolio in the country.

The Organization is being spearheaded by industry leader Muthoot Finance and has Manappuram Finance, Muthoot Fincorp, Sriram Citi Union, and Kosamattam Financiers as members, among others.

Keep on reading @ bullionstreet.com

CME to allow physical settlement for weekly gold options

Posted: 19 Jun 2012 02:39 AM PDT

from in.reuters.com:

* Short-term gold options to exercise into futures

* Physical settlement aiming boost value of product

* Move to take market share from OTC gold options

By Frank Tang

NEW YORK, June 18 (Reuters) – CME Group (CME.O) is allowing investors in its short-term gold option contracts to take delivery of physical bullion in a bid to increase the product's appeal against over-the-counter gold options.

The biggest operator of U.S. futures exchanges said it will amend the contract of its weekly gold options to let investors exercise into futures contracts effective July 1, pending approval from the U.S. Commodity Futures Trading Commission, CME said in a notice late last week.

Keep on reading @ in.reuters.com

How the Govt Tracks Your Bullion and Cash

Posted: 19 Jun 2012 02:37 AM PDT

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