saveyourassetsfirst3 |
- 5 Consumer Stocks With Reliable Profits And Projected EPS Growth Above 25%
- More States Support Move to Metals as Dollar Weakens
- Welcome to the Currency War, Part 3: US Corporate Profits Plunge
- Gold And Silver Await The Starting Gun
- Will The ECB Go For Gold?
- Gold exports to Iran shrink Turkey trade deficit
- Gold prices fall ahead of Fed announcement
- Gold Bullion Coin Sales Plunge 50% In July, Silver Sales Off 20%
- TDG Discusses Gold Outlook
- India central bank not to ban Gold coin sales by banks
- This Chart From The 70s Gold Bull Market Will Shock People
- A Green Light For Gold Prices?
- Esteemed son of the south pleads guilty in $90.1m silver Ponzi scheme
- What Happens to Greece’s Gold when They Exit the Eurozone
- The Waiting Game
- Gold Prices Fall Back Below $1600 Ahead of Fed Decision – 1 August 2012
- Larry Meyer – Fed Alone Can’t Get the Job Done
- COMEX Open RAID!! Gold, Silver Smashed Ahead of FOMC Statement
- Gold Lower In Advance of Fedsday Afternoon
- Detours on the Road to Freedom: Where Milton Friedman Went Wrong
- Monetary stimulus chatter getting louder
- Gold and Silver Bullish Omens
- Precious Metals Markets Play the Waiting Game
- Bullion 'Tied to Central Bank Moves' as Fed Eyes QE
- Esteemed Son of the South Pleads Guilty in $90.1 Million Silver Ponzi Scheme
- Why You Should Save in Gold & Silver
| 5 Consumer Stocks With Reliable Profits And Projected EPS Growth Above 25% Posted: 01 Aug 2012 11:10 AM PDT By ZetaKap: Steady profits are a good indicator that a company is doing well. A further sign that a company is in it's prime are great growth projections. Today we have a list of consumer stocks that are ripe for further investigation. These are the companies that provide goods that we see in our everyday life, and based upon the projections, we can expect to see a lot more of these goods in the near future. We think you'll find the list we came up with pretty interesting. The Net Margin is a profitability metric that illustrates, by percentage, how much of every dollar earned gets turned into a bottom line profit. This is just one of many profitability metrics used by investors and analysts to better understand what the company is being left with at the end of the day. Generally, a firm that can expand its net profit margins over Complete Story » |
| More States Support Move to Metals as Dollar Weakens Posted: 01 Aug 2012 11:09 AM PDT Fears over where the dollar is headed – especially with continued money printing from the central bank – has pushed safety-seekers into investing in silver and gold. The idea of using gold and silver as an alternative currency has spread as the metals have grown more valuable. |
| Welcome to the Currency War, Part 3: US Corporate Profits Plunge Posted: 01 Aug 2012 10:53 AM PDT The euro is down big lately, which is to be expected. Over-indebted countries have traditionally used devaluation to keep their debts from crippling them. The problem is that a cheaper currency is only a temporary fix because it invites retaliation from everyone else. For a real-world example of this process in action, consider what just happened to McDonald's. For the past few years it has been turning crappy food into great numbers, in part by adding new restaurants in hospitable markets and in part because the dollar was relatively weak, which made the euros and yen McDonald's earned relatively valuable. But with the euro plunging against the dollar, these trends have shifted into reverse:
Now extend this strong dollar/weak earnings narrative to Boeing, Monsanto, Cisco, and most other US multinationals, and suddenly the stock market, tax revenues, year-end bonuses, incumbent political prospects and everything else that makes life worth living for US elites start to look shaky. This is clearly unacceptable and will require a response. The dollar will have to go back down, and soon. This will be accomplished with some combination of even lower interest rates, election year tax cuts, publicly-announced asset purchases or secret loans to favored banks, corporations, and political action committees. And it will probably work, lowering the dollar and raising the foreign exchange earnings of McDonald's, et al. But by then the Japanese and Chinese will be in full retaliation mode, which will beget even more ease from Europe. And so it will go until ending the currency war by returning to sound money becomes the least destructive option. |
| Gold And Silver Await The Starting Gun Posted: 01 Aug 2012 10:43 AM PDT This week is another political week in that we have meetings across the board involving the ECB and the Federal Reserve followed by the job numbers on Friday. All of these meetings, summits, announcements have an effect on the investment community in that investment funds tend to stay on the sidelines until the direction of the markets becomes clear. Alas, we suspect that by the end of this week the anticipated clarity will be as clear as mud. When it comes to the fundamental structural problems that need attending to, our political masters have only one objective and that is to remain employed, irrespective of the cost to the rest of us. We have long held the opinion that some of the smaller southern nations who are struggling under the European Unions austerity plans would have been better off out of the EU. However, even the partial dismantling of the Complete Story » |
| Posted: 01 Aug 2012 10:24 AM PDT By David Houle: Last week's market action confirmed the ongoing importance of global monetary policy as a theme on our Macro Radar. After being down 2.45% mid-week, global equities (as measured by the MSCI All-Country World ETF: ACWI) rebounded 4.50% to finish the week in the black by just over 2%. The directional reversal came complements of European Central Bank President Mario Draghi when he said the following in a speech delivered at an investor conference in London: Within our mandate, the ECB is prepared to do whatever it takes to preserve the euro. And believe me, it will be enough. A lot has been made of this simple statement over the past five days, confirming once again that we remain in a policy-driven market environment. A potential inflection point? It has long been debated to what extent the ECB will be willing (or even legally capable) of engaging in outright bond purchases Complete Story » |
| Gold exports to Iran shrink Turkey trade deficit Posted: 01 Aug 2012 08:48 AM PDT
from bullionstreet.com: ANKARA(BullionStreet): Excessive gold exports to Iran and slowdown in the economy were the main reasons behind Turkey's trade deficit drop in June, according to Turkish Statistics Institute. Turkey's trade deficit fell to $7.18 billion in June from $10.26 billion a year earlier. Turkey's gold exports to Iran hit $1.3 billion in June, bringing the total gold exports so far in 2012 to $4.4 billion. The Turkish Statistics Institute said there were no findings suggesting gold exports to Iran were used as a tool for oil and gas payments, rejecting media speculation to that effect. Most of the gold export payments were made in cash, it said. Turkey, which imported around 200,000 barrels a day of Iranian crude in 2011, sharply reduced shipments earlier this year to win a waiver from U.S. sanctions that allows it to continue purchasing Iranian crude through the second half of 2012. Turkey also imports gas from Iran. Previously, gold sector officials said Iranians were turning to gold for savings and possibly trade as Western sanctions tighten to force Iran to curb its nuclear program. Iran was the biggest single destination for Turkish exports in June. Turkish exports to Iran increased 471.2 percent to $1.6 billion from a year earlier. Keep on reading @ bullionstreet.com |
| Gold prices fall ahead of Fed announcement Posted: 01 Aug 2012 08:45 AM PDT from reuters.com: (Reuters) – Gold fell below $1,600 an ounce on Wednesday, a level it broke above last week after euro-friendly comments from the European Central Bank, as speculation lessened that the Federal Reserve would hint at a new round of monetary stimulus later in the day. Analysts had hoped the Fed would give more guidance on the likelihood of gold-friendly action like monetary easing at the end of its two-day meeting on Wednesday, keeping pressure on long-term interest rates and curbing the dollar. But better-than-expected jobs data, which boosted the dollar, helped dampen speculation of fresh stimulus measures, which a healthier snapshot of the jobs market makes less likely. Spot gold was down 1 percent at $1,597.04 an ounce at 9:51 a.m. EDT (1351 GMT), while U.S. gold futures for August delivery were down $14.00 an ounce at $1,600.60. The rally that took the metal to its highest since mid-June at $1,629.10 an ounce last week stalled against resistance. Gold remains within the $150 range it has held to for the last 3-1/2 months. "We'll probably be in this range-trading environment until the end of August, beginning of September, when we are looking for some more measures for central banks," Deutsche Bank analyst Michael Lewis said. "By September, the possibility of more monetary action could be the trigger for a bit of a recovery to take hold." Until then, the metal is chiefly being driven by the euro/dollar exchange rate, with gains in the U.S. unit making dollar-priced commodities more expensive for other currency holders, and gold less attractive as an alternative asset. The dollar briefly rose against the euro as data showed the U.S. private sector added 163,000 jobs in July, beating forecasts for 120,000, though it quickly steadied. The euro had already rolled back gains earlier on Wednesday on renewed doubts on the ECB's scope for further measures to fight the region's debt crisis. The bank's leader Mario Draghi boosted hopes for strong measures to tackle the issue when he said last week he would do anything necessary to help the single currency. Keep on reading @ reuters.com |
| Gold Bullion Coin Sales Plunge 50% In July, Silver Sales Off 20% Posted: 01 Aug 2012 08:40 AM PDT
from goldandsilverblog.com: The latest sales figures from the U.S. Mint show that sales of both gold and silver bullion coins declined dramatically during July. While sales of silver bullion coins have remained at historically high levels, sales of the gold bullion coins have been in a steep decline since 2009. American Eagle Gold Bullion Coin Sales Sales of the American Eagle Gold Bullion coins during July totaled 30,500 ounces, a 49.2% decline from June sales of 60,000 ounces. Two previous months of the year had lower gold coin sales than July. During February 21,000 ounces of gold bullion coins were sold and in April only 20,000 ounces were sold. The year to date average monthly sales figures for gold bullion coins total 53,428 compared to a monthly average of 83,333 during 2011. The all time yearly sales record for the American Eagle gold bullion coins was set during 2009 when it looked as if the entire U.S. banking system was about to collapse. Sales in each subsequent year have been lower than 2009 despite the increase in the price of gold since then. In 2009 gold closed the year at $1,087.50 per ounce, subsequently hit a high of $1,895 on September 5, 2011 and closed today at $1,615.90 in New York trading. If sales during 2012 are annualized, total gold bullion coin sales will reach approximately 641,000 ounces, the lowest amount since 2007 when yearly sales came in at 198,500 ounces. Listed below are yearly sales figures for the American Eagle gold bullion coins since 2000. Sales for 2012 are through July 31st. Keep on reading @ goldandsilverblog.com |
| Posted: 01 Aug 2012 08:36 AM PDT |
| India central bank not to ban Gold coin sales by banks Posted: 01 Aug 2012 08:34 AM PDT
from bullionstreet.com: MUMBAI(BullionStreet): India's central bank, the Reserve Bank of India ruled out banning gold coin sales by banks terming proportion of such sale is very small. According to RBI Governor D Subbarao, gold coins are a very small proportion of the total import of gold by the country and not a very big variable in that problem. He also ruled out stopping lending against gold as a segment but said the RBI does not permit it if the amount raised by the borrower is to be used for speculative purposes. He said the central bank cannot ban or restrict loans against gold beyond a certain point, because that is indeed a lifeline for millions of households who keep gold as a hedge for difficult times. The central bank governor, however, pointed out that the RBI is against giving loans against raw gold or bullion. Fearing a concentration of risks, the RBI in the recent past initiated a slew of measures against gold loan companies, including reducing their loan to value ratio at 60 per cent, from a high 75 per cent. Keep on reading @ bullionstreet.com |
| This Chart From The 70s Gold Bull Market Will Shock People Posted: 01 Aug 2012 08:28 AM PDT
from kingworldnews.com: Today 40 year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News. Fitzwilson, who is founder of The Portola Group, put together a fascinating look at the gold bull market of the 1970s and contrasted that with what investors should look for in this bull market. Below is Fitzwilson's piece. "'A Watched Pot Does Not Boil.' When it comes to investing, the old adage is equally applicable. An oft-quoted theme is that mining stocks will advance many times over the underlying price of the metals when 'the' moment arrives. Using history as our guide, let us look at Newmont Mining. Keep on reading @ kingworldnews.com |
| A Green Light For Gold Prices? Posted: 01 Aug 2012 08:23 AM PDT
from forbes.com: The high bearish sentiment and seasonal trends for gold created a good risk-reward entry point in July, although those not yet long should concentrate on the metals, not the miners, writes MoneyShow's Tom Aspray. The gold futures and leading gold ETFs have rallied over the past several weeks, with SPDR Gold Trust (GLD) up 4.8% from the late June lows. It has been almost a year since GLD peaked at $185.85 on September 6, 2011. This seasonal chart of gold futures that I discussed in early July shows that it typically bottoms in July. The markets are closely watching this week's FOMC meeting as well as the ECB's policy meeting on Thursday for further signs of easing. The sentiment on gold has become quite negative over the past few months, as several of the diehard gold bulls have voiced a more cautious outlook. The Swiss bank UBS early Tuesday raised their monthly gold target to $1,700, and their three-month target to $1750. The gold market needs some impulsive price action to confirm the lows, but as I discuss below, the technical outlook has improved for gold, if not the gold miners. Keep on reading @ forbes.com |
| Esteemed son of the south pleads guilty in $90.1m silver Ponzi scheme Posted: 01 Aug 2012 08:19 AM PDT
from mineweb.co.za: A former Anderson County, South Carolina councilman and past national commander of the Sons of Confederate Veterans entered a guilty plea in U.S. District Court in connection with a Ponzi scheme in which an estimated 945 investors in 16 states were duped into investing a total of $90.1 million in alleged silver contracts. In a complaint filed in the U.S. District Court in South Carolina, the U.S. Commodity Futures Trading Commission said Ronnie Gene Wilson, 64, of Easley operated a Ponzi scheme through his company Atlantic Bullion & Coin, Inc. since "at least 2001 through February 29, 2012." "As part of their Ponzi scheme, Wilson and AB&C….fraudulently offered contracts of sale of silver bullion, a commodity in interstate commerce," said the CFTC. "Through their Ponzi scheme, defendants obtained at least $90.1 million, from at least 945 investors, for the purchase of silver." "From August 15, 2011, through February 29, 2012 (the 'Relevant Period' of this complaint), defendants obtained at least $11.53 million, from at least 237 investors…in sixteen states, for the purchase of silver," according to the complaint for injunction and other relief filed in the federal court. "Despite the offers of sale, defendants failed to purchase any silver at all with the $11.53 million they collected from the AB&C Investors. Instead, defendants misappropriated it," the CFTC asserted. "By late 2011, as their Ponzi scheme began to unravel, defendants attempted to conceal their fraud by issuing false and/or fraudulent financial statements." Keep on reading @ mineweb.co.za |
| What Happens to Greece’s Gold when They Exit the Eurozone Posted: 01 Aug 2012 08:16 AM PDT
from news.goldseek.com: Will Greece Exit the Eurozone? With Germany's leaders telling us that the exit from the Eurozone by Greece no longer holds terror for them, we understand that they are prepared for such an eventuality. As the E.U. leader's representatives went to Greece this week to see the progress on the implementation of structural reforms and the austerity measures, it became clear to all that while we must wait for the results from them, Greece is failing in its efforts and further financing will be held beck for now, at least. Adding to the woes in Greece, there is little agreement within their Parliament. The Greek government is itself a broad mix of conservatives and Socialists. In turn, the leaders of the European Commission, the International Monetary Fund and the European Central Bank, known as the troika, are increasingly divided among themselves. That is creating even more uncertainty as Greece and the rest of Europe head for yet another showdown, renewing doubts about how long Athens can remain within the Eurozone. Greece's lenders say they will not finance the country any further unless it meets its goals. But many experts say that the targets were never within reach and that pushing three increasingly weak Greek governments to comply has only profoundly damaged the economy. The belief in many quarters including in the Finance Ministry in Germany is that the exit of Greece from the Eurozone is almost certain now. Officials from the troika overseeing the Greek bailout, the International Monetary Fund, the European Central Bank and the European Commission in Brussels, say privately that they doubt the country will be able to meet its official target of bringing its debt down to 120% of economic output by 2020. Greece must make the €3.1 billion in bond payments to the central bank on Aug. 20. The European Commission reaffirmed that the next tranche of aid to Greece would probably not be disbursed until September, putting the country at greater risk of running out of money to pay salaries and pensions. At the end of last week, the European Central Bank cut off a crucial source of cash for Greek banks, saying that it would stop accepting Greek government bonds as collateral for low-cost loans until the E.U. completes its report, which is not expected until late August at the earliest. Greek banks must now borrow from the Greek Central Bank at a higher interest rate, from a fund with limited means; if it runs out Greece would have to start printing drachmas. Keep on reading @ news.goldseek.com |
| Posted: 01 Aug 2012 08:13 AM PDT
from goldcore.com: Today's AM fix was USD 1,614.75, EUR 1,311.95, and GBP 1,032.78 per ounce. Silver is trading at $28.92/oz, €22.78/oz and £17.94/oz. Platinum is trading at $1,414.20/oz, palladium at $587.70/oz and rhodium at $1,100/oz. Gold dropped $8.80 or 0.54% in New York yesterday and closed at $1,613.30/oz. Silver edged down as low as $27.89 and ended with a loss of 0.92%. Gold was still hovering in a narrow range on Wednesday, as investors await monetary policy decisions from the US Federal Reserve (1815GMT) and the European Central Bank (tomorrow), which will determine the direction of markets. A Fed decision to launch QE3 would increase the yellow metal's appeal as an inflation hedge and bolster prices. US house prices increased for their 4th month in a row suggesting that the US housing market recovery may be underway which dampened further hopes of any immediate easing in the US Fed's monetary policy. The markets are playing a waiting game and investors are cautious. Thursday's ECB policy meeting will determine if President Mario Draghi will have the backing he needs to embark on significant policy changes to rescue the region's financial woes. Yesterday, German Finance Minister Schauble said in an email response to a newspaper, "The rules of the European Stability Mechanism don't foresee a banking license to allow refinancing at the European Central Bank". Schauble's comments fell like a penny in a wishing well that rippled to curb the market's enthusiasm. Since Draghi's initial comments to "do anything it takes" gold has increased by nearly $50/oz. Keep on reading @ goldcore.com |
| Gold Prices Fall Back Below $1600 Ahead of Fed Decision – 1 August 2012 Posted: 01 Aug 2012 08:10 AM PDT
from goldnews.bullionvault.com: Gold Prices fell below $1600 an ounce Wednesday afternoon in London, reversing the gains of the last week, following better-than-expected US jobs data. Silver Prices meantime dropped as low as $27.21 an ounce – also back to where they were last week. According to Wednesday's ADP Employment report the US economy added 163,000 private sector nonfarm jobs in July – over a third more than the consensus forecast among analysts. The official nonfarm payrolls report is due this Friday, while the Federal Reserve announces its latest monetary policy decision later today. EARLIER REPORT PUBLISHED 11.15 GMT Silver Prices dropped below $28 an ounce – though they remained up on the week so far – while other commodities were broadly flat, with the exception of copper which fell following disappointing global manufacturing data. "Investors [are] continuing to favor the US Dollar over bullion as the key safe-haven trade," says a note from ANZ Bank. "However we see this changing in the next six months as heightened negative sentiment surrounding Europe eases and the US Dollar loses some ground to a cheap Euro." Keep on reading @ goldnews.bullionvault.com |
| Larry Meyer – Fed Alone Can’t Get the Job Done Posted: 01 Aug 2012 08:09 AM PDT Larry Meyer,former Fed governor and co-founder of Macroeconomic Advisors, appeared on CNBC's Squawk Box Wednesday (August 1), just ahead of the results of the two-day FOMC meeting to be announced later today near 2:15 pm ET. Mr. Meyer came out of the gate with the idea that the Federal Reserve considers quantitative easing (QE) as a "high-cost" action and he doubts they are ready to "pull the trigger" on more QE. That sets up a debate between Larry Meyer and guest host Steven Roach (Yale academic and Fed critic), on the surface about economic models to measure Fed policy results, but underneath is a deeper dispute (that goes to the credibility of the Fed).
To say that Mr. Meyer was on the defensive regarding his tenure at the Fed (when Alan Greenspan served as Chairman) … might be an understatement. In any case it made for "good TV." Meyer's best comment might have been, "The Fed alone can't get the job done." The segment underscores the perception that the economic elites are anything but 'of the same mind' on unconventional Fed policy. Lost in the debate is the real problem – that our elected leaders have so blown out the budget of the United States that about all we have left is hope the U.S. central bank will print enough money to bail out the politicians and keep the music playing a while longer.Judging by Mr. Meyer's jittery composure in this segment and with the FOMC news just a few hours from now, I can't help but get the feeling that something is about to surface to shake up the summer vacation season, either in Europe or here in the U.S. As they say in the diplomatic corps, "tensions are high and the situation is fluid." Colette Chapman for Got Gold Report Source: CNBC Video |
| COMEX Open RAID!! Gold, Silver Smashed Ahead of FOMC Statement Posted: 01 Aug 2012 08:06 AM PDT
from silverdoctors.com: Gold and silver were smashed on today's COMEX open, with silver dropping $1 down a mine shaft (a $1 drop in a single tick on the hourly chart) to $27, and gold smashed through $1600 to $1593. Keep on reading @ silverdoctors.com |
| Gold Lower In Advance of Fedsday Afternoon Posted: 01 Aug 2012 07:28 AM PDT Precious metals, crude oil, equity markets, and certain currencies spent the first trading days of this week basically treading water and fast-forwarding to the last three days of sessions; days from which market participants are hoping to be able to extract some benefit. |
| Detours on the Road to Freedom: Where Milton Friedman Went Wrong Posted: 01 Aug 2012 06:45 AM PDT
from lewrockwell.com: Yesterday was the 100th anniversary of Milton Friedman's day of birth. The Wall Street Journal ran a laudatory article on him. This year is the 100th anniversary of Ludwig von Mises' Theory of Money and Credit. There has been no article in the Wall Street Journal. The Mises Institute took my advice and held several sessions on that book at its March week-long Austrian Scholars Conference. A book on that book will be published next year. Few people in academia and the financial media will notice. This reflects the shape this nation is in: bad. It reminds us once again: halfway measures don't change anything. They only slow things down. Too often they deflect and confuse. This was the case with Friedman from beginning to end. Let's survey the article. In the 1960s, Friedman famously explained that "there's no such thing as a free lunch." If the government spends a dollar, that dollar has to come from producers and workers in the private economy. There is no magical "multiplier effect" by taking from productive Peter and giving to unproductive Paul. As obvious as that insight seems, it keeps being put to the test. Keep on reading @ lewrockwell.com |
| Monetary stimulus chatter getting louder Posted: 01 Aug 2012 06:23 AM PDT
from goldmoney.com: It's all about the Federal Reserve and the European Central Bank over the next 24 hours as far as gold and silver are concerned (plus ça change, some might retort). Later today Ben Bernanke will give a press conference outlining the Federal Open Market Committee's latest conclusions on the US economy. Aside from reiterating the Fed's commitment to low rates, some are speculating that Bernanke will give clear signals about plans for a new round of quantitative easing. Dan Norcini argues that with the stock market still climbing higher and US Treasuries at or close to record low yields, the Fed is unlikely to act just yet. In his words: "why mess with things if the market is doing what you want it to do without taking any additional steps such as another round of bond buying?" He also points out that the Fed has to walk a fine line between being seen as a credible "last resort" market backstop, and a wild cheerleader for said markets. Bernanke can ill-afford to be seen as a glorified hedge-fund errand boy. Firm signals of more QE probably won't come until the annual meeting of central bankers in Jackson Hole, Wyoming later this month, or until the conclusion of the FOMC's next meeting on September 12-13. So gold and silver bulls may have a little while longer to wait before these metals start marching decisively higher. Keep on reading @ goldmoney.com |
| Posted: 01 Aug 2012 06:21 AM PDT
from marketoracle.co.uk: This chart courtesy Mises.org shows the true U.S. money supply. The trend is exponential and this trend may well put pressure on gold and silver to rise in response. According to Erste Group Research the combined Base Money Supply of the four most important Central Banks has been growing at 15.2% per year since 2000! Keep on reading @ marketoracle.co.uk |
| Precious Metals Markets Play the Waiting Game Posted: 01 Aug 2012 05:23 AM PDT Gold was still hovering in a narrow range on Wednesday, as investors await monetary policy decisions from the US Federal Reserve (1815GMT) and the European Central Bank (tomorrow), which will determine the direction of markets. |
| Bullion 'Tied to Central Bank Moves' as Fed Eyes QE Posted: 01 Aug 2012 05:08 AM PDT US dollar gold prices traded around $1,615 an ounce during Wednesday morning's London session while European stock markets were also broadly flat and US Treasuries dipped, ahead of the Federal Reserve's latest monetary policy announcement later today. |
| Esteemed Son of the South Pleads Guilty in $90.1 Million Silver Ponzi Scheme Posted: 01 Aug 2012 02:33 AM PDT ¤ Yesterday in Gold and SilverIt was a pretty unexciting trading day in gold yesterday. The price chopped around in a five dollar band from the open in the Far East on their Tuesday morning, right up until Comex open in New York. The high of the day...such as it was...came at 8:45 a.m. Eastern time, which was the precise moment that gold hit its New York low on Monday morning. From there, the gold price got sold off to its low of the day which came at the exact 1:30 p.m. close of Comex trading. After that, the price didn't do a lot. Gold finished the Tuesday session at $1,614.90 spot...down an even seven bucks. Net volume was around 119,000 contracts.
Silver's high of the day [around $28.45 spot] came a few minutes after 11:00 a.m. in London...and from there, every rally attempt, no matter how small, got sold off...and silver closed in New York almost on its low of the day, which came about an hour or so before the close of electronic trading. Silver finished the Tuesday trading day at $28.00 spot...down 18 cents from Monday's close.
The dollar index didn't do much, either. Its high of the day [82.88] came at 9:00 a.m. in London trading...and it's low [82.52] came about 11:05 a.m. in New York. From there it rallied about 18 basis points into it 82.70 close...finishing the Tuesday session down about 10 points from Monday's close.
The gold shares hung in around the unchanged mark up until about 11:30 a.m. Eastern time...and then rolled over. There wasn't even a hint of a recovery in the stocks after gold's low of the day was set at the 1:30 p.m. Comex close. The HUI finished down 1.97% and almost on its low tick.
In most ways, the HUI chart was almost a carbon copy of the Dow chart from yesterday. The silver stocks got hit hard for no reason as well...and Nick Laird's Silver Sentiment Index closed down 1.77%.
(Click on image to enlarge) The CME's Daily Delivery Report for the second delivery day in August showed that 685 gold and 15 silver contracts were posted for delivery from the Comex-approved depositories on Thursday. In gold, there were more than two dozen short/issuers altogether, with Merrill being the largest at 244 contracts. The biggest long/stoppers were HSBC USA with 321 contracts...Deutsche Bank with 179...and Barclay's with 114. The Issuers and Stoppers report, linked here, is worth thirty seconds of your time. There were additions to both GLD and SLV yesterday. Authorized participants added 106,700 troy ounces to GLD...and 1,551,120 troy ounces to SLV. There was no sales report from the U.S. Mint yesterday...so July ended with sales of 30,500 ounces of gold eagles...4,000 one-ounce 24K gold buffaloes...and 2,278,000 silver eagles. July wasn't the worst month of the year, but it certainly wasn't the best, either. On Monday, the Comex-approved depositories reported receiving 460,625 troy ounces of silver...and shipped 331,669 troy ounces of the stuff out the door. Like Friday, almost all the action was at Brink's, Inc...and the link to that is here. I have a lot of stories for you again today and, as always, the final edit is up to you. Only the direct intervention by JPMorgan et al is preventing the precious metals from reaching their true market price. Caesar Bryan: Europe, US & Gold Ahead Of Crucial Fed & ECB Meetings. Robert Fitzwilson: This Chart From The 70s Gold Bull Market Will Shock People. The central bank theatre of the absurd. ¤ Critical ReadsSubscribeHow Wall Street Lawyer Turned Insider Trader Eluded FBIEvery dawn in the early spring of 2011, Matthew Kluger peered out his window, wondering when federal agents would knock at his door. Kluger, a mergers-and- acquisitions lawyer, says he worried that authorities were closing in on him as the source of illegal tips in a three-man insider-trading ring that had eluded detection for 17 years. The knock came on April 6. U.S. agents handcuffed Kluger, hustled him into a Dodge Intrepid, drove to the Federal Bureau of Investigation office in Manassas, Virginia, and laid out the case against him. The evidence included tape recordings of Kluger telling the man he tipped to get rid of a cellular phone that could lead back to him -- and to do it carefully because the authorities had dogs that can sniff out mobiles. "I really would like to see this phone go bye-bye ASAP," Kluger said, adding: "Do you want this to be our undoing?" Kluger's account offers a unique view of insider trading by a mid-level lawyer who moved from one powerful firm to another, exploiting his access to partners and confidential documents. It shows how difficult it is to police such activity when conspirators take care to conceal their crimes and trade with discipline. The trio's downfall came only when one of them changed the routine after almost two decades. This story appeared on the Bloomberg Internet site early yesterday afternoon...and I thank Washington state reader S.A. for sending it...and the link is here.  JPM To Be Subpoenaed Over Defunct PFG's Missing Segregated MoneyThe blunt trauma that JPMorgan was implicated in the missing millions from segregated accounts in Jon Corzine's bankrupt MF Global may have passed but the memory lingers, especially for all those whose cash is still locked up somewhere in vapor space. Yet one event that may tear the scab that patiently was healing, courtesy of a Copperfield market full of distractions such as JPM's CIO fiasco, Lieborgate, oh and, Europe, right off is the recent bankruptcy of Peregrine Financial, aka PFG, whose story we at Zero Hedge first broke, and which just as we suspected, has promptly become the second coming of MF Global, as at least $200 million has "evaporated." It is thus with little surprise that we find that the first party of interest is none other than JPMorgan, which together with various other banks, will be the target of a subpoena by the PFG trustee. How shocking will it be to find that Dimon's company is once again implicated in this particular episode of monetary vaporization. This story was posted on the Zero Hedge website yesterday evening...and I thank reader 'David in California' for sending it along. The link is here.  Postal Service to Miss $5.5 Billion Payment to U.S. TreasuryThe U.S. Postal Service affirmed it won't make a required $5.5 billion payment due tomorrow to the U.S. Treasury for future retirees' health care, an obligation the agency said must end for it to become financially viable. The service has said for months it couldn't afford the payment, which was initially due last September, nor a $5.6 billion payment required by Sept. 30 for this year. Postal legislation passed by the U.S. Senate on April 25 would slow the schedule for those obligations. The House hasn't acted on a different postal measure aimed at changes to help the service cope with declining mail volume. "The default by the Postal Service on its obligation to its own employees and retirees follows decades of mismanagement, and a willful blindness to fundamental changes in America's use of mail," Representative Darrell Issa, the California Republican who is chairman of the Oversight and Government Reform Committee, said in an e-mail. "The Postal Service continues to fail to do all it can under current law to cut costs." This story was posted on the Bloomberg Internet site at lunchtime in New York yesterday...and is Washington state reader S.A.'s second story in today's column. The link is here.  Live: Today is world-wide PMI Day for JulyAt the beginning of each month, Markit, HSBC, RBC, JP Morgan and several other major data gathering institutions publish the latest local readings of the manufacturing purchasing managers index (PMI) for countries around the world. By 11:00 a.m. Eastern time this morning, all the world's critical purchasing managers indexes will be updated at this Bloomberg link here...and I thank Roy Stephens for sending it.  Italian police 'seize Barclays documents in Euribor probe'The search was ordered by prosecutors in the southern city of Trani, who have opened a criminal probe into the possible Euribor manipulation following complaints filed by two consumer groups, Adusbef and Federconsumatori, two judicial sources told Reuters. In a joint statement, the consumer groups said documents, computer material and emails were seized at Barclays Milan offices last week, "with the aim of looking for evidence that Barclays also manipulated Euribor, as it did with Libor, with a negative impact on mortgage rates paid by Italians". Italian prosecutor Michele Ruggiero is investigating whether "just as it did with Libor, Barclays manipulated Euribor, with negative consequences on mortgage rates paid by Italians", the statement said. This story was posted mid-morning in London BST yesterday...and my thanks to Roy Stephens for sending this story as well. The link is here.  The Paragraph In Deutsche Bank's Layoff Statement That Should Scare All Of Wall Street[Yesterday] morning Deutsche Bank announced that it would lay off 1,900 people — 1,500 of whom would be in the investment banking sector. They put out a press release to explain these job cuts (they said government capital requirements were forcing them to search for cash), so we gave it a close read. We found one paragraph that gives you a hint of what will happen if you do get to keep your job at Deutsche Bank. Basically, you should expect some changes in your compensation. This interesting story showed up on the businessinsider.com website early yesterday afternoon...and I thank Roy Stephens for his third offering in today's column. The link is here.  U.S., Germany stress cooperation to end euro crisisU.S. Treasury Secretary Timothy Geithner and his German counterpart stressed the need for coordinated action Monday in the face of the eurozone debt crisis and faltering global growth, but left open what joint steps Europe and the United States would take to shore up the world economy in the coming months. Geithner traveled to the German North Sea island of Sylt for informal talks with Finance Minister Wolfgang Schaeuble, before heading on to meet Mario Draghi, the president of the European Central Bank, later Monday. Geithner and Schaeuble praised efforts by Ireland, Portugal, Spain and Italy to turn their debt-ridden economies around, and voiced optimism about economic reforms meant to deepen integration among the 17 eurozone members. This cbsnews.com story was posted on their Internet site early on Monday morning...and I thank Manitoba reader Ulrike Marx for sharing it with us. The link is here.  Rescue Fund Controversy: France and Italy Seek Ultimate Firepower for ESMSeveral leading euro zone states including France and Italy want to give the permanent euro bailout fund, the European Stability Mechanism (ESM), unlimited firepower by permitting it to obtain unlimited credit from the European Central Bank (ECB), the German daily Süddeutsche Zeitung reported on Tuesday. Leading members of the ECB's governing council support the idea, the report said. But the German government and the German central bank, the Bundesbank, have in the past opposed the move because it could fuel inflation, endanger the ECB's independence and breach European Union treaties that forbid the ECB from financing euro-zone member states. According to the Süddeutsche, the plan now being discussed would involve the ESM supporting countries like Spain and Italy through large-scale purchases of their government bonds. That would lower their borrowing costs which keep rising to unsustainable levels whenever markets are gripped by new uncertainty about the crisis. Making money up out of thin air to buy the sovereign debt of bankrupt nation states. What a business plan that is. You can't make this stuff up. This story was posted on the German website spiegel.de yesterday...and I thank Roy Stephens for sending it. The link is here.  Merkel Allies Harden Opposition to Granting ESM Bank LicenseGerman Chancellor Angela Merkel's coalition rejected granting the permanent euro rescue fund access to European Central Bank liquidity via a banking license, as the Finance Ministry said it saw no need for any such move. The rules of the European Stability Mechanism don't provide for refinancing through the ECB, the ministry in Berlin said today in an e-mailed response to questions. The ministry isn't holding talks on the topic nor are secret meetings taking place on such proposals, it said. France and Italy are building support for a previously floated plan to allow the permanent backstop to wield unlimited firepower courtesy of the ECB, Germany's Sueddeutsche Zeitung newspaper reported today, citing a European Union official it didn't name. Leadi |
| Why You Should Save in Gold & Silver Posted: 01 Aug 2012 02:28 AM PDT If you take a four year-view then the savers who put their wealth into 50:50 gold and silver are around 70% ahead of US dollars, and that despite a collapse of precious metal prices in the 2008-9 financial crash. |
| You are subscribed to email updates from Gold World News Flash 2 To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment