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- Europe's 21st Century Gold Standard vs. Warren Buffett's Martian
- Gold Revisited: Fundamentals Have Changed, Downside Remains
- ECB : Gold and gold receivables remain unchanged
- Is Mitt Romney a Threat to the Gold Price?
- Triple Top in Gold?
- Short-Term Speculators Blamed for Sell-Off in Gold
- Greg: More Trouble Ahead For The U.S. Dollar.
- Household Name From Top Hedge Fund Caught Manipulating
- People Are Getting Scared And Liquidating & Germany’s Gold
- ECB’s Draghi to Enter the Bundestag Lion’s Den
- Technical Selling, Reduced Bets on Bullion
- German gold back in the news
- Links 10/24/12
- Der Spiegel: Federal Auditors Call For Inventory of German Gold Reserves
- The Road to Bullion Default: Part I
- Bundesbank disagrees with audit court's view on gold reserves
- Auditors report on negligent custody of German gold posted at GATA's Internet site
- Die Welt's Monday report on the growing clamor over Germany's gold stored abroad
- Turkish gold trade to Iran booms via Dubai
- Gold Fields Fires 8,500 Striking Workers at KDC East Mine
- Gold and Silver Market morning, October 24, 2012
- Barnone: Where I think Silver is headed for the rest of this year.
- Street: The SILVER Battle at $31
- Gold Roundtable: Doc & Turd
- Technicals: Silver Up Trend Alert
- John Williams: “It Is Only a Matter of Time”
| Europe's 21st Century Gold Standard vs. Warren Buffett's Martian Posted: 24 Oct 2012 12:10 PM PDT Gold Bullion could actually be put to good use in the Eurozone crisis today... |
| Gold Revisited: Fundamentals Have Changed, Downside Remains Posted: 24 Oct 2012 10:21 AM PDT By Mike Williams: Prices come first, fundamentals come second. In a recent article of mine, I argued that gold futures would break out above technical resistance at $1,800, as a result of QE3, its likely safe-haven status in the event of a new leg down in the euro crisis, and the extended slow-growth environment. Since failing to break out above $1,800, gold had entered a significant consolidation: (click to enlarge) Traders should note the year-long trading range between $1,540 and $1,800. Have The Fundamentals Changed? Dollar Strength The spot USD futures just crossed above their 50-DMA, and recent developments indicate that the dollar may be setting up for a big upward move. One good thing that QE3 did for the dollar was remove the surprise factor of a new round of easing. QE's open-ended nature allows currency traders to price in Fed policy (exceptionally low interest rates until mid-2015, operation twist until the Complete Story » |
| ECB : Gold and gold receivables remain unchanged Posted: 24 Oct 2012 08:44 AM PDT |
| Is Mitt Romney a Threat to the Gold Price? Posted: 24 Oct 2012 08:03 AM PDT As the US presidential election draws closer, many continue to wonder how the outcome will affect financial markets. Among gold market observers, there has been speculation about how the metal might react if Mitt Romney wins. |
| Posted: 24 Oct 2012 07:59 AM PDT |
| Short-Term Speculators Blamed for Sell-Off in Gold Posted: 24 Oct 2012 07:40 AM PDT |
| Greg: More Trouble Ahead For The U.S. Dollar. Posted: 24 Oct 2012 07:37 AM PDT |
| Household Name From Top Hedge Fund Caught Manipulating Posted: 24 Oct 2012 07:35 AM PDT
from kingworldnews.com: Today acclaimed money manager Stephen Leeb shocked King World News when he said his friend was at the office of a major hedge fund operator, "… when the instructions the head of the hedge fund was giving to one of his traders was, 'Sell it, and sell it stupid. And make sure people just don't know where the selling is coming from and why it's coming.'" The acclaimed money manager also added, "… there is tremendous vested interest in promoting paper money. When you have that kind of vested interest, people aren't going to go down without a fight, and I think all year long you have seen desperation at play in the gold market." Keep on reading @ kingworldnews.com |
| People Are Getting Scared And Liquidating & Germany’s Gold Posted: 24 Oct 2012 07:33 AM PDT
from kingworldnews.com: With global markets trading in the red, including gold and silver, today acclaimed money manager Stephen Leeb spoke with King World News about the action in the metals, and the Germans looking to audit and repatriate some of their gold: "Desperation leads to desperate measures, and yes, could entities be hiding gold or not having what they say they have? Absolutely." Leeb also said, "… somebody is holding (the price of) gold back." Here is what Leeb had to say: "People are getting scared. I guess there's some liquidation of virtually everything on the basis of these fears. Gold, though down, is certainly down less than virtually every other asset. Even silver, which is extremely volatile both on the upside and downside, is down about 1%, which is a lot less than the market." Keep on reading @ kingworldnews.com |
| ECB’s Draghi to Enter the Bundestag Lion’s Den Posted: 24 Oct 2012 05:35 AM PDT Gold trimmed gains Wednesday amid worries about the global economy grew and demand from the world's largest consumer, India helped support prices. Investors await the US Fed's policy statement today. |
| Technical Selling, Reduced Bets on Bullion Posted: 24 Oct 2012 04:51 AM PDT Several recent events have strengthened the US dollar while puncturing the rally in gold. Gold traders are eagerly anticipating the US FOMC meeting conclusions today for any change in tone or pace in easing. |
| Posted: 24 Oct 2012 04:30 AM PDT A raft of disappointing US corporate earnings results yesterday led to another bad day for "risk" assets, with stocks and commodities struggling. The Dow had its worst session in more than ... |
| Posted: 24 Oct 2012 03:55 AM PDT Cat recovering from NH barn fire has pig to thank Associated Press This dung beetle's air-conditioning unit is crap. No, really Discovery. Another Richard Smith anti-antidote. FDA probes deaths linked to Monster Energy drinks Raw Story. The FDA lapse here is terrible. Caffeine is extremely toxic. We just happen to get highly diluted doses in coffee and tea. Town's Passion, Retired Doctor's Concern New York Times. While we are on the subject of health risks…. Strip-Club Fees Aren't Tax Exempt, N.Y. Top Court Rules Bloomberg. The fact that they had enough dough to take an appeal this far undermines the idea that they merited an arts exemption. Lorca earthquake 'caused by groundwater extraction' BBC The Continuing Tragedy of L'Aquila Understanding Uncertainty (Richard Smith) On Mexico City's flat roofs, tiny gardens help feed families, provide an urban respite McClatchy (Lambert) More on China's PMI MacroBusiness Is China Still a "Currency Manipulator"? Ed Donlon, EconoMonitor Oldest Auschwitz survivor dies aged 108 AFP Golden Dawn adopts the Nazi salute YouTube. Nikki: "At the end he says, as he gives the salute first with one arm then with both, "these are clean hands, these are not dirty hands". (Note that the word I am translating as 'dirty' is also used for the stench of garbage.)" Malaria returns to crisis-torn Greece Telegraph Uruguay plans to legalise marijuana under state monopoly Guardian (furzy mouse) The IMF and the End of Austerity Ann Pettifor, Huffington Post HOW COLONEL GADDAFI AND THE WESTERN ESTABLISHMENT TOGETHER CREATED A PANTOMIME WORLD Adam Curtis, BBC Mourdock: Rape Pregnancies 'Something That God Intended to Happen' TPM Joe Klein's sociopathic defense of drone killings of children Glenn Greenwald Nine Things to Remember During the Iran Section of the Presidential Debate Tonight Wide Asleep (furzy mouse). Still useful even though clearly from yesterday. Robert Waldmann: Romney Suffers from CEO Disease Brad DeLong Japan Is Not A Good Example Of How Deflation Typically Plays Out Stoneleigh Nightmare on Electric Vehicle Street OilPrice Saturated Fat: McDonald's to Revisit 'Dollar Menu'; Reflections on Same Store Sales and Commercial Real Estate Michael Shedlock (furzy mouse) Insight: Nevada struggles with dark side of Macau casinos' growth Reuters (Richard Smith) Hedge fund manager donates $100M to Central Park in largest gift ever New York Post. Debra C via e-mail:
The Social Economics of Thorstein Veblen Michael Hudson, EH Eurozone crisis as it happened: Greek leaders fail to agree on austerity package as markets slide Guardian and US results raise fresh fears for economy Financial Times. I had wanted to post on this. It's feeling like we have finally hit an inflection point where faith in the ability of central banks in keeping economies and markets afloat is fading. And per this: Firms Don't Share Consumer Optimism New York Times, retail is always the last to figure things out… lambert here: Mission elapsed time: T + 46 and counting* Regular campaign coverage — of all sorts and conditions of campaigns — will resume tomorrow. * Slogan of the day: Resolutely Destroy All Enemies Who Dare To Encroach Upon The Romney! * * * Antidote du jour (martha r):
And a bonus antidote:
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| Der Spiegel: Federal Auditors Call For Inventory of German Gold Reserves Posted: 24 Oct 2012 03:13 AM PDT ¤ Yesterday in Gold and SilverThe gold price was down about five bucks by the time that London opened at 8:00 a.m. BST yesterday morning...and that's when the selling pressure got more serious. Most of the damage was done by shortly before lunch in London...and the gold price more or less traded sideways for the remainder of the day. The low price tick...$1,703.10 spot...came about an hour after the Comex close. Gold finished the Tuesday session at $1,707.70 spot...down $21.80 on the day. Despite the fact that the gold price finished well below its 50-day moving average, the volume was only moderate at best...163,000 contracts.
The silver price got sold off about two bits in the Far East trading session on their Tuesday but, like gold, the real selling pressure didn't begin until London began trading. By the noon BST silver fix, the low was in, in London. From there, silver rallied until the 9:30 a.m. Eastern open of the New York equity markets...and it was all down hill from there to silver's double spike low of the day, which came between 2:30 and 3:00 p.m. in electronic trading. The price recovered a bit into the close. Kitco recorded the low tick at $31.47 spot. Silver had an intraday price move of just over 3 percent. Silver finished the Tuesday session at $31.67 spot...down 78 cents from Monday. And, like gold, silver got blasted below its 50-day moving average as well, but the volume traded was a meager-looking 43,500 contracts...give or take a few hundred. By the way, that spike in price just before noon in Hong Kong this morning, just before midnight New York time last night, was probably a data error of some kind...and if it was, I would think that Kitco would correct that sometime today
Here's the New York Silver Spot [Bid] chart on its own, so you can see that double bottom I was speaking of a couple of paragraphs above. The move was too fast for the daily chart to pick up.
Neither platinum nor palladium were spared yesterday, either. As a matter of fact, they were roughed up pretty good...especially palladium.
Gold finished down 1.26%....silver closed down 2.40%...platinum finished down 2.37%...and platinum got smacked for 4.97%. The dollar index opened at 79.56...and that was its low of the day, as it began to move sharply higher in another attempt to break above the 80.00 mark. The first attempt around 8:30 a.m. Eastern time, failed...as did every subsequent attempt. The high tick was 80.05 around 11:30 a.m. Eastern...and after that, the index slid quietly below the 80.00 mark and traded mostly sideways into the close. The index finished at 79.91...up 35 basis points. It's a real stretch to fit yesterday's gold price action into what the dollar index was doing. I tried from several angles...and nothing worked...except for four hours worth of price declines in London as the dollar index rallied. That was pretty much it.
Not too many shades of gray in the gold stocks yesterday. They gapped down and barely moved for the rest of the trading session...and the HUI closed on its absolute low of the day...down 2.80%.
The silver stocks got pounded pretty good, although there were a number of green arrows here and there amongst the junior producers that I own. Nick Laird's Silver Sentiment Index closed down 3.49%.
(Click on image to enlarge) The CME's Daily Delivery Report showed that zero gold and 13 silver contracts were posted for delivery tomorrow. There were no reported changes in either GLD or SLV on Tuesday. The U.S. Mint had its second sales report in as many days. They sold 5,000 ounces of gold eagles...1,500 one-ounce 24K gold buffaloes...and 135,000 silver eagles. There was very little activity reported at the Comex-approved depositories on Monday. They reported receiving no silver at all...and shipped only 32,856 troy ounces of the stuff out the door. Yesterday I had a huge pile of stories, but today it's just the opposite, as I don't have a lot for you. And as is always the case when that happen, I'm happy about that. We need to see major capitulation by the speculative longs. This hasn't happened as of yet. Turkish gold trade to Iran booms via Dubai. Bundesbank disagrees with audit court's view on gold reserves. Gold Fields Fires 8,500 Striking Workers at KDC East Mine. New York Sun: The 80% solution. ¤ Critical ReadsSubscribeCNBC: Marc Faber 'Reduce Government by Fifty Percent Minimum'This 15:02 video from CNBC on Monday features the good doctor all on his own. So if you are a Marc Faber fan...this is a must watch. I thank reader Bill Busser for our first story of the day...and the link to the youtube.com video is here.  New York Sun: The 80% solutionPrompted by Monday night's final debate of the major-party presidential candidates, the New York Sun has the explosive insight of the day: "If Mr. Obama comprehends how bad it is for Iran that its currency has shed 80 percent of its value, why doesn't he comprehend that about a dollar that has lost 50 percent of its value under his presidency alone? The point seemed to go right by Mr. Romney. Gee, willikers, what is it going to take to get the Republican candidate to make an issue of the collapse of the dollar?" I borrowed the preamble from Chris Powell, which was embedded in his GATA release on this yesterday. The editorial is a must read...and is posted on the nysun.com Internet site...and the link is here.  Across the Corn Belt, Farmland Prices Keep SoaringAcross the nation's Corn Belt, even as the worst drought in more than 50 years has destroyed what was expected to be a record corn crop and reduced yields to their lowest level in 17 years, farmland prices have continued to rise. From Nebraska to Illinois, farmers seeking more land to plant and outside investors looking for a better long-term investment than stocks and bonds continue to buy farmland, taking advantage of low interest rates. And despite a few warnings from bankers, the farmland boom shows no signs of slowing. Almost every year since 2005, except during the start of the recession in 2008, agriculture land prices have posted double-digit gains. In the same period, the Standard & Poor's 500-stock index has had double-digit gains in only three of those years. Number one farm land selling for $10,600 the acre! Wow! This 2-page story was originally posted over at The Wall Street Journal yesterday...but was soon picked up by CNBC...and that's the version you see here. I was born and raised on the prairies of western Canada...and as they say, "you can take the boy out of the country, but you can never take the country out of the boy." This story is a case in point. I thank West Virginia reader Elliot Simon for sharing it with us...and the link is here.  Russia Today: Doug Casey on how to Hedge Against Political Risk in the Greater DepressionIn yesterday's column, I posted a rather long speech that Doug gave in San Diego about ten days ago...and here he is again as a Monday guest with Lauren Lyster on Capital Account. Of course Doug is never one to pull punches nor gild lilies...and he doesn't do it here, either. I've already watched/listened to it...and it's definitely worth your time if you have it. The link to the youtube.com video is here.  Britain has left the European Union in all but nameNo doubt we can find some elegant formula to paper over the split. As my friend Daniel Hannan puts it, we could devise a Swiss arrangement while pretending that we are still EU members. No point frightening the horses. For those readers who missed it, the UK is preparing to pull out of almost all areas of "Justice and Home Affairs", the so-called Pillar III of EU jurisdiction. (Pillar I is the single market, and Pillar II is foreign affairs) This is revolutionary. We are withdrawing from 130 directives, covering everything from the European Arrest Warrant, the European Public Prosecutor, to the European justice department (Eurojust). Ambrose Evans-Pritchard is on fire...and his blog from yesterday, posted at the telegraph.co.uk Internet site, is definitely worth reading. I thank Roy Stephens for sending it...and the link is here.  Nigel Farage On The Total Subjugation Of EuropeForget black swans, Nigel Farage is rapidly turning himself into the black sheep of the EU Parliament with his constant stream of truthiness and honest pragmatism. It seems the broadly nodding-donkeys that fill the chamber remain cognitively dissonant to any and everything in the real world - hanging instead on the next sound from Van Rompuy or Barroso on how well things are going, or how the crisis is 'almost' over. This brief story, along with the embedded 3:30 minute video clip, was posted on the Zero Hedge website yesterday afternoon Eastern time. It's more than worth your time, if you have it...and I thank Marshall Angeles for sharing it with us. The link is here.  Cash-strapped Cyprus plots Russian exit from austerityIn a taxi from the airport, down a rollercoaster road of potholes and speed bumps, we drive past white-walled villas draped in bougainvillea. At the quayside of the old harbour, traditional fish restaurants continue to do steady business, as tourists gather by the castle to watch a magnificent sunset. Behind this façade of familiarity, however, the comings and goings have been so dramatic that many in Cyprus are struggling to understand what has happened to them. Important features of local life have, literally, disappeared – and I'm not talking just about thousands of feral cats that used to reside here. This island, once a magnet for money, is perilously close to running out of cash. Standard & Poor's, the ratings agency, has downgraded Cyprus twice since the beginning of August, citing "deteriorating domestic credit conditions and eroding consumer and investor confidence". Things are so bad that some individuals, owed money by the government for appropriation of their land, have begun sending in the bailiffs to seize state assets. Only last week, seven vehicles owned by various departments, including the land registry, were grabbed and whisked away for auction. I have mentioned the looming financial crisis in Cyprus a number of times over the last six months...and now things are coming to a head over there. This story from The Telegraph appeared early Monday evening BST...and for those who know little or nothing about Cyprus...which is just about everyone, including this writer...I consider it a must read. I found this story all by myself...and the link is here.  Italian scientists resign over L'Aquila quake verdictsEarthquake experts worldwide expressed shock at the manslaughter convictions of six Italian scientists who failed to predict the deadly L'Aquila quake, warning that the decision could severely harm future research. Two scientists resigned their posts with the government's disaster preparedness agency Tuesday after a court in L'Aquila sentenced six scientists and a government official to six years in prison. The court ruled Monday that the scientists failed to accurately communicate the risk of the 2009 quake, which killed more than 300 people. Luciano Maiani, the physicist who led the National Commission for the Prediction and Prevention of Major Risks, resigned in protest of the verdict Tuesday afternoon, Italy's Civil Protection Agency announced. This story is from the top drawer of the "You can't make this stuff up" filing cabinet. My professional involvement with seismology, although brief, began back in 1967...and I've had an unwavering interest in it ever since. For all you earth sciences junkies, this is a must read for sure. I was saving this for Saturday, but since it's a slow news day, here it is now. It was posted on the cnn.com Internet site yesterday...and I thank Marshall Angeles for his second offering in today's column. The link is here.  |
| The Road to Bullion Default: Part I Posted: 24 Oct 2012 03:13 AM PDT  This 4-page commentary by Jeff Nielson of Bullion Bulls Canada was posted on thestreet.com Internet site on Monday afternoon Eastern time...and I thank Elliot Simon for sending it along. The link is here. |
| Bundesbank disagrees with audit court's view on gold reserves Posted: 24 Oct 2012 03:13 AM PDT  The Bundesbank disagrees with Germany's Audit Court that the central bank should take stock of its gold holdings outside Germany. "The Bundesbank and the Federal Court of Auditors have different opinions" on the matter, the Frankfurt-based Bundesbank said in a statement posted on its website today. The foreign central banks that hold gold on the Bundesbank's behalf verify the holdings annually and "there are no doubts about the integrity, reputation, and safety of these foreign depositories," it said. |
| Auditors report on negligent custody of German gold posted at GATA's Internet site Posted: 24 Oct 2012 03:13 AM PDT  For study by our German-speaking friends, GATA has obtained a copy of the report of the German Federal Court of Auditors about the Bundesbank's negligent custodianship of the German national gold reserves. The report well may contain important details that were not included in yesterday's Associated Press story...and we would be grateful to learn of any such details. This short piece, plus all the relevant links, are posted in this short GATA release from yesterday...and the link is here. |
| Die Welt's Monday report on the growing clamor over Germany's gold stored abroad Posted: 24 Oct 2012 03:13 AM PDT  After members of Parliament were blocked in their attempt to inspect the gold of the Bundesbank stored at the Banque de France in Paris, leading economists and politicians are calling to transfer the German gold to Germany. "We'd prefer it to be kept in Germany," Philipp Missfelder, CDU politician, told Die Welt. Together with his colleague Marco Wanderwitz from his parliamentary group, Missfelder wanted to view the extensive German gold stocks on site. In a letter Bundesbank Board Member Carl-Ludwig Thiele informed them that the French central bank does not have appropriate premises for visits. The same applies to the Bank of England in London. |
| Turkish gold trade to Iran booms via Dubai Posted: 24 Oct 2012 03:13 AM PDT  To see one of Iran's financial lifelines at work, pay a visit to Istanbul's Ataturk International Airport and find a gate for a flight to Dubai. Couriers carrying millions of dollars worth of gold bullion in their luggage have been flying from Istanbul to Dubai, where the gold is shipped on to Iran, according to industry sources with knowledge of the business. The sums involved are enormous. Official Turkish trade data suggests nearly $2 billion worth of gold was sent to Dubai on behalf of Iranian buyers in August. The shipments help Tehran manage its finances in the face of Western financial sanctions. |
| Gold Fields Fires 8,500 Striking Workers at KDC East Mine Posted: 24 Oct 2012 03:13 AM PDT  Gold Fields Ltd., the world's fourth-biggest gold producer, said it fired 8,500 striking workers at its KDC East mine in South Africa after they failed to heed an ultimatum to return to work. The fired workers can appeal, Willie Jacobsz, a company spokesman, said in a phone interview today. Illegal mining strikes began in South Africa at Lonmin Plc's Marikana platinum mine on Aug. 10 and have spread to gold, iron ore and chrome mines as workers bypassed labor unions to demand higher pay. |
| Gold and Silver Market morning, October 24, 2012 Posted: 24 Oct 2012 03:00 AM PDT |
| Barnone: Where I think Silver is headed for the rest of this year. Posted: 24 Oct 2012 02:25 AM PDT Where I think Silver is headed for the rest of this year. Remember everyone… THINK LOOOOOONG TERM….. from barnone11967: ~TVR |
| Street: The SILVER Battle at $31 Posted: 24 Oct 2012 02:24 AM PDT The battle in the silver market at 31 dollars has begun. Will the line at 31 dollars hold? from streetmoney21: ~TVR |
| Gold Roundtable: Doc & Turd Posted: 24 Oct 2012 02:23 AM PDT In this podcast from altinvestorshangout: ~TVR |
| Technicals: Silver Up Trend Alert Posted: 24 Oct 2012 02:21 AM PDT Technicals: Silver Up Trend Alert ~TVR |
| John Williams: “It Is Only a Matter of Time” Posted: 24 Oct 2012 02:13 AM PDT John Williams of Shadowstats.com contends there is 12 trillion in liquid dollar assets held outside the U.S. Williams says it is only a matter of time before all the Fed money printing will "trigger a sell-off . . . and that will provide the early start of the hyperinflation." from usawatchdog: You think the U.S. is better off today than it was in the last meltdown? Not according to Williams, he thinks, ". . . things have gotten a lot worse." Join Greg Hunter of USAWatchdog.com as he goes One-on-One with economist John Williams. ~TVR |
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