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- TF Metals Report: Comex gold futures market is hopelessly broken
- Indians imported 863 tons of gold last year, contributing to a high trade deficit
- Gold Market Report: Fed’s Announcement
- Gold And Silver – Fed Taper? Never! Never, Never, Ever.
- Hudbay Minerals Is A Fair Value With Plenty Of Upside.
- [KR500] Keiser Report: Crimes & Cracks of Capitalism
- Hopelessly Broken
- GLD - Still no Interest from Western Investors
| TF Metals Report: Comex gold futures market is hopelessly broken Posted: 21 Sep 2013 04:02 PM PDT GATA |
| Indians imported 863 tons of gold last year, contributing to a high trade deficit Posted: 21 Sep 2013 03:17 PM PDT
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| Gold Market Report: Fed’s Announcement Posted: 21 Sep 2013 01:59 PM PDT by Alasdair Macleod
Tapering is now expected to be postponed, and the December FOMC meeting has been mentioned as the likely timing. However, there is never a good time to tighten on money supply unless the economy is over-heating, and September was probably the last reasonable opportunity. Why? Assume the economy recovers a bit more and is on a sounder footing in three months' time. Is that going to be the time for the Fed to jeopardise the recovery by tightening? |
| Gold And Silver – Fed Taper? Never! Never, Never, Ever. Posted: 21 Sep 2013 01:51 PM PDT The proverbial handwriting has been on the wall for quite some time. Lying Ben Bernocchio just sealed the fate of the already doomed fiat Federal Reserve Note, aka the "dollar," along with the financial well-being of most unsuspecting Americans who will be unprepared for what is going to happen, at some point and with certainty. Collapse. The Fed announcement not to taper was a "surprise" to all mainstream media talking heads[less], who must tow the Party line or join the growing millions of other Americans out of a job. Without the faux fiat injections into the stock market, it would collapse, as it inevitably will, anyway. Those in that market should be prepared for the worst for the worst will happen. If the Fed were to taper, it would immediately burst the largest financial bubble ever created by central bankers, all under the aegis of abetting Western governments. Rather than burst the bubble and be held accountable, the Fed will keep feeding the financial tapeworm until the host Western world is utterly consumed. How many companies are there actually showing earnings? It must be closer to none than to 100. Yet, the stock market made new all time highs this past week. With zero percent interest rates, all older savers dependent upon interest returns during their retirement years have none. They are, and have been getting financially screwed, while bankers have been handsomely rewarded with huge bonuses. No outrage, however. All pension funds are under the same duress. The ultimate victim[s] is all of America as Ben and the Boyz steal what remaining "wealth" is available through their fiat Ponzi scheme, in place ever since the Federal Reserve Act of 23 December 1913. We are all trapped in this ultimate Weimar-type bubble created by central bankers using exactly the same banking system in place under the Weimar Republic. Details are of no consequence because they have been known for decades and ignored all throughout. Who are some the beneficiaries of all this future trauma and trouble? Those who own and personally hold physical gold and silver. No paper promises, which are ultimately IOUs, and when push comes to shove, which it surely will, good luck trying to collect on them. If the M F Global theft does not resonate with any paper holders, then nothing will. Do not believe that the Fed will taper. In all likelihood, the Fed will increase, not taper. When you see that happen, there is no more cover for all the lies being sold in America. You have to know that when the ultimate central planner player, Larry Summers, opts out of the job of his life, it tells you that the replacement for Lying Ben is being set up to take the fall. All Western banks are insolvent, all Western governments are insolvent, and almost all of the Western population remains ignorant. The Nobel Peace Prize winner has been pushing hard for starting another war. Who stepped in to stop war in Syria, and most likely triggering a greater war conflagration? Putin, of so-called "Evil" Russia, [in the minds of too many Americans unable to think for themselves]. It is never about what the government-controlled media wants Americans to "think." Why does Obomba want war? To save a few hundred Syrians from chemical warfare, the same US renown for using Agent Orange in Viet Nam, among chemical use in other wars, as well? It is not about saving Syrians. It is about preventing Russia from building a natural gas pipeline through Syria. Once that happens, and it will, the United States becomes even more irrelevant on the world stage than it already is. With a natural gas pipeline, Russia controls the energy Europe needs to stay warm during the cold winters. Why do you think Britain all of a sudden backed off from backing Obomba from bombing Syria? The United States has slipped into third world conditions already, as the country continues to decline. But not to worry Americans, the debt ceiling will be raised once again as the added debt will eventually raze the country even more. The war-like US president was Put-in his place by the rest of the world, tired of this country starting wars in the Middle East, and tired of the US exporting its toxic Treasury Bonds to the rest of the world. No one else want to buy US bonds. Despite Lying Ben testify under oath in front of [a puppet] Congress that the Fed would not monetize the US debt, that is exactly what he has been doing. The Fed is the only buyer left willing to buy US-issued debt. The Ponzi bubble is bigger than most can imagine. What Western central planners have been doing is suppressing gold and silver in order to keep their sorry lives alive. In the process, the destruction of people's financial well- being is unabated. Look at Greece. Look at Cyprus, Ireland, Spain. India is now under the fiat-gun and suffering. All of these countries are but symptoms of unchecked, forced, government-issued fiat debt. If you want to know why the fundamentals and unprecedented demand for gold and silver has failed to follow the natural law of supply and demand, it is because both have been unnaturally treated by central bankers. The metals are anathema to the issuance of paper fiat, and competition must be eliminated, at all costs. The world of central bankers is bursting at the seams as more and more people are unwilling to bow to the pressures of oppressive governments. This is why the likes of Julian Assange, Edward Snowden and all other whistleblowers are being tracked down like animals, to keep the truth from the governed. From Leonard Cohen's Anthem, "There is a crack in everything. That's how the light gets in." The greatest antidote to government-issued fiat has always been gold, and silver to a lesser extent but becoming as important a financial safe harbor. Last week, we wrote about reliance on Fundamentals vs Charts, [http://bit.ly/1eQNE4P], and it was stated that all the very glowing fundamental news has not produced the positive results almost all in the PMs community have been anticipating. The Charts clearly told the opposite "story." [Computer issues precluded some from having last week's comments available, so use the link if you missed it.] The charts speak. [Central planners are too dumb to know charts shine a light on them]. Gold and silver may ultimately head higher, [and higher and higher], but for now, charts say not yet. Still NMT, [Needs More Time]. We will always advocate the continual buying and holding of the physical metal, [silver, too], for the above opinion should be akin to Paul Revere's ride through every Middlesex village and farm, alerting everyone that the British were coming, and the American Revolution got underway. "The Central Bankers are here!" Buy gold and silver! As long as the paper futures market remains "viable," at least until the COMEX acknowledges there is no more gold and silver available for delivery, as will be the case, we use them as a "looking-glass" for immediate price determination. The weekly trend is down. There remains bearish spacing and no indication of a change in this status. A 50% correction of the last swing low to swing high is 1297, and price has yet to close under that level. It is just a guide and not an absolute, and it tells us of relative strength or weakness should it hold or fail to hold.
The chart comments are self-explanatory. Where it says, "Charts do not lie," you can see a small range bar, [lack of demand ending the rally], with a poor close, and it occurred at the late May, early June last swing high, a potential future resistance, as it turned out to be. A clinical read of the chart would say to be a seller. A PM mentality and awareness of the fiat failings makes it a harder choice. We are all subject to subjective beliefs which are sometimes at odds with the reality of what factual information a chart conveys. We were not sellers, but it goes to show how reliable this source is. As a then read, three bars ago, intra day activity signaled a buy, prior to the "No Taper" tale, and price shot up relentlessly for the balance of the day. Next day was a small range bar, not unlike the one at the end of August, that signaled a sell, and we opted to sell out longs for that reason. Luck often happens when one is prepared. Half the position was repurchased at 1352 on Friday, at what looked like a potential stopping area that was not, and price eventually sold lower. Unless the position is stopped out for a loss, we will look to add to it, if marketactivity so determines. The Wednesday high volume bar is more likely short-covering, as opposed to new demand.
The weekly gap was erased on the gold chart, but it remains in play in silver. After the previous week's wide range sell off, last week's low was relatively minimal, and that could be an indication of buyers meeting the effort of sellers. Next week's activity will clarify the picture more.
The larger box captures current support/resistance. Buyers have a slight edge over sellers, but the onus is on buyers to make a statement, by moving price higher, or sellers will keep what marginal control they have, for now. It is not shown on the chart, but we also bought silver futures near the low, Wednesday, opted to sell half the position, next day.
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| Hudbay Minerals Is A Fair Value With Plenty Of Upside. Posted: 21 Sep 2013 01:45 PM PDT Summary During its 85 years of mining history Hudbay (HBM) has developed 23 mines in Canada. Presently the company is in a transition phase again. The present article summarizes our valuation of the company and shows the influence of metal prices on our results. The Company Hudbay produces a diversified mix of metals including copper (46% of reserves and resources), zinc (19%), gold and silver (24%), molybdenum (6%) and lead (5%). The company specializes in exploiting VMS and porphyry deposits. The down-turn in the resource sector as a whole has also left its mark on Hudbay's balance sheet. This year's second quarterly report showed a $52.7M loss and the company announced cost cutting measures to counteract this trend. These measures also included a reduction of the semi-annual dividend from $0.10 to $0.01 per share. Ouch. The company has listings on Toronto, New York and Lima |
| [KR500] Keiser Report: Crimes & Cracks of Capitalism Posted: 21 Sep 2013 10:49 AM PDT We discuss what the economy and financial sector look like five hundred episodes later. They find an economy where the wealth and income gap is the highest ever, median income has collapsed and the mainstream media alleges the government is ‘assaulting’ JP Morgan with all the fines for the bank’s many criminal activities. In the second half, Max interviews Professor Steve Keen about banking and leverage five years after the collapse of Lehman Brothers. |
| Posted: 21 Sep 2013 10:14 AM PDT The "markets" for precious metals have become a farce. That gold and silver...TRUE, SOUND AND UNIVERSAL MONEY...continue to be valued at the whims of computer trading on The Comex is a disgrace and a complete sham. |
| GLD - Still no Interest from Western Investors Posted: 21 Sep 2013 09:05 AM PDT One of the points I have been making about gold is that its recent gains at the Comex have been primarily driven by short covering by large hedge funds and not by the influx of fresh investment demand coming from this same group. Whether we like it or not, the main driver of our modern markets is this hedge fund community. It is their buying and selling which moves the markets. Once upon a time the big 800 pound gorilla in the commodity markets was the Commercial category. Not any more - while the Commercials are always a force to be reckoned with, as they are generally on the opposite side of the trade from the hedge funds - these Hedge Funds are now the big boys on the block. Ignore them at your own peril. That being said, those guys are paper pushers. They LOVE paper; they ADORE paper; they DREAM paper. In other words, they are not the least bit interested in obtaining physical supplies of much of anything as most of them are not set up for storage and other associated costs. This is one of the reasons they love the paper gold ETF's. They can flex their financial muscles and buy boatloads of these investment vehicles when it suits them or when it does not suit them, sell boatloads of the same. What troubles me about gold right now is the lack of interest on their part to own the paper gold ETF, the largest being the SPDR Gold ETF or GLD. Take a look at the following chart of the reported gold holdings of this enormous ETF. I have posted this chart before on my site here to demonstrate the lack of investment demand coming from the West in regards to gold. Yes, gold demand is very strong in Asia but gold needs this Western investment demand IF IT IS TO TREND HIGHER. It is NOT GETTING THAT. That is a problem if you are a bull. Even with the recent announcement by the FOMC that the Tapering option is supposedly off the table for a while longer, it seems as if GLD is not attracting any new strong inflows of money. The tonnage is noted on the left hand side of the chart. Notice that it continues to hover near the 900 ton level and has not been able to climb back above the 1000 ton level for some time now. It might be stabilizing here but the jury is still out. I am not sure when this will change but change it must if we are going to see gold embark on a new leg higher.  |
The big event for all markets was the Fed's announcement on Wednesday that there would be no taper. Before that gold and silver had continued their drift downwards making a mockery of chart support levels, with gold bottoming out at $1292 and silver at $21.22. The turnaround after the FOMC announcement was worth over 5% on the gold price and 9% on silver in just a few hours. And the fact that these new higher levels broadly held after the initial spike is encouraging.
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