Gold World News Flash |
- Forbes Pulls Down China Hoax Story; Even As Dennis Gartman Is Completely Fooled
- London afternoon currency spikes subside under regulators' glare
- Forecast 2014: The CAPEs of Hope
- How stands the campaign to expose gold market manipulation?
- Why the US Cannot Be Saved
- Silver Update 1/21/14 Global Vampires
- China Halts All Bank Transfers for 3 Days?
- Citi Warns The Greatest Monetary Experiment In The History Of The World Is Being Wound Down
- Australian law provides for gold confiscation -- and it's not unique
- What Blows Up First? Part 3: Subprime Countries
- Weekly Sentiment Report: Is This the End?
- Gold Hits $1280 As Stocks Edge Lower Despite Small Carry-Trade Rebound
- Nu Yu’s Market SectorTA Weekly Update – 26th January, 2014A Sharp Decline after a Rising Ending Diagonal
- Gold Market Update
- Gold Market Update
- Silver Market Update
- Have the Central Banks Run Out of Tricks?!?!?
- Russia's Growing Military Power
- Comex Gold Potential Claims Per Deliverable Ounces Rise to 112 to 1
- Regulators probe currency benchmarks and frontrunning by Bank of America
- China's weekly gold offtake again exceeds world mine production, Koos Jansen reports
- Gold and Silver Confiscation? It’s Written In The Law
| Forbes Pulls Down China Hoax Story; Even As Dennis Gartman Is Completely Fooled Posted: 26 Jan 2014 09:53 PM PST Earlier, we debunked an alarmist Forbes story about halted cash transfer by PBOC decree, which was erroneous along various lines all explained previously, not in the least that the actual announcement had first appeared some three weeks ago. And despite the kneejerk reaction of some of our more fatalist readers and not to mention the general public, the reality is that China has more than enough real problems and certainly does not need to add imaginary, made up ones, conceived only with the intention of generating conflated ad revenues through click-baiting headlines. Which is why we commend Forbes for, better late than never, pulling the story even without providing an explanation of how this story appeared in the first place. Because where the article once was, there is only a 4-0-Forbes now:
Perhaps it is not too late for Forbes to salvage some credibility. One person whose credibility, however, was already so deep down the drain that tonight's incident barely made a dent, was Dennis Gartman, who made an impromptu appearance on CNBC China (gotta keep collecting those $200/appearance checks: after all someone's gotta pay the bills) and extolled the virtues of the now 404'ed Forbes article, preaching fire and brimstone to the 5 or so people who may have been interested in his ramblings. To wit: "The news out of China, that they have suspended remittances of Renminbi, is even more important than the news out of the emerging markets last week...." And so on, spinning an entire market impact thesis based on a fake story. Oh well, gotta work all night to rewrite your entire Monday newsletter, Dennis. In retrospect, had we known Gartman endorsed this story earlier, we would have known it was a fake from the beginning. Meanwhile, the real story regarding China, the one we broke and explained on the 16th, is only gathering steam, following an official statement from the S&P's Liao who said that there is "no legal ground for ICBC to take responsibility" adding that "a bailout could risk a shareholder lawsuit." He observed that Trust Equals Gold acts much like a bond, and a "default would raise funding costs", but is unlikely to trigger a liquidity shock for the entire system, and is "unlikely to undermine the whole banking system." Luckily, it's not like S&P has been wrong before... |
| London afternoon currency spikes subside under regulators' glare Posted: 26 Jan 2014 09:24 PM PST By Liam Vaughan and Gavin Finch http://www.bloomberg.com/news/2014-01-27/london-afternoon-currency-spike... Trading is changing in the minutes before currency benchmarks are set as regulators shine a light for the first time on alleged misconduct in the $5.3 trillion-a-day foreign-exchange market. Sudden fluctuations in exchange rates ahead of the 4 p.m. London close, cited by market participants as indicative of potential manipulation, have become rarer and less pronounced in the past six months, according to data compiled by Bloomberg. The shift reflects an industry in flux as authorities on three continents examine instant messages and phone records for evidence of collusion and senior traders are suspended or fired. Banks including Citigroup Inc. and UBS AG have curbed the use of chat rooms, and some investors are shunning the WM/Reuters benchmarks set at the close that are now the subject of probes. ... Dispatch continues below ... ADVERTISEMENT A Personal Touch in Buying Precious Metals If you've not secured your allocation of precious metals and numismatic coins, 2014 may be the last year to get them at affordable and undervalued prices. With huge amounts of gold leaving the West for Asia, the future availability of precious metals is very much in doubt. All Pro Gold has competitive pricing on all bullion and numismatic products -- and offers prompt delivery too. Long-time GATA supporters Fred Goldstein and Tim Murphy are glad to answer any questions or concerns about acquiring the monetary metals. All Pro Gold has an extensive electronic library of articles from the world's top market analysts. Learn more at www.allprogold.com or write to Fred and Tim at info@allprogold.com or telephone them at 1-855-377-4653. "Wherever we are in a position to do so, we are moving away from trading at the WM/Reuters rates," said Jasper Steger, treasurer at Dutch fund manager MN Services NV based in The Hague, which manages about 85 billion euros ($116 billion). "Clients see the news reports and want to know what we are doing about it. We need to respond to that." Investigators from Switzerland to Hong Kong are probing currency markets after Bloomberg News reported in June that dealers said they shared information on client orders with counterparts at other banks and timed trades to influence prices at the close. The 4 p.m. benchmark, known as the fix, is used by managers of $3.6 trillion of funds that track international indexes. At the center of the inquiries are instant-message groups with names such as "The Cartel," "The Bandits' Club" and "The Mafia." The probes come at a time when currency dealers are battling shrinking margins and increased competition. While trading reached a record high last year, the banks' share of that business is being eaten into by institutional investors, hedge funds and high-frequency trading firms. The biggest dealers had a 39 percent market share last year, down from 53 percent in 2004 and 63 percent in 1998, according to Bank for International Settlements data. Years of record-low interest rates are squeezing profits, which are also being eroded by the rise of electronic-trading platforms. Bloomberg News first reported in August that trading patterns in the 30 minutes before the fix on the last working day of the month, when funds that track indexes typically transact most, exhibited one-way price surges. Spikes of at least 0.2 percent for 14 currency pairs were found 31 percent of the time over a two-year period from July 2011 through June 2013, data compiled by Bloomberg show. To qualify, the moves had to be one of the three largest of the day for that pair and have reversed by at least 50 percent within four hours. Since June, the surges have been less frequent. From July through the end of December, qualifying jumps on the last working day of the month occurred only 10 percent of the time. For several currency pairs, including U.S. dollar to Japanese yen and U.S. dollar to Canadian dollar, spikes have disappeared altogether. In dollar-euro, the most widely traded pair, the frequency has fallen to 17 percent from 50 percent on the same six days in 2012. Some spikes ahead of the fix are inevitable because a large volume of business at that time comes from tracker funds balancing portfolios to reflect stock-market movements, according to two senior currency traders who asked not to be named while an investigation is active. Even so, such frequent and dramatic moves are unexpected and may occur because dealers are sharing information about what trades will be made during the window when the benchmark rates are set, according to Rosa Abrantes-Metz, a professor at New York University's Stern School of Business who advises the European Commission and the World Bank on market rigging. One possible reason for the decline is that traders are now executing large orders over a longer period of time using computer algorithms, rather than pushing them through at the fix manually, according to David Woolcock, chairman of the committee for professionalism at ACI, a Paris-based group representing 13,000 currency and money-market traders in 60 countries. Diminished price fluctuation also may be contributing to the drop, according to one former trader who asked not to be identified. Deutsche Bank AG (DBK)'s Currency Volatility Index, which measures the market's expectation of future price swings for nine currency pairs, slumped to 8.36 percent on Dec. 31 from 10.61 percent on June 28. That's a 21 percent drop. It was as high as 15.8 percent in September 2011. For Abrantes-Metz, the changes have more to do with the behavior of markets. "There is strong evidence to suggest that when news becomes public about something wrong in a market, such as collusion, there is immediate and often permanent change in market outcomes," said Abrantes-Metz, whose 2008 paper "Libor Manipulation" helped spark a global probe of attempted rigging of interbank borrowing rates. "What you are finding seems to be consistent with this evidence." If it lasts, lower volatility at the fix could reduce transaction costs for tracker funds that use WM/Reuters rates. Trading at the close instead of a daily weighted average could erase 5 percentage points of performance annually for a fund tracking the MSCI World Index, according to a May 2010 report by Paul Aston, then an analyst at Morgan Stanley. WM/Reuters rates, based on a median of trades during a one-minute period beginning 30 seconds before 4 p.m., are collected and distributed by World Markets Co., a unit of Boston-based State Street Corp., and Thomson Reuters Corp. Bloomberg LP, the parent company of Bloomberg News, competes with Thomson Reuters in providing news, information and currency-trading systems. "WM continually reviews recommended methodology and policies in order to ensure that industry best practices are considered," State Street said in a statement. A spokesman for Thomson Reuters didn't return messages left on his mobile and work phones. The U.S. Department of Justice, the U.K.'s Financial Conduct Authority and the Swiss Competition Commission are among agencies that began formal probes into currency rate-rigging in October. Since then, at least 17 traders have been fired, suspended or placed on leave at firms including Deutsche Bank, JPMorgan Chase & Co. and HSBC Holdings Plc. That's been disruptive, according to a fund manager at one of the world's five largest investment firms, who said there was a lack of experience in the market now that many chief dealers aren't around. While pricing and liquidity haven't been affected, the individuals executing trades might not be as proficient in managing risk, said the manager, who asked not to be named because of the probes. Banks also are overhauling rules governing how traders execute client orders and communicate ahead of benchmarks. Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc, UBS, JPMorgan and Citigroup banned employees from taking part in chat rooms involving other banks. The move put an end to the multi-dealer conversations used by traders to agree on transactions, share gossip and exchange tips on business flows. Spokesmen for HSBC, Citigroup, Deutsche Bank, JPMorgan, Barclays, UBS and Goldman Sachs declined to comment. While traders are prohibited from discussing specific client orders with counterparts at other firms, they have in the past been free to talk about potential transactions that may move prices -- known in the market as providing "color." Two bank employees interviewed by Bloomberg News said the probes had created such a sense of paranoia about what they could and couldn't discuss that they were now avoiding having any discussions about client flows. That caution has spread to conversations traders have with their clients, the dealers said. "Several of the banks we deal with are telling us, 'We're not going to show our book anymore, we're not in a position to do that while there are investigations going on,'" said MN Services' Steger. "They're disclosing less information about upcoming flows at the fix." Foreign-exchange sales employees at RBS (RBS) in London have written to clients pledging that traders at the bank won't share details of their orders or use them to make proprietary bets, according to an Oct. 23 e-mail read to Bloomberg News. "We are currently considering processes around the benchmark service," Sarah Small, a spokeswoman at RBS, said in a statement. "The e-mail does not reflect final policy and we have clarified this with our clients." Some investors are taking the investigations as a cue to move away from trading at the WM/Reuters rates. Seattle-based Russell Investments Group, which buys and sells currencies for its own funds and other institutional investors, is advising its clients to avoid the fix where possible, according to Michael DuCharme, head of foreign-exchange strategy. Steger at MN Services, which trades about 200 billion euros of currency a year, said his firm no longer was using benchmarks when buying and selling securities. The rates were still suitable for amending rolling currency hedges, he said. At a meeting of the ACI last week in London, senior traders and investors said they detected a drop in business being transacted at the fix, according to Woolcock. Investors aren't placing as many orders, and banks are "probably a little bit more wary at the moment of taking very large orders for the fix," he said. Unlike sales of stocks and bonds, which are regulated by government agencies, spot foreign exchange -- the buying and selling for immediate delivery as opposed to some future date -- isn't considered an investment product and isn't subject to specific rules. Instead, banks sign on to voluntary codes of conduct, which outline best practices and standards. At the November meeting of the Federal Reserve Bank of New York's foreign-exchange committee, bank executives said the probe probably would result in changes in the way traders are taught to handle client orders. ACI also is looking into amending its code of conduct to include guidelines for trading around fixes, Woolcock said. For some money managers, the changes in practices are too little, too late. "I find it shocking that some professional investors seem uninterested in this matter," Russell Investments' DuCharme, said in a telephone interview. "If one knows there's a problem, persisting in the behavior is surprising, especially if these investors have a fiduciary duty to act in their clients' best interests." Join GATA here: Mines and Money Hong Kong http://www.minesandmoney.com/hongkong/ * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Jim Sinclair plans seminar in Austin Gold advocate and mining entrepreneur Jim Sinclair will hold his next market seminar from 2 to 6 p.m. Saturday, February 8, at the Austin, Texas, Airport Hilton. Advance registration is required. Details for the Austin seminar are posted at JSMineSet.com here: http://www.jsmineset.com/2014/01/02/austin-texas-qa-session-confirmed/ |
| Forecast 2014: The CAPEs of Hope Posted: 26 Jan 2014 08:20 PM PST by John Mauldin, Gold Seek:
So not only do warm and cold pressure systems converge to create raging tempests, but the underwater topography – together with surging waves from the Indian and Atlantic Oceans and fierce winds from the west – frequently gives rise to rogue waves over 80 feet tall, capable of sinking even the largest supertankers and container ships. |
| How stands the campaign to expose gold market manipulation? Posted: 26 Jan 2014 08:18 PM PST 11:52p ET Sunday, January 26, 2014 Dear Friend of GATA and Gold: For some years now people in GATA crowd have remarked to each other that gold market manipulation by central banks and their bullion bank agents couldn't get more obvious -- only to be proved wrong the next day. Unnerving as this can be, at least lately we have had the consolation that more people are catching on. Over the last year manipulation of most markets has been almost taken for granted, and manipulation of the gold and silver markets now is being discussed in places that recently were dismissing such complaints with ridicule or even contempt. Most notable in this regard is Friday's commentary in the Financial Times about the fraud of "paper gold": http://www.gata.org/node/13562 Your secretary/treasurer long has been bringing documentation of monetary metals market manipulation -- http://www.gata.org/taxonomy/term/21 -- to the attention of FT journalists and those at other major financial news organizations, achieving little success, and your secretary/treasurer has no idea how this particular FT writer came to the gold fraud issue, since he is not among the journalists GATA has been hectoring. So maybe that's a good sign too. As GATA board member Ed Steer observes, that FT writer isn't the only financial journalist who knows the score about the gold market; everyone at the FT knows now. That particularly journalist is just the only one at a major financial news organization who has managed to tell about it. And now that the issue has exploded in the FT, surely many financial journalists who have not known about gold market manipulation know something. ... Dispatch continues below ... ADVERTISEMENT Buy metals at GoldMoney and enjoy international storage GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit: http://www.goldmoney.com/?gmrefcode=gata So exactly how does GATA stand with its issue now? It has been a long time since our premise has been seriously disputed. Yes, there are the occasional sneers from Doug Casey of Casey Research, Jeff Christian of the metals consultancy CPM Group, and bloggers like Mish Shedlock, but, as the old philosopher asked rhetorically, "Who can refute a sneer?" Those guys never address the evidence; they offer only their ideologies or claims to omniscience. It would be wonderful if they engaged with the documents, arguing that the documents have been misconstrued or even that they are forgeries. It would be more wonderful still if those guys tried putting a specific and inconvenient critical question to a central bank about its activity in the gold market, as GATA often has done. For example, is the Bank for International Settlements really not intervening in the gold market every day on behalf of its central bank members and really not even offering to arrange secret gold market interventions for them?: http://www.gata.org/node/12717 http://www.gata.org/node/11012 Is the Banque de France really not trading gold for its own account "nearly on a daily basis"?: http://www.gata.org/node/13373 Is the International Monetary Fund really not concealing the gold swaps and leases of its members to facilitate their surreptitious interventions in the gold and currency markets?: http://www.gata.org/node/12016 Is the Federal Reserve really not concealing most of its gold records?: But persuading Casey, Christian, Shedlock, and those who can only sneer is not GATA's objective; satisfying as persuading them might be, it would accomplish little for the liberation of the gold market. Along with financial news organizations, GATA's more prospective targets are 1) governments and central banks that might aspire to some sovereignty over their own economic affairs; 2) the gold and silver mining industry, which has yet to mobilize to defend itself; and, of course, 3) ordinary investors. The industry may be the toughest target, as it seems to consider itself almost as omniscient as Casey, Christian, and Shedlock consider themselves. For example, two months ago your secretary/treasurer sent a letter by international express mail to the chief executive officer of Goldcorp, which may be the biggest gold mining company in the world by market capitalization, asking if a GATA delegation might visit his office in Vancouver to make a brief presentation while the delegation was attending the Vancouver Resource Investment Conference. The letter included a copy of one of the incriminating IMF documents cited above and invited an easy response by e-mail. But predictably enough there was no acknowledgment at all. Apparently even "No, thanks" typed by a secretary into an e-mail window required more courtesy than Goldcorp's CEO could spare. Even a "Go screw yourself" would have been more courteous and welcome. Such conduct may win points for Goldcorp from its bankers, like JPMorganChase and HSBC -- http://goldcorp.com/default.aspx?SectionId=10c11b86-a3a4-41d5-a716-0796f... -- key players in the monetary metals price suppression scheme, but maybe not so many points from the company's shareholders, who may wonder about the company's fiduciary duty to them. But GATA presses on and as we do it may be good not to get bogged down in details here and there. Whether the gold of Germany's Bundesbank really remains at the Federal Reserve Bank of New York and the Banque de France is an exciting question, and the inability of those central banks to account convincingly for the gold is indeed evidence that at least one of them has done something for which it doesn't want to account. But that's largely speculation, and while speculation can be fun and sometimes useful, we don't need it when we have the documentation. For what we have here is not what those who merely sneer call "conspiracy theory"; it is ordinary research, fact finding. Applied to gold this remains, unfortunately, even rarer than the metal itself. CHRIS POWELL, Secretary/Treasurer Join GATA here: Mines and Money Hong Kong http://www.minesandmoney.com/hongkong/ * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT How to profit with silver -- Future Money Trends is offering a special 16-page silver report with profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million. Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets. To learn about this report, please visit: http://www.futuremoneytrends.com/index.php?option=com_content&id=376&tmp... |
| Posted: 26 Jan 2014 08:00 PM PST by Dave Hodges, The Common Sense Show:
The people of Iceland have more courage in their little finger than America has in its entire being. Iceland's financial failure forced its government to resign or be removed, and it also caused citizens to re-evaluate the merits of their reckless spending, borrowing and consumption. Just how did Iceland do it? Iceland's President Olafur Ragnar Grimmson was interviewed earlier this year at the World Economic Forum in Davos on why Iceland has enjoyed such a strong recovery after it's complete financial collapse in 2008, while the rest of the West is still mired in debt, poverty and hopelessness to go with empty promises of an economic recovery. |
| Silver Update 1/21/14 Global Vampires Posted: 26 Jan 2014 07:55 PM PST from BrotherJohnF: |
| China Halts All Bank Transfers for 3 Days? Posted: 26 Jan 2014 07:06 PM PST UPDATE: China Compass is stating its only related to the Chinese New Year and the Forbes writer jumped the gun. According to Citibank China Customer Service, the bank is conducting a routine system upgrade over the first few days of the upcoming New Year bank holiday. System maintenance of this sort has occurred several times in the past. The PBOC has not—repeat not—asked Citibank to stop customers from wiring funds. Customers can still log on to their account to put in fund transfer requests at any time. The receiving bank (non-Citibank) will process the funds to be transferred on the next business day, as it always does. Because of the Lunar New Year break, the next business day is Friday Feb. 7. This is no different from the practice of banks throughout the world. Chang’s understanding of Chinese culture evidently does not extend to the timing of bank holidays. from Silver Doctors:
A notice of the People's Bank of China's actions appears on the online portal for Citigroup's Citibank unit for its China customers: |
| Citi Warns The Greatest Monetary Experiment In The History Of The World Is Being Wound Down Posted: 26 Jan 2014 07:02 PM PST As Citi's Tom Fitzpatrick, a number of local market currencies are increasingly coming under pressure and look likely to fall even further. Whether this will turn into a dynamic as severe as 1997-1998 in unclear; however, at minimum Citi believes the “change in course” by the Fed in December (guided since May) has become a “game changer” for the EM World. The greatest monetary experiment in the history of the World is being wound down. In a globally interlinked economy it would be “naïve” to believe that the big beneficiaries of this “monetary excess” in recent years would be immune to the “punch bowl” no longer being refilled constantly.
Via Citi FX Technicals, A look at some Subemerging currencies of interest. There are a number of local market currencies that are increasingly coming under pressure and look likely to fall even further:
USDBRL long term chart continues to look ominous. (BRL is 33% of the LACI)
The uptrend in USDBRL that began off the double bottom formed in 2011(As the 2008 low held) has continued to develop steadily with a series of higher highs and higher lows. Each new high (including the last one at 2.4550) has tended to result in a retracement back to test and hold the prior high. If this trend is to continue (which we think it will) we would expect to see a successful break above that August 2013 high at 2.45 (possibly even within the next month) en route to a test of the major 2.62 resistance level. This is the major high from December 2008 and a decisive break above would complete the long term double bottom. The target on such a development would be for a move towards 3.70 in the medium term USDMXN starting to break out (MXN is 33% of the LACI)
USDMXN has clearly broken out of the triangle consolidation in place for most of the 2nd half of 2013.It did so while completing a bullish outside week last week after seeing strong support hold in recent months at the converged 55 and 200 week moving averages.(12.75-12.78) It seems only a matter of time before pivotal resistance at 13.46-13.47 is likely to be tested. A successful breach of this range should open up the way for further gains with little resistance of note evident before the downward sloping trend line at 14.09. USDCLP now moving towards major resistance (CLP is 12% of the LACI)
Having broken through the 2011 highs at 535.75 USDCLP now looks set to rally further and test a whole range of resistance levels in the 551-556 range. A decisive close above this range would suggest continued gains with next good resistance met around 622 (Downward sloping trend line from 2003 and 2008 peaks. USDCOP attempting to complete a major double bottom (COP is 7% of the LACI)
A weekly close above the 1988 area would complete this formation and target a move as high as 2,200-2,225 Overall these 4 currencies make up 85% of the LACI (PEN is 5% and ARS 10%) suggesting further losses in this index are likely. LACI (Latin America currency index) has really only 1 support level left
Having only been created in 2004 we now find that the only support level of note left in this index is the 2009 low at 89.39.(Around 3.4% below here) We fully expect this level to be tested in the medium term and given the magnitude of moves possible in USDBRL, USDMXN, USDCLP and USDCOP new lifetime lows in this index are a distinct possibility. USDKRW- Forming a base? (KRW is 13% of the ADXY)
For the 3rd time since 2011 USDKRW has held good support around 1,048. It now looks to be forming a double bottom with a neckline at 1,163. A break above here would target as high as 1,275. Such a move, if seen, would complete an even bigger basing formation on a break of 1,208 that would suggest as high as 1,365-1,370 USDSGD testing good resistance (SGD is 10.27% of the ADXY)
Now testing good trend line and 200 week moving average resistance in the 1.27-1.28 area A break through here would suggest extended gains towards horizontal resistance in the 1.3200-50 range. A break above this latter range would open up the way for extended USD gains. USDTWD: Breaking good resistance (TWD is 5.11% of the ADXY)
Has broken decisively above the 200 week moving average for the first time since Sept. 2009 and also completed a very clear inverted head and shoulders and horizontal trend line break (see insert). The target for this move is at least 31.50 USDMYR: Re-testing the 2013 highs (MYR is 4.6% of the ADXY)
Having broken above good resistance around 3.21 (Double bottom neckline) USDMYR retraced back below and tested the 200 week moving average before rallying again. It regained the 3.21 level and is now re-testing the 2013 high at 3.3377. A break above here would put the double bottom well “back on track” and suggest a move to at least 3.48-3.50 again. USDIDR: End of a 15 year consolidation? (IDR is 2.69% of the ADXY)
USDIDR looks simply to have been treading water for the past 15 years with signs growing that it may be in danger of break out. A move above 13,000 would further support this view and suggest that the 1998 peak close to 17,000 could ultimately be tested again. USDPHP breaking out (PHP is 1.64% of the ADXY)
Having broken out of the 8 year downtrend in May 2013 USDPHP has now completed a well-defined inverted head and shoulders that suggests a move towards 49. In addition good resistance is met at 50.17 (2008 peak). A break through this latter level, if seen, would suggest continued gains to new all-time highs close to 60. The ADXY has started to move lower again in recent weeks
So far it remains comfortably above pivotal support in the 113.60-114.00 area. Only a break below this range would raise concerns about the potential for more extended losses in these Asian currencies. While the currencies above only make up about 38% of this index the HKD and CNY together make up 49%. Therefore it is likely that moves in the charts above would be instrumental in determining the direction of the ADXY. USDZAR looks like a long term breakout
We believe that USDZAR has now decisively broken out of a 12 year consolidation at the end of 2013. We would expect a quick move up to test the 11.87 highs seen in 2008 and thereafter the 13.84 highs seen in 2001. Ultimately we would not be surprised to see new all-time highs in the coming years. USDTRY: The sky is the limit
Like USDZAR, we believe we have broken up out of a 12+ year consolidation. However looking at the pace of USDTRY prior to that we have no idea how far this can go, but it looks to be a long way. As an initial level to watch, the inverted head and shoulders (see insert) targets the 2.60 area USDRUB testing a breakout point
USDRUB is testing the 2012 high at 34.14 and a break above there suggests a move towards 36.50, the converging 2009 high and channel top So overall in an environment of relative calm in the US Bond market in recent months the currencies above have continued to weaken albeit to different degrees. If this is as good as they can do with US Bond yields stable/drifting lower what does that suggest if and when bond yields start to push up again? We have focused previously on how the FX markets have traded in a similar path to that seen in the late 1980’s/late 1990’s...
We have no idea if this will turn into a dynamic as severe as 1997-1998 (This caused the Fed to back off its tightening bias in 1998 as EM markets got hit hard and LTCM went bankrupt as its convergence trades “blew up”. The US Equity market (S&P) fell over 20% in July-October 1998.) However, at minimum we believe the “change in course” by the Fed in December (guided since May) has become a “game changer” for the EM World. The greatest monetary experiment in the history of the World is being wound down. In a globally interlinked economy it would be “naïve” to believe that the big beneficiaries of this “monetary excess” in recent years would be immune to the “punch bowl” no longer being refilled constantly. |
| Australian law provides for gold confiscation -- and it's not unique Posted: 26 Jan 2014 06:36 PM PST 9:45p ET Sunday, January 26, 2014 Dear Friend of GATA and Gold: Writing tonight for The Market Oracle, Paul Behan notes that a mechanism for government confiscation of privately held gold is already explicitly part of the law in Australia. Behan's commentary is headlined "Gold and Silver Confiscation? It's Written In the Law" and it's posted at The Market Oracle here: http://www.marketoracle.co.uk/Article44126.html Six years ago the Perth Mint's Bron Suchecki noted as much at his Internet site, Gold Chat, but elaborated in detail about the law's nuances and the political circumstances likely to bear on any attempt to implement it. Suchecki commented astutely that any confiscation of gold by government probably would manifest itself as nationalization of mines, the sources of large amounts of gold, long before it got around to privately held metal. Suchecki's commentary was headlined "Australian Gold Confiscation" and it's posted here: http://goldchat.blogspot.com.au/2008/11/australian-gold-confiscation.htm... With some difficulty seven years ago GATA extracted an answer on the point from the U.S. Treasury Department, which replied that the U.S. government, upon proclamation of an emergency by the president, claims the power provided by statutes enacted in 1917 and 1977 to confiscate from the people not just gold and silver but any damn thing the government feels like confiscating: Since most U.S. citizens can't even spell gold and fewer still own it, such confiscation probably would not accomplish much, and certainly the rationale for the U.S. government's trying to confiscate gold as it did in 1933 evaporated long ago, gold then being a huge part of the country's official money stock and today constituting none of it. And yet if, as some observers suspect will happen, gold is restored to an official place in the international financial system, once again backing currencies directly or indirectly, gold held in the United States might become more vulnerable to confiscation. This is largely a political question that can't be answered with any assurance, and in the end, of course, liberty will belong only to those ready to put themselves at risk for it. But the worsening authoritarianism of governments in even nominally democratic countries may argue for diversification in the location of the vaulting of one's monetary metals. CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT How to profit with silver -- Future Money Trends is offering a special 16-page silver report with our forecast for 2013 that includes profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million. Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets. To learn about this report, please visit: http://www.futuremoneytrends.com/index.php?option=com_content&id=376&tmp... Join GATA here: Mines and Money Hong Kong http://www.minesandmoney.com/hongkong/ * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Buy metals at GoldMoney and enjoy international storage GoldMoney was established in 2001 by James and Geoff Turk and safeguards more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit: http://www.goldmoney.com/?gmrefcode=gata |
| What Blows Up First? Part 3: Subprime Countries Posted: 26 Jan 2014 05:21 PM PST One of the reasons that the rich countries’ excessive money creation hasn’t ignited a generalized inflation it that today's global economy is, well, global. When the Fed dumps trillions of dollars into the US banking system that liquidity is free to flow wherever it wants. And in the past few years it has chosen to flow to Brazil, China, Thailand, and the rest of the developing world. This tidal wave of hot money bid up asset prices and led emerging market governments and businesses to borrow a lot more than they would have otherwise. Like the recipients of subprime mortgages in 2006, they were seduced by easy money and fooled into placing bets that could only work out if the credit kept flowing forever. Then the Fed, spooked by nascent bubbles in equities and real estate, began to talk about scaling back money printing*. The hot money started flowing back into the US and out of the developing world. And again just like subprime mortgages, the most leveraged and/or badly managed emerging markets have begun to implode, threatening to pull down everyone else. A sampling of recent headlines: Contagion Spreads in Emerging Markets as Crises Grow Investors Flee Developing World Erosion of Argentine Peso Sends a Shudder Through Latin America The Entire World is Unraveling Before Our Eyes Chinese Debt Debacle Supports Soros’ 'Eerie’ Portrayal Venezuela Enacts "Law of Fair Prices" Argentina Returns to Villa Miseria Indian Rupee Falls to 2-Month Low; Joins Emerging Market Sell-Off Turkey's 'Embarrassing' Intervention Fails to Curb Lira Sell-Off Prudent Bear's Doug Noland as usual gets it exactly right in his most recent Credit Bubble Bulletin. Here are a few excerpts of a long piece that should be read by everyone who wants to understand the causes and implications of the emerging-market implosion:
The crucial point here is that this crisis is not a case of one or two little countries screwing up. It's everywhere, from Latin America to Asia to Eastern Europe. Each country's problems are unique, but virtually all can be traced back to the destabilizing effects of hot money created and released by rich countries attempting to export their debt problems to the rest of the world. ZIRP, QE and all the rest succeeded for a while in creating the illusion of recovery in the US, Europe and Japan, but now it’s blow-back time. The mess we've made in the subprime countries will, like the mortgages of the past decade, start moving from periphery to core. As Doug Noland notes:
To summarize: Last but not least, individuals and pension funds in the developed world have invested hundreds of billions of dollars in emerging market stock and bond funds, which are now looking like huge year-ahead losers. The global balance sheet, in short, is about to get a lot more fragile. So, just as pretty much everyone in the sound money community predicted, tapering will end sooner rather than later when a panicked Fed announces some kind of bigger and better shock-and-awe debt monetization plan. The European Central Bank, which actually shrank its balance sheet in 2013, will reverse course and start monetizing debt on a vast scale. As for Japan, who knows what they can get away with, since their government debt is, as a percentage of GDP, already twice that of the US. The real question is not whether more debt monetization is coming, but whether it will come soon enough to preserve the asset price bubbles that are right this minute being threatened by the emerging market implosion. If not, it really is 2008 all over again. * “Money printing” in this case refers to currency creation in all its forms, electronic and physical. |
| Weekly Sentiment Report: Is This the End? Posted: 26 Jan 2014 05:14 PM PST Is the end of the rally that has lifted the markets for the last 5 months? Or is it the just the end of the world as we know it? TactibalBeta offers Actionable Strategies on gold, equities, Treasury bonds and more. It is 100% FREE!! The "Mixed Signals" from 2 weeks ago, which morphed into last week's clues, must mean something this week as the markets had their worse day in 7 months on Friday. Oh my goodness, did you read that right? I don't think it means the end of the world as we know it but it might mean the end of the rally. But is it really this bad? If you bought the SP500 around Christmas time or anytime in the new year, your position is underwater just by a little. On the other hand, if you were dumb enough to believe the hype that the "all clear" signal had been sounded, then you deserve to be underwater and have a loss. For that matter, you shouldn't be playing in the markets at all. When I get a call from my mother 6 weeks ago about what she should do with the gold fund that had been left to her by my deceased father (and her husband) and if now would be a good time to put it in the stock market, then I know we have a top brewing. (Editor's note: we kept the gold fund.) Furthermore and as an aside, what is my 80 year old mother doing putting money in the stock market? When I get another call yesterday about the market "tanking", then I know I shouldn't worry too much. Yes, my mother used the word "tanking". "Tanking" could be used (but not really) in the context if you got into the markets 6 weeks ago, and it certainly cannot be used after the 30% run of last year. But let's be clear. I know my mother isn't doing her own investing, but I am sure the raging bull market must be the talk of all the retirees at the country club. I doubt the world will end as we know it (but it could happen), but it is more likely the rally will continue to struggle. This is another way of saying what I have been saying for the last 6 weeks: we are late in the rally and the trend should flatten out. Now we can add underwater investors to the mix. These are the investors who were late to the rally and are now saying to themselves, "Geez, I shouldn't have bought XYZ stock when Cramer told me so." Now these folks are worried (because they don't have a plan), and they will be sellers into any rally. They can't tolerate even a small loss; they have learned their lesson that the markets are hazardous to their financial health. They want out and will be sellers especially into a rally that trims their losses. This puts a cap to the upside. This market narrative, whatever it may be, is only starting to play out. There will be both bullish and bearish talk. I saw a bull headline today: "S.KOREA TO HOLD EMERGENCY MEETING ON JAN. 26 TO DISCUSS MARKETS". The investing mindset remains such that investors belief in the Federal Reserve or other central banks has yet to be shattered. I think that moment is a long ways off, and will coincide with a technical failure in the markets. So what do I mean by this? The markets will sell off at some point in the future and investor sentiment will turn bearish. We will become buyers when everyone else is bearish. The markets will lift like they do 80% of the time under such dynamics, and there might even be an announcement by the Fed that supports the markets and investors beliefs that the Fed has their back. But for whatever reason, the bounce will fail and the markets will move (crash?) lower not only violating those important technical levels that brought in the buyers in the first place but also destroy the notion that the Fed has control. That's how I see a top in the markets. For now and the best that I can say is this: after a 5 month bull run, the bears have finally awoke from their slumber, but this is all they have done. Our equity model, which is based upon the "dumb money" indicator in figure 2 (below), remains bullish. A bear signal will register 1 week after investor sentiment rolls over. This has not happened yet. Lastly and let me be clear about what I do. I don't need to make forecasts to profit from the markets. I am very cognizant of where we are on the playing field. We are late in the rally, and valuations, which are a poor timing tool, would suggest that we are late in this cyclical bear. (You should note I said "cyclical" not "secular" bear.) But this has little to do with getting in and out of the markets profitably and with limiting your risk. We have been bullish for 20 weeks now when we became bullish during a period of extreme investor bearishness. The current trade is "long in the tooth" as the average trade goes on for 15 weeks. I have been saying this for weeks: "We are in the late stages of the rally. The best, most accelerated gains typically occur in the beginning of the trade. Just when investors typically get the all clear, the trend will flatten out." So why not get out now? Because that is not how I do it, and you just never know. Our exit is the "best" exit of the many types of exits we have tested. As a reminder, we have moved our stop loss up to SP500 1706.92.
The Sentimeter |
| Gold Hits $1280 As Stocks Edge Lower Despite Small Carry-Trade Rebound Posted: 26 Jan 2014 04:32 PM PST More of the same this evening as Friday's close not off-the-lows in stocks has seen no dead cat bounce yet in early trading. The 2nd worst trade deficit ever did not help USDJPY which was already sliding lower, back under 102.00 and to 7-week lows. Most of the USDJPY move was catch-down to US and Nikkei futures moves from late-Friday. Once it recoupled (briefly) JPY staged a small fade-back (off USD 102.00 and EUR 139.50) which dragged Gold back off its 2-month highs at $1,280 briefly. However, the rally in JPY carry is having no impact on US equity futures which remain marginally red... a problem for the momentum igniters... Perhaps even worse, the Nikkei is starting to lose its correlation with JPY once again. Oops - Nikkei is not behaving itself...
and US futures continue to slide...
and gold tagged up to 1280,...
|
| Posted: 26 Jan 2014 04:15 PM PST The S&P 500 index had a decisive downward breakout from its ending diagonal Last week. The long-awaited intermediate corrective wave (4) should have started. During the past several weeks, this newsletter kept subscribers alert that a corrective wave is due to come because either a fifth wave extension or an ending diagonal implies dramatic reversal ahead. The sell-off of the broad stock market in last week triggered a surge of the Broad Market Instability Index (BIX) above the panic threshold. Based on the forecast of the Leading-Wave Index (LWX), the current short-term bearish time-window could last beyond 1/27/2014. A downside price projection suggests there is still a room for further decline in the broad stock market. The January Barometer may not give us a good sign for 2014 if the major market indexes close January on a negative note. The broad market may become volatile in 2014. Broad Market Instability Index is above the Panic ThresholdThe LWX (Leading Wave Index) is Nu Yu's proprietary leading indicator for US equity market. LWX>+1 indicates bullish (green); LWX< -1 indicates bearish (red); The LWX between +1 and -1 indicates neutral (yellow). The LWX Indicator in Last Four Weeks (Actual)  The LWX Indicator in Next Four Weeks (Forecast) The Broad Market Instability Index (BIX), measured from over 8000 U.S. stocks, surged up and closed at 74 on 1/24/2014 (up from 21 the previous week) which is above the panic threshold level of 42 and indicates a bearish market. The reading of 74 on the BIX is the highest level since June 25, 2013. The broad market currently is in a short-term bearish time-window. Based on the forecast of the Leading-Wave Index (LWX), this short-term bearish time-window could last until 1/29/2014 (see the second table above). However, the bearish time-window may extend to 2/10/2014 if this sell-off is the long awaited intermediate-term correction. The daily chart below has the Wilshire 5000 index with both the BIX and the Momentum indicators. The current market status is summarized as follows: Short-Term Cycle: downward Date of Next Cycle Low: 1/29/2014 Broad Market Instability Index (BIX): 74, above the panic threshold (bearish) Momentum Indicator: negative (bearish)
Long-Term Picture: Elliott Wave Count on S&P 500 IndexThe following chart is a weekly chart of the S&P 500 index, with Elliott Wave count, in a five-year time span. There are three degrees of waves: Primary, Intermediate, and Minor waves in this weekly chart. The SPX currently is in primary wave [3], intermediate wave (4), and minor wave A. A long-term price target for primary wave [3], projected at 1796 by using 0.618 extension of wave [1], has been reached. Primary wave [3] currently is in an extension and it could extend to the next price target at 2063 based on 1.0 extension of wave [1]. Please note that primary wave [3] indicates a long-term bullish uptrend while intermediate wave (4), and minor wave A present bearish corrective waves in the intermediate-term and the short-term, respectively.
Short-Term Picture: S&P 500 Index Finishes Ending Diagonal PatternAs shown in the daily chart below, the S&P 500 index is forming a 5-month rising wedge pattern. This rising wedge is also characterized as an Ending Diagonal which substitutes for the fifth impulse wave and configures minor wave 5 extension pattern with five minute subwaves i, ii, iii, vi, and v confined between two converging lines. During last several weeks, I was repeating to remind that intermediate corrective wave (4) is due to come because either a fifth wave extension or an ending diagonal implies dramatic reversal ahead. You should understand why I kept saying that if you read the article "Ending Diagonal: A Pattern That Sends Shivers Down Investors' Spines" at Elliott Wave International. Last week, the S&P 500 decisively broke down the lower boundary of the rising wedge. This bearish breakdown indicates that the ending diagonal or the fifth wave extension pattern has completed. And the long awaited intermediate corrective wave (4) should have started. In addition, the January Barometer may not give us a bright indication for 2014 if the major market indexes close January on a negative note. According to Bulkowski's measure rule on downward breakouts from a rising wedges, a downside price target for the S&P 500 index is projected at 1740 by multiplying the height of the rising wedge by 46% meeting price target. This projection is relatively conservative. However, a full range decline could go down to 1640 because the correction could end in the area of the previous minor wave 4 in terms of Elliott Waves.  Sector Performance Ranking with Biotech Sector LeadingThe following table is the percentage change of sectors and major market indexes against the 89-day exponential moving average (EMA89). The Wilshire 5000 index, as an average or a benchmark of the total market, is 1.18% above the EMA89. Outperforming sectors are Biotech (8.11%), Internet (6.35%), and Technology (3.72%). Underperforming sectors are Telecommunication (-2.38%), Oil Equipment (-1.78%), and Energy (-1.50%).
Major Global Market Performance RankingThe table below is the percentage change of major global stock market indexes against the 89-day exponential moving average (EMA89). Currently the Canadian market is leading and the Brizilian market is lagging.  Gold in 15-Month Descending Broadening Wedge PatternThe gold index is in a 15-month Descending Broadening Wedge pattern on the daily chart. Inside this broadening wedge, gold is also forming a potential "W" or double bottom between July and December. The similar pattern of a double bottom appears on the silver index and the gold/silver mining stock indexes XAU and HUI too. Currently the gold index is challenging the upper boundary of the broadening wedge. If prices break above the upper boundary of the wedge, gold could become bullish.
Long-Term Picture: Silver in a 3-Year Falling Wedge PatternThe silver index has formed a 3-year falling wedge pattern. Although silver will remain bearish with range-bounded swings before a breakout from the wedge, a potential "W" or double bottom pattern in developing near $19 level could set up a potential bullish reversal.
Gold/Silver Mining Stocks Forming 9-Month Horizontal Trading RangeGold/silver mining stocks are forming a 9-month horizontal trading range. Please note that a potential double bottom pattern between July and December could set up a bullish reversal.
Crude Oil in 3-Month Trading RangeCrude oil is forming a 3-month trading range between 92 and 100. Recently it has been in an upswing towards the upper boundary of the trading range.
US Dollar Forming 3-Month Ascending Triangle PatternThe U.S. dollar is forming a 3-month ascending triangle pattern. It should be neutral before it breaks out from the triangle.  US Treasury Bond in 7-Month Trading RangeThe following chart is a daily chart of the 20-year U.S. treasury bond ETF. It is forming a 7-month horizontal trading range between 101 and 108. It also forms a potential "W" or double bottom pattern. Currently it is in an upswing towards the upper boundary of the trading range.
Asset Class Performance Ranking with U.S. Treasury Bond LeadingThe following table is the percentage change of each asset class (in ETFs) against the 89-day exponential moving average (EMA89). Currently U.S. treasury bond is outperforming.
The post Nu Yu's Market SectorTA Weekly Update – 26th January, 2014 |
| Posted: 26 Jan 2014 03:25 PM PST Clive Maund |
| Posted: 26 Jan 2014 01:42 PM PST Gold's technical picture has improved since the last bullish update just over a month ago, but it has still not broken out the intermediate downtrend that started back last August, which we can see drawn on the 8-month chart shown below. Read More... |
| Posted: 26 Jan 2014 01:40 PM PST While gold has rallied across its downtrend channel in recent weeks to arrive at its top boundary, silver has arrived at the upper boundary of its channel by limping sideways. Next week is decision time - either it breaks out upside ... Read More... |
| Have the Central Banks Run Out of Tricks?!?!? Posted: 26 Jan 2014 10:30 AM PST Joe Joseph and John King tackle the topic of the economy... Are we witnessing the beginning of a correction or the start of a collapse? The entire nation has been undermined and the economy is on life support. There is no growth. Most of the jobs being created are low pay; and the cost of... [[ This is a content summary only. Visit http://www.GoldSilverNewsBlog.com or http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  |
| Russia's Growing Military Power Posted: 26 Jan 2014 09:20 AM PST Today, there is practically nothing left from the military-industrial complex of the USSR, which still strikes imagination of many historians around the world. The collapse of the Soviet military complex occurred after conversion and separation of the republics, where Soviet defense industry companies were located. Will Russia be able to bring back its erstwhile defense power? |
| Comex Gold Potential Claims Per Deliverable Ounces Rise to 112 to 1 Posted: 26 Jan 2014 08:04 AM PST As you know January is a non-active month for gold on the Comex, but February tends to be quite lively. Here is the warehouse inventory picture for registered (deliverable) gold ounces. As you can see without exception the levels of bullion ready to be sold is quite low. As a reminder, that is only one side of the picture. There is an additional category of gold held in these warehouses in 'eligible' bullion form that can be transferred to deliverable with the issuance of some fairly simple paperwork. |
| Regulators probe currency benchmarks and frontrunning by Bank of America Posted: 26 Jan 2014 07:40 AM PST Exclusive: Global Regulators Eye Forex Benchmarks After Rigging Probe By Douwe Miedema WASHINGTON -- A powerful global financial regulator will scrutinize benchmarks used in currency trading, it said on Friday, a first sign that the largely unregulated market may be kept on a tighter leash after allegations of manipulation. The Financial Stability Board, which coordinates regulation for the Group of 20 leading economies, is already working on a reform of interest rate benchmarks after the Libor interbank rate-fixing scandal. ... ... For the full story: http://www.reuters.com/article/2014/01/24/us-markets-forex-benchmarks-id... * * * Exclusive: Bank of America's Trading Practices Have Been Probed, Filing Shows By Karen Brettell and Aruna Viswanatha The U.S. Department of Justice and the Commodity Futures Trading Commission have both held investigations into whether Bank of America engaged in improper trading by doing its own futures trades ahead of executing large orders for clients, according to a regulatory filing. The June 2013 disclosure, which Reuters recently reviewed on a website run by the securities industry regulator FINRA, sheds light on the basis for a warning by the Federal Bureau of Investigation on January 8. The warning, in the form of an intelligence bulletin to regulators and security officers at financial services firms, said that the FBI suspected swaps traders at an unnamed U.S. bank and an unnamed Canadian bank may have been involved in market manipulation and front running of orders from U.S. government-owned mortgage giants Fannie Mae (FNMA.OB) and Freddie Mac. ... For the full story: http://www.reuters.com/article/2014/01/25/us-bankofamerica-probe-idUSBRE... ADVERTISEMENT Jim Sinclair plans seminars in Austin Gold advocate and mining entrepreneur Jim Sinclair will hold his next market seminar from 2 to 6 p.m. Saturday, February 8, at the Austin, Texas, Airport Hilton. Advance registration is required. Details are posted at JSMineSet.com here: http://www.jsmineset.com/2014/01/02/austin-texas-qa-session-confirmed/ Join GATA here: Mines and Money Hong Kong http://www.minesandmoney.com/hongkong/ * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT A Personal Touch in Buying Precious Metals If you've not secured your allocation of precious metals and numismatic coins, 2014 may be the last year to get them at affordable and undervalued prices. With huge amounts of gold leaving the West for Asia, the future availability of precious metals is very much in doubt. All Pro Gold has competitive pricing on all bullion and numismatic products -- and offers prompt delivery too. Long-time GATA supporters Fred Goldstein and Tim Murphy are glad to answer any questions or concerns about acquiring the monetary metals. All Pro Gold has an extensive electronic library of articles from the world's top market analysts. Learn more at www.allprogold.com or write to Fred and Tim at info@allprogold.com or telephone them at 1-855-377-4653. |
| China's weekly gold offtake again exceeds world mine production, Koos Jansen reports Posted: 26 Jan 2014 06:34 AM PST 9:35a ET Sunday, January 26, 2014 Dear Friend of GATA and Gold: Gold offtake at the Shanghai gold exchange for the week ending January 17 continued to be greater than world gold mine production, gold researcher and GATA Koos Jansen reports today: http://www.ingoldwetrust.ch/week-3-2014-withdrawals-from-sge-vaults-60-t... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT A Personal Touch in Buying Precious Metals If you've not secured your allocation of precious metals and numismatic coins, 2014 may be the last year to get them at affordable and undervalued prices. With huge amounts of gold leaving the West for Asia, the future availability of precious metals is very much in doubt. All Pro Gold has competitive pricing on all bullion and numismatic products -- and offers prompt delivery too. Long-time GATA supporters Fred Goldstein and Tim Murphy are glad to answer any questions or concerns about acquiring the monetary metals. All Pro Gold has an extensive electronic library of articles from the world's top market analysts. Learn more at www.allprogold.com or write to Fred and Tim at info@allprogold.com or telephone them at 1-855-377-4653. Join GATA here: Mines and Money Hong Kong http://www.minesandmoney.com/hongkong/ * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Jim Sinclair plans seminars in Asheville and Austin Gold advocate and mining entrepreneur Jim Sinclair will hold his next market seminar from 2 to 6 p.m. Saturday, February 8, at the Austin, Texas, Airport Hilton. Advance registration is required. Details for the Austin seminar are posted at JSMineSet.com here: http://www.jsmineset.com/2014/01/02/austin-texas-qa-session-confirmed/ |
| Gold and Silver Confiscation? It’s Written In The Law Posted: 26 Jan 2014 02:48 AM PST Whilst most people in the precious metal community know about President Roosevelt’s gold confiscation in the 1930’s, less people are aware that there was also an executive order to confiscate silver which I wrote about here: http://www.marketoracle.co.uk/Article36933.html The topic of gold and silver confiscation never seems to go away so I thought it would be interesting to look at the issue from a legal perspective. As I live in Australia, I looked at the two laws that cover our country: |
South Africa’s Cape of Good Hope is one of the most dangerous stretches of coastline anywhere in the world, where the warm Agulhas Current (also called the Mozambique Current), rushing down from the Indian Ocean, meets the cold Benguela Current, pushing up from Antarctica. The difference in water temperatures alone is a recipe for legendary storms, but the two opposing ocean currents just so happen to converge where the African Continental Shelf drops off into a deep abyss.
I receive many emails from well-intentioned and intelligent readers who hold up Iceland as a shining example of what America must do in order to save herself. I agree, in principle with the people who wrote to me that we should emulate Iceland. The Icelanders have demonstrated tremendous resilience, courage and vision to overcome and, at least temporarily, defeat the banksters while restoring their economy.
It appears that China's credit crunch liquidity crisis ahead of this week's impending default of Credit Equals Gold wealth product is intensifying, as the Chinese Central Bank has just ordered commercial banks to halt all domestic renminbi bank transfers for 3 days, and renminbi foreign currency conversions for 9 days!
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