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Saturday, April 5, 2014

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saveyourassetsfirst3

COT Breakdown

Posted: 05 Apr 2014 11:12 AM PDT

Another Friday - another release of the Commitment of Traders report from the CFTC - let the entrail reading begin in earnest!

A caveat before we begin - the report only covers trading through the end of the combined pit and screen session on Tuesday of the current week. It therefore does not take into account the price action from Wednesday through the close of trading on Friday.

On Tuesday of last week ( 3-25-2014) gold closed at $1311.40. On Tuesday of this week, it closed at $1280 for a loss ( Tuesday - Tuesday ) of $31.60.

Here is what happened over that time period. Hedge funds were big sellers once again - therefore it should come as no surprise to see the price move lower. They bailed out of over 8000 long positions and added over 5500 NEW SHORT positions. The net impact was that they were sellers of some 13,687 contracts.

The other reportables, which include the big floor locals, CTA's, CPO's and other large private traders were also big sellers on the week. Their combined NET SELLING amounted to 4,724 contracts. By the way, this includes both futures and options combined for the funds and this other big group of speculators.

The combined selling of these large specs was 18,591 contracts.

The big commercial category were NET BUYERS on the week as were the Swap Dealers ( WHOOPS - there goes the theory of the evil bullion banks manipulating the price of gold lower). The combined NET BUYING from both these camps amounted to 14,858 contracts.

The balance was made up by the small spec category which were NET BUYERS of some 3,553 contracts.

In other words, we had the biggest speculators in the market selling with the commercial interests buying as price lost that $31.60.

This has been the pattern in gold since early 2001, more than a decade ago.

In some gold bug circles much ado was made about the big open interest drop in gold that occurred early in the week as if it was somehow a hugely significant market event and portended something big was about to happen in the gold market. As usual the hype, while amusing to read, was not based on anything remotely resembling reality. Guess what - April gold was entering its delivery period and many traders who were SPREAD using that month lifted their spreads.

The total number of spreads lifted was - are you ready for this? - 51,299 contracts ( futures and options combined). As you can see, that outnumbers the amount of actual buying and selling of outright positions by more than 3:1.

Remember this the next time some breathless article is written about some big open interest drop, especially if the market is entering a delivery period.

Where do things stand now ( as of this Friday)? As stated in a previous post, gold has had a nice bounce off an important chart support near the $1,280 level. I strongly suspect that the big rally off of $1280 has had more to do with short covering on the part of the hedge funds which stuck on some of those fresh shorts noted above. Without having the actual data in front of me ( we will need to wait until next Friday ( April 11), I would hesitate to be too dogmatic about this, but I would not look for the move over the last three days of this week to be characterized by a wave of brand new, aggressive long positioning.

Gold held where it needed to hold on the charts to prevent another leg lower and that ability to stay firm near $1280 has sparked another round of short covering. Now we need to see where the bulls can take this thing as the new week begins. There should be some overhead resistance centered near the $1320 level and again near $1340. If they can take it through both levels, I think we will see more aggressive short covering again and some new longs coming back in.

The key will be the Dollar and the US interest rate markets. There could also be some safe haven buying of gold if the US equity markets start looking shaky. We did get some of that in the recent past so it would not be unexpected to see it again if the selloff in the equity markets worsens.

Another way of saying this is that the bulls have regained some short term momentum. Whether or not they can capitalize on it is unclear. The charts will make it clear in their own time. In the meantime, stay flexible. Each new piece of economic data, whether from the US or from the Euro Zone or from China, is going to swing prices accordingly. I would suggest no one who is trading take too large of a position because it can reverse on you faster than you can blink. The name of the game right now is to survive. Let the computers chop up someone else besides you! Don't be the one providing them the funds for their extravagant lifestyles. Let them suck it out of someone else - blasted infernal leeches that they are.

As the reader can probably tell - I loathe what these computers have done to my profession. Mindless, unthinking machines ( in contrast to we carbon-based life forms known as discriminating human beings ) shoving markets all over the place, oftentimes without rhyme or reason, is in many quarters hailed as more efficient markets. I don't know whether to laugh in contempt or to weep with sadness over how shortsightedly blind our nation has become.

I have seen enough of the carnage these computer generated price moves can inflict on legitimate hedgers looking to offset risk to have had my complete fill of them. Sadly, it is here to stay and we have to learn to adapt to them in order to survive and prosper.



The Great Confiscation: Gold ownership was illegal in the USA from 1933 to 1975

Posted: 05 Apr 2014 10:04 AM PDT

GoldCoin

Russia increasingly understands its international leverage with oil, gas, and gold

Posted: 05 Apr 2014 08:01 AM PDT

GATA

Dollar Bloc Strength Against Euro Weakness

Posted: 05 Apr 2014 06:02 AM PDT

The dollar's technical tone has improved against the complex of European currencies, but it remains soft against the dollar-bloc. There are a few macro-fundamental developments, like Draghi's hint that the ECB may be getting closer to taking non-conventional measures and somewhat stronger US data that weighed on the euro.

Against the yen, the outlook is less clear. After making new 10-week highs before the weekend, the dollar slipped lower and closed below the previous day's range. This potential key reversal warns of additional backing and filling after the dollar rallied about 2.5% over the past seven sessions.

Dollar Index: With the gains in the second half of last week, the Dollar Index completed a retracement objective near 80.55, which seems to correspond to a neckline of a potential head and shoulders bottom. The measuring objective is near 81.75. Some short-term technical indicators are a bit stretched and

Chris Martenson: The Screaming Fundamentals For Owning Gold

Posted: 05 Apr 2014 05:20 AM PDT

""Da boyz" were a no-show at the release of the jobs number yesterday"

¤ Yesterday In Gold & Silver

The gold price didn't do a thing in Far East trading on their Friday---and as I stated in The Wrap section of yesterday's column, volume up until the London open was lower than I could ever remember seeing it.

But shortly after trading began in London, some positive price action got underway, with higher ticks at both the 12 noon BST silver fix---and again at the Comex open in New York.  The usual smash down at the release of the jobs numbers failed to materialize.  But the serious price rally that began when London closed at 11 a.m. EDT in New York, ran into the usual not-for-profit sellers within 15 minutes---and that was it for the remainder of the day.

The CME Group reported the low and high price ticks as $1,284.40 and $1,307.50 in the June contract.

Gold finished the trading day in New York at $1,302.30 spot, up $15.50 on the day.  Not surprisingly volume, net of April and May, was pretty decent at 156,000 contracts.

Here's the New York Spot Gold [Bid] chart so you can see the Comex trading session in more detail---particularly the price capping shortly after London closed.

Silver did nothing in Far East trading as well, with the total volume under 2,000 contracts at the London open.  But once silver began to rally, it was obvious that there numerous times where a seller of last resort put in an appearance before prices got too far out of hand to the upside, especially in New York trading.  And, true to form, not only did JPMorgan et al cap the rally, but the also sold silver back down below $20 the ounce while they were at it.

The low and high ticks were reported as $19.785 and $20.23 in the May contract.  Silver finished the Friday session at $19.955 spot, up only 14 cents on the day---and it should have been obvious to all except the willfully blind, that it would have closed materially higher if allowed to do so.  Net volume was only 30,500 contracts, so "da boyz" had a pretty easy time keeping the price under wraps.

Platinum hit its low of the day shortly before London opened---and then rallied quietly until just about lunchtime in New York.  From there it traded sideways into the close.  Palladium didn't do much.  Here are the charts.

The dollar index closed late on Thursday afternoon in New York at 80.46---and then chopped sideways until around 8 a.m. EDT.  The index jumped around either side of unchanged for the next three hours before sliding a hair into the close.  The index finished the day on Friday at 80.43---virtually unchanged on the day.

The gold stocks jumped a bit over 2% at the open---and then hung in there until shortly after 11 a.m. when the gold price got capped.  After that the stocks quietly sold down for the remainder of the day, but managed to close just off their low.  The HUI barely finished in positive territory, up 0.67%.  I'm sure that the sell-off in the general equity markets was a factor in the gold stock's poor performance.

And as underwhelming as the performance of the gold stocks were, the silver stock did even worse, with Nick Laird's Intraday Silver Sentiment Index closing up a tiny 0.15%.

The CME Daily Delivery Report showed that 84 gold and 11 silver stocks were posted for delivery on Tuesday within the Comex-approved depositories.  JPMorgan and Canada's Scotiabank took delivery of most of the gold contracts.  The link to yesterday's Issuers and Stoppers Report is here.

There was another withdrawal from GLD yesterday.  This time an authorized participant withdrew 57,807 troy ounces.  And as of 8:11 p.m. EDT, there were no reported changes in SLV.

I forgot about Joshua Gibbons' updated SLV bar list in yesterday's column, so here it is now.  "Analysis of the 02 April 2014 bar list, and comparison to the previous week's list: 1,538,108.2 oz. were added (all to Brinks London), no bars were removed or had a serial number change.  As of the time that the bar list was produced, it was overallocated 28.8 oz.  145,922.1 oz. were removed Wednesday, but not yet reflected on the bar list."  The link to Joshua's website is here.

The U.S. Mint had a tiny sales report yesterday.  They sold 4,500 troy ounces of gold eagles---500 one-ounce 24K gold buffaloes---100 platinum eagles---and zero silver eagles.  Week/month-to-date the U.S. Mint has sold 11,000 troy ounces of gold eagles---7,000 one-ounce 24K gold buffaloes---293,000 silver eagles----and 300 platinum eagles.  Based on these numbers, the silver/gold sales ratio is only 16 to 1.  However, I don't expect this low sales ratio to last too long, as the next big silver eagles sales report will change everything.

Over at the Comex-approved depositories on Thursday, there wasn't much in/out activity in gold, as only 16,274 troy ounces were reported received---and 199 troy ounces were shipped out.  Most of what was received went into JPMorgan's vault.  The link to that activity is here.

But it was a horse of an entirely different colour in silver---and by the time they parked the forklifts for the day, they reported receiving 1,243,515 troy ounces---and had shipped out an eye-watering 2,304,448 troy ounces of the stuff.  That action is definitely worth a quick look---and the link is here.

As far as yesterday's Commitment of Traders Report goes---as I was expecting, there was improvement in the Commercial net short positions in both gold and silver yesterday.

In silver, the Commercial net short position [total long positions minus total short positions in that category] declined by 3,313 contracts, or 16.6 million ounces---and the Commercial net short position now stands at 142.2 million troy ounces.

Ted Butler said that the raptors [the Commercial traders other than the Big 8] purchased about 4,100 new long contracts that the technical funds puked up as JPMorgan et al engineered the price lower.  But to add insult to injury, Ted also said that JPMorgan added 1,000 new short contracts to their already grotesque short-side corner---and their short position now sits at an even 20,000 contracts, or 100 million ounces. [Make note of that number, as it resurfaces in my discussion on the Bank Participation Report.]

In gold, the Commercial net short position declined by 13,592 contracts, or 1.36 million troy ounces.  The current net short position is now down to 11.40 million troy ounces.

Ted said that the decline in the Commercial category was virtually all raptor buying of the long contracts [13,400 in total] that the technical funds in the Non-Commercial category were forced to sell.  That number included the 3 or 4,000 contracts that JPMorgan added to their long-side corner in the Comex gold market---and their current long position stands at 43,000 contracts, or 4.3 million troy ounces. Remember that number for later as well.

As wonderful as the COT Report was, I was hoping for more, as the current net short positions in both gold and silver are nowhere near their record lows of late December.  Based on the price action of the last week, I'm not sure if we're going to revisit those lows again in this cycle or not.

As I said in this space yesterday, the numbers in the companion April Bank Participation Report [BPR] are extracted directly from the numbers in the COT Report, so we can compare apples to apples for this one day a month and discover what the world's bullion banks were up to during the last month.  The cut-off for both reports was at the Comex close on Tuesday.

I'll start with silver---and during the reporting month, the price of silver declined by about $1.75---but despite that fact, '3 or less' U.S. banks increased their short position in that metal by 1,852 contracts---and is now up to 20,600 contracts.  But from the COT Report above, Ted said that JPMorgan's net short position was an even 20,000 contracts.  So it appears that virtually the entire net short position in Comex silver held by all U.S. banks [3 or less according to the BPR] is, in fact, only held by one U.S. bank---and that's JPMorgan.  If two other U.S. banks [and they would be Citi and HSBC USA] actually held short positions in Comex silver, they would only be a few hundred contracts at most.  But a safe bet is that JPMorgan Chase is the only U.S. bank with a short position in silver---and the other two U.S. banks are now net long the Comex silver market.

Also in silver, 13 non-U.S. banks---and that's a minimum number--- decreased their net short position in Comex silver by 2,714 contracts.  These non-U.S. banks now hold 14,721 Comex silver contracts net short---and it's always been my opinion [since the October 2012 BPR came out] that Canada's Scotiabank holds well over half of that short position all by itself.  So if you take 8,000 of those 14,721 contracts and assign them to Scotiabank, the remaining 7,000-odd contracts or so divided up between the 12 [minimum] remaining non-U.S. banks become pretty much immaterial in the grand scheme of things.

Here's Nick's most excellent chart showing every Bank Participation Report in silver going back to the turn of the century---and the 'click to enlarge' feature works wonders here.  It's charts 4 and 5 that you should spend the most time on.  And as I say in conjunction with the silver BPR chart every month---note the August 2008 increase in the U.S. banks' short position.  That's when JPMorgan officially took over the silver short position from Bear Stearns.  And also note the blow-out in the Commercial net short position in the non-U.S. banks in October 2012.  That's when Canada's Scotiabank was outed---and had to report their Comex positions as a bank---and could no longer hide behind the skirts of their wholly-owned subsidiary Scotia Mocatta.

In round numbers, gold was down about $70 during the reporting month, however you'd never know that by the way the banks, both U.S. and foreign, reacted during that time.

In gold, '4 or less' U.S. banks that hold Comex contracts actually decreased their net long position by 11,039 contracts---and their net long position now sits at 14,565 contracts---and all of that decrease came from JPMorgan's long position.  Ted mentioned in the COT Report above that JPMorgan has a net long-side corner in Comex gold of 43,000 contracts on its own, so that means that the other 3 U.S. banks must hold a combined net short position of about 28,500 Comex contracts to make the numbers in the BPR balance out.  As to why JPMorgan holds a long-side corner in the Comex gold market---and the other 3 U.S. bullion banks are massively short---is still a mystery to me, but that's the way it's been for about a year now.

Also in gold, 21 non-U.S. banks also went shorter in gold during the reporting month, despite the price decline.  They increased their net short positions by a smallish 2,118 contracts---and their net short position now sits at 38,977 Comex contracts.  It's my opinion that a decent chunk of that is also held by Canada's Scotia Mocatta---at least a third, or around 13,000 contracts.  So the remaining 26,000-odd Comex contracts, once divided up between the other 20 non-U.S. bullion banks are, like in silver, basically immaterial.

In platinum, 4 U.S. bullion banks were short 12,828 Comex contracts, a decline of 2,525 contracts from the March BPR.  These four banks are net short 19.2% of the entire Comex platinum market---and it's a good bet that JPMorgan holds the lion's share of this grotesque short position.

Also in platinum, 13 non-U.S. banks decreased their net short position by 1,336 Comex contracts---and their combined net short positions now sits at 4,928 Comex contracts.  All together, these 13 banks are net short 7.4% of the entire Comex platinum market.  And as you can already tell, divided up between all 13 banks, their positions are immaterial.

In palladium, '3 or less' U.S. bullion banks increased their net short position in this metal to 9,653 contracts in the April BPR.  That's an increase of 1,205 contracts from the March BPR.  These '3 or less' U.S. banks---most likely dominated by JPMorgan as well---are net short 23.5% of the entire Comex palladium market.

Also in palladium, '13 or more' non-U.S. banks decreased their net short position in this metal down to 3,640 contracts, a decline of 773 contracts from the prior reporting month.  These '13 or more' non-U.S. banks are short 8.8% of the entire Comex palladium market---and even without doing the division, their individual positions are immaterial as well.

In a nutshell, JPMorgan went shorter in both silver and gold during the reporting month, even though prices were well down from a month earlier---and even the non-U.S. banks got into the act in gold as well, as they increased their net short position in the face of declining prices.  It's madness.

As I say every month, the precious metals price management scheme is 100% "Made in the U.S.A." with JPMorgan Chase as the capo di tutti capi---with Canada's Scotiabank thrown in for a little international "spice" in silver and gold.

I have a decent number of stories for you today, so I hope you have time over what's left of your weekend to read the ones that interest you.

¤ Critical Reads

Top investors press Allianz to step up oversight of Pimco

Several of the biggest investors in Allianz are pressing the German insurer to step up oversight of its California asset management unit Pimco and one is considering the unusual step of going public with its concerns at a shareholder meeting in May.

Reuters contacted the 10 top investors in Allianz as well as smaller shareholders to gauge their views on Pimco, the bond powerhouse whose reputation has been tarnished by a run of poor returns and the departure of CEO Mohamed El-Erian amid a row with co-founder Bill Gross.

Six of the biggest shareholders declined to comment ahead of the Allianz annual general meeting (AGM), scheduled to take place on May 7. One expressed confidence that the German firm was addressing the management and performance issues at Pimco.

This Reuters news item, filed from Frankfurt, was posted on their website very early yesterday morning EDT---and I thank Elliot Simon for today's first story.

Doug Noland: HFT, Rigged Markets and The Man

“The U.S. Commodity Futures Trading Commission is reviewing futures markets to ensure high-speed trading isn’t violating the law, acting CFTC Chairman Mark P. Wetjen told reporters… ‘I don’t have the impression at the moment that futures markets are rigged,’ Wetjen said… He was responding to comments by Michael Lewis, author of the book ‘Flash Boys,’ that investors are being robbed by traders using advanced computers to jump ahead of their trades.”

Charles Schwab stated that “High-frequency trading is a growing cancer that needs to be addressed… High-frequency traders are gaming the system, reaping billions in the process and undermining investor confidence in the fairness of the markets.”

I’m definitely no fan of high-frequency trading (HFT). Still, it’s difficult for me to get all that worked up on this particular issue. I guess I’ve seen too much during my going on 25 years in the financial markets. This week Michael Lewis created a firestorm with his assertion that markets are “rigged.” Are they rigged? There is clearly a prevailing “rigging” element, yet the high-frequency traders are bit players. HFT is symptomatic. They’re not the “cancer.”

Credit is inherently unstable. Always has been. History has also clearly demonstrated that stock markets are prone to destabilizing bouts of exuberance, intense speculation and spectacular boom and bust cycles. Nurture a Credit system dominated by marketable instruments and you’ve created a highly unstable Credit mechanism. Allow marketable securities to inflate to 400% of GDP and you’ve created highly unstable financial and economic systems. Push everyone into a securities market Bubble and then you’re really trapped. Policymaker rationalizations and justifications even foster the delusion that rigging markets is good and reasonable policy.

Doug's weekly Credit Bubble Bulletin, posted on the prudentbear.com Internet site yesterday evening, falls into the must read category every week---at least for me.

Bond yields to hit fresh lows as world recovery wilts, growls Saxo bear

If you thought I was gloomy about the state of the global economy, try Steen Jakobsen from Saxo Bank. There will be no further recovery. We have already enjoyed the good times for this cycle. It is downhill from now on, or at least very soon.

The rise in average 1-year rates from 1.50pc to 1.95pc in the G10 economies over the last year has already been enough to push the whole fragile edifice over the edge once again – albeit with a lag. “The world is in depression. There is no way it can survive higher rates,” he said.

US 10-year Treasury yields will soon roll over and slowly drop to all-time lows beneath 1.50pc by mid-2015.

The S&P 500 index of stocks on Wall Street will give up all of the QE3 gains, sliding down by almost a quarter to 1,400 in a year-long bear market.

This Ambrose Evans-Pritchard blog showed up on the telegraph.co.uk Internet site yesterday sometime---and it's

Timing the Collapse: Ron Paul Says Watch the Petrodollar

Posted: 05 Apr 2014 05:20 AM PDT

Timing the Collapse: Ron Paul Says Watch the Petrodollar

"The chaos that one day will ensue from our 35-year experiment with worldwide fiat money will require a return to money of real value. We will know that day is approaching when oil-producing countries demand gold, or its equivalent, for their oil rather than dollars or euros. The sooner the better." ~ Ron Paul

What Ron Paul is referring to here is the petrodollar system. It's one of the main pillars that's been holding up the US dollar's status as the world's premier reserve currency since the breakdown of Bretton Woods.

Paul is essentially saying that, if we want to better understand the answer to the elusive question of "When will the fiat US dollar collapse?", we have to watch the petrodollar system and the factors affecting it.

This timely commentary was posted on the internationalman.com Internet site back in late November of last year---and I thought I'd dust it off in light of the previous story.  I thank Nick Giambruno for bringing it to my attention---and now to yours.

Kerry hints Middle East peace talks are close to collapse as U.S. reassesses role

Posted: 05 Apr 2014 05:20 AM PDT

Kerry hints Middle East peace talks are close to collapse as U.S. reassesses role

US secretary of state John Kerry, who has made it a personal mission to breathe life into the long-stalled peace talks between Palestine and Israel, hinted on Friday that the negotiations are on the brink of collapse and said the Obama administration would reassess its participation in the process.

In the most pessimistic remarks since he launched the talks last July, Kerry told reporters it was “reality-check time” for all involved in the discussions. “It is regrettable that in the last few days both sides have taken steps that are not helpful and that's evident to everybody,” he told reporters in Morocco.

On Thursday, Israel scrapped the scheduled release of a group of Palestinian prisoners and called for the entire US-sponsored negotiations to be reviewed.

Kerry appeared to express frustration with the failure of both sides to make progress. “They say they want to continue,” he said of Israeli prime minister Benjamin Netanyahu and Palestinian president Mahmoud Abbas. “But we are not going to sit there indefinitely. This is not an open-ended effort. It's reality-check time.”

This news item was posted on The Guardian's website later in the afternoon on Friday BST---and it's another contribution from reader M.A.

Three King World News Blogs

Posted: 05 Apr 2014 05:20 AM PDT

Three King World News Blogs

1. Egon von Greyerz: "$12,000 Gold, $50,000 Gold---and the Trade of the Decade"  2. Dr. Marc Faber [#1]: "The Horrific Plan of the Elites---and the Crooked IMF"  3. Dr. Marc Faber [#2]: "The Shocking Moves Marc Faber is Making With His Money"

[Please direct any questions or comments about what is said in these interviews by either Eric King or his guests, to them, and not to me. Thank you. - Ed]
 

Alasdair Macleod: Renewed estimates of Chinese gold demand

Posted: 05 Apr 2014 05:20 AM PDT

Alasdair Macleod: Renewed estimates of Chinese gold demand

I have been revisiting estimates of the quantities of gold being absorbed by China, and yet again I have had to revise them upwards. Analysis of the detail discovered in historic information in the context of China's gold strategy has allowed me for the first time to make reasonable estimates of vaulted gold, comprised of gold accounts at commercial banks, mine output and scrap. There is also compelling evidence mine output and scrap are being accumulated by the government in its own vaults, and not being delivered to satisfy public demand.

The impact of these revelations on estimates of total identified demand and the drain on bullion stocks from outside China is likely to be dramatic, but confirms what some of us have suspected but been unable to prove. Western analysts have always lagged in their understanding of Chinese demand and there is now evidence China is deliberately concealing the scale of it from us. Instead, China is happy to let us accept the lower estimates of western analysts, which by identifying gold demand from the retail end of the supply chain give significantly lower figures.

Before 2012 the Shanghai Gold Exchange was keen to advertise its ambitions to become a major gold trading hub. This is no longer the case. The last SGE Annual Report in English was for 2010, and the last Gold Market Report was for 2011. 2013 was a watershed year. Following the Cyprus debacle, western central banks, seemingly unaware of latent Chinese demand embarked on a policy of supplying large quantities of bullion to break the bull market and suppress the price. The resulting expansion in both global and Chinese demand was so rapid that analysts in western capital markets have been caught unawares.

This very long commentary by Alasdair is your big read of the day---and it's worth your time, if you have it.  I found it embedded in a GATA release yesterday.

Rick Rule: Platinum, Palladium Supply Squeeze Will Turn Ugly

Posted: 05 Apr 2014 05:20 AM PDT

Rick Rule: Platinum, Palladium Supply Squeeze Will Turn Ugly

Strikes at South African mines have caused a massive drop in platinum and palladium production. And the world’s palladium supply could decline by 41% overnight if the West imposes export sanctions on Russia.  Speculators are betting that these events will reduce supply of the metals and drive up prices.

Rick Rule, Chairman and Founder of Sprott Global Resource Investments Ltd., recently weighed in. He believes platinum and palladium could go lower in the near-term, as fears of a sudden crunch dissipate.

The real reason platinum and palladium should rise over the coming years has nothing to do with geopolitics or labor issues, he believes.

Of course Rick will never admit that it's the '3 or less' U.S. bullion banks running the show in the platinum and palladium markets as well---just as he'll never admit the JPMorgan-run price management in scheme in gold and silver.  This edition of Sprott's Thoughts was posted on the sprottglobal.com Internet site yesterday.

Chris Martenson: The Screaming Fundamentals For Owning Gold

Posted: 05 Apr 2014 05:20 AM PDT

Chris Martenson: The Screaming Fundamentals For Owning Gold

Before I took a look at this article by Chris, I had assumed that Alasdair Macleod's essay was the big read of the day.  I was wrong---as this piece is---although there are a lot of charts that probably makes it appear longer.  Whether it's worth reading or not, I'll leave up to you, as I haven't had the time to read it yet.  However,  I was less than impressed with what he had to say about silver---and my hope is that he knows more about gold.

I found this longish essay in a GATA release yesterday.

Deposit Insurance System Will Increase Physical Gold Demand in China

Posted: 05 Apr 2014 05:20 AM PDT

Deposit Insurance System Will Increase Physical Gold Demand in China

Within 2014 the State Council aims to implement a new deposit insurance system for its banks. While one might think this is meant to lower systemic risk, it’s actually meant as a step to shift risk from the government to its citizens. Handing the people the opportunity to be more responsible for their own financial health, introducing more laissez-faire.

The defensive nature of gold in the face of defaults is highlighted. This article concerns depositors, but we should be on the watch for signs that banks themselves are encouraged to hold gold as hedge against financial risks: for this hedge to be effective, the value of gold must rise by a large magnitude to make up for any such systemic losses – if official bailouts are to be avoided. This would mean that a large rise in the price of gold is implied in the policy!

This very interesting article showed up on the ingoldwetrust.ch Internet site yesterday---and it's definitely worth reading.  I found this embedded in a GATA release as well.

An Update on Corvus Gold

Posted: 05 Apr 2014 12:42 AM PDT

Jeff Pontius, founder and CEO of Corvus Gold joins us to discuss the company’s latest news releases and its outlook.

 

 

The post An Update on Corvus Gold appeared first on The Daily Gold.

Gold looks to be back in play next week

Posted: 05 Apr 2014 12:42 AM PDT

How will global financial markets fare next week? CNBC’s Jackie DeAngelis discusses the Friday’s activity in the commodities markets.

Equities fell back, but buyers came into crude, driving the price higher. Natural gas fell on the day. And buyers came back to gold, a trend the may be sustained…

Links 4/5/14

Posted: 05 Apr 2014 12:39 AM PDT

These Dogs Are Totally Amused By FedEx Guy Chasing After His Runaway Truck Consumerist

China's tiger parks under fire from conservationists, animal cruelty experts McClatchy (furzy mouse)

Cultural production of ignorance provides rich field for study Los Angeles Times. Readers discussed agnotology in comments yesterday, so this story from last month seemed germane.

Climate Deniers Intimidate Journal into Retracting Paper that Finds They Believe Conspiracy Theories Scientific American (Richard Smith)

Let's get geeks into government Gillian Tett, Financial Times. I think I’d rather stick with the enemies I know.

Here's Why Developers Keep Favoring Apple Over Android Slate

Most expensive aviation search: $53 million to find flight MH370 Sydney Morning Herald

‘Headless chickens’ wreak havoc on emerging markets Ian Fraser, QFinance

IP attitudes must adapt to a world without scarcity Bangkok Post. This shreds the argument for more stringent intellectual property protection, which is one of the things the Administration is determined to achieve through the pending trade deals.

US attacks Japan's stance on Trans-Pacific Partnership Financial Times. We predicted the Japanese would not just slow-walk any agriculture reforms, but also not give the US what it wanted in terms of extent of liberalization. This is their way of preventing the deal from getting done, since they regard the TPP as overreaching and aren’t going to put up with the US’s bullying posture. Fromon’s remarks look to be designed for Congress (as in to shift blame for America’s overplaying its hand) but I can’t imagine it will make the Japanese more inclined to cooperate.

Worst may be over for Chinese economy Nikkei

Press Myanmar to protect the Rohingya Bangkok Post (furzy mouse)

How Europe is incubating an even bigger debt crisis by letting deflation take root Ambrose Evans-Pritchard, Telegraph

Kerry hints Middle East talks are close to collapse Guardian

US lets Boeing sell parts to Iran BBC. Now I am really confused. Is this to weaken ties between Russian and Iran?

MIAMI: ‘Cuban Twitter’ raises question: Is it OK for US to help Cubans? McClatchy

Freedom Rider: Obama's Imperialism Margeret Kimberly, Black Agenda Report

Ukraine

Ukraine PM says will stick to austerity despite Moscow pressure Reuters. Notice difference in emphasis on UK Reuters, as opposed to US: Russia raises gas prices for Ukraine by 80 percent

Putin’s Rejection of the West, in Writing Leonid Bershidsky, Bloomberg. Mark Ames: “Bershidsky is great, and this rings true. Putin is going Nixon Red State or Alexander III. He’s lost the urban youth and bourgeoisie in the main big cities, he’s going to double down on the Silent Majority, which is why the Crimea crisis is at least as good for him as for the Ukraine neofascists and neoliberals.”

The new Russian power bloc Open Democracy

U.S. Spy Agencies Can't Get in Putin's Head, Rogers Says Bloomberg

Big Brother is Watching You Watch

Planned NSA reforms still leave journalists reason to worry Columbia Journalism Review

Searchable Database of NSA Documents Just Security Just Security. Their headline better than the ACLU’s.

Turns Out the NSA "May" Destroy Evidence of Crimes before 5 Years Elapse Marcy Wheeler

Obamacare Launch

The Legality of Delaying Key Elements of the ACA New England Journal of Medicine. Holy moley, the NEMJ says Obama acted beyond his authority.

Medicaid Enrollments Bring Obamacare Enrollment to More Than 10 Million Newsweek

Obama outpaces Bush on judges Politico. Almost certainly because his picks are conservative.

MCCUTCHEON MEETS ADELSON: WHAT A DONOR WANTS New Yorker

In Bid for Revote, Union Claims Tennessee Officials Frightened Workers New York Times

More HFT:

High Speed Trading and Slow-Witted Economic Policy Dean Baker. Note that quite a few commentators, including your humble blogger, said a small transaction tax would shut down HFT pronto.

Michael Lewis says the market’s rigged. But his ‘Flash Boys’ rigged themselves Guardian. This suggests that Lewis (again) missed the real story.

High drama in link between ETFs and HFT Financial Times

Wall Street's Subsidy Safety Net Dave Dayen, American Prospect

Pre-paid Cards Enter the Credit Market, Thwarting the Primary Impetus for Using the Cards Credit Slips

Inequality and the Jobs Report John Cassidy, New Yorker

3 reasons to worry about March’s jobs report CNN

For long-time unemployed, full-time work is elusive MarketWatch

Abused and Exploited Temp Workers May Finally Get a Break Alternet

Stop adding up the wealth of the poor Felix Salmon

Antidote du jour

(Lee S). A young geep:

article-2597121-1CD58D4B00000578-621_634x776

See yesterday’s Links and Antidote du Jour here

Michael Hudson: P is for Ponzi

Posted: 04 Apr 2014 11:00 PM PDT

Yves here. This is the latest entry in Michael Hudson’s Insider’s Economics Dictionary. Enjoy!

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is "The Bubble and Beyond." Originally published at his website

Part P in The Insiders Economic Dictionary.

Panic: The abrupt culminating stage of the business cycle, in which inflated asset prices collapse in price as financial securities and properties are sold to pay off debts.

Parallel Universe: The objective of modern economic methodology. A hypothetical exercise in science fiction depicting a world that conceivably could exist, given a sufficient number of internally consistent assumptions. (See Neoclassical Economics.)

Parasite: A "free luncher," from the Latin word meaning an uninvited guest brought along to a meal or crashing the party. Parasites avoid detection by camouflaging themselves as part of the host itself, and then disable the host's brain to prevent it from taking counter-measures to protect its own growth. The economic analogue most often cited as parasitic is rentiers. The objective of such rent-seeking activity is to obtain something for nothing – income or price without real cost-value. Financial parasites tend to ride on the backs of real estate investors monopolists and lobby politically to support and un-tax their rent-seeking activities.

Parasitism: In biology, parasites develop a strategy of gaining control of the host's brain in order to obtain nourishment by masquerading as its natural progeny or as a part of its body. For economies, the brain in question is the government. The rentier or monopolist masquerades as contributing to the production process so that its revenue appears to be earned rather than siphoned off in a zero-sum activity.

The most successful biological parasites establish a symbiosis with their host in which they actually help the host in seeking nourishment and growth. Unsuccessful parasites devour the host without regard for the consequences, as is the case with most economic parasitism. In the case of financial parasitism, bankers and money managers have become more destructive over the centuries. (See also Debt Pollution.)

Pension-fund capitalism: A term coined in the 1950s to reflect finance capitalism's new way of exploiting labor by withholding part of its salary to invest in stocks. Early abuses in America (and most notoriously in Chile at the hands of the Pinochet junta with the aid of the Chicago Boys) occurred when companies invested the money in their own stocks, increasing equity prices not so much by raising earnings as by organizing a flow of funds into their purchase. (See Labor Capitalism.)

Pentagon capitalism: A term coined by Seymour Melman in the 1960s to describe the U.S. Government's practice of drawing up military procurement contracts on a cost-plus basis. Under the terms of these contracts, suppliers make profits by maximizing their production costs, not by minimizing them as in traditional market competition. (See Military Spending.) Under such conditions political lobbying and campaign contributions lead to insider deals, as when Halliburton Vice President Dick Cheney became U.S. Vice President and gave Halliburton contracts in the Iraq War without competitive bidding or meaningful government oversight.

Pension-fund socialism: A system whereby employers (in the public as well as the private sector) pre-fund pension commitments by setting aside funds to invest in stocks and bonds rather than government securities. The effect of these set-asides is to bid up the price of financial assets. The main beneficiaries of the buildup are venture capitalists taking firms public with IPOs, corporate managers exercising their stock options, and speculators. When the demographic dynamics shift and more workers retire than join the labor force, sale of these securities to pay their pensions threatens to reduce stock and bond prices, depriving the retirees of their anticipated gains.

The result is neither especially capitalist nor socialist, as it is primarily a financial phenomenon rather than one based on industrial profits. Attempts by corporate managers and raiders to increase stock prices typically are made at labor's expense, not for its benefit.

Physiocrats: French followers of Francois Quesnay (1694-1774), who created the first national income account, the Tableau Économique. Hence they were called Les Économistes. As a surgeon to the royal family, Quesnay's idea of the circular flow of income was inspired by the circulation of blood within the human body. And as the name Physiocrats indicates, the model was primarily physical. Just as the cardiovascular system is different from that of muscle, bone or for that matter fat and parasites in the blood, so the Tableau Économique left out of account depreciation (the replenishment or accumulation of seed and capital goods) and debt service.

What the national income table did focus on was groundrent. The Physiocrats advocated taxing the rentier aristocracy's estates, on the logic that it was nature in the form of sunlight that produced the entire economic surplus. Later rent theorists inverted this view, pointing out that rather than producing a surplus, property owners simply established a toll-claim for access to the land.

Planned economy: Every economy since the Neolithic Agricultural Revolution has been planned. Most recently, financial managers have replaced elected representatives, under the slogan of rejecting a planned economy under government regulation. The neoliberal tendency is to create even bigger government as a result of Moral Hazard policies designed to bail out savers from bad loans, bank deposits or other investments, while shifting the costs of government away from the property and financial sectors.

Poison pill: A tactic to defend companies against corporate raiders. Potential target companies borrow enough money to absorb all their profit, leaving no net profits for corporate raiders to pledge to their high-interest junk bond financiers. A related ploy is for companies to pass a resolution to pay off their own bondholders immediately in case of an unfriendly takeover. The effect of such defensive tactics is that un-raided as well as raided companies end up paying heavy debt service.

Polarization: The tendency for economies to polarize between rich and poor, typically between creditors and debtors. (See Zero-Sum Activity.) This tendency is countered by enacting progressive tax and regulatory policies, encouraging credit to be extended along productive lines rather than simply to inflate asset prices, and taxing unearned rental income and asset-price gains.

Politics: The duplicitous art of getting votes from the poor and campaign funds from the rich by promising to be an honest broker to protect each from the other – while actually being up for sale as policy-making is made part of the unregulated ("free") marketplace.

Ponzi scheme: An arrangement whereby early investors in a financial operation are paid out of money put up by new subscribers to the scheme, not out of actual profits. Investor concerns are alleviated by promises of exorbitant and rapid rates of return resulting from a hitherto undiscovered technique of making money. Named for the Italian-American confidence man Carlo Ponzi, who claimed to have found a loophole in international postage-stamp swaps, the term has been applied to financial bubbles expanding at an exponential rate of credit creation with no underlying means of earning enough income to keep them going. Their collapse occurs at the point where new inflows of funds longer continue to grow exponentially. Still, in the mid-1990s, investors in Russia's MMM scheme and similar pyramiding in Albania wondered why their schemes failed while the U.S. and European bubbles did not, especially as their managers were political insiders, as normally is required for pyramid schemes to attract customers. (See Asset-Price Inflation, Compound Interest and Fragility.)

Post-industrial: A lapse back into the pre-industrial usury-and-rent economy. (See Progress and Stages of Development.)

Postindustrial economy: A euphemism to depict rentier economies as progressing forward, beyond industrialization, rather than a lapse back into the pre-industrial usury-and-rent economy of feudal Europe when military conquest was the major enterprise and economies polarized between creditors and debtors. (See Neo-feudalism.)

Postmodern economy: For over a century the term "modern" referred to progressive economic policies promoting a more egalitarian distribution of wealth, as in progressive income taxation and higher living standards through government regulation and planning. Today's postmodern economy is reversing this trend, by permitting financial and property dynamics to re-polarize wealth and income. The post-modern economic program is one of deregulation, a tax shift from property and finance onto labor, and abolition of government power except for its role in serving the wealthiest layer of the population by moral hazard.

Predatory behavior: A zero-sum activity in which one party's gain is another's loss.

Privatization: The word "private" derives from Latin privatus, meaning "restricted," and privare, "to deprive" and indeed, "to rob." Starting with enclosure of the commons – communal grazing lands and forests – Britain's Enclosures of the 16th through 18th centuries deprived peasants off their land and means of subsistence, driving them into the cities as loom-fodder or into local workhouses to survive. Since 1980 the lever of privatization of the public domain sponsored by Margaret Thatcher and other neoliberal politicians has returned to what it was in antiquity: debt foreclosure, forcing sell-offs of the modern public domain by debt-strapped governments as a conditionality imposed by the IMF in exchange for credit to avoid their defaulting on public debts. Public enterprises are being pried away from the public domain and bought largely with borrowed credit. The prime assets being privatized are those obtaining economic rent, which is turned into interest to pay the creditors and stockholders by raising prices for their hitherto public services.

Privilege: Literally "private law," a sphere of activity that is not governed by common law, usually exercised by the very wealthy. Economic privilege typically consists of a right to exclude others from one's own property, a right that often takes the form of a rentier toll-gate demanding government protection without the social obligations that originally were the complement of privilege and property.

Productive loan: A loan extended for commercial enterprise that enables the borrower to earn sufficient income to pay the creditor and still emerge with a profit. On this ground Adam Smith cited as a rule of thumb that the rate of interest tended to settle at half the rate of profit. In such cases borrowers would split their returns 50/50 with their creditors. But interest charges today have expanded to absorb the entirety of profits in real estate and takeovers by corporate raiders who finance their leveraged buy-outs with junk bonds.

Neoclassical economists assume that most loans are granted to finance new direct investment. If this were the case, such credit could be repaid out of profits generated by investing the loan proceeds profitably. But most loans are used to buy assets already in place (real estate, stocks or bonds), or consumer goods. To the extent that their effect is to bid up prices for assets and products, such loans merely add to the economy's debt overhead – and hence, polarization – rather than expanding the means of production. (See Asset-Price Inflation.)

Profit: Popular usage follows neoclassical economics in trivializing the term "profit" into a synonym for earnings regardless of their source. But for the classical economists the term had a narrower connotation. It was the net return to capital invested in plant, equipment and related outlays whose cost was reducible to the labor time that went into their production. As such, profit was juxtaposed to rentier income. Today, "profits" and "earnings" include rental income, which classical political economy identified with land or other property rights.

Progress: Every process of social decay represents itself as progress, in the sense of moving forward rather than retrogressing. The word "progress" thus has degenerated from its 19th- and 20th-century meaning of egalitarian economic policies (such as the progressive income tax and government welfare policy), to become merely a euphemism as anyone's political program. Its antithesis is the postindustrial economy. (See Reform and Stages of Development.)

Progressive economic policy: Since the Enlightenment, progressive policy has been defined as public tax and regulatory policy promoting greater equality of opportunity and income, mainly by taxing economic rent and windfall gains to property and finance. The vehicle for such policies is a stronger government in democratic hands. The antithesis is regressive neoliberal ideology favoring rentier income over wage and salary income, leading to economic polarization.

Propensity to save: In Keynesian analysis, the portion of national income that an economy saves rather than spends on consumption. Left ambiguous is interest and rent, which represent spending that neither is saved nor spent on consumer goods, but diverted into the property and asset markets. (See Asset-Price Inflation.)

The Keynesian term refers to net saving, which has fallen to zero for the United States. Gross saving may be high, but if it is all lent out (appearing as debt on the other side of the balance sheet), then net saving appears to be zero. Legitimate macroeconomic analysis requires that both gross and net saving rates be measured. (See General Theory, Keynes and Savings.)

Property: As Bentham pointed out, property is not an object, it is a relationship "the object of a man's property" a possession "proper" to a man and therefore owned personally or corporately as part of one's self, as a workman's tools or a soldier's weapon. Communities also public own property as part of their identity – temples, palaces and other civic structures, their self-support lands, mineral resources and essential public enterprises. The largest category of property is land, followed by buildings ("immovables"), followed by movables (consumer items and financial securities). It was mainly with land in mind that the French socialist Pierre Joseph Proudhon (1809-65) wrote that "Property is theft." (See Privilege.)

Less and less property is owned free and clear these days. Debt foreclosure historically has been the major lever to pry private property away from the community, at first by usury charged to personal debtors, and most recently by privatization of the public domain as creditors oblige indebted governments to accept IMF conditionalities. Military conquest has been the second major lever to privatize property.

Protecting Savings: A euphemism for "making savers whole." In practice this exponential function becomes impossible to maintain, because the volume of savings and debts mounting up at compound interest cannot be carried by the economy ad infinitum. Something must give as economies polarize and bankruptcies wipe out borrowers, so that banks and other creditors (euphemized as "savers") lose the market value which backs their financial claims. The government is called upon to rescue the most politically powerful debtors, savers, or both at once. (See Moral Hazard.)

It is an impossible job in the end, as the growth of financial claims on debtors exceeds their means to pay. If all credit was as productive as is anticipated and promised, debtors would have the money to pay and there would not be a crash. Financial claims are rather a claim on production and wealth, imposed from above the economic system by the rentier sectors.

Public: Almost every private interest represents its gains as a public benefit, most famously when Charles Wilson proclaimed that "What's good for General Motors is good for the country." But as Adam Smith noted, when businessmen get together, they rarely do so but to conspire against the public good. (See Government and Social Market.)

Public domain: The commons, mineral rights, public land and buildings, and government infrastructure in the form of natural monopolies and public enterprises that were the major assets yielding economic rent and hence were long kept out of private hands – canals, railroads, airlines, water and power, radio and television frequencies, telephone systems, roads, forests, airports and naval ports, as well as schools and other educational assets. Simon Patten cited this infrastructure as a fourth factor of production (after labor, capital and land), whose return was calculated not by the profit it made (as in the case of private investment), but by the extent to which this public investment lowered the economy's overall cost structure.

Privatization of the public domain since 1980 has indeed led prices for hitherto public monopoly services to rise, especially as the buyers of public enterprises have financed their purchases on credit and factor interest charges, dividends, and high managerial salaries and stock options into their prices. (See Watered Costs.)

Pyramiding: Debt pyramiding (called "gearing" in Britain) refers to the investment strategy of putting down as little of one's own money ("equity") as possible and using credit in the hope that the total returns (income plus asset-price inflation) will exceed the interest rate that is paid. The limit to pyramiding is the inability of current income to cover the debt-servicing costs of interest and amortization; or, in the case of Ponzi Schemes, the inability of new entrants to cover the pace of cash withdrawals. This would happen to stock market bubbles, for instance, if pension-fund and privatized Social Security contributors started to retire and withdraw more funds than new contributors were putting into the scheme.

Gold coins: The Mexican Libertad

Posted: 04 Apr 2014 11:00 PM PDT

Goldmoney

Gold Miners Analyst Watch: April Edition

Posted: 04 Apr 2014 10:27 PM PDT

This is the April edition of our gold miners analyst watch series where we monitor analyst price targets and recommendations for gold mining stocks. As always we would like to update our readers on the latest data and make comparisons with results published in our March edition.

Unchanged from last month we are considering the following stocks (in alphabetical order): Agnico Eagle (AEM), Alamos Gold (AGI), Allied Nevada (ANV), AngloGold Ashanti (AU), Argonaut Gold (OTCPK:ARNGF), AuRico Gold (AUQ), B2Gold (BGT), Barrick Gold (ABX), Eldorado Gold (EGO), Gold Fields (GFI), Goldcorp (GG), Harmony Gold (HMY), IAMGOLD (IAG), Kinross Gold (KGC), Lakeshore Gold (LSG), McEwen Mining (MUX), New Gold (NGD), Newmont Mining (NEM), Primero Mining (PPP), Randgold (GOLD), Sibanye Gold (SBGL), St Andrew Goldfields (OTCQX:STADF), Yamana Gold (AUY).

And additionally we would like to add four Australian gold-miners to our list: Regis Resources (OTC:RGRNF), Beadell Resources (OTC:BDREF), Silver Lake Resources (OTC:SVLKF)

Dow Theory market top looks confirmed as US stocks tumble on weak jobs data and precious metals rise

Posted: 04 Apr 2014 09:03 PM PDT

The Nasdaq down by 2.6 per cent led Wall Street lower on Friday after the US non-farm payrolls jobs data came in below expectations and traders sold momentum stocks from the tech sector. The Dow Jones Index failed to top its previous high and so did not confirm a Dow Theory bull market breakout (click here), though it has to fall through 15,372 to predict a new bear market and closed at 16,412.

Gold and silver bounced through $1,300 and $20 an ounce respectively. It’s too early to say if we are about to see a repeat of January in April with a slump in stocks and upturn in precious metals. Monday should be interesting for precious metals if stocks continue to sell-off.

Weak jobs data

Yields on five-year US treasuries dropped the most in two months, widening the gap with 30-year bonds. The US economy added 192,000 jobs last month, well below a median forecast for 200,000, according a Bloomberg survey of economists.

At this level unemployment of 6.7 per cent is low enough for the Fed to continue to reduce its monthly money printing but not worrying enough for a policy reversal. You could see this as a positive indicator for the US economy or as a sign that if the US stock market is now completely dependent on artificial stimulus it is in trouble as this support is gone.

This year gold is up 8.4 per cent with global economic growth faltering and the Russian annexation of Crimea. Gold rose by 1.5 per cent yesterday to $1,303, the biggest gain since mid-March. Silver coasted two per cent higher but closed up just 0.5 per cent.

India buying gold again

There was some bullish news for gold. India's bullion imports more than doubled in March from February. Last year it was the Indian government’s interference in the market with higher taxation that many blame for the 30 per cent crash in the gold price. If this collapse in demand has been reversed then it is clearly good news for gold demand and prices.

The end of the five-year bull run in US stocks has been widely forecast with numerous warning signs flagged up recently. April is also the end of the tax year for Americans and taking profits at this point in time is therefore even more tempting.

Did you get your ArabianMoney investment newsletter (sign-up here) predicting that April would be a rough month? The short positions we suggested showed big gains yesterday. This has only just started…

The Screaming Fundamentals For Owning Gold

Posted: 04 Apr 2014 09:01 PM PDT

The Screaming Fundamentals For Owning Gold

Chris Martenson has prepared for SD readers his mammoth annual report on the fundamental reasons for owning gold. The plethora of systemic risks that make gold a wise investment continue to expand, as does the shocking imbalance between increasing demand and tightening supply. The punch line is this: Gold (and silver) is not in bubble [...]

The post The Screaming Fundamentals For Owning Gold appeared first on Silver Doctors.

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  2. Fundamentals For Owning Physical Gold & Silver Have Only Increased!
  3. 2012 Outlook for Gold – Positive Fundamentals Remain and Crucial Diversification

Jim Willie: Gold Standard Will Return- It is Coming. It Will Shake the World

Posted: 04 Apr 2014 05:37 PM PDT

Jim Willie: Gold Standard Will Return- It is Coming. It Will Shake the World

An important backlash is coming to the perverse USFed monetary policy.   An urgent call for global action has been seen in the G-20 and BRICS nations. The Iran sanction workarounds are to serve as the prototype for gold trade settlement. Shanghai will set the oil price in Yuan terms.  China will insist on making [...]

The post Jim Willie: Gold Standard Will Return- It is Coming. It Will Shake the World appeared first on Silver Doctors.

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april 4.2014/GLD posts a loss of 1.8 tonnes of gold/silver at the SLV advances by 673,000 oz/gold and silver rise/gold by $19.00 and silver by 15 cents/Another day of backwardation for the one month GOFO/ Jobs report disappoints/Nasdaq collapses/Flash cra

Posted: 04 Apr 2014 02:54 PM PDT

Pakistan refuses to sell its gold as per IMF demands

Posted: 04 Apr 2014 01:47 PM PDT

We're here from the IMF and we're here to help you.

We’re here from the IMF and we’re here to help you.

Pakistan refuses to part with $2.7 billion worth of gold for national security reasons

Pakistan has refused to sell gold worth $2.7 billion, citing national security reasons, as the International Monetary Fund (IMF) pushes Islamabad to convert the precious metal into cash to build foreign currency reserves, revealed the global lender's report on Friday.

According to the report, the State Bank of Pakistan (SBP) holds over 2 million troy ounces of monetary gold, having $2.7 billion value at market rate. It is not counted in gross international reserves as it is not deemed to be liquid by the SBP, says the IMF.

The IMF and Pakistan authorities discussed what steps would be needed to make gold more liquid, the report adds. "However, the (Pakistani) authorities stressed that they have no plans to sell gold and preferred existing arrangements for gold holdings for national security reasons."

School Science Project Reveals High Levels Of Fukushima Nuclear Radiation in Grocery Store Seafood

Posted: 04 Apr 2014 01:45 PM PDT

School Science Project Reveals High Levels Of Fukushima Nuclear Radiation in Grocery Store Seafood

The U.S. and Canadian governments currently are not even testing imported seafood for radiation. When Canadian high school student named Bronwyn Delacruz decided to test imported seafood for radiation herself, she never imagined that her school science project would make headlines all over the world.  But that is precisely what has happened.  Using a $600 [...]

The post School Science Project Reveals High Levels Of Fukushima Nuclear Radiation in Grocery Store Seafood appeared first on Silver Doctors.

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Faber On Gold Manipulation, Fed Gold and Importance Of Not Storing Gold In U.S.

Posted: 04 Apr 2014 10:32 AM PDT

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