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- China should aim for 8,500t gold reserve - China Gold president
- Is the PetroDollar On Its Deathbed?
- Gold Still Testing Huge 1206 Level
- Gold Eyes Key $1,179 Support
- New Singapore gold contract poised to launch
- Jay Taylor urges investors to stay liquid for the coming gold boom
- EuroZone Inflation Data Hammers the Euro
- Rout Continues, Silver Smashed to $16 Handle & New 4 Year Low!
- NOTHING IS “NORMAL” WHEN GOLD IS NOT CIRCULATING AS MONEY: SANDEEP JAITLY
- Top Sprott analyst: “Severely bearish” sentiment says it’s time to buy these stocks now
- This major investor says it’s finally time to buy the mining sector
- The Death Of The Derivatives Monster & It’s Impact On The Precious Metals
- Gold: Support at 1206.85/1200, resistance at 1230/1234.80
- Gold - Time to Buy the Dip?
- Standard & Poor’s Warns on Germany as Anti-Euro Political Party Soars in Popularity
- Agnico-Eagle gets whale by the tail
- Indian commodities exchange launches futures contracts in bullion
- Gold is undervalued, could rebound quickly: James Turk
- Why Is Eric Holder Stepping Down- Are We On the Precipice of Total Collapse?
- A Silver Lining for Gold: A Triple-Bottom on its Chart
- Singapore Becoming Global Gold Hub - Launches Kilo Bar Contract And Gold ATMs
- Ichimoku Cloud Analysis: GBP/USD, Gold
- Singapore Becoming Global Gold Hub – Launches Kilo Bar Contract And Gold ATMs
- Bullion bank suppression continues
- Silver ETF holdings, Comex futures open intererst near record highs:ETFS
- Gold plunges as dollar strengthens
- Gold: Uncertainty prevails as markets eye possible hike in US interest rate
- The Price of Gold and the Art of War, Part II
- Demand for Physical Gold Remains Strong as Bullion Banks Suppress Prices
- Does The Dictionary Foretell Our Monetary Future?
- TECHNICAL : Silver Price At or Very Close to an Important Low
- Gold Prices September 30, 2014, Technical Analysis
- Gold Inches Higher As USD Seeks New Fuel From Consumer Confidence Data
- Gold Poised For Further Descent
- Koos Jansen: Chinese Gold Demand “Extremely Strong”—Even “Astonishing”
- The Illogical Trade — Buy the U.S. Dollar as the Economy Flounders
- Morgan Stanley warns on Asian debt shock as dollar soars
- Jim Rickards: Abenomics Will Fail --- An interview with Erkan Öz
- Three King World News Blogs
- For one New Jersey candidate, the issue is gold
- The Mexican Libertad: The Currency Solution?
- Conspiracy fact: The European Central Bank Gold Agreement is renewed
- Russia’s Gokhran Buying Gold Bullion in 2014 and Will Buy Palladium in 2015
- Singapore bourse to start kilobar gold trading to lure investors
- Koos Jansen: Chinese gold demand 'extremely strong,' even 'astonishing'
- Lawrence Williams: China gold demand surging again
- Gold – Support Level at $1215 Remains Firm
- Why aren’t surging US gold coin sales boosting prices?
- No, America Isn’t Communist. It’s Only 70% Communist.
- The U.S. Government Is Borrowing About 8 Trillion Dollars A Year
| China should aim for 8,500t gold reserve - China Gold president Posted: 30 Sep 2014 11:45 AM PDT In an opinion piece the President of the China Gold Association reportedly remarked that China should eventually hold some 8,500 tonnes in gold reserves. |
| Is the PetroDollar On Its Deathbed? Posted: 30 Sep 2014 11:30 AM PDT The Empire of Chaos war machine is in full gear, and it will go after any country, any people who get in their way, and that includes going after Americans in their own country. The NSA, FEMA, TSA, Homeland Security. All of these organization have one purpose and one purpose only: Protect the interests of the banking system […] The post Is the PetroDollar On Its Deathbed? appeared first on Silver Doctors. |
| Gold Still Testing Huge 1206 Level Posted: 30 Sep 2014 11:02 AM PDT |
| Posted: 30 Sep 2014 10:45 AM PDT dailyfx |
| New Singapore gold contract poised to launch Posted: 30 Sep 2014 10:41 AM PDT Singapore continues its push to be a global gold hub. |
| Jay Taylor urges investors to stay liquid for the coming gold boom Posted: 30 Sep 2014 10:38 AM PDT Jay Taylor doesn't beat around the bush—he believes the price of gold is being suppressed to support the U.S. dollar and underwrite American foreign policy. |
| EuroZone Inflation Data Hammers the Euro Posted: 30 Sep 2014 10:37 AM PDT WOW! The Euro is getting obliterated on the foreign exchange markets this morning as news of an horrendous reading (for the ECB) on the inflation front sent shock waves through the markets. Consumer price inflation came in at 0.3% for the month of September, the slowest rate since October 2009! That immediately fueled further speculation that the ECB is going to be forced to implement some sort of QE over there in order to try to force a turnaround in the lackluster economy. With a meeting of the ECB later this week, traders are paying even more close attention to what will come out of it in regards to potential moves by the Central Bank. The currency has fallen through one level of chart support after another and as of yet still shows no sign of bottoming. Today's session low is right smack dab in the support zone noted. If that does not stem the bleeding, I do not see anything on the chart until below 1.2400.  With the Euro getting steamrolled and falling below support near 1.2650 and even psychological support at round number 1.2600, the US Dollar is soaring higher. As it moves higher, the commodity complex is also getting hammered. Crude oil in particular is reeling as it is currently down more than $3.00/bbl as I type these comments. The low is near $91 thus far. There is some chart support just below the market near the zone from $90.60-$90.40, which if that fails to hold this market, is the last support zone I see on the crude chart until closer to the $87.50 level. Silver has completely fallen out of bed as it is down more than 3% at this time and has lost psychological chart support near $17.00. It is trying to stabilize there but copper is threatening the $3.00 level and if it goes, so too will silver. The Goldman Sachs Commodity Complex is imploding with the index currently down over 2% and notching a brand new, fresh 27 month low. Even cattle are seeing selling pressure today which is something considering the strength in that complex. The strong dollar simply makes US exports that much more expensive on the global market and that fact tends to undercut buying. The Dollar is working its way steadily towards the next zone of resistance on the chart ( 86.50 - 87.00).  The Brazilian Real is also continuing to fall against the Dollar making US soybeans less competitive with Brazilian-origin beans as well. Again, most grain traders that I have known over the years haven't a clue about currency exchange ranges and tend to be myopically focused on the US domestic market to the exclusion of the impact of currency exchange rates on export business. With today being the actual end of the quarter and the end of the month, these large moves in the markets may also be partially attributed to book squaring and evening of positions. The start of the new month will be very interesting to see how fund managers intend to position themselves as they put money back to work. Here is a chart of the GSCI:  The HUI has completely surrendered all of its gains for 2014 and is now trading well below the ending level made on December 2013.  Here is the most recent TIPs spread chart overlaid with the gold price. Notice how the two seem to be moving in perfect harmony. The market is simply not the least bit worried about any inflation at this point.  One last chart for right now... it is the big gold ETF, GLD, which reported holdings that once more dropped. Total holdings are now at 772.25 tons, having now dropped to a level last seen in early December of 2008. All that gold that was bought based on the experiment we now call Quantitative Easing has been sold and the money put to work elsewhere. Simply put, Western-origin gold investment demand stinks to high heaven. Just remember that whenever some huckster out there regales you with wild, baseless and unverifiable claims of "massive gold buying".  Sure someone is buying the gold that is being sold but that is true in any market, even as it falls in price because there must always be a buyer when there is a seller. The point to remember however is that if there are more sellers willing to sell at a lower price than there are buyers willing to buy at a high price, the price is going to go down. Period! A last written item - in watching the Japanese Yen trade in the midst of this carnage this morning, I am noting some firmness in that currency, as well as in the bond market, telling us that there is some safe haven buying occurring against this backdrop. It does appear that is what is keeping gold supported about the $1200 level for now even as the gold mining shares evaporate in price. |
| Rout Continues, Silver Smashed to $16 Handle & New 4 Year Low! Posted: 30 Sep 2014 10:17 AM PDT The cartel take-down has intensified yet again today as the quarter draws to a close and the bullion banks attempt to inflict max pain on those long gold and silver, as the white metal has been smashed to a new 4 year low of $16.79. It now looks like a retest of the entire 2010-2011 […] The post Rout Continues, Silver Smashed to $16 Handle & New 4 Year Low! appeared first on Silver Doctors. |
| NOTHING IS “NORMAL” WHEN GOLD IS NOT CIRCULATING AS MONEY: SANDEEP JAITLY Posted: 30 Sep 2014 10:15 AM PDT Nothing is ‘normal’ when gold and silver aren’t circulating as money. The central authorities need to manage the fiat and keep going the illusion of it having exchange value forever. By managing the fiat price lower, as occurred on Friday, the supposition is that people will be ‘scared’ out of their gold/silver and exchange it […] The post NOTHING IS “NORMAL” WHEN GOLD IS NOT CIRCULATING AS MONEY: SANDEEP JAITLY appeared first on Silver Doctors. |
| Top Sprott analyst: “Severely bearish” sentiment says it’s time to buy these stocks now Posted: 30 Sep 2014 09:17 AM PDT From Henry Bonner in Sprott’s Thoughts: North American oil and gas companies experienced a severe correction this summer, following a run-up through the first half of the year. The S&P/TSX Capped Energy Index ETF, which tracks the North American oil and gas sector, is down around 14% since late June. In a recent update, Sprott oil and gas analyst Eric Nuttall writes that this could be an attractive entry point into this market: I’ve been deploying cash at an aggressive pace over the past couple of weeks, following what proved to be a vicious energy sector sell-off. Sentiment has now swung severely into the bearish camp. In my experience, it is in times like these that you can get the best upside relative to your risk — as valuations are likely to improve from here. In my opinion, the decline in energy stocks had nothing to do with any change in fundamentals. Instead, it has been driven by concerns surrounding the overall stock market, a strengthening U.S. dollar – which is bad for U.S. oil producers − and stale data points on oil demand being mistaken for up-to-date information. The market is looking at 5-month-old data that indicated weakening demand from Europe and China. That trend has since dissipated, and real-time data shows a strong rebound in oil demand. While the groupthink still holds that demand is weak, it’s not. Besides ‘stale data’ weighing on sentiment, there have been over $3.5 billion in energy stock issuances in the past several weeks (PrairieSky Royalty, Crescent Point Energy, Whitecap Resources, Cardinal Energy, and Tamarack Valley Energy). Funds and investors have used up a lot of their cash buying into these issuances. As a result, there was less cash to buy stocks on the regular markets, which has aggravated the downturn in the short term. I am interested in deploying cash into solid companies that have fallen by over 20% since early September and are sitting at their 200 day moving averages. It’s too early to take on the riskier companies – so I’m sticking to the top of quality food chain for now. I’m not calling a bottom yet, but I remain a long-term bull on the energy market, particularly in the Canadian oil patch. As we reported earlier this week, there is substantial long-term opportunity in oil and gas in North America, but in the last couple of months the sector has been beaten down. Eric Nuttall reported earlier this year that he expected oil and gas – particularly unloved companies operating in the Canadian oil patch – to do well. Sure enough, it did. North American oil and gas surged higher as a whole for the first half of 2014. Eric still believes oil and gas will go higher in the long term, and suggests that the current pullback is an opportunity. If you’re interested in energy stocks, especially oil and gas companies operating in the Canadian oil patch, it could be a good time to deploy cash. Eric Nuttall is a Portfolio Manager with Sprott Asset Management LP. He joined the firm in February 2003, and over the years, his views on the oil and gas sector are frequently sought by the Business News Network (BNN), a regular contributor to Alberta Oil Magazine, often interviewed by The Globe and Mail, the National Post, the Calgary Herald, and has appeared in both the Wall Street Journal Asia and Barron’s. Eric is Lead Portfolio Manager of the Sprott Energy Fund, and co-manages the Sprott 2013, 2014, and 2014 II Flow-Through Limited Partnerships with Jason Mayer. Eric is a key contributor to Sprott’s internal macro energy forecasts, and supports Sprott’s portfolio management team by identifying top performing oil and gas investment opportunities. Eric graduated with High Honours from Carleton University with an Honors Bachelor of International Business. |
| This major investor says it’s finally time to buy the mining sector Posted: 30 Sep 2014 08:33 AM PDT From Dave Forest at Pierce Points: The mining sector got a big vote of confidence this week. From a high-profile backer. At least in one part of the world. That’s Australia… Where $7.9 billion private equity firm Denham Capital said it is launching a venture solely aimed at helping struggling firms in the minerals sector. Denham will devote $200 million to the new vehicle. And then put that cash to work turning around under-performing assets in the mining world. “It will be focused on improving and restoring the profitability of assets,” Denham’s managing director Bert Koth told local press. Denham didn’t specify whether the venture will be in the form of an investment fund, or a corporate entity that will take direct control of assets. But either way, it appears that the main focus will be acquiring good assets that have been mismanaged. And helping to get them back on the right track. Toward that end, Denham has reportedly already assembled a team of “turnaround” specialists from the mining business. With the group suggesting that much of the activity will involve re-engineering of projects in order to “eliminate every single redundant dollar in the cost structure”. The approach indeed has some sense to it. With Denham’s management pointing out that many mining firms suffer from entrenched management who simply aren’t the right people for the job. Often being explorationists or developers who stay on after a project moves to a more advanced stage − when a team of engineering experts would probably be a more effective choice. It will be interesting however, to see how many projects the firm identifies fitting their investment criteria. With many struggling mining projects simply being held back by mediocre geology, infrastructure or markets. Watch for the first deals from the new venture, which will reportedly be launched in about four weeks. First targets apparently include “bulk minerals” (presumably coal and iron ore), along with base metals. |
| The Death Of The Derivatives Monster & It’s Impact On The Precious Metals Posted: 30 Sep 2014 08:20 AM PDT The values of gold and silver would be substantially higher if it wasn't for the massive derivatives market. Americans have no idea that the Derivatives Monster destroyed the ability for the market to properly value physical assets, commodities and the precious metals. Without the Fed & Cartel Bank market rigging, a Dow Jones of 6,000 […] The post The Death Of The Derivatives Monster & It's Impact On The Precious Metals appeared first on Silver Doctors. |
| Gold: Support at 1206.85/1200, resistance at 1230/1234.80 Posted: 30 Sep 2014 07:50 AM PDT fxstreet |
| Posted: 30 Sep 2014 07:35 AM PDT marketoracle |
| Standard & Poor’s Warns on Germany as Anti-Euro Political Party Soars in Popularity Posted: 30 Sep 2014 07:30 AM PDT Standard & Poor's has issued an extraordinary credit alert on the eurozone, one that deserves close attention. It warns that the rise of Germany's AfD anti-euro party calls into question the euro bail-out machinery and queries the pitch for any form of QE, stimulus that has already been pocketed and spent in advance by the […] The post Standard & Poor's Warns on Germany as Anti-Euro Political Party Soars in Popularity appeared first on Silver Doctors. |
| Agnico-Eagle gets whale by the tail Posted: 30 Sep 2014 07:23 AM PDT Drilling in Canada's Arctic, Agnico-Eagle has discovered some very significant gold mineralization on a relatively new project. |
| Indian commodities exchange launches futures contracts in bullion Posted: 30 Sep 2014 06:48 AM PDT Multi Commodity Exchange of India Ltd., India's largest commodities exchange, has announced launch of fresh futures contracts in bullion. |
| Gold is undervalued, could rebound quickly: James Turk Posted: 30 Sep 2014 06:19 AM PDT James pointed out that there is so much money being printed by central banks, and its got to end up somewhere, and a lot of this money is ending up in what are perceived as safe-havens |
| Why Is Eric Holder Stepping Down- Are We On the Precipice of Total Collapse? Posted: 30 Sep 2014 06:00 AM PDT The Obama administration failed to game the courts and now will have to account for its Fast and Furious lies. However, Holder’s greater crimes were his aiding and abetting of the greatest escalation in banking criminality and fraud in the history of the world. Our entire financial and economic system is on the precipice of […] The post Why Is Eric Holder Stepping Down- Are We On the Precipice of Total Collapse? appeared first on Silver Doctors. |
| A Silver Lining for Gold: A Triple-Bottom on its Chart Posted: 30 Sep 2014 05:50 AM PDT uncommonwisdomdaily |
| Singapore Becoming Global Gold Hub - Launches Kilo Bar Contract And Gold ATMs Posted: 30 Sep 2014 05:32 AM PDT gold.ie |
| Ichimoku Cloud Analysis: GBP/USD, Gold Posted: 30 Sep 2014 05:25 AM PDT fxstreet |
| Singapore Becoming Global Gold Hub – Launches Kilo Bar Contract And Gold ATMs Posted: 30 Sep 2014 05:14 AM PDT Some analysts have said that the protests in Hong Kong and the uncertain political outlook in Hong Kong may give Singapore an advantage in terms of becoming Asia and possibly the world's global gold hub. Separately, the first gold-dispensing automated teller machine in Asia have been launched in Singapore. The two ATMs are in Marina Bay Sands and Resorts World Sentosa hotels. The world's largest bullion buyer, China imported more gold in September than in the previous month due to demand from retailers stocking up for the upcoming National Day holiday.
Singapore continues its push to be a global gold hub. The new exchange traded Singapore kilobar gold contract will launch in less than two weeks – on October 13. The new contract is a 1 kilogramme physically deliverable gold contract for the Asian and global wholesale gold market.
In a joint statement, International Enterprise (IE) Singapore, Singapore Bullion Market Association (SBMA), Singapore Exchange (SGX) and the World Gold Council, announced the new contract yesterday. The contract will be traded on SGX, the first wholesale 25 kilobar gold contract to be offered globally, and this is a collaboration among the four parties. The SGX is Singapore's securities and derivatives exchange and clearing and depository provider. This caters to the very high demand for physical gold in China and throughout Asia, which has increased significantly over the last decade. This new gold contract differs from others in that as well as acting as a price discovery benchmark for 1kg gold bars in the Asian region, it has been specifically designed to actually deliver gold to large buyers, wholesalers and institutions, presumably including central banks. Settlement of the contract is in gold 1kg bars and not in cash. A 1kg gold bar is 32.15 troy ounces. The Singapore contract will be in lots of 25 kilogrammes and denominated in U.S. dollars. It will trade for three hours in the Singapore morning time. Singapore is 7 hours ahead of London and 12 hours ahead of New York, and 2.5 hours ahead of the Indian market, but is in the same time zone as both Hong Kong and Shanghai. Six consecutive daily contracts will trade at the same time, so when one contract expires, another will be added. Physical settlement is two days after trade date and consists of 99.99 purity 1 kilogramme gold bars that meet the approval of the Singapore Bullion Market Association (SBMA) good delivery list . This means that wholesalers will be able to gauge demand and supply of 1 kg bars over the following week. Some analysts have said that the protests in Hong Kong and the uncertain political outlook in Hong Kong may give Singapore an advantage in terms of becoming Asia and possibly the world's global gold hub. Separately, the first gold-dispensing automated teller machine in Asia have been launched in Singapore. The two ATMs are in Marina Bay Sands and Resorts World Sentosa hotels. Launched by Asia Gold ATM, Singapore is the fourth country to have the facility, next to the UAE, the UK and the US. Items such as 1g to 10g pure gold bars, as well as customised gold coins, can be bought from the machine. The ATMs mean little or nothing with regards to Singapore becoming a global gold hub. However, they show how gold is respected and sought after in Singapore and the people and institutions of Singapore, have a significant cultural affinity with gold. Unlike in the west, where people who believe in using gold for wealth preservation or for saving are sometimes called names and dismissively called "gold bugs". Gold and money, throughout history has flowed to where it is better treated. Today, gold continues to flow from West to East. A sign of shifting economic fortunes. Faber Webinar On Storing Gold in Singapore Essential Guide To Storing Gold In Singapore
MARKET UPDATE Gold in Singapore was essentially flat and trading at $1,216.55 an ounce prior to a sharp bout of selling in late morning trading in London quickly pushed gold down nearly $10. Gold fell $1.00 or 0.08% to $1,216.50 per ounce and silver slipped $0.14 or 0.79% to $17.49 per ounce yesterday.
Silver was set for a third consecutive monthly loss, and platinum is on track for an 8% drop, its worst monthly decline since May 2012. Palladium has been by far the worst performer in the category with a 12.4% decline. However, in physical markets, data from the U.S. Mint show that it has sold over 50,000 ounces of American Eagle gold coins so far in September, its highest monthly sales since January. There is evidence too that demand has picked up significantly in India and China. The world's largest bullion buyer, China imported more gold in September than in the previous month due to demand from retailers stocking up for the upcoming National Day holiday. In the last month, withdrawals from the SGE have totalled over 170 tonnes – this suggests an annual rate of over 2,200 tonnes. “The physical volumes have been high this month compared to August. I would say imports could be at least 30% higher than last month,” a trader with one of the 15 importing banks in China told Reuters.
Speculators continue to sell paper and electronic gold while prudent buyers, in Asia and elsewhere continue to accumulate.
RECEIVE OUR IMPORTANT MARKET UPDATES HERE |
| Bullion bank suppression continues Posted: 30 Sep 2014 04:50 AM PDT David Levenstein does a round-up of gold news, opining that naked shorts are in control of the gold price. |
| Silver ETF holdings, Comex futures open intererst near record highs:ETFS Posted: 30 Sep 2014 04:49 AM PDT In contrast, non-commercial short interest in the futures market is near a record high, boosting futures open interest to the highest level since February 2008. |
| Gold plunges as dollar strengthens Posted: 30 Sep 2014 04:48 AM PDT Spot gold was last down $5.20 at $1,209.50/1,210.20 per ounce, its lowest since January 2. |
| Gold: Uncertainty prevails as markets eye possible hike in US interest rate Posted: 30 Sep 2014 04:30 AM PDT But instead of flocking to a safer haven, investors have remained been remarkably bullish for a remarkably long period. With economic recovery finally tangible, traders appear to be investing in other assets with gusto and scant regard for the warnings of bearish commentators and analysts. |
| The Price of Gold and the Art of War, Part II Posted: 30 Sep 2014 03:00 AM PDT Survive the Crisis |
| Demand for Physical Gold Remains Strong as Bullion Banks Suppress Prices Posted: 30 Sep 2014 02:57 AM PDT September has been a poor month for precious metals. Gold is down 5.2%, despite it being gold's strongest month from a seasonal perspective. The price fall means that gold is heading for the first quarterly loss this year. As a dollar-driven rally spurred by U.S. economic growth and after the U.S. Federal Reserve indicated it could raise interest rates sooner than expected earlier this month, gold prices have come under pressure for the entire month of September. However, as there has not been any dumping of the physical metal and as demand remains relatively robust one can surmise that this selling can only be the nefarious activities of the large bullion banks trying to suppress the price of the yellow metal once again and thus give the general public that illusion that owing gold is not as good as owning the U.S. dollar or equities. The Federal Reserve and its bullion bank agents (JP Morgan, Scotia, and HSBC) have been using naked short-selling to drive down the price of gold since September 2011. The latest containment effort began in mid-July of this year, after gold had moved higher in price from the beginning of June and was threatening to take out key technical levels, which would have triggered a flood of buying from hedge funds. The Fed and its agents rig the gold price in the New York Comex futures (paper gold) market. The bullion banks have the ability to print an unlimited supply of gold contracts which are sold in large volumes at times when Comex activity is light. On the geopolitical front, the crisis developing between Western nations and the Islamic militant group ISIS is taking on a new dimension. For now, mainstream media have forgotten about Ukraine and Gaza. On Friday, American-led coalition warplanes struck at targets outside the city of Deir el-Zour on the Euphrates River. Coalition planes pounded a dozen makeshift oil-producing facilities in the same area on Thursday, trying to cripple one of the militants’ primary sources of cash — black market oil sales that the U.S. says produce up to $2 million a day. Syrian activists said the American-led air campaign also hit the Tanak oil field as well as the Qouriyeh oil-producing area in Deir el-Zour on Friday. It said air raids also targeted the headquarters of the Islamic State group in the town of Mayadeen southeast of Deir el-Zour city. The coalition, which began its aerial campaign against Islamic State fighters in Syria last Tuesday, aims to destroy the extremist group, which has created a proto-state spanning the Syria-Iraq border. Along the way, the militants have massacred captured Syrian and Iraqi troops, terrorized minorities in both countries and beheaded two American journalists and a British aid worker. Denmark announced that it would also send seven F-16 fighter jets to take part in the airstrikes in Iraq; two days after the Netherlands did so. And, on Friday British lawmakers agreed to join the U.S. led coalition and launch airstrikes on Islamic State in northern Iraq, but the motion did not endorse airstrikes in Syria. Prime Minister David Cameron described the moves as critical to national security, arguing that facing down terrorists has become a matter of urgency. Meanwhile the World Gold Council's second-quarter gold-demand trends report showed U.S. jewellery purchases totaled 26.1 metric tons, a 15% rise over 2013's second quarter and more than double the tonnage purchased as bars and coin investments. This isn't a one-quarter anomaly, either, as the data showed that for the 12 months ending with the second quarter, U.S. gold-jewellery demand was up 18% over the time period in 2013 at 125.6 tons. Sally Morrison, managing director of marketing and jewelry at the World Gold Council, said there's been consistent growth in the U.S. jewellery market for the past five quarters, following drops in the price of gold, starting last year. Unlike in China and India where the reaction last year to price falls was quicker, it's taken some time for lower gold prices to trickle into the U.S., she said, with the effects of cheaper prices likely being felt only beginning this year. While most Wall Street analysts continue to trim down their forecasts for gold prices due to the rising expectations of a U.S. rate increase in 2015 and the geopolitical risks being more under control in Ukraine-Russia and the Middle East, the International Monetary Fund (IMF) has shown that Russia, Kazakhstan, Turkey, and Ukraine have added over 35 tons of gold in their reserves in August. The latest official gold reserve data from the (IMF) shows that Russia has again added to its gold reserves in August, with the Central bank of the Russian Federation purchasing 232,510 ozs (7.23 tons) and bringing its total gold reserves to 35.769 million oz. or 1,112.5 tons. The National Bank of Kazakhstan also purchased a massive 795,213 oz. or 24.7 tons in August bringing its total gold reserves to 5.848 million ozs (181.9 tons). Turkey was also a gold buyer in August and the Turkish central bank adding 96,783 ozs (3 tons) to bring its total official gold reserves to 16.45 million ozs (511.6 tons), which is the world’s 12th largest official gold holding. According to the IMF data, other countries which added to their gold reserves in August included the central banks of Azerbaijan and Ukraine. Kazakhstan now has the world’s 23rd largest holdings, just behind the Philippines which has 194.4 tons of gold reserves. With 1,112.5 tons, Russia remains the world’s 6th largest official gold holder, ahead of China (1,054.1 tons) and Switzerland (1,040 tons). The Swiss National Bank (SNB) has not been a gold buyer recently but this may change if a Swiss gold referendum to be held in November goes through, which would force the SNB to maintain 20% of its reserves in gold and to repatriate all gold held abroad back to Switzerland. It is widely believed that China’s gold reserves are understated as I have frequently suggested. And, I also believe that the gold holdings of the U.S. are completely overstated and I very much doubt that they possess the 8000 odd tons they claim to have. The ECB and other central banks including the Nationale Bank van België/Banque Nationale de Belgique, the Deutsche Bundesbank, Eesti Pank, the Central Bank of Ireland, the Bank of Greece, the Banco de España, the Banque de France, the Banca d'Italia, the Central Bank of Cyprus, Latvijas Banka, the Banque centrale du Luxembourg, the Central Bank of Malta, De Nederlandsche Bank, the Oesterreichische Nationalbank, the Banco de Portugal, Banka Slovenije, Národná banka Slovenska, Suomen Pankki – Finlands Bank, Sveriges Riksbank and the Swiss National Bank recently announced details of the fourth Central Bank Gold Agreement In the interest of clarifying their intentions with respect to their gold holdings, the signatories of the fourth CBGA issue the following statement: Gold remains an important element of global monetary reserves; The signatories will continue to coordinate their gold transactions so as to avoid market disturbances; The signatories note that, currently, they do not have any plans to sell significant amounts of gold; This agreement, which applies as of 27 September 2014, following the expiry of the current agreement, will be reviewed after five years. Technical picture
The price of gold has been trading above a major support level of $1200/oz. if it can hold above this level, I believe it will then consolidate and we will see some sideways action before the next move to the upside.
For more information go to: www.lakeshoretrading.co.za |
| Does The Dictionary Foretell Our Monetary Future? Posted: 30 Sep 2014 12:51 AM PDT Originally appeared at GoldSilverBitcoin Google is known as a massive technology company. Best known for its Search, Adwords, Adsense, Analytics, Google Books, Google News, YouTube, Google Voice, Google Maps and other products and services, something Google is not known for is financial advice, but that might be changing.
It seems Google knows what’s up…It seems to be giving its user a hint to divest from the US Dollar… As you can see, the use-example for the word “currency” hints at something The Dollar Vigilante (TDV) has been writing about for some time now…that the dollar “was” a strong currency, but is no longer. Since Google technically licenses its definitions from Oxford, we can look across the pond for the source of this nuggest of insight. Many nations are catching onto the fact that the dollar “was” a strong currency, but is no longer. Brazil, China, India, France, Russia, and South Korea have all been vocal about the fate of the US Dollar. "We [Europeans] are selling to ourselves in dollars, for instance when we sell planes,” French finance minister, Michel Sapin, told the Financial Times. “Is that necessary? I don't think so. I think a rebalancing is possible and necessary, not just regarding the euro but also for the big currencies of the emerging countries, which account for more and more of global trade." The head of the Russian central bank has proposed solutions for the weakening dollar, working towards developing alternative trade mediums. "We’ve done a lot of work on the ruble-yuan swap deal in order to facilitate trade financing. I have a meeting next week in Beijing…We are discussing with China and our BRICS partners the establishment of a system of multilateral swaps that will allow to transfer resources to one or another country, if needed. A part of the currency reserves can be directed to [the new system]." As far as what the future holds for currencies, things are still up in the air, and Oxford/Google make this clear:
Nobody knows “if bitcoin is destined to succeed as the global currency.” But it seems Oxford/Google know many people are asking that question… And, for currency, the examples used in sentences are also quite telling.
Originally appeared at GoldSilverBitcoin |
| TECHNICAL : Silver Price At or Very Close to an Important Low Posted: 30 Sep 2014 12:45 AM PDT marketoracle |
| Gold Prices September 30, 2014, Technical Analysis Posted: 29 Sep 2014 11:50 PM PDT fxempire |
| Gold Inches Higher As USD Seeks New Fuel From Consumer Confidence Data Posted: 29 Sep 2014 11:35 PM PDT dailyfx |
| Gold Poised For Further Descent Posted: 29 Sep 2014 11:30 PM PDT investing |
| Koos Jansen: Chinese Gold Demand “Extremely Strong”—Even “Astonishing” Posted: 29 Sep 2014 11:29 PM PDT "Da boyz took another slice off the platinum salam" ¤ Yesterday In Gold & SilverThe gold price didn't do much on Monday. It ticked down at the 6 p.m. open in New York on Sunday night---and the Far East low came at 2 p.m. Hong Kong time on their Monday afternoon, an hour before London opened. The 'high' of the day came at 1 p.m. BST in London---and it was down hill from there into the 5:15 p.m. electronic close, with gold closing virtually on its low tick. The high and low for the Monday trading session were recorded by the CME Group as $1,223.90 and $1,215.30 in the December contract. The gold price closed yesterday at $1,215.00 spot, down $4.40 from Friday's close. Net volume was pretty light at around 95,000 contracts. As usual, silver got sold down at the Sunday evening open in New York, hitting its low of the day at 1:00 p.m. Hong Kong time. The subsequent 'rally' ended at the noon London silver fix---and then traded pretty flat until just before 3:30 p.m. EDT. At the point, a thoughtful soul came along and sold the price down about a dime in the thinly-traded New York access market. The low and high were reported as $17.43 and $17.635 in the December contract. The silver price was closed in New York on Tuesday at $17.46 spot, down 20 cents from Friday. Net volume was on the lighter side at 26,500 contracts. Platinum traded more or less flat, but set a new low tick for this move down either side of 2 p.m. Hong Kong time. The price rallied back above the $1,300 spot price mark, but that wasn't allowed to hold---and platinum was closed at $1,299 spot, down a couple of bucks. The palladium price popped for eight bucks the moment that trading began at 6 p.m. in New York. After that it didn't do much of anything until it jumped up another five dollars or so just before 11 a.m. in New York. Palladium closed up $14 from Friday's close. The dollar index close on Friday afternoon in New York at 85.64---and the proceeded to do very little during the Monday session, trading 15 points either side of unchanged---and then closing at 85.61---down a small handful of basis points. It's 'high' tick was 85.79---which came around 1:40 p.m. in Hong Kong. Nothing to see here. The gold stocks opened in positive territory, but within 30 minutes were back in the red---and that's where they stayed for the rest of the day, closing on their low tick, as the HUI finished down 1.06%---and breaking the 200 barrier for the first time since last December, closing at 199.55. The chart pattern for the silver equities was very similar, but they got sold down harder, as Nick Laird's Intraday Silver Sentiment Index closed down 1.88%---and also on its low tick of the day. The CME Daily Delivery Report for Day 1 of the October delivery month showed that 419 gold and 61 silver contracts were posted for delivery within the Comex-approved depositories on Wednesday. In gold, the big short/issuer was Canada's Scotia Bank with 418 contracts---and Barclays was the only long/stopper of note, with 233 contracts in its client account---and another 173 contracts in its in-house [proprietary] trading account. In silver, the only short/issuer of note was Jefferies with 52 contracts. HSBC USA stopped 37 of them. The link to yesterday's Issuers and Stoppers Report is here. The CME Preliminary Report for the Monday trading session showed that 2,979 gold and 414 silver contracts are still open in October, but I expect these number to decline rather precipitously within the next 24 hours or so, as the last of the October roll-overs get reported to the CME. The picture should be much clearer by the time Wednesday's column gets posted---and don't forget to subtract the Day 1 deliveries from these numbers. There were no reported changes in GLD yesterday---and as of 6:28 p.m. EDT yesterday evening, there were no reported changes in SLV, either. The U.S. Mint had another sales report. They sold 4,000 troy ounces of gold eagles---1,000 one-ounce 24K gold buffaloes---325,000 silver eagles---and a surprising 2,000 platinum eagles. Over at the Comex-approved depositories on Friday, there was no in/out movement of gold worth mentioning, but it was another very decent day in silver once again---and although only 5,059 troy ounces were reported received, there was 692,827 troy ounces shipped out. The big withdrawal was at the CNT Depository. The link to that activity is here. Here's a chart that Nick Laird passed around late on Sunday evening MDT---and it shows that 50.26 tonnes of gold was removed from the Shanghai Gold Exchange during the week ending September 19. Of course the headline mentions it---and Koos has lots more to say about this in a story I have posted in the Critical Reads section. I have a decent number of stories for you today---and I'll leave the final edit up to you once again. ¤ Critical Reads Ford Gets CrushedFord closed down almost 7.5% on Monday. The bloodletting was swift: the company basically fell off a cliff at about 3 p.m. The stock closed at $15, after ending Friday at $16. Concerns about Ford's losses in Europe and South America drove the sell off. Bloomberg reported that Ford expects to lose a combined $2.2 billion in both markets this year. This article appeared on the businessinsider.com Internet site at 4:10 p.m. EDT on Monday afternoon---and today's first story is courtesy of Roy Stephens.  The Illogical Trade — Buy the U.S. Dollar as the Economy FloundersThe U.S. dollar has seen an impressive strengthening in the past three months. That is a fact that has many analysts, including me, scratching their heads. We have seen the U.S. dollar strengthen across the board against nearly all currencies of the world. The worst of the currencies in the last month has been the Japanese yen. Just a few weeks ago I wrote to you about the insanity that Prime Minister Shinzo Abe has unleashed upon Japan. The United States is following in Japan's footsteps and yet we see the U.S. dollar soar. Manipulation in gold prices along with weak demand for commodities has crushed the Canadian dollar. The temporary weakness in China's growth has pushed the Australian dollar down. This news item was posted on the moneynews.com Internet site at 8:04 a.m. EDT last Wednesday---and I thank Brad Robertson for sharing it with us.  Rates on short-term Treasuries go negativeInvestors are scrambling for safe assets ahead of the end of the financial quarter, with the scrum for securities exacerbated by the Federal Reserve's testing of a key financing tool for an eventual tightening of policy. Yields on short-term Treasury bills, viewed as ultra-safe securities, have dipped below zero as the assets attracted heavy buying in the run-up to the end of the third quarter. Negative yields on the securities mean that money market funds and other big investors are effectively willing to pay the US government for holding their cash over the end of the financial period. These above three paragraphs are all there is that's posted in the clear in this story that appeared in The Financial Times of London yesterday---and it showed up in a GATA release yesterday. The FT headline reads "Fed 'Repo' Tests Drive Scramble for Safety".  U.S. senators demand probe into leaked Goldman Sachs tapesU.S. Senate Banking Committee members are calling for hearings and full investigation into alleged ties between Federal Reserve supervisors and officials at Goldman Sachs, a bank the Fed was supposed to be policing. Congress must hold “oversight hearings on the disturbing issues” raised by the secretly recorded conversations between the Fed and Goldman officials, Senator Elizabeth Warren (Mass, D) said on Friday. Portions of recordings from 2011 and 2012 were recently made public, apparently showing unwillingness by some Fed supervisors to both demand information from Goldman Sachs and criticize its conflict-of-interest policy. “When regulators care more about protecting big banks from accountability than they do about protecting the American people from risky and illegal behavior on Wall Street, it threatens our whole economy,” Warren said in an emailed statement to Reuters, adding that the issues raised by the whistleblower should be addressed when Congress returns in November. This story showed up on the Russia Today website at 7:37 p.m. Moscow time on their Saturday evening, which was 11:37 a.m. EDT---and I thank Harry Grant for sharing it with us. New York Fed Denies Allegations of Bank-Supervision LapsesThe Federal Reserve Bank of New York said it “categorically rejects” allegations made by a former examiner at the Fed bank that her colleagues there were too deferential to the institutions they regulated. “The New York Fed works diligently to execute its supervisory authority in a manner that is most effective in promoting the safety and soundness of the financial institutions it is charged with supervising,” the regional Fed bank said in a statement posted on its website Friday. The radio program “This American Life” today released the transcript of a broadcast that includes excerpts of conversations it said were secretly recorded by Carmen Segarra, the former bank examiner, with some of her colleagues and her supervisor. The transcript includes excerpts of discussions between Segarra and another official, Michael Silva, who was then a senior Fed supervisor with oversight responsibilities for Goldman Sachs Group Inc. This story appeared on the moneynews.com Internet site at 1:26 p.m. EDT on Friday---and it's courtesy of West Virginia reader Elliot Simon.  New York Sun: Audit the New York FedWith Massachusetts' freshman liberal Democratic senator, Elizabeth Warren, calling for hearings on the Federal Reserve's subservience to big investment banks, The New York Sun muses that Kentucky's libertarian-leading freshman Republican senator, Rand Paul, could join her in a coalition to pass legislation to audit the central bank, and particularly its New York office. The Sun's editorial is headlined "Audit the New York Fed"---and it was posted on their Internet site on Saturday. I found this item on the gata.org website---and I thank Chris Powell for wordsmithing the above paragraph of introduction.  The Plunge Protection Team is Opening an HFT-Focused Chicago OfficeFor several days we had heard a persistent rumor, that one of the most famous members of the New York Fed's Markets Group, also known as the Plunge Protection Team, Kevin Henry was moving to the HFT capital of the world, Chicago. We refused to believe it because, let's face it, when the trading desk on the 9th floor of Liberty 33 needs to get its hands dirty in stocks, it simply delegates said task using just a little more than arms length negotiation, with the world's most levered HFT hedge fund: Ken Griffin's Citadel. Why change the status quo. And then, it turned out to be true because as the Chicago Fed announced just a few short days ago: The Markets Group at the Federal Reserve Bank of New York manages the size and composition of the Federal Reserve System’s balance sheet consistent with the directives and the authorization of the Federal Open Market Committee (FOMC), supports debt issuance and debt management on behalf of the U.S. Treasury, provides foreign exchange services to the U.S. Treasury and provides account services to foreign central banks, international agencies and U.S. government agencies. Markets Group is establishing a presence at the Federal Reserve Bank of Chicago and has openings for both experienced professionals and recent graduates. So instead of interacting with the HFT momentum ignition algos using the microwave line of sight towers from NY all the way to Chicago, the NY Fed has decided it needs to be present on location in the windy city to buy up every ES contract and reverse the selling momentum when the day of reckoning finally hits. This long article appeared on the Zero Hedge website at 11:48 a.m. EDT on Sunday morning---and I thank reader M.A. for sending it along. You don't have to read it all to get the point being made.  Washington's Secret Agendas — Paul Craig RobertsOne might think that by now even Americans would have caught on to the constant stream of false alarms that Washington sounds in order to deceive the people into supporting its hidden agendas. The public fell for the lie that the Taliban in Afghanistan are terrorists allied with al Qaeda. Americans fought a war for 13 years that enriched Dick Cheney’s firm, Halliburton, and other private interests only to end in another Washington failure. The public fell for the lie that Saddam Hussein in Iraq had “weapons of mass destruction” that were a threat to America and that if the US did not invade Iraq Americans risked a “mushroom cloud going up over an American city.” With the rise of ISIS, this long war apparently is far from over. Billions of dollars more in profits will pour into the coffers of the US military security complex as Washington fights those who are redrawing the false Middle East boundaries created by the British and French after WW I when the British and French seized territories of the former Ottoman Empire. The American public fell for the lies told about Gaddafi in Libya. The formerly stable and prosperous country is now in chaos. Always controversial, but never far off the mark, this essay by Paul showed up on his Internet site on Sunday sometime---and it's the first offering of the day from Roy Stephens. It's worth reading. Lloyds fires eight over rate manipulation claimsLloyds Banking Group said it had dismissed eight people and recouped L3 million in bonuses after finding they had attempted to manipulate benchmark interest rates, as the long-running probe into rate-rigging continues to claim scalps. The bank was criticised for "highly reprehensible" behaviour by the Bank of England in July after it became the first lender to be fined for rigging rates to cut the cost of a UK financial crisis rescue scheme, in effect costing the taxpayer millions of pounds. It said on Monday that eight employees had been dismissed, pending their right to appeal, after an internal disciplinary process. Four other members of staff who had been suspended were cleared of wrongdoing and have returned to work. The rest of this Financial Times story from Monday is subscriber protected---and I found it embedded in a GATA release yesterday. It's worth skimming. 'I'm joining UKIP!' Tory MP defects to join Farage's anti-EU crusadeA UK Conservative MP has defected to the UK Independence Party, formally resigning from the main ruling coalition party and prompting a by-election in his home constituency. “I’m joining UKIP!” MP Mark Reckless announced to a standing ovation at the UKIP party conference, which took place in Doncaster on Saturday. The 43-year-old Rochester and Strood MP, a former investment banker elected to the Commons in 2010, had previously denied rumours that he was going to “jump ship” and the announcement was sprung on the audience as an apparent surprise. “These decisions are never easy. Mine certainly has not been. Many have been the sleepless nights when I have talked it over with my wife and have thought about the future of our children,” Reckless said. This Russia Today story put in an appearance on their Internet site at 5:12 p.m. on Saturday afternoon Moscow time---and it's the second contribution of the day from Roy Stephens.  One is not amused: Queen faces £1million bill every year if proposed Labour 'mansion tax' comes into forceThe Duke and Duchess of Cambridge, Princess Anne and the Duchess of Cornwall could also be hit by hefty bills by the tax, which would target everyone with a home worth more than £2million. The likes of Buckingham Palace would not be taxed - as it is technically owned by the state - but Balmoral castle and Sandringham House would still leave the Queen with huge amounts to pay. Tatler reported that Balmoral had been estimated to be worth up to £50million earlier this year, and if Sandringham were to fetch a similar fee, the Queen could be made to pay nearly £1 |
| The Illogical Trade — Buy the U.S. Dollar as the Economy Flounders Posted: 29 Sep 2014 11:29 PM PDT The Illogical Trade — Buy the U.S. Dollar as the Economy Flounders The U.S. dollar has seen an impressive strengthening in the past three months. That is a fact that has many analysts, including me, scratching their heads. We have seen the U.S. dollar strengthen across the board against nearly all currencies of the world. The worst of the currencies in the last month has been the Japanese yen. Just a few weeks ago I wrote to you about the insanity that Prime Minister Shinzo Abe has unleashed upon Japan. The United States is following in Japan's footsteps and yet we see the U.S. dollar soar. Manipulation in gold prices along with weak demand for commodities has crushed the Canadian dollar. The temporary weakness in China's growth has pushed the Australian dollar down. This news item was posted on the moneynews.com Internet site at 8:04 a.m. EDT last Wednesday---and I thank Brad Robertson for sharing it with us. |
| Morgan Stanley warns on Asian debt shock as dollar soars Posted: 29 Sep 2014 11:29 PM PDT  Morgan Stanley warns on Asian debt shock as dollar soars Debt ratios in developing Asia have surpassed extremes seen just before the East Asian financial crisis blew up in the late 1990s and companies have borrowed unprecedented sums in dollars, leaving the region highly vulnerable to US monetary tightening. Morgan Stanley said foreign debt in emerging Asia has soared from $300bn to $2.5 trillion over the last decade, creating the risk of a currency shock as the dollar surges to a four-year high and threatens to smash through key technical resistance. "High dollar liabilities do not bode well for emerging markets. In Asia (excluding Japan), the credit-to-GDP gap has reached levels higher than 1997," it said. The US bank warned clients that local lenders in Asia have relied increasingly on the wholesale capital markets - a little like Northern Rock before 2007 - allowing them to expand credit faster than deposit growth. This leaves them exposed if liquidity dries up. This Ambrose Evans-Pritchard commentary appeared on the telegraph.co.uk Internet site on Monday morning at 5:10 a.m. BST---and my thanks to Roy Stephens for sending it. |
| Jim Rickards: Abenomics Will Fail --- An interview with Erkan Öz Posted: 29 Sep 2014 11:29 PM PDT  Jim Rickards: Abenomics Will Fail --- An interview with Erkan Öz Rickards attended the Forex World Istanbul---and delivered a presentation on currency wars at the event last Friday. I found the opportunity to ask him a couple of questions following his book signing event. I am sharing this short interview and Rickards’ exclusive comments here. EÖ - My first question is, what do you think about ‘Abenomics’ this historical money printing experiment taking place in Japan? JR - Japan has been in depression since 1990 so it's a 25 year depression. Depressions cannot be solved with liquidity or monetary solutions. Depressions can be solved with structural solutions. You have structural problems so you need structural solutions. Through all this time Japan tried monetary solutions. They tried money printing, they tried lower interest rates, they tried stimulus but they could not make fundamental structural reforms for their economy. So that’s why they were not able to get out of the depression. Abenomics will fail. It will fail unless they make structural solutions. But since they haven't, I expect their depression to continue and spread throughout the world. This interview by Erkan Öz was posted on the Turkish website financialflood.blogspot.com.tr on Saturday---and it's definitely worth reading. Jim also has something to say about the BIS and the ongoing price management situation in gold as well. English is obviously not Erkan's first language, but you should be able to figure it out nonetheless. I thank Harold Jacobsen for bringing this to my attention---and now to yours. |
| Posted: 29 Sep 2014 11:29 PM PDT  Three King World News Blogs 1. John Embry: "Silver is the Cheapest Asset in the World Today" 2. James Turk: "Total Corruption in Global Markets---and Silver in Backwardation" 3. Richard Russell: "Financial Meltdown and Once in 600-Year Event" [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] |
| For one New Jersey candidate, the issue is gold Posted: 29 Sep 2014 11:29 PM PDT  For one New Jersey candidate, the issue is gold Republican Jeff Bell spent three decades in Washington working on policy and wrote a book promoting all aspects of social conservatism. But so far his campaign for the U.S. Senate has centered on just one issue: returning the United States to the gold standard. It's an idea that his opponent, Democratic incumbent Cory Booker, dismisses as "defunct and debunked," which is pretty much how most economists seem to see it. But a group of conservative thinkers pushing for the change is undaunted. Bell and other supporters of the gold standard say it would be a way to keep prices stable. He says the current means of controlling prices -- near-zero interest rates from the Federal Reserve -- is making it hard for small businesses to get loans and expand. Bell says that's a major reason that the economy is growing slowly years after the Great Recession. This ABC News story, filed from New Brunswick, N.J., was posted on their website at 7:23 p.m. EDT on Sunday evening---and it's another offering I found on the gata.org Internet site. |
| The Mexican Libertad: The Currency Solution? Posted: 29 Sep 2014 11:29 PM PDT  The Mexican Libertad: The Currency Solution? The Libertad is a Mexican coin that was first issued in 1981 in .999 fine gold and then in silver in 1982. Beginning in 1991, the Libertads became the only coins in the world that were issued in the convenient sizes of 1/20, 1/10, 1/4, 1/2, and 1 ounce—again, in both gold and silver. This made them very practical if they were to be used as currency. But of course, gold and silver coinage has traditionally had a bit of a problem when either inflation or deflation is the norm in the world: a denominated face value. A century ago, a one-ounce U.S. Liberty gold coin had a face value of twenty dollars. Today, its scrap value alone is nearly 65 times that amount. So, as the value of precious metals changes from day to day, the face value of the coin becomes meaningless. However, the Libertad, unlike most gold and silver coinage in the world, does not show a face value; it shows only a weight. It can therefore change in value daily, assuming that the Mexican government were to also create a standard by which the Libertad prices could be calculated each day as the prices of gold and silver fluctuate. This very interesting commentary showed up on the internationalman.com Internet site yesterday---and parallels the decades worth of work that Mexican billionaire Hugo Salinas Price has been doing in this area. It's certainly worth reading. |
| Conspiracy fact: The European Central Bank Gold Agreement is renewed Posted: 29 Sep 2014 11:29 PM PDT Conspiracy fact: The European Central Bank Gold Agreement is renewed Bullion Vault research director Adrian Ash notes that the fourth European Central Bank Gold Agreement takes effect today, extends for five years, and removes any limits on gold sales by the 21 signatories while acknowledging that "they do not have any plans to sell significant amounts of gold," because the limits contained in predecessor agreements had come to look silly, such sales having ended long ago. Ash's commentary, along with a link to another story, is headlined "End of the Central Bank Gold Agreement"---and both of these article were embedded in a GATA release from yesterday---and both are very much worth reading. |
| Russia’s Gokhran Buying Gold Bullion in 2014 and Will Buy Palladium in 2015 Posted: 29 Sep 2014 11:29 PM PDT  Russia's Gokhran Buying Gold Bullion in 2014 and Will Buy Palladium in 2015 Gokhran’s palladium reserves are a state secret and analysts try to guess the level each year but they are widely believed to have been depleted according to Reuters. Gokhran was influential on global platinum group metals (PGMs) markets in the 1990s and 2000s, when its palladium stocks, accumulated during the 1970s and 1980s, came to the market, depressing prices. Gokhran is the State Precious Metals and Gems Repository which is a state institution under the Russian Ministry of Finance. It is responsible for the State Fund of Precious Metals and Precious Stones of the Russian Federation. It is responsible for the purchase, storage, sale and use of precious metals, precious stones, jewellery, rocks, and minerals by the State Fund. These are the only four paragraphs on this subject that appeared on the goldcore.com Internet site yesterday. However, some of Mark O'Byrne's other commentary is worth reading as well. |
| Singapore bourse to start kilobar gold trading to lure investors Posted: 29 Sep 2014 11:29 PM PDT  Singapore bourse to start kilobar gold trading to lure investors Singapore Exchange Ltd., Southeast Asia's biggest bourse operator, will start trading a kilobar gold contract next month as it joins other nations in the biggest consuming region in a push for new price benchmarks. The wholesale contract for 25 kilograms of 99.99 percent purity will start trading at 8:15 a.m. on Oct. 13, according to a joint statement from the exchange, IE Singapore, the World Gold Council, and the Singapore Bullion Market Association. The group said in June that trading may begin as soon as September. The Shanghai Gold Exchange started bullion trading in the city's free-trade zone on Sept. 18, while CME Group Inc. is planning a physically-delivered futures contract in Hong Kong in the fourth quarter as global demand shifts from the West to the East. Asia accounted for 63 percent of total consumption of gold jewelry, bars, and coins last year, with China overtaking India as the biggest buyer, according to the council. This brief gold-related Bloomberg news item, filed from Singapore, appeared on their website at 3:00 a.m. MDT on Monday morning---and it's the second-last story of the day from that gata.org Internet site. Chris was a busy boy yesterday. |
| Koos Jansen: Chinese gold demand 'extremely strong,' even 'astonishing' Posted: 29 Sep 2014 11:29 PM PDT  Koos Jansen: Chinese gold demand 'extremely strong,' even 'astonishing' While Western financial news organizations and the World Gold Council keep reporting a decline in Chinese gold demand, gold researcher, but GATA consultant Koos Jansen writes that demand remains "extremely strong" and, as measured by withdrawals from the Shanghai Gold Exchange for the week ending September 19, even "astonishing." This gold commentary appeared on the Singapore Internet site bullionstar.com at 4:50 p.m. local time on Saturday afternoon---and it's the last story of the day from the gata.org Internet site. I thank Chris Powell for wordsmithing the above paragraph of introduction. It's definitely worth reading---at least up until the point where your eyes start to glaze over. |
| Lawrence Williams: China gold demand surging again Posted: 29 Sep 2014 11:29 PM PDT  Lawrence Williams: China gold demand surging again We cannot emphasise more strongly that gold followers should ignore the mainstream media reports, based on Hong Kong gold export figures to mainland China, that Chinese gold demand has plummeted by anything between 30% and 50% this year. As we pointed out in an article last week, Hong Kong is now no longer the principal port of entry for gold into the Chinese mainland. When it was still so, gold exports into China were extremely high at the beginning of the year, but since then the Hong Kong figures have tailed off as China effectively opened up gold import routes through other entry points---notably Shanghai and Beijing---resulting in the Hong Kong net gold exports falling back month by month from a peak of 111 tonnes in February to a mere 21 tonnes in August. This is thus no longer an indicator of overall Chinese gold demand. That this does not represent the overall Chinese picture is apparent from the withdrawals of physical gold from the Shanghai Gold Exchange (SGE). True these withdrawals are also down this year suggesting a more gradual slowdown in Chinese demand, NOT a precipitous fall as suggested by the mainstream media. However, recently SGE gold withdrawal figures have been particularly strong again – a fact apparently ignored by most gold commentators. Indeed the past four weeks’ withdrawals from the SGE have totalled over 170 tonnes – this suggests an annual rate of over 2,200 tonnes although weaker figures from March up until August will mean this level will not be reached for the 2014 calendar year, but it may well get much closer to last year’s 2,197 tonnes withdrawn from the SGE than previously estimated. We would suggest that this year’s figure may well get close to 2,000 tonnes given the lower gold price has been stimulating demand at a time of year when it is traditionally strong anyway. We can thus anticipate continuing demand at high levels and China maintaining its place as the world’s largest gold importer – even disregarding the assumed-probable additional gold imports to swell the country’s gold reserves. This commentary by Lawrie is a follow-on to the Koos Jansen piece posted above it. This article was posted on the mineweb.com Internet site yesterday. It's also worth your while. |
| Gold – Support Level at $1215 Remains Firm Posted: 29 Sep 2014 11:25 PM PDT marketpulse |
| Why aren’t surging US gold coin sales boosting prices? Posted: 29 Sep 2014 08:20 PM PDT Why if gold coin sales are surging ahead in the US is the price of gold not heading higher? Did somebody say price fix/ Juerg Kiener, MD & CIO of Swiss Asia Capital, discusses the rise in demand for gold coins as of late and explains why that isn’t translating into a rise in gold prices… |
| No, America Isn’t Communist. It’s Only 70% Communist. Posted: 29 Sep 2014 08:00 PM PDT Within his 1848 Communist Manifesto, Marx outlined a list of ten short-term demands. These, he thought, would be the precursor to the ideal stateless, classless communist society. Ironically in today's world, Marx's demands look pretty much mainstream. That is because nearly every single item on the list has been implemented to varying degrees in the […] The post No, America Isn't Communist. It's Only 70% Communist. appeared first on Silver Doctors. |
| The U.S. Government Is Borrowing About 8 Trillion Dollars A Year Posted: 29 Sep 2014 04:32 PM PDT
So why does so much government debt come due each year? Well, in recent years government officials figured out that they could save a lot of money on interest payments by borrowing over shorter time frames. For example, it costs the government far more to borrow money for 10 years than it does for 1 year. So a strategy was hatched to borrow money for very short periods of time and to keep "rolling it over" again and again and again. This strategy has indeed saved the federal government hundreds of billions of dollars in interest payments, but it has also created a situation where the federal government must borrow about 8 trillion dollars a year just to keep up with the game. So what happens when the rest of the world decides that it does not want to loan us 8 trillion dollars a year at ultra-low interest rates? Well, the game will be over and we will be in a massive amount of trouble. I am about to share with you some numbers that were originally reported by CNS News. As you can see, far more debt is being redeemed and issued today than back during the middle part of the last decade... 2013 Redeemed: $7,546,726,000,000 Issued: $8,323,949,000,000 Increase: $777,223,000,000 2012 Redeemed: $6,804,956,000,000 Issued: $7,924,651,000,000 Increase: $1,119,695,000,000 2011 Redeemed: $7,026,617,000,000 Issued: $8,078,266,000,000 Increase: $1,051,649,000,000 2010 Redeemed: $7,206,965,000,000 Issued: $8,649,171,000,000 Increase: $1,442,206,000,000 2009 Redeemed: $7,306,512,000,000 Issued: $9,027,399,000,000 Increase: $1,720,887,000,000 2008 Redeemed: $4,898,607,000,000 Issued: $5,580,644,000,000 Increase: $682,037,000,000 2007 Redeemed: $4,402,395,000,000 Issued: $4,532,698,000,000 Increase: $130,303,000,000 2006 Redeemed: $4,297,869,000,000 Issued: $4,459,341,000,000 Increase: $161,472,000,000 The only way that this game can continue is if the U.S. government can continue to borrow gigantic piles of money at ridiculously low interest rates. And our current standard of living greatly depends on the continuation of this game. If something comes along and rattles this Ponzi scheme, life in America could change radically almost overnight. In the United States today, we have a heavily socialized system that hands out checks to nearly half the population. In fact, 49 percent of all Americans live in a home that gets direct monetary benefits from the federal government each month according to the U.S. Census Bureau. And it is hard to believe, but Americans received more than 2 trillion dollars in benefits from the federal government last year alone. At this point, the primary function of the federal government is taking money from some people and giving it to others. In fact, more than 70 percent of all federal spending goes to "dependence-creating programs", and the government runs approximately 80 different "means-tested welfare programs" right now. But the big problem is that the government is giving out far more money than it is taking in, so it has to borrow the difference. As long as we can continue to borrow at super low interest rates, the status quo can continue. But a Ponzi scheme like this can only last for so long. It has been said that when the checks stop coming in, chaos will begin in the streets of America. The looting that took place when a technical glitch caused the EBT system to go down for a short time in some areas last year and the rioting in the streets of Ferguson, Missouri this year were both small previews of what we will see in the future. And there is no way that we will be able to "grow" our way out of this problem. As the Baby Boomers continue to retire, the amount of money that the federal government is handing out each year is projected to absolutely skyrocket. Just consider the following numbers... -Back in 1965, only one out of every 50 Americans was on Medicaid. Today, more than 70 million Americans are on Medicaid, and it is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls. -When Medicare was first established, we were told that it would cost about $12 billion a year by the time 1990 rolled around. Instead, the federal government ended up spending $110 billion on the program in 1990, and the federal government spent approximately $600 billion on the program in 2013. -It is being projected that the number of Americans on Medicare will grow from 50.7 million in 2012 to 73.2 million in 2025. -At this point, Medicare is facing unfunded liabilities of more than 38 trillion dollars over the next 75 years. That comes to approximately $328,404 for every single household in the United States. -In 1945, there were 42 workers for every retiree receiving Social Security benefits. Today, that number has fallen to 2.5 workers, and if you eliminate all government workers, that leaves only 1.6 private sector workers for every retiree receiving Social Security benefits. -Right now, there are approximately 63 million Americans collecting Social Security benefits. By 2035, that number is projected to soar to an astounding 91 million. -Overall, the Social Security system is facing a 134 trillion dollar shortfall over the next 75 years. -The U.S. government is facing a total of 222 trillion dollars in unfunded liabilities during the years ahead. Social Security and Medicare make up the bulk of that. Yes, things seem somewhat stable for the moment in America today. But the same thing could have been said about 2007. The stock market was soaring, the economy seemed like it was rolling right along and people were generally optimistic about the future. Then the financial crisis of 2008 erupted and it seemed like the world was going to end. Well, the truth is that another great crisis is rapidly approaching, and we are in far worse shape financially than we were back in 2008. Don't get blindsided by what is ahead. Evidence of the coming catastrophe is all around you. |
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