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- 10 Things About The U.S. News Media That They Do Not Want You To Know
- Mining CEO Calls on Fellow Miners to Halt Physical Silver Sales to End the Paper Manipulation
- Goldman and Blackstone Enter Spanish Real Estate – Pain and Suffering for Poor People Immediately Ensues
- Metals & Markets- Silver Miner Fights Back, Takes on the Bankster Cartel!
- Respect The Gold And Silver Price Trend But Prepare For A Reversal
- Casey Research: Blood in the Streets to Create the Opportunity of the Decade
- Platinum and palladium price Fixing settled - now for gold
- CNBC's Rick Santelli and the Swiss gold vote
- Paying people their worth in gold -- a first in Singapore
- Shanghai Gold Exchange Weekly Withdrawal of 51.5 Tonnes for October 17
- Understanding Silver Price Manipulation
- British Gold Sovereigns - The Preserve of Collectors, Savers and Smart Investors
- Where do you keep your Gold ?
- Metals & Markets- Silver Miner Fights Back, Takes on the Bankster Cartel!
- Devaluation of the Words on the Dollar Bill
- Harvey Organ’s Weekend Update: 4.5 Tons of Gold Removed from GLD, Headed to Shanghai!
- Mining Shares Continue their Meltdown
- Jim Willie: Shanghai Shock to Shatter the Gold Market!
- SILVER MINER SUSPENDS SALES: 35% Of Production Due To Low Prices
- It’s Not Just Spying – How the NSA Has Turned Into a Giant Profit Center for Corrupt Insiders
- Gold rebounds, but gold miners struggle
- Heads up... The last time this happened, it marked a MAJOR bottom in the price of gold
| 10 Things About The U.S. News Media That They Do Not Want You To Know Posted: 25 Oct 2014 11:30 AM PDT Do you trust the news media? The mainstream media is slowly dying, but they will never admit it. Yes, on average Americans watch approximately 153 hours of television a month, but for their news they are increasingly turning to alternative sources of information such as this website. The following are 10 things about the U.S. news media […] The post 10 Things About The U.S. News Media That They Do Not Want You To Know appeared first on Silver Doctors. | ||||
| Mining CEO Calls on Fellow Miners to Halt Physical Silver Sales to End the Paper Manipulation Posted: 25 Oct 2014 09:42 AM PDT I have always been in favor of mining companies holding back the sale of a portion of their metals when prices dip. Furthermore, they should hold reserves beyond the amount needed to run daily operations in gold and silver, not fiat cash. It can always be converted if and when necessary. Keith Neumeyer of First […] | ||||
| Posted: 25 Oct 2014 08:00 AM PDT Well, that didn’t take long… Submitted by Michael Krieger, Liberty Blitzkrieg: Last year Madrid's city and regional governments sold almost 5,000 rent-controlled flats to private equity investors including Goldman Sachs and Blackstone. At the time, the tenants were told their rental conditions would remain the same. But as old contracts expire, dozens of people […] The post Goldman and Blackstone Enter Spanish Real Estate – Pain and Suffering for Poor People Immediately Ensues appeared first on Silver Doctors. | ||||
| Metals & Markets- Silver Miner Fights Back, Takes on the Bankster Cartel! Posted: 25 Oct 2014 07:28 AM PDT
In this week’s Metals & Markets, The Doc & Eric Dubin break down the week’s action discussing:
Click here for the SD Weekly Metals & Markets With The Doc & Eric Dubin: | ||||
| Respect The Gold And Silver Price Trend But Prepare For A Reversal Posted: 25 Oct 2014 04:04 AM PDT When events "happen," they happen in a directed way by the elite's mainstream media outlets. News is presented in a way that is designed to appeal to mass emotions so as to discount reasoned thinking. You get government pimps, be they congressmen, heads of agencies, even presidents who add their fiat 2 cents in order to give some weight to an otherwise weightless argument. While the "news event" is largely untrue, there is a sufficient amount of plausibility added to disguise the misleading [never verified] facts. In other words, psychological manipulation is the main menu of options for the elites to keep the masses "informed," while still very much uninformed. As to gold and silver, there are two sides to the coin, as it were. One is well-covered, in fact overly covered, while the other receives coverage but with elite-imposed limitations. One of the most basic truths in determining the value of anything is that of supply and demand: the availability of a particular product or service [supply], and the desirability [demand] for the product/service. It is an axiomatic rule that cannot be broken, but it can be distorted, as in the case for gold. The distortion via central bank manipulation has been so pervasive over such a long period of time, well over a half-century, that it has become perverse. Supply for the physical has been replaced by paper. Demand for the physical has been replaced by [fiat and news]paper. Ever since elite-puppet FDR issued his Executive Order that all "persons" turn in their gold [the "news" portion], gold was replaced by the foreign- owned Federal Reserve central bank paper issue [the fiat portion], and demand was made to disappear from the minds of the [dis]informed public and world. Who needs gold when you can have the "almighty dollar?" Gold coin, when in circulation, represented the greatest stability for medium of exchange conditions. As the duped American public turned in their gold coins, back in the 1930s, [decreasing one area of demand], the coins were melted down into larger bar form, never to return into circulation [supply]. The US was a country where a central bank did not previously exist. Once the privately owned Federal Reserve central banking system was "installed" by corrupt means in 1913, in just 30 years it had successfully withdrawn the use of gold as a means of measured wealth and replaced it with the Rothschild House of Paper. America has never been the same, since. Financial stability disappeared, and financial dependence on a de facto federal fiat system began in earnest. Yet, if you were to take a poll in the federalized US today, almost none would make any link between the disappearance of gold and the Federal Reserve central bank. This is how successfully the elites work over a protracted period of time, changing the nature and character of things through words, using apparent authority, as in the entire US government, without ever exposing their "hidden hand" directing everything. About one year after the Rothschild Federal Reserve banking system took over in 1913, there was just over $12 billion on deposit with non-fed member banks. By the end of 1929, these banks held just over $21 billion for a gain of about 75%. By contrast in 1914, Fed- member banks held $6.3 billion in reserves, and at the end of 1929, member reserves were almost $34 billion, an increase of 430%. Shortly after, by strong-arm power, non-member banks ceased to exist, reminiscent of the cuckoo bird. A cuckoo bird will lay its eggs in the nest of another bird, leaving that unsuspecting other mother bird to raise the newly hatched cuckoo. Once hatched, the new cuckoo bird will get rid of any remaining eggs, and also push out any other newly hatched other-species bird. The Rothschild central banking system, with the US Fed being the most powerful, is the cuckoo bird of the financial world. The so-called gold standard did not work primarily because the Rothschild banking system would not allow it to work. In order to maintain a gold standard, there are constraints on the factors by which money supply can be expanded, and that hampered the Rothschild formula for creating ever-increasing amounts of paper-issue fiat, with interest to be earned on its issue. With the gold standard, people bought and paid for that which they owned, owing no one. With the Federal Reserve eliminating the gold standard, substantially higher multiples of paper money could be issued in the form of credit expansion. "Buy now, pay later," Fast forward to today, almost everyone in the US is living on credit, well beyond their means, debt-serfs, if you will, to the Rothschild elite's debt system. Very few Americans buy and pay for what they own unless it is on credit, to be repaid based on future earnings. This kind of economy did not exist in the US, over 100 years ago, prior to the insidious establishment of the Federal Reserve central banking system. So successful has been the Rothschild banking system that gold has been all but erased from the American psyche. "A barbaric relic. You cannot eat gold. It earns no interest." Can you eat Federal Reserve Notes? Do Federal Reserve Notes earn interest, anymore? Everyone is aware [or should be] of the unprecedented demand for gold and silver from China and Russia to ordinary people who are buying as much gold and silver as possible. Stories about demand have been headliners for the past few years, with a large degree of accuracy. Not so much when it comes to supply, however. The real supply side of the Supply/Demand equation has been shrouded in secrecy, lest the Western central banking Ponzi scheme come unraveled, which it is now doing. What you need to understand, as a precious metals buyer and holder, and that gold and silver confiscation have always been the highest priority for the elites, accomplished via their central banking system, for the most part, until the last decade or so when outright theft has been employed via CIA-led or sanctioned operations, like Libya, Ukraine. This massive distortion of propaganda, mostly against gold, suppressing it as the time- tested store of wealth, along with silver, has served its purpose, and Newton's Third Law of a reaction that is proportional to the action is getting ready to come into play. It is why our focus over the last several months has turned totally away from all considerations of the overblown and errant attention on the demand factors, and emphasis placed on what the Rothschild elites have been doing to the world economy: plundering its wealth and leaving worthless fiat and economic destruction behind. Everyone not a part of the upper echelon elites has been financially duped by that parasitic group, robbed of wealth, freedom, property, dignity. While many knew that some kind of correction would follow the highs from 2011, no one, except maybe Jim Rogers, expected the depth of the correction down to current levels, an indication of just how much overly power this handful of people have. The Western banking system, and particularly the Federal Reserve, have finally become a ticking bomb. At this point, you are either cognizant of the suppressed reality of events that have admittedly succeeded since the 1930s, or you should not be reading articles like this one. It is with incredible irony that the ultimate defeat of the West will be at the hands of the once, and still vilified "evil" nations of China and Russia. While they are building economic bridges around the world, fostering growth, the US/UK led West has only debt, financial destruction, and war, including human destruction as playing cards about to be trumped. Sadly, it may still get uglier as the West becomes more dangerously reactive, clearly demonstrating the elites know no other way. Nothing, absolutely nothing will impel the price of gold and silver higher until the elites have lost total control over their deeply entrenched system. This means the loss in power of the no longer almighty Federal Reserve Note, better known as the "dollar. The never- ending War Against [insert any reason here] by the tenant of the White House, doing the bidding of his landlord, the New World Order banking elites, is ratcheting up as a sign of desperation that the end is near. When it happens, it will likely be at a fast pace, perhaps faster than most are prepared, except for those already long the physical. Like many, we bought physical on the way up, held it, and added on the way down, some of which are almost half the value, in silver. At no time has there been any rear-view mirror regret. This is but a temporary phase of a seeming decline in value for taking a stance against an out-of-control Western banking system now closer to collapse than ever before. Will it be by the end of the year, sometime next year, or sometime thereafter? We do not know or care, not to be cavalier, but instead from a position of comfortable preparation. If an unexpected jump in prices overnight occurs, as could happen, being a year early and not a day too late will have paid off. We do not look at fundamentals, at all, but do have a general awareness that the "story" for silver can be more explosive to the upside than for gold. There is some credibility to that as found in the gold/silver ratio. If one knew little to nothing about silver, but was aware of this ratio, at 71+:1, gold over silver, odds favor an eventual reversal to a lower number, be it 40:1 or 25:1, or anywhere in between. This means silver would outperform gold. The point to make is how an awareness of what the market is "saying" in the charts is best and most current source available. There has not been any large move lower since important support was broken 6 weeks ago. This could be a sign that the end of the decline is nearing, and even if that were true, there is still no indication that a bottom is in place.
One need not "guess" what to do when viewing a chart. The market provides ample information to suit any trader/investor style. For right now, the trend remains down, and that tells us the odds of making money from the long side in futures is slim. One need not be an astute chart reader to look back at the weekly and surmise an estimate as to how many longs are profitable over the last few years. [Long physical is viewed differently, at least from our perspective.] The daily says the same thing. The mostly sideways activity for October is not a ringing endorsement for demand showing any degree of control. Price has not regained broken support, and it is far from retracing to the half-way area, 19 area, of the last swing high. There should not be any expectations for much upside, at this juncture.
There may be some increased attention being given to a triple-bottom-for-gold scenario, but any evidence for that conclusion is so far from consideration that it does not deserve much attention. The rally off the last low has been weak. That may change starting next week, or some weeks later, but one can only deal with what is known for right now. It is equally possible, maybe even more probable that price could be lower. Either way, it does not matter because the risk/reward factor is not supportive for either side.
Given the position for gold, near its lows, the likelihood of support holding above a 50% retracement, the 1219-1220 area, is not in keeping with the character of a down trending market. For sure, buying rallies, expecting yet a higher rally has not worked in gold, to which we can attest from a few trades some time back. Time is on the side of longs who are best served being on the sidelines, for now.
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| Casey Research: Blood in the Streets to Create the Opportunity of the Decade Posted: 25 Oct 2014 02:57 AM PDT  Casey Research: Blood in the Streets to Create the Opportunity of the Decade Gold stocks staged spring and summer rallies this year, but haven’t able to sustain the momentum. Many have sold off sharply in recent weeks, along with gold. That makes this a good time to examine the book value of gold equities; are they objectively cheap now, or not? By way of reminder, a price-to-book-value ratio (P/BV) shows the stock price in relation to the company’s book value, which is the theoretical value of a company’s assets minus liabilities. A stock is considered cheap when it’s trading at a historically low P/BV, and undervalued when it’s trading below book value. From the perspective of an investor, low price-to-book multiples imply opportunity and a margin of safety from potential declines in price. We analyzed the book values of all publicly traded primary gold producers with a market cap of $1 billion or more. The final list comprised 32 companies. We then charted book values from January 2, 2007 through last Thursday, October 15. Here’s what we found. Well, dear reader, there's no question that blood is definitely running in the streets as far as the precious metals complex is concerned, but the only reason that it is, is because of the iron grip that JPMorgan et al are exerting in the Comex futures market at the moment. But if you're standing around with money to invest, this is as close to the bottom as you're likely to get. This commentary on gold stocks showed up on the Casey Research website yesterday. | ||||
| Platinum and palladium price Fixing settled - now for gold Posted: 25 Oct 2014 02:57 AM PDT  Platinum and palladium price Fixing settled - now for gold It was announced a week ago by the London Platinum and Palladium Fixing Company Limited (LPPFCL) that the responsibility for administering a new electronic Fixing process for the two metals has been awarded to the now Hong Kong-owned London Metal Exchange (LME). The LPPFCL had previously announced the setting up of a Request for Proposal (RFP) following a review of its Fixing process at the end of July. This was with the aim of appointing a third party to assume responsibility for the administration of the Fixing in place of the LPPFCL. The recent announcement was that the LME had been selected and has committed to become the new administrator of the Fixing process. The LPPFCL is now finalising arrangements for the transfer of the administration of the Fixing to the LME with effect from 1 December 2014 while the LME has in the meantime developed a bespoke platform (LMEbullion) that will provide for the necessary electronic pricing solution. The LPPFCL had been administering the pricing system for the metals for the past 25 years utilising a closed telephone call system but had decided, in the light of doubts being cast on the integrity of the various precious metals fixing processes, to seek a new electronic answer to pricing the metals. These changes are all smoke and mirrors, dear reader, because as long as JPMorgan et al are allowed to run rampant in the Globex trading system with impunity, nothing will change, as the 'fix' will always be in. This article by Lawrence Williams appeared on the mineweb.com Internet site yesterday---and I thank Manitoba reader U.M. for her final contribution to today's column. | ||||
| CNBC's Rick Santelli and the Swiss gold vote Posted: 25 Oct 2014 02:57 AM PDT  CNBC's Rick Santelli and the Swiss gold vote Rick wades into the gold issue in Switzerland---and his comments on it start at the 1:15 minute mark of this 2:24 minute CNBC video clip from yesterday. I thank Mark Magarian for sending it our way. | ||||
| Paying people their worth in gold -- a first in Singapore Posted: 25 Oct 2014 02:57 AM PDT  Paying people their worth in gold -- a first in Singapore How would you like to be paid your worth in gold? Singapore-based precious metals dealer BullionStar is doing just that by rewarding staff with the commodity as salary, and it says it is the first in the country to do so. Here is how it works: If, for example, you earn S$3,200 a month, you can choose to be paid in two gold bars each worth S$1,600. Theoretically, if you are a high earner drawing a pay of S$51,000 a month, you can choose to be paid with a one-kilogram gold bar. Sales manager Vincent Tie is one of six employees at BullionStar who has opted to receive his salary in bullion. About 20 to 40 per cent of the 38-year-old's basic pay is given in gold. "If I save in a paper currency in a bank, the interest paid to me cannot beat the rate of inflation, so essentially I am losing purchasing power. That means that I am buying less with my wealth," Mr Tie said about why he went for the heavy metal option. | ||||
| Shanghai Gold Exchange Weekly Withdrawal of 51.5 Tonnes for October 17 Posted: 25 Oct 2014 02:57 AM PDT "The gold card is about the only one they have left to play" ¤ Yesterday In Gold & SilverIt was a nothing day in gold yesterday---and the tiny gains from Far East and London trading began to disappear at 10:30 a.m. EDT---and the New York low was in at 11:00 a.m. EDT, the close of trading in London. After that, the gold price traded sideways for the remainder of the Friday session. The high and low ticks aren't worth looking up. Gold finished the day at $1,231.00 spot, down 90 cents from Thursday's close. Net volume barely moved the needle at only 80,000 contracts. After the obligatory sell off at the 6 p.m. EDT open in New York on Thursday evening, the silver price didn't do much until a rally began once the noon London silver fix was put to bed. That got halted right at the 9:30 a.m. EDT open of the equity market in New York---and at 10:30 a.m. the HFT boyz showed up, taking silver down to its spike low tick shortly before 11:30 a.m. Within ten minutes, the silver price rallied back to unchanged on the day---and traded almost ruler flat into the 5:15 p.m. electronic close. The high and lows were recorded by the CME Group as $17.355 and $17.135 in the December contract. Silver closed yesterday at $17.205 spot, up a penny from Thursday's close. Net volume was in the vicinity of 22,000 contracts. The platinum price didn't do a lot on Friday---and also got sold down a bit at 10:30 a.m. EDT---just like gold and silver. Platinum was closed down seven bucks. Palladium made several rally attempts in early Zurich trading, but both got sold down before they could develop into anything. Then at 10:30 a.m. in New York, the same not-for-profit sellers showed up in this metal as well---and palladium got closed down a couple of bucks. The dollar index closed late on Thursday afternoon in New York at 85.83. It slid to 85.75 by 2:30 p.m. Hong Kong time---and then rose quickly to its 85.88 high about 8:15 a.m. BST in London. From there it headed lower at an ever faster pace, until someone caught the proverbial falling knife at the London p.m. gold fix at precisely 3 p.m. BST/10 a.m. EDT. The low tick at that points was 85.57. It 'rallied' back about twenty basis points before chopping sideways into the close. The index finished the day at 85.73---which was down 10 basis points from Thursday's close. The gold stocks chopped within a percent or so of unchanged during the entire New York session yesterday---and the HUI closed down a smallish 0.31%. The silver equities, like the gold shares, tried to stay in positive territory, but the sell-offs across the board at 10:30 a.m. EDT in all four precious metals put the silver equities in a deeper hole---and although they struggled mightily back into positive territory, they couldn't manage a positive close, as Nick Laird's Silver Sentiment Index also finished the Friday session in the red by a tiny amount---0.12%. The CME Daily Delivery Report showed that 50 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Tuesday. The only short/issuer was Barclays out of their in-house [proprietary] trading account once again---and they also stopped 39 of those contracts in their client account. The balance was picked up by Canada's Scotiabank. The link to yesterday's Issuers and Stoppers Report is here. The CME Preliminary Report for the Friday trading session showed that gold open interest in October rose 53 contracts---and now stands at 286 contracts. Silver's remaining October open interest dropped from 8 contracts to 2 contracts. There was another withdrawal from GLD yesterday, as an authorized participant took out 144,194 troy ounces. And as of 6:59 p.m. EDT yesterday evening, there were no reported changes in SLV. There was a decent sales report from the U.S. Mint yesterday. They sold 5,000 troy ounces of gold eagles---1,500 one-ounce 24K gold buffaloes---and 125,000 silver eagles. Month-to-date the mint has sold 55,500 troy ounces of gold eagles---20,500 one-ounce 24K gold buffaloes---3,940,000 silver eagles---and 400 platinum eagles. Based on these numbers, the silver/gold sales ratio is a hair under 52 to 1. There was no in/out movement in gold at the Comex-approved depositories on Thursday, but the gargantuan in/out movement in silver more than made up for it, as 2,451,366 troy ounces were received---and 846,366 troy ounces were shipped off for parts unknown. The big deposit was at HSBC USA---and the big withdrawal was from Brink's, Inc. The link to yesterday's action, which is worth a quick look, is here. The Commitment of Traders Report for positions held at the close of Comex trading on Tuesday was in the ballpark of what I was expecting, but there was the odd surprise. The first surprise was in silver---and it was a positive one, as the Commercial net short position actually declined by 1,669 contracts, or 8.3 million troy ounces. The Commercial net short position is now down to 72.96 million troy ounces, which is pretty much on par with the lowest short position these traders have had for many years. However, Ted Butler said it appeared that JPMorgan added 2,000 contracts to their short-side corner in the Comex silver market during the reporting week, so their short positions now stands at 12,000 contracts, or 60 million troy ounces which, using the number from the previous paragraph, represents about 82 percent of the total Commercial net short position. Ted was rather surprised by this turn of events---and told me he was going to spend some time thinking about it between now and the time he posts his weekly review to paying subscribers early this afternoon EDT, so he may have something to add to his initial thoughts on this. Under the hood in the Disaggregated COT Report, there was very little change in long and short positions in the Managed Money category, so all of the reporting week's activity was commercial trader vs. commercial trader, along with a bit of long position reduction in the Nonreportable/small trader category. The disappointment was in gold. I was expecting/hoping that the Commercial net short positions wouldn't be much worse than the prior week's COT Report, or at least not over 20,000 contracts worse. That was not the case, as the Commercial net short position blew out by 26,075 contracts, or 2.61 million troy ounces. Most of the activity on the rally during the reporting week was the Managed Money going long and covering shorts, to the tune of 20,292 contracts. The Nonreportable/small trader category covered 3,250 of their short positions, so the balance of the contracts, about 2,500 or so, involved the Commercial traders. On the other side of all these trades---and capping the price in the process---was JPMorgan et al. And while on the subject of JPMorgan, Ted said that they reduced their long-side corner in the Comex gold market by 2,000 contracts---and it now stands at 16,000 contracts, or 1.6 million ounces. As I mentioned in yesterday's column, the price action since the Tuesday cut-off, which has been down three days in a row, has certainly reduced the Commercial net short position by a decent amount. But, having said that, 'da boyz' could still skin the Managed Money crowd to the tune of 30-35,000 Comex contracts, if they wanted to put them all back on the short side again. That would drive the price down to around the October 6 low price tick without too much trouble. So, if the T.A. crowd is looking for a double bottom in gold, the powers-that-be are in a perfect position to oblige them, especially with the good start they've had to the process during the last three trading days of this week. So we wait. Before leaving the COT Report, there were also very decent improvements in the COT structure of both copper and platinum---and bit in palladium as well. The only fly in the ointment---as I just mentioned---is in gold. The Shanghai Gold Exchange reported their withdrawals for the week ending Friday, October 17---and the magic number for that week was 51.506 tonnes, which is a very chunky number once again. Here's Nick Laird's excellent chart that shows the change. Since this is my Saturday column, I have a fair number of stories for you today, including three or four that I've been saving for today. I also have a fair number of big reads that fall into the must read category, so I hope you have enough time in what's left of your weekend, to read them all. ¤ Critical Reads Sears to close more than 100 stores and lay off nearly 5,500 employeesSears Holdings Corp is shuttering more than 100 stores and laying off at least 5,457 employees, investor website Seeking Alpha reported on Thursday, indicating the struggling retailer may be stepping up store closures. Sears said in August it had closed 96 stores in the six months since February and planned to close a total of 130 under-performing stores during the full fiscal year. It added at the time that it may shutter additional stores beyond the 130 target. Sears spokesperson Chris Brathwaite declined to comment on the number of planned closures, saying the company would provide an update when it reports quarterly earnings next month. Reducing operations to the best performing stores is key to Sears’ revival strategy, he said. “While this has resulted in store closures where appropriate – decisions that we do not take lightly – we continue to have a substantial nationwide footprint with a presence in many of the top malls in the country,” Brathwaite said. This news item appeared on theguardian.com Internet site at 3:33 p.m. EDT on Thursday afternoon---and I thank reader 'h c' for today's first story.  The U.S. Housing Recovery Has Been Canceled Due To Data RevisionsLast month, when, with great amusement, we reported that "New Home Sales Explode Higher Thanks To... Record High Average New Home Prices?", we mocked the latest batch of bulls hit data released by the U.S. department of truth as follows: New Home Sales rose a magnificent (seasonally-adjusted annualized rate) 18% in August - the biggest monthly rise since January 1992 albeit with a 16.3 90% confidence interval, meaning the final number may well be +1.7%. At 504k, new home sales are back at May 2008 levels (though obviously massively below the 1.4 million homes sold at the peak in 2005). As a reminder, May's 504K new home sales print was later revised later to 458K. But even more stunning, new home sales in The West rose a mind-numbing 50% in August (and up 84.4% YoY - nearly double). Well, it is now a month later, and here come the revisions: first, that 50% surge in the West was revised... 30K lower. In short: the euphoric, consensus-beating data for every single month since May has been revised lower, by on average 6% and as much as 9%. Perhaps finally people will realize that there is only one number that matters in the Census bureau's monthly new home sales report: the ±15.7 90% confidence interval. Well, people maybe, but not algos, who only care about one thing: whether the data beat or missed. Now we wonder: will all those market surges over the past 4 months which were based on erroneous headline data, all be revised lower? Sarcasm off. This short Zero Hedge piece appeared on their website at 10:29 a.m. EDT on Friday---and it's worth your time. I thank Manitoba reader U.M. for sharing it with us. A Furious Albert Edwards Lashes Out at Central Bankers: "Will These Morons Ever Learn?"Albert Edwards is angry, and understandably so: almost exactly two weeks after warning readers to "sell everything and run for your lives" and the market was on the verge of its first correction in years, several powerful verbal interventions by central banks from the Fed, to the BOJ to the ECB have staged yet another massive rebound which has nearly wiped out all the October losses. Central-planning aside (and ask how much the USSR would have wished for central planning to indeed have been "aside") we share his frustrations, almost to the point where we would reiterate word for word Edwards' furious outburst, as follows: "Simply put, the central banks for all their huffing and puffing cannot eliminate the business cycle. And they should have realised after the 2008 Great Recession that the longer they suppress volatility, both economic and market, the greater the subsequent crash. Will these morons ever learn?" Obviously, they will never will because their very entire existence is based on the assumption that what they do can impact the business cycle when all it does is merely delay the inevitable. In this case, a recession whose arrival will be so violent, it will crush not only US stocks, but the overall economy, which has for the past 6 years existed purely on the Fed's CTRL-P fumes. Fumes, which by the looks of things, will evaporate at just the worst possible moment: just when half of the world's entire growth in 2015 is expected to come from the U.S. (the other half from China). This commentary appeared on the Zero Hedge Internet site at 7:21 p.m. EDT on Thursday evening---and I found it yesterday's edition of the King Report.  Doug Noland: More WackoismCentral banks win the day and week. Markets have grown completely dependent on “Do Whatever it Takes” central control. And six years into a historic global experiment in central bank monetary stimulus, the maladjusted global economy has become dependent upon inflated (and dangerously speculative) securities markets. Meanwhile, the consequences of reckless “money” printing spur deepening social and political tensions. As more begin to question contemporary central bank doctrine, the issue of economic inequality is finally becoming an issue. There are so many signs pointing to the present as an extraordinary juncture in history. For one, the misconceptions, flaws and unfolding failure of contemporary central banking are coming into clearer view. Yet fragilities associated with a flagging global Bubble ensure only more radical monetary measures. In the name of fighting “deflation” risk, everything has become fair game. God only knows how much “money” they might end up printing. Doug's weekly Credit Bubble Bulletin is always worth your while---and I thank reader U.D. for bringing this week's edition to our attention. It was posted on the prudentbear.com Internet site on Friday evening.  Tiny house sets London recordA house in London the size of two parking spaces has sold for £275,000 ($501,962) in what is likely to be a record for a property that size in the British capital, one of the world's most expensive cities. It is so small that the bed is suspended over the cooker and you have to clamber over the worktop to get to it. "There were 33 viewings and five offers," a spokeswoman for estate agents Winkworth said on Thursday. With 27 years of residential real estate sales under my belt, I recognize a wildly out of control real estate market bubble when I see one---and this one takes the cake. The story is worth reading---and the photos of the of the 'home' will blow you away. The article showed up on The Sydney Morning Herald website at 1:12 a.m. local time on their Saturday morning. I thank reader 'h c' for his second offering in today's column.  E.U. makes Britain pay for recoveryDavid Cameron is fighting to stop Britain being forced to pay an extra £1.7 billion to the European Union due to the success of the British economy. The Prime Minister was ambushed with a demand from the European Commission for the extra cash because Britain’s economy has performed better than other economies in Europe since 1995. The bill is due on December 1 and Mr Cameron is particularly enraged because Brussels accountants are also preparing to give France back £790 million as its economy performed less well than Britain’s. Tories have been stunned by the news which comes just weeks before the critical by-election in Kent next month, which they will fight against Ukip, and as the European Parliament seeks additional increases to next year’s EU budget, at a extra cost to British taxpayers of £680 million. You couldn't make this stuff up! This amazing must read article appeared on The Telegraph's website at 9:39 p.m. BST on their Thursday evening---and I thank reader 'h c' for his third contribution to today's column. French Unemployed Hits Record High, Hollande Demands E.U. Budget "Must Be Adapted"France's President Francois Hollande states confidently that "everyone should respect treaties," then 'Junckers' it with this stunningly hypocritical bullshit, "budget rules must be adapted" to support growth and France "has done what it has to do" on its deficit... one glance at the following chart suggests that Hollande has done nothing and has been enabled by Draghi... What a farce!! How long before Schaeuble explodes? This short news item, with | ||||
| Understanding Silver Price Manipulation Posted: 24 Oct 2014 11:00 PM PDT Bix Weir | ||||
| British Gold Sovereigns - The Preserve of Collectors, Savers and Smart Investors Posted: 24 Oct 2014 10:45 PM PDT gold.ie | ||||
| Posted: 24 Oct 2014 10:30 PM PDT Casey Research | ||||
| Metals & Markets- Silver Miner Fights Back, Takes on the Bankster Cartel! Posted: 24 Oct 2014 09:30 PM PDT In this week’s Metals & Markets, The Doc & Eric Dubin break down the week’s action discussing: First Majestic Silver takes on the cartel- holds back 35% of Q3 silver production- CEO Keith Neumeyer issues call for silver miners to form their own cartel to put an end once and for all to paper manipulation Russian/ […] The post Metals & Markets- Silver Miner Fights Back, Takes on the Bankster Cartel! appeared first on Silver Doctors. This posting includes an audio/video/photo media file: Download Now | ||||
| Devaluation of the Words on the Dollar Bill Posted: 24 Oct 2014 07:00 PM PDT 24hgold | ||||
| Harvey Organ’s Weekend Update: 4.5 Tons of Gold Removed from GLD, Headed to Shanghai! Posted: 24 Oct 2014 03:51 PM PDT Today, we had a huge loss of inventory at the GLD to the tune of 4.48 tonnes of gold. Let’s head immediately to see the major data points for today: Submitted by Harvey Organ: Gold: $1231.20 up $2.70 Silver: $17.14 down 3 cents In the access market 5:15 pm: Gold $1231.00 silver […] The post Harvey Organ’s Weekend Update: 4.5 Tons of Gold Removed from GLD, Headed to Shanghai! appeared first on Silver Doctors. | ||||
| Mining Shares Continue their Meltdown Posted: 24 Oct 2014 03:09 PM PDT Before getting into the particulars of the charts from the mining sector, take a look at the continued exodus from GLD. The gold ETF shed yet more tonnage dropping nearly 5.5 tons from yesterday and is now down to a mere 745.39 tons of gold. At the risk of beating a dead horse, we now have to go all the way back to OCTOBER 2008 to find such a trifling sum in this once proud flyer. At its peak some two years ago, there was over 1351 tons of metal in this exchange traded fund.  Western-based investors simply want no part of the metal right now which brings us to the mining shares. The GDXJ, an index composed of junior miners is pulling a disappearing act. Down over 2% today alone, the index made not only a NEW WEEKLY LOW close for the year, but has now gone negative on the year with today's close at 30.95. The Index is now a mere two points away from its all time low!  Simply put, if it looks like gold, guys running investment portfolios are not interested in it. The exception is some hedge funds who are still buying gold over at the Comex as can be seen from this updated chart of the Commitment of Traders report from this afternoon. They were sizeable buyers this past week. However, this is noteworthy, the bulk of that buying was SHORT COVERING, not fresh buying. There were some 13,000 shorts covered as opposed to some 10,000 new longs instituted. It was this strong wave of short covering that took the metal up to its high made this week near $1255. It has been downhill since Tuesday however, ( the cutoff day for the COT report) with the gold price shedding some $24 since then. I cannot say for certain as I do not have the data in front of me and will not be able to see it until next Friday, but I suspect we had some decent long side liquidation from Wednesday on. As long as the VIX sinks lower and stocks ride higher, gold will be sold by speculative interests. Would you like to see the main driver of the gold price? Contrary to the perma gold bull camp, it is not the bullion banks but rather the big speculators; more specifically hedge funds. Take a look at this chart using their NET POSITION and overlaying it against the price of the metal. As shown before here on this site, the price rides up and down in perfect harmony with their buying or selling.  Just for illustration purposes, here is a chart of gold over at the Comex.  As you can see from the indicator below the price graph, the market remains trendless and stuck in a choppy back and forth type of trade since holding above that former double bottom ( now triple bottom ) near $1180. Short covering and some bottom pickers managed to run the price up to the 50 day moving average before the sellers showed up and the buyers backed off from chasing it. One cannot blame them when they look over at the falling holdings in the GLD and the collapsing mining shares. The metal has so far managed to hold above support near $1220 but is stuck below $1260. One or the other of these levels must give way to generate some more volume and bring in some excitement into the lackluster trade that is being seen in there for now. Bears would dearly love to kick the floor out below $1220 and run the metal down to test $1200 but there has been pretty good demand coming out of India for the festival season which is propping the metal up for now. Bulls know where the upside stops are lurking; they just cannot reach them however. Speaking of new lows - the commodity sector, as illustrated by the GSCI or Goldman Sachs Commodity Index, notched a fresh new WEEKLY CLOSING LOW of 49 months!  There was a great deal of short covering in the grains this week and that component of this index helped keep the index from finishing even lower than it otherwise would have. However, grains were all weak today once more along with crude oil and its products. Gasoline futures remain new FOUR YEAR LOWS. Once the beef finally tops out, which I still expect very soon ( today's Cattle on Feed report discussed later ) we will finally see grain prices, meat prices and fuel prices all moving lower in sync. Red meat has been the exception for reasons cited here very often the last few months but as I said back then, expect lower pork, chicken and beef prices in the 4th quarter and continuing into next year. Hallelujah for we meat lovers! Let me shift gears just a bit ( still commodity related however ) and throw up a chart of a metal that I rarely post here. I am speaking of platinum, and of its sister metal palladium. The reason I bring these up at this time is to illustrate why silver is having problems ( note - it has nothing to do with some supposed nefarious plot by the feds to manipulate its price lower ). Platinum and Palladium are industrial metals primarily. Yes, some buy them in the role of alternative precious metals but such demand makes up only a small percentage of their use. It is in the industrial arena that demand is generated.  What do you see when you look at these charts? If you answer: "FALLING INDUSTRIAL DEMAND DUE TO SLOW GLOBAL GROWTH", go straight to the head of the class! Take platinum for example - the price recently made a FIVE YEAR LOW! This year alone it fell more than 15% from its starting level at one point although it briefly recovered and is now trading down only about 10-11% for the year. Palladium fares much better than Platinum as it has a different set of fundamentals but it is currently essentially flat on the year. Heck if I had to pick a metal to own, it would be palladium based on its rather stalwart chart, given the overall weakness plaguing the commodity sector in general.  The Dollar ended the week still stuck in the midst of its trading range from 87 - 85 basis the USDX. The Yen was initially higher overnight as equities were weak but as they recovered in the West, it gave back most of its gains. Just remember if you are trading the yen, it is essentially a currency trading the "RISK ON; RISK OFF" trade. I will get some more up later about the grains and the moo-moos. The Cattle on Feed report was out today and it contained no surprises that I could see. The trade estimated the numbers pretty well so I would except little reaction from the report on Monday morning. If anything, the market will trade the sharply lower beef on Friday but with the sharp selloff today, in anticipation of a less friendly report than what we have been used to seeing the last few months, any bearishness that some might see in the report is already dialed in. As I said, the beef and the cash will be key, much more so than this report, which does tell us that cattle numbers have picked up ever so slightly. The grains? All I can say is that I am overjoyed that November soybean option expiration is over as of today! What a nightmare the antics tied to the massive amount of options written against that month contract created this week for we grain traders! First it was the 960 call writers, then the 980 call writers and finally the $10 call writers that got obliterated. The market had what I and others refer to as a "MELT UP". Simply put, there was no one on the sell side of sufficient size to absorb all of the buying generated by professional option writers who had sold a slew of calls and were forced to buy futures as the price moved past their strike level and put those calls into the money. From a fundamental standpoint, I see nothing ( other than some harvest delays and some surprise big export numbers from China yesterday ) that could have justified a run of nearly $1.00 higher in the beans this month. That being said, short term technical always trump fundamentals. I am betting that we are going to see Chinese cancellations sooner rather than later on those bean 'sales'. More later.... I Need a break! | ||||
| Jim Willie: Shanghai Shock to Shatter the Gold Market! Posted: 24 Oct 2014 02:39 PM PDT The pattern of central bank covering the debt is clear. The lesson is that central banks can apply paper patches to the failed banks, and buy more time, then repeat the process on the next failed bank event. No limit to their bank patches seems to be in force. The banker cabal can continue […] The post Jim Willie: Shanghai Shock to Shatter the Gold Market! appeared first on Silver Doctors. | ||||
| SILVER MINER SUSPENDS SALES: 35% Of Production Due To Low Prices Posted: 24 Oct 2014 02:35 PM PDT The first primary silver miner in the industry just announced that it suspended sales of silver during the 3rd quarter due to the low market price of silver. First Majestic suspended sales of 35% of its Q3 silver production. While this is only a small part of the primary silver mining industry's overall production, at […] The post SILVER MINER SUSPENDS SALES: 35% Of Production Due To Low Prices appeared first on Silver Doctors. | ||||
| It’s Not Just Spying – How the NSA Has Turned Into a Giant Profit Center for Corrupt Insiders Posted: 24 Oct 2014 02:30 PM PDT Dear NSA Employees, You Now Have a Green Light to Loot and Pillage. It's Time to Get Paid. Welcome to the American Dream in 2014. Looks a lot like the Soviet Dream. Submitted by Michael Krieger, Liberty Blitzkrieg: Dear NSA Employees, You Now Have a Green Light to Loot and Pillage. It's Time to Get Paid: Are you just another one of […] The post It's Not Just Spying – How the NSA Has Turned Into a Giant Profit Center for Corrupt Insiders appeared first on Silver Doctors. | ||||
| Gold rebounds, but gold miners struggle Posted: 24 Oct 2014 01:07 PM PDT The mining stocks are essentially back to their lows and silver hasn't fared much better. The recent stark underperformance of silver and the mining stocks especially is a warning sign of further downside. | ||||
| Heads up... The last time this happened, it marked a MAJOR bottom in the price of gold Posted: 24 Oct 2014 10:20 AM PDT From Dave Forest at Pierce Points: Things have changed a lot in the gold market − in a very short period of time. And news this week suggests that further structural changes are coming to the market. The kind we haven’t seen in over 15 years. Specifically when it comes to gold hedging, the practice of forward-selling bullion in order to lock in a fixed price. With gold rising over a good part of the last decade, investors wanted as much exposure as possible to prices. With buyers betting that prices would continue to rise − generating increasing profits for companies that produce bullion. That led to a decrease in hedging − with gold producers sometimes paying billions of dollars to “unwind” their hedges. And regain complete exposure to market prices. But a survey released on Wednesday suggests that gold companies are now going the exact opposite direction. Increasing their hedges − by a significant amount. The study’s authors − gold market experts GFMS along with Societe Generale − said they expect total hedging in the gold industry to rise to 40 tonnes of metal in 2014. A mark that would be the highest yearly figure since 1999. There’s reason to believe the prediction. In the second quarter alone, total hedging across the gold industry jumped 61% as compared to the year-ago period. Suggesting that producers are indeed returning to hedges in a big way. The strategy makes sense in light of recent market activity. With gold prices having once again dipped below $1,200 per ounce over the last several weeks, producers are anxious about further declines. And therefore want to lock in prices in order to protect against further falls. The 40 tonnes of total hedging predicted by GFMS this year is of course not huge in a historical perspective. Given that the previous high in 1999 was over 500 tonnes. But it’s interesting to note that the 1999 high in hedging activity coincided exactly with a multi-year low point for the gold price − when bullion dropped to $250 per ounce. After which the market rose steadily and significantly for several years. Recommended Links
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