Gold World News Flash |
- Tulving 2.0? Gold Bullion Dealer “Suspends Operations” Due To “Significant Transactional Delays”
- Shanghai Gold Exchange Has 46.2 Tonnes of Gold Withdrawn – What Will China Do
- GLOBAL MARGIN CALL? — Bill Holter
- Greece Votes NO – Let The Chaos Begin
- Chinese hedge fund Shanghai Chaos closes out copper short
- Derivatives will shake world financial system and central banks, von Greyerz tells KWN
- Join GATA as the Silver Summit moves to San Francisco Nov. 23-24
- Jim’s Mailbox
- Another Fun Monday
- Eurogroup In Shock: Finance Ministers "Would Not Know What To Discuss" After Greferendum Stunner
- Gold Market Update
- Financial and Commodity Markets Become Scary: Crash Point Or Turning Point?
- Forget 'Haircut', Instead Syriza Plans Beheading of Greek Bank Depositors, Theft of Deposits
| Tulving 2.0? Gold Bullion Dealer “Suspends Operations” Due To “Significant Transactional Delays” Posted: 05 Jul 2015 11:05 PM PDT from Silver Doctors:
Gold bullion dealer Bullion Direct customers were greeted with an information message over the Holiday Weekend that they have "suspended operations" due to "significant transactional delays" While Tyler Durden and others among the PM community immediately began speculating that a significant bullion delivery shortage/issue has developed, SDBullion can confirm that this is NOT the case in the US wholesale market. While demand has increased exponentially in the past several weeks with both gold and silver near recent lows, and spiked even more dramatically beginning June 27th with speculation that a Greek default was imminent, major mints and distributors are still acquiring and shipping large quantities of bullion in what we would describe as normal with current market conditions.
While we can merely speculate, a visit to Bullion Direct's Better Business Bureau page sheds quite a bit of light on the issue, as the BBB has revoked Bullion Direct's Accreditation and has issued an Alert on Bullion Direct Inc.: BBB has received a pattern of disputes regarding Bullion Direct. Complainants allege they have ordered products, but the product has not been received after several weeks despite their payment being processed. Disputes also allege that consumers have sold products through the Bullion Direct exchange, and product was delivered but payment was not received from Bullion Direct. Additional disputes allege that consumers contracted with Bullion Direct to store their previous purchases, but are unable to reach anyone and get their product out of storage. These disputes range in amounts from $300-$97,000. Consumers generally request assistance in having products delivered immediately, delivery of funds owed or a refund of the purchase. The business has been unresponsive to recent disputes. On 6/25/2015 this business's accreditation in the BBB was revoked by the BBB's Board of Directors due to its failure to adhere to the BBB requirement that Accredited Businesses meet and abide by the following standards: |
| Shanghai Gold Exchange Has 46.2 Tonnes of Gold Withdrawn – What Will China Do Posted: 05 Jul 2015 11:00 PM PDT from Jesse's Café Américain:
Since 2009 there have been a total of 9,076 tonnes of gold withdrawn from Shanghai. I have also included two slides from a recent presentation by Zhang Bingnan, the Chairman of the China Gold Association. In them he talks about China gold reserves reaching 9816.3 tonnes at the end of 2014, the second largest in the world. That is interesting because it sounds as though he is talking about China’s official reserves, which are not transparent yet, although there are some expectations of an official update later this year. He *might* be misusing the term reserves here to mean all the gold in the nation, but that does not seem quite right. |
| GLOBAL MARGIN CALL? — Bill Holter Posted: 05 Jul 2015 09:34 PM PDT by SGT, SGT Report.com: Bill Holter is back to discuss the impending ‘Global Margin Call’… and when it might begin. We recorded this call on Friday, July 3rd, so we weren’t privy to the outcome of the Greek referendum at the time of this call. So Sunday’s news that the PEOPLE of Greece have said a resounding NO to IMF Bankster servitude and endless austerity is most welcome news indeed. Although, from a global economic collapse perspective, from a derivatives bubble and credit default swaps and TBTF criminal international banks perspective, today’s vote may well ensure that a ‘Global Margin Call’ could commence at any moment. Thanks for joining us – and stay tuned to SGT Report all week for much more on the events in Greece and the repercussions that these events may have on all of us. |
| Greece Votes NO – Let The Chaos Begin Posted: 05 Jul 2015 07:46 PM PDT by Michael Snyder, Economic Collapse Blog:
Personally, I love the fact that the Greek people decided not to buckle under the pressure being imposed on them by the EU and the IMF. But amidst all of the celebration, the cold, hard reality of the matter is that your options are extremely limited when you are out of money.
How is the Greek government going to pay its bills without any money? How are the insolvent Greek banks going to operate without any money? How is the Greek economy going to function without any money? Now that the Greek people have overwhelmingly rejected the demands of the creditors, it will be very interesting to see what the EU and the IMF do. Prior to the referendum, European leaders were insisting that a "no" vote would put an end to negotiations and would force Greece to leave the euro. Now that the results are in, are they going to change their tune? Because the ball is definitely in their court…
So would they actually let Greece go bankrupt? It is going to be fascinating to watch what happens over the next few days. Right now, Greek banks are on life support. If the European Central Bank decides to pull the plug, they would essentially destroy the entire Greek banking system. The only thing that can keep Greek banks alive and kicking is more intervention from the ECB. The following comes from the New York Times…
Of much greater concern to the rest of the world is how financial markets are going to respond to all of this. As I write this article, things already appear to be unraveling. The following comes from CNBC…
This could potentially become a "trigger event" that unleashes a wave of financial panic all over Europe. And once financial panic begins, it is very difficult to end. If the EU and the IMF want to avoid a crisis, they could just give in to the new Greek government. But that would be politically risky for certain high profile European leaders. For instance, Angela Merkel would face a huge backlash back home if she conceded to the new Greek government now. And other German leaders are already calling the referendum result a "disaster"…
And the president of the European Parliament, a German, told a German radio station over the weekend that a "no" vote would almost certainly mean that the Greeks will be forced out of the euro…
That is pretty strong language, eh? Here is yet another quote from Schulz… |
| Chinese hedge fund Shanghai Chaos closes out copper short Posted: 05 Jul 2015 05:42 PM PDT By Henry Sanderson A Chinese hedge fund that made a huge bet against copper has closed out its entire position in the metal, as the selloff in the country's stock market forces investors to pull money out of other markets. A unit of Shanghai Chaos, a fund that held the biggest short position in Shanghai copper, was no longer in the top 20 holders of short copper contracts Friday, data from the Shanghai Futures Exchange showed. Chinese hedge funds rely on retail investors much more than their Western counterparts. It is not clear whether Shanghai Chaos made the copper move as a trading decision or because it needed to return money to investors. ... ... For the remainder of the report: http://www.ft.com/intl/cms/s/0/aadf1092-2193-11e5-ab0f-6bb9974f25d0.html ADVERTISEMENT We Are Amid the Biggest Financial Bubble in History; With GoldCore you can own allocated -- and most importantly -- segregated coins and bars in Switzerland, Singapore, and Hong Kong. Switzerland, Singapore, and Hong Kong remain extremely safe jurisdictions for storing bullion. Avoid exchange-traded funds and digital gold providers where you are a price taker. Ensure that you are outright legal owner of your bullion. If you do not own segregated bullion that you can visit, inspect, and take delivery of, you are exposed. Crucial guides to storage in Singapore and Switzerland can be read here: http://info.goldcore.com/essential-guide-to-storing-gold-in-singapore http://info.goldcore.com/essential-guide-to-storing-gold-in-switzerland GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals. Email the GoldCore team at info@goldcore.com or call our trading desk: UK: +44(0)203-086-9200. U.S.: +1-302-635-1160. International: +353(0)1-632-5010. Visit us at: http://www.goldcore.com Join GATA here: New Orleans Investment Conference http://noic2015.eventbrite.com/?aff=gata The Silver Summit and Resource Expo 2015 http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2... Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference: https://jeffersoncompanies.com/landing/2014-av-powell Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: |
| Derivatives will shake world financial system and central banks, von Greyerz tells KWN Posted: 05 Jul 2015 05:36 PM PDT 8:36p ET Sunday, July 5, 2015 Dear Friend of GATA and Gold: The explosive growth in derivatives held by banks threatens to cause an explosion that central banks will try to forestall by creating nearly infinite money, only to fail as the world financial system collapses, gold fund manager Egon von Greyerz tells King World News today. His interview is excerpted at the KWN blog here: http://kingworldnews.com/the-bis-is-trying-to-hide-the-terrifying-nightm... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Buy metals at GoldMoney and enjoy international storage GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit: http://www.goldmoney.com/?gmrefcode=gata Join GATA here: New Orleans Investment Conference http://noic2015.eventbrite.com/?aff=gata The Silver Summit and Resource Expo 2015 http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2... Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference: https://jeffersoncompanies.com/landing/2014-av-powell Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: |
| Join GATA as the Silver Summit moves to San Francisco Nov. 23-24 Posted: 05 Jul 2015 05:22 PM PDT 8:20p ET Sunday, July 5, 2015 Dear Friend of GATA and Gold: After several years in Spokane, Washington, Cambridge House's annual Silver Summit conference is moving to San Francisco, which has its own distinct mining heritage, and is broadening itself to become the Silver Summit and Resource Expo 2015. The conference will be held Monday and Tuesday, November 23 and 24, at the spectacular Hyatt Regency hotel at Embarcadero Center and will feature dozens of resource company exhibitors as well as expert speakers, including Rick Rule of Sprott U.S. Holdings; newsletter writer and fund manager Marin Katusa, lately of Casey Research; David Morgan of Silver-Investor.com; Peter Spina of GoldSeek.com; Pan American Silver CEO Ross Beatty; and GATA Chairman Bill Murphy. While the resource sector is fighting its way out of ruthless price suppression engineered by central banks, things will be turning around, and the time to learn about opportunities in the sector is when it's not popular. And of course San Francisco is a city where it's hard not to have a good time. For more information about the conference, including registration, please visit the Cambridge House Internet site here: http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Buy precious metals free of value-added tax throughout Europe Europe Silver Bullion is a fast-growing dealer sourcing its products from renowned mints, refiners, and distributors. Because of a legal loophole that will close soon, you can acquire the world's most popular bullion coins free of value-added tax throughout the European Union. You can collect your order in person at our headquarters in Tallinn, Estonia, or have it delivered in any of the 28 EU countries. Europe Silver Bullion is owned and operated by North American and European experts in selling, storing, and transporting precious metals. We have an extensive product inventory of silver, gold, platinum, and palladium, and our network spans the world. Visit us at www.europesilverbullion.com. Join GATA here: New Orleans Investment Conference http://noic2015.eventbrite.com/?aff=gata The Silver Summit and Resource Expo 2015 http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2... Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference: https://jeffersoncompanies.com/landing/2014-av-powell Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: |
| Posted: 05 Jul 2015 03:50 PM PDT Jim, A curious development over the past few years. Gold producers were profitable and had significantly higher share prices when gold was trading at $300 and silver at $4.00. What happened that made their operations unprofitable at 4x the commodity price? CIGA Wolfgang R Dear Wolfgang, Lousy financial management as it is mainly technically able... Read more » The post Jim’s Mailbox appeared first on Jim Sinclair's Mineset. |
| Posted: 05 Jul 2015 03:49 PM PDT Last week began with crosscurrents that made it hard to predict. See On Monday, It’s China Versus Greece. This week is starting with no such ambiguity. The Greeks had their vote and tossed a resounding “NO” at their European creditors. And the markets are not happy:
Because it’s still early on Sunday, a lot of futures markets have yet to open. But when they do it will be with a bang. So expect, along with plunging European and US stocks, extreme currency swings, lower oil prices and surging equities volatility. And then comes the real excitement. The Greek vote wasn’t legally binding but it does free the country’s leaders to stand up to its creditors, so expect some big threats to be tossed out on Monday. Here’s a typically evocative headline from Zero Hedge: Greece Contemplates Nuclear Options, May Print Euros, Implement Parellel Currency, Nationalize Banks. This is a story with legs, of course, but as always it’s important to understand that Greece isn’t the issue. It is to the global financial system what who takes out the trash is to an unhappily married couple: Not the big issue but a perfectly acceptable start to a catastrophic conflict. The real problems are in the quadrillion dollar derivatives market, the debt/GDP trends of five or six major countries, income inequality in the US and elsewhere, and the Chinese shadow banking system. Greece might be where it starts but those other places are where it will end. |
| Eurogroup In Shock: Finance Ministers "Would Not Know What To Discuss" After Greferendum Stunner Posted: 05 Jul 2015 02:59 PM PDT Just out from Reuters:
More:
May we suggest containing the fallout, whether in capital markets or in the resurgent mood in the other PIIGS, as a primary topic?
And meanwhile, while we symptahize with the Greeks officially telling the Troika to "fuck off", they may have other liquidity problems of their own.
Surely the Greeks bought enough gold and/or bittcoin ahead of this outcome. Surely |
| Posted: 05 Jul 2015 12:18 PM PDT Clive Maund |
| Financial and Commodity Markets Become Scary: Crash Point Or Turning Point? Posted: 05 Jul 2015 07:56 AM PDT We cannot remember having seen so many markets at critical points simultaneously. It is truly astonishing. Scary movie or turning points? We do not know for sure, but let’s review the strategic assets in order to get an understanding of the likely scenarios going forward. First and foremost, the TED spread is about to cross a critical resistance level. We look at the TED spread as a fear indicator, a signal that a correction is coming. The steady rise of the TED spread since last summer is not a healthy signal. The trillion dollar question is how far it will go, and which markets it will hit. |
| Forget 'Haircut', Instead Syriza Plans Beheading of Greek Bank Depositors, Theft of Deposits Posted: 05 Jul 2015 03:55 AM PDT Greeks voting YES or NO won't make any difference to what I see as a near certainty of the Greek banks NOT reopening Tuesday, and it is not just because the banks won't have the euro bank notes in their vaults, it's because they are ALL insolvent and have been so for the past 5 years where the only thing that had prevented a collapse of the Greek banking system was generous and I mean GENEROUS support from the Euro-zone's ECB central bank that has literally financed every withdrawal from the Greek banks for the past 5 years, right up until Syriza announced its baldrick-esk cunning plan for a Referendum. That's over Euro 120 billion Euro-zone tax payers funds paid into the Greek banks to finance ALL withdrawals that amounts to 50% of the original total Greek bank deposits. |
There were 46.2 tonnes of gold withdrawn from the Shanghai gold exchange in the week ending June 26th.
The result of the referendum in Greece is a great victory for freedom, but it is also threatens to unleash unprecedented economic chaos all across Europe. With almost all of the votes counted, it is being reported that approximately 61 percent of Greeks have voted "no" and only about 39 percent of Greeks have voted "yes". This is a much larger margin of victory for the "no" side than almost everyone was anticipating, and it represents a stunning rejection of European austerity. Massive celebrations have erupted on the streets of Athens and other major Greek cities, but the euphoria may not last long. Greek Prime Minister Alexis Tsipras is promising that Greece will be able to stay in the euro, but that gives EU bureaucrats and the IMF a tremendous amount of power, because at this point the Greek government is flat broke. Without more money from the EU and the IMF, the Greek government will not be able to pay its bills and virtually all Greek banks will inevitably collapse. Meanwhile, the rest of Europe is about to experience a tremendous amount of pain as financial markets respond to the results of this referendum. The euro is already plummeting, and most analysts expect European bond yields to soar and European stocks to drop substantially when trading opens on Monday morning.
| You are subscribed to email updates from Save Your ASSets First To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment