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Sunday, April 24, 2016

Gold World News Flash

Gold World News Flash

Shanghai Gold Benchmark Price – New Kid on the Block

Posted: 24 Apr 2016 12:10 AM PDT

Bullion Star

COMEX VS Shanghai Gold Exchange – TraderStef on Big Gold & Silver Rally

Posted: 23 Apr 2016 10:30 PM PDT

Why Silver Bullion Is Set To Soar

Posted: 23 Apr 2016 07:30 PM PDT

from GoldCore:

Jan Skoyles presents a Get REAL special on silver. She talks to Mark O’Byrne of www.GoldCore.com about how silver bullion is set to soar and the importance of owning physical silver coins and bars. GoldCore now offer silver coins VAT free in the UK and throughout the EU.

Is This The End Of The U.S Dollar? Geopolitical Moves "Obliterate U.S Petrodollar Hegemony"

Posted: 23 Apr 2016 07:00 PM PDT

Submitted by Mac Slavo via SHTFPlan.com,

It seems the end really is nigh for the U.S. dollar.

And the mudfight for global dominance and currency war couldn’t be more ugly or dramatic.

The Saudis are now openly threatening to take down the U.S. economy in the ongoing fallout over collapsing oil prices and tense geopolitical events involving the 9/11 cover-up. The New York Times reports:

Saudi Arabia has told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars’ worth of American assets held by the kingdom if Congress passes a bill that would allow the Saudi government to be held responsible in American courts for any role in the Sept. 11, 2001, attacks.

China has been working for years to establish global currency status, and will strengthen the yuan by backing it with gold in moves clearly designed to cripple the role of the dollar. Zero Hedge reports:

China’s shift to an official local-currency-based gold fixing is “the culmination of a two-year plan to move away from a US-centric monetary system,” according to Bocom strategist Hao Hong. In an insightfully honest Bloomberg TV interview, Hong admits that “by trading physical gold in renminbi, China is slowly chipping away at the dominance of US dollars.”

Putin also waits in the shadows, making similar moves and creating alliances to out-balance the United States with a growing Asian economy on the global stage.

Luke Rudkowski of WeAreChange asks “Is This The End of the U.S. Dollar?” in the video below.

He writes:

In this video Luke Rudkowski reports on the breaking news of both China and Saudi Arabia making geopolitical moves that could cause a U.S economic collapse and obliteration of the U.S hegemony petrodollar. We go over China’s new gold backed yuan that cannot be traded in U.S dollars and rising tension with Saudi Arabia threatening economic blackmail if their role in 911 is exposed.

Visit WeAreChange.org where this video report was first published.

The Federal Reserve, Henry Kissinger, the Rockefellers and their allies created the petrodollar and insisted upon the world using the U.S. dollar to buy oil, placing debt in American currency and entire countries under the yoke of the West.

But that paradigm has been crumbling as world order shifts away from U.S. hegemony.

It is a matter of when – not if – these events will change the U.S. financial landscape forever.

As SHTF has warned, major events are taking place, and no one can say if stability will be here tomorrow.

Stay vigilant, and prepare yourself and your family as best as you can.

Beware The Bubble In China's Domestic Commodity Market

Posted: 23 Apr 2016 04:45 PM PDT

Via PandaHedge.com,

We just see another bubble building up in China, aka the domestic commodity market.  On April 21st, led by bellwether Rebar Steel futures, other 7 commodities were lifted to the up limit (5% to 7%), including iron ore, HRC steel, met coal, asphalt, methanol, cotton, and egg (yes, it’s egg! No one has idea why even eggs go up together with other commodities).  The endless money just flood everywhere in the domestic commodity market, especially for those lagged behind, and fundamentals do not matter here.  The case of Rebar major contract RB1610 (settle in Oct 2016) can tell you how crazy the market is.  On April 21st, RB1610’s trading volume is 22M contracts (equal to 220M tn of rebar steel), but China only produces 200M tn rebar in 2015 (China total steel production is around 850M tn per year).  So the Chinese trades one year production volume for the underlying commodity in a single day, for a specific contract (Oct 2016) only!

Below is the YTD performace of the major commodities trading in the China domestic futures market.

price change

The bulls talk about inflation trade, while the bears talk about deteriorating fundamentals.  Apparently, both side speak in different languages, and in the short term, the side with stronger fire power (money) wins.  The Shanghai Chaos Fund, which was famous for shorting big in copper in 2015, is reported to lose around $80M a day on April 20th as it holds 120k contracts short position in Rebar.  One of its flagship funds, Chaos Value I which invests in A share and commodities, has declined 19% YTD.

We all know China created $1 tn credit in Q1 to stimuluate the economy, and apparently part of the money flows into the commodity market (the infamous A share equity market is deemed as “bear market” now and the speculators don’t even bother to trade there).  As indicated by the chart below, the total China domestic commodity daily trading amount is RMB1.4tn per day in 2016 (YTD), compared to RMB1.1tn per day in 2015, a 27% increase.  On Apirl 20th, its trading amount hits RMB2.9 tn, compared to the A share market’s RMB0.5tn amount.

Trading volume

Trading amount in Chinese domestic commodity market (value in RMB100M)

Seeing the great “opportunities” of the fantasty commodity bull markets, Chinese retails investors rush to the brokers to open new accounts.  It’s reported that the new accounts number in April is double or triple of the normal days.  Does it smell the same as 2015’s A share market?

 

But wait, the leverage in the commodities market (easily 10x) is much higher than that in the A share market (normally 2-4x).  If the investors still remember the lesson in 2015, they should pay extra attention now.  When the music stops, the collapse of price can be faster and steeper than the pace of going up.  2009 already showed us a real example in the Rebar market.

IMG_2657

White line: Rebar price in 2009 (lhs),  Purple line: Rebar price in 2016 (rhs)

Is the Rebar rally sustainable?  The A share equity investors gives their own answer.  The orange line (below) is China’s rebar price and the purple line is the share price of Baosteel, the flagship Chinese steel company. 

Rebar price compare

Apparently the equity investors don’t believe the rally is sustainable.  However, the funny thing is the North American equity investors are chasing the most leveraged commodities equity names (green line is US Steel and blue line is Teck Resources).  They must hope the comodity rally can continue and hold at high level for a while.  So we will see who is right, the Chinese commodity speculators or North American equity investors.

NASA: Cautious - Nibiru May Cause Earth's Pole Shift

Posted: 23 Apr 2016 04:19 PM PDT

NASA: Cautious - Nibiru May Cause Earth's Pole Shift Plus More. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

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Japan's Keynesian Death Spiral - How Central Planners Crippled An Economy

Posted: 23 Apr 2016 03:45 PM PDT

Submitted by Yonathan Amselem via The Mises Institute,

The greatest tragedy of the 2008–2009 financial meltdown was not that it happened. The collapse of asset prices was the necessary result of near zero interest rates. No, the most devastating aspect of the financial meltdown is that central planning alchemy lost no credibility. Policymakers around the world are still turning to Keynesian and socialist interventionism to address problems caused by Keynesians and socialists. The twin sledgehammers of central banking and almost unlimited state power have so distorted global markets (again) that some economies are now terminal. The latest victim of the interventionists and micromanagers is the nation of Japan. A once genuinely productive and innovative nation has, over the years, slowly succumbed to the cancerous rot of interventionism.

Japan's World War II defeat left behind a barren rocky island whose industrial capacity, infrastructure, and labor force were devastated by Allied bombs. Japan's flattened cities and smoldering factories may have painted a gloomy future but Japan had the thing that mattered most — a population largely free to organize and rebuild. The American military and remnants of central Japanese authority tried to lead the rebuilding of Japan through the political process but lines of communication and the transportation infrastructure were so damaged that many population centers away from Tokyo were left relatively free to rebuild. The resulting Japanese economic boom catapulted Japan's living standards to a level on par with most Westernized nations. This explosive growth, described as a "miracle," was no such thing. Japan's new-found prosperity was simply what happens when markets are allowed to function. Unfortunately, the central planners in banking and government couldn't resist the statist urge of heavy-handed interventionism. If there's anything the political elite hate, its free people making voluntary decisions without their forceful input.

Central Planning Has Turned Japanese Corporations into Welfare Queens

The central planners imposed a number of zany anti-market schemes on the Japanese economy that have never been substantively reformed to this day. Legislators shielded Japan's massive industrial base from foreign competition through protectionist tariffs and even subsidized some overseas exports. On the domestic front, nascent Japanese companies were heavily burdened by onerous regulations and very high taxes — this made it nearly impossible for start-ups to get off the ground and challenge the corporate establishment's market share. As if this was not enough, exporters were further coddled by the Bank of Japan (BOJ). The BOJ has been fervently trying to turn the yen into toilet paper for the last thirty years. A cheap currency means artificially high profits for companies that export goods and artificially high costs for companies that import goods. After all, no government scheme could rightfully call itself a government scheme if it didn't enrich somebody at the direct expense of others. The destructive effects of these policies have massively eroded Japanese productivity in the twentieth and twenty-first centuries.

As happens in all industrialized economies with a powerful state and central bank, Japan's largest corporations became agents or semi-agents of the state. Japanese automakers, shippers, and other producers could reliably be expected to carry out carry out government labor or production policy in exchange for direct access to politicians, cheap loans, anti-competitive legislation, guaranteed profits, and bail outs. Japanese companies (particularly manufacturers) are deeply entrenched and largely immune to domestic and foreign competitors. Government protectionism turned once productive Japanese companies slow and arthritic. The few actually productive sectors of Japan have been forcefully shrunken by taxes to subsidize an outrageously bloated government and the multitude of corporate parasites huddled around its teats. The result is that Japanese companies are increasingly noncompetitive in a global marketplace shared by dynamic companies from Australia, New Zealand, Singapore, Hong Kong, and other more-market-oriented economies.

Keynesian Alchemy in Japan

Japan's Keynesian death spiral began almost three decades ago. In 1986 the value of the Japanese yen almost doubled relative to the US dollar. Consequently, Japan's mammoth export sector took a beating. Businesses with political influence found they could achieve higher returns not by innovating or cutting costs, but rather, by pressuring the political and monetary elite to flood the market with cheap credit. The BOJ and short-sighted politicians were happy to oblige. The result was a bubble unlike anything Japan had ever experienced. The land value of Tokyo surpassed the land value of the entirety of the United States. In just a few short years, the Nikkei quadrupled in size and an enormous Japanese financial sector came into existence. The overfinancialization of an economy is among the first signs of a malignant central bank sized tumor. The rise of gargantuan investment banks and multimillion dollar derivatives traders in the United States correlated almost exactly with the death of sound (ish) money in 1971 (Nixon's administration took the United States completely off the gold standard). Japan's monetary madness resulted in corporations and households assuming record levels of debt that were financed by zero savings in the private economy.

The inevitable bursting of the bubble in the early 1990s was truly spectacular. The Nikkei lost over 80 percent of its value, land and home prices almost completely flattened, and GDP growth crashed to an anemic 1 percent. When economists refer to Japan's "lost decade" they refer to Japan's post-bubble economy. Yet, Japan now finds itself creeping into a third decade with minuscule growth. The Nikkei and asset prices have never recovered anywhere near their previous highs. Anyone getting into the Nikkei in 1990 would, after twenty-six years, have returns of roughly -50 percent. Keynesians and other economic interventionists would do well to view Japan as the canary in the coal mine. The United States and Europe have doubled down on Keynesian alchemy this last decade but our leaders need only look at the devastation these schemes have brought to Japan — a nation that has tried to borrow, print, and tax itself into prosperity for thirty years. Japan is in the late stages of Keynesian cancer and policymakers in the rest of the developed world would do well to take notice.

Demographics

As if the political elite's harebrained schemes weren't doing enough to put a nail in Japan's coffin, the nation is also suffering a demographic disaster. A country that consumes more adult diapers than baby diapers is a nation on its way to the dustbin of history. There is such a shortage of young, capable labor in Japan that the nation has even started importing "interns" from China to work in its many industries. As is happening in Europe and the United States, endless undergraduate and postgraduate "education" has sheltered young adults more and more from the real skills demanded by the labor market. Young adulthood is financed almost exclusively by debt or capital consumption of their parent's savings. The hassles of starting and raising a family have become more and more burdensome to unskilled, indebted Japanese couples (with no savings) that probably only enter the workforce for the first time in their mid-twenties.

It Is Not Too Late

Japan has a highly capable workforce, an impressive industrial base, and all the infrastructure necessary to reassert itself as a global commercial powerhouse. Japan's recovery means cutting taxes, paring down its outrageously expensive mercantile policies, allowing for easier immigration of foreign companies and their employees, and letting the market decide the true value of the yen. The Japanese people need to reject the schemers and planners who are suffocating a great nation.

It's Now Cheaper To 'Buy' A Dry Bulk Freight Tanker Than A Starbucks Coffee

Posted: 23 Apr 2016 03:15 PM PDT

Just 3 short months ago, we detailed how - thanks to the collapse in China's growth and massive commodity inventory gluts, the cost of renting a Dry Bulk Tanker was less than the cost of renting a ferrari for a day...

 

 

As Bloomberg reported at the time,

Rates for Capesize-class ships plummeted 92 percent since August to $1,563 a day amid slowing growth in China. That’s less than a third of the daily rate of 3,950 pounds ($5,597) to rent a Ferrari F40, the price of which has also fallen slightly in the past few years, according to Nick Hardwick, founder of supercarexperiences.com.

 

The Baltic Exchange’s rates reflect the cost of hiring the vessel but not fuel costs. Ships burn about 35 metric tons a day, implying a cost of about $4,000 at present prices, data compiled by Bloomberg show.

One would think, considering how much the Baltic Dry Index has 'surged' off its all-time record lows - and the noise being spewed by Cramer et al. that this is somehow indicative of the "big comeback" in the Chinese (and world) economies - that the situation would have improved... But it has not!

 

For the cost of $1 - less than the price of a Grande Black Coffee at Starbucks - you too can be the owner of a 58,429 deadweight tonne bulk carrier...

As The Guardian reports,

Goldenport, one of the last shipping companies left on the London Stock Exchange, has delisted from the market and sold off six of its remaining eight vessels for $1...

 

The giveaway reflects the most dismal shipping conditions in decades, caused by economic slowdown in China combined with an oversupply of vessels due to a building spree during a previous boom and the fact that "average daily hire rates have fallen below even a vessel’s daily operating expenses."

 

The Greek owners are looking for buyers for two remaining vessels and are taking Goldenport off the stock market, saying it no longer makes sense to list shares which have dropped from highs of $100 in 2007 to less than 2c now.

 

John Dragnis, the chief executive of Goldenport, said “Dry bulk vessels generally have fallen in value by around 60% over the last year partly because of extreme oversupply and partly because of low demand for coal as China moves towards renewable energy to curb [carbon] emissions," adding that “The prevailing market conditions are probably the worst of the last 30 years."

All of which seems very odd given the aforementioned resurgence of the Baltic Dry - unless that is not reflecting reality (like so many other indicators).which leaves us to wonder if all this exuberant excitement with regard the Baltic Dry Index's resurrection from the dead is just more China-credit-fueled smoke-and-mirrors speculation - just as it was in 2009 when QE unleashed hope, only to be dashed on the shores of demand-doldrum-reality...

Richard Fulford-Smith, the founder of the Affinity shipbroking firm and a leading figure in the London maritime scene, said the bulk shipping markets were in “a sad state” and there could be more bankruptcies and exits before any bounce back. Fulford-Smith, 60, added: “I will probably be retired by the time there is any real recovery.”

Three Unprecedented Meetings Set the Markets on Edge

Posted: 23 Apr 2016 03:00 PM PDT

by Nathan McDonald, Bullion Bulls:

Demand for both physical and paper currencies is through the roof. What is happening? What has the markets so spooked and why is the canary in the coal mine crying out in pain? Perhaps there is more to this market than meets the eye.

Of course, it has been that way ever since the banking elite took control of the money system and systematically dismantled what little freedom we once had in regards to our money. Yet, from time to time, information leaks out and the tinfoil hat that so many of us in the precious metals community are accused of wearing can safely be removed.

The latest leaked news has set conspiracy and market speculators' heads spinning. Last week saw an unprecedented event occur, when both the President and Vice President attended a “closed-door” meeting with Janet Yellen and FED board members.

This is unheard of and is truly shocking to market participants, as rumors now abound as to what could have caused such a serious meeting to occur. Is an unknown disaster rapidly approaching? Are the markets set for an implosion of epic proportions? Or were they just sitting down for a friendly chat? The latter is very unlikely and is, of course, sarcasm, even if we wish it were not.

After this meeting, two more extraordinary meetings were leaked that occurred over the course of a few days. What has been rumored is that a crisis is indeed in the works, and it is in regards to a “bank supervisory matter.” What bank? What is happening? Why is it happening? These are just a few of the questions that people are desperately grasping answers for.

Read More @ BullionBullsCanada.com

Ronan Manly: Shanghai gold benchmark price -- new kid on the block

Posted: 23 Apr 2016 02:15 PM PDT

5:15p ET Saturday, April 23, 2016

Dear Friend of GATA and Gold:

Gold researcher Ronan Manly today presents a detailed analysis of the Shanghai Gold Exchange's new gold benchmark price. He concludes that while the benchmark will help China gain influence in gold pricing worldwide, China is not likely to let the benchmark disturb the world market too much at the outset. Manly's analysis is headlined "Shanghai Gold Benchmark Price -- New Kid on the Block" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/shanghai-gold-benchmark-pr...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org


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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

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http://gata.org/node/wallstreetjournal

Help keep GATA going

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http://www.gata.org/node/16

Federal court upholds gold clause for determining commercial building's rent

Posted: 23 Apr 2016 01:59 PM PDT

Judge: Building Owner Can Charge Rent Based on Gold Prices

By Andrew Welsh-Huggins 
Associated Press
via Washington Post
Saturday, April 23, 2016

COLUMBUS, Ohio -- A downtown office building is worth its weight in gold, according to a federal judge who upheld a nearly century-old lease that tied rent to the current price of the metal.

Last month's ruling means rent paid by the company leasing the Commerce Building from a group of five property owners could jump from $6,000 annually to more than $300,000.

At issue is a so-called "gold clause" included in the original 1919 lease. The provision, common at the time, linked rent to the price of gold to account for inflation, similar to today's consumer price index.

"This really is a vindication of property rights," said Washington, D.C.-based attorney Peter Patterson, who represents the five owners.

In 1919 the value of gold was $20.67 per ounce, compared to more than $1,200 per ounce today. The property owners have been charging a yearly rent of $6,000 since that original lease, which was assumed by Commonwealth Investments in 1990.

That deal, Patterson argued in a 2014 lawsuit, has resulted in a windfall for the group, since their more than 40 tenants are charged $900,000 annually.

In 1933, in the midst of the Depression, the gold clauses were prohibited as part of efforts to reform the monetary system, which also included a ban on private ownership of gold from 1934 until 1973.

A 1977 law once again permitted gold clauses in new leasing agreements. That set up debates over interpretations of agreements when new parties entered them and whether an original clause could still be enforced. ...

... For the remainder of the report:

https://www.washingtonpost.com/national/judge-building-owner-can-charge-...


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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 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:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

Jim Willie Interview More US Vote Rigging Coming as US Debt Problem Looms

Posted: 23 Apr 2016 01:17 PM PDT

Jim Willie Interview More US Vote Rigging Coming as US Debt Problem Looms The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

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What Happens If Everybody Pulls Their Money Out Of The Bank Today? - Mike Maloney

Posted: 23 Apr 2016 12:00 PM PDT

For every dollar that you have in the bank there is actually 0.00061 dollars available...in other words, there's 6 cents for every $100 dollars of deposits that you have at the bank. Got Gold? Got silver? 0:00and that means that for every dollar that you have in the bank0:05there is...

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Last Days Prophecies BRICS Volcanoes & Gold Sheikh Imran Hosein

Posted: 23 Apr 2016 11:40 AM PDT

Sheikh Imran Nazar Hosein is an Islamic scholar, author and philosopher specializing in Islamic eschatology, world politics, economics, and modern socio-economic/political issues. He is the author of Jerusalem in the Qur'an. Wikipedia The Financial Armageddon Economic Collapse Blog tracks...

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Full Event: Donald Trump Holds Rally in Waterbury, CT (4-23-16)

Posted: 23 Apr 2016 10:18 AM PDT

Saturday, April 23, 2016: Full replay of the Donald J. Trump for President rally in Waterbury, CT at Crosby High School. Full Speech: Donald Trump Holds Rally in Waterbury, CT (4-23-16) The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free...

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CFTC didn't know of Deutsche's market-rigging settlement until asked by GATA

Posted: 23 Apr 2016 09:14 AM PDT

12:23p ET Saturday, April 25, 2016

Dear Friend of GATA and Gold:

While it may be hard to believe, it seems that the U.S. Commodity Futures Trading Commission was unaware of Deutsche Bank's agreement to settle a class-action lawsuit accusing it of manipulating the gold and silver markets until GATA repeatedly sought to bring the matter to the commission's attention over the last week.

The news of the settlement agreement broke with Reuters and Bloomberg News reports on Wednesday and Thursday, April 13 and 14:

http://www.gata.org/node/16375

http://www.gata.org/node/16380

The reports said that Deutsche Bank had agreed in principle not only to pay financial damages to the plaintiffs but also to provide evidence against the other defendants in the suit.

... Dispatch continues below ...


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Since the CFTC has jurisdiction over the U.S. commodity futures markets and since the commission purported to have undertaken a five-year investigation of the silver market, closing it in September 2013 upon concluding that there was no cause for action –

http://www.cftc.gov/PressRoom/PressReleases/pr6709-13

-- it was natural to seek comment from the commission about the Deutsche Bank news.

So on Saturday, April 16, your secretary/treasurer e-mailed the commission's news media office as follows, providing the Internet link to the Bloomberg News report:

"Does the commission have any reaction to Deutsche Bank's admission to manipulating the gold and silver markets, as reported by Bloomberg News this week? Is the commission responding to Deutsche Bank's admission in any way? As you may recall, some years ago the commission reported that it had investigated the silver market and had found nothing improper. Is the commission reconsidering that conclusion?"

Receiving no response, on Tuesday, April 19, your secretary/treasurer sent by facsimile machine a letter to the office of the chairman of the CFTC, Tim Massad, reading: "As I am unable to get any acknowledgement from your commission's press office, could you answer my questions here? Does the commission have any reaction to Deutsche Bank's admission to manipulating the gold and silver markets, as reported by various news organizations last week? Is the commission responding to Deutsche Bank's admission in any way? As you may recall, some years ago the commission reported that it had investigated the silver market and had found nothing improper. Is the commission reconsidering that conclusion? Thanks for your help."

Having received no acknowledgment of that letter as well, yesterday – Friday, April 22 – your secretary/treasurer telephoned the CFTC's press office and within a half hour of leaving a message received a cordial call back from an assistant to the director. He said he was unaware of the Deutsche Bank story and could find no reference to it in the commission's compendium of news reports of interest to the commission's work.

Your secretary/treasurer conceded that the story is being largely suppressed by Western financial news organizations and sent him the links to the Reuters and Bloomberg stories as well as a link to the original complaint in the class-action lawsuit. He said he would consult his superiors and hoped to reply to me next week.

Of course all this gives the impression that the CFTC not only doesn't know what's going on in its jurisdiction but also that it doesn't want to know. It is additional evidence that certain commodity market rigging is outside the commission's concern because the U.S. government and other governments are the actual perpetrators, surreptitious market rigging by the government being specifically authorized by the Gold Exchange Act of 1934 as amended in the 1970s –

https://www.treasury.gov/resource-center/international/ESF/Pages/esf-ind...

-- and because of the admission in recent official filings by CME Group, operator of the major U.S. futures exchanges, that it provides volume trading discounts to governments and central banks for surreptitiously trading all futures contracts on its exchanges:

http://www.gata.org/node/14385

http://www.gata.org/node/14411

All this also seems to confirm that the prerequisites of this market rigging are the cowardice of the monetary metals mining industry, which refuses to protest it, and the cowardice of mainstream financial news organizations, which refuse to report it.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

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 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:

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Gold Deliveries on the Comex For Friday, April 22

Posted: 23 Apr 2016 08:04 AM PDT

Silver Commitments of Traders – Halloween is Arriving Early This Year

Posted: 23 Apr 2016 05:28 AM PDT

By that I mean, it just keeps getting scarier and scarier. My guess is that every speculator on the planet is long silver/short gold or outright long silver. That of course is an exaggeration but I am not exaggerating when I categorically state that the silver market is a train wreck just waiting to happen. As I have said before, and will say so again – I would rather miss any more upside in this market than get long now, not with a trade so lopsidedly jammed with speculators on the long side. I will leave that for the daredevils and others who like driving the stagecoach as close to the edge of the mountain pass road as they possibly can.

Good News, Bad News, Both Favor Gold And Silver

Posted: 23 Apr 2016 05:06 AM PDT

First, the good news and taking a moment to celebrate the recent unstoppable rally in both gold and silver where, as has been expected, silver is outperforming gold. While we have stayed clear of paper futures from the long side, over the past few years, almost each and every week we have continued our mantra of buying and accumulating the physical metal. It is beginning to pay off, especially for purchases made throughout last year and this one. This is not yet a victory lap, for the market remains in its transitioning phase, but the faithful, for what has always been considered the only true form of money: gold and silver, can relax more and shed the deer-in-the-headlights look after seeing both pummeled to the downside so relentlessly over the past several years by the money changers.

Mish Shedlock: “EXCUSE ME MR. PRESIDENT, IS THAT A JOKE?”

Posted: 23 Apr 2016 04:43 AM PDT

FRA Co-founder Gordon T. Long is joined by Mish Shedlock in discussing the rigging of gold and silver by Deutsche Bank and the reliability of so called “casino banks” and the state of global banking institutions. Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. He is also a contributing “professor” on Minyanville, a community site focused on economic and financial education.
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