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- Fade Goldman's Bearish Gold Call
- Commodity Chart Of The Day: U.S. Dollar
- Allied Nevada's CEO Discusses Exploration Update - Conference Call Transcript
- Important report for gold investors errrrh I mean tungsten investors
- O’Reilly – Texas or California
- China Plans Doubled Gold Consumption in Three Years
- NUGENT: U.S. sailed off the ‘fiscal cliff’ long ago
- Ditching Before the Fiscal Cliff
- Gold Set to Return to Run of Records Next Year - Chart of the Day
- Gary Wagner’s Gold & Silver Outlook for 2013
- Mystery Gold Seller Spied as Banks Argue Outlook
- Steve Quayle: Silver, Gold & The Mark of the Beast
- Gold Set to Return to Run of Records Next Year
- Jeff Berwick: How to Deal with Government Controls
- 'Mystery Gold Seller' Spied as Banks Argue Outlook
- Hugo Salinas-Price: The Price of the Dollar 12.4.12
- Gold Investing: The End of the Gold Bull Market?
- Bullion Should Be Nearing a Major Bottom
- BBC's 'Panorama' Killed Report Exposing Silver Market Manipulation
- Ambrose Evans-Pritchard admits gold questions are legitimate
- Embry to speak in Vancouver and join Bishop at GATA reception
- CFTC Charges Companies and their principals in Multi-Million Dollar Fraudulent Precious Metals Scheme
- World has less gold above ground than it thinks, GoldMoney's Turk says
- South Korea buys more gold amid speculation on currency market intervention
- Goldman's 'gold is dead' call is perfect contrarian indicator, Ron Rosen says
- IT'S OVER: Goldman Calls The End Of The Great Gold Bull Market
| Fade Goldman's Bearish Gold Call Posted: 06 Dec 2012 12:53 PM PST  By Tim Iacono: The latest research note on gold from investment bank Goldman Sachs - in which they see the gold bull market coming to an end in the months ahead - might be taken much more seriously if not for two factors: 1. The call is based on a vastly improved U.S. economy next year that leads to higher real interest rates and they haven't exactly been knocking the ball out of the park lately in their economic forecasts. 2. The firm has a reputation for telling investors to do one thing and then betting against it, as many (some in Congress) believe was the case with subprime mortgages as the housing bubble peaked. In a private note that was widely reported at various internet sites, Goldman commodity analyst Damien Courvalin cited the underperformance of gold this year despite a host of positive factors and then offered this forecast for next year: Complete Story » |
| Commodity Chart Of The Day: U.S. Dollar Posted: 06 Dec 2012 11:45 AM PST By Matthew Bradbard: Commodity Chart Of The Day Daily U.S. Dollar (click image to enlarge) The greenback is bouncing as anticipated, trading above the 50 day MA as I write this post, higher by 0.65%. My first objective is the 20 day MA -- identified by the dark blue line -- but talk of interest rates moving higher and risk off could potentially turn this into more. As I've hinted at in recent posts, I prefer to trade markets that are a bit more liquid and move more in a way that will exhibit an inverse relationship. Metals fit the bill, and check out the latest pullback in crude oil. The U.S. dollar action is not the only component, but crude is down 3% this week and appears to be headed lower. A number of commodities that have had a nice appreciation may be poised for some give-back very soon, in Complete Story » |
| Allied Nevada's CEO Discusses Exploration Update - Conference Call Transcript Posted: 06 Dec 2012 11:36 AM PST Allied Nevada Gold Corp. (ANV) Exploration Update Conference Call December 6, 2012; 11:00 a.m. ET Executives Scott Caldwell - President & Chief Executive Officer David Flint - Vice President of Exploration Analysts Sam Crittenden - RBC Capital Markets John Hill - Cambrian Capital Presentation Operator Good morning ladies and gentlemen and thank you for standing by. Welcome to the Allied Nevada Exploration Update Conference Call. At this time all participants are in a listen-only mode. Following the presentation we will conduct a question-and-answer session. Instructions will be provided at that time. (Operator Instructions). I will now turn the conference over to our host Tracey Thom, Vice President, Investor Relations. Please go ahead. Tracey Thom Thank you very much and good morning everyone. We appreciate everyone for joining us this morning. On the call today Scott Caldwell, President and CEO and David Flint, Vice President of Exploration will discuss recently Complete Story » |
| Important report for gold investors errrrh I mean tungsten investors Posted: 06 Dec 2012 10:45 AM PST A bargain at twice the price.:vollkommenauf: Quote: For just £1785 you can ensure you are kept one step ahead throughout 2013. World Tungsten Report is the only monthly report to offer short-term, regular analysis of all aspects of the tungsten market including supply, demand, trade and price.  |
| O’Reilly – Texas or California Posted: 06 Dec 2012 10:03 AM PST Bill O'Reilly gets it.We typically miss Bill O'Reilly commentaries, but one of the Vultures sent this one along and we felt it more than worthy of sharing.
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| China Plans Doubled Gold Consumption in Three Years Posted: 06 Dec 2012 09:30 AM PST China's Ministry of Industry and Information Technology announced that it expected gold consumption in the country would be running at more than double national gold production by the end of 2015, more than double Chinese gold consumption forecast for 2012.  |
| NUGENT: U.S. sailed off the ‘fiscal cliff’ long ago Posted: 06 Dec 2012 08:00 AM PST We created Fedzilla; now it's time to kill itFor the Washington Times, Ted Nugent writes: "Only a Fedzillacrat could possibly think raising taxes on the wealthy could accomplish anything toward restoring sanity in the financial insane asylum known as our federal government. Let's be honest; we are not close to going over the "fiscal cliff." We drove off that cliff a long time ago. We can only hope the crash doesn't demolish the republic. Raising taxes on the wealthy, closing loopholes and eliminating deductions is analogous to seeing Michelangelo's very first short paint stroke on the ceiling of the Sistine Chapel and claiming it's a masterpiece. We are more than $16 trillion in debt today, and estimates are that America will be $22 trillion in debt at the end of this president's second term. If that's not a certifiable, titanic financial disaster, someone please tell the American public what is. You won't get an argument from me that America has a spending problem. A much larger problem we face, however, is a federal government problem. We've got malfunctioning departments stacked on top of bloated agencies that are stacked on top of a bungled mess of various supporting offices that are overstocked with duplicitous bureaucrats. We've created the very beast (hence the name Fedzilla) that our forefathers warned us about, and it's killing us. We can't keep throwing good money after bad and expect different results. What we need is a wholesale, top-to-bottom assessment of the federal government, and then we need to slash and burn all Fedzilla departments, agencies and offices that are not constitutionally required or deemed vital. This should be fundamental before any deals are cut regarding new taxes. The three sacred entitlement cows in the room that no politician wants to poke are Social Security, Medicare and Medicaid. A blinding statement of the obvious is that we are never going to get our financial house in order until these sacred entitlement cows are not only poked, but slaughtered. Until the slaughter is over, everything else is just taxation window dressing. In addition to slaughtering the three sacred entitlement cows that consume a vast majority of the federal budget (and I use the term budget generously), let's truly spread the pain around and raise taxes on everyone, including the nearly 50 percent of Americans who pay zero federal income taxes. Those Americans need to have some skin in the game, too. I recommend at least a 5 percent federal income tax bracket for them. The insane free ride needs to end. Every federal agency and department should be required to take an immediate, real 15 percent cut in its budget — no funny accounting tricks, but a real 15 percent cut. Agency budgets then should be rolled back to their 2005 level before the end of 2013. No tax-raising deal should be signed without including a balanced-budget amendment. Let's also stop the insanity by suspending the right to vote of any American who is on welfare. Once they get off welfare and are self-sustaining, they get their right to vote restored. No American on welfare should have the right to vote for tax increases on those Americans who are working and paying taxes to support them. That's insane. In addition to suspending a welfare recipient's right to vote, we also need to get our voting system straightened out and eliminate voter fraud. We need to ensure that only Americans vote by requiring polling places to validate the identification of each voter. It shouldn't take a Motown guitar slayer to come up with these common-sense bargaining chips before taxes are raised on the producers, which will further choke the economy. How about it, GOP? Source: http://www.washingtontimes.com/news/2012/dec/3/us-sailed-off-the-fiscal-cliff-long-ago-we-created/ Ted Nugent is an American rock 'n' roll, sporting and political activist icon. He is the author of "Ted, White, and Blue: The Nugent Manifesto" and "God, Guns & Rock 'N' Roll" (Regnery Publishing). |
| Ditching Before the Fiscal Cliff Posted: 06 Dec 2012 07:48 AM PST When the global markets finally wrap their heads around the scale of US insolvency, the response will be as fierce as it is rapid. In such a once-in-a-century scenario, physical gold and silver are among the few assets without counterparty risk.  |
| Gold Set to Return to Run of Records Next Year - Chart of the Day Posted: 06 Dec 2012 07:12 AM PST gold.ie |
| Gary Wagner’s Gold & Silver Outlook for 2013 Posted: 06 Dec 2012 07:07 AM PST |
| Mystery Gold Seller Spied as Banks Argue Outlook Posted: 06 Dec 2012 06:52 AM PST |
| Steve Quayle: Silver, Gold & The Mark of the Beast Posted: 06 Dec 2012 05:56 AM PST Are we fast approaching a world where money as we know it does not exist? Steve Quayle discusses the spiritual and fiscal applications for fighting a rapidly-approaching cashless society. From the 12.05.2012 on The Hagmann Report. from piwarsvideo: ~DF |
| Gold Set to Return to Run of Records Next Year Posted: 06 Dec 2012 05:35 AM PST Gold inched down on Thursday, near the monthly low reached in the prior session under pressure from a stronger greenback as players await the European Central Bank rate decision at 1245 GMT and US initial jobless claims at 1330 GMT.  |
| Jeff Berwick: How to Deal with Government Controls Posted: 06 Dec 2012 05:16 AM PST Andy Duncan talks to Jeff Berwick, founder of The Dollar Vigilante, CEO of TDV Media & Services, and the host of Anarchast. They discuss the current state of global finance and the chances of an upcoming paper money collapse. from goldmoneynews: Berwick pays particular attention to the decline of the United States, and why this decline will continue in a debt-fuelled downward cycle. He sees major inflation as the only way the current financial system can continue, but that this will eventually end in hyperinflation in a few years' time. He doesn't think that the Basel III zero-risk rating of gold — taking effect from January 1 — will have much of an impact on the gold market. They discuss how individuals can protect themselves over the next few years, if governments start to institute capital controls and other measures to defend the current fiat money system, and how private enterprise monies may arise on the other side of a great financial transition. Berwick further discusses how gold and silver may become the major private monies, ahead of systems such as BitCoin. They conclude with a discussion Mr Berwick's creation of a modern-day "Galt's Gulch" in Chile, for liberty-minded individuals to consider moving to, and Jeff's predictions of where the "black financial swans" circulating around the western world will first land. This podcast was recorded on 4 December 2012. ~TVR |
| 'Mystery Gold Seller' Spied as Banks Argue Outlook Posted: 06 Dec 2012 05:14 AM PST The gold price traded in a narrow range around $1,691 per ounce Thursday morning in London, rising slightly from yesterday's 1-month low. Asian and European stock markets also ticked higher, as did US Treasury bonds.  |
| Hugo Salinas-Price: The Price of the Dollar 12.4.12 Posted: 06 Dec 2012 05:12 AM PST The Price of the Dollar It is a mistake to attribute a price to gold. What is in question today – and has been in question for a century – is not the price of gold, but rather the price of the dollar, and in turn, the price of all the fiat currencies of the world, which are nothing more than derivatives of the fiat dollar. The price of the dollar today is 0.01835 grams of gold. That it to say, it is less that two-hundredths of a gram of gold; physically, a tiny speck of gold. We have to turn the popularly quoted "price" of gold around: at $1,695 dollars for an ounce of gold. If you want the price of the dollar in ounces of gold, take $1 dollar and divide it by 1695 = 0.0005899 ounces of gold. In other words, slightly less than six ten-thousandths of an ounce of gold will buy you a dollar. Since gold is the numeraire – the substance which prices all fiat currencies – it is not the price of gold which is fluctuating, as the popular press and mainstream media would have us believe. What fluctuate are the diverse prices of all currencies. We know that the banking cartels which issue these currencies all strive to control the dollar prices of their currencies by numberless forms of intervention in the world markets. Of course, the prime fiat currency (of which all the others are derivatives) is the US dollar and its price in gold is continuously manipulated in a vain attempt to keep it from falling. Keep on reading @ jessescrossroadscafe.blogspot.com ~DF |
| Gold Investing: The End of the Gold Bull Market? Posted: 06 Dec 2012 04:33 AM PST Why Goldman Sachs sees gold topping out soon... |
| Bullion Should Be Nearing a Major Bottom Posted: 06 Dec 2012 04:06 AM PST Clues for the "C" wave include the Goldman Sachs quasi-bearish 2013 gold forecast that came out Wednesday. In addition, the media attempting to explain the drop in gold as being related to stronger than expected economic indicators or fiscal cliff negotiations.  |
| BBC's 'Panorama' Killed Report Exposing Silver Market Manipulation Posted: 06 Dec 2012 03:10 AM PST ¤ Yesterday in Gold and SilverThe gold price struggled slowly higher in Far East trading on their Wednesday, but that all ended once London opened...and it then traded sideways until about half past lunchtime over there. Then the selling began...and by 10:55 a.m. in New York, five minutes before the London close, the high-frequency trader had gold down to its low price tick of the day...which Kitco recorded as $1,683.80 spot. The subsequent rally got cut off at the knees at noon Eastern time...and it then traded sideways for the rest of the day. Gold closed at $1,694.30 spot...down only $2.50 from Tuesday's close. Net volume was pretty decent...around 155,000 contracts. As is usually the case, the price path for silver was almost identical, so I'll spare you the play-by-play on that. Silver actually closed flat at $32.91 spot. Net volume was in the neighbourhood of 38,500 contracts. A cursory glance at both the gold and silver charts shows that the same 'market forces' were at work on these metals on both Tuesday and Wednesday. Platinum and palladium also got sold down during the Comex trading session yesterday, but both recovered and closed with minor gains. The dollar index traded flat until the 8:00 a.m. GMT London open yesterday morning...and then rallied about 20 basis points or so by 8:00 a.m. in New York about five hours later. From there it didn't do much into the close...and finished the Wednesday session at 79.82...up 15 basis points. As has been the case this week, there was no co-relation between the dollar index and the precious metal prices. There was no saving the gold stocks yesterday, as they got sold off sharply within the first hour of trading. Then they traded sideways for many hours before sliding further into the close. The HUI finished down a chunky 2.83%. The silver shares did marginally better...and Nick Laird's Silver Sentiment Index closed down 1.83%. (Click on image to enlarge) I have no explanation as to why the shares got sold off in both metals yesterday...just like I've had no explanation for the counterintuitive share price action that we've experienced all week. The CME's Daily Delivery Report showed that 64 gold and 60 silver contracts were posted for delivery on Friday within the Comex-approved depositories. The link to yesterday's Issuers and Stoppers Report is here. There was a minor addition to GLD yesterday, as an authorized participant added 9,686 troy ounces of gold. There were no reported changes in SLV. The U.S. Mint had another sales report. They sold 11,500 ounces of gold eagles...500 one-ounce 24K gold buffaloes...and 28,000 silver eagles. It was a big day over at the Comex-approved depositories on Tuesday. They reported receiving a chunky 1,834,793 troy ounces of silver...and shipped out only 108,091 ounces of the stuff. The link to that activity is here. That 1.83 million troy ounces represents almost a full day of world-wide silver production. Here's an interesting photo that reader that Mark O'Brien sent me yesterday. The photo was taken on Big Major Spot Island in the Bahamas. I thought Mark was having me on at first...but Google proved him right! The pigs swim out into the ocean to get fed...and they fight with the birds for scraps. I have a large number of stories today...and I hope you have the time to skim them all...and there are the usual must reads as well. As Chris Powell and Ned Naylor-Leyland stated in different news items...the press won't touch this story. Goldman's 'gold is dead' call is perfect contrarian indicator, Ron Rosen says. South Korea buys more gold amid speculation on currency market intervention. 'Demise' of U.S. 1c, 5c premature: Satirical piece on coins goes viral. ¤ Critical ReadsSubscribePaul Ryan addresses fiscal cliff: 'We're nowhere. We're farther than where we started'Paul Ryan addressed the fiscal cliff crisis on Tuesday, telling a Milwaukee radio host: "We're nowhere. We're farther than where we started." In an interview with 620 WTMJ host Charlie Sykes, the Wisconsin congressman and 2012 Republican vice presidential nominee said the fiscal cliff negotiations to stop automatic tax hikes and spending cuts at the end of the year "don't really exist" because the White House won't negotiate with Republicans. "He took 40 minutes to reject the deal," Ryan said of Obama's dismissal of a compromise offered by Republicans on the fiscal cliff on Monday. "That leads us to conclude he's trying to get us to our fiscal cliff," Ryan said. "He doesn't want to come to the middle." This story was posted on The Daily Caller website on Tuesday...and I borrowed it from yesterday's edition of the King Report. The link is here.  Ted Nugent: The U.S. sailed off the 'fiscal cliff' long agoOnly a Fedzillacrat could possibly think raising taxes on the wealthy could accomplish anything toward restoring sanity in the financial insane asylum known as our federal government. Let's be honest; we are not close to going over the "fiscal cliff." We drove off that cliff a long time ago. We can only hope the crash doesn't demolish the republic. Raising taxes on the wealthy, closing loopholes and eliminating deductions is analogous to seeing Michelangelo's very first short paint stroke on the ceiling of the Sistine Chapel and claiming it's a masterpiece. We are more than $16 trillion in debt today, and estimates are that America will be $22 trillion in debt at the end of this president's second term. If that's not a certifiable, titanic financial disaster, someone please tell the American public what is. This was posted on The Washington Times website on Monday...and is another item I stole from yesterday's King Report. It's a short must read...and the link is here.  Apple Suffers Biggest Market Cap Loss EverIt seems like it was only yesterday when we were praising the miraculous 4 sigma move in AAPL stock, when it soared by nearly $40 in one trading session. It wasn't: it was November 19. Which is why it probably shouldn't be surprising that two short weeks later AAPL stock has just seen its biggest dollar fall in absolute terms in history, down $37 dollars or nearly 7%, its biggest one-day percentage drop since September 2008. Why? Nobody really knows, but when the world's biggest company by market cap trades increasingly like a penny stock, does anyone really care? In absolute terms, AAPL has lost nearly $35 billion in market cap in several hours today: more than the market cap of BlackRock, Morgan Stanley or Wal-Green, with no real material news except for the occasional weak order hearsay (which one didn't really need considering the US and global consumer is totally tapped out), and various other rumors. One thing is certain: the 240+ hedge funds who owned the stock as of September 30, and which did their best to paint the tape for November, are now at a complete loss what to do to delay what was certainly going to be a redemption avalanche for the second month in a row. Here's a Zero Hedge story that reader U.D. just sent me...and you've read the important bits already...but the chart and the graph embedded in the story itself are worth the trip in and of themselves. The link is here.  Fed to launch fresh bond buying to help economyThe Federal Reserve is set to announce a fresh round of Treasury bond purchases when it meets next week, avoiding monetary policy tightening to maintain support for the weak U.S. economy amid uncertainty over the looming year-end "fiscal cliff." Many economists think the U.S. central bank will announce monthly bond purchases of $45 billion after its policy gathering on December 11-12, signaling it will continue to pump money into the U.S. economy during 2013 in a bid to bring down unemployment. "We expect status quo," said Laurence Meyer of the forecasting firm Macroeconomic Advisers. "We expect purchases will continue at the same monthly rate as over the last three months; that the composition will be the same, and that the maturities distribution will be the same." The decision would cement expectations that the Fed will keep buying a combined $85 billion of Treasuries and mortgage-backed bonds a month, while repeating that it expects to hold interest rates near zero until at least mid-2015. Nothing really new here, but Reuters decided to make a story out of it yesterday anyway...and I thank West Virginia reader Elliot Simon for sending it our way. The link is here.  HSBC might pay $1.8 billion money laundering fine - sourcesHSBC Holdings Plc might pay a fine of $1.8 billion as part of a settlement with U.S. law-enforcement agencies over money-laundering lapses, according to several people familiar with the matter. The settlement with Europe's biggest bank - which could be announced as soon as next week - will likely involve HSBC entering into a deferred prosecution agreement with federal prosecutors, said the sources, who spoke on condition of anonymity. The potential settlement, which has been in the works for months, is emerging as a test case for just how big a signal U.S. prosecutors want to send to try to halt illicit flows of money moving through U.S. banks. An HSBC spokesman said: "We are cooperating with authorities in ongoing investigations. The nature of discussions is confidential." This Reuters story was posted on their website yesterday evening...and I thank Roy Stephens for bringing it to our attention. The link is here.  Franco-German rift derails banking union dealEU finance ministers will return to Brussels on the eve of the December EU summit next week for last ditch talks on the controversial banking union proposals, after failing to reach agreement on Tuesday (4 December). Speaking with reporters following the conclusion of talks, Vassos Shiarly, the Cypriot finance minister, said that agreement was very close. However, Articles 5, 19 and 27, which deal respectively with the role of national regulators, the composition and decision making processes for the new ECB supervisory board, and the timetable for implementing the rules, are still subject to further negotiation. As expected, the question of the scope of the supervisory framework is at the centre of a Franco-German disagreement. France is keen for the entire 6,000 strong eurozone banking sector and for the legal framework to be rapidly implemented. Germany, meanwhile, is anxious to keep its regional savings banks outside the supervisory regime, with the ECB focusing only on overseeing the bloc's systemically important big banks. This story was posted on the euobserver.com Internet site early yesterday morning...and I thank Roy once again for sending it. The link is here.  Deutsche Bank Hid $12 Billion In Losses To Avoid A Government Bail-OutForget the perfectly anticipated Greek (selective) default. This is the real deal. The Financial Times just released a blockbuster that Europe's most important and significant bank, Deutsche Bank, hid $12 billion in losses during the financial crisis, helping the bank avoid a government bail-out, according to three former bank employees who filed complaints to US regulators. US regulators, whose chief of enforcement currently was none other than the General Counsel of Deutsche Bank at the time! Something tells me we aren't in Kansas anymore, Toto. This Zero Hedge story was posted on their website late yesterday evening...and the first reader through the door with it was 'David in California'. The link is here.  S&P downgrades Greece's rating from CCC to selective defaultIn an unsurprising headline, reflected by the marginal losses in EUR/USD since the news broke, the rating agency S&P has downgraded Greece's long-term debt rating to selective default from CCC. Greece is technically default. This one paragraph story was posted on the fxstreet.com Internet site last evening...and you just read. The link to the hard copy is here...and I thank Elliot Simon for sending it.  |
| Embry to speak in Vancouver and join Bishop at GATA reception Posted: 06 Dec 2012 03:10 AM PST  Sprott Asset Management's chief investment strategist, John Embry, has joined the speaker roster for Cambridge House's Vancouver Resource Investment Conference January 20 and 21, 2013, and will attend GATA's fundraising cocktail reception at the conclusion of the conference, at which Bob Bishop, former editor of Gold Mining Stock Report, will come out of retirement to speak. Other GATA-friendly speakers at the conference will include Al Korelin of the Korelin Economics Report, Peter Grandich of The Grandich Letter, David Morgan of Silver-Investor.com, David Franklin of Sprott Asset Management, Tom Calandra of The Calandra Report, Frank Holmes of U.S. Global Investors, newsletter writer Jay Taylor, GoldSeek.com's Peter Spina, and Ron Hera of Hera Research. |
| Posted: 06 Dec 2012 03:10 AM PST  The U.S. Commodity Futures Trading Commission (CFTC) today announced that on December 5, 2012, it filed a civil injunctive enforcement action in the U.S. District Court for the Southern District of Florida against Hunter Wise Commodities, LLC; Hunter Wise Services, LLC; Hunter Wise Credit, LLC; Hunter Wise Trading, LLC; Lloyds Commodities, LLC; Lloyds Commodities Credit Company, LLC; Lloyds Services, LLC; C.D. |
| World has less gold above ground than it thinks, GoldMoney's Turk says Posted: 06 Dec 2012 03:10 AM PST  GoldMoney's James Turk explains in a new audio interview why the world's above-ground gold inventory is likely much less than generally calculated and, perhaps more importantly, why gold is money rather than an investment -- but not a bad investment insofar as other forms of money are always depreciating. I found 'all of the above' embedded in a GATA release yesterday. The interview is 20 minutes long...and it was posted at GoldMoney's Internet site on Monday. The link is here.
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| South Korea buys more gold amid speculation on currency market intervention Posted: 06 Dec 2012 03:10 AM PST  South Korea's central bank said on Wednesday it bought 14 tonnes of gold in November using its foreign reserves in order to spread its portfolio risks, while releasing data showing total reserves rose after talk of market intervention. The Bank of Korea bought the gold for $780 million, the fourth purchase in about 1 1/2 years, lifting the proportion of gold in its total foreign reserves to 1.2 percent from the previous 0.9 percent, it said in a statement. "Gold is a physical, safe asset and allows" the country "to deal with changes in the international financial environment more effectively," it said in a statement, without providing more details on the purchase. |
| Goldman's 'gold is dead' call is perfect contrarian indicator, Ron Rosen says Posted: 06 Dec 2012 03:10 AM PST  Financial letter writer Ron Rosen told King World News yesterday that Goldman Sachs' call for the end to the gold bull market is a perfect contrarian indicator. Rosen compares recent gold charts with charts from the gold bull market of the 1970s and sees great similarities. An excerpt from Rosen's interview is posted at the King World News website...and the link is here.
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| IT'S OVER: Goldman Calls The End Of The Great Gold Bull Market Posted: 06 Dec 2012 03:10 AM PST  Goldman commodity analyst Damien Courvalin is out with a big call: The top in gold is in. The firm says that the primary driver of gold prices is real interest rates (which have been super-low in the United States, in part thanks to aggressive Fed easing) and that with the economy coming back, this era is coming to an end. The essence of the call is boiled down to this chart, which compares gold prices to real interest rates (inverted). Given their expectation that real interest rates will rise, gold will follow the dotted line, and will decline the same way there was a decline in the 1980s. |
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