Taking place in benchmark sessions of the newly inaugurated Shanghai fix, the two reversals of New York pricing – occurring over the course of the past week – sent a message loud and clear to traders around the world: China was going to be a presence in the gold market and a formidable one. Its main mission remains the import of physical gold into China from whatever sources it can find. Most importantly, what it revealed by its activity on those two occasions is that it is willing to bid up the price in order to secure physical metal. Full Story
What a move in the gold stocks! The sector has refused to correct for more than a few days at a time. All weakness has been bought as a wall of worry has been built and the sector emerges from a historic low that could be on par with the 1942 low in the stock market. I thought the Federal Reserve statement or reaction to it (along with the market’s overbought condition) might cause the sector to correct this week. Instead, GDX and GDXJ powered higher and have gained roughly 13% for the week. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 29 April, 2016
In an interview on CNBC seven years ago, the soon-to-be-ubiquitous James G. Rickards made an observation for the ages, an observation that could be the preface for Chapter 1 of every economics textbook that aspired to be more than disinformation for the financial class. "When you own gold," Rickards said, "you're fighting every central bank in the world" Full Story
We continue to see articles by so called “experts” trashing Gold and Silver as investments. Gold is everything from a “Pet Rock” to a “Dumb Investment” or “Barbarous Relic.” Do these people even bother doing research? Or are they just stock shills? First and foremost, you cannot compare Gold’s performance relative to stocks anywhere before 1967. Why? Because Gold was pegged to currencies up until that point. Full Story
For an entity as big and supposedly diversified as Deutsche Bank to post not just a 58% drop in profits but a 22% decline in revenues is “challenging” indeed. And it draws the eye to the risks these guys have taken on via an over-the-counter derivatives book that is, well, surreal. The following chart originally appeared in a Zero Hedge article. Full Story
By: Arkadiusz Sieron, Sunshine Profits - 29 April, 2016
How to use the CoT report for trading purposes? Investors can, for example, monitor speculators (either large or small, but large should be better), as they tend to be most bullish just prior to significant price tops and most bearish before the significant price bottoms. Given that the net positions of commercials reflects net positions of non-commercials, investors may also watch them, as they tend to be most bearish just prior to significant price tops and most bullish just prior to significant price bottoms. Full Story
By: Steve St. Angelo, SRSrocco Report - 29 April, 2016
As more investors wake up to the upcoming economic and financial collapse, the need to analyze the gold-silver basis will no longer be necessary or relevant. Shortages of the precious metals will occur in the future (even though Mr. Weiner may disagree) as investors move into physical gold and silver to protect wealth. Lastly, the days of earning interest, dividends or scalping profits are growing short. Keep an eye on the Falling EROI and world energy production for the key going forward. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 28 April, 2016
The U.S. Commodity Futures Trading Commission will not answer questions arising from Deutsche Bank's reported agreement to pay damages for and implicate other banks in the manipulation of the gold and silver markets, a commission spokesman said today. Full Story
For as brutal and relentless as the manipulated price correction has been for the last five years, we can expect the next move higher to be a least as equally forceful in its power and durability. Make no mistake, the underlying fundamentals which triggered the de facto financial system collapse in 2008 and drove the precious metals sector its peak in 2011 have become even stronger since the advent of QE – the money printing which further fertilized and enabled these systemically catastrophic inducing trigger-points. Full Story
As suggested in our previous analysis, we need to see a couple of things happening in order to welcome a potential new bull market: #1. COT data to return to bull market values. #2. Gold price to exceed the 2015 high at $1,302. Nobody can predict when this will happen, but we can prepare by looking at the past bull and bear markets so that we can recognize a new bull market if and when it materializes. Full Story
In response to my article yesterday The Chances Of A COMEX Default… (Public Article), Bob Moriarty decided to respond and attack me personally in this article. He claims me to be a "GURU" (an insult according to him), a fool, a bad writer with poor grammatical skills (I agree), with poor logic ...and a liar. To start, calling someone a "liar" is a very big leap because it means there is an "intent to deceive" as opposed to just being wrong or even stupid. Moriarty says I "feed people's fantasies" to entice them to subscribe to our newsletter which is now one month old. Full Story
Five years ago paper silver contracts on the COMEX hit a multi-decade high over $48 on April 29, 2011. At the end of April 2016 the silver price is bouncing around $17, down about 65% from its April 2011 high. The low occurred at about $13.60 in December of last year, when paper silver prices were down about 70% from their April 2011 high. Full Story
By: Steve St. Angelo, SRSrocco Report - 28 April, 2016
The best reason to own silver is based upon underlying market fundamentals. However, most of the markets today aren’t being valued by fundamentals, but rather on Fed and Central Bank interventions. This has destroyed the ability for investors and markets to properly value most assets. Full Story
The Wall Street Journal put out a full-court press of inflation blather yesterday, shilling the Fed and a mainstream consensus that higher prices for everything loom in our future. Here’s one of the headlines from Wednesday’s edition: ‘Yes, Central Banks Can Create Inflation. Just Ask Argentina”. And here’s the headline I would offer in response: ‘No, Central Banks Cannot Create Inflation. Just Ask Europe and Japan’. The other headline, atop a column by one Ken Brown, read as follows: ‘No One Believes It, but Inflation Is a Pretty Good Bet’. Full Story
In today’s musing, I review the history of gold, silver, and fiat currency as money in the United States of America. I document how various wars, panics and depressions, Congressional acts, and executive orders have affected the US dollar prices of precious metals and resulting gold-silver ratios. Full Story
For thousands of years, gold has been used as money, a store of wealth, fought over and sought after. Over the last 45 years, Western populations have had a mixed impression of gold. A minority of the population understands that gold is a monetary asset that should be held as wealth insurance. A larger percentage of the population is confused about gold because of mainstream sources of information. Many people consider gold a risky investment when in fact gold bullion is not an investment at all, but rather money itself. Full Story
From Feb to March of 2016, Gold responded in the correct manner, as the dollar traded lower, it traded higher. After that, the situation changed, and Gold has been putting lower highs while the dollar has traded to new lows. This indicates that one market is out of sync, and this market is Gold. Thus, the dollar is likely to bottom and rally again, while the rally in Gold is likely to fizzle out. Full Story
In summary, anyone who thinks that we are heading back to what might be considered a 'normal' economy, might be less inclined to hold gold, except if such a person believes that the transition to such a normal economy might be a bumpy ride for investors (due to the low correlation of the price of gold to equities and other assets, it may still be a good diversifier in such a scenario). Full Story
The Gold price will find its true value and price over $10,000 per ounce. The Silver price will find its true value and price over $300 per ounce. In reaching these levels, the ratio will return to the 30-1 range. Several steps have been laid out by the Hat Trick Letter toward the return of proper price to precious metals. The major upcoming events will be exciting to watch unfold, one after the other, in an inevitable sequence away from fascism and concentrated uni-polar power, with a strong movement toward freedom and equitable systems with distributed power. The steps will each involve a quantum jump in the Gold and Silver prices. The process will take a few years, but might be breath-taking in speed once the process is begun. Full Story
On the bright side, total OI in gold fell another 6,400 contracts yesterday, back to 495,436. This means we've now shed over 16,000 contracts from last Thursday's massive cap and raid and it gives us a little wiggle room should the Specs come charging back in late tomorrow and Thursday. Full Story
Russia’s central bank continues its relentless monthly gold buy program, as does the PBOC, the central bank of China. Western gold and silver community investors should be modest buyers of all small pullbacks, and bigger buyers of any “price correction” that ultimately appears. It’s time to say good-bye to tears and fears, and say hello to about one hundred years of bull era fun! Full Story
But perhaps the biggest reason you should be afraid of Americans is because the crazies in Washington who are used to getting their way won’t like it one bit once it becomes visible they are losing the economic (cold) war. (i.e. against China, Russia, and themselves.) You will know there’s big trouble in The Banana Republic of America when the $ starts falling off a cliff, heading towards the c-wave target (30ish) denoted in Figure 1. This is when all the derivatives will implode, and society will regress back out of the Twilight Zone – a place better known as reality. Full Story
Officials have clearly signaled their preferences when it comes to dealing with these obligations: devalue the dollar and suppress interest rates. This is also known as “financial repression,” a condition where savers are punished with negative real rates of return. Full Story
So, when you look at these "brilliant" ideas involving the repricing of gold (and silver), it is NOT in any way designed as a panacea for the average working stiff; it is designed as way of repairing the severely impaired balance sheets of the treasuries of the entire Western financial system. Who are the largest investors in sovereign debt in Europe and in North America? It is the banks! And, of course, large bond funds like Pimco! Full Story
Bank of America thinks the breakout we are witnessing in silver is for real, stating in a technical report this week that the precious metal could begin a bull move higher. Deutsche Bank agrees and believes silver could rise to $20 in near-term momentum. Silver has outperformed gold in nine of the last 10 sessions, reports Bloomberg, with the gold/silver ratio falling to the lowest since October. Full Story
I assure you Deutsche Bank did not hand over $5 billion out of the goodness of their hearts, nor did they take lightly "pleading guilty" as they will now be sued by the mining industry to the moon and back. Even more curious was their decision to turn state's evidence? I certainly do not have the particulars but I can observe and connect the dots. The metals markets are acting very differently and the commercials (if COT numbers are to be believed) are extremely short while registered inventories are extremely low. Full Story
By: Stefan Molyneux and Peter Schiff - 25 April, 2016
The Dow closed above 18,000 on Monday for the first time since last July - but unfortunately that news isn't as positive as it sounds. Stefan Molyneux and Peter Schiff discuss the massive cracks in the world economic system, corporations defaulting on their debt, Saudi Arabia threatening to pull $750 billion in assets from the United States economy, the coming collapse in the health care industry, misleading employment statistics, the Panama Papers Scandal and the danger of economic collapse. Full Story
By: Gary Christenson, Deviant Investor - 25 April, 2016
The reckoning will be less traumatic if we are prepared with: - Gold and silver safely stored in a vault, instead of failing currencies. - An understanding of the consequences of decades of bad monetary and fiscal policies. - Hard assets instead of promises. - Knowledge instead of sound-bites. Full Story
The financial system is sitting on the edge of a cliff and an increasing number of investors are beginning to realize it. I hear more and more evidence from contacts in the financial and precious metal industry that the U.S. banking industry and Dollar are in serious trouble. Full Story
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. Full Story
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