Between October 2009 and December 2010, the International Monetary Fund (IMF) claims to have sold a total of 403.3 tonnes of gold at market prices using a combination of ‘off-market’ sales and ‘on-market’ sales. ‘Off-market’ gold sales are gold sales to either central banks or other official sector gold holders that are executed directly between the parties, facilitated by an intermediary. For now, we will park the definition of ‘on-market’ gold sales, since as you will see below, IMF ‘on-market’ gold sales in reality are nothing like the wording used to describe them. Full Story
The Fed is clearly ignoring the coincidental rise in USD LIBOR and the growth in bank lending, and is still prevaricating over interest rates, despite its full employment and price inflation conditions more or less being met. My earlier article was an economic analysis. The purpose of this article is to point out other factors that impede a return to interest rate and monetary normality, and it concludes that a rise in US interest rates would probably be accompanied by more quantitative easing, perhaps on a discretionary basis. Full Story
By: Adam Hamilton, Zeal Intelligence - 2 September, 2016
The silver miners’ stocks have enjoyed an epic year, skyrocketing higher with silver’s new bull market. At best since mid-January alone, some of these elite stocks had actually septupled! Naturally such extreme gains beg the question of whether they can possibly be fundamentally justified. The recently-released second-quarter financial and operational results of the top silver miners offer much insight on this. Full Story
John Embry, Senior Strategist at Sprott Asset Management returns with key insights into the startling 2016 PMs market rally. The recent pullback represents a discounted buying opportunity within a new long-term bull market. Once gold breaks out of the consolidation in terms of the US dollar, the de facto reserve currency, the bull market will continue. Full Story
Since we went off the Gold standard, the Fed’s primary function has not been to control interests rates for the benefit of the masses. Their goal has been to use interest as a weapon to trigger boom and bust cycles. The masses still don’t understand what is going on and with the passage of each day, fewer and fewer individuals know the dangers of Fiat. It took roughly 100 years for the debt to go from 0 to 1 trillion dollars, now we add that amount to the debt each year. Full Story
Studies of falling commodity prices suggest the C wave can be up to twice as long as the initial A wave, but it is anticipated that the $18 level set on the May 2nd should act as support. The probabilities point to a further drop to this $18 level; but that should be a temporary phenomenon as silver presses onto new highs. Full Story
Many economists ask why economic activity fluctuates. Among many theories of business cycles, there is the politicalbusiness cycle, formulated in the 1970s. According to it, incumbents try to juice up the economy during election years to improve their chances of re-election. They use fiscal or monetary policy to stimulate the economy just before an election to increase their odds of remaining in office. However, although expansionary monetary and fiscal policies are politically attractive in the short run (due to increased spending), they might lead to some unpleasant consequences in the long term (like high inflation or excessive budget deficits). Full Story
The world monetary order is changing. Slowly but steadily, global trade and currency markets are becoming less dollar-centric. Formerly marginal currencies such as the Chinese yuan now stand to become serious competitors to U.S. dollar dominance. Could gold also begin to emerge as a leading currency in world trade? Over time, it certainly could. But the more immediate implications for gold’s monetary role center on its increasing accumulation by central banks such as China’s. Full Story
I did not plan to write another public article so soon after the last one but today's topic(s) are very important and very connected in my opinion. I apologize for the length but I can't make this stuff up, I just try to tie it together. First, we have been hearing the word "rigged" on a daily basis and pertaining to many facets of our life. We hear the word regarding markets, politics (specifically elections), our rule of law and judicial system, and even when it comes to lawmakers and bribery. Full Story
In the quest to explain something that may be complex into something easily understood, please allow me to reference a recent issue most in the US are now familiar with – the shocking rise in price for EpiPens, produced by the Mylan drug company. An EpiPen is a life-saving medicine in injectable form for those suffering a food allergy attack. Since many of the victims are children unknowingly ingesting what to them is poison, Epipens are prevalent in schools and have become a vital part of life for many families. Full Story
Senior Research Fellow, Paul Craig Roberts rejoins the show. The bullion banks have "An infinite stockpile of naked gold shorts, driving down the price." The shorting machination began in 2011, culminating in the 2016 gold rally, at which point the shorting slowed, but did not stop. An underground international bank transaction clearing system is jeopardizing US dollar hegemony; "If the system gets up and running, big banks will no longer require dollar reserves." Full Story
Again, the election year fix is in. Janet Yellen got her marching orders from the White House. And she will be doing everything possible to hold the markets up going into November. However, the financial system is already starting to come apart at the seams. There is now $230 TRILLION in debt in the financial system, up 300% from 2007 levels. You’ll no doubt remember, 2007 was NOT a time in which debt was irrelevant. And over the next 12 months, the markets staged the worst crash in 80 years. Full Story
By: Steve Saville, The Speculative Investor - 1 September, 2016
As I mentioned in a blog post back in April of last year, I have never been in the camp that exclaims “buy gold because the US is headed for hyperinflation!”. Instead, at every step along the way since the inauguration of the TSI web site in 2000 my view was that the probability of the US experiencing hyperinflation within the next 2 years — on matters such as this there is no point trying to look ahead more than 2 years — is close to zero. That remains my view today. In other words, I think that the US has a roughly 0% probability of experiencing hyperinflation within the next 2 years. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 31 August, 2016
By far the greater bulk of gold owned in China is under the control of the Shanghai Gold Exchange and they are controlled by the Chinese Central Bank, the People’s Bank of China. Should they wish to confiscate their citizen’s and institution’s gold, it can be done overnight. This includes gold held in Hong Kong. We see Singapore bowing to the will of China in such an event too. Full Story
Some analysts think that the precious metals on Chinese commercial bank balance sheets are gold reserves purchased on behalf of the Chinese central bank, while others surmise that Chinese banks buy gold at the Shanghai Gold Exchange (SGE) and then lend it out so the precious metals on the balance sheets solely represent leased gold. In latter analysis it’s then assumed the leasing inflates the amount of gold withdrawn from SGE designated vaults. Most certainly there is leased gold on Chinese banks’ balance sheets, but this can hardly influence SGE withdrawals, as I have previously explained. Full Story
We are now wrapping up one of the stronger summers in memory at USAGOLD and heading into the strongest time of year seasonally for gold and silver – September through February. Normally the summer months are the quiet part of the year, but 2016 has been an exception. The price of gold is up 9% since the beginning of June and silver over 18%. ETF gold inventories reached highs in July and August not seen since 2009, the year after the collapse of Lehman Brothers and the launch of the so-called credit crisis. Some see the stronger than usual summer showing for the precious metals markets as a harbinger of things to come. Full Story
These past two weeks rival any I’ve seen in my 14½ years of minute-to-minute PM watching – during which, the Cartel has relentlessly suppressed prices amidst an unrelenting blizzard of “PM bullish, everything-else-bearish” news flow. Using cover of the two slowest trading weeks of the year, they have aggressively pushed prices away from the indisputable “breakout levels” of $1,370/oz for gold – representing the “downtrend line” created by September 2011’s “Operation PM Annihilation I,” December 2011’s “Operation PM Annihilation II,” February 2012’s “Leap Day Violation,” and April 2013” Alternative Currencies Destruction” raids; and $20.45/oz silver, representing its 50-month moving average. Full Story
Your retirement income and assets are at risk. Subsequent to “The Big Lie” we have been force fed with fractional reserve banking, central banks, QE, NIRP, continually devaluing currencies, dramatically reduced fixed income returns, declining returns on pension assets, and the insolvency of an increasing number of pension plans. Full Story
The pattern shown, with a minor downside target at 1302.70, looks like it will provide the most useful perspective for the very near term. Neither the midpoint pivot nor the secondary (respectively, the red and green line) showed any discernible support, and that’s why I expect the selling to continue down to at least 1302.70. Also, the midpoint pivot produced a would-be profitable ‘mechanical’ short, as I expect the secondary pivot at 1313.20 to do now. Full Story
While I can certainly turn bearish like the rest of the market has seemed to do once the GDX broke down, I am really swayed by the technical picture on the silver 144 minute chart. Throughout all of 2016, every time we have had the positive divergences that we now see on that chart, it has portended a strong rally about to start in that market. Moreover, the GDX is now as oversold as it has been all year, and the bearishness is almost palpable. And, while GDX can certainly become even more oversold, I am relying on the positive divergences seen in silver to guide me yet again. Full Story
I’m going to use the GDX as a proxy for the rest of the PM stock indexes. I can now say with a fair amount of confidence that the first consolidation phase is taking place. Lets start with just a simple daily chart for the GDX which is showing a small unbalanced double top with the right high being higher than the left high. Five days ago the price action gapped below the double top trendline and last Friday the GDX backtested the double top trendline from below. The price objective for the unbalanced double top is down to the 24.50 area. Full Story
The nation’s pre-eminent central planners just held their annual gathering at an exclusive resort just outside Jackson Hole, Wyoming and discussed how to interfere even more deeply in markets. In a speech entitled “The Federal Reserve’s Monetary Policy Toolkit: Past, Present and Future,” Fed chair Janet Yellen outlined why zero interest rate policy (ZIRP), purchases of toxic mortgage securities, and monetization of Treasury debt just aren’t adequate. Officials must add negative interest rates (NIRP) and purchases of even more sketchy assets to their “toolkit.” Full Story
By: Richard (Rick) Mills, Ahead of the herd - 30 August, 2016
“The borrower is servant to the lender.” The Bible “When you get in debt you become a slave.” Andrew Jackson The Gold Standard is amenable to today, and it’s certainly preferable to the actions, and consequences, of those who have enslaved us in unknown voluntary servitude. Imposition of a gold standard should be on all our radar screens. Is it on yours? Full Story
At the current pace of quantitative easing, Japan’s central bank is buying so many bonds that it now has about 24 months left before there are no more bonds left to buy. The BOJ is buying close to $800 billion (USD) of bonds annually. The bank’s QE program is truly gargantuan, and Kuroda made a key speech at Jackson Hole indicating he has no intention of tapering it at all. Full Story
Governor Abbott is also responsible for what will be a first in the United States. More than a year after he signed a law to repatriate $1 billion in Texas gold bullion from the Federal Reserve, construction will soon begin on the Texas Bullion Depository. Such a state-run gold depository doesn’t currently exist anywhere else in the U.S. It’s hoped that it will help turn Texas into a “financial Mecca,” in the words of one state senator. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 30 August, 2016
Bron Suchecki, formerly an executive at the Perth Mint and now vice president for operations at Monetary Metals LLC, speculates today that the Netherlands central bank has refused to make public a list of its gold reserve bars because changes in the list would indicate how much gold leasing the bank has been doing. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 30 August, 2016
A market note by two market analysts for Deutsche Bank, publicized Monday by a few news organizations, including Business Insider (see below), observed that gold's price ordinarily correlates with central bank balance sheets but that lately it has not been keeping up with the vast expansion of those balance sheets. Full Story
Why the tough talk out of one side of her mouth and ‘other policy tools’ language out of the other (ref. Yellen Lays Out Tools… )? Oh, I don’t know. Maybe it has something to do with this… The stock market has merrily followed money supply aggregates upward since 2009. When money supply decelerates the market corrects. When money supply ramps upward the market ramps upward. Money supply has been rolling over since 2014, which was not coincidentally when the first tremors began for the stock market in its recently completed top (that wasn’t). Full Story
At what point in History does humanity find itself? Where are we? In the course of the past centuries, the study of the physical sciences, born in the 16th Century when the Englishman Francis Bacon established the "Scientific Method", has had such enormous success and has so greatly influenced humanity, that Science has become a materialist world-religion. Full Story
If you have any doubt that we’ve wandered into a new and unexplored economic universe, consider this number: $12.6 trillion. That’s the face value of government and corporate bonds currently trading worldwide with nominal yields below zero. Note that word trading. These bonds are in fact trading. Liquidity has not dried up. An active market exists for negative-yield bonds. Buyers haven’t gone on strike, and sellers aren’t desperately dumping the bonds. This is weird. None of it should be happening. Plainly, however, it is happening. Full Story
By: Steve St. Angelo, SRSrocco Report - 30 August, 2016
Many investors believe the value of silver will surge much higher in percentage terms compared to gold during the next financial and economic crash. I happen to belong to that savvy group of silver investors, and for good reason. If we look at the charts below, the data proves that silver is certainly the more undervalued precious metal asset. Thus, it will likely make silver one of the best investment strategies of a lifetime. Full Story
For most of the world, the past decade’s monetary and fiscal experiments are viewed as failures. See, for instance, French support for the EU project crumbling on both left and right and Why were smart people suckered by Abenomics? So what do the best and brightest now running global economic policy do when their experiments don’t work? Apparently they double down, repeating the experiment with an even bigger dose. Full Story
We’ve finally reached late August, meaning your Facebook newsfeed is probably brimming with children and teenagers sporting brand new sneakers and backpacks in preparation for their first day of school. Maybe one or two of your young ones are heading back this week or next. If so, I wish them all the best this year, and I hope you enjoy and cherish watching them grow. Full Story
We have been using the Semis as a one of several economic signposts, and as an investment/trading destination since the Semi Equipment ‘bookings’ category in the Book-to-Bill ratio began to ramp up several months ago. But those who say that Semiconductors are subject to pricing pressures are correct. It is a segment in which people need to be discrete with their investments. NFTRH 410 updated some details about this market leader. Full Story
By: Mike Gleason and Michael Pento - 29 August, 2016
It is my privilege now to be joined by Michael Pento, president and founder of Pento Portfolio Strategies and author of the book The Coming Bond Market Collapse: How to Survive the Demise of the US Debt Market. Michael is a money manager who ascribes to the Austrian school of economics and has been a regular guest on CNBC, Bloomberg, and Fox Business News, among others. Michael, it's good to talk to you again. Thanks very much for joining us today and welcome back. Full Story
The 2008 Great Financial Crisis came about because we began to hit "debt saturation" levels. The crisis was one of solvency but was attended to with added liquidity. Sovereign treasuries still had the ability to add debt to their balance sheets which was done in unprecedented amounts. Now, we are again bumping up against debt saturation levels as sovereign treasuries by and large have little room left to add more debt in efforts to reflate. The root problem of solvency was never addresses, only postponed to another day. That "day" seems to be in sight. Full Story
Pardon me if this article starts out a bit disjointed, as I accidentally erased the notes I took last night, amidst the 155th “Sunday Night Sentiment” attack of the past 161 weekends. And afterwards, the 689th “2:15 AM” raid of the past 793 trading days, which I was able to document in real-time because someone called me at 3:00 AM, acting surprised that I wasn’t on “European time.” I mean, do I have a French, German, or British accent? Full Story
The best performing precious metal for the week was gold, down slightly by 1.47 percent. Current market conditions make it the perfect time to invest in gold, according to Heather Ferguson, an analyst at Hargreaves Landsown. “There is a fixed amount of this precious metal in the world so central banks are not able to manipulate the gold market like they can with bonds and cash,” Ferguson explains. “In the current environment of quantitative easing and increasingly extreme monetary policy, gold is highly sought after.” Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 29 August, 2016
If central banks "couldn't care less about the price of gold," why are they trading it "nearly on a daily basis" and why is the BIS arranging gold swaps? Of course GATA has compiled an enormous amount of official documentation showing that central banks care desperately about the gold price and about concealing their intervention in the gold market, and always will care as long as gold is considered money, a form of money competing with central bank currencies. Full Story
Overall while there are many factors in the fundamental arena calling for a bottom, the technical and psychological patterns offer opposing viewpoints; both suggest that uranium is likely to test the $22 ranges before a long-term base in is in place. As the sector has taken a massive beating since it peaked in 2007, it would be a good idea to keep this sector on your radar and possibly start looking at some stocks in the industry. Full Story
The laws of the jungle are becoming important again as the life cycle of humanity continues to turn. Increasingly, it’s survival of the fittest for both the have-nots and haves alike, whether they choose to realize this or not. In the jungle, it’s ‘do or die’ – the laws of natural selection. The weak and less endowed must stay ahead of the strong or be eaten – and they know it. For some time now however, increasing numbers of human beings have become desensitized to rules of Mother Nature due to technological innovation that has made life ‘easy’ for the masses like never before. And we are still in this false bubble, however the predators continue take prey. Full Story
The dollar exchange rates of the metals fell this week, with that of silver falling more. Friday’s trading action was notable, because at first markets (including the US stock market) interpreted comments by Fed Chair Janet Yellen as “dovish”—i.e. low interest rates will continue. This means rising money supply, and everyone “knows” that that means rising prices. Especially of assets such as stocks and gold and silver. Full Story
Arguably the most accurate financial prognosticator in the field, Louis Navellier of Navellier and Associates, returns with bullish comments for equities investors. The US stock market has entered "Meltup" mode, which echoes the sentiments of recent guest and fellow market expert, Ralph Acampora. The USA is "Flat broke," which is why central bankers are printing record amounts of currency, according to economist Dr. Laurence Kotlikoff. His work indicates that the actual national debt is 12 times the annual GDP, $199 trillion. Full Story
Don't you see how this works? It's exactly as we discussed when the latest FOMC minutes were announced. This is all about manipulating the markets and coercing them into giving The Fed the reaction that The Fed wants. At the end of the FOMC in April and again in July, The Fed released a statement that summarized the meeting. When, three weeks later, the "markets" hadn't responded the way The Fed wanted them to respond, The Fed released alleged minutes, created from whole cloth, in a blatant attempt to reconfigure a market reaction more in the direction they had originally desired. Full Story
Idle rate-hike threats burbling from Yellen’s pie-hole on Friday generated a Whoopee Cushion rally in gold that signified absolutely nothing. Unfortunately, however, the rally will likely have burned up some short-covering buying power that had kept the futures from sinking even more than they did last week. On Monday, look for more weakness, perhaps after a weak distribution-rally early in the session. Full Story
For those concerned about the Fed leaving interest rates too low for too long, she adopted a hawkish view on the economy, particularly when it comes to the payrolls. For those thinking that any Fed rate hike would send the Dollar soaring, pressuring Emerging Markets as well as equity markets both here domestically and elsewhere, she sounded the theme of interest rates remaining low for a long time. Thus, if the Fed were to hike sooner rather than later, no need to worry because it would not signal the beginning of a rapid series of rate hikes. Full Story
Following a recent keynote presentation at the Sprott Natural Resource Symposium, James G. Rickards, best-selling author and advisor to the U.S. Department of Defense and Intelligence Communities, was kind enough to share a few comments with the Sprott’s Thoughts publication. It was a fascinating conversation, as Jim noted the world’s monetary structures resemble, “Two tectonic plates; there’s the natural tectonic plate—deflation—and then…the policy plate of inflation—which is money printing, currency wars, QE, operation twist, negative interest rates, and zero interest rates…” Full Story
My hunt for the gold bar list of the Dutch official gold reserves started in 2015. On September 26 of that year I visited a conference in Rotterdam, the Netherlands, called Reinvent Money. One of the speakers was Jacob De Haan from the Dutch central bank (DNB) Economics and Research Division – you can watch his presentation by clicking here. Full Story
Recent disclosures in the monthly statement of accounts published by the Bank for International Settlements indicate the bank's renewed use of a substantial quantity of gold swaps. The annual report of the BIS for its financial year ended March 31, 2010, disclosed that 346 tonnes of gold were acquired through gold swaps from commercial bullion banks. A review of the previous use of gold derivatives by the BIS reveled that the transactions in 2009-10 were far more substantial than anything done in the bank's recent history. Full Story
By: Steve St. Angelo, SRSrocco Report - 28 August, 2016
The situation Americans face in the future will be nothing like anything they have experienced in the past. While we have seen old footage and heard stories about the Great Depression (starting in 1929), we have no idea how bad things really were during the 1930’s. At that time, approximately 25% of the American population were farmers. Thus, when things really got bad, folks in the cities could move out and stay with their families or relatives on the country farm. Full Story
Citizens of the developed world are watching Venezuela’s descent into financial and political chaos mostly, it seems, with amused detachment, safe in the assumption that we’ll never end up hunting our cats and dogs for food. But – since Europe, Japan and the US are making essentially the same mistakes as Venezuela’s past and present governments – we might want to question that certainty. Full Story
This video examines the large consolidation that existed in gold before it blasted higher 90% into the 2011 top. Current consolidations with enormous future bullish implications include the Nasdaq and the energy sector. Full Story
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