sept 11/Slight decrease in GLD inventory of .32 tonnes to pay for storage and insurance fees/no change in silver inventory at the SLV/ Gold and silver fall quite bit but gold shares gain in the a…

Gold closed down $6.100 at $1237.40 (comex to comex closing time ). Silver was down 53 cents at $18.53
In the access market tonight at 5:15 pm
gold: $1241.00
silver: $18.68
GLD : finally we had a slight withdrawal in gold to the tune of .32 tonnes of gold at the GLD (inventory now at 788.40 tonnes)
SLV : today we had no change in silver inventory at the SLV/inventory rests at 334.646
As far as gold and silver is concerned, we had another raid today right after both London first and second fixing of gold. It seems they are relentless in their attacks. Strangely for the third straight day, gold and silver jumped in the access market as soon as the comex closed.
Today we have commentaries concerning the sanctions placed on Russia and their retaliation. The separatists reached the Sea of Azov and its major port Mariupol. If they conquer Mariupol then Russia could have a land bridge between its territories and the Crimea.
We will discuss these and other stories
So without further ado………………
Let’s head immediately to see the data has in store for us today.
First: GOFO rates/
All months basically moved towards the positive needle as they must have found a few bars to lease. On the 22nd of September the LBMA will not publish GOFO rates. ( I guess the manipulation is getting to them)
London good delivery bars are still quite scarce.
Sept 11 2014
1 Month Rate: 2 Month Rate 3 Month Rate 6 month rate 1 yr rate
.11000% .1180000% .12800% .14600% .24000%
Sept 10 .2014:
1 Month Rate 2 Month Rate 3 Month Rate 6 month Rate 1 yr rate
1100% .118000% .128000% .14600% .24000%
Let us now head over to the comex and assess trading over there today,

This post was published at Harvey Organ on September 11, 2014.

A Brief History of Currency: The Infographic

Judging by the amount of currency destruction, all of it completely voluntary and reminiscent of what happened in the final days of the Roman empire, we urge readers to enjoy whatever fiat paper is around: it won’t be there for much longer. So to help out in that regard, below is an infographic showing a brief history of the world’s major currencies over the ages.

This post was published at Zero Hedge on 09/11/2014.

Far-Right Nationalist Le Pen Takes Lead In French Presidental Poll

It’s not just Scotland… or Catalan. As The Guardian reports, polls out in the past few days in France have shown far-right Front National (FN) leader Marine Le Pen topping a presidential poll for the first time. Alongside this surge in support for FN is the utter collapse in the French people’s faith in Hollande. Less than 20% of voters now approve of the French president and stunningly more than half the nation’s card-holding-socialists have given up on him. An unprecedented 85% of French voters don’t think Hollande should seek a second term.

This post was published at Zero Hedge on 09/11/2014.

SP 500 and NDX Futures Daily Charts – Stick Save In Pigland

Stocks were wobbly for most of the day as the US administration is once again beating the drums of endless war. And it did not help that the economic numbers this morning came in a bit weakly, with initial unemployment claims a bit on the high side. But these daily numbers do not mean all that much. What is of much more concern is the instability in the world, that I would suggest is an artifact of the ‘currency war.’ And of course the currency war is almost beyond a doubt one manifestation of the impulse of the North Atlantic elite political power structure’s attempt to make this ‘the Anglo-American Century.’ The pampered classes have lost their grip on the traditional colonial empire, and seem to be seeking to maintain and recreate it in a broader, more financialized guise. Let’s see how this works itself out.

This post was published at Jesses Crossroads Cafe on 11 SEPTEMBER 2014.

90% Of Hedge Fund Managers Are Overpaid Relative To “True Talent”

With plunging dispersion (across stocks returns) and soaring beta to the market, it appears an increasing number of hedge fund investors believe the masters of the universe aren’t worth the money. As Bloomberg reports, nine out of 10 hedge-fund managers are overpaid as management fees don’t reflect declining interest rates and fund returns, according to Unigestion Holding SA, which invests $2 billion in hedge funds. With The Fed at their back, it is hardly surprising that one fund of funds manager blasts, “the philosophy of the hedge-fund industry, as it should be, is toremunerate true talent; fund managers should be remunerated when they perform. They should not be remunerated for doing nothing.”
It’s not surprising; since, if alpha is all but impossible…

This post was published at Zero Hedge on 09/11/2014.

Crude Oil Rip Sparks BTFD In Stocks But S&P Sub-2,000 3rd Day In A Row

For the 3rd day in a row, the USDollar flatlined as JPY & AUD weakness offset GBP & EUR strength (following Kuroda’s speech this morning). Stocks dipped-and-ripped once again – as they always do into and after the EU close – with the S&P managing to scramble back into the green (but not 2,000 for 3rd day in a row) in a late-day buying panic (after some Draghi headlines saying nothing new). Not everyone was drinking the same bounce-back juice as stocks with HY credit, and JPY-carry not supportive at all. Stocks seemed to track WTI crude most closely today as oil jumped higher (to $93) compressing the Brent-WTI spread to $5. Gold, silver, and copper slipped lower once again. The Treasury curve continued to bear flatten led by 5Y weakness.

This post was published at Zero Hedge on 09/11/2014.

Meet The Puppetmasters: Here Are The 25 Most Politically Influential Billionaires In The US

It has been said, correctly, if only by those who see beyond the false “left-right” paradigm, that those who call the shots in US politics, and thus American socio-economics, are not so much America’s lobbying corporations, but the people behind the corporations – i.e., those who have the money… all of it. Obviously, nobody has more money than America’s billionaires. So who are the true puppetmasters who determine America’s fate?

This post was published at Zero Hedge on 09/11/2014.

Government Interest Payments

It’s not just homeowners who have to worry about rising interest rates, the Federal government might soon get a taste of its own medicine.
With the Fed doing all it can to stimulate inflation, increases to interest rates are taking a front seat amongst borrowers’ fears. From the admittedly partisan Republican Senate Committee on the Budget comes this report outlining how federal interest outlays will dovetail with other expenses in the future.
To summarize:
The U. S. gross federal debt currently stands at $17.548 trillion, and net interest payments to our creditors are the fastest-growing item in the budget. In 2014, the Congressional Budget Office projects that the nation will spend $233 billion on interest payments. By the end of the budget window in 2024, however, CBO forecasts that interest payments will nearly quadruple to an astonishing $880 billion. Every dollar spent paying our creditors is a dollar wasted – money for which we get nothing in return. Interest payments threaten to crowd out every other budget item. To put the $880 billion, single-year interest payment in perspective, here is what we currently spend on other budget items:

This post was published at Mises Canada on September 11th, 2014.

BofA Warns “Everyone Should Pay Attention To Treasury Vol”

US 5Y Treasury yields are approaching a key level, but as BofAML’s Macneil Curry warns, the MOVE Index (the Treasury market equivalent of equity’s VIX) is more important to focus on…
As BofAML’s Macneil Curry explains,
Key levels approach in US 5yr Treasuries, but the Move Index might be more important.
US 5yr Treasury yields are approaching key long term support.

This post was published at Zero Hedge on 09/11/2014.

Algos Saved the Day, but what if Algos Turn Bearish?

Stock market volume is a sadly drooping southward curve, interrupted by spikes. Volumes and turnover rates are now back to levels of the late 1990s. If high-frequency trades and ETF-arbitrage are taken out of the equation, turnover might well be back to where it was in the 1980s. So algorithmic trading – for example, an instant burst of computer-generated buy orders based on a headline that hit a fraction of a millisecond earlier – can have a big impact on the market overall.
Art Cashin, in his ‘Market Commentary’ for UBS on yesterday’s market action – titled, ‘Bulls Turn Tide, Maybe Helped By Artificial Intelligence’ – put his finger on the power of those algo trades.
U. S. stocks followed the lead of European markets and moved lower after a mixed opening. A key negative influence was further weakness in crude, which had Chevron and Exxon subtracting over 20 points from the Dow by mid-morning. Also hurting was a continued ratcheting up of interest rates around the globe.

This post was published at Wolf Street on September 11, 2014.

Paul Volcker: Ultimate Villain

Few historical figures of our recent era have been (falsely) lionized in a more egregious manner than the infamous Paul Volcker. According to the economic mythology written by our Revisionists (i.e. our ‘history’); Volcker almost single-handedly ‘rescued’ the U. S. economy – and thus the entire Western bloc – with the ultra-extreme monetary policies for which he is credited as the architect at the end of the 1970′s.
During 1979 and 1980 the FOMC [Federal Open Market Committee], under Volcker’s leadership, sought to reign in [sic] double-digit inflation by setting strict money supply growth targets… The result of the switch in policy was a substantial rise in interest rates, with the prime rate peaking at 21.5 percent in December 1980.
The reality was that Paul Volcker was a monetary berserker. The task assigned to him by his Masters (the Old World Order) was not to ‘save’ our economies – but to destroy them. In a recent commentary; Darryl Schoon identifies what Paul Volcker really represented:
In August 1971, at the urging of Paul Volcker, then Under-Secretary of the Treasury, President Nixon ended the convertibility of the dollar to gold; and for the first time in history gold was no longer money…
Paul Volcker took full responsibility for triggering capitalism’s end game. In a 2013 interview, Volcker explained his role in that consequential act with more than a modicum of pride: ‘I certainly was a major proponent of suspending gold convertibility, in fact the principal planner.’ [emphasis mine] As all sophisticated readers understand; it was the assassination of the gold standard (by Nixon/Volcker) which instigated the runaway inflation of the 1970′s – as all of our currencies were no longer ‘backed’ (i.e. anchored) by any hard asset. Thus even if one actually believed the mythological account of Volcker’s exploits as written by the Revisionists; the best that could be said of this bankers’ stooge was that he was trying to fix a problem which he created.

This post was published at BullionBullsCanada on 10 September 2014.

Watching The Flows

So here we are. It’s September 10 and things sure don’t look any better than they did at the end of May. For that matter, things don’t look much better than they did at the end of December, either. What’s left? Is there any remaining hope for a rally into year end? Can the metals at least eek out a positive return for 2014?
As you know, I’ve been out the past two days. It was great to look away for a while but, unfortunately, I made the mistake of not completely looking away. What did I see whenever I checked? Just more of the same. With the overnight selloff back on 9/1, The Cartel Monkeys managed to break the 200-day moving average in gold and all we’ve seen since is Spec selling of longs and adding of shorts. Of course, The Cartel Banks have been using all of this Spec selling to cover their own naked shorts. As you know, that’s by design. The Banks now thoroughly dominate these paper markets and it appears that they will continue to do so for at least the foreseeable future.
Think back to how this has all played out in 2014. Twice, Spec interest has flown into the long side of gold (and silver) and twice The Cartel Banks have acted dramatically to first cap price and then smash it back down.
First, after beginning the year at $1200, gold rallied smartly through January and February. It finally broke through and above it’s primary long-term trendline on March 14 when it closed at $1382. It opened higher still on Sunday the 16th and traded as high as $1392 before the Cartel offensive began. Price was routed over the next two weeks as it fell by over $110. The Spec shorting/selling and Cartel covering/buying then continued all the way to a bottom in late may at $1240.

This post was published at TF Metals Report on September 10, 2014.

Foreclosure Activity Picking Up – Just In Time For Market Collapse

‘[Foreclosure activity] is reason to wake up and realize the housing recovery we’ve seen over the past two years is not as strong as it might have seemed.’ Daren Blomquist, RealtyTrac
Beginning in the Fourth quarter of fiscal 2013, we have experienced a leveling in demand that continued through the second quarter of fiscal 2014 and has more recently become a weakening in demand. – Major homebuilder CEO
The housing market is collapsing. The big investors have stepped away and, now, flippers done: All-Cash Sales Fall to Six-Year Low. The demand-side of the market is in collapse.

This post was published at Investment Research Dynamics on September 11, 2014.

How The UK Would Look Like Without Scotland

One quick look at the map of the UK shows the biggest impact a loss of Scotland would have on the Divided Kingdom (f/k/a UK) of England, Wales and Northern Ireland, should the “Yes” vote in the Scottish referendum garner a majority in one week:
In case it’s not obvious, the answer is territory. For better or worse Scotland is blessed with one of the lowest population densities in the developed world, with its 5.3 million citizens living spread across almost 79,000 square kilometers. This represents some 32% of the U. K.’s current land. As the WSJ compares, with about 165,000 square kilometers of land, the new U. K. would come close to the size of Tunisia – while currently it is bigger than Romania or Belarus.
But how else would a Scottish departure impact the UK? Here are the answers courtesy of the WSJ:

This post was published at Zero Hedge on 09/11/2014.

20% of this entire industry just lost their jobs. Time to buy?

September 10, 2014 Santiago, Chile
Jim Rogers is easily one of the smartest and most successful investors I know.
And one of his seemingly endless pearls of wisdom about investing is that sometimes the best thing to do is absolutely nothing.
Sit on the sidelines, and wait until the opportunity is so obvious the money is just lying there in the corner waiting to be picked up.
You don’t become really successful (in investing or otherwise in life) by doing what everyone else is doing. Following the herd is a sure-fire way to mediocrity.
It’s important to keep this in mind as the stock markets keep on hitting new all-time highs almost on cue, week in, week out.
It’s perverse what investing in public markets has largely become – gambling whether stock prices will go up or down based on what a cabal of unelected central bankers is going to do, say, or merely whisper.

This post was published at Sovereign Man on September 10, 2014.

Ira Epstein’s Gold Report

For a number of months I’ve been telling you that the next catalyst for gold was the combination of a rising US Dollar and rising US interest rates. It’s a fate de complete concerning the rising Dollar against most world currencies. As for US interest rates, very quietly if you’re not watching the markets as I do, they’re slowing beginning to rise. Today there was talk about a report published by the San Francisco Federal Reserve saying that rates will rise sooner than expected due to improved US economic data. A clue if that’s correct will come when the Federal Reserve meets at the next FOMC meeting and changes the wording concerning interest rates staying low for a long period of time.
As you already know the Ukrainian situation and threats of increased sanctions by the US and Europe has done nothing to support gold prices. If anything, gold has plunged to new break lows from this year’s high and looks like last year’s low near $1180 might be challenged.
The next event that might impact gold is the vote in Scotland for independence from the United Kingdom. The vote’s outcome is too close to call according to the latest Scottish polls. All of England’s bigwigs began touring Scotland yesterday trying to convince the Scots to stay within the UK, with the exception of Queen Elizabeth. If the outcome of the vote is yes, to breakaway, that will act as a catalyst for Catalonia to call for a vote for independence from Spain.
What this might do is cause gold to rally as a yes vote not only would not be good for England but it would have ramification in Spain, a Eurozone member. The Eurocurrency is probably headed into the mid 120′s as it is. A yes vote for Scottish independence might be the trigger for the low 120′s in the Euro, which would propel the Dollar even higher.

This post was published at GoldSeek on 11 September 2014.

Strong 30 Year Auction Ends This Week’s Treasury Issuance

If yesterday’s tailing 10 Year auction left people concerned that today’s final for the week 30 Year bond issuance would be weak, then the results put that promptly to rest, after the $13 billion reopening of Cusip RH3 priced at 3.24%, pricing 2.3 bps through the 3.263% When Issued. Furthermore, the Bid to Cover if 2.67 was above the August 2.60, well above the TTM average of 2.40, and the second highest of 2014, second only to June’s 2.69. The internals were very solid as well, with Directs taking down 21.8%, above the 16.8% average, Indirects holding 45.5%, in line with last month and above the TTM average of 43.4%, and Dealers left with 32.8% of the paper which they can quickly flip back to the Fed for the next 6 or so weeks until QE ends (before it has to resume once again of course).

This post was published at Zero Hedge on 09/11/2014.

Dollar-Yen Pumps Then Dumps As Kuroda Punks Algos

Sometimes we wonder what world Japanese leaders live in. This morning’s mind-blowing lies and propaganda from BoJ chief Kuroda show one thing and one thing only – Japan has reached Europe’s Juncker moment – “it’s serious enough that one has to lie.” But it’s the market’s reaction to his every word that is whipsawing JPY around and running algos wild as first he said more QE is to come then rejected it saying there is no need for more QE now..

This post was published at Zero Hedge on 09/11/2014.