This post was published at BitcoinMeister
- Category Archives Precious Metals
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Market Talk- September 22nd, 2017
The Australian ASX was probably over-sold yesterday and therefore stood as the only core that performed today. Closing up +0.5% was a healthy recovery after yesterdays 1% decline. China’s downgrade put a small dent in confidence for the cash markets which took the Hang Seng down
-0.8% while the Shanghai closed with just small loss. Geopolitical risks remain present after US President Donal Trump signed to expand measurers to target North Korean trade. the Nikkei although closed lower (-0.25%) was off of its earlier lows as news of the speech-plays increased between the two nations. Having seen gold break the psychological $1300 mark yesterday, today we traded comfortably below that level all day. The Yen has dipped back below 112 again as talks of possible missile launches were circulating ahead of the weekend.This post was published at Armstrong Economics on Sep 22, 2017.
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SEPT 22A/SENATOR MCCAIN DITCHES LAST ATTEMPT AT REAP OF OBAMACARE AND THAT SENDS GOLD AND SILVER HIGHER/ GOLD ENDS THE DAY UP $1.70 BUT SILVER DOWN 5 CENTS/ BOTH GOLD AND SILVER COT IS GOOD FOR A…
GOLD: $1294.45 UP $1.70
Silver: $16.95 DOWN 5 CENT(S)
Closing access prices:
Gold $1297.50
silver: $17.02
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1303.72 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1295.85
PREMIUM FIRST FIX: $7.87 (premiums getting larger)
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SECOND SHANGHAI GOLD FIX: $1306.41
NY GOLD PRICE AT THE EXACT SAME TIME: $1296.60
Premium of Shanghai 2nd fix/NY:$9.81 (premiums getting larger)This post was published at Harvey Organ Blog on September 22, 2017.
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Top 10 Reasons I Buy Gold & Silver (#4) – This Time It Really Is Different
The following video was published by GoldSilver (w/ Mike Maloney) on Sep 22, 2017
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Gold Is The Primary Currency Metal – Lynette Zang Interview
The following video was published by FutureMoneyTrends on Sep 22, 2017
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Gold Bullion Fails to Recover $1300 Even as Dollar Retreats Post-Fed, Kim + Trump Trade Insults
Gold bullion rallied almost $10 per ounce on Friday from yesterday’s 4-week lows against the Dollar but failed to recover what analysts called the “key pivot” of $1300 despite claims of safe-haven buying after Pyongyang threatened to test a nuclear bomb over the Pacific Ocean.
The Yen rose faster versus the Dollar, erasing last week’s 0.7% gain in gold for Japanese investors, as Kim Jong-un – leader of the regime in neighboring North Korea – called US President Trump “deranged”, and Trump called Kim a “madman”.
“Chinese interest was once again prevalent to underpin the early session bid,” says one Asian bullion desk.
Ratings agency S&P today downgraded China‘s sovereign debt one notch to A+, saying that credit growth remains strong and “deleveraging is likely to be [too] gradual.”
This was the ” wrong decision” Beijing’s Finance Ministry replied.
Chinese gold premiums, over and above the global reference rate of London prices, held Friday at $7 per ounce, still below the typical incentive for new imports of $9-10 per ounce.
After India’s gold bullion imports tripled from a year ago to $15 billion-worth in April-August, “We don’t favor a blanket restriction on gold imports,” the Economic Times today quotes a Commerce Department official, “[because] it may involve disputes in the World Trade Organisation.”This post was published at FinancialSense on 09/22/2017.
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There’s a Bubble in New York City Taxi Medallions
It’s as old as time: taking on debt to fund a sure thing. Be it houses, stocks, cryptocurrencies, tulip bulbs or taxi medallions. Winnie Hu tells the current tale of woe brilliantly for The New York Times. Big city taxi medallions were once considered to be good as gold. Ms. Hu writes,
Sohan Gill once saw his medallion as such a good investment – ‘better than a house’ – that his wife bought two more in 2001. Now they cannot find enough drivers for the cabs because business is so bad. And Mr. Gill, 63, who had retired from driving, had to go back on the road. ‘How many more years am I going to drive to take care of these medallions?’ he asked.
That sounds so much like Las Vegas 2005. Why own one house? Buy two more. Now retirement is put on hold.
A full blown medallion crash is unraveling in New York City as Ms. Hu explains.
Since 2015, a total of 85 medallions have been sold as part of foreclosure proceedings, according to city records. In August alone, 12 of the 21 medallion sales were part of foreclosures; the prices of all the sales ranged from $150,000 to $450,000 per medallion.
A medallion being essentially a license to drive a cab, $150,000 to $450,000 doesn’t seem like the bottom, however at the peak. 2014, a medallion went for $1.3 million. By the way, Uber was founded in 2009, but New York cab owners either didn’t get the memo, or didn’t understand the implications.This post was published at Ludwig von Mises Institute on Sept 22, 2017.
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Asian Metals Market Update: September-22-2017
Once again North Korean risk is supporting gold. Today and Monday there is not much US economic data releases. One needs to look for signs of weekend profit taking in everything. Hedge funds have already taken positions for next quarter. Retail traders will take positions for the next quarter from today and till next week. I reiterate that Asian physical demand and premiums on physical will be the key to price moves. A subdued demand in Asia can result in another wave of sell off in precious metals and base metals.
Negative sentiment on bitcoins and cryptocurrencies will also prevent gold and silver from a big crash.This post was published at GoldSeek on 22 September 2017.
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Fun on Friday: Golden Music for Your Ears
Apple recently announced its new iPhone 10 to much hoopla. It will feature a retina display, increased storage and RAM, and enhanced facial recognition (which is either real cool or incredibly creepy, depending on your point of view.)
Of course, this will all come with a pretty hefty price tag of around $1,000. A lot of people were taken aback by the cost of the new Apple gadget. On the other hand, there are apparently at least a few people out there who think that isn’t nearly enough. I mean, who wants a plain old, boring $1,000 iPhone 10 when, for a mere $69,995, you can walk around with the solid gold Lux iPhone X Ingot pressed against your ear?
The description touts the phone as ‘a very rare specimen.’ Specimen seems like an odd word to use. It makes me think of something growing in a petri dish. But then again, what do I know about marketing $70,000 phones? Anyway, it features 250 grams of 22 carat gold with a mirror polished back surface. Customization is encouraged.This post was published at Schiffgold on SEPTEMBER 22, 2017.
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Stocks and Precious Metals Charts – Ubi Sunt? Not With a Bang, But a Whimper
‘Love does not make you weak, because it is the source of all strength, but it makes you see the nothingness of the illusory strength on which you depended before you knew it.’
Lon Bloy
Stocks were a little wobbly today, although the VIX continued to be at quite low levels for this year at least.
The economic news is mixed, as usual.
The dollar gave a little of yesterday’s sharp rally higher back today. The rally itself was more technical than anything else, given the long decline that it has already seen. Certainly any notions of a hawkish Fed raising rates with enough fortitude to make a difference in the dollar is sheer fantasy.
The Fed may have one more rate increase in them for this year, but they are already on thin ice given the weak recovery and lingering lack of organic growth. The reasons are so obvious one really hates to keep repeating them. The economists certainly know them, but they are reluctant to discuss the Emperor’s nakedness. Alas, they are too often a craven careerist lot as a whole. But such are the times.
As my Greek attorney put it just today, “Hillary just wants to tweak the status quo because it works well for her and her donors Bernie wanted to change the status quo, so he was a threat to everyone but the public.”
Indeed. The credibility trap is alive and well, and crippling the impulse and efforts to reform.
Have a pleasant evening.This post was published at Jesses Crossroads Cafe on 21 SEPTEMBER 2017.
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Global Markets Spooked By North Korea H-Bomb Threat; Focus Turns To Brexit Speech
S&P futures retreated along with European and Asian shares with tech, and Apple supplier shares leading the drop while safe havens such as gold and the yen rose, as the war of words between U. S. President Donald Trump and Kim Jong Un escalated and North Korea threatened to launch a hydrogen bomb, leading to a prompt return of geopolitical concerns. Trade focus now turns to a planned speech by Theresa May on Brexit (full preview here).
As reported last night, the key overnight event was the latest threat by North Korea that its counter-measure may mean testing a hydrogen bomb in the Pacific, according to reports in Yonhap citing North Korea’s Foreign Minister. North Korea’s leader Kim said North Korea will consider “corresponding, highest level of hard-line measure in history” against US, while he also stated that President Trump’s UN speech was rude nonsense and demonstrated insanity and inhumanity which confirmed North Korea’s nuclear and missile advances are on right path and will continue to the end. There was more on the geopolitical front with the Iranian President
informing armed forces that the nation will bolster its missile
capabilities, according to local TV.
As a result, treasury yields pulled back and the dollar slid the most in two weeks following North Korea’s threat it could test a hydrogen bomb in the Pacific Ocean. Europe’s Stoxx 600 Index edged lower as a rout in base metals deepened, weighing on mining shares. WTI crude halted its rally above $50 a barrel as OPEC members gathered in Vienna.
US stock futures pulled back 0.1% though markets were showing growing signs of fatigue over the belligerent U. S.-North Korea rhetoric. ‘North Korea poses such a binary risk that it’s very hard to price, and at the moment investors just have to look through it,’ said Mike Bell, global market strategist at JP Morgan Asset Management. Despite the latest jitters, MSCI’s world equity index remained on track for another weekly gain, holding near its latest record high hit on Wednesday as investors’ enthusiasm for stocks showed few signs of waning.This post was published at Zero Hedge on Sep 22, 2017.
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Fed QT Stocks, Gold Impact
This week’s landmark Federal Open Market Committee decision to launch quantitative tightening is one of the most-important and most-consequential actions in the Federal Reserve’s entire 104-year history. QT changes everything for world financial markets levitated by years of quantitative easing. The advent of the QT era has enormous implications for stock markets and gold that all investors need to understand.
This week’s FOMC decision to birth QT in early October certainly wasn’t a surprise. To the Fed’s credit, this unprecedented paradigm shift had been well-telegraphed. Back at its mid-June meeting, the FOMC warned ‘The Committee currently expects to begin implementing a balance sheet normalization program this year’. Its usual FOMC statement was accompanied by an addendum explaining how QT would likely unfold.
That mid-June trial balloon didn’t tank stock markets, so this week the FOMC decided to implement it with no changes. The FOMC’s new statement from Wednesday declared, ‘In October, the Committee will initiate the balance sheet normalization program described in the June 2017 Addendum to the Committee’s Policy Normalization Principles and Plans.’ And thus the long-feared QT era is now upon us.
The Fed is well aware of how extraordinarily risky quantitative tightening is for QE-inflated stock markets, so it is starting slow. QT is necessary to unwind the vast quantities of bonds purchased since late 2008 via QE. Back in October 2008, the US stock markets experienced their first panic in 101 years. Ironically it was that earlier 1907 panic that led to the Federal Reserve’s creation in 1913 to help prevent future panics.
Technically a stock panic is a 20%+ stock-market plunge within two weeks. The flagship S&P 500 stock index plummeted 25.9% in just 10 trading days leading into early October 2008, which was certainly a panic-grade plunge! The extreme fear generated by that rare anomaly led the Fed itself to panic, fearing a new depression driven by the wealth effect. When stocks plummet, people get scared and slash their spending.This post was published at ZEAL LLC on September 22, 2017.
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PHYSICAL GOLD – THE ONLY PENSION FUND TO SURVIVE
There are probabilities in markets and there are certainties. It is very probable that investors will lose a major part of their assets held in stocks, bonds and property over the next 5-7 years. It is also probable that they will lose most of their money held in banks, either by bank failure or currency debasement.
WHO BUYS A BOND THAT WILL GO TO ZERO?
What is not probable, but absolutely certain, is that investors who buy the new Austrian 100-year bond yielding 2.1% are going to lose all their money. Firstly, you wonder who actually buys these bonds. No individual investing his own money would ever buy a 100-year paper yielding 2% at a historical top of bond markets and bottom of rates.
The buyers are of course institutions who manage other people’s money. These will be the likes of pension fund managers who will be elated to achieve a 2% yield against negative short yields and not much above zero for anything else. These managers will hope to be long gone before anyone finds out the disastrous decision they have taken with pensioners’ money.
But the danger for them is that the bond will be worthless long before the 100 years are up. It could happen within five years.This post was published at GoldSwitzerland on September 21, 2017.
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Why I didn’t sell Gold and Silver in 2011
I’d like to share a personal investment tale with you, the origins of which go back a ways. I became involved in physical precious metals/futures trading in 1972 after reading Harry Browne’s book, How to Profit from the Coming Devaluation.
Not unlike David Morgan (before we knew each other) I accumulated metal and silver futures contracts, and rode prices into the March 1980 top. I sold my futures, but held the metal until the Hunt Brothers were knocked out of the game after the CRIMEX changed the rules to contract-offset only, collapsing the silver price.
I watched silver drop through Harry Browne’s “sell if it goes below $37.50” call to $10.80. Then, during a classic 50% retracement to $25, I asked my broker where he though silver would bottom. His answer: “$5.00.” He called it almost to the dollar, but it took a generation to get there.
In 2000, after buying a one-ounce gold Krugerrand for my daughter’s high school graduation and watching people at her party view it with zero interest, I decided to move back into the sector, focusing on physical metals and mining company shares.
As the new bull market was getting underway in 2001, I decided to write on a piece of paper the following sentence: “On June 22, 2011, win, lose or draw, I will exit my position in the metals and mining shares.”This post was published at GoldSeek on 21 September 2017.
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SEPT 21/USA YIELD CURVE FLATTENS INDICATING RECESSION: GOES AGAINST THE WISHES OF THE FED/GOLD AND SILVER RAID CONTINUES BY OUR BANKERS WITH GOLD DOWN $19.95 AND SILVER DOWN 29 CENTS/HUGE SANCTIO…
GOLD: $1292.75 DOWN $19.95
Silver: $17.00 DOWN 29 CENT(S)
Closing access prices:
Gold $1291.60
silver: $16.97
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1303.97 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1299.20
PREMIUM FIRST FIX: $4.77
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SECOND SHANGHAI GOLD FIX: $1302.97
NY GOLD PRICE AT THE EXACT SAME TIME: $1298.20
Premium of Shanghai 2nd fix/NY:$4.77
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LONDON FIRST GOLD FIX: 5:30 am est $1297.35
NY PRICING AT THE EXACT SAME TIME: $12.96.08
LONDON SECOND GOLD FIX 10 AM: $1291.80
NY PRICING AT THE EXACT SAME TIME. 1291.80
For comex gold:
SEPTEMBER/
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 29 NOTICE(S) FOR 2900 OZ.
TOTAL NOTICES SO FAR: 83 FOR 8300 OZ (0.2581 TONNES)
For silver:
SEPTEMBER
225 NOTICES FILED TODAY FOR
1,125,000 OZ/
Total number of notices filed so far this month: 6,106 for 30,530,000 ozThis post was published at Harvey Organ Blog on September 21, 2017.
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Stocks and Precious Metals Charts – Not With a Bang, But a Whimper
‘Love does not make you weak, because it is the source of all strength, but it makes you see the nothingness of the illusory strength on which you depended before you knew it.’
Lon Bloy
Stocks were a little wobbly today, although the VIX continued to be at quite low levels for this year at least.
The economic news is mixed, as usual.
The dollar gave a little of yesterday’s sharp rally higher back today. The rally itself was more technical than anything else, given the long decline that it has already seen. Certainly any notions of a hawkish Fed raising rates with enough fortitude to make a difference in the dollar is sheer fantasy.This post was published at Jesses Crossroads Cafe on 21 SEPTEMBER 2017.
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Asian Metals Market Update: September-21-2017
A December interest rate hike and more hikes next year is more or less a certainty. This is the first time this year that the Federal Reserve has been very clear on the US economy and the US interest rate cycle. Any reduction on North Korean risk can result in another wave of sell off for gold and silver. The fall is good for a sustained medium term rise in gold and silver. Indian demand for gold will rise for the next month. I can expect the media to be filled with all kinds of bearish views on gold and silver. I prefer to use the sharp fall (if any) in gold and silver for the rest of the year to invest for a period of three years and more. Once again my preference will always be for physical gold as opposed to a gold ETF. I will be looking for price bottom formation every day for medium term opportunities.
China has a holiday from 1st October to 6th October. On 9th October the USA is closed. In between we have the US September nonfarm payrolls on 6th October. Chinese are the great gobblers of gold. I expect massive Indian demand and massive Chinese demand for gold (if they continue to fall) on or before 30th September.This post was published at GoldSeek on 21 September 2017.
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Gold Investment ‘Compelling’ As Fed May ‘Kill The Business Cycle’
Gold Investment ‘Compelling’ As Fed Likely To Create Next Recession
– Is the Fed about to kill the business cycle?
– 16 out of 19 rate-hike cycles in past 100 years ended in recession
– Total global debt at all time high – see chart
– Global debt is 327% of world GDP – ticking timebomb…
– Gold has beaten the market (S&P 500) so far this century
– Safe haven demand to increase on debt and equity risk
– Gold looks very cheap compared to overbought markets
– Important to diversify into safe haven gold now
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by Frank Holmes via Gold.org
Global debt levels have reached unprecedented levels, pension deficits are rising and the US interest rate cycle is on the turn. Frank Holmes, chief executive of highly regarded investment management group US Global Investors, believes that investing in gold is a logical response to current, unnerving conditions.
For centuries, investors and savers have depended on gold in times of economic and political strife, and its investment case right now is as compelling as it’s ever been.This post was published at Gold Core on September 21, 2017.
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‘Hawkish’ Fed Fail? Yield Curve Flattens Most Since 2016 As Dollar Spikes
More dismal housing data, a VIX 9 handle, and bank stocks ripping higher (despite a big flattening in the yield curve) – just another day in Fed-land…
Stocks and the long bond unchanged post-Fed, Gold down and dollar up…This post was published at Zero Hedge on Sep 20, 2017.
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SEPT 20/BANKERS SET UP ANOTHER GOLD AND SILVER RAID ON THE CLOWNS FOMC BALANCE RUNOF/YIELD CURVE FLATTENS WITH THE FOMC ANNOUNCEMENT INDICATING FED FAILING POLICY/DEVASTATION IN BOTH MEXICO AND P…
GOLD: $1312.75 UP $5.25
Silver: $17.29 UP 5 CENT(S)
Closing access prices:
Gold $1300.00
silver: $17.15
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1316.24 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1312.70
PREMIUM FIRST FIX: $3.54
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SECOND SHANGHAI GOLD FIX: $1318.43
NY GOLD PRICE AT THE EXACT SAME TIME: $1313.85
Premium of Shanghai 2nd fix/NY:$4.58
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LONDON FIRST GOLD FIX: 5:30 am est $1314.90
NY PRICING AT THE EXACT SAME TIME: $1315.20
LONDON SECOND GOLD FIX 10 AM: $1311.30
NY PRICING AT THE EXACT SAME TIME. 1311.80
For comex gold:
SEPTEMBER/
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR nil OZ.
TOTAL NOTICES SO FAR: 54 FOR 5400 OZ (0.1679 TONNES)
For silver:
SEPTEMBER
71 NOTICES FILED TODAY FOR
355,000 OZ/
Total number of notices filed so far this month: 5,881 for 29,405,000 ozThis post was published at Harvey Organ Blog on September 20, 2017.