• Category Archives Gold
  • Another Step Forward for Sound Money: Location Picked for Texas Gold Depository

    The Texas Bullion Depository took a step closer becoming operational earlier this month when officials announced the location of the new facility. The creation of a state bullion depository in Texas represents a power shift away from the federal government to the state, and it provides a blueprint that could ultimately end the Federal Reserve’s monopoly on money.
    Gov. Greg Abbot signed legislation creating the state gold bullion and precious metal depository in June of 2015. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to store gold and other precious metals, the law also creates a mechanism to facilitate the everyday use of gold and silver in business transactions. In short, a person will be able to deposit gold or silver in the depository and pay other people through electronic means or checks – in sound money.
    Earlier this summer, Texas Comptroller Glenn Hegar announced Austin-based Lone Star Tangible Assets will build and operate the Texas Bullion Depository. On Nov. 3, the company announced it will construct the facility in the city of Leander, located about 30 miles northwest of Austin. According to the Community Impact Newspaper, the Leander City Council has approved an economic development agreement with Lone Star. Construction of the depository is expected to begin in early 2018. Lone Star officials say it will take about a year to complete construction of the 60,000-square-foot secure facility located on a 10-acre campus.

    This post was published at Schiffgold on NOVEMBER 16, 2017.


  • Thompson Reuters GFMS Outlook: Gold Above $1,400 in 2018

    Analysts at Thomson Reuters expect the price of gold to push back over $1,300 and then continue to rise above $1,400 through next year, primarily driven by overvalued stock markets, according to the GFMS Gold Survey 2017 Q3 Update and Outlook.
    Gold briefly broke through the key $1,300 level in late August. Safe-haven buying served as a key driver, as heated rhetoric between the US and North Korea was at a peak late last summer. But gold fell back below $1,300 and has traded within a tight range over the last few weeks as investors mull future Federal Reserve moves and the impact of GOP tax reform – if Congress can get it done. Lackluster investment demand in the West, particularly North America, has also led to a supply surplus.
    Thompson Reuters analysts say the initial push above $1,300 was an overextension of the price at the time, and they call the drop back below that level ‘a healthy correction for the price that has formed a base for a more sustainable move above $1,300 later this year.’

    This post was published at Schiffgold on NOVEMBER 16, 2017.


  • Deepening Crisis In Hyper-inflationary Venezuela and Zimbabwe

    – Deepening Crisis In Hyper-inflationary Venezuela and Zimbabwe
    – Real inflation in Zimbabwe is 313 percent annually and 112 percent on a monthly basis
    – Venezuela’s new 100,000-bolivar note is worth less oday thehan USD 2.50
    – Maduro announces plans to eliminate all physical cash
    – Gold rises in response to ongoing crises
    ***
    A military coup-de-grace in Zimbabwe and a bankrupt Venezuela. Both countries have extreme hyperinflation, citizens are starving and basic medical treatment is near impossible to find. These are the real world problems 47.5 million people are currently facing.
    Presidents Robert Mugabe and Nicolas Maduro both deny the crises in their respective countries. For Maduro it is the media propagating false truths. In Zimbabwe the response to hyperinflation has been to declare it illegal.
    Both countries are in the media spotlight after a significant week that has left one man powerless and another scrambling to restore faith in his bankrupt country.

    This post was published at Gold Core on November 16, 2017.


  • NOV 15/A ANOTHER RAID ON GOLD AND SILVER: GOLD DOWN $5.15 AND SILVER DOWN 10 CENTS/MARKETS IN ASIA CRUMBLE WHICH SET THE MOOD FOR EUROPE AND THE DOW/THE ALL IMPORTANT CPI SHOWS CONSIDERABLE ADVAN…

    GOLD: $1277.7 DOWN $5.15
    Silver: $16.98 DOWN 10 cents
    Closing access prices:
    Gold $1278.30
    silver: $17.01`
    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: $1289.94 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1281.20
    PREMIUM FIRST FIX: $9.39
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $1292.56
    NY GOLD PRICE AT THE EXACT SAME TIME: $1282.40
    Premium of Shanghai 2nd fix/NY:$10.16
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est $1285.70
    NY PRICING AT THE EXACT SAME TIME: $1285.70
    LONDON SECOND GOLD FIX 10 AM: $1282.20
    NY PRICING AT THE EXACT SAME TIME. 1282.60
    For comex gold:
    NOVEMBER/
    NOTICES FILINGS TODAY FOR OCT CONTRACT MONTH:0 NOTICE(S) FOR nil OZ.
    TOTAL NOTICES SO FAR: 991 FOR 99,100 OZ (3.082TONNES)
    For silver:
    NOVEMBER
    2 NOTICE(S) FILED TODAY FOR
    10,000 OZ/
    Total number of notices filed so far this month: 874 for 4,370,000 oz
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    Bitcoin: BID $7121 OFFER /$7145 up $532.00 (MORNING)
    BITCOIN : BID $7257 OFFER: $7282 // UP $668.00(CLOSING)

    This post was published at Harvey Organ Blog on November 15, 2017.


  • SegWit2x’s Failure Confirms Bitcoin’s Status As Digital Gold

    When 10,000 Bitcoins were used to buy two pizzas, the digital currency was a truly decentralized peer-to-peer payment network that operated across the globe instantly.
    Today, the price has risen nearly a million-fold, but the network is no longer quite as functional as it was back in those days.
    Bitcoin still struggles with its identity, as many would like it to revolutionize money, but they are equally happy sitting on hordes of it and watching it appreciate in value faster than perhaps any other asset in history.
    A single dollar invested in Bitcoin on the original Bitcoin pizza day would be worth over $3 mln today.
    While upgrades have been made to Bitcoin along the way, it looks like Bitcoin is becoming less of a payment network and is instead evolving into digital gold. The failure of SegWit2x, which aimed to decrease transaction costs and improve confirmation speed, failed for a number of reasons.
    Some of them were good, and some were mere straw men. But at the end of the day, one thing is clear: there is clearly no rush to increase Bitcoin’s capacity.

    This post was published at Zero Hedge on Nov 15, 2017.


  • Did The Fed’s Alan Greenspan Admit Gold Is Being Manipulated?

    Every now and then I see another analyst publicly claim that the gold market is being manipulated. And, the reason they come to that conclusion is because the market moved in way ‘they did not expect.’
    Now, for those of us who are thinking people, we clearly see the issue with such a perspective. Why is it ‘manipulation’ when an analyst is not able to recognize their own limitations?
    Personally, I did not expect the metals market to spend all of 2017 in a consolidation, especially since the market had several set ups to break out. But, I simply understand that sentiment was not ripe for the market to break out just yet, and listen to what price tells me. Clearly, I do not suggest that my inability to foresee a year-long consolidation is a result of manipulation.
    So, when analysts throw their hands up in frustration because they are wrong does not mean they were wrong because the market is manipulated. I believe that to be quite dishonest and only shows the extent of their ego.
    But, we have a bigger problem in the market beyond inflated egos. You see, once they move into the manipulation theories, the ‘proof’ they provide for such manipulation is just as dishonest as their perspective.

    This post was published at GoldSeek on Wednesday, 15 November 2017.


  • UK Debt Crisis Is Here – Consumer Spending, Employment and Sterling Fall While Inflation Takes Off

    – UK debt crisis is here – consumer spending, employment and sterling fall while inflation takes off
    – Personal debt crisis coming to fore – litigation cases go beyond 2008 levels
    – October consumer spending fell by 2% in October, the fastest year-on-year decline in four years
    – Britons ‘face expensive Christmas dinner’ as food price inflation soars
    – Gold investors buying physical gold due to precarious UK and US outlook

    Editor: Mark O’Byrne
    The long heralded UK debt crisis is here and data released in the U. K. this week clearly shows this.
    This is seen in UK retail sales and consumer spending which plunged in October, employment falling, pay stagnant and inflation ticking higher as sterling remains under pressure.
    Yesterday, official UK figures showed prices were up by 4.2% last month on 12 months earlier, the highest level in four years. Britons ‘face expensive Christmas dinner’ as food price inflation soars reported The Guardian yesterday.
    Meanwhile stock markets make new highs every week but the underlying economic data is not reflecting the ‘irrational exuberance’ being seen in global stock markets.

    This post was published at Gold Core on November 15, 2017.


  • NOV 14/GOLD IS UP $4.00 DESPITE BANKER ATTEMPTS TO QUASH THE METAL/SILVER ALSO REBOUNDS/SILVER AND FINISHES UP 3 CENTS/LONG TERM BOND YIELDS FALTER/CHINESE MARKETS FALL/THE ONLY POSITIVE TODAY WA…

    GOLD: $1282.85 UP $4.00
    Silver: $17.08 UP 3 cents
    Closing access prices:
    Gold $1280.50
    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: $1285.54 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1276.15
    PREMIUM FIRST FIX: $9.39
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $1286.85
    NY GOLD PRICE AT THE EXACT SAME TIME: $1277.10
    Premium of Shanghai 2nd fix/NY:$9.75
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est $1273.50
    NY PRICING AT THE EXACT SAME TIME: $1273.20
    LONDON SECOND GOLD FIX 10 AM: $1274.60
    NY PRICING AT THE EXACT SAME TIME. 1273.86
    For comex gold:
    NOVEMBER/
    NOTICES FILINGS TODAY FOR OCT CONTRACT MONTH:0 NOTICE(S) FOR nil OZ.
    TOTAL NOTICES SO FAR: 991 FOR 99,100 OZ (3.082TONNES)
    For silver:
    NOVEMBER
    2 NOTICE(S) FILED TODAY FOR
    10,000 OZ/
    Total number of notices filed so far this month: 874 for 4,370,000 oz

    This post was published at Harvey Organ Blog on November 14, 2017.


  • Gold Bounces Off Key Technical Support On Massive Volume

    The last 48 hours has been quite a chaotic one in precious metals markets with massive volumes of ‘paper’ gold flushed in and out of the futures markets. This morning – shortly after the US open failed to spark a panic-bid in stocks – gold futures bounced off their 200-day moving average on huge volume (around $4.5 billion notional) breaking above the 100DMA…

    This post was published at Zero Hedge on Nov 14, 2017.


  • Precious Metals: Patience Is Golden

    Without growth in Western gold ETF holdings, the ‘decent but not spectacular’ demand from China and India is not strong enough to move the gold price higher. Please click here now. The SPDR (GLD-nyse) fund gold holdings currently sit at about 843 tonnes. There has been very little change in the total tonnage for several months. That’s neutral for the gold price. Governments don’t like their citizens to own much gold. Restrictions they impose (like India’s import duty as a recent example) dampen demand enough so that the price rises very slowly most of the time. Economic growth in China and India are increasing demand (the love trade) and mine supply is contracting, but the process is essentially ‘Chindian water torture’ for investors who want to see the price skyrocket like it did in the late 1970s. Investors that want ‘big action’ in the gold price need to wait patiently for the US business cycle to peak. For the price of gold to really sizzle, the business cycle needs to have aninflationary peak. That hasn’t happened since the 1970s. Many gold price analysts have used overlap charts that suggest the gold market now is akin to the 1976-1978 period. I look at fundamentals first, and charts second. From an inflationary standpoint, the US economy looks more akin to the late 1960s than the late 1970s. The winds of inflation are beginning to blow, but they won’t become a hurricane for some time. Having said that, I’ve noted that the St. Louis Fed has calculated that the QE program would have sent the US inflation rate above 30% if money velocity had been at normal levels.

    This post was published at GoldSeek on 14 November 2017.


  • Stocks and Precious Metals Charts – The Wild Life

    “You may be sure that no sordid compromises nor carrying of waters on both shoulders will see you through. Those who have the faith had better keep in the state of grace, and those who have neither had better find out what they mean, for in the coming age there will be only one way to stop your trembling knees, and that will be to get down on them and pray. The most important problem in the world today is your soul, for that is what the struggle is about.”
    F. J. Sheen
    “He prompts you what to say, and then listens to you, and praises you, and encourages you. He bids you mount aloft. He shows you how to become as gods. Then he laughs and jokes with you, and gets intimate with you; he takes your hand, and gets his fingers between yours, and grasps them, and then you are his.”
    J. H. Newman, The Times of Antichrist
    Stocks have been showing an interesting pattern, of rolling over and falling in the morning, and then rising again in the afternoon, led by purchasing of the SP futures it appears.
    And gold and silver and the VIX and all other havens and alarms of risk and being tightly capped and suppressed, as is also visible on the charts.
    We will see what the Consumer Price Inflation data has to say about things tomorrow.
    Duc l’Orange will be back, and he promised even more fabulous news of his achievements.

    This post was published at Jesses Crossroads Cafe on 14 NOVEMBER 2017.


  • Comex Gold Sees ‘Another Large Sell’ as Bullish Silver Betting Grows to 7-Week High

    COMEX gold contracts recovered a $5 drop against a weakening US Dollar in London lunchtime trade Tuesday, rising back to last week’s finish at $1275 after what analysts called another “large sell” order on the futures market.
    Commodities retreated and bond prices edged higher as world stock markets fell again.
    Germany’s Dax dropped for the fourth session running after the 19-nation Eurozone released a raft of stronger economic data, led by 2.5% annual GDP growth across the region for the third quarter of the year.
    “Speculative financial investors stopped withdrawing from gold and built up net long positions again in the week to 7 November,” says German financial group Commerzbank in a commodities note today, looking at the latest Comex gold derivatives data from US regulator the CFTC.

    This post was published at FinancialSense on 11/14/2017.


  • Sentiment Synopsis

    The Commitments of Traders (COT) reports are nothing other than sentiment indicators, but as far as sentiment indicators go they are among the most useful. In fact, for some markets, including gold, silver, copper and the major currencies, the COT reports are by far the best indicators of sentiment. This is because they reflect how the broad category known as speculators is betting. Sentiment surveys, on the other hand, usually focus on a relatively small sample and are, by definition, based on what people say rather than on what they are doing with their money. That’s why for some markets, including the ones mentioned above, I put far more emphasis on the COT data than on sentiment surveys.
    In this post I’m going to summarise the COT situations for four markets with the help of charts from an excellent resource called ‘Gold Charts ‘R’ Us’. I’ll be zooming in on the net positions of speculators in the futures markets, although useful information can also be gleaned from gross positions and the open interest.
    Note that what I refer to as the total speculative net position takes into account the net positions of large speculators (non-commercials) and small traders (the ‘non-reportables’) and is the inverse of the commercial net position. The blue bars in the middle sections of the charts that follow indicate the commercial net position, so the inverse of each of these bars is considered to be the total speculative net position.
    Let’s begin with the market that most professional traders and investors either love or hate: gold.

    This post was published at GoldSeek on 14 November 2017.


  • Asian Metals Market Update: November-14-2017

    Political developments in the UK will be the key for gold prices. It seems NATO politicians are getting into the habit of blaming the Russians for their election losses. These are just baby steps towards a long term full-fledged armed conflict. Theresa May blaming Russians for her political misery is just another failed diversionary political tactic. The UK has more Asians. Asians are not idiots like Americans where Russian ghost works in everything.
    The gold will price be dependent on interest rate expectations for next year. December’s interest rate hike is more or less factored in by the markets.

    This post was published at GoldSeek on 14 November 2017.


  • Gold Continues to Flow into ETFs with European Funds Leading the Way

    After surging in August and September, inflows of gold into gold-backed ETFs flattened, but remained in positive territory in October.
    Global gold-backed ETF funds added 3.3 tons of gold last month, as inflows into European funds offset outflows in North America. according to the latest report by the World Gold Council.
    ETFs in Europe took in a healthy amount of gold in October, as investors added 11.2 tons with a value of around $523 million through funds listed in the region. There were outflows in North America of -8.0 tons, reversing some of its September gains. Meanwhile, Asian funds were flat, gaining 0.8 tons. ETFs in other regions lost -0.7 tons.

    This post was published at Schiffgold on NOVEMBER 14, 2017.


  • Turks Just Bought The Most Gold Ever As Lira Tumbles

    Since President Recep Tayyip Erdogan installed himself as ‘Sultan for life’, the Turks appear to have had a dramatic change of heart towards the barbarous relic…
    The Turks have never imported a greater value of gold than in the last 12 months…
    Addditionally, as Bloomberg reports, Bar and coin purchases, a measure of investment demand, were 47 metric tons so far in 2017, compared with 14.8 tons in the same period a year ago, according to a report from the World Gold Council published Thursday.
    The weak lira and ‘President Erdogan’s pro-gold comments in November last year continued to lend support to the market,’ the gold council said.

    This post was published at Zero Hedge on Nov 14, 2017.


  • China Gold Import Jan-Sep 777t. Who’s Supplying?

    While the gold price is slowly crawling upward in the shadow of the current cryptocurrency boom, China continues to import huge tonnages of yellow metal. As usual, Chinese investors bought on the price dips in the past quarters, steadfastly accumulating for a rainy day. The Chinese appear to be price sensitive regarding gold, as was mentioned in the most recent World Gold Council Demand Trends report, and can also be observed by Shanghai Gold Exchange (SGE) premiums – going up when the gold price goes down – and by withdrawals from the vaults of the SGE which are often increasing when the price declines. Net inflow into China accounted for an estimated 777 tonnes in the first three quarters of 2017, annualized that’s 1,036 tonnes.
    ***
    Demonstrated in the chart above Chinese gold imports and known gold demand by the Rest Of the World (ROW) add up to thousands of tonnes more than what the ROW produces from its mines. One might wonder where Chinese gold imports come from, which is why I thought it would be interesting to analyse as detailed as possible who’s supplying China. Is one country, or only the West, supplying China? Although absolute facts are difficult to cement, my conclusion is that China is supplied by a wide variety of countries on several continents this year.

    This post was published at Bullion Star on 14 Nov 2017.


  • China Open Gold Trade in Yuan as Proxy for the Yuan

    China keeps moving gradually to open up their economy to international forces. The People’s Republic of China has expanded the trade in gold in yuan and thus the internationalization of the national currency is moving closer. Gold merchants from the industrial metropolis of Shenzhen have been trading their yuan gold at the Hong Kong Stock Exchange since last week. Previously, this was only possible for Hong Kong gold traders. While some immediately claim this is China attacking the dollar, they are completely ignorant of international capital necessities.

    This post was published at Armstrong Economics on Nov 14, 2017.