• Category Archives Gold
  • Dennis Gartman: “We Suffered Our Worst Days Of The Year These Past Two Days”

    From Dennis Gartman’s latest letter to clients, presented without comment.
    We want very badly to believe that the great bull market that has been extant for as long as it has been… now having finished eight powerful years to the upside here in the US… continues in unabated fashion for the simple truth of the matter is that everyone, everywhere lives better in bull markets. The food tastes better; the music is clearer with sweeter melodies; the women are lovelier and the men are actually handsome. Cinderella lives in bull markets. In bear markets, suddenly the make-up runs; the dresses turn shabby; the bands play off-key and without rhythm and the men and women turn one upon the other. Life turns harshly for the worse. Thus we want truly to believe that the bull market continues but we are beginning to have real doubts. Certainly a correction of some very real magnitude is upon us.
    * * *
    We suffered our worst days of the year these past two days in our retirement fund here at TGL, losing nearly 3% this week and in the process we cut back our positions dramatically and in violent, swift fashion. We cut back our steel position entirely; we cut back our positions in closed end bond funds entirely; we cut back our position in grains entirely, leaving us only with a position in the US’ largest ball bearing manufacturer (which we had threatened to buy on a correction and which we did yesterday) and with our positions in gold predicated in EURs and Yen.
    We know only this: that when things go awry it is best to cut positions as swiftly as one might. As Jesse Livermore was told by a more senior mentor about a position that he… Livermore… had had in place that was causing him to lose sleep, cut back to a ‘sleeping’ position. We have done that, and even now we find it difficult to doze off for the pain of losing 3% in one week is very real and all too evident.

    This post was published at Zero Hedge on May 5, 2017.


  • MAY 5/USA ISSUES A FAIRY TALE JOBS REPORT/HUGE BANK RUNS IN ITALY AS ITS TARGET 2 IMBALANCES BALLOON/RUSSIA, IRAN AND TURKEY BAN USA FLIGHTS OVER SAFE ZONES IN SYRIA/NEW YORK FED LOWERS ITS ESTIM…

    Gold: $1226.60 UP $.10
    Silver: $16.28 UP 4 cent(s)
    Closing access prices:
    Gold $1228.50
    silver: $16.34!!!
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    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: $1238.24 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: 1228.35
    PREMIUM FIRST FIX: $9.83

    This post was published at Harvey Organ Blog on May 5, 2017.


  • Oil Fireworks Unsettle Global Markets Ahead Of Payrolls Report

    With all eyes on crude, following last night’s mini flash crash which sent WTI lower by 3% from just above $45 to under $43 in under 10 minutes, equity markets, generally quiet overnight, have taken on a secondary importance ahead of today’s key risk event, the April payrolls report (full preview here). In global equities, Asian and European stocks are lower, while S&P futures are little changed.
    The main in the overnight session was oil’s sudden slide below $45 a barrel for the first time since OPEC agreed to cut output in November. As noted earlier, in less than 10 minutes on Friday, U. S. futures slumped more than $1 amid a surge in volume, launching a modest scramble into safe haven assets such as Treasurys, yen and gold. They have collapsed 8.6 percent this week, erasing all gains since the Organization of Petroleum Exporting Countries signed a six-month deal in November to curb production and ease a global glut.

    Things only began to stabilize when Saudi Arabia’s OPEC chief did the usual jawboning routine, hitting the wires in European hours and saying there was a growing consensus among oil pumping countries that they needed to continue to “rebalance” the market. Specifically, the Saudi OPEC governor’s comments that: “A six-month extension (to production cuts) may be needed to rebalance the market, but the length of the extension is not firm yet.” Which while nothing new, provided a floor to the overnight dump and a signal to BTD.

    This post was published at Zero Hedge on May 5, 2017.


  • Huey’s Looking Haggard, But…

    HUI is torn, frayed and downright bearish. What’s more, it’s been bearish since it started to drop from the SMA 200 failure point.
    In NFTRH, we managed bounce #1 (off the Dec. low) as just that, a bounce. Then we managed bounce #2 as just that, a bounce. It doesn’t take a trained eye to see why; only a rise above the October high would have set an uptrend for bounce #1 and a rise above the February high would have set an uptrend for bounce #2.
    It didn’t happen and any pumping done by the gold ‘community’ since last summer has really been just wishful thinking because the sector has been in ‘bounce only’ mode (of interest to traders), as I’ve parroted to subscribers over and over again. In fact, we’ve noted the failure to join gold and break to new highs in both the miners and silver as a negative divergence for the entire sector. Gold of course, was busy getting caught up with the Gassing, Tomahawk and MOAB war/terror trade, a canard that, along with the pestilence fear trade, never ends well.

    This post was published at GoldSeek on Friday, 5 May 2017.


  • Gold-Futures Shorting Attacks

    Gold has suffered a sharp pullback over the past couple weeks, stoking much bearish sentiment. While a variety of factors fed this selloff, the precipitating catalyst was a gold-futures shorting attack. These are relatively-rare episodes of extreme selling specifically timed and executed to manipulate gold prices lower rapidly. Traders need to understand these events, which are inherently self-limiting and soon bullish.
    Gold-futures shorting attacks are very real, with telltale volume and price signatures unlike anything else. I’ve studied them for many years now, and have written extensively about them in our newsletters as they occur. But it’s critical to realize these rare events are only responsible for a tiny fraction of all gold selling. The vast majority of the time gold selloffs are driven by other far-more-normal factors, not shorting attacks.
    These isolated anomalous episodes are often cited as proof the gold price is actively manipulated. But whether that’s true or not, gold-futures shorting attacks can only explain tiny sporadic swaths of gold-price behavior. When they occur their impacts can definitely be outsized, but these are always short-lived. That’s because the huge selling necessary to execute a shorting attack is far too extreme to be sustained.
    Gold-futures shorting attacks are naturally a subset of gold-futures trading, which dominates short-term gold prices. Gold-futures speculators enjoy a wildly-disproportional impact on gold levels for a couple of key reasons. The American-gold-futures-derived gold price is the world’s reference price. So whatever the futures speculators as a herd are doing greatly affects popular psychology among gold traders globally.

    This post was published at ZEAL LLC on May 5, 2017.


  • Black Gold Bloodbath – WTI Crude Crashes To $45 Handle, 9-Month Lows

    “Someone’s liquidating” warns one veteran energy trader as the sudden heavy volume surge to the downside in WTI crude futures smashes oil prices back to the lowest since August 2016.
    Surging US crude production (once again to August 2015 highs)…

    This post was published at Zero Hedge on May 4, 2017.


  • Swiss gold imports: anomalous suppliers — Lawrie Williams

    We commented yesterday on the March Swiss gold export figures which confirmed India as the largest recipient of the gold from the Swiss refineries, which dominate global independent gold refining. Hong Kong and China were the two other major recipients, while overall the Middle East and South and East Asia accounted for almost 88% of total Swiss gold exports, emphasising the continuing flow of gold from West to East. (See: March Swiss gold exports show India no.1 again).
    As Switzerland produces no gold of its own, but specialises in re-refining LBMA good delivery gold bars and scrap gold into the metric and small sizes in demand in the East, it has to be a major gold importer to keep the refineries’ production going, as well as to supply its own investment demand and it is particularly interesting to review the sources of this gold for re-refining and exporting.
    The biggest source of Swiss gold imports is usually the U.K., which is not surprising as London has traditionally been at the centre of the global gold trade, but some of the other sources of gold for the Swiss refineries are a little more unexpected. After London the three biggest sources of imported gold are Hong Kong, the UAE (primarily Dubai), and the USA. The latter is not surprising at all as it is the world’s fourth largest producer of new mined gold, but the UAE and Hong Kong have to be considered as highly anomalous sources as they both produce little or no gold of their own, but are traditionally gold traders. Next in line comes Thailand – again usually a gold importer rather than exporter. Most of the remainder of the source nations for the Swiss gold imports are indeed gold producers as would be expected.

    This post was published at Sharps Pixley


  • Protect Your Assets From The Establishment Agenda | Golden Rule Radio #17

    The following video was published by McAlvany Financial on May 4, 2017
    This week we review the price movements in the Gold, Silver, & Platinum Markets. The globalist agenda is threatened by Trump and they are pressing harder than ever to accomplish their goals. Learn how you can safeguard what you’ve worked your whole life to earn and to protect your assets from paper driven manipulation. Thanks for listening.


  • Global Demand for Physical Gold Up in First Quarter

    Global demand for physical gold increased by 9% year-on-year in the first quarter of 2017, according to the latest demand report from the World Gold Council.
    The sale of gold bars and gold coins hit 289.8 tons worldwide in Q1, driven by Asia’s appetite for gold. The WGC said the strength of the retail investment market in the first quarter built on 2016’s exceptionally strong finish.
    Demand in China soared in the first quarter. Chinese investors gobbled up 105.9 tons of gold. That represents a 30% year-on-year increase, and was the fourth strongest quarter on record.
    Demand also rebounded in India after a weak end to 2016. Indians bought 31.2 tons of gold bars and coins in the first quarter of this year. This after the Indian economy virtually ground to a halt after after a government demonetization policy that suddenly declared 1,000 and 500 rupee notes no longer valid. According to the WGC, currency in circulation fell 50% from Nov. 11 to Jan. 6. Sales of motorcycles – a good barometer of the health of India’s cash-reliant economy – halved in December. Gold imports in the first quarter indicate a rebound, increasing 106% over Q1 2016. It appears strong first quarter demand carried over into the new quarter. Indians bought 23 tons of gold in a single day during the Akshay Tritiya festival last week.

    This post was published at Schiffgold on MAY 4, 2017.


  • Gold and Silver Market Morning: May 04 2017 – Gold falls and is looking for a bottom!

    Gold Today – New York closed at $1,239.50 yesterday after closing at$1,256.90 Wednesday. London opened at $1,234.00 today.
    Overall the dollar was slightly stronger against global currencies early today. Before London’s opening:
    – The $: was weaker at $1.0932 after yesterday’s $1.0912: 1.
    – The Dollar index was slightly stronger at 99.11 after yesterday’s99.08.
    – The Yen was weaker at 112.96 after yesterday’s 112.16:$1.
    – The Yuan was weaker at 6.8949 after yesterday’s 6.8921: $1.
    – The Pound Sterling was weaker at $1.2887 after yesterday’s $1.2923: 1.
    Yuan Gold Fix
    The Shanghai Gold Exchange was trading at 277.10 towards the close today. This translates into $1,245.02. New York closed at a $5.52discount to Shanghai’s close yesterday. London opened at a discount of$11.02 to Shanghai’s close today.
    London is leading the way down at the moment, following Shanghai’s close and New York is beginning to show signs of buyers coming in. But we note that not until today did London outrun the others in taking the gold price down.
    LBMA price setting: The LBMA gold price was set today at$1,235.85 from yesterday’s $1,253.95.

    This post was published at GoldSeek on 4 May 2017.


  • Banks say gold price-fixing data errors entitle them to do-over

    Barclays and three other banks told a New York federal court Monday that they didn’t waste its time when requesting a second shot at tossing a case over their alleged conspiracy to manipulate the price of gold, saying investors’ use of flawed data in the suit justifies a do-over.
    Barclays Bank PLC, HSBC Bank PLC, Societe Generale, and the Bank of Nova Scotia again asked the court for permission to renew their dismissal bid, fighting against investors who say their suit still supports allegations of collusive trading even after admitting the complaint included flawed data analyses.
    “Plaintiffs’ suggestion that defendants ‘should accept th result’ of the motion to dismiss and ‘move on’ despite newly discovered falsehoods that go to the heart of plaintiffs’ claims is not only wrong on the substance, it is also procedurally improper,” the banks said.
    Investors originally filed their putative class action in March 2014, alleging the banks conspired to manipulate the London gold fix, a benchmark used to determine the price of gold and gold derivatives. A New York federal judge upheld claims against the banks in October, finding there was circumstantial evidence that they agreed to restrain trade.

    This post was published at GATA


  • A sovereign tale of gold’s historic undervaluation — Mike Kosares

    ‘British officials are trying to trace the owner of a trove of gold coins worth a ‘life-changing’ amount of money found stashed inside a piano. A coroner investigating the find on Thursday urged anyone with information to come forward. . . Anyone wanting to make a claim has until April 20, when coroner John Ellery will conclude his inquest.” – Associated Press, London, U.K.
    The above notice was originally posted in the public interest at USAGOLD’s online daily newsletter. Unfortunately, as you have just read, the coroner’s due date is passed. Thus, if you happen to be the frugal individual who stashed that life-changing amount of money in the piano (a total of 913 old British sovereigns in hand-stitched pouches) and neglected to make your claim, you are now officially out of luck.
    When I first read about the gold hidden in the piano, put away no doubt for a rainy day, I was reminded of the settlement between King Ibn Saud of Saudi Arabia and a consortium of oil companies on rights to that country’s vast oil riches in the early 1930s. That too involved a stash of British sovereigns – 35,000 of the roughly one-quarter ounce gold coins.
    British sovereigns happen to be one of the most sought-after, accumulated and stored pre-1933 gold coins in the world, so it is no surprise that forgotten hoards of the coin turn up every once in a while, nor is it a surprise that Ibn Saud would have asked to be paid in these highly liquid, universally acceptable gold coins. We sell many thousands of this item annually. Some go into safe deposit boxes. Some get buried out on the property. Some get stashed in the piano. Most are kept in the event of a social, political or financial breakdown, or some other unexpected calamity, against all of which the gold British sovereign has been a direct hedge for centuries.

    This post was published at USA Gold


  • Gold dumps on Fed News as markets price in June rate hike

    Copper prices sink off of a stunning 32% increase in LME Warehouse Stocks. Gold takes it on the chin as the markets interpret the FOMC Announcement today to keep a June rate hike fully in play. Last, silver continues to lose to gold via the gold silver ratio.


    This post was published at GoldSeek on 3 May 2017.


  • Stocks and Precious Metals Charts – FOMC Day, NFP on Friday

    ‘Therefore I must say that, as I hope for mercy, I can have no other notion of all the other governments that I see or know, than that they are a conspiracy of the rich, who, on pretense of managing the public, only pursue their private ends, and devise all the ways and arts they can find out; first, that they may, without danger, preserve all that they have so ill acquired, and then that they may engage the poor to toil and labor for them at as low rates as possible, and oppress them as much as they please.”
    Thomas More, Utopia
    Today was an FOMC decision day, and the Fed pretty much decided to do nothing. They did acknowledge that there is some slowing in the economy in the first quarter. Ya think? lol
    But as usual, the quarter was dismissed by reason of bad statistical analysis and/or adverse weather.
    Stocks held up into the close despite weakness all day. This *could* be the handoff of the rally from the pros to the schmoes. Let’s see how the rest of the week goes.
    Gold and silver were steadily knackered from the open in NY, and pushed down to the lows in very quiet trade into the close. The daddies of brides in India thank you for your service.
    Today was the last of the queen’s radiation treatments, and she is doing remarkably well. We are getting dinner out (meaning I go out and bring it home) to celebrate.

    This post was published at Jesses Crossroads Cafe on 03 MAY 2017.


  • MAY 3/ANOTHER RAID ON GOLD AND SILVER ESPECIALLY AFTER FOMC STATEMENT/THE AMT OF SILVER STANDING AT THE COMEX IN MAY HAS INCREASED AGAIN AND NOW STANDS AT OVER 19 MILLION OZ/USA SENDS A MESSAGE T…

    Gold: $1246.40 DOWN 8.70
    Silver: $16.49 DOWN 34 cent(s)
    Closing access prices:
    Gold $1237.50
    silver: $16.48!!!
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    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: $1264.95 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: 1256.40
    PREMIUM FIRST FIX: $8.55
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $1264.10
    NY GOLD PRICE AT THE EXACT SAME TIME: 1253.95
    Premium of Shanghai 2nd fix/NY:$9.25
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est $1253.95
    NY PRICING AT THE EXACT SAME TIME: $1253.80
    LONDON SECOND GOLD FIX 10 AM: $1255.45
    NY PRICING AT THE EXACT SAME TIME. $1254.85
    For comex gold:
    MAY/
    NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 8 NOTICE(S) FOR 800 OZ.
    TOTAL NOTICES SO FAR: 35 FOR 3500 OZ (.1088 TONNES)
    For silver:
    For silver: MAY
    535 NOTICES FILED TODAY FOR 2,675,000 OZ/
    Total number of notices filed so far this month: 2713 for 13,565,000 oz
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    FEDERAL RESERVE EAR MARKED GOLD REPORT for April
    In Feb we had $7,841,000 worth of gold housed at the FRBNY valued at 42.21 dollars per oz
    Last month: we had the same; $7,841,000 of gold valued at 42.21
    thus 0 oz of gold moved out.

    This post was published at Harvey Organ Blog on May 3, 2017.


  • Gold and Silver Market Morning: May 03 2017 – Gold continues consolidating!

    Gold Today – New York closed at $1,256.90 yesterday after closing at$1,257.20 Tuesday. London opened at $1,254.00 today.
    Overall the dollar was slightly weaker against global currencies early today. Before London’s opening:
    – The $: was weaker at $1.0912 after yesterday’s $1.0908: 1.
    – The Dollar index was weaker at 99.08 after yesterday’s 99.13.
    – The Yen was barely changed at 112.16 after yesterday’s 112.14:$1.
    – The Yuan was stronger at 6.8921 after Friday’s 6.8969: $1.
    – The Pound Sterling was stronger at $1.2923 after Friday’s $1.2875: 1.
    Yuan Gold Fix
    The Shanghai Gold Exchange was trading at 280.70 towards the close today. This translates into $1,261.78. New York closed at a $4.88discount to Shanghai’s close yesterday. London opened at a discount of$7.78 to Shanghai’s close today.
    LBMA price setting: The LBMA gold price was set today at$1,253.95 from yesterday’s $1,255.80.
    The gold price in the euro was set at 1,148.88 after yesterday’s1,151.27.

    This post was published at GoldSeek on 3 May 2017.


  • GOLD & SILVER SMASHED BY CARTEL

    The following video was published by SilverDoctors on May 3, 2017
    The gold cartel smashes gold and silver lower again. Trump says he would be open to meeting with North Korean dictator Kim Jong-un. Obamacare repeal may finally pass the House. Trump talks with Putin.
    The relentless smash of gold and silver prices continued Wednesday.
    Gold was down another $10 to $1245, finally breaking below significant support at $1250. Silver prices are down another 30 cents to $16.55, now a full $2 below recent highs near $18.60.
    The all time record open interest in silver and massive commercial short positions in the COT report was indicating a cartel slam was coming, and come it has. Adding to the downside fuel is the Fed. The Fed is apparently preparing to unleash another rate hike in June, regardless of economic conditions. The metals have stabilized in the wake of the FOMC statement’s 2pm Eastern Time release, and we are looking for a bottom in both metals over the next 48 hours as an excellent entry point opportunity.


  • Indians Buy More than 23 Tons of Gold on a Single Day

    As predicted, festival-goers rushed to buy gold in celebration of Akshay Tritiya in India this year. According to the Economic Times, gold sales increased more than 30% during the important Hindu holiday celebrated on April 28. All-told, Indians bought more than 23 tons of gold that day.
    Akshay Tritiya ranks as one of the four most important days for Hindus. The word Akshay roughly translates to ‘the never diminishing.’ The day is believed to bring good luck and success. It is also considered one of the most auspicious occasions to buy precious metals, including gold.
    Analysts predicted robust sales this year. Last year, a jeweler strike put a damper on the celebration.

    This post was published at Schiffgold on MAY 3, 2017.


  • World Markets Awaiting Key Developments That Lie Just Ahead

    This is a syndicated repost courtesy of Money Morning – We Make Investing Profitable. To view original, click here. Reposted with permission.
    (Kitco News) – World stock markets were mostly weaker overnight, pressured in part by disappointing earnings results from the world’s largest-capitalized company, Apple, after the close on Tuesday. U. S. stock indexes are pointed toward modestly lower openings when the New York day session begins.
    Gold prices were weaker overnight as the market continues to erode amid less risk aversion in the marketplace the past couple weeks.
    In overnight news, the Euro zone’s first-quarter gross domestic product was reported at up 0.5% from the fourth quarter and up 1.7%, year-on-year. Those numbers were right in line with market expectations. The Euro zone producer price index was reported down 0.3% in March from February and up 3.9%, year-on-year. Those numbers were not has hot as market expectations.
    The markets’ data-point highlights of the week are the Federal Reserve’s Open Market Committee (FOMC) meeting that began Tuesday and ends Wednesday afternoon with a statement, and Friday morning’s U. S. jobs report from the Labor Department. No change in U. S. monetary policy is expected at this week’s FOMC meeting. However, as usual, the wording of the FOMC statement released early Wednesday afternoon will be parsed for any clues on future U. S. monetary policy moves. The key non-farm payrolls number in Friday’s U. S. jobs report is forecast to come in at up around 190,000.

    This post was published at Wall Street Examiner on May 3, 2017.