Jihadist Group Blows Up Oil Pipeline In Iran, In Midst Of Protests

In the year that President Donald Trump pulled out of the Paris accord and downplayed global warming as a security threat, the US received a harsh reminder of the perils of the rise in the planet’s temperature: a destructive rash of hurricanes, fires and floods.
According to Bloomberg, the US recorded 15 weather events costing $1 billion or more each through early October, one short of the record 16 in 2011, according to the federal government’s National Centers for Environmental Information in Asheville, North Carolina. And that tally doesn’t include the recent wildfires in southern California, one of which grew to be the largest fire in state history, according to Bloomberg.
Among the most devastating events were hurricanes Harvey, Irma and Maria and wildfires in northern California. The killer storms caused economic losses of more than $210 billion in the U. S. and across the Caribbean, and about $100 billion in insured damages, according to Mark Bove, a senior research scientist with Munich Reinsurance America in Princeton, New Jersey.

This post was published at Zero Hedge on Sat, 12/30/2017 –.

Russia May Turn To Oil-Backed Cryptocurrency To Challenge Sanctions & The Petrodollar

The gradual acceptance of digital currencies, with major exchanges about to launch bitcoin futures trading, may prompt some oil producing nations to ditch the US dollar in crude trade in favor of cryptocurrencies, an oil analyst says.
***
As RT reports, Russia, Iran and Venezuela have more than one thing in common.
All three are major oil producing nations dependent on the dollar since the global crude market is traditionally dominated by contracts denominated in US currency.
Moscow, Tehran and Caracas are also facing US sanctions; penalties which are proving effective since the sanctioned countries are dependent on the US dollar to sell their crude.

This post was published at Zero Hedge on Dec 11, 2017.

SWOT Analysis: Turkish Demand for Gold Near a Four-Year High

Strengths
The best performing precious metal for the week was palladium, 0.41 percent. CenterraGold is set to buy Aurico Metals for $1.80 per cash share for a 38-percent purchase price premium on the Toronto Stock Exchange. Centerra currently holds more than $350 million in cash and has now secured a $125 million acquisition facility, according to Bloomberg. Gold prices rose after Saudi Arabia said a recent attempted missile strike at Riyadh’s airport could be an act of war by Iran. Additionally, Turkish investors are continuing to buy gold with demand expected to reach the highest since 2013. According to Google Trends, global searches for ‘buy bitcoin’ have overtaken ‘buy gold’ demonstrating a surge in popularity of the cryptocurrency. However, the BullionVault Gold Investor Index edged slightly higher to 54.6, demonstrating the number of buyers is higher than sellers. Weaknesses
The worst performing precious metal for the week was platinum, down 0.82 percent. Due to platinum’s primary use in internal combustion engines, the metal could be among the biggest losers from electrical vehicle growth, reports Mining Review. The World Gold Council said it’s a tough quarter for gold as prices weakened in September and October. Global gold demand fell 9 percent in the third quarter as investor buying slowed and regulations in India tightened, reports Eddie van der Walt.

This post was published at GoldSeek on 13 November 2017.

Turkey & USA Relations Turn Bad

The relations between the USA and Turkey have turned for the worst. The USA has now restored the need for a visa after audio recordings have surfaced indicating that the evasion of Iran sanctions was approved by the Turkish President Erdogan. The US arrested Turkish-Iranian gold trader Reza Zarrab in the case of money laundering when he was acting as a middleman between the Turkish government and Iran for years. Since there is now a possibility of the involvement of Turkey in helping Iran circumvent the sanctions, relations have taken a turn for the worse.

This post was published at Armstrong Economics on Nov 8, 2017.

Rising Gold Prices Lag Crude Oil as Saudis Accuse Iran of War, Equities Rise With Bitcoin

Gold prices held most of yesterday’s 1.0% jump against the Dollar and touched new 3-week highs for Euro investors on Tuesday, trading higher as crude oil rose and Saudi Arabia accused Iran of “direct military aggression” tantamount to a declaration of war.
Wall Street’s S&P500 index of US stocks ended Monday with its 11th new record closing high in a month.
Crypto-currency Bitcoin today rallied to regain half of Monday’s 6% drop, trading back above $7000 after hitting 5 new daily all-time highs in succession last week.
Listen to Tom McClellan on Stocks and Real Estate; Keith Barron on Peak Gold
Crude oil spiked Tuesday to new 2.5-year highs, while Arabian stock markets fell hard – down over 3% – as news broke of further detentions and sanctions against senior Saudi figures by new crown prince Mohammed Bin Salman.
“We expected to some interest in gold following the close above $1280,” says one Asian trading desk in a gold price note, “[but] Chinese selling appears to be capping the market.”
“Stocks are at record highs, so you don’t need gold,” says George Gero at the wealth management division of Canada’s RBC.

This post was published at FinancialSense on 11/07/2017.

Technical Scoop – Weekend Update Nov 5

Weekly Update
To the moon, Alice!
Ralph Kramden, The Honeymooners
And at the current rate it might not be too long before it’s actually there. The moon, that is. No, not Alice – Bitcoin. Yes, Bitcoin crossed $7,000 this week. It was less than a month ago Bitcoin passed $5,000. The riches are dazzling as Bitcoin is up 640% this year alone. Bitcoin now has a market cap of $100 billion. How much longer before it’s bigger than Amazon or Apple or worth more than the entire gold stock market? But the question continues to beg – is Bitcoin an historic bubble? Until it bursts, the question is strictly academic. And don’t forget, not only is there Bitcoin but there are now over 1,000 other cryptocurrencies. And Bitcoin has forks as well called Bitcoin cash and Bitcoin gold.
Okay, we are not going to get into a huge discussion of Bitcoin and how it is structured and what blockchains are all about. It is mind boggling enough trying to figure all of that out. We will have further comments on our weekly ‘Bitcoin Watch!’ commentary.
The stock markets made new all-time highs again this past week. That comes against the backdrop of the terrorist attack in New York City, indictments in the Russia investigation including former top aides of President Donald Trump, and possible brewing trouble in the Mid-East. There is also the escalating crisis in Catalonia in the heart of the EU, ongoing trouble between Kurds and Iraq/Iran/Turkey, and continued moves afoot to lessen the use of the US$ in world trade. As well, a new Fed chairman has been proposed. But all the stock market cares about is the potential to pass the tax bill that could put billions into corporations and the 1% even as it could create deficits estimated at up $1.5 trillion over the next decade.
Maybe the stock markets are also headed for the moon, albeit at a much slower pace. Still, the records just keep on falling and there seems to be little in the way of stopping it. We may wring our hands over the alleged terrorist attack that killed 8 and injured many more but largely ignore an attack in a Walmart in Colorado that left 3 dead that occurred not long after the NYC attack. And I might add as we prepare this for distribution another attack in some small Texas town in a church that has left multiple fatalities.

This post was published at GoldSeek on 5 November 2017.

US Links Erdogan To “Secret Gold” Trade With Iran; Lira, Bonds Tumble

While long forgotten for some, in the summer of 2014, we reported in detail on what appeared to be the biggest, most bizarre money-laundering scheme ever, involving Turkey trading “200 tons of secret gold” with Iran…
The topic of Turkey’s Oil-for-Gold ‘deals’ has not been far from our thoughts over the last few years (here, here, and here) but as Bloomberg reports, after accessing a report leaked on March 14 of a network that spanned Turkey, China, Dubai and Iran, the plot reveals “one of the most complex illicit finance schemes [prosecutors] have seen.” It included the classic money-laundering techniques of over-invoicing and false invoicing (exactly as in the case of the Chinese commodity financing scandal underway) but the secret government plan to juice Turkey’s exports goes much deeper; and if you think that the exposure of this scheme is slowing Turkey’s manipulation, think again. Turkey’s trade balance continues to fluctuate unpredictably as gold stocks flow out of the country in bursts. ‘Turkey’s going to continue it,’ the Turkish economy minister said. ‘If those casting aspersions on the gold trade are searching for immorality, they should take a look in the mirror.’ We first started noticing major ‘odd’ exports of gold from Turkey to Iran in May 2012. But in 2013, with a plunging currency, surging inflation, slowing growth, and specter of rapid QE-driven hot money outflows leaving his nation desperate; Zafer Caglayan, the minister in charge of Turkey’s $800 billion economy decided that the only way to ensure success in the looming election… was to cheat…
Read more here…
A farcical domestic investigation was undertaken and while the judges and officials who probed the money laundering scheme were either fired or reassigned, the findings in their report were leaked.
The leaked document that Erodgan tried so hard to hide, prepared by the Turkish National Police, shows that investigators probed the activities of a cast of characters that was both powerful and dependent upon each other for favors. There have been some arrests (but no politicians)

This post was published at Zero Hedge on Nov 3, 2017.

“It’s Been Dismal” – Gold Coin Sales Slump As ‘Bugs’ Bounce To Bitcoin

Gold prices are rallying, but retail gold dealers and shops are struggling to survive.
As The Wall Street Journal reports, businesses that sell gold coins and other products made from the precious metal usually thrive during years like 2017.
Gold futures have gained more than 10%, boosted by a weaker dollar and by big investors looking for a haven during recent geopolitical tensions surrounding North Korea and Iran.
But despite higher bullion prices and solid demand from not-American-central banks, American Eagle Coin sales by the US Mint in October 2017 are down 87% YoY for gold and down 73% YoY for silver…

This post was published at Zero Hedge on Nov 1, 2017.

What a Gold-Backed Yuan and Cryptocurrencies May Mean for the Dollar

Amoungst all the crypto news this, and crypto news that, was a tiny item appearing in the Nikkei Asian Review on September 1st. Reporting from Denpasar, Indonesia, Damon Evans wrote, ‘China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry.’
Not bitcoin backed, not ethereum backed, g-o-l-d backed. How low tech of the Chinese. For the moment, oil is priced in dollars, whether it’s Brent or West Texas Intermediate.
Evans explained,
China’s move will allow exporters such as Russia and Iran to circumvent U. S. sanctions by trading in yuan. To further entice trade, China (the world’s largest oil importer) says the yuan will be fully convertible into gold on exchanges in Shanghai and Hong Kong.
This will be China’s first commodities futures contract open to foreign companies such as investment funds, trading houses and petroleum companies.

This post was published at Ludwig von Mises Institute on October 20, 2017.

OCT 13/GOLD AND SILVER RISE DUE TO POOR USA WAGE GROWTH/TRUMP DECERTIFIES USA /IRAN NUCLEAR AGREEMENT/

GOLD: $1302.35 up $10,15
Silver: $1739 up 22 cents
Closing access prices:
Gold $1303.90
silver: $17.42
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: $1304,65 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1295,60
PREMIUM FIRST FIX: $9.05 (premiums getting larger)
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SECOND SHANGHAI GOLD FIX: $1305.65
NY GOLD PRICE AT THE EXACT SAME TIME: $1297.00
Premium of Shanghai 2nd fix/NY:$8.65(PREMIUMS GETTING LARGER)
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LONDON FIRST GOLD FIX: 5:30 am est $1293.90

This post was published at Harvey Organ Blog on October 13, 2017.

U.S. Mint Gold Coin Sales and VIX Point To Increased Market Volatility and Higher Gold

– US Mint gold coin sales and VIX at weakest in a decade
– Very low gold coin sales and VIX signal volatility coming
– Gold rises 1.7% this week after China’s Golden Week; pattern of higher prices after Golden Week
– U. S. Mint sales do not provide the full picture of robust global gold demand
– Perth Mint gold sales double in September reflecting increased gold demand in both Asia and Europe
– Middle East demand likely high given geopolitical risks
– Iran seeing increased gold demand and Iran’s gold coin price up by 5%
– Trump’s war mongering could see demand accelerate
– Germany seeing very robust demand and now world’s largest gold buyer

Editor: Mark O’Byrne
US Mint coin sales fell to a decade low last month. This follows poor sales since the beginning of 2017. In the third quarter sales reached nearly 3.7 million ounces. September gold coin sales were down a whopping 88% compared to the same period last year.
Year to date sales at 232,000 ounces are 66.5% lower than the 692,500 ounces delivered during the first nine months of 2016, according to the U. S. Mint.
American Eagle gold coin sales did see a slight uptick in demand from very low levels and increased by 11,500 ounces in September which was up by 21.1% in August.

This post was published at Gold Core on October 13, 2017.

Turning Point Nations On The Stage

Many are the turning points with individual nations, once firmly in the Western alliance camp, but no longer. They are flipping eastward or in the case of China cutting the major cords. The Shanghai developments are by far the most important in the financial setting. The Petro-Dollar is seeing its last months after a 43-year reign as defacto standard. Its retirement will begin in the East, then spread to the decaying loyal Western nations. The entire geopolitical chessboard is becoming more aligned with the Eurasian Trade Zone, one nation after another. Its cornerstones are Russia, China, and increasingly Iran. It has gathered some Eastern European countries like Turkey, and will gather more. It has pursued the Middle East oil monarchies, and will succeed in lassoing them into the zone corral. Whether they deploy financial connections, or trade ties, or security links, these nations no longer see the United States and British (who walk the American dog with a monetary leash) as the leading global players any longer. The leaders are China with its financial and industrial might and Russia with its energy and commodity strength.
As the global structure shifts in alignment, many nations will be involved in the shifts directly. It can be perceived as chess pieces in movement. The many bilateral connections are being altered, so as to fit within the new forces. The power center is moving from West to East, although certainly very slowly. Some call it a giant ship changing course, but the Jackass thinks of it more as a very large baby being formed with numerous umbilical cords, which requires a very long gestation period like that for an elephant. The Eastern centers must remove the vestiges of old colonial power links. It is a very slow process, whereby the East must accept losses from the uprooted stanchions. The Eastern leaders measure their risks, make the changes, and consider the losses as part of a reorganization much like done with the better observed structural changes done by IBM or Chrysler.

This post was published at GoldSeek

OCT 5/ANOTHER RAID TODAY AS WE HAVE ONLY ONE MORE DAY LEFT UNTIL GOLDEN SEEK ENDS/SPAIN TO HOLD THEIR DEBATE ON SEPARATION ON MONDAY/TRUMP TO DE CERTIFY THE IRAN NUCLEAR DEAL/

GOLD: $1272.10 DOWN $1.60
Silver: $16.60 DOWN 10 CENT(S)
Closing access prices:
Gold $1268.00
silver: $16.60
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: $n/a DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $n/a
PREMIUM FIRST FIX: $8.24 (premiums getting larger)
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SECOND SHANGHAI GOLD FIX: $n/a
NY GOLD PRICE AT THE EXACT SAME TIME: $/na
Premium of Shanghai 2nd fix/NY:$13.00 (PREMIUMS GETTING LARGER)
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LONDON FIRST GOLD FIX: 5:30 am est $not important
NY PRICING AT THE EXACT SAME TIME: $not important
LONDON SECOND GOLD FIX 10 AM: $1283.10
NY PRICING AT THE EXACT SAME TIME. 1283.10
For comex gold:
OCTOBER/
NOTICES FILINGS TODAY FOR OCT CONTRACT MONTH: 199 NOTICE(S) FOR 19,900 OZ.
TOTAL NOTICES SO FAR: 2314 FOR 231,400 OZ (7.197 TONNES)
For silver:
OCTOBER
31 NOTICES FILED TODAY FOR
155,000 OZ/
Total number of notices filed so far this month: 370 for 1,850,000 oz

This post was published at Harvey Organ Blog on October 6, 2017.

SEPT 25/NORTH KOREA TO THE USA: ‘YOU HAVE DECLARED WAR ON US’ AND ‘WE WILL SHOOT DOWN YOUR WARPLANES’/ RUSSIA STATES THAT THE USA KILLED A BIG TIME GENERAL ON THE WESTERN SIDE OF DEIR-EZ-ZOR: IRA…

GOLD: $1308.45 UP $14.00
Silver: $17.11 UP 16 CENT(S)
Closing access prices:
Gold $1311.25
silver: $17.17
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: $1299.46 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1292.68
PREMIUM FIRST FIX: $6.78 (premiums getting larger)
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SECOND SHANGHAI GOLD FIX: $1298.02
NY GOLD PRICE AT THE EXACT SAME TIME: $1293.70
Premium of Shanghai 2nd fix/NY:$4.32
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LONDON FIRST GOLD FIX: 5:30 am est $1295.50
NY PRICING AT THE EXACT SAME TIME: $1293.19 ????
LONDON SECOND GOLD FIX 10 AM: $1293.30
NY PRICING AT THE EXACT SAME TIME. 1293.95
For comex gold:
SEPTEMBER/
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR NIL OZ.
TOTAL NOTICES SO FAR: 83 FOR 8300 OZ (0.2581 TONNES)
For silver:
SEPTEMBER
67 NOTICES FILED TODAY FOR
650,000 OZ/
Total number of notices filed so far this month: 6,303 for 31,515,000 oz

This post was published at Harvey Organ Blog on September 25, 2017.

The Demise Of The Dollar As We Know It: ‘A Break Is Coming… On A Worldwide Basis’

The significance of the shift taking place on a geo-political basis to unseat the U. S. dollar as the world’s reserve currency cannot be understated. It is, by all means, a complete upending of the financial and economic systems as we have come to know them. According to Keith Neumeyer, the Chairman of First Mining Finance and Chief Executive Officer of First Majestic Silver, the world’s purest silver producing mining company, the move is already taking place with countries like China, Russia, Venezuela and Iran already beginning to trade commodities with Yuan, Rubles and gold.
Amid a recent announcement about developments in the gold and silver mining industry discussed in the following interview with SGT Report, Neumeyer, who previously called out, in very public fashion, the manipulation of precious metals by a small concentration of market players, says that the global currency wars currently playing out on the monetary battlefield will lead to significant price increases in the world’s most trusted hard assets of last resort.

This post was published at shtfplan on September 24th, 2017.