• Tag Archives Middle East
  • NOV 13/GOLD UP $4.85 AND SILVER RISES 16 CENTS/CHAOS IN ENGLAND AS THERESA MAY COULD BE OUSTED AS LEADER/TENSIONS AGAIN ESCALATE THROUGHOUT THE MIDDLE EAST/GE CRASHES TODAY/

    GOLD: $1278.85 UP $4.85
    Silver: $17.05 UP 16 cents
    Closing access prices:
    Gold $1278.50
    silver: $17.05
    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: $1288.37 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1276.60
    PREMIUM FIRST FIX: $11.77
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    SECOND SHANGHAI GOLD FIX: $1288.37
    NY GOLD PRICE AT THE EXACT SAME TIME: $1276.60
    Premium of Shanghai 2nd fix/NY:$11.77
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    LONDON FIRST GOLD FIX: 5:30 am est $1278.40
    NY PRICING AT THE EXACT SAME TIME: $1278.10
    LONDON SECOND GOLD FIX 10 AM: $1277.95
    NY PRICING AT THE EXACT SAME TIME. 1277.30
    For comex gold:
    NOVEMBER/
    NOTICES FILINGS TODAY FOR OCT CONTRACT MONTH: 2 NOTICE(S) FOR 20000 OZ.
    TOTAL NOTICES SO FAR: 991 FOR 99,100 OZ (3.082TONNES)
    For silver:
    NOVEMBER
    1 NOTICE(S) FILED TODAY FOR
    5,000 OZ/
    Total number of notices filed so far this month: 872 for 4,360,000 oz
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    Bitcoin: BID $6729 OFFER /$6764 DOWN $308.00 (MORNING)
    BITCOIN CLOSING; BID $6498 OFFER: $6523 // UP $78.00

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


  • Asian Metals Market Update: November-9-2017

    Gold and silver are not out of the woods. So far Trump has not said anything to destabilize the markets. Fears of a surprise resulted in the rise of gold and silver yesterday. Developments in Saudi Arabia are here to stay. It may or may not affect metals and crude oil. The internet is filled with speculation that there is collusion between Israel and Saudi to expand Israel among other political agendas. Something is fishy in Saudi Arabia. Something big will happen in the Middle East over the coming months. Only big political news from the Middle east will impact global financial markets.
    The trading volumes in bitcoins is not even five percent of its current potential. Bitcoins and other crypto currencies have a lot higher to go. A few Mount Gox type vanishing will be needed to prevent bitcoin prices from zooming. Nations will be forced to adopt and regulate bitcoins. Greater adoption of crypto currencies will imply greater investment demand for gold and silver.

    This post was published at GoldSeek on 9 November 2017.


  • Stocks and Precious Metals Charts – The King In Yellow

    “Love is not easy; it is not our natural state. It seems weak and foolish, and is despicable to the fallen of this world and the next, who by the declaration of their hearts and minds say non serviam, I will not serve.”
    Jesse, Love Is the Refuge of the Way
    Stocks bubbled sideways today, digesting the recent gains, and treading water as additional earnings and economic news comes out.
    I have made no secret of it, that the US equity markets seem very fully valued at this point, and are overdue for a stiff correction in the neighborhood of ten percent. That they have not even had a 3 percent correction in quite some time is a testimony to the amount of hot money and speculative froth underpinning them.
    Peak hubris. We’re there on a number of fronts, socially, financially, and politically. I have not seen anything like this since the tech stock bubble. The housing bubble was much broader and deeper, and much more profound in the levels of its corruption. This one seems more like an ‘echo bubble.’ In all three instances the primary actors were the Wall Street financiers, the Banks, and the Fed.
    The amount of potentially destabilizing situations geopolitically are daunting, almost breath-taking. I won’t bother to list them here, but things in Asia, the Middle East, and Europe are showing signs of heaving the landscape out of place. Domestically things in the US are much more tense under the surface than anything I can remember in many years. The elite are doubling down on their winnings with a kind of race to the oncoming wall of bad karma.

    This post was published at Jesses Crossroads Cafe on 07 NOVEMBER 2017.


  • NOV 6/GOLD REBOUNDS NICELY UP $11.25 TO $1280.15 BUT THE STAR OF TODAY IS SILVER UP 37 CENTS CLOSING AT $17.22 /SHANGHAI PREMIUMS TO NY PRICING IS $23.08/TROUBLE IN CHINA’S SHADOW BANKING SECTOR/…

    GOLD: $1280.15 UP $11.25
    Silver: $17.22 UP 37 cents
    Closing access prices:
    Gold $1282.00
    silver: $17.22
    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: $1291.77 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1269.00
    PREMIUM FIRST FIX: $22.77(premiums getting larger)
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $1291.58
    NY GOLD PRICE AT THE EXACT SAME TIME: $1268.50
    Premium of Shanghai 2nd fix/NY:$23.08 PREMIUMS GETTING HUGE)
    CHINA REJECTS NEW YORK PRICING OF GOLD!!!!
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est $1271.60
    NY PRICING AT THE EXACT SAME TIME: $1271.60
    LONDON SECOND GOLD FIX 10 AM: $1270.90
    NY PRICING AT THE EXACT SAME TIME. 1271.80 ??
    For comex gold:
    NOVEMBER/
    NOTICES FILINGS TODAY FOR OCT CONTRACT MONTH: 27 NOTICE(S) FOR 2700 OZ.
    TOTAL NOTICES SO FAR: 856 FOR 85,600 OZ (2.662TONNES)
    For silver:
    NOVEMBER
    10 NOTICE(S) FILED TODAY FOR
    50,000 OZ/
    Total number of notices filed so far this month: 856 for 4,280,000 oz
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    Bitcoin: $7361 bid /$7368 offer up $138.00 (MORNING)
    BITCOIN CLOSING;$7099 BID:7124. OFFER down $124.00
    end
    Let us have a look at the data for today
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    In silver, the total open interest SURPRISINGLY FELL BY A SMALL SIZED 1130 contracts from 206 ,068 DOWN TO 204,938 DESPITE FRIDAY’S TRADING IN WHICH SILVER FELL BY A CONSIDERABLE 27 CENTS. THE CROOKS NO DOUBT ARE PULLING THEIR HAIR AS THEY ARE STILL HAVING AN AWFUL TIME TRYING TO COVER THEIR MASSIVE SILVER SHORTS. THEY TRY TO CONTINUE WITH THEIR TORMENT LIKE THE RAID ON FRIDAY. A FEW NEWBIE SPEC LONGS LEFT THE SILVER ARENA AND THUS WE HAVE A VERY TINY BANKER SHORT COVERING.
    RESULT: A SMALL SIZED FALL IN OI COMEX DESPITE THE CONSIDERABLE 27 CENT PRICE LOSS. OUR BANKERS COULD HARDLY COVER ANY OF THEIR HUGE SHORTFALL DESPITE THE MANIPULATED CRIMINAL BANKER RAID WHICH HAD THEIR OBJECT OF THE EXERCISE TO CAUSE AS MANY SILVER LEAVES TO FALL FROM THE SILVER TREE. AS WE HAVE WITNESSED ON COUNTLESS OCCASIONS WITH RESPECT TO SILVER, IT FAILED MISERABLY.
    In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.025 BILLION TO BE EXACT or 146% of annual global silver production (ex Russia & ex China).
    FOR THE NEW FRONT OCT MONTH/ THEY FILED: 10 NOTICE(S) FOR 50,000 OZ OF SILVER
    In gold, the open interest FELL BY A LESS THAN EXPECTED 4,347 CONTRACTS WITH THE GOOD SIZED FALL IN PRICE OF GOLD ($8.65) WITH FRIDAY’S TRADING . The new OI for the gold complex rests at 529,124. NEWBIE LONGS EXITED THE ARENA TO WHICH THE BANKERS COVERED.
    NO EFP’S WERE ISSUED FOR THE NOVEMBER CONTRACT MONTH.
    Result: A GOOD SIZED DECREASE IN OI WITH THE FALL IN PRICE IN GOLD ($8.65). WE HAD SOME BANK SHORT COVERING AS SOME OF OUR NEWBIE LONGS GOT STOP LOSSED OUT OF THEIR CONTRACTS.
    we had: 27 notice(s) filed upon for 2700 oz of gold.
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    With respect to our two criminal funds, the GLD and the SLV:
    GLD:
    A tiny change in gold inventory at the GLD/ a withdrawal of .29 tonnes to pay for fees and insurance
    Inventory rests tonight: 845.75 tonnes.
    SLV
    TODAY WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV
    INVENTORY RESTS AT 319.018 MILLION OZ

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


  • Is Saudi Arabia’s Oil Strategy Working?

    The IMF estimated that Saudi Arabia will need oil prices to trade at about $70 per barrel in 2018 for its budget to breakeven, a dramatic improvement from the $96.60 per barrel it needed just last year. Saudi’s improvement is the most dramatic out of all the Middle Eastern oil producers, and it also suggests the combination of austerity, cuts to wasteful subsidies, new taxes and economic reforms are starting to bear fruit.
    The improvement is all the more important because Saudi Arabia and its fellow OPEC members are restraining output as a way to boost oil prices. Selling fewer barrels means less revenue, although that is offset by the coordinated production cuts through the OPEC deal, which has helped raise prices.
    Nevertheless, there is something glaring about Saudi Arabia’s breakeven price: It is still far higher than the current oil price, which means Riyadh is still feeling the economic and fiscal pressure from low crude prices. ‘The reality of lower oil prices has made it more urgent for oil exporters to move away from a focus on redistributing oil receipts through public sector spending and energy subsidies,’ the IMF said in its report. Saudi Arabia and other Middle East oil producers ‘have outlined ambitious diversification strategies, but medium-term growth prospects remain below historical averages amid ongoing fiscal consolidation,’ the IMF added. In other words, austerity might help narrow the budget deficit to some degree, but it can also be self-defeating if it slows growth.

    This post was published at Zero Hedge on Nov 2, 2017.


  • Asian Metals Market Update: October-27-2017

    European central bank chief taper comments and Spain let down the euro. Technical picture is bearish for gold and silver. Reuters survey says that most of the analysts have reduced their gold and silver forecast for next year. I am not changing my bullish views on gold and silver for next year. This year gold and silver are mainly supported by geopolitical risk. Next year I expect the South China Sea and Korean peninsula to turn into the Persian Gulf. Even if Asian demand falters next year, European demand for gold will lend support to prices. The Middle East did not turn into a war zone overnight. Events in the South China sea will move towards bad and worse. Americans will try for a regime change in the Philippines. Duterte could be removed by the American as he bents more towards the Russian and Chinese. Most of the gold bears believe that a higher global interest rate cycle will prevent gold and silver prices from a rise. The pace of rise of global interest rates will be slow next year which should cause gold bears to retreat. Trump policies will be to placate Americans before US Senate elections in around a years’ time. America people are war mongers. Wars wins elections in the current global democratic system. America will fight more wars next year than this year. Fundamentally also, global debt is at a historical high. This global debt bubble can burst anytime.

    This post was published at GoldSeek on 27 October 2017.


  • How Gold Bullion Protects From Conflict And War

    – Gold and silver’s historical role in conflict shaped the world today and the modern financial system
    – Gold played an important function in the great conflicts up to and throughout the 20th century
    – Gold and the effective use of bullion played a crucial role in the outcome of the American Civil War
    – Gold was an important economic agent in both World Wars, conferring a huge advantage on the allies
    – In a world beset with risks of war both in the Middle East and with North Korea, Russia and China … gold will protect
    Gold and silver have played important roles during periods of conflict and have protected people but also protected nations and conferred power. HSBC Chief Precious Metals analyst James Steel has written a fascinating piece for this month’s Alchemist about this.
    The article takes us through the major wars and conflicts from the 15th century to modern times. Each major war serves as a reminder that success is as much down to the management of bullion and finance as it is about the role of gold and silver.

    This post was published at Gold Core on October 19, 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


  • “It Blows My Mind”: 100-Year Austrian Bond With Record Duration 3x Oversubscribed

    As we reported yesterday, Austria was set to make Eurozone history with the first sale of a 100 year bond direct to public markets, bypassing private syndication. It did that later in the day, when the 3.5 billion offering priced tighter than initially marketed, at RAGB 2/2047 +50, at a price 99.502 to yield a paltry 2.112% and with a negligible 2.1% cash coupon.
    What is even more notable is that despite mounting fears of an imminent tapering by the ECB which many have predicted will lead to a new European bond tantrum and blow out in yields, there was tremendous end demand by investors for the offering managed by BofAML, Erste Group, GS (B&D), NatWest and SocGen, mostly fund managers from across the globe, resulting in what ended up being more than 11BN in 208 different bids for the paper, an oversubscription of more than 3x! The breakdown for the final allocation is was follows, courtesy of Bloomberg:
    3.5b 100Y tranche: Book exceeded 10.8b from 208 investors, including 1.5b of JLM interest
    Allocation by geography:
    Eurozone incl. Austria 29% Germany 13% France 4% Spain 3% Other Eurozone 9% Other Europe (non-Eurozone) 55% U. K. 42% Switzerland 9% Americas 12% Middle East 4%

    This post was published at Zero Hedge on Sep 13, 2017.


  • Mutiny “For” The Bounty?

    China recently announced they will trade oil for yuan ‘backed’ by gold. The story has gotten some press (none of it mainstream mind you), and many have questions as to what it really means. While quite complicated as a whole, when you break this down into pieces I believe it is a quite simple and logical end to Bretton Woods.
    For a background, China has had an exchange open for about a year where gold can be purchased with yuan, though the volumes so far have been miniscule to this point. China has also been all over the world inking trade deals (in yuan) and investing in all sorts of resources from oil to gold to grains, they have made no secret about this. With the most recent example here. They have trade arrangements and treaties with Russia, Iran and many other non Western nations. They have also ‘courted’ many Western nations privately (remember their meeting with the King of Saudi Arabia?) and actually lured many with their ‘Silk Road’ plans via the AIIB which was huge news last year (but nearly forgotten by Americans at this point?). We also know China has been a huge importer of gold for the last 4-5 years and done so publicly via Shanghai receipts and deliveries.
    So what exactly does ‘oil for yuan’ mean? In my opinion, China is basically leading a ‘mutiny FOR the bounty’ (we’ll explain this shortly). The only things holding the dollar up from outright death for many years has been the oil trade (and other trade commerce) between nations and settled in dollars. Anyone wanting to buy oil had to first buy dollars in order to pay for the trade. Anyone getting out of step and suggesting they would accept currency other than dollars was dealt with swiftly and harshly (think Saddam and Mohamar). In other words, the U. S. military ‘enforced’ the deal Henry Kissinger made with the Middle East (lead by Saudi Arabia) where ALL oil was settled in dollars. International trade settlement alone supported the dollar after the Nixon administration defaulted on its promise to exchange one ounce of gold for $35.

    This post was published at JSMineSet on September 6th, 2017.


  • Asian Metals Market Update: September-04-2017

    North Korea’s hydrogen bomb has given a hydrogen boost to gold and silver. Copper and industrial metals have had a technical breakout. The US dollar has remained immune to North Korea. The US Navy has increased patrols in South China Sea. East Asia is now the current middle east and north Africa of the world.
    US markets are closed today. Moves will be there. No one can sleep on their trades. Keep your eyes open and do not miss the opportunity to encash the sudden one-way moves.

    This post was published at GoldSeek on 4 September 2017.


  • Oil Tanker Logjam Grows To 54 Ships As Gulf Ports Remain Closed

    On Tuesday, just as Hurricane Harvey was peaking, we reported that according to ship-tracking data compiled by Bloomberg, as well as MarineTraffic real-time tracking, at least 25 tankers carrying almost 17 million barrels of imported crude oil were drifting near Texas and Louisiana ports, unable to offload because of closures from Tropical Storm Harvey.
    Since then the situation has deteriorated by more than double, and as of Friday evening, Bloomberg reports that 54 tankers with capacity more than 33 million barrels either to deliver imported crude from Latin America, Europe, Caribbean, Africa and Middle East or receive U. S. supplies are drifting off U. S. Gulf Coast as several key ports remain closed while others are open with restrictions.
    The historic “tanker traffic jam”, last observed nearly two years ago as traders scrambled to store crude tankers in the same region in hopes of contango, can be seen on the Marine Traffic map below, only this time it has little to do with the shape of the oil strip, and everything to do with the logistical complications following Harvey :

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


  • Gold Coins and Bars See Demand Rise of 11% in H2, 2017

    – Gold coins, bars see demand rise of 11% in H2, 2017 to 532 tonnes according to WGC Gold Demand Trends
    – Gold investment demand strong in China, India & Turkey
    – Demand in Turkey surges on double digit inflation
    – Total gold demand declines in Q2 on slower U. S. ETF inflows
    – Gold held in ETFs in Europe reached all time high of 978t
    – U. S. ETF inflows slowed from last year’s record
    – Central banks continue to buy – 94t of declared purchases
    – Turkey joined Kazakhstan & Russia in buying gold
    – Well balanced market: ETF inflows continue and jewellery, technology and bar & coin demand up
    – Important to note this is all official, transparent and recorded demand. There is demand and flows of gold that cannot be and are not recorded – especially into the Middle East, India, Russia and of course China

    This post was published at Gold Core on August 3, 2017.


  • The West lost at least another 1000 tonnes of large gold bars in 2015

    Over the last number of years, one of the most interesting trends in the physical gold world is the ongoing conversion of large 400 ounce gold bars into smaller high purity 1 kilogram gold bars to meet the insatiable demand of Asian gold markets such as China and India.
    This transformation of 400 ounce bars into 1 kilogram bars is an established fact and is irrefutable given the large amount of evidence which proves it is happening, as has been documented on the BullionStar website and elsewhere.
    It is also something which causes plenty of excitement in the gold world as it underscores the huge movement of physical gold from West to East, and the continual depletion of gold inventories from locations such as the London Gold Market.
    The general movement is one of 995 purity 400 ounce gold bars coming out of gold-backed ETFs, central bank gold holdings and other wholesale gold holdings, and these bars making their way to the Swiss refineries where they are transformed / smelted / recast into smaller 9999 high purity gold bars. The smaller gold bars are then exported from Switzerland to India, China, Hong Kong, and the Middle East.

    This post was published at Bullion Star on 31 Jul 2017.


  • June Swiss gold exports: 90% moving east — Lawrie Williams

    The latest figures for gold exports from Switzerland just further emphasise that physical gold is continuing to move eastwards in a big way. The country’s gold refineries sent 74% of their gold exports to Greater China (the Chinese mainland and Hong Kong) and India alone, while if we add in other south and east Asian nations – Malaysia, Singapore, Taiwan, Thailand and South Korea – and the Middle East – Turkey, the UAE, Lebanon and Jordan – fully 90% of Swiss gold exports that month moved to this region.
    Why is this so significant? Switzerland produces no gold of its own, but its gold refineries between them are the world’s largest gold exporters taking gold bullion and scrap from mines and other sources, including good delivery 400 ounce bars, and re-refining these into the smaller sizes in demand in Asia and the Middle East and re-exporting the bullion mostly to these eastern nations.
    The latest Swiss figures also support the anecdotal evidence of extremely tight supply, with the Swiss refineries struggling to source enough gold to meet the eastern demand. In June, Switzerland exported in total 162.1 tonnes of gold while only importing 124.9 tonnes – a shortfall of 37.2 tonnes. This is the second month in a row where Swiss gold exports were substantially larger than imports – the figure for May was around 39 tonnes.

    This post was published at Sharps Pixley


  • Turkey gold imports still riding very high — Lawrie Williams

    By our reckoning, Turkey has imported some 174 tonnes of gold in the first half of the current year. This reflects a degree of political turmoil both before and after the April referendum, which gave President Erdogan sweeping additional powers, but also Erdogan’s advice late last year that citizens should buy gold or Turkish lira rather than dollars in converting foreign currency or as a hedge against future uncertainties. It looks as though his advice has been well heeded as far as gold is concerned.
    This year’s imports to date have already exceeded the 106 tonnes imported in full year 2016, which in turn was more than double the amount imported in 2015. Thus this year’s figures represent an enormous increase on prior years’ figures and probably puts Turkey currently in place as the world’s third largest net importer of gold, after China and India.
    With Chinese gold demand remaining reasonably strong and Indian demand hugely up in the first half of the year ahead of the new GST imposition, gold flows from the West to the Middle East and South and East Asia have been very strong in the first half of the year and have probably accounted for just about all of the world’s new mined gold, which puts physical metal in short supply in the west.

    This post was published at Sharps Pixley


  • Buy Gold Near $1,200 ‘As Insurance’ – UBS Wealth

    – Buy gold near $1,200 ‘as insurance’ – UBS Wealth
    – UBS believe investors should take advantage of gold’s first monthly decline
    – ‘We like the insurance qualities for gold’ on uncertainty
    – Strong demand, weak output and low dollar to support
    – Warning as North Korea tests intercontinental ballistic missile
    – Launch of ICBCM is a ‘new escalation of the threat’ and revives geo-political risks
    – Syria, Qatar, Saudi, Israel, Iran risks mean Middle East remains powder keg
    – Academic research points to gold’s role as a safe haven
    – Gold as Safe Haven a must read for investors
    ***
    Yesterday North Korea sent the US a ‘package of gifts’ for Independence Day.
    Unsurprisingly the successfully tested and launched intercontinental ballistic missile (ICBM) was not well received. US Secretary of State Rex Tillerson called the move a ‘new escalation of the threat’ to the U. S. and its allies and that ‘global action is required to stop a global threat.’

    This post was published at Gold Core on July 5, 2017.


  • Asian Metals Market Update: June-22-2017

    Factors which can affect markets
    I will once take a close look at the Syrian conflict. NATO has recently shot down a Syrian fighter jet and an Iranian drone. These will only escalate tensions between NATO and Russian allies. Syrian forces are gaining ground despite NATO sending its own terrorists. The deterioration of relations between European Union and Turkey will also have an impact on the whole of Middle East and North Africa region. Germany is forced to shift its airbase in Turkey. An anti EU turkey will only escalate the tensions in and around the Persian Gulf and Red Sea zone. Gold demand in Eastern Europe could zoom as a result.
    Technically the correction in gold, silver and copper is over. Gold can rise to $1296 as long as it trades over $1227-$1237 zone. Silver needs to trade over $1609 till early August to continue its medium term bullish zone. Copper can rise to $296-$312 zone by end August as long as it trades over $242-$247 zone. Crude oil should form a long term bottom anytime between now and 4th July.

    This post was published at GoldSeek on 22 June 2017.


  • Barclays, Former CEO Criminally Charged Over Qatar Fundraising

    Two familiar names are in the news this morning, after the UK’s Serious Fraud Office filed criminal charges against Barclays Plc and four former executives, including former CEO John Varley, for conspiracy to commit fraud regarding the bank’s 2008 capital raising from Qatar. The SFO said Tuesday that former Chief Executive Officer John Varley, former chairman of investment banking for the Middle East Roger Jenkins, ex-deputy head of investment banking Richard Boath and ex-wealth chief Thomas Kalaris face charges along with the bank.
    The SFO allegations focus on how Barclays arranged two capital injections from Qatari investors during the 2008 financial meltdown, when the bank raised 11.8 billion ($15 billion) to prop it up and avoid a state bailout unlike peers RBC and Lloyds. Barclays said it paid 322 million in ‘advisory services’ to Qatari investors, which wasn’t initially disclosed after the capital was raised. The SFO charged the individuals and the bank with conspiracy to commit fraud. Two individuals, including its former Chief Executive John Varley, were also charged with the provision of unlawful financial assistance. Additionally, the SFO’s charges also relate to a $3 billion loan facility Barclays made to the State of Qatar acting through the ministry of economy and finance in November 2008, just after its second capital raise.
    The WSJ adds that the case marks the first time that top executives at a U. K. bank face criminal charges for their actions during the financial crisis. If Barclays is found guilty it faces a fine but wouldn’t lose its banking license. Barclays said in a statement it is ‘considering its position in relation to these developments.’
    More from the WSJ:

    This post was published at Zero Hedge on Jun 20, 2017.