Gold: $1275.30 UP $4.00
Silver: $18.28 UP 5 cents
Closing access prices:
Gold $1286.90
silver: $18.49!!!
Premium of Shanghai 2nd fix/NY:$9.90
LONDON FIRST GOLD FIX: 5:30 am est 1272.30
For comex gold:
For silver:
For silver: APRIL
Total number of notices filed so far this month: 744 for 3,720,000 oz

This post was published at Harvey Organ Blog on April 12, 2017.

Fed’s Kaplan Warns Trump “US Too Levered To Use Debt For Growth”

Federal Reserve Bank of Dallas President Robert Kaplan had lots to say this morning that, for now, the market has chosen to ignore. He warned “we are highly leveraged” implicitly warning President Trump that the country’s ability to boost growth through debt is limited.
Speaking in Fort Worth, Texas, Kaplan said today that general measures of unemployment in the U. S. indicate that there is still slack in the labor market, although it’s abating, Reuters reports.
He added:

This post was published at Zero Hedge on Apr 12, 2017.

New York’s Office Market Gets Crushed, Bubble Deflates

Where the heck is the Foreign Money when you need it?
The market for office buildings in one of the hottest and most overheated real-estate markets in the world, New York City, just went into the deep-freeze. If you see the word ‘plunge’ a lot below, it’s because that’s what happened in the first quarter of 2017.
It was exactly what no one in the industry needed. Sales of large office properties (those with over 50,000 square feet) that closed in Q1 2017 plunged 63% from $5.54 billion in Q1 2016 to $2.1 billion. It was the lowest transaction amount in any quarter since Q1 2013.
According to Commercial Caf, which analyzed data from Yardi Matrix and PropertyShark, that $2.1 billion in Q1 office sales, in total 10 deals, was down an ear-ringing 80% from the $10.3 billion, and 26 deals in Q1 2015.
This chart shows the plunge in billion dollars:

This post was published at Wolf Street by Wolf Richter ‘ Apr 12, 2017.

Tech Stocks Experience Their Longest Losing Streak In 5 Years As Panic Begins To Grip The Market

S&P 500 tech stocks have now fallen for 9 days in a row. The last time tech stocks declined for so many days in a row was in 2012, and that was the only other time in history when we have seen such a long losing streak. As I have stated before, the post-election ‘Trump rally’ is officially done, and the market is starting to roll over as investors begin to realize that all of the buying momentum has completely evaporated. Tech stocks tend to be particularly volatile, and so the fact that they are starting to lead the way down should definitely be alarming to many in the investing community. Of course it isn’t just tech stocks that are falling. The Dow was down another 59 points on Wednesday, and the S&P 500 has closed beneath its 50 day moving average for the very first time since the election. For those that have been waiting for a key technical signal before getting out of the market, there is one for you.
The price of gold was up again, and that is definitely not surprising in this geopolitical environment. The closer we get to war the higher gold and silver prices will go, and if we actually get into a major conflict we will see them blast into the stratosphere.
Another key indicator that I am watching very closely is the VIX. On Wednesday it shot up above 16 for the very first time since the day after Trump’s election victory, and many believe that it could soon go much higher. The following is an excerpt from a CNBC report…

This post was published at The Economic Collapse Blog on April 12th, 2017.

Fed Bombshell Minutes Indicate Balance Sheet Reductions, Suggest Markets are Overvalued

With the recent Fed minutes confirming the central bank is contemplating shrinking its balance sheet, many are wondering where that leaves markets and interest rate policy going forward.
This time on Financial Sense, we spoke with Gary Dorsch, editor of Global Money Trends magazine, for his take on the Fed’s next move and what we can expect for the economy.
Markets Overvalued
Ever since the S&P hit its all-time high of 2400 on March 1, the day after President Trump gave his much-lauded speech to Congress, we’ve seen it decline to near the 2354 level. Also, the Dow Industrial’s current reading of 20,600 is about 500 points off its all-time highs.
The market was overvalued on a P/E ratio, Dorsch noted, with the S&P trading at 25 times its 12-month trailing earnings, well above its historical levels.
‘There are some doubts now as to whether Mr. Trump can get his grandiose fiscal policies through Congress,’ Dorsch added. ‘There are also doubts about how much tax cutting can come about … and whether he has the pull on Capital Hill to get his policies through.’
In fact, the Fed made an effort to warn traders in the first week of March that they were moving up their rate hike schedule and reiterated that they still intend to raise the Fed Funds rate two more times between now and the end of the year.

This post was published at FinancialSense on 04/11/2017.

Jim Rickards: Implementing Trump’s Economic Plan is ‘Sheer Fantasy’

Is the so-called Trump Trade about to unravel? Economic analyst Jim Rickards thinks so. The Trump Trade rests on the idea that the president’s proposed policies of lower taxes, infrastructure spending, Obamacare repeal, and decreasing government regulations will juice the economy. As a result, corporate earnings will increase and the stock market will rise with them.

Indeed, with Trump’s election, the stock market took off on a bull run. Between Election Day and March 1, the Dow gained 15%, moving from 18,332.74 to 21,115.55. Some have dubbed it the ‘Trump Bump.’
Ironically, on the campaign trail, Trump called the stock market a ‘big, fat, ugly bubble.’ He was right. Last spring, Yahoo Finance reported on analysis showing that 93% of the entire stock market move since 2008 was caused by Federal Reserve policy. Nothing has fundamentally changed. But once Trump took office, he immediately started taking credit for the stock market rally. Now we’re seeing signs that the Trump Bump may have – well – hit a bump.
Stocks fell precipitously in late March, and some analysts see it as a sign the Trump Trade is unwinding. The Dow Jones lost 2% in March. It’s lost another 100 points since the beginning of April. Why?
Part of it has to do with increasing geopolitical uncertainty. But it also seems the bloom is beginning to fall off the rose, and many have realized the Trump economic plan may never come to pass. There were hints of impatience even back in February when the market was hitting its peak.

This post was published at Schiffgold on APRIL 12, 2017.

Trump Flips On Five Core Campaign Promises In Under 24 Hours

Blink, and you missed Trump’s blistering, seamless transformation into a mainstream politician.
In the span of just a few hours, President Trump flipped to new positions on several core policy issues, backing off on no less than five repeated campaign promises.
In a WSJ interview and a subsequent press conference, Trump either shifted or completely reversed positions on a number of foreign and economic policy decisions, including the fate of the US Dollar, how to handle China and the future of the chair of the Federal Reserve.
Goodbye strong dollar and high interest rates
In an announcement that rocked currency markets, Trump told the WSJ that the U. S. dollar ‘is getting too strong’ and he would prefer the Federal Reserve keep interest rates low. ‘I do like a low-interest rate policy, I must be honest with you,’ Mr. Trump said. ‘I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting – that will hurt ultimately,’ he added. ‘Look, there’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good.

This post was published at Zero Hedge on Apr 12, 2017.

Stocks and Precious Metals – Abide

Gold and silver had a very good follow through on the rally yesterday, going out on the highs even into the after hours trade.
Gold is around 1283 and silver 18.50. A weaker dollar helped, in addition to strong physical buying from India for the festival and wedding seasons.
Stocks were off a bit and the VIX ticked higher, in line with a ‘risk off’ day that was propelling the safe haven trade in the precious metals.
I see that the Kitco precious metals ticker on the left has been lagging updates badly. I don’t know what their problem may be, but I moved that ticker below the two from Nick Laird which while they show the five day price trend also show the most recent price and time for each metal.
While they are showing some good strength, the metals need to keep moving to set the higher highs that may persuade the markets in general that their long sideways consolidation trend is over.
It appears that we will have a very early treatment slot at hospital every day for the next three weeks, so I will be around most afternoons. I am not going to promise to stay awake. lol

This post was published at Jesses Crossroads Cafe on 12 APRIL 2017.

North Korea Said To Be Preparing Nuclear Device Detonation; Test Site Is “Primed And Ready”

US gov’t and other sources say #DPRK has apparently placed a nuclear device in a tunnel and it could be detonated Saturday AM #Korea time.
— Steve Herman (@W7VOA) April 12, 2017

In a striking development involving the rapidly changing North Korean geopolitical situation, moments ago Voice of America reporter Steve Herman stated that according to US government and other sources, North Korea has “apparently placed a nuclear device in a tunnel and it could be detonated Saturday AM Korea time.”
He then quotes an NSA official who had no comment at this time, but said “we will be watching closely.”
Herman notes that this could be North Korea’s 6th nuclear test, following previous tests in 2006, 2009, 2013 and twice in 2016.

This post was published at Zero Hedge on Apr 12, 2017.

Gold and Silver Market Morning: April 12 2017 – Gold breaks up to new higher resistance!

Gold Today – New York closed at $1,272.60 yesterday after closing at$1,254.30 Monday. London opened at $1,273.4 today.
Overall the dollar was weaker against global currencies early today. Before London’s opening:
– The $: was weaker at $1.0621 after yesterday’s $1.0608: 1.
– The Dollar index was weaker at 100.61 after yesterday’s100.90.
– The Yen was stronger at 109.70 after yesterday’s 110.66:$1.
– The Yuan was stronger at 6.8943 after yesterday’s 6.9012: $1.
– The Pound Sterling was stronger at $1.2497 after yesterday’s $1.2416: 1.
Yuan Gold Fix
The Shanghai Gold Exchange was trading at 284.30 towards the close today. This translates into $1,277.61. New York is trading at a $5.01 discount to Shanghai and London opened at a $4.21 discount to Shanghai.
With the New York close $9 higher than Shanghai’s opening today Shanghai had to chase gold prices higher. Likewise London had to lift prices strongly at the opening or risk arbitrageurs moving into buy heavily. It may have been either the Chinese ICBC or the global HSBC that took what stock they could off the market before the London opening to even out London’s prices with Shanghai.

This post was published at GoldSeek on 12 April 2017.

Loonie Jumps After Bank Of Canada Holds Rates, Sees Output Gap Closing Sooner

The Bank of Canada kept its benchmark overnight interest rate on hold at 0.5%, as expected, noting that the “current stance of monetary policy is still appropriate” and adding that the ‘global economic growth is strengthening and becoming more broadly-based’.
While observing that the global economic situation had brightened since January and acknowledged “the strength of recent data”, it cautioned that ‘there is still considerable uncertainty about the outlook’. It also said that ‘material slack remains’ in the Canadian labor market.
In kneejerk reaction the loonie jumped, with the USDCAD sliding below 1.327 before recouping some gains.

This post was published at Zero Hedge on Apr 12, 2017.

The Ticking Debt Bomb

Tick … tick … tick … That sound you hear is a ticking debt bomb. According to the most recent data released by the Federal Reserve, outstanding credit card debt eclipsed the $1 trillion mark in February, increasing 6.2% from a year ago. Credit card debt now stands at the highest level since the 2008 crash, according to Fortune.
However, credit cards make up just one component of the debt bomb in America. Student and auto loan debt are also both above $1 trillion and rising. Total consumer credit rose by $15.2 billion in February to $3.79 trillion. The annual growth rate of total consumer debt stands at 4.8%.
In fact, total US household debt is on pace to break a record during 2017. The previous record set in 2008 stands at $12.68 trillion – the year of the great crash. According to a report released by the Federal Reserve Bank of New York in February, total household debt hit a near-record high of $12.58 trillion in 2016. At the current pace, the record will fall sometime this year.
Mortgages make up the bulk of household debt. Student loan debt continues to spiral upward, now accounting for 10% of the total. Nearly 10 million Americans hold $200 billion in student debt. Auto loans make up 9% of household debt while credit card balances represent 6%.
Tick … tick … tick …

This post was published at Schiffgold on APRIL 11, 2017.

Trump Seeks Deal With Democrats?

The recent Syria fireworks have thrown diversionary smoke over Trump’s faltering domestic agenda.
But the clearing smoke reveals trouble for another key plank of Trump’s agenda – just like health care reform…
We refer of course to tax reform.
On the campaign trail Trump pledged he’d ‘cut the hell out of taxes.’
But the Associated Press reports that now Trump’s ‘going back to the drawing board in a search for Republican consensus behind legislation to overhaul the U. S. tax system.’
White House officials now concede it’s ‘unlikely’ that Trump will get it done by the August deadline Treasury Secretary Steve Mnuchin established.
The AP:

This post was published at Wall Street Examiner on April 11, 2017.

Gold Has Figured It Out”

Well, that didn’t take long. After unleashing a barrage of bombs on Syria, Trump wasted no time in rattling his saber towards the rest of the world.
Following a weekend meeting with Chinese Premier Xi, Trump clearly sent a message (through his twitter account) that the U. S. intends to next deal with North Korea.
China responded by moving 150,000 soldiers to the Korean border. Although it is still not clear whether China is fully on board with Trump’s plan, the North Koreans are not backing down from the fiery rhetoric.

This post was published at Zero Hedge on Apr 12, 2017.

Asian Metals Market Update: Apr-12-2017

Gold and silver have failed to take advantage of positive situations since 2013. The pace of rise in gold and silver has been very disappointing. It is one of the reasons why I am short term cautious. Long term bullishness is intact. The World gold council (WGC) has over the past year tweeted news industrial uses of gold. The gold price so far has been largely dependent on investment flows and jewelry sector demand. Higher industrial demand implies that once the global interest rate hike cycle tops out (at the most by 2018), the pace of rise of gold prices will be much much quicker than expectations.
Easter holiday goers will now rethink their trading strategy (particularly if they are short). Short covering will be there in gold on a break of $1281 and in silver on a break $1857. Momentum at the moment seems to be bullish for gold and silver, but the rise will be dependent on the ability to break past key resistances of $1281 and $1857.

This post was published at GoldSeek on 12 April 2017.

US Deploys “Nuclear Sniffer” Plane To Japan As North Korea Tensions Come To A Boil

As tensions over North Korea’s nuclear program mount, the United States Air Force has deployed a WC-135 (a.k.a. the “Nuclear Sniffer”), an aircraft that specializes in detecting radioactive debris after the detonation of a nuclear device, to Okinawa, Japan to assist with monitoring for potential nuclear tests in the region. The aircraft was deployed to Kadena Air Base, Okinawa, as confirmed by the Nikkei media outlet reported based on talks with a senior Japan Self Defense Forces official.
According to The Aviationist, the WC-135 can be used to capture atmospheric samples and analyze the fallout residue in real-time to help confirm the characteristics of any nuclear warhead used.
Constant Phoenix flies in direct support of the U. S. Atomic Energy Detection System, a global network of nuclear detection sensors that monitor underground, underwater, space-based or atmospheric events. As the sole agency in the Department of Defense tasked with this mission, AFTAC’s role in nuclear event detection is critical to senior decision makers in the U. S. government, says the Air Force.

This post was published at Zero Hedge on Apr 12, 2017.

Something Strange Happened During Yesterday’s London PM Gold Fix

Something strange happened during yesterday’s afternoon London fix: as gold was surging on a spike in geopolitical fears, which slammed the USDJPY below 110 and sent traders scrambling into safe assets such as TSYs, London’s gold price benchmark waterfalled lower before fixed some $12 below the spot price on Tuesday afternoon as “the auction appeared to become locked in a downward spiral”, according to Reuters.
From an initial $1,265.75, close to the spot price at 3pm London time, the auction price ratcheted steadily lower, with the gold price sliding by roughly $1-$2 increments every 30 seconds, before fixing at $1,252.90 in the ninth and final round. From the fifth round to the eighth the bid and offer volumes remained frozen, unable to match.

This post was published at Zero Hedge on Apr 12, 2017.