Posted by Investment Rarities on March 8th 2014 in China, Federal Reserve, General Economy, Gold, Goldman Sachs, Janet Yellen, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!
Following Friday’s release of a better than expected non-farm payrolls report showing that 175,000 new jobs were created in February, gold and silver futures fell 1% and 3% respectively. “Investors were looking for a number that could potentially ‘taper the taper’ but obviously that concept is completely off the table,” according to one analyst quoted by MarketWatch.
But fund manager and frequent precious metals commentator, Axel Merk, tells Reuters that while the jobs number was “a decent data point,” he contends that “Ultimately, the Fed is not interested in tightening any time soon because Yellen says she doesn’t think inflation is a problem.” And a post at Jesse’s Café Américain points out that “while gold fell down to the support of its tightening symmetrical triangle, it would not stay down, even in the non-active month of March which is seasonally poor for the precious metal.”
GoldSeek: Gold and silver end mixed on the week
Peter Schiff/Dan Norcini: Weather or not?; The Friday job’s curse
Zero Hedge: Record jobs for old workers; everyone else – better luck next month; No raise for you – Earnings growth drops to new post-Lehman lows
Bloomberg: Commodities – Gold defying Goldman Sachs with coffee percolating
In Gold We Trust: China’s road to secret gold accumulation
CNBC: 4 potential killers lurk as bull market hits 5
Posted by Investment Rarities on March 7th 2014 in Bitcoin, China, Federal Reserve, General Economy, Gold, India, Monetary Policy, Russia, Short Sellers, Silver, Wall Street | Be the first to comment!
Gold and silver gained 1% and 1.3% respectively on Thursday, after the ECB left interest rates unchanged, sending the euro to its highest level this year against the dollar, and the Crimean Parliament voted to secede from Ukraine and join the Russian Federation, scheduling a referendum for March 16th. “Dip buying has continued to occur in gold with the situation in Ukraine keeping bears nervous,” writes Dan Norcini, “but in my mind, the big driver has been the weakness in the dollar and the continued move higher across certain key commodity markets.”
Zero Hedge: Gold and silver recover Putin “fold” losses; The Russian perspective – “There will be war in Ukraine”
GoldSeek: Axel Merk: The dollar’s long-term decline
SafeHaven/Gold Silver Worlds: Renewed Indian demand driving gold prices higher?; Why increased Western gold demand could lead to a gold supply shortage
Gold & Silver Blog: Gold bear forecasts $500 price plunge even as gold prices climb
GATA: The Economist finally has to note complaints of gold price rigging
Los Angeles Times: Will the real creator of bitcoin please stand up?; Newsweek article
Posted by Investment Rarities on March 6th 2014 in China, Federal Reserve, General Economy, Gold, Monetary Policy, Russia, Short Sellers, Silver, Wall Street | Be the first to comment!
Gold and silver futures ended slightly higher on Wednesday, reports Reuters, “after data showed U.S. private employers added fewer workers than expected in February and services sector growth hit a four-year low…. but gains were slight as Washington and Moscow set up talks to reduce tensions over Ukraine, reducing gold’s safe-haven bid.”
And as one analyst tells MarketWatch that while the situation in the Ukraine “caused some demand in the gold market,” he still considers it to be “a bottom-fish play,” another argues that “All it needs is for one itchy trigger finger to twitch, and things could get very messy, very fast. Even in the unlikely event of everyone suddenly deciding to get along, the downside is fairly limited. The upside however, in times of war/civil unrest, is pretty much unlimited.”
Barron’s: Gold is heading back to a bull cycle, Nomura says
Reuters/Bloomberg: London gold-fix banks accused of manipulation in U.S. lawsuit
GATA: Russia and China nudging the world away from dollar and toward gold, analyst Stoferle says
Zero Hedge/SafeHaven: Mark Spitznagel warns “Fed’s Frankenstein markets are totally an illusion”; Is more central bank intervention coming soon?
Peak Prosperity: James Howard Kunstler – Are you crazy to continue believing in collapse?
Posted by Investment Rarities on March 5th 2014 in China, Federal Reserve, General Economy, Gold, India, Monetary Policy, Russia, Short Sellers, Silver, Wall Street | Be the first to comment!
Silver and gold futures retreated about 1% on Tuesday as Russian President Putin was seen cooling tensions over Ukraine, saying at a press conference that using military force would be “absolutely the last resort.” But Reuters reports that “Economic uncertainty related to worries over Ukraine, however, should underpin gold prices, analysts said,” quoting one commodities broker arguing that “equities look incredibly vulnerable for a pullback. All you need is an issue like Ukraine that will lead to global concerns about the economy. I expect a lot of investor interest in gold.”
USA Today/Ria Novotsi: Markets punish Putin over intervention; Putin adviser urges dumping U.S. bonds in reaction to sanctions
In Gold We Trust: India imported 6125 tonnes of silver in 2013
WSJ: China now biggest driver of gold prices, HSBC says
Marc Faber – Gold is one of the few cheap assets
ABC News: $10M gold coin hoard found in yard may have been stolen from mint
Confounded Interest: Citi’s U.S. Economic Surprise Index off to worst start since 2009
Posted by Investment Rarities on March 4th 2014 in China, Federal Reserve, General Economy, Gold, India, Monetary Policy, Russia, Short Sellers, Silver, Wall Street | Be the first to comment!
“It seems as if the confidence in gold as a safe-haven asset is returning,” said one asset manager quoted by Bloomberg, after gold and silver futures gained 2.2% and 1.1% respectively on Monday. He added that “Geopolitical concerns and worries about a slowdown in the U.S. and other parts of the world are pushing people to gold.” And according to a post at Jesse’s Café Américain, “Gold popped very hard today on what is undeniably a flight to safety out of fiat currencies and into something that is durable in a crisis with less counterparty risk. It was a clear result of the tension in the Crimea.”
Reuters/Investors.com: Singapore – Gold holds near 4-month high on Ukraine crisis; ETFs – Gold & bonds shine as Russia leads global sell-off
Guardian/AP: Ukraine crisis sends Russian stock market tumbling; Shares of Russian companies traded in U.S. plummet
BullionVault: Gold’s big 2014 surprise
SilverSeek: Silver will be the king precious metal performer
In Gold We Trust: Chinese physical gold demand YTD 369t up 51% Y/Y
Reuters/Bloomberg: India tightens checks to curb gold smuggling; India jewelers plan shutdown to demand easier gold import rules
Posted by Investment Rarities on March 1st 2014 in CFTC, China, Federal Reserve, General Economy, Gold, Monetary Policy, Short Sellers, Wall Street | Be the first to comment!
Despite a down day on Friday and some profit taking this week, gold and silver ended February with gains of 6.6% and 11% respectively for the month, reports MarketWatch, which also looks at gold’s “sidekick” in its weekly “Commodities Corner” column, explaining that “Silver isn’t just tracking gold, its breaking some ground of its own — at least when it comes to holdings in exchange-traded funds and demand for silver coins.”
And with gold logging its second straight monthly gain, and its biggest since July, Reuters quotes one analyst as saying that “In general whether it’s Ukraine, the U.S. economic data or worries about China, there seem to be a lot more reasons than there were six weeks ago for looking at gold.”
Alasdair Macleod/Mineweb: Gold in 2013 – The foundation for 2014; GLD’s first monthly tonnage gain since Dec. 2012. Is the tide turning?
Reuters: Chicago Fed’s Evans: Fed may need to let inflation run hot to meet goals
Money Morning: Silver – Expect continuing rally in coming months
Bloomberg/GATA: Gold fix study shows signs of decade of bank manipulation; Sharps Pixley’s Ross Norman – Is the London fix fixed?
Reuters/The Golden Truth: Yuan suffers biggest weekly loss as PBOC punishes speculators
Posted by Investment Rarities on February 28th 2014 in China, Federal Reserve, General Economy, Gold, Janet Yellen, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!
Gold and silver ended a fraction of a percent higher on Thursday, as Ukrainian tensions and comments in Senate testimony by Fed Chairwoman Janet Yellen, who spoke of a possible “softness” in the economy, were seen driving safe-haven demand. And while she indicated that it would take a “significant change” in the economic outlook to curtail tapering, she also said the Fed was “attentive to signals” on economic strength or weakness, reports MarketWatch, quoting one analyst as saying the “gold and silver market is taking this as a possibility that the rate of tapering … could be reduced as a reaction to any meaningful negative impact” in the first quarter of this year.
Reuters: World’s biggest gold ETF eyes 1st monthly inflow in over a year
Bloomberg: Credit Agricole – Easy money shorting gold over on China
Financial Sense: The 2014 gold rally: The real deal, or a flash in the pan?
Stockhouse: How to play the silver price rally
Investing.com: Silver’s coffee analog
Peak Prosperity: The stock market’s shaky foundation
Posted by Investment Rarities on February 27th 2014 in China, Federal Reserve, General Economy, Gold, Media, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!
Mineweb‘s Lawrence Williams asks readers to compare the headlines of the above articles “for effectively the same story using exactly the same figures…According to the Bloomberg interpretation of the latest gold import and export figures from the Hong Kong Census and Statistics Department, the special administrative region exported a net 83.6 tonnes of gold to the Chinese mainland in January.
As Bloomberg rightly notes this is a fall – albeit a fairly small one – of around 9% from the 91.9 tonnes in December – so far so good. But gold trade between Hong Kong and Mainland China can be seasonal so perhaps the better comparison should be to compare this with the net exports from Hong Kong to mainland China in January last year – which came to a very low 19.6 tonnes – hence the 326% rise noted in the Mineweb headline. Incidentally Hong Kong net gold exports to the mainland were 96.7 tonnes in December 2012 – so the December figures for 2012 and 2013 were broadly comparable, but the January ones certainly were not!”….Read more >>>
MarketWatch/GoldSeek: Gold ends with a loss, its first in four sessions; Gold and silver fall about 1% and 3%
Zero Hedge: Silver slumps to worst day in 2 months as BofA says “sell gold”
Gold Silver Worlds: Gold and silver outlook – Recovery, recession, deflation or seasonality?
MarketWatch: Matthew Lynn – Three warning signs from higher gold prices
GATA: Financial Times story on gold price rigging was erased deliberately
Posted by Investment Rarities on February 26th 2014 in Bitcoin, CFTC, China, Federal Reserve, General Economy, Gold, Janet Yellen, JPMorgan, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!
Silver took a breather on Tuesday, ending off 0.1%, while gold added 0.4% to hit a fresh four-month high, reports Reuters, “after disappointing U.S. consumer confidence and a lackluster gain in home prices fueled concerns over the U.S. economic recovery.” To that point, Dan Norcini writes that “As long as US interest rates are not rising and investors/traders are of the opinion that the Yellen-led Fed is not going to hike interest rates anytime soon, the dollar is going to have some trouble and that means gold should continue to see rather good support on dips in price. The big key will be any economic data that comes out on the strong side – that will put a firm bid back into the dollar almost immediately and should pressure gold so anyone trading this stuff will need to pay close attention to nearly every single important economic data release.”
Barron’s: Gold is up 12% – Has a new bull market begun?
Hard Assets Investor: Rising gold still contrarian play as bears outnumber bulls
SafeHaven: All eyes on gold & China when silver could be the tipping point
SilverSeek: The coming silver storm – The public is not prepared
Reuters: U.S. senator presses CFTC nominees to rein in banks in physical market
CBS News: Major bitcoin exchange goes dark, prices tumble
Posted by Investment Rarities on February 25th 2014 in Bitcoin, CFTC, China, Federal Reserve, General Economy, Gold, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!
Gold and silver were up about 1% each on Monday, reaching 16-week highs on what a Bloomberg article describes as “speculation that weakening U.S. growth and turmoil in Ukraine will boost demand for the precious metals as a haven.” Reviewing the recent run-up for gold and silver, Tim Iacono points out that it’s the first time in 18 months that both metals rose for three straight weeks. And he observes that going forward, “Short-term technical indicators remain positive for gold and silver as dips are short-lived and quickly bought, though some consolidation should be expected after the recent price run-up that could also temper demand in the East where buyers are much more cost-sensitive.” … Read more >>>
Mineweb: Can physical demand boost gold during traditionally dour March?
In Gold We Trust: Weekly Chinese gold demand transcends global mining production, again
Bullion Vault: Silver price breaks $22 but some analysts see “substantial” risks
Gold Silver Worlds: Gold and silver sentiment improving significantly; Financial Times removes article, “Gold price rigging fears put investors on alert”
Got Gold Report: Jim Grant – Fed worries; Alasdair Macleod – Fiat currencies unstable, dangerous
Reuters: Security firm – ‘Pony’ botnet steals bitcoins, digital currencies
Posted by Investment Rarities on February 22nd 2014 in China, Federal Reserve, General Economy, Gold, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!
With gold and silver futures up about 0.4% and 1.7% respectively on the week, following gains of 0.5% each on Friday, the above chart shows that the gold/silver ratio (GSR) dropped below 60 this week, after being above that figure for most of the last three years. In an article looking at both the short and long-term trends — the GSR has ranged from 15 to 100 since the founding of the Fed 100 years ago — The Golden Truth argues that the recent movement in the ratio “is telling us that there is a high probability that gold and silver are starting to embark on a big bull market move higher. Additionally, if you like a little ‘leverage’ with your market play, silver should outperform gold.”
Zero Hedge: Silver surges as bonds, stocks, and the USD end week unchanged
SilverSeek/KWN: Gold and silver extend their rallies amid escalating Chinese demand for gold
BullionVault: UK gold exports were twice ETF selling in 2013
In Gold We Trust: Bundesbank attempts to subdue concerns about gold repatriation
GATA: Alasdair Macleod – Currency bubble may be next to pop
Posted by Investment Rarities on February 21st 2014 in China, Federal Reserve, General Economy, Gold, Janet Yellen, Media, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!
The prospect of additional QE from China was seen as the catalyst for gold and silver rising after the country’s manufacturing sector hit a seven-month low, based on the HSBC PMI reading. Spot gold and silver ended up 0.9% and 1.5% respectively, with the gains also attributed to weak U.S. manufacturing data from the Philadelphia Fed. A USA Gold article points out that while one manufacturing gauge, Markit PMI, came in better than expected, “the Philly Fed index was a huge miss…. The jobs component of the index fell to fell to 4.8 from 10.0 in January, which has already resulted in some negative revisions to February nonfarm payrolls expectations. I suppose there is a chance that another bad NFP print could prompt Yellen to push for reconsideration of tapering when she presides over her first meeting as chair in March.”
Bloomberg: Switzerland sent 80% of bullion exports to Asia in January
Mining.com: Two ‘outright’ bears have second thoughts on 2014 gold price
GoldPrice.org: Franklin Sanders: Silver and gold prices have bottomed, period.
Gold Silver Worlds: Silver doesn’t have much resistance between $21 & $26
Matt Taibbi says goodbye to Rolling Stone, joining Glenn Greenwald at First Look Media