Archive for the ‘India’ Category

‘Dark Side’ Seen as Bright Spot for Silver Prices

Posted by on April 19th 2014 in China, Federal Reserve, General Economy, Gold, India, Janet Yellen, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!


“There is an insidious Dark Side to the silver mining industry that goes unnoticed by the majority of investors and analysts,” according to the SRSrocco Report‘s Steve St. Angelo.  Based on his figures for 2013, the top six primary silver miners “suffered the lowest average silver yield ever.”  And going forward, he sees it becoming more expensive to produce silver “as ore grades continue to decline while costs of energy, materials and labor increase. For those analysts who believe the price of silver is heading lower in the future… the falling yields and increased costs will prove otherwise.”

See also:

BullionVault/GoldSwitzerland:  Gold price consolidation; Gold is the world’s only ultimate asset

MetalMiner:  When to buy gold & silver – Are prices falling only to turn back up?

Barron’s/CNN Money:  The case against stocks; The divergent trend – Bad for stocks

Silver Investing News:  Dr. Doom’s calling for an economic crash — How will precious metals be affected?

Tim Iacono/  Janet Yellen and the “B-Word”; 7 crazy ideas Yellen didn’t mention, but waiting in the wings

MarketWatch: The Fed’s enormous balance sheet in seven charts

Fortune/Liberty Blitzkrieg:  Big banks lend to corporations over consumers; New report proves it – The U.S. is an oligarchy

The Week:  Food for thought – Surgeons remove 12 gold bars from Indian man’s stomach

Paper Gains Slow; Bullion Sales Grow

Posted by on April 17th 2014 in CFTC, China, Federal Reserve, General Economy, Gold, India, JPMorgan, Media, Monetary Policy, Russia, Short Sellers, Silver, Wall Street | Be the first to comment!


Gold and silver futures added a fraction of a percent on Wednesday, with gold benefiting from “some mild short covering and bargain hunting,” according to one analyst cited by Coin News, which also reports “another day of wide bullion gains,” based on numbers from the U.S. Mint, “adding to already strong figures with sales so far this week at 13,500 ounces in gold coins and 1,122,000 ounces in silver coins. Those top last week sales of 9,000 ounces in gold coins and 1,050,500 ounces in silver coins.”

Dan Norcini sees gold “being batted back and forth between two opposing forces at the moment. The negative force continues to be the slowing Chinese economy with traders fearing a slackening of demand from that key consumer. The positive is escalating tensions in the eastern part of Ukraine.” Bloomberg quotes one commodities broker as saying that “As long as there’s uncertainty in Russia, having some exposure to gold makes sense. With the selloff yesterday, it seems like cheaper insurance today.”

See also:

Tim Iacono/MinewebReuters omits the grey areas about China gold demand;  China gold blogger Jansen sticks by demand figures

WSJ:  India continues to bring home the gold despite import restrictions

SilverSeek:  David Morgan interview on silver market, silver price manipulation & the coming global monetary reset

Michael Pento/Wall Street on Parade:  Fed rigs markets, not the Flash Boys; Insiders tell all: Both the stock market & the SEC are rigged

Zero Hedge:  Atlanta Fed asks “Where are the jobs“; Dallas Fed’s Fisher admits, “Fed policies have made the rich much richer

Fundamentally Golden

Posted by on April 8th 2014 in China, Federal Reserve, General Economy, Gold, India, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!


With gold and silver futures falling a fraction of a percent on Monday in what was described as “quiet trade,” Peak Prosperity’s Chris Martenson turns up the volume in laying out “The screaming fundamentals for owning gold.”  He concludes that “gold is one investment that you can park for the next ten or twenty years, confident that it will perform well …The punch line is this: Gold (and silver) is not in bubble territory, and its largest gains remain yet to be realized; especially if current monetary, fiscal, and fundamental supply-and-demand trends remain in play.” In January, Martenson was profiled on the PBS NewsHour, in a segment titled, “Sounding an alarm on economic dysfunction by practicing sustainable living.”

See also:

Dan Norcini/Got Gold ReportBreaking down the latest COT reports

Mineweb:  March gold imports jump to 10-month high in India; Frank Holmes – Gold price lift matter of time with Asian demand

Bullion Street/Arabian Money:  Japan’s gold bars, coins investment demand up by five-fold ahead of tax hike; 2,250 tonnes or 40% of the world’s physical gold trade passed through Dubai last year

Guardian/Sprott’s Thoughts:  Five signs that the global economic recovery may be an illusion; Jim Rickards:  Some kind of financial calamity is inevitable

Casey Research:  Global Gold’s Claudio Grass – The fiat money system is completely nuts

Gold: 6 Weeks vs. 6 Years

Posted by on March 28th 2014 in China, Federal Reserve, General Economy, Gold, India, Monetary Policy, Russia, Short Sellers, Silver, Wall Street | Be the first to comment!


With gold and silver both off a fraction of a percent on Thursday, and gold closing below $1,300 for the first time in six weeks, MarketWatch reports that gold’s drop was attributed to modest GDP growth and expectations that U.S. interest rates could rise sooner than expected, according to Sprott’s Charles Oliver.  But he’s also quoted as speculating that gold “could reach $5,000 during this decade as deficits and rising debts, exacerbated by demographic issues, are here to stay — and money printing and higher gold demand along with them.”

See also:

News Ledge/DanNorcini:  Gold and silver prices lose key levels on stronger dollar

SafeHaven:  Welcome to the Currency War, Part 14: Russia, China, India bypass the petrodollar

In Gold We Trust:  A first glance at U.S. official gold reserves audits

Citywire/BloombergGold bullion the only global meltdown safeguard, says asset allocator; Singapore’s SGX is said to consider plan for physical gold trading rush in Japan over impending tax rise; Drought spurs mini-gold rush in Sierras

Naked Capitalism/Barry Ritholz:  How banks fleece heirs on reverse mortgages; Attention suckers – Please send us your money

The Week:  Why America lags the rest of the developed world in retirement security

MarketWatch: ‘How Gold has Stomped the Competition’

Posted by on March 22nd 2014 in CFTC, China, Federal Reserve, General Economy, Gold, Goldman Sachs, India, Janet Yellen, JPMorgan, Monetary Policy, Russia, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!


“After a 28% price plunge in 2013, the worst since at least 1984, analysts weren’t expecting much from gold this year,” begins MarketWatch’s annotated slideshow on how “Gold is beating nearly every investment this year…. Many big banks were forecasting average 2014 prices below $1,300 an ounce, down from last year’s average of $1,413. But the precious metal has already managed to outperform U.S. stocks, bonds, emerging markets and the dollar.

Gold benefitted as two important sources of demand bought at the same time: Western speculators and Eastern savers, said Brien Lundin, editor of Gold Newsletter…. The metal’s performance has been impressive against a bevy of assets. But its path is far from set. Developments between Ukraine, Russia and the West are still fluid, and hints from Federal Reserve Chairwoman Janet Yellen that a U.S. interest-rate hike could take place sooner rather than later could make bond yields more attractive. Still, if you were one of those contrarians who were quietly bullish in January, we’ll forgive some back-patting. In seven charts, here’s a look at how gold has stomped the competition and what could come next.” ….Read More >>>  

See also:

Zero Hedge/Mineweb:  Goldman doubles down its hate on the best performing asset of 2014; Goldman’s blinkered view on gold could be so wrong

Dan Norcini:  Carnage in biotech sector provides support for gold

SilverSeek/Jesse’s Café Américain: Ted Butler – Suing JPMorgan & the COMEX; “My primary concern is a lack of transparency.”

CNBC:  Peter Schiff and Mark Dow do battle on gold

Zero Hedge/Asia TimesPetrodollar alert:  Putin prepares to announce “holy grail” gas deal with China; How Crimea plays in Beijing

The Hankyoreh/Bloomberg:  Official gold market to open in South Korea; Smuggled gold in flower pots defying India import limits

Yellen, Fed Rattle Markets

Posted by on March 20th 2014 in CFTC, China, Federal Reserve, General Economy, Gold, India, Janet Yellen, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!


The Federal Reserve’s FOMC said in a statement on Wednesday that it will continue to taper its bond-buying program, and Fed Chair Janet Yellen suggested in a press conference that interest rates could begin rising six months after the bond buying ends later this year. Silver and gold ended down about 1% and 2% respectively, stocks tanked and the dollar surged.  Gold was off about 1.3% in the regular Comex session, and dropped an additional 0.7% following the announcement to reach $1.328 in after-hours trading .

One analyst told MarketWatch that gold “appears to have put in a near term high at $1,392 last week and may be vulnerable to a re-test of $1,300.  In the bigger picture, to the extent that the U.S. economy may stumble and/or stocks correct, gold should be the more favorable asset.” And USA Gold notes that “What remains to be seen is if QE3 does indeed get fully wound down this year. If the next — and overdue — recession strikes first, I’d guess not. This may well prove to be the best buying opportunity in the gold market so far this year.”

See also:

USA Today/Zero Hedge:  Stocks hammered by Fed announcement; Market in shock by Yellen’s first FOMC appearance

Tim Iacono/Reuters: Fed makes the price of everything go down; James Saft – Fed turns hawkish, or fumbles message

AP/CBC:  US, Russia exchange threats at tense UN meeting; Russian troops seize 2nd naval base in Crimea

Guardian:  The focus is on Crimea, but next is the fight for Ukraine

Mineweb/Reuters:  Gold smuggling explodes in India; India allows more banks to import gold in easing of curbs


Metals Lifted By Dollar Drop, Crimea Vote

Posted by 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.”

See also:

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

GATAThe Economist finally has to note complaints of gold price rigging

Los Angeles Times:  Will the real creator of bitcoin please stand up?; Newsweek article

Metals Cool With Ukraine Tensions

Posted by 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.”

See also:

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

Metals Gain; Gold Boosted by ‘Flight to Safety’

Posted by 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.”

See also:

Reuters/  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

Metals’ Streaks End; Minutes Show ‘Fractious Fed’

Posted by on February 20th 2014 in China, Federal Reserve, General Economy, Gold, India, Janet Yellen, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!

FedFractiousSilver’s 11-session winning streak was snapped on Wednesday and gold fell for the first time in ten sessions.  Spot silver and gold ended down 2.1% and 0.8% respectively, after minutes from the FOMC’s late-January meeting “showed several policymakers wanted to keep cutting monetary stimulus, weighing on bullion’s inflation-hedge appeal,” reported Reuters.   But the minutes also revealed a “fractious Fed” split between doves and hawks, that a MarketWatch article characterized as “a central bank at war with itself over key issues of monetary policy and possessing no clear consensus on how to guide markets about its next steps.”

See also:

Mineweb:  Lawrence Williams – The big gold ETF turnaround and its prospective impact

P. Radomski – Gold & silver trading alert – Silver’s upswing and euro’s resistance

CoinWeek:  Patrick Heller – Massive discrepancy in 2013 China gold demand

Epoch Times:  Interview with Jim Rickards – China planning to displace dollar

Business Standard:  India – Smuggled gold doubles to 200 tonnes

Silver: Longest Win Steak Since 1968; Seen Boosted by Chinese Data

Posted by on February 19th 2014 in CFTC, China, Federal Reserve, General Economy, Gold, India, JPMorgan, Monetary Policy, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!

ChinaSilverDemandBefore spot gold and silver ended mixed on Tuesday, with gold off 0.4% and silver up 1%, Dan Norcini wrote of “both strong short covering and fresh buying occurring across the broad commodity sector this AM. The reason? Stronger than expected data out of China,” which he sees as “the reason that silver continues to outperform gold to the upside for now….Last week it was data revealing a surge in both imports and exports. Today it was the larger than expected foreign direct investment numbers. This is also the reason that the overall commodity sector continues to march higher. Shorts are getting squeezed out across the board.”

See also:

Zero Hedge:  Silver has longest winning streak since 1968Spikes to 3-month high

Seeking Alpha:  Gold and silver – Are shorts about to panic?

CNBC:  How the big money is betting on gold now

SiverSeek: Ted Butler – What really happened to Bear Stearns?

Wall Street Journal:  China overtakes India as world’s biggest gold buyer

Reuters:  Hong Kong gold exchange eyes 1,500-tonne warehouse in mainland China

Gold Alternative Gets Bad Rap in India

Posted by on February 15th 2014 in Gold, India, Media, Silver | Be the first to comment!


Tim Iacono:  “This is about the most ridiculous thing that I think I’ve ever come across when it comes to shaping opinions about investing. Straight from India, where there’s been a concerted effort to get people to invest in stocks, bonds, and other paper promises rather than gold, comes this rap video extolling the virtues of mutual funds.”  And, it has more than 1 million views in just one month!

See also:

Press Trust: Gold, silver surge on strong seasonal demand, global cues

Times of India:  Government raises tariff value on gold, silver; Gold smugglers turn creative to beat law