Archive for the ‘JPMorgan’ Category

Metals Trade In Narrow Range; More Upside Ahead?

Posted by on October 15th 2014 in CFTC, CME Group, Federal Reserve, General Economy, Gold, JPMorgan, Short Sellers, Syria, Ted Butler, USD, Wall Street | 1 comment

MetalsUpsideAhead

Gold and silver futures gained 0.3% each on Tuesday, while spot prices fell a similar percentage, reports Reuters, noting that global growth anxieties “sent U.S. 30-year bond yields below 3 percent for the first time since May 2013, while benchmark 10-year yields fell to a 16-month low of 2.18 percent. ‘U.S. Treasury yields at these levels are not pointing to a rosy economy,’” according to a COMEX gold options trader, who predicted that “Gold and silver should have more upside after they have spent a long time in the bear market.”

See also:

MarketWatch/Coin News:  Global growth concerns bring gold new shine; Gold nears 4-week high; Silver Eagle sales top 35 million y-t-d

Daily Reckoning/Seeking Alpha:  Jim Rickards   A win-win scenario for gold investors; Silver to rocket but when?

Gold Silver Worlds:  Ted Butler’s silver price outlook – Why this time could be different

Reuters/SRSrocco Report: Silver price-fixing lawsuits consolidated in Manhattan federal court; Bankers manipulation of gold & silver – Proof in the demand data

Wall Street on Parade/IRD:  The stock market has lost confidence in central banks as gods; Is the money printing facade cracking?

Zero Hedge:  What the Fed does next; The QE4 countdown has begun

Metals Take Small Steps in Right Direction

Posted by on October 3rd 2014 in CFTC, China, CME Group, ECB, Federal Reserve, General Economy, Gold, Goldman Sachs, JPMorgan, Quants, Short Sellers, Silver, Wall Street | Be the first to comment!

SmallStepAs gold futures inched down on Thursday, and silver added about a half a percent, Comerzbank analysts noted that “Gold and silver have recovered somewhat from their respective multi-month and multiyear lows.” This as the U.S. dollar and the euro are said to “have turned modestly corrective this week, with the euro being boosted amid disappointment that the ECB didn’t make that final leap into QE.”

And, Reuters reports that “pro-democracy rallies in Hong Kong underpinned gold prices,” quoting one metals analyst as saying: “With the likelihood of further weakness in equity markets, coupled with the still-volatile situation in Hong Kong, we would rather not want to be short gold here, as we think the precious metal may benefit from some short-covering heading into the weekend.”

See also:

Nikeei Asian Review/NY Times:  China trying to avert another Tiananmen in Hong Kong; Mainland Chinese tourists get a glimpse of rebellion

Examiner.com:  China will use gold and gold pricing to force global currency reset

Coin News/Bloomberg:  U.S. Mint coins gain again; Gold sales at Perth Mint reach 11-month high as prices retreat

USA Gold:  U.S. Eagle gold and silver coin sales surged in September

SilverSeek/Daily Reckoning:  Gold to silver ratio – sentiment; 4 ways to make a fortune with one precious metal

Bloomberg: High-speed trader accused of commodity market ‘spoofing’; Is the New York Fed a pushover for big banks? Dudley fires back

Public Integrity:  Megabanks lock up prison financial services – Government gives no-bid contracts

Gold/Silver Ratio Tops 70

Posted by on October 1st 2014 in CFTC, China, CME Group, Federal Reserve, General Economy, Gold, Goldman Sachs, JPMorgan, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street | 1 comment

Gold:SilverRatioTops70

With spot silver slumping 2.5% on Tuesday, and silver futures diving 19% for the quarter, the biggest drop since mid-2013, the falling price is bringing out the coin buyers.  The 4.1 million 2014 American Silver Eagles sold in September more than doubled August’s total, and was the “highest since sales of 5,354,000 in March,” reports Coin News.  “Silver Eagle sales for the year are at 32,251,000, the second quickest pace in the coin’s 29-year history.”

An Economic Times article deems silver to be a “better investment bet than gold,” given silver’s sharper fall in price, compared to gold’s, along with silver’s rising industrial demand.  It also points out that the gold/silver ratio, which hit 71.2 on Tuesday, is “much above the 10-year average of 57.75 times. So the risk-reward ratio is more in favor of silver.”

See also:

Numismatic News:  Patrick Heller – Silver gets cheaper relative to gold

Reuters/Dan Norcini:  Gold posts first quarterly loss this year as dollar soars; EuroZone inflation data hammers the euro

SafeHaven: Does surging demand for gold and silver coins signal a bottom?

Bullion Star/USA Gold:  China aims to surpass U.S. in official gold reserves; Why China thinks gold is the buy of the century

Zero Hedge:  Why is China hoarding gold? Alan Greenspan explains

BBC/Reuters:  Hong Kong democracy protesters defiant on National Day; Protests approach potential National Day flashpoint

Wall Street on Parade/Washington Times:  Carmen Segarra – Wall Street’s Spy vs. Spy; Sen. Elizabeth Warren calls for corruption investigation of Federal Reserve

Could HK Protests Boost Gold?

Posted by on September 30th 2014 in China, Federal Reserve, General Economy, Gold, JPMorgan, Short Sellers, Silver, Uncategorized, Wall Street | Be the first to comment!

Gold and silver prices ended slightly higher on Monday, with gold seen supported by unrest in Hong Kong, where an estimated 80,000 protestors, in what has been dubbed the “Umbrella Revolution,” are “demanding that China withdraws rules that allow it to vet candidates for the next leadership election,” reports the BBC. “The protesters, who are made up of students and supporters of the Occupy Central pro-democracy movement, want a free choice of candidates for the vote in 2017 but Beijing has ruled that option out.”

Acknowledging the short-term bump for gold, an RBC strategist has a wait-and-see attitude about the ultimate impact: “You’re always going to have, in any geopolitical uncertainty, a small flight to quality. To break out of a two-year range, you really need a catalyst. Hong Kong could break it out of that range, but 24-48 hours of protests is not enough.”

See also:

USA Gold:  Gold underpinned by geopolitical tensions, dovish FedSpeak

ABC (Australia)/Ciovacco Capital:  Hong Kong protests add new geopolitical threat to markets; U.S. stocks – Key week for bull/bear battle

Gold Silver Worlds:  COT Report shows JP Morgan holds lowest silver short position since 2008

Bullion Star/Gold Reporter:  Chinese gold demand becomes explosive; German bullion dealers report major increase in sales

Bloomberg:  Singapore bourse to start kilobar gold trading to lure investors

GATA/TF Metals Report:  William Cohan discusses hangup in publication of report on silver market rigging

Silver Price Seen Struggling—To Go Any Lower

Posted by on September 27th 2014 in CFTC, China, Federal Reserve, General Economy, Gold, Goldman Sachs, JPMorgan, Quants, Russia, Short Sellers, Silver, Wall Street | 1 comment

SilverTDI

Referencing the above chart of The Disparity Index (TDI), for silver, which measures the relative position of its current price to the 40-week moving average, Gary Christenson calls attention to “the recent smash-down in silver prices and its deeply over-sold daily status,” which has led to a current daily silver TDI reading that’s “the most over-sold since the post-1980 crash.

And in his weekly market wrap-up, Alasdair Macleod cites an exceptionally high volume of futures contracts being swapped for physical silver. “Could it be that this silver was required to be delivered to other markets,” asks Macleod, “such as Shanghai, where stocks are depleted and silver is trading at a price premium? Could it be that the acceleration of demand for silver eagles is indicative of the demand for physical silver at these low prices? If so, it is an indication that Comex is pricing silver futures too low to reflect genuine demand, and the price will struggle to go lower.”

See also:

Bloomberg/LA Times:  Gold drops 0.5% as U.S. economy expands most since end of 2011; silver gains 0.6%

Zero Hedge:  High-yield credit’s worst week in 15 months sends stocks sliding; It’s the dollar, stupid!

WSJ:  Watch that rising dollar, it might eventually give the Fed pause; U.S. dollar strength not likely to dampen inflation much

GoldCore:  Currency wars deepen – Russia, Kazakhstan buy very large 30 tons of gold in August

Jesse’s Café Américain:  William Cohan responds on his silver rigging exposé - Two U.S. national publications refused the story

Michael Lewis – The secret Goldman Sachs tapes:  ProPublica article; This American Life episode

Salon:  Wall Street’s new jackpot at taxpayers’ expense

Russia vs. Ukraine; Banks vs. Bullion

Posted by on August 29th 2014 in CME Group, Gold, JPMorgan, Russia, Short Sellers, Silver, Ukraine, Wall Street | Be the first to comment!

MetalsGainOnUkraine

Spot gold and silver gained about a half a percent Thursday as tensions ratcheted up between Ukraine and Russia. “The market is getting nervous about the Ukraine situation, and people are moving to gold,” said one commodities broker, adding that “Talks of further sanctions against Russia are increasing the safe-haven premium of gold.” And while noting that the “propaganda is flying hot and heavy from both sides” of the Ukraine border, Jesse’s Café Américain suggests that “A real flight to safety would crush the precious metal shorts if it spills over from paper to the bullion markets.  And so I would look for the banks to do all that they can to avoid it, diffuse it, deflect that possibility.”

Ted Butler: How Silver Could Bubble Up

Posted by on August 27th 2014 in China, Federal Reserve, General Economy, Gold, JPMorgan, Short Sellers, Silver, Ted Butler, Ukraine, Wall Street | Be the first to comment!

SilverBubbleIn making the case for a “coming silver bubble,” Ted Butler explains that “an asset bubble develops when an undervalued asset which has a compelling investment story and there exists an overall financial environment of sufficient buying power, catches the collective interest of the crowd. For example, by the mid-2000’s and after years of steady appreciation, residential real estate developed into an asset bubble amid the self-fulfilling cycle of continued gains and the availability of easy credit.

As far as great stories go, silver has the best potential story to develop into a bubble. First, there is little argument BubblingUpthat it is among the most, if not the most undervalued asset of all by objective relative historical price comparison. In addition, it is at or below its primary cost of production, as evidenced in recent quarterly earnings reports. Remember, most bubbles start out with an asset that is undervalued – on this score silver more than qualifies as being undervalued. Aside from extreme undervaluation, the silver story is multi-faceted.”… Read More >>>

See also:

Coin News/SRSrocco ReportGold, silver rise; Silver Eagle bullion coins top 28M;  Shanghai silver warehouse stocks fall 24% in one week

Bloomberg/LA Times: Gold advances most in two weeks on Ukraine tension

GoldCore/GoldSeek:  Russia coordinating gold reserve accumulation with ex-Soviet states?; Will the U.S. succeed in breaking Russia to maintain dollar hegemony?

Mineweb/SafeHaven:  Is Asian gold demand really slipping so much?; Road sign says – Pot of gold ahead

Daily Reckoning/Zero Hedge:  As the Fed prints money, buy gold and brace for impact; Council on Foreign Relations – “Central Banks should hand consumers cash directly

Russia, Ukraine Stand Off; U.S. Shoppers Stand Down

Posted by on August 14th 2014 in CFTC, China, ECB, Federal Reserve, General Economy, Gold, Iraq, JPMorgan, Middle East, Russia, Silver, Ukraine, Wall Street | Be the first to comment!

 ShoppersStandDown

Silver futures finished off 0.3% on Wednesday, which is what gold ended up, with the impetus being July’s flat retail sales, described as “an appalling number” that “has faded the notion of a hike in the interest rate by the Fed, at least today.” And while U.S. data held sway over geopolitics, fighting resumed between Israel and Hamas, U.S. troops are on the ground in Iraq, and the Russian aid convoy headed to Ukraine has gone to ground at a Russian military base,  some 300 miles from its Ukrainian destination of Luhansk.  This as Ukraine’s Interior Minister declared that “No Putin ‘humanitarian convoy’ will be permitted to travel through the territory of Kharkiv region.”

See also:

Zero Hedge:  Stocks up, bonds up, gold up, oil up, dollar up, f’d up; Saxo Bank warns of 3 ‘other’ geopolitical risks investors are ignoring

ReutersCommodity future – Islamic State militants grab new weapon – Iraqi wheat

BullionStar.com/Profit ConfidentialSilver scarce in Shanghai, futures curve in backwardation; The world supply of gold bullion is shrinking

The Gold Report:  Jim Rickards and Peter Schiff discuss global gold markets

Reuters:  U.S. Mint to use new silver benchmark for coin sales, purchases; London gold fix lawsuits to be consolidated in New York

bookcoverWall Street on Parade:  How high up did the Madoff fraud go at JPMorgan?

Read the first chapter of  JPMadoff: The Unholy Alliance Between America’s Biggest Bank and America’s Biggest Crook

Silver and Gold Decouple; Silver Coin Sales Rebound

Posted by on August 6th 2014 in CFTC, CME Group, Federal Reserve, General Economy, Gold, JPMorgan, Russia, Short Sellers, Silver, Ukraine, Wall Street | Be the first to comment!

Silver&GoldDecouple

Spot gold and silver prices decoupled on Tuesday, with the latter off 1.8% while gold added 0.2%, reports Reuters, “as a tumble in U.S. equities and worries about escalation of military action in eastern Ukraine helped bullion recover earlier losses driven by bullish U.S. economic data. Silver and gold were both pressured early by a higher dollar, and according to one analyst quoted by Bloomberg, “there is little physical demand for silver.”  But while the article points out that the U.S. Mints’s July sales of silver coins were off 27 percent from June, Coin News reports that the mint’s bullion coin sales advanced for a second consecutive day on Tuesday, and silver coin sales are almost double last week’s total of 335,000 ounces.

See also:

BullionVault:  Gold investment sentiment rises for first time since February; Silver – 3 new tech uses to grow 275% by 2018

Bloomberg/Dallas Morning News:  Gold seen reaching $1,400 by USA Gold as U.S. inflation quickens

David Stockman:  Market maven warns Fed’s 3rd bubble this century heading for 20% tumble

GATA/IRDFinancial Times repudiates explanation for removal of gold manipulation report; The CFTC’s Commitment Of Traders data is rigged after all

Zero Hedge:  4 million fewer jobs: How the BLS massively overestimated U.S. job creation

CNN/The InterceptNew leaker disclosing U.S. secrets, government concludes

Metals Nixed, but News is Mixed

Posted by on July 15th 2014 in CFTC, CME Group, Federal Reserve, General Economy, Gold, Janet Yellen, JPMorgan, Monetary Policy, Quants, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!

MetalsSlammedLower

Spot gold and silver dropped more than 2% on Monday, with one stated reason being an easing of problems in Portugal’s banking sector, which may still be far from solved. But arguably having little to do with Portugal, there was “massive selling in the futures market. Reportedly, 2300 futures contracts, with a notional value of $1.4 billion, were sold at the New York open,” according to USA Gold:  “We’ve seen such raids in the paper market in the past. Throwing this kind of volume at the market all at once is reflective of someone not interested in getting the best price, but rather someone looking to generate shock and awe.” But while gold was being shocked and awed to its worst day in 2014, U.S. Mint bullion coin sales jumped, and GLD, the major gold ETF, was said to have seen its largest inflow since August 2011.

See also:  

Ted Butler:  The silver conspiracy

Bloomberg:  Goldman stays gold bear as bullish wagers increase; Individuals pile into stocks as pros say bull is spent

Reuters:  Yellen says Fed easy money needed even after recovery – New Yorker

Business Insider/Zero HedgeNew Yorker article seen igniting CNBC shouter; Rick Santelli goes beserk

BullionStar.com:  Koos Jansen – For how long will people trust fiat money?

Metals Rangebound: Any Breakout In Sight?

Posted by on July 9th 2014 in CFTC, China, CME Group, ECB, Federal Reserve, General Economy, Gold, JPMorgan, Monetary Policy, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!

GoldBreakout?

Spot gold and silver saw the slightest of gains on Tuesday while futures were slightly off in what Gold Forecaster‘s Julian Phillips brands a “strange” market, where gold demand is “steady and solid in a relatively thin market, but not swayed by speculators,” who, along with and dealers, “are trying to move gold around with the euro, which keeps going stronger as the dollar weakens.”  But, he added that gold “keeps drifting higher as U.S. investors are now net buyers of the SPDR gold ETF in the last three weeks.”

As for the prospect of gold drifting even higher, CNBC, under the headline “These 3 charts tell you to buy gold,” highlights a note from Sterne Agee.  The author contends that the investment advisory “remain new buyers and would be new buyers right here, in anticipation of the current ‘bearish-to-bullish’ reversal continuing and gaining urgency as new participants are drawn in.”  It goes on to predict that gold will rise to $1,500/oz, but with no timeline, before running into resistance….Read More >>>

See also:

Barron’s/Bloomberg:  Gold, silver – The speculators are back; Gold shines again as hedge funds boost wagers on advance

Expected ReturnsI’m back!; Do you remember? Why gold?

Eric Sprott:  The physical buyers will overwhelm the paper sellers

Mining.com/SilverSeek:  Reports- CME/Thomson Reuters to run the silver fix; Ted Butler – CME’s Comex- Why it’s corrupt

Zero Hedge:  Stock buyback shocker; Debt – Eight reasons why this time is different; Is the Fed going to attempt a controlled collapse?

Reuters/New York Sun:  Fed’s Yellen to deliver monetary policy report to Congress next week; Congress eyes rules for the Fed

Silver Takes Quarter; Gold Wins Half

Posted by on July 1st 2014 in CFTC, China, Federal Reserve, General Economy, Gold, India, Iraq, Janet Yellen, JPMorgan, Monetary Policy, Russia, Short Sellers, Silver, Ted Butler, Timothy Massad, Wall Street | Be the first to comment!

SilverQuarterAfter spot gold and silver added a fraction of a percent on Monday, silver ended up 7% for the quarter, its highest gain in three quarters, reports Reuters, and gold gained about 3.5 percent on the quarter after a nearly 7 percent gain in the first quarter, making gold the best-performing asset in the first half of 2014.

Reuters attributes gold’s gains to tensions over Ukraine and Iraq, and going forward, geopolitical tensions are alsoGoldHalf seen as the “wild card” for gold and silver, according to one analyst quoted by MarketWatch.  He adds North Korea as a potential third hot spot, and says that “Any flare up in these areas could quickly lead to another round of ‘safe haven’ buying in the precious metals.”

See also:

BullionVault/Mining.com:  Gold & silver beat stocks, best first-half since 2011 after “surge in bullish hedge fund bets”

Mineweb:  Silver the star performer in recent precious metals rally; Silver – The irresistible force

Jesse’s Café Américain/Ted Butler:  Comex silver stockpiles at the end of 2Q 2014;  Comex – Why it’s corrupt

Financial Times/GATA:  Singapore seizes on soaring Asia gold demand; Koos Jansen – Chinese gold demand remains robust and in an uptrend

Telegraph/Peak Prosperity:  BIS – Ultra low interest rates could make global economy permanently unstable; Axel Merk – The Fed’s next move

MarketWatch:  Taper Time? Janet Yellen’s Georgetown neighbors complain about ‘doughnut bellies’ of security detail