Archive for the ‘Media’ Category

Physical Buyers Seize Paper-Selling Opportunity

Posted by on November 11th 2014 in CFTC, China, Federal Reserve, General Economy, Gold, Interest Rates, Media, Monetary Policy, Short Sellers, Silver, USD, Wall Street | Be the first to comment!

PaperSelling=Opportunity

Silver and gold ended off 1.1% and 2.2% respectively on Monday, giving back a portion of Friday’s gains as the U.S. dollar rebounded. “From a technical perspective,” according to USA Gold’s daily market report, “Friday’s key-reversal on the daily chart and the hook-reversal on the weekly chart favor further short-term positive price action” in gold.  “However, persistent firmness in the dollar and buoyant stocks continue to prompt outflows from ETPs indexed to gold. Another eight tonnes came out of the paper market last week.”  But, citing numerous examples that demand for physical gold and silver “remains robust,” it notes that “We’ve seen this time and time again: Lower prices spurred by selling in the paper market are viewed as a buying opportunity by those who prefer to hold real physical metal.”

See also:

Coin News/Mineweb::  U.S. Mint gold coins gain; Silver Eagle sales remain suspended; Gold demand still running high, so where’s the turning point?

Bullion Star/USA Today:  Chinese gold demand strong, mainstream media twisting; China hoarding gold to challenge U.S. dollar?

GoldMoney/Reuters:  Deflation comes knocking at the door; Fed’s Rosengren says fight for higher inflation should be vigorous

MarketWatch/Mineweb:  Silver and gold say global growth (still) stinks; Permanent gold backwardation = global meltdown ahead

Zero Hedge:  The Council on Foreign Relations apologizes for the “Greenspan glitch

Sorry, For the Moment

Posted by on November 8th 2014 in CFTC, CME Group, Gold, JPMorgan, Media, Quants, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!

By James Cook

President/Investment Rarities

It’s hard to extoll the virtues of silver in the face of a price decline. We anticipate gains for our clients and are disappointed in the recent results. A lot of people rely on our advice and we don’t want to let them down. We all do better when our clients experience gains.

That said, are we ever going to get to the promised land? Right now the byword is patience. A clear understanding of what’s causing the recent decline will be helpful in plotting the future. As you know, we rely on silver analyst Theodore Butler to chart our course and fashion our advice. I happen to know that all his personal investments are in silver so he is definitely eating his own cooking. Because of his all-out bullishness on silver we have to stress that he operates with a care and cautiousness befitting of a mature and shrewd analyst. He understands the futures market like few others. Despite his profound and pioneering analysis of silver, surprisingly few gold and silver editors have embraced his breakthrough opinions. Either because of ego or stubbornness other precious metals analysts are invariably barking up the wrong tree. Mr. Butler has for years been the sole purveyor of the truth about silver….Read More »

Metals End Mixed; Stock Bear Rips Economy, ‘Moron’ Central Bankers

Posted by on October 24th 2014 in China, Euro, Federal Reserve, General Economy, Gold, Media, Monetary Policy, Silver, USD, Wall Street | Be the first to comment!

2015GDPgrowth

Spot silver added 0.6% and gold fell 0.9% on Thursday, as new U.S. unemployment claims held below 300,000 for the sixth straight week, the dollar rallied and the Dow surged on what were seen as strong earnings results.  But according to noted stock “über bear,” Albert Edwards, “The bottom line is that there is far too much over-confidence in the U.S. recovery. Fragile and vulnerable in itself, the U.S. recovery now battles against the rest of the world, which like a horror movie is dragging it down into a hellish Ice Age underworld.”

Armed with the above chart on 2015 GDP growth, Zero Hedge has more on Edwards’ latest warning:  “Simply put, the central banks for all their huffing and puffing cannot eliminate the business cycle. And they should have realized after the 2008 Great Recession that the longer they suppress volatility, both economic and market, the greater the subsequent crash. Will these morons ever learn?

See also:

Peak Prosperity/SafeHaven:  Why gold is undervalued, and poised to re-price upwards; Gold or crushing paper debt

P. Radomski:  Gold & silver trading alert: How will we know that the bottom is in?

SilverSeek/Silver Institute:  October Silver Eagle sales best ever, and with 10 days remaining; Silver investment may increase by one billion ounces over the next decade

Dan Norcini/Bill Bonner:  Gold mining stocks continue to sink; Huge upside in gold miners from here?

GoldSeek:  Chris Powell – The crucial questions financial journalism won’t ask & central banks won’t answer

USA Today/Naked Capitalism:  America’s perpetual state of emergency; The financialization of life

Metals Rise as Airlines Sink Stocks

Posted by on October 2nd 2014 in CFTC, China, Federal Reserve, General Economy, Gold, Media, Monetary Policy, Short Sellers, Silver, Wall Street | 1 comment

FlightToQuality

Spot gold and silver ended up 0.5% and 1.4% respectively on Wednesday, with the gains attributed to a September slow down in U.S. manufacturing growth, a flat U.S. dollar and a stock sell-off that was led by shares in airlines and travel booking companies, based on fears about ebola.

“One catalyst for gold could be a flight to quality bid if equities continue to deteriorate,” said a trader quoted by MarketWatch, who added that “From a timing perspective, the best opportunity would likely come when the dollar finally pauses to consolidate its current gains. Even the temporary dissipation of such a headwind would likely lead to a sharp rally.”

See also:

Hard Assets Investor/SilverSeek:  Gold bulls hanging on in battle vs. surging U.S. dollar; Dollar is the last stop before gold & silver spike

Seeking Alpha:  Investors fleeing euro & yen, could U.S. dollar be next currency to crumble?

Coin News/SRSrocco Report:  Gold rises in October start; U.S. Mint coin sales explode; The U.S. Mint sells over 750,000 Silver Eagles in one day

Mining.com:  Demand for physical gold remains strong as bullion banks suppress prices

Zero Hedge/Bill Bonner:  Bridgewater’s Ray Dalio – “There is always a downturn”; What CNBC isn’t telling you about the end of QE

CBC/Reuters:  China warns Hong Kong protesters of ‘unimaginable consequences‘; Security firm – Advanced iOS virus targeting protestors

CNBC Calls Out Faber, Culls Out His Comeback

Posted by on July 29th 2014 in CFTC, CME Group, Federal Reserve, General Economy, Gold, Media, Russia, Short Sellers, Silver, Ukraine, Wall Street | Be the first to comment!

FaberPunchLine

As portfolio manager John Hussman warns of “an equity bubble, and a highly advanced one,” another veteran investor and frequent crash-predictor says the current stock market environment is ‘like being in the Twilight Zone,” and argues that “When there is a correction, it will be very severe.” Enter Marc Faber, who, after predicting that a 20 to 30% correction will begin within a few months, CNBCportfoliowas taken to task by a CNBC host for continually predicting corrections that have yet to happen. “I started to work in 1970,” said Faber, “and over that career, somehow, somewhere, I must have made some right calls; otherwise I wouldn’t be in business.” At that point, reports Zero Hedge, “What CNBC then edited out of the transcript was Faber pointing out his 22% annualized return in his publicly-viewable funds since then and asking, “I wonder what the CNBC portfolio would look like since 1999?”

See also:

Bloomberg/NY Times:  Gold futures climb as violence in Ukraine boosts demand

Aden Forecast/Got Gold ReportStill looking good; COMEX swap dealers hedging a massive long play on silver?

Reuters/GoldCore:  Silver bullion banks accused of manipulation in U.S. lawsuit

GATAAnother class-action suit charges gold market manipulation; Possible discrepancy in GLD‘s gold bar accounting

Jesse’s Café Américain/Resource Investor:  What is the effective limitation on the Fed’s ability to ‘print money’?; Why we should fear the REPO

Investors Discover Gold (Again); Media Ignore Silver (As Always)

Posted by on July 12th 2014 in CFTC, CME Group, Federal Reserve, General Economy, Gold, Janet Yellen, Media, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!

SilverShunned

Although basically flat on Friday, both gold and silver logged their sixth straight week of gains, reports Reuters, “as many remained concerned about violence in the Middle East.” That sentiment is echoed by a research consultant who Reuters quotes as saying that “Investors have discovered gold again as an asset class that could provide some protection, after last year they clearly preferred the stocks market and risky assets.”

SilverSecret

And as silver ends the week with its best run in three years, it’s also up more than 10% since the start of the year, when “most analysts were calling for further price falls,” reports GoldCore, reminding that “Very few market participants and investors know about silver’s outperformance as silver gets little or no media attention. There is a huge focus given to the record highs in U.S. and some other stock markets. Therefore, silver remains the preserve of relatively few contrarian investors and store of wealth buyers.”

 See also:

Jesse’s Café Américain:  Gold and silver charts - Poised on a knife’s edge

Seeking Alpha/Midas Letter:  Yellen’s inflation dismissal unleashes massive gold & silver futures buying; 5 things that need to happen for $2,000 gold and $50 silver

Gold Silver Worlds/Futures Magazine:  Gold and silver price hugely diverting from commodities

BloombergCME/Thomson Reuters to run replacement for silver fixing

Financial Sense/MarketWatch:  Central banks moving “herd-like” into stock market; Murderer turned stock picker is ‘Oracle of San Quentin

New York Times:   Despite exposure of Madoff fraud, new Ponzi schemes emerge

Metals Gain on Fed; Faber ‘Bugged’ by Media’s Gold Jargon

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

FOMCprojections

Gold and silver ended up a fraction of a percent on Wednesday, and added to gains after the Fed announced that while it will continue tapering, and hinted at a slightly accelerated pace for raising interest rates, it also dialed back economic expectations, which was seen as a positive for buillion.  Its forecast for GDP growth this year dropped from 2.8% to 3% in March, to 2.1% to 2.3% now.  The above chart from Alhambra Investment Partners, shows how things have fallen off since the FOMC predicted an annual growth rate pushing 4% last September.

FaberBugged

With the Fed cooling on the economy, things heated up on CNBC, where Marc Faber called out the financial mainstream for its negative attitude towards gold.  He tells the anchor that investors are shunning gold “because the media doesn’t like gold, nobody at CNBC owns gold. Nobody at Bloomberg owns gold. Gold is being constantly talked down by the media, and Fed officials, and economists, who also don’t own any gold. They’re all stocked up in equities ….When people talk about people who are optimistic about gold, they call them ‘gold bugs.’ A bug is an insect. I don’t call equity bulls ‘cockroaches.’ Do you understand? There is already a negative connotation with the expression of ‘gold bug.'”

Metals Extend Gains; Iraq Seen Giving Bulls Upper Hand

Posted by on June 14th 2014 in CFTC, China, General Economy, Gold, Iraq, Media, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!

IraqGivesBullUpperHand

While futures in gold and silver posted small gains of Friday, both climbed for the fifth-straight session to post multi-month rallies. But pouring cold water on the prospect of continued Iraq-related advances, Reuters, pointing out that gold was unable to sustain Thursday’s one-percent rise, cites the belief of some traders that “security conditions in Iraq will improve soon.” That sentiment wasn’t reflected in oil prices, which hit nine-month highs on Friday, nor in Iraq, which “edged closer to the prospect of full-blown civil war Friday,” according to a USA Today dispatch, “as a top Shiite Muslim cleric issued a call to arms against Muslim extremists who are continuing their military campaign to supplant the government.” It’s making for some strange bedfellows, and it’s also why metals traders are afraid of being caught short going into the weekend. (scroll down)

See also:

Zero Hedge:  Stocks suffer worst week in 2 months as black & yellow gold surge

GoldSeek/Alasdair Macleod:  Gold and silver gain almost 2% & 4% on the week; Market report – Bottoming out?

Business Day/The National:   Silver remains undervalued while gold is bound to rise; Predicted rise in gold price may yet have silver lining

KWN:  The secret reason why the Chinese are buying so much gold

GATA:  If it ever asked the right question, the Financial Times would make itself a contrarian indicator

David Stockman/Politico:  Good riddance to Rep. Eric Cantor – Bagman for Wall Street & the War Party; Chelsea Clinton paid $600K by NBC

ICIJ:  How an island paradise became a haven for dirty money

The Fix Is In—Court

Posted by on May 7th 2014 in CFTC, China, GATA, General Economy, Gold, Janet Yellen, Media, Monetary Policy, Russia, Short Sellers, Silver, Wall Street | Be the first to comment!

TheFixIsIn—Court

During a 40-minute hearing in Federal District Court in Manhattan on Monday, “lawyers for more than 20 plaintiffs … gathered to coordinate their linked lawsuits against the five banks that make up what is known as the London gold fix,” reports the New York Times. “The lawsuits — and there are still more being filed — center on two main aspects of the gold fix: the fact that it is unregulated and that member banks can trade gold, and gold derivatives, during the call,” which is held twice a day.  The afternoon fix call, at around 3 p.m. London time, has drawn the most scrutiny.

The Tocqueville Gold Fund’s John Hathaway holds out hope that the legal proceedings “will finally demystify the inner workings of the London gold market.  Ukraine is obviously the headline grabber right now and for good reason, but, to me, one of the key longer term catalysts for gold is to shed daylight on the connection between the physical market and the synthetic market for gold.” The five banks being sued are Barclays, SocGen, ScotiaBank, HSBC and Deutsche Bank, which last week announced that it was giving up its gold and silver fix seats without finding a buyer.

See also:

Gold Silver Worlds:  Gold price manipulation reaches mainstream media; GATA to NY Times – We’re “a little more serious than the ‘offbeat activists’ of your description.”

Coin News: Gold dips, silver rises, U.S. Mint bullion coins gain

Got Gold Report/Investing.com:  U.S. dollar index breakdown attempt?; Will Yellen save the dollar?

Zero Hedge:  And the first thing Ukraine will buy with IMF money is…

Guardian/Reuters:  Ukraine crisis worsens amid intense fighting and warnings of civil war

Gallup: 24% Still See Gold as Best Long-Term Buy

Posted by on April 22nd 2014 in CFTC, China, Federal Reserve, General Economy, Gold, Media, Monetary Policy, Russia, Short Sellers, Silver, Wall Street | Be the first to comment!

GallupGold2014

“The mainstream media, for whatever reason, continues to believe that it can scare potential gold owners away with its consistently negative coverage,” writes USA Gold’s Michael Kosares. “but as a recent Gallup Poll suggests, such tactics no longer work all that well. That poll ranks gold the second best option among long-term investments behind real estate and tied with stocks. What makes gold’s poll performance interesting is that it reflects public opinion on gold after a more than two year decline that began in 2011 and at a time when real estate and stocks have enjoyed strong performances…. Polls notoriously reflect the ebb and flow of public opinion and for gold to still rank second after a two year drought indicates a swing in the public’s long-term attitude toward gold.”

See also:

GoldSeek/Coin News:  Gold and silver end slightly lower; Gold falls, US Mint 5 oz silver bullion coins temporarily sell out

Dan Norcini:  Gold holds $1280 support – Remains rangebound

Zero Hedge/Hard Assets Investor:  China goes dark: PBOC to keep goldbugs clueless about its gold buying spree

Steve St. Angelo/TF Metals Report:  Silver continues to drain from the Shanghai Futures Exchange; The empty vaults of London

Reuters/Bloomberg:  Ukraine peace deal falters as rebels show no sign of surrender; Why Putin isn’t scared by $115 billion of debt

New York Sun/Demo MemoPikkety’s gold?   When did men’s income peak?

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!

PaperSlowsBullionGrows

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

Metals Gain as Dollar Drops, Ukraine Tensions Rise

Posted by on April 9th 2014 in China, Federal Reserve, General Economy, Gold, Media, Monetary Policy, Russia, Short Sellers, Silver, Wall Street | Be the first to comment!

RenewedUkraineTensions

Gold and silver futures both added 0.8% on Tuesday to close above $1.300 and $20 an ounce respectively, with the gains attributed to a lower dollar and renewed tensions between the U.S. and Russia over Ukraine.  “The unrest in the Ukraine and the escalating rhetoric from the U.S. is creating fear of an armed conflict, so safe-haven demand is definitely driving up gold prices today,” according to one analyst quoted by Reuters, which notes that gold was “also underpinned by official-sector buying after Iraq’s central bank said it might buy more gold in the next few months, having bought 60 tonnes over the past two.”

See also:

Jesse’s Café Américain:  Gold and silver charts – Metals take back their levels

Bloomberg:  Hedge funds get gold timing wrong on rebound; Interview with Jim Rickards – Should investors prepare for a dollar doomsday?

SilverSeek:  Monetary collapse and silver’s not so orderly rise

The Economist/David Stockman: Central banks will be financing governments on a permanent basis; The ugly truth behind “jobs Friday

Mineweb/WSJ:  Gold manipulation – ex US Treasury top gun tells us how and why; Tocqueville Gold Fund says London probe could scare off institutional investors

Matt Taibbi interviewed on “The Daily Show,” and on NPR discussing his new book – “The Divide”