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Volume was "too light" unfortunately.

 

Maybe we will get some higher volume follow-through next week

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http://hat4uk.wordpr...gone-sovereign/

 

GOLD FRAUD EXCLUSIVE: EU and Asian sources allege the tungsten-switch has gone sovereign

 

...... we are talking about an Establishment eurobank alleged to have been caught short on a fulfilment order, and using the tungsten scam to fill the gap....

 

The ramifications of this go far beyond a pro-am retail fraud. First off, ultimate discovery of the scam is a certainty: so you’d have to be pretty damned desperate to try it on. And second, I do find it intriguing that these reports have popped out of the woodwork just when the ECB is thought to be planning some form of gold-backing for any eventual eurobond issues – should the eurozone survive. ....

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Superstorm Sandy Flooded Gold Vault in Manhattan

By Lori Spechler | CNBC – 22 hours ago

 

When Super Storm Sandy flooded lower Manhattan, it also flooded the vaults of at least one gold depository.

 

Monday, the CME declared force majeure at a precious metals depository in New York, Manfra, Tordella and Brookes ("MTB") effective immediately. This depository is one of five locations listed by the CME for the warehousing of physical gold.

 

"We moved the inventory after the vaults had flooded," says MTB CEO Raymond Nessim. We had water in the vaults but, "all inventory is intact and in good shape."

(More From CNBC: The World's Biggest Gold Reserves)

 

MTB has relocated its inventory to a Brink's depository near John F. Kennedy International Airport ("JFK") according to Nessim.

Before the storm, the MTB depository had already been in the process of moving to a midtown location. Currently located at 90 Broad Street, that move is expected to be completed by the first quarter of next year, according to the CEO.

 

Nessim notes that his vaults flooded by Superstorm Sandy are "very close" to the Federal Reserve Bank of New York and its gold vault. As of 2008 that vault held 216 million troy ounces of gold in 2008 and is "80 feet below street level and 50 feet below sea level," according to the New York Fed's website. However, a spokesperson for the Federal Reserve Bank of New York says that the building was secure, dry and operational throughout the storm.

(More From CNBC: The 'Sneaky Bid' in Gold and Silver)

According to a spokesperson for the CME, Damon Leavell the situation at MTB should not be disruptive to the gold market. "It's going to be business as usual," he says.

---

http://finance.yahoo...-143826631.html

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Gold Heads for Biggest Loss in Three Weeks on U.S. Economic Data

 

By Nicholas Larkin - Nov 28, 2012 5:46 AM PT

 

Gold headed for the biggest drop in more than three weeks on speculation that improving U.S. economic data will curb demand for the metal as a protection of wealth.

Reports showed yesterday that consumer confidence in the U.S. rose to a four-year high and home prices gained by the most since 2010. U.S. Senate Majority Leader Harry Reid said he is “disappointed” in the lack of progress in talks to avoid the fiscal cliff of spending cuts and tax increases in January. Gold-backed exchange-traded-product holdings reached a record.

“Despite on-going concerns over looming public spending cuts and tax hikes into 2013, macro numbers in the U.S. remain relatively positive,” Andrey Kryuchenkov, an analyst at VTB Capital in London, wrote today in a report. “Market participants will remain cautious about adding to their already substantial longs, given bullish U.S. data like yesterday,” he said, referring to bets on higher gold prices.

Gold futures for February delivery fell 1.6 percent to $1,717.30 an ounce at 8:44 a.m. on the Comex in New York. A close at that prices would be the biggest loss since Nov. 2.

Holdings in gold-backed ETPs climbed 5.1 metric tons to a record 2,612.1 tons yesterday, data compiled by Bloomberg show. The U.S. Mint sold 75,500 ounces of American Eagle gold coins so far this month, the most since January, data on its website show.

===

/more: http://www.bloomberg...p-holdings.html

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Excellent ! - that Mauldin link

 

I found this in it:

 

McEwen: Gold Hitting More Mining Barriers

Video : http://www.bloomberg...Alj2MMf3vw.html

Nov. 23 (Bloomberg) -- McEwen Mining CEO Rob McEwen discusses the future of the gold market. He speaks with Alix Steel on Bloomberg Television's "Lunch Money." (Source: Bloomberg)

===

Note: I had the privilege of spending an hour with Rob McEwen in a 3 way conversation back in the spring, here in HK. He is truly a brilliant guy with deep thoughts on the gold market

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http://www.marketwatch.com/story/gold-futures-retreat-after-sharp-gains-2012-11-30

We raise an eyebrow at talk of an early settlement of the issue well before year’s end,” Phillips said in a note. “We expect the political game to be played to the full. All markets including gold and silver will be made volatile as each chapter is read to the public and digested for them.”

View for next week

 

The gold market will continue to be driven by fiscal-cliff talks next week, said Jeffrey Wright, managing director at Global Hunter Securities. Read about the impact of a fiscal cliff deal on gold.

“While the Republicans appear to be flexible on tax increases, the administration has shown no inclination to put any real spending cuts on the table,” he said.

“I do not think the market or public believes the promise of future spending cuts will ever materialize. The end result will probably be continued stagnant growth in a higher tax environment, and the Fed will be forced to continue easy monetary policies indefinitely,” said Wright. That’s “good for gold.”

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It looks a little too early to call for me as it may bounce of the 50DMA of several stocks:

 

agq-daily-2012-12-04.jpg?psid=1

 

slv-daily-2012-12-04.jpg?psid=1

 

ZSL reverse indicator (-2x leverage - opposite of AGQ)

 

zsl-daily-2012-12-04.jpg?psid=1

 

 

But I don't think we are in a break out yet as the SP-500 managed a recovery when it dipped below the lower trend line of the rising wedge:

 

sp500-daily-2012-12-04.jpg?psid=1

 

That's my tuppence for what it is worth.

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Down-trend resumed?

 

 

goldcurrent.gif

 

That $1675/1680 low is going to be retested soon IMHO - hope it holds.

I sold off the last of my GDX recently, thank goodness

 

Here's GBS.L - the UK version of GLD ... update : GLD

 

40842131.gif

 

It looks like a retest of the recent (early Nov.) low of $162 is "in the cards"

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Under $1000 will be tested again in the next few years when deflation kicks in before currency distruction, what are people's plans to cope with this; sell when they feel deflation has started (now?) and buy in again at the bottom or just hang on in there..

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Under $1000 will be tested again in the next few years when deflation kicks in before currency distruction, what are people's plans to cope with this; sell when they feel deflation has started (now?) and buy in again at the bottom or just hang on in there..

 

Reckon the long term trend should hold alright... more of the same. Reason being, gold is an alternative currency. i see the term 'counter currency' is being bantered about lately.

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If this is really real, it;s pretty damning!!!

 

 

http://www.gata.org/files/IMFGoldLendingFullStudy1999.pdf

I only got as far as page 4 before my interest level exploded.....

 

page4:

8. The demand for gold for fabrication purposes, in particular from the jewelry and electronics industries, has consistently out-paced the supply from current production over the past 20 years. The so-called market deficit--i.e., physical demand lessmine production-has been widening over the years and filled by direct salesfrom official and private sector stocks, and from gold lending by many central banks, which have resulted in salesin the spot market by the bullion banks, who borrowed the gold.

 

 

WHOA!!!

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That $1675/1680 low is going to be retested soon IMHO - hope it holds.

I sold off the last of my GDX recently, thank goodness

 

 

On the backend of the long consolidation since the spike [a large cup pattern], the 50 week MA looks good support.

 

 

 

backend.png

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http://www.gata.org/...llStudy1999.pdf

I only got as far as page 4 before my interest level exploded.....

page4:

WHOA!!!

That was 1999 - it's different today

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That was 1999 - it's different today

But it's a direct admission that CB's were lending for sales by bullion banks direct into the spot market. Do you think they stopped this after 1999? (really, an honest question). It's just as CGNAO warned us years ago.

 

Do we think that GLD might 'lend' some of their physical stocks to generate an income? Remember Bob Pisani visited the SPDR GLD vault, and held up a bar which was NOT on the bar list?

 

I suspect there are a lot more claims than bars.

http://www.zerohedge...isit-glds-vault

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Gold down hard through 1700 even after the big meeting. Will be interesting to see whether support at 1670 holds.

Yes, odd behaviour overnight, that... Things that make you go hmmm.......

 

gold131212.jpg

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http://www.telegraph...ng-service.html

 

 

 

 

 

 

Customers who purchase gold bullion coins from The Royal Mint can now store them in The Royal Mint Vault which is guarded throughout the year by the Ministry of Defence at the highly secure site.

 

Coins stored in The Royal Mint Vault will be taken from existing stocks and moved securely to the Vault. A Certificate of Allocation guarantees the customer complete ownership of their coins and the ability to take delivery at any time. Moreover, the Royal Mint Vault can also be used to store LBMA Good Delivery Gold bars.

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