Monday, September 28, 2020

Steven Mnuchin Says ‘Gold is Safe’ At Fort Knox

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by Sarah Benali, Kitco:

(Kitco News) – A rare visit occurred Monday, and it wasn’t the Solar Eclipse.

Instead, it was U.S. Treasury Secretary Steven Mnuchin’s visit to the country’s gold hoard at Fort Knox.

On Twitter, the former Hollywood producer reassured the American people that all the gold – and all $200 billion worth of it — was still there.

“Thanks to @usmint staff for hosting at #FortKnox #USBD. First @USTreasury Secretary to visit since John Snyder in 1948. Glad gold is safe!” Mnuchin tweeted Monday afternoon.

He is the third Treasury Secretary to visit the depository with the last visit dating back 69 years.

The Fort Knox vault, which was created in 1936 by President Franklin D. Roosevelt, is at the centerpiece of many conspiracy theories claiming the vault is empty and doesn’t contain any gold. But, the former Hollywood executive turned politician is shutting down those theories.

“We have approximately $200 billion of gold at Fort Knox,” Mnuchin said as reported by Bloomberg. “The last time anybody went in to see the gold, other than the Fort Knox people, was in 1974 when there was a congressional visit. And the last time it was counted was actually in 1953.”

At current prices, that would mean there are about 154 million ounces of gold held in the Kentucky depository.

Read More @ Kitco.com

John Rubino – Disappearing Middle Explains Charlottesville

by Kery Lutz, Financial Survival Network:

John Rubino joined us today. His take is that as the middle class disappears so does the middle point in our political debate, thereby leaving just the extremes. Obviously not a good thing. But attempting to wipeout or forget about our history is not the way to solve our problems. Rather history has proven to be the best teacher and an angry task master. Get ready for those who would attempt to rewrite or obliterate it. COT – Commitment of traders report has turned very bearish towards precious metals. This measure has worked continually over the past 10 years and shows no signs of quitting now. Will it be a down quarter for precious metals?

Click HERE to listen.

Read More @ FinancialSurvivalNetwork.com

Lightening-Fast COT Reversal: Now Fairly Bearish For Gold And Silver

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by John Rubino, Dollar Collapse:

That didn’t take long at all. Just a few weeks after the Commitment of Traders (COT) Reports for gold and silver turned positive – setting off a nice rally in both metals’ prices – this indicator has flipped back to strongly negative.

In gold especially, speculators (always wrong at big turning points) have loaded up on long futures contracts while closing out their short positions. The commercials (always right at big turning points) have done the opposite, closing out long positions and going aggressively short.

In the week ended August 15, the gold speculators and commercials got about 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} more long and short, respectively. That’s a big one-week move, and brings the imbalance between good and bad positions to nearly 3-to-1 bearish. The trends in silver, while not as extreme, still point in a bearish direction.

Here’s the action presented graphically, with the silver lines on the top half of the chart representing speculator long positions and the purple bars below indicating commercial shorts. Note the leisurely pace of previous months, and contrast it with the v-shaped move that just took place. Not sure what that means, other than that speculators hoping to ride a longer upswing might be disappointed.

It’s important once again to note that the COT report is not a day-trading tool. Historically it’s been a pretty good indicator of the general trend over the following six or so months. But it has nothing to say about tomorrow or the day after. So it’s irrelevant for stackers and other long-term accumulators. But it is useful for someone who has their eye on a given gold/silver mining stock and is looking for a good entry point – which in this case might be a few months in the future.

Read More @  DollarCollapse.com

NO RAID TODAY AS GOLD RISES BY$5.05 TO $1291.20/SILVER REMAINS FLAT/GLD ADDS ANOTHER 3.85 TONNES TO ITS INVENTORY

by Harvey Organ, Harvey Organ Blog:

RUSSIA ADDS ANOTHER 12.44 TONNES TO ITS OFFICIAL RESERVES/MNUCHIN AGAIN AFFIRMS THE USA WILL RUN OF MONEY BY SEPT 29.2017/TWO COMMENTARIES TONIGHT ESSENTIAL TO READ: 1. JOHN WILLIAMS WITH GREG HUNTER; 2 DAVID STOCKMAN ON CHINA

GOLD: $1291.20  UP $5.05

Silver: $17.02  FLAT

Closing access prices:

Gold $1292.00

silver: $17.02

SHANGHAI GOLD FIX:  FIRST FIX  10 15 PM EST  (2:15 SHANGHAI LOCAL TIME)

SECOND FIX:  2:15 AM EST  (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1290.86 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1285.95

PREMIUM FIRST FIX:  $4.91

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SECOND SHANGHAI GOLD FIX: $1293.21

NY GOLD PRICE AT THE EXACT SAME TIME: $1285.30

Premium of Shanghai 2nd fix/NY:$7.91

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LONDON FIRST GOLD FIX:  5:30 am est  $1287.60

NY PRICING AT THE EXACT SAME TIME: $1287.60 

LONDON SECOND GOLD FIX  10 AM: $1292.90

NY PRICING AT THE EXACT SAME TIME. $1291.90 ????

For comex gold:

AUGUST/

NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 0 NOTICE(S) FOR  nil  OZ.

TOTAL NOTICES SO FAR: 4581 FOR 458,100 OZ  (14.248 TONNES) 

For silver:

AUGUST

 

 24 NOTICES FILED TODAY FOR

 

120,000  OZ/

Total number of notices filed so far this month: 1075 for 5,375,000 oz

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end

The open interest in gold rose to 506,000 contracts despite gold being down on Friday.  However silver’s OI continues to drop (tonight:188,000) as the bankers are looking over their shoulder at London and witnessing huge shortages of physical metal plus a severe backwardation. We are now entering options expiry week and you know that gold and silver will be whacked until August 31.2017 (a week this Thursday). The crooks will do anything to keep gold below $1300.00 and silver below $17.10

Let us have a look at the data for today

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In silver, the total open interest SURPRISINGLY FELL BY A LARGER THAN EXPECTED 981 contracts from 189,812 DOWN to 188,831 with THE TINY FALL IN THE PRICE THAT SILVER UNDERTOOK WITH  FRIDAY’S TRADING (DOWN 4 CENTS) . THE FALL IN OI IS TINY WHEN YOU COMPARE IT TO GOLD (SEE BELOW). THE BANKERS AGAIN PROVIDED THE SHORT PAPER TO INITIATE ANOTHER RAID ON FRIDAY NOON TIME (7TH CONSECUTIVE DAY OF TORMENT). THAT SUCCEEDED IN DRIVING DOWN THE SILVER PRICE TO BELOW $17.00 UPON WHICH THE HFT TRADERS TOOK OVER ACCENTUATING THE FALL. NEWBIE LONGS, REALIZING ANOTHER BARGAIN WAS AT HAND GOBBLED UP WHAT WAS OFFERED.  THE BANKERS ARE STILL LOATHE TO SUPPLY THE PAPER COMPARED TO GOLD. RESULT: A LOWER OI, COUPLED WITH AN OUTSIDE DAY REVERSAL TO THE DOWNSIDE, ENDING IN A TINY LOSS FOR SILVER.

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.944 BILLION TO BE EXACT or 135{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 24 NOTICE(S) FOR 120,000OZ OF SILVER

In gold, the open interest ROSE by A MONSTROUS 13,528 DESPITE THE FALL  in price of gold ($0.35 LOSS ON FRIDAY .). The new OI for the gold complex rests at 506,655. A raid was called upon at noon time FRIDAY (once London was officially put to bed) and that drove gold down from its zenith of $1301.00 down to 1286.15 at comex closing. Firstly newbie longs piled into the comex gold complex driving it up to the 1300 dollar area.  Then the bankers initiated their raid upon which the HFT traders accentuated the downfall.  However newbie specs did not liquidate but actually added on to their positions with the lower price. THE BANKERS CONTINUED TO SUPPLY COMEX GOLD WITH RECKLESS ABANDON.

Result: extremely higher OI with no gain in price

we had: 0 notice(s) filed upon for nil oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD:

Today, a big change in gold inventory: a deposit of 3.85 tonnes

Inventory rests tonight: 799.29 tonnes

IN THE LAST 26 TRADING DAYS: GLD SHEDS 37.68 TONNES YET GOLD IS HIGHER BY $58.20 . 

SLV

Today:  WE HAD NO CHANGES IN SILVER INVENTORY TONIGHT:

INVENTORY RESTS AT 334.407 MILLION OZ

 

end

.

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver FALL BY 981 contracts from 189,812 DOWN TO 188,831 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE TINY FALL IN SILVER PRICE (4 CENTS). SILVER ROSE TO OVER $17.25 BY FRIDAY NOON AND THEN THE BANKERS INITIATED A RAID, ACCENTUATED BY HFT TRADERS. NEWBIE LONGS DID NOT BUCKLE AND KEPT THEIR POSITIONS DESPITE THE RAID. SOME OLD SPEC LONGS SOLD TO NEWBIE SPEC LONGS..COMMERCIALS STILL LOATHE TO SUPPLY THE PAPER.   RESULT: SLIGHTER LOWER PRICE WITH A SLIGHT LOSS IN OI .(COMPARED TO GOLD)

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

 

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY:  Bloomberg

3. ASIAN AFFAIRS

i)Late SUNDAY night/MONDAY morning: Shanghai closed UP 18.18 POINTS OR 0.56{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}   / /Hang Sang CLOSED UP 107.11 POINTS OR 0.40{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} The Nikkei closed DOWN 77.28 POINTS OR 0.40{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Australia’s all ordinaires CLOSED DOWN 0.32{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed UP at 6.6719/Oil UP to 48.59 dollars per barrel for WTI and 52.66 for Brent. Stocks in Europe OPENED MIXED , Offshore yuan trades  6.6803 yuan to the dollar vs 6.6722 for onshore yuan. NOW THE OFFSHORE IS WEAKER  TO THE ONSHORE YUAN/ ONSHORE YUAN STRONGER (TO THE DOLLAR)  AND THE OFFSHORE YUAN IS STRONG TO THE DOLLAR AND THIS IS COUPLED WITH THE WEAKER DOLLAR. CHINA IS HAPPY TODAY

Read More @ HarveyOrganBlog.com

You stand a higher chance of being crushed by a vending machine.

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by Simon Black, Sovereign Man:

There’s something I’ve always found mesmerizing about watching animals in the wild.

They have the most incredible instincts, honed from countless generations of survival against constant threats.

Animals have a keen sense of danger. They know immediately when something doesn’t feel right, and they act on it without hesitation.

I saw an incredible example of this last year when I was visiting a remote wildlife reservation in Zimbabwe.

It was late in the afternoon on a hot summer day, and my friends and I were ensconced in a hidden observation bunker situated on the edge of a water hole.

The animals all began to arrive, one species at a time, to cool off before nightfall. First the elephants. Then Rhinos. Zebras. Giraffes. Baboons.

It was a playful mood; all the animals seemed to be enjoying the water, when without warning, there was a stillness. The gazelles froze. The zebras’ ears perked.

Something wasn’t right. A smell. A sound. Something.

So they got the hell out of there.

We found out later that a ravenous pack of hyenas was on the prowl nearby, so the animals’ instincts were spot-on.

Deep, deeeep down, human beings have the same highly refined instincts.

Our long-lost ancestors struggled against every imaginable danger. And those lessons are hard-coded in our DNA.

We sense threats. We can feel it when something’s wrong.

The difference between our species and animals in the wild, though, is that we humans have way too many external influences that muck it all up.

Case in point: last week was obviously a tough one for anyone with any sense of humanity.

Acts of terrorism are scary.

And hearing about completely innocent people on a popular pedestrian promenade getting mowed down like bowling pins by some madman is definitely going to cause some discomfort.

But down here in Latin America at least, there was ensuring wall-to-wall news coverage for the next several days in a way I hadn’t seen since 9/11.

It’s all we saw. Terrorism. Terrorism. Terrorism.

This really amps up the fear factor for something that is already difficult to stomach.

So it’s easy to understand why I keep hearing people say things like, “We’re living through the most dangerous times in human history.”

It’s easy to lose perspective. But on the balance we have it pretty good.

13th century Europeans faced a far greater threat with the approaching Mongol hoard.

A century later they faced an even more terrible fate with the onset of the Bubonic Plague, which ultimately wiped out around 30{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of Europe’s population.

Even in more recent times, the threat of nuclear annihilation between East and West posed a constant threat.

Yes, acts of terrorism are appalling. But taken in historical and mathematical context the danger is actually quite low.

The Cato Institute published some data recently showing that the chances of dying in a terror attack are around 1 in 3 million.

Statistically speaking, you have a better chance of being crushed to death by a vending machine.

But we don’t demand that our governments spend hundreds of billions of dollars that taxpayers cannot possibly afford in order to protect us from vending machines.

That’s because deep down we sense that vending machines don’t truly pose a threat.

But with terrorism our senses are heavily manipulated until we believe that the threat is far greater than what the statistics show.

The real irony is that the manipulation works both ways.

Just as we are manipulated into being terrified of certain risks that pose no real statistical threat, we are manipulated into ignoring other risks that are far more likely.

I would raise financial markets as an obvious example.

Read More @ SovereignMan.com

The IMF overlooked more than 3.000 ton gold from 2009 till 2015

by Nico Simons, Sprott Money:

In their annual report 2015 the IMF stated that the world official holdings in gold are 30.506 ton (980.800.000 ounces ) as per 2009. This is very remarkable, because in their annual report 2014 the world official holdings in gold were 27.346 ton ( 879.200.000 ounces). In the annual report 2015 there is no explanation for the difference of 3.160 ton ( 101.600.000 ounces ) with a retrospective effect to 2009.

So in 2015 the official gold holdings 2009 appear to be 3.160 ton higher than before (is 11.6 percent of the total world gold holdings in 2009). It is not only applicable for 2009, but also for 2010 up and till 2014 as follows:

These overlooked tons were added in their annual report 2015 in the specification of the international reserves (appendix 1) retrospective 2009 up to 2014.

IMF Annual Report 2015 the changed figures

IMF Annual Report 2014 the original figures

Read More @ SprottMoney.com

Should You Use Leverage With Precious Metals And Mining Stocks?

by Dave Kranzler, Investment Research Dynamics:

While I will maintain, until proven wrong by the test of time, that Bitcoin and Cryptocurrencies are nothing more than a temporary fad, investing with a long term outlook (20-30 years) gives the investor the best probability of generating life-style changing wealth.

William Powers, of MiningStockEducation.com, invited onto his podcast to discuss using leverage in precious metals and mining stock investing.  We discuss greed/fear, using margin with mining stocks, volatility, options, futures and the leveraged ETFs.

The problem for most investors, and the reason many have not made a lot of money – or might have lost money – in the precious metals sector is the inability to invest with a long term perspective.  Since 2001, gold has outperformed every asset class.  The mining stocks, in general as measured using the HUI index, have outperformed the Dow/Naz since 2001.

If your reason to be invested in a sector is still valid, there’s no reason to sell investments in that sector.  Have the reasons for investing precious metals as a hedge against a collapsing U.S. economic and political system, and thereby a collapse in the U.S. dollar, changed? Have the problems taking the U.S. down been fixed?  The answer is pretty obvious, which means you should be holding your precious metals investments, even if you bought them in early 2011.   In fact, if you bought then, you should be buying more now.  I know I have been adding to my holdings gradually since early 2016.

Read More @ InvestmentResearchDynamics.com

Opening Round NAFTA Fissures Over the Meaning of “Substantial”: What’s the Best and Worst That Can Happen?

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by Mish Shedlock, Mish Talk:

Trump is bound and determined to have his way in NAFTA negotiations whether or not anyone agrees with him. Ironically, not even the auto manufacturers do. The first round of negotiations, now underway, has hit a snag already. The meaning of “substantial” is in play.

The Wall Street Journal reports U.S., Canada and Mexico Wrap Up Nafta First Round.

Opening-round talks to remake the North American Free Trade Agreement revealed early fissures dividing the U.S. from Mexico and Canada, including a Trump administration proposal to require a “substantial” portion of autos and auto parts produced under the pact be made in the U.S.

The renegotiation of the trade deal, which was one of President Donald Trump’s main campaign promises and a key pillar of his “America First” agenda aiming to revive U.S. manufacturing and reduce the country’s trade deficit, is likely to face many hurdles. Auto makers in all three nations generally oppose the stricter rules floated by the U.S. negotiator, and pro-business lawmakers in Congress don’t want to see the pact significantly altered.

Early tensions over areas such as the so-called rules of origin—a major issue for the automotive industry—signaled the tough bargaining that lies ahead as the three nations try to wrap up a deal by early next year.

The chief U.S. negotiator, Robert Lighthizer, came into the talks Wednesday saying the U.S. would insist on tightening the rules of origin, and adding a provision covering U.S. production, an idea quickly dismissed as unworkable by Mexican and Canadian officials.

At this early stage of the talks, it is difficult to measure the depth of the disagreement. Opening rounds generally set the tone and schedule for negotiations. The U.S. has yet to release specifics on some of its most controversial positions, including measures to reduce the U.S. trade deficit, prevent currency manipulation, favor U.S. companies in government contracts, known colloquially as Buy America, and rework rules governing arbitration panels.

The U.S. feels that its most significant leverage in the talks is Mr. Trump’s threat to withdraw from Nafta if the U.S. doesn’t get the changes it wants. North American trade is far more significant to the Canadian and Mexican economies than it is for the U.S.

Mexican negotiators say they are prepared to scrap Nafta rather than accede to demands they consider harmful to their economy.

What’s the Best That Can Happen?

That’s a softball question. The best thing that can possibly happen is the trade talks collapse and Trump backs down on his promise to revoke the deal.

Nearly as good would be minor tweaks that don’t really do anything. One might even argue this is a better alternative as it would allow Trump to save face while bragging about nothing.

What’s the Worst That Can Happen?

The worst is the trade talks collapse, Trump abandons NAFTA and starts a global trade war.

Read More @ MishTalk.com