Sunday, August 14, 2022

Is the Bank of Russia buying gold?

by Riley Waggaman, Off Guardian:

That’s classified information, buddy.

On March 25, the Bank of Russia announced it would buy gold at a fixed price of 5,000 rubles per gram. Less than two weeks later, on April 7, Russia’s central bank canceled its new gold-buying policy, opting instead for a negotiated price (at a discount).

The logic behind this move, according to an excellent report by Interfax, is fairly straightforward: sanctions have made it difficult for commercial banks to export their gold to foreign markets. The Bank of Russia is taking advantage of this conundrum by offering to gobble up their gold—at a reduced price. Yes, it’s a bit stingy, but at least it keeps Russia’s gold miners and merchants in business, and it also ensures Russia’s gold stays inside the country. Everyone wins.

JPMorgan Precious-Metal Traders Found Guilty Of Spoofing, Had ‘Power To Manipulate The Global Price Of Gold’

from ZeroHedge:

After a three-week trial and more than eight days of deliberations, Michael Nowak and Gregg Smith were found guilty Wednesday by a federal jury, convicted in Chicago on charges they manipulated markets for years.

A third defendant, Jeffrey Ruffo, who was a salesman on the bank’s precious-metals desk, was acquitted of charges he participated in the conspiracy.

TERMINATING THE GLOBAL DIGITAL ENSLAVEMENT PLAN WITH SILVER

from SGT Report:

Precious metals analyst David Jensen returns to SGT Report to explain why the vermin at Davos, the World Economic Forum and Central bankers want to keep silver demonetized forever – and when they fail, why silver will be revalued many, many multiples higher than the current $20/ounce.

Why Are Central Banks on a Ferocious Gold Buying Spree?

from Birch Gold Group:

From Peter Reagan at Birch Gold Group

This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: Central banks are finding more uses for gold bullion, charts are signaling buy gold, and the state of gold and silver’s mine supply.

Central banks might see gold as an escape from a sovereign debt crisis

In the wake of gold briefly passing the strong $1,800 resistance level, Equinox Partners’ Sean Fieler spoke about gold’s role in the coming financial crisis. Fieler, whose firm manages $700 million, said that a sovereign debt crisis is what could catch some off-guard:

FBI RAIDS DONALD TRUMP HOME IN FLORIDA SETTING OFF A FIRESTORM: A VERY DIVIDED COUNTRY

by Harvey Organ, Harvey Organ Blog:

GOLD CLOSED UP $6.70 TO $1795.75//SILVER WAS DOWN 25 CENTS TO $20.51//PLATINUM WAS DOWN $5.70 TO $937.50//PALLADIUM WAS DOWN $22.05 TO $2227.25//FBI RAIDS DONALD TRUMP HOME IN FLORIDA SETTING OFF A FIRESTORM: A VERY DIVIDED COUNTRY//COVID UPDATES//VACCINE INJURY REPORT//VACCINE MANDATE//CHINESE ECONOMY FALTERS AGAIN//NORWAY MAY CURTAIL ELECTRICITY TO EUROPE

Gold & Silver Summer Of Pain (Or Buying) Over As We Wait For The Next Big Thing?

from Silver Doctors:

If they don’t give us the next big thing right out of the gate, there’s always the old standby come Wednesday…

(by Half Dollar) It feels like they’re just throwing everything against the wall and seeing what sticks.

Doesn’t it?

For example, we’ve had a few geo-political splatterings here and there, but obviously nobody is really buying the whole “here comes war with _______ (insert your favorite Conflict du Jour here)” talk.

75,000 BRITS VOW NOT TO PAY POWER BILLS DUE TO HUGE INCREASES IN PRICE

by Harvey Organ, Harvey Organ Blog:

GOLD/SILVER REBOUND NICELY AFTER THE PHONY JOBS REPORT ISSUED ON FRIDAY: GOLD CLOSED UP $13.55 TO $1789.05//SILVER CLOSED UP 83 CENTS TO $20.71//PLATINUM CLOSED UP $11.90 TO $943.20//PALLADIUM UP $117.70 TO $2246.99//COVID UPDATES: VACCINE INJURY REPORT//VACCINE IMPACT//DR PAUL ALEXANDER//HEAT WAVE CONTINUES IN EUROPE WITH ELECTRICITY RATES IN UK AND GERMANY SKYROCKETING//75,000 BRITS VOW NOT TO PAY POWER BILLS DUE TO HUGE INCREASES IN PRICE//PRODUCTION OF RICE FALTERS AMID HEAT WAVE//MILK ALSO IN SHORTAGES//CHINA VS TAIWAN, SITUATION ESCALATES!!/CEASE FIRE BETWEEN ISRAEL AND PALESTINIANS HOLD

Is Zimbabwe’s New Gold Coin Evidence of a Broader Global Trend?

by Mike Gleason, Money Metals:

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Rising geopolitical tensions helped push gold prices up this week. The monetary metal ran to $1,800 an ounce on Thursday. As of this Friday recording, gold is pulling back some and comes in at $1,781 now – up 0.4% for the week.

Turning to the white metals, silver shows a weekly loss of 2.5% to bring spot prices to $20.08 an ounce. Platinum is up 3.6% since last Friday’s close to trade at $948. And finally, palladium prices are unchanged for the week to check in at $2,182 per ounce.

GoldSeek Radio Nugget — Peter Schiff:

from GOLDSEEK RADIO:

TRUTH LIVES on at https://sgtreport.tv/

What Recession? GOLD & SILVER Prices GET HAMMERED On Report Indicating Ultra-Super Duper Job Gains In July

from Silver Doctors:

BOOM(ing economy…)

(by Half Dollar) The Employment Situation Report, commonly called the Jobs Report, has just been released for the month of July, 2022.

Recall that the Bureau of Lying Sadists Labor Statistics has been performing a Jobs Report “do-over” for the last three or four months.

Today, however, Team US Recession Narrative just got dunked on by Team Booming Economy Narrative.

Has a bottom has been found?

by Alasdair Macleod, GoldMoney:

Gold and silver consolidated their new uptrends, with gold moving ahead while silver moved sideways. In European markets this morning gold was at $1787, up $22 on the week, and silver at $20.10, down 20 cents. Comex trade in the gold contract was light, while in silver it was slightly better.

How confident can we be that gold, and therefore silver, has found a bottom? The next chart shows the technical position.