Friday, April 26, 2019

Gold Sales at Australia’s Perth Mint Doubled Last Month

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by Peter Schiff, SchiffGold:

Gold sales at Australia’s Perth Mint doubled in September. Meanwhile, sales of silversurged 78{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

Sales of gold coins and minted bars jumped to 46,415 ounces in September, up from 23,130 ounces a month ago. Silver sales during the month came in at 697,849 ounces, compared with 392,091 ounces in August.

Australia ranks as the second largest gold producer in the world behind China. The Perth Mint refines more than 90{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the country’s gold.

Officials at the mint said investors seized upon the opportunity offered by the drop in the price of gold in late September to buy. The price fell after a hawkish Federal Reserve meeting and hints that the US central bank would raise interest rates again in December. The unveiling of the Trump tax plan also seemed to strengthen the dollar, placing price pressure on gold and silver.

Late last month, “commodities king”  Dennis Gartman said investors should take this opportunity to buy gold, predicting the bull run is not over.

A year from now gold will be demonstrably higher than where it is now.”

Gold sales at the US Mint also increased over August’s totals, but lagged far behind sales at the Perth Mint. September sales of American Gold Eagles increased 21{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} over August totals, coming in at 11,500 ounces. But that’s still down 88{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} compared to 2016 sales. Officials at the mint said American Gold Eagle coin sales were at 38,500 ounces in Q3, up 45{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from the previous quarter, but 80{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} lower than a year ago.

Silver coin sales at the US Mint were also sluggish. In September, the mint sold just 320,000 ounces of silver — the lowest monthly level since December 2016 and 81{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} lower than a year ago.

Peter Schiff talked about lagging precious metals sales in the US during an interview at International Metal Writers Conference last summer. Peter said  many Americans who typically invest in gold have been lulled into a false sense of security with the election of Donald Trump. Peter said that’s a mistake. Despite his intentions, Trump won’t be able to change the course we’re already on.

US stocks have continued to surge higher since the election. Some analysts have called this rise in stock prices the “Trump bump.”  During the campaign, Trump called the stock market a “big, fat, ugly bubble.” Now that he owns the bubble, it’s just a bull market. But as Peter pointed out, it’s the same bubble, only bigger.  Peter went on say that Trump’s election has had the opposite effect on gold, creating a sort of anti-bubble.

You have the opposite of a bubble in gold. Certainly, if you look at the United States, Americans are buying less gold now than they’ve done since the bull market began in 1999 – 2000.  Sales from the US Mint have collapsed. At SchiffGold, we just had our weakest quarter since the company has been in existence. And it’s not just my firm. It’s industry-wide. Americans are not buying gold, even though gold prices year-to-date are up more than the S&P 500. But the people who typically buy gold in America voted for Trump, and they’re no longer worried about the economy. So they’re not buying gold. They’re buying stocks instead, and I think they’re making a big mistake. They should be selling their stocks and buying even more gold.”

Read More @ SchiffGold.com

Thoughtful Disagreement with Ted Butler

by Keith Weiner, SilverSeek:

Dear Mr. Butler:

In your article of 2 October, entitled Thoughtful Disagreement, you say, “someone will come up with the thoughtful disagreement that makes the body of my premise invalid or the price of silver will validate the premise by exploding.” I will take you up on your request.

You state your case in this paragraph:

“Here are the issues. Silver (and gold) prices are set by paper dealings on the COMEX by a few large speculators (banks and managed money traders), to the exclusion of input from real producers and consumers, making the price discovery process and the resultant price artificial. For the past nearly ten years, CFTC data have indicated that JPMorgan has been the dominant paper silver short seller, along with a few other large banks and as a result of that dominance and control none have ever taken a loss when adding short positions. In addition, for the past six and a half years, JPMorgan has accumulated a massive amount of actual silver (650 million oz) at rock-bottom and self-created depressed prices, all while never taking a loss while shorting silver on the COMEX.”

In other words, the four issues are:

1)   the price of silver is set exclusively in the futures market (throughout my article, I will refer to silver but what I say is equally applicable to gold also)

2)   JP Morgan and the banks are speculators

3)   the largest speculator has never taken a loss

4)   JP Morgan has accumulated a large amount of metal, as opposed to paper.

Let me first address #3. The others are all integral and I will respond to them at length below.

When I was about 12, I spent every waking moment teaching myself to program computers. I had this brilliant idea, or so I thought, for how to beat the casino at roulette. Bet $1 on red. If you win, take the profit off the table and bet $1 again. If you lose, bet $2. If you win, you’re even and go back to a $1 bet. If you lose, double again to $4 and so on. The magic is due to the fact that a string of losses becomes more and more improbable the longer it gets.

So I wrote a little program to test this scheme. After hundreds or thousands of iterations, you would lose your entire stake. I checked everything; there was no bug in the code. So what caused the losses?

Roulette has a 0 and a 00. These numbers are neither red, nor black. The probability of winning a bet on red (or black) is less than 50{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, but the payout is only 1 to 1.

It doesn’t matter how big a stake you bring to the table (though larger takes longer). Betting on roulette will wipe you out eventually.

You might be wondering, what does this have to do with JP Morgan being so big that it need never take losses in silver? The principle is the same. If the bank was net short from Nov 2008 (when you said they became “the new Mr. Big on the short side of silver” after their takeover of Bear Stearns) through April 2011, then it was on the wrong side of a market that moved from $8.30 to $49.80. There is no protection for the big, the medium, or the small. Betting wrong brings losses to anyone.

If the argument is that JP Morgan is so big, that it could just short more silver then I have two responses First, please read the above roulette story. Second, the price of silver did go up more than $40. Whatever hypothetical power the bank is supposed to possess, it did not in fact stop the price from rising almost six-fold.

If the argument is that JP Morgan did take a loss, but doesn’t have to report it, then let me just note that a bank that big has many people who know its silver position: traders, accountants, internal and external auditors, directors, regulators, etc. Over a period of years, this must add up to hundreds of people who would be risking their careers and liberty to commit fraud by signing off on financial statements showing a profit in such case of loss.

Whatever is going on in silver, I would bet an ounce of fine gold against a soggy dollar bill that no bank is committing such a fraud, marking trading losses as gains.

The answer why JP Morgan has never taken a loss, and the other three issues also, is simply: the banks are not speculators, but arbitragers. Allow me to give a brief outline of my theory of the market, and by the end it will be clear why I say they are arbitragers.

Read More @ SilverSeek.com

 

Not All Hard Assets Are Created Equal – Jeff Nielson

by Jeff Nielson, Sprott Money:

A familiar refrain in many previous commentaries is that fiat currencies – especially Western fiat currencies – are fundamentally worthless . These currencies are backed by nothing, the definition of a fiat currency.

Typically, these currencies have been borrowed into existence. This makes such notes de facto IOU’s of our governments. However, Western governments are bankrupt. Their currency IOU’s are just as void of value as their bonds. Compounding this fundamental worthlessness, these Western currencies (especially the U.S. dollar) have been conjured into existence in unprecedented quantities in recent years.

Denominated in these worthless currencies, the “price” of any hard asset is effectively infinite. Why have the exchange rates of these various forms of worthless paper not already priced in this worthlessness?

There is a general answer and a specific to this question. The general answer goes as follows. The plunge of a currency to worthlessness is almost always “a confidence event”. What does this mean?

It means that such fiat currencies almost always become worthless from a fundamental perspective well before the official exchange rate descends to zero. The reason for this is quite simple.

A currency that has been in use for a significant period of time acquires the faith of the population that uses it. Few members of any population have the economic savvy to understand when a currency has become worthless from a monetary standpoint. Thus there is a honeymoon period.

A currency continues to have a relatively normal exchange rate even after it is fundamentally worthless because it still enjoys the confidence of that population. At some point (generally when the currency becomes even more extremely diluted), the population realizes that their currency has been debauched.

The paper loses the confidence of that population, and the descent in the exchange rate to near-zero quickly follows. We are currently in this “honeymoon period” with Western fiat currencies. They are fundamentally worthless, but very few people are aware of this.

There is also a second, specific reason why these various forms of worthless paper have not already begun their final death-spiral. The banking crime syndicate, better known as the One Bank , uses this paper to fund its criminal operations.

It has a very, very strong motive to delay this final death spiral. It has two powerful tools that it uses to extend this delay: propaganda and currency manipulation .

The propaganda is as constant as it is absurd. The central bankers (and their media lackeys) pretend there is no connection between the increase in supply of these currencies and the decrease in their value – the basic fundamentals of supply and demand.

In the fantasy world of Western central banks, the concept of dilution essentially does not exist. The laughable propaganda goes as follows.

With their reckless money-printing, these central bank charlatans are “trying” to create inflation (i.e. reduce the value of these currencies) but supposedly failing to do so. It’s the equivalent of a magical lemonade stand, where no matter how much water is added to the lemonade it cannot be diluted – it remains as strong as ever.

The other tool that the banking crime syndicate uses to delay the end of, in particular, the U.S. dollar is currency manipulation. The Big Bank tentacles of the One Bank have been criminally convicted of manipulating all of the world’s currencies.

With a potent propaganda machine, near-omnipotence in manipulating markets, and no meaningful law enforcement, the One Bank has added extra years to the life of its fraudulent fiat currencies. But their days are numbered.

What then?

All hard assets would have an effective “price” of infinity denominated in the various forms of this worthless paper. In that scenario, readers have asked: why should they be giving preference (now) to holding gold and silver?

It is because all of these hard assets are not equal. They are not equal in absolute value. Perhaps more importantly, as the bankers have manipulated most of our markets, prices have become severely skewed. The relative value of various hard assets has become even more unequal.

In terms of absolute value, gold and silver are “precious” metals. Silver, in fact, is even more aesthetically brilliant than gold. This means that when the fiat paper goes to zero, these are assets which (historically) are always valued highly.

However, the real reason why people should gravitate towards these assets is relative value. Many readers know that in monetary terms, gold and silver are “canaries in the coal mine”. They are supposed to alert us to precisely the sort of currency debauchment that has swept the Western world.

As a further means of delaying the end of this fraudulent paper, the One Bank has made the price suppression of precious metals one of its overriding obsessions. The price of gold has been held to a small fraction of its real value in order to make the bankers’ fiat paper appear to have retained its worth.

The price of silver has been suppressed even more ruthlessly. In real dollars, it was driven to a 600-year low, and has effectively remained at that level. Compare the relative value of these hard assets with real estate.

Year after year of near-zero interest rates has fueled real estate bubbles of unprecedented proportions across major urban centers. In relative terms, real estate has never been more expensive. Real estate is theworst place to attempt to shelter our wealth as we flee the bankers’ paper currencies.

Various other classes of hard assets fall somewhere in between these two extremes. Almost all commodities are at relatively depressed levels. Soaring commodity prices are a secondary warning of imminent hyperinflation, so the bankers have suppressed most commodity markets.

This may confuse the issue in the minds of some. If all commodities are suppressed, then any commodity becomes a suitable haven for our wealth as we flee fiat currencies. Not so.

Read More @ SprottMoney.com

Challenging the Dollar: China and Russia’s Plan from Petroyuan to Gold

by Federico Pieraccini, Strategic Culture:

As seen in my previous article, US military power is on the decline, and the effects are palpable. In a world full of conflicts brought on by Washington, the economic and financial shifts that are occurring are for many countries a long-awaited and welcome development.

If we were to identify what uniquely fuels American imperialism and its aspirations for global hegemony, the role of the US dollar would figure prominently. An exploration of the depth of the dollar’s effects on the world economy is therefore necessary in order to understand the consequential geopolitical developments that have occurred over the last few decades.

The reason the dollar plays such an important role in the world economy is due to the following three major factors: the petrodollar; the dollar as world reserve currency; and Nixon’s decision in 1971 to no longer make the dollar convertible into gold. As is easy to guess, the petrodollar strongly influenced the composition of the SDR basket, making the dollar the world reserve currency, spelling grave implications for the global economy due to Nixon’s decision to eliminate the dollar’s convertibility into gold. Most of the problems for the rest of the world began from a combination of these three factors.

Dollar-Petrodollar-Gold

The largest geo-economic change in the last fifty years was arguably implemented in 1973 with the agreement between OPEC, Saudi Arabia and the United States to sell oil exclusively in dollars.

Specifically, Nixon arranged with Saudi King Faisal for Saudis to only accept dollars as a payment for oil and related investments, recycling billions of excess dollars into US treasury bills and other dollar-based financial resources. In exchange, Saudi Arabia and other OPEC countries came under American military protection. It reminds one of a mafia-style arrangement: the Saudis are obliged to conduct business in US dollars according to terms and conditions set by the US with little argument, and in exchange they receive generous protection.

The second factor, perhaps even more consequential for the global economy, is the dollar becoming the world reserve currency and maintaining a predominant role in the basket of international foreign-exchange reserves of the IMF ever since 1981. The role of the dollar, linked obviously to the petrodollar trade, has almost always maintained a share of more than 40{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the Special Drawing Right (SDR) basket, while the euro has maintained a stable share of 29-37{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} since 2001. In order to understand the economic change in progress, it is sufficient to observe that the yuan is now finally included in the SDR, with an initial 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} share that is immediately higher than the yen (8.3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}) and sterling (8.09{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}) but significantly less than the dollar (41{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}) and euro (31{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}). Slowly but significantly Yuan currency is becoming more and more used in global trade.

The reason why the United States has been able to fuel this global demand for dollars is linked to the need for other countries to own dollars in order to be able to buy oil and other goods. For example, if a Bolivian company exports bananas to Norway, the payment method requires the use of dollars. Norway must therefore own US currency to pay and receive the goods purchased. Similarly, the dollars Bolivia receives will be used to buy other necessities like oil from Venezuela. It may seem unbelievable, but practically all countries until a few years ago used US dollars to trade amongst each other, even countries that were anti-American and against US imperialist policies.

This continued use of the dollar has had some devastating effects on the globe. First of all, the intense use of the American currency, coupled with Nixon’s decisions, created an economic standard based on the dollar that soon replaced precious metals like gold, which had been the standard for the global economy for years. This has led to major instability and to economic systems that have in the proceeding years created disastrous financial policies, as seen in 2000 and 2008, for example. The main source of economic reliability transferred from gold to dollars, specifically to US treasury bills. This major shift allowed the Federal Reserve to print dollars practically without limit (as seen in recent years with interests rates for borrowing money from the FED at around 0{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}), well aware that the demand for dollars would never cease, this also keeping alive huge sectors of private and public enterprises (such as the fracking industry). This set a course for a global economic system based on financial instruments like derivatives and other securities instead of real, tangible goods like gold. In doing this for its own benefit, the US has created the conditions for a new financial bubble that could even bring down the entire world economy when it bursts.

The United States found itself in the enviable position of being able to print pieces of paper (simply IOU’s) without any gold backing and then exchange them for real goods. This economic arrangement has allowed Washington to achieve an unparalleled strategic advantage over its geopolitical opponents (initially the USSR, now Russia and China), namely, a practically unlimited dollar-spending capacity even as it accumulates an astronomical public debt (about 21 trillion dollars). The destabilizing factor for the global economy has been Washington’s ability to accumulate enormous amounts of public debt without having to worry about the consequences or even of any possible mistrust international markets may have for the dollar. Countries simply needed dollars for trade and bought US treasures to diversify their financial assets.

The continued use of the dollar as a means of payment for almost everything, coupled with the nearly infinite capacity of the of FED to print money and the Treasury to issue bonds, has led the dollar to become the primary safe refuge for organizations, countries and individuals, legitimizing this perverse financial system that has affected global peace for decades.

Dollars and War: The End?

The problems for the United States began in the late 1990s, at a time of expansion for the US empire following the demise of the Soviet Union. The stated geopolitical goal was the achievement of global hegemony. With unlimited spending capacity and an ideology based on American exceptionalism, this attempt seemed to be within reach for the policymakers at the Pentagon and Wall Street. A key element for achieving global hegemony consisted of stopping China, Russia and Iran from creating a Eurasian area of integration. For many years, and for various reasons, these three countries continued to conduct large-scale trade in US dollars, bowing to the economic dictates of a fraudulent financial system created for the benefit of the United States. China needed to continue in its role of becoming the world’s factory, always having accepted dollar payments and buying hundreds of billions of US treasury bills. With Putin, Russia began almost immediately to de-dollarize, repaying foreign debts in dollars, trying to offload this economic pressure. Russia is today one of the countries in the world with the least amount of public and private debt denominated in dollars, and the recent prohibition on the use of US dollars in Russian seaports is the latest example. For Iran, the problem has always been represented by sanctions, creating great incentives to bypass the dollar and find alternative means of payment.

The decisive factor that changed the perception of countries like China and Russia was the 2008 financial crisis, as well as growing US aggression ever since the events in Yugoslavia in 1999. The Iraq war, along with other factors, prevented Saddam from starting an oil trade in euro, which threatened the dollar’s financial hegemony in the Middle East. War and the America’s continued presence in Afghanistan stressed Washington’s intentions to continue encircling China, Russia and Iran in order to prevent any Eurasian integration. Naturally, the more the dollar was used in the world, the more Washington had the power to spend on the military. For the US, paying a bill of 6 trillion dollars (this is the cost of the wars in Iraq and Afghanistan) has been effortless, and this constitutes an unparalleled advantage over countries like China and Russia whose military spending in comparison is a fifth and a tenth respectively.

Read More @ Strategic-Culture.org

SPAIN TO DECLARE THEIR INDEPENDENCE ON MONDAY

from Harvey Organ, Harvey Organ Blog:

TRUMP STATES THAT BONDHOLDERS OF PUERTO RICO BONDS WILL BE WIPED OUT/GOLD AND SILVER HOLD

GOLD: $1272.10 UP   $0.10

Silver: $16.60  DOWN 1 CENT(S)

Closing access prices:

Gold $1274.80

silver: $16.61

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: $n/a DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $n/a

PREMIUM FIRST FIX:  $8.24 (premiums getting larger)

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SECOND SHANGHAI GOLD FIX: $n/a

NY GOLD PRICE AT THE EXACT SAME TIME: $/na

Premium of Shanghai 2nd fix/NY:$13.00 (PREMIUMS GETTING LARGER)  

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LONDON FIRST GOLD FIX:  5:30 am est  $not important

NY PRICING AT THE EXACT SAME TIME: $not important

LONDON SECOND GOLD FIX  10 AM: $1283.10

NY PRICING AT THE EXACT SAME TIME. 1283.10

For comex gold:

OCTOBER/

NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 75 NOTICE(S) FOR  7500  OZ.

TOTAL NOTICES SO FAR: 2115 FOR 211,500 OZ  (6.5785 TONNES)

For silver:

OCTOBER

 

 23 NOTICES FILED TODAY FOR

 

115,000  OZ/

Total number of notices filed so far this month: 316 for 1,695,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

end

Let us have a look at the data for today

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In silver, the total open interest SURPRISINGLY ROSE BY  285 contracts from  183,209  UP TO 183,494   WITH RESPECT TO YESTERDAY’S TRADING (UP  1 CENT ). THE CROOKS TRIED TO COVER AS MUCH OF THEIR SILVER SHORTS AS POSSIBLE BUT IT LOOKS LIKE THEY FAILED AGAIN

RESULT: A SMALL SIZED RISE IN OI COMEX  WITH THE  1 CENT PRICE RISE AND CONSTANT TORMENT. IT SURE LOOKS LIKE OUR BANKERS FAILED AGAIN IN THEIR ATTEMPT TO COVER THEIR MASSIVE SILVER SHORTFALL

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.915 BILLION TO BE EXACT or 131{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT OCT MONTH/ THEY FILED: 19 NOTICE(S) FOR 95,000OZ OF SILVER.

In gold, the open interest FELL BY A  MUCH LARGER THAN EXPECTED 5604 CONTRACTS WITH THE FALL in price of gold ($2.75 ) .  The new OI for the gold complex rests at 525,127. WEHAVE NOW ENTERED GOLDEN WEEK (ONE WEEK OF CHINESE HOLIDAY)..SO EXPECT TORMENT FOR THE REST OF THE WEEK AS THE CROOKS DO NOT HAVE TO WORRY ABOUT PHYSICAL DELIVERIES FOR A WEEK. OUR BANKER FRIENDS WERE QUITE SUCCESSFUL IN COVERING MORE OF THEIR GOLD SHORTS.

 

Result: A GOOD SIZED DECREASE IN OI WITH THEFALL IN PRICE IN GOLD ($2.75) 

we had: 75 notice(s) filed upon for 7,500 oz of gold.

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

GLD:   

Tonight , NO CHANGES  in gold inventory at the GLD

Inventory rests tonight: 854.30 tonnes.

SLV

Today:  NO changes in inventory:

INVENTORY RESTS AT 326.615 MILLION OZ

 

end

.

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

1. Today, we had the open interest in silver SURPRISINGLY ROSE BY 285 contracts from 183,209  UP TO 183,2494(AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) . IT  SEEMS THAT  OUR BANKERS WERE AGAIN UNSUCCESSFUL IN COVERING THEIR  SILVER SHORTS.  WITH GOLDEN WEEK IN CHINA, EXPECT THE BANKERS TO HAVE CONSTANT TORMENT THROUGH THIS COMING WEEK AS THEY TRY AND COVER AS MANY AS POSSIBLE OF THEIR SILVER/GOLD SHORTS.

RESULT:  A SMALL SIZED INCREASE IN SILVER OI  AT THE COMEX WITH THE RISE IN PRICE OF 1 CENT IN YESTERDAY’S TRADING. EXPECT CONSTANT TORMENT FOR THE REST OF THE WEEK. OUR BANKER FRIENDS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO COVER ANY OF OUR SILVER SHORTS

(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 TUESDAY night/WEDNESDAY morning: Shanghai closed /Hang Sang CLOSED / The Nikkei closed UP 12.59 POINTS OR 0.03{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Australia’s all ordinaires CLOSED DOWN 0.77{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed/Oil DOWN to 50.26 dollars per barrel for WTI and 55.86 for Brent. Stocks in Europe OPENED RED EXCEPT GERMANY .  ALL YUAN FIXINGS CLOSED

Read More @ HarveyOrganBlog.com

Silver Carves Out A Bottom And THEN MEETS MC HAMMER

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from SilverDoctors:

SD Midweek Update: Silver may have finally carved a bottom from the latest price smashings. But silver just found out, yet again, what “Hammer Time” is all about. However, significant downside pressure from here will be hard to pull off…

Since the silver market opened on Sunday night, there seems to have been a bottom carved out on the chart:

The action on the daily supports the rounded bottom:

However, the fingers are at the ready, and as the lesser of the two jobs reports just hit the tape, this is the reality we face:

Yes, it is disgusting. It’s not a song and a dance. Every opportunity is used to sell paper silver into the market. This week, they cartel has the upper hand with all markets in China closed all week long. However, let’s put it in perspective. Silver was $19 just a year ago. Silver is severely lagging gold in terms of performance, and American Silver Eagle coin sales were abysmal last quarter, and all year really. If that isn’t about as bullish as we could want for what we are served, then I don’t know what bullish is.

There’s even a GSR that is still screaming “buy silver”:

Read More @ SilverDoctors.com

Comex Silver “Deliveries” Surge In September

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by Turd Ferguson, TF Metals:

Though Comex metal “delivery” remains a sham and circle jerk where The Banks simply shuffle paper warehouse receipts and warrants, we thought the latest totals for September were noteworthy enough to bring them to your attention.

Again, we’ve written about this on countless occasions and this post is not meant to imply that “the Comex is about to break” or that “there is a run on The Banks”. Instead, September saw the continuation of two trends of which you need to be aware. Comex “deliveries” are up dramatically in 2017 and JPM continues to stand down.

First, take a look at the historical pattern of “deliveries” during the so-called “delivery months” of March, May, July, September and December. Below is a summary of the “delivery” activity for 2015:

The one way we’ve always quantified “deliveries” here at TFMR is to consider the total amount of stated “deliveries” at the end of each month versus the total number of contracts that had been left open and allegedly “standing for delivery” at the beginning of the process. For 2015, it looked like this:

Read More @ TFMetals.com

Why Precious Metals Are The Better LONG-TERM Store Of Value Over Bitcoin

by Steve St. Angelo, SRSrocco:

Many precious metals investors are starting to question whether gold and silver are still the best store of wealth in the future.  The reason Alternative Media community is starting to have doubts about their gold and silver investments is due to the rapidly rising value of the cryptocurrency market.  Also, a number of precious metals analysts have jumped ship and are now only supporting the cryptocurrencies as the next best thing since sliced bread.

While some precious metals analysts now believe that Bitcoin and cryptocurrencies are the better assets to own in the future rather than gold and silver, I do not belong to that group or mindset.  I differ from these analysts based upon my energy analysis.  Unfortunately, these analysts that promote cryptocurrencies as the “New” digital assets of the future, are ignorant about the Falling EROI – Energy Returned On Investment, or are clueless to the dire energy predicament the world is facing.

I’ve received many emails from followers who wanted to know my opinion on the matter of “Precious Metals vs. Cryptos.”  So, I thought it would be a good idea to discuss the fundamental reason why I believe the precious metals are still the KEY ASSETS to own in the future.

GOLD vs. BITCOIN:  Price & Monetary Traits

While the gold price has increased significantly since 2000, Bitcoin’s price has gone up exponential in a short period.  The amount of gold that can be now purchased with one Bitcoin has increased dramatically from less than a half ounce at the beginning of 2017, to 3.4 oz currently:

Normally, exponential price rises do not last.  However, Bitcoin might be the one asset that is an exception to the rule….. FOR A WHILE.  Many cryptocurrency analysts are forecasting a $10,000+ price by early 2018.  I have no idea if Bitcoin will reach $10,000 next year, but I am more concerned about what happens in the next 5-1o years.  Even though the Bitcoin price might shoot higher, it could also correct much lower and trade flat for several years as it did after its spike in 2013.

Read More @ SRSrocco.com

BANKER RAIDS FAIL IN THEIR ATTEMPT TO CAUSE GOLD AND SILVER OPEN INTEREST TO FALL

by Harvey Organ, Harvey Organ Blog:

SPAIN IS NOW PARALYZED WITH STRIKES AND PROTESTERS/WORK IN PROGRESS

GOLD: $1272.00 down $2.75

Silver: $16.61  up 1 CENT(S)

Closing access prices:

Gold $1271.10

silver: $16.63

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: $n/a DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $n/a

PREMIUM FIRST FIX:  $8.24 (premiums getting larger)

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SECOND SHANGHAI GOLD FIX: $n/a

NY GOLD PRICE AT THE EXACT SAME TIME: $/na

Premium of Shanghai 2nd fix/NY:$13.00 (PREMIUMS GETTING LARGER)  

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LONDON FIRST GOLD FIX:  5:30 am est  $not important

NY PRICING AT THE EXACT SAME TIME: $not important

LONDON SECOND GOLD FIX  10 AM: $1283.10

NY PRICING AT THE EXACT SAME TIME. 1283.10

For comex gold:

OCTOBER/

NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 1601 NOTICE(S) FOR  160,100OZ.

TOTAL NOTICES SO FAR: 2040 FOR 204,000 OZ  (6.345 TONNES)

For silver:

OCTOBER

 

 12 NOTICES FILED TODAY FOR

 

60,000  OZ/

Total number of notices filed so far this month: 316 for 1,580,000 oz

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end

Let us have a look at the data for today

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In silver, the total open interest SURPRISINGLY ROSE BY  249 contracts from  182,960  UP TO 183,209  CORRESPONDING TO ANOTHER RAID THAT SILVER UNDERTOOK IN YESTERDAY’S TRADING (DOWN 8 CENTS ). THE CROOKS TRIED TO COVER AS MUCH OF THEIR SILVER SHORTS AS POSSIBLE BUT IT LOOKS LIKE THEY FAILED

RESULT: A SMALL SIZED RISE IN OI COMEX  DESPITE THE  8 CENT PRICE FALL AND CONSTANT TORMENT. IT SURE LOOKS LIKE OUR BANKERS FAILED AGAIN IN THEIR ATTEMPT TO COVER THEIR MASSIVE SILVER SHORTFALL

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.915 BILLION TO BE EXACT or 131{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT OCT MONTH/ THEY FILED: 19 NOTICE(S) FOR 95,000OZ OF SILVER

In gold, the open interest FELL BY A  MUCH SMALLER THAN EXPECTED 152 CONTRACTS DESPITE ANOTHER WICKED FALLin price of gold ($8.25 ) .  The new OI for the gold complex rests at 530,731. WEHAVE NOW ENTERED GOLDEN WEEK (ONE WEEK OF CHINESE HOLIDAY)..SO EXPECT TORMENT FOR THE REST OF THE WEEK AS THE CROOKS DO NOT HAVE TO WORRY ABOUT PHYSICAL DELIVERIES FOR A WEEK. OUR BANKER FRIENDS WERE NOT SUCCESSFUL IN THE ATTEMPT TO COVER MORE OF THEIR GOLD SHORTS.

 

Result: A SMALL SIZED DECREASE IN OI WITH THEFALL IN PRICE IN GOLD ($3.75) 

we had: 1601 notice(s) filed upon for 160,100 oz of gold.

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

GLD:   WOW

Tonight , A HUGE CHANGE  in gold inventory at the GLD AGAIN WITH THE CONTINUAL DRUBBING GOLD HAS TAKEN THESE PAST FEW WEEKS. THIS HUGE WITHDRAWAL WAS REPORTED LATE LAST NIGHT:  WITHDRAWAL OF  10.35 TONNES

Inventory rests tonight: 854.30 tonnes.

SLV

Today: a SMALL change in inventory:  A WITHDRAWAL OF 142,000 OZ TO PAY FOR FEES

INVENTORY RESTS AT 326.615 MILLION OZ

 

end

.

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

1. Today, we had the open interest in silver SURPRISINGLY ROSE BY 249 contracts from 182,960  DOWN TO 183,209 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) . IT  SEEMS THAT  OUR BANKERS WERE UNSUCCESSFUL IN COVERING THEIR SHORTS.  WITH GOLDEN WEEK IN CHINA, EXPECT THE BANKERS TO HAVE CONSTANT TORMENT THROUGH THIS COMING WEEK AS THEY TRY AND COVER AS MANY AS POSSIBLE OF THEIR SILVER/GOLD SHORTS.

RESULT:  A SMALL SIZED INCREASE IN SILVER OI  AT THE COMEX WITH THE FALL IN PRICE OF 8 CENTS IN FRIDAY’S TRADING. EXPECT CONSTANT TORMENT FOR THE REST OF THE WEEK. OUR BANKER FRIENDS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO COVER ANY OF OUR SILVER SHORTS

(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

)Late MONDAY night/TUESDAY morning: Shanghai closed /Hang Sang CLOSED / The Nikkei closed UP 44.50 POINTS OR 0.22{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Australia’s all ordinaires CLOSED UP 0.81{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed/Oil DOWN to 50.30 dollars per barrel for WTI and 55.60 for Brent. Stocks in Europe OPENED GREEN .  ALL YUAN FIXINGS CLOSED

Read More @ HarveyOrganBlog.com

Keiser Report (Ep. 1131)

from Keiser Report:

Stacy interviews Erik Voorhees of ShapeShift.io about the latest crackdowns on Initial Coin Offerings in the cryptocurrency space. They also discuss whether or not bitcoin is a store of value or a payment system. Or both.

The Gold Coin Dilemma, Politics and Nonsense

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by Gary Christenson, Deviant Investor:

There are five identical bags of gold, and each contains ten gold coins. However, one of the five bags contains fake gold. The real gold, fake gold, and five bags appear identical, except the coins of fake gold each weigh 1.1 ounces, and the real gold coins each weigh 1 ounce. You have an accurate digital scale and CAN USE IT ONLY ONCE.

How do you determine which bag contains the fake gold?

(Thanks to my friend Brian C. for sending me this dilemma.)

There is a straight-forward answer to this question, but let’s speculate on what happens when we involve politics and prejudice.

The European Politician: As Prime Minister Junker said, “When it becomes serious, you have to lie.” Forty ounces of gold is serious wealth, and we discourage using gold, so this is one of many times when lying is required. These gold coins are fakes and we are confiscating them. The supposed owner will be charged with several crimes.

The Dallas School Politician: We are planning to rename schools bearing the names of Confederate generals and leaders because the Confederate economy used slavery and slavery was bad. The Southerners also used gold for trade, so we are opposed to using gold as well.

The Chicago Politician: These gold coins symbolize the oppression of the masses and the unfair distribution of wealth across racial lines in America. As your public servant I am personally confiscating these coins so they will no longer remind my many supporters of racism and inequality.

The Swiss Gold Refiner: We’ll perform a simple and non-invasive test, return the fake gold to London, melt and refine the genuine gold into 99.99{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} purity and cast it into a one kilo bar. The remaining gold bullion will be used in another bar and both will be sold to China where gold is understood and valued.

The DEA Agent: No American has any business carrying 40 or 50 ounces of gold. These gold coins resulted from illegal drug sales, so we are confiscating them.

The NFL Player: Hey man, like we’re protesting social issues or somethin’ and don’t know about no gold coins.

Ben S. Bernanke: Nobody really understands gold prices and I don’t pretend to understand them either.” These coins will be shipped to my friend, the CEO of Goldman Sachs, for evaluation.

Democratic National Committee Executive: I understand this question will be presented to both candidates in the next debate. I’ll make certain our Democratic candidate receives both the question and answer in advance.

Republican Senator: Don’t bother me with trivial issues. I’m on my way to collect a $2,000,000 “thank you gift” from a major defense contractor because I wrote legislation that will boost his profitability by over one $billion in the next five years. American business must be supported.

Professor funded by a grant from Global Warming Advocate: My extensive computer analysis shows that production of these gold coins increased the average temperature of the planet by 0.000003 degrees Celsius, plus or minus 0.0002 degrees. Further, I calculated the gasses created from fossil fuels burned in the production of these gold coins were equal to the flatulence expelled by 137 average cows over the course of one year. The production of these gold coins and excessive cow flatulence are two causes of the global warming catastrophe that will destroy the planet.

Conservative Austrian Economist: The real gold coins are money. The fake coins are similar to debt based fiat currency units with no intrinsic value. The free market can decide which should be used.

Congressman: I will convene a committee of distinguished colleagues and we shall hold public hearings accepting fair and objective testimony as to which coins are real, which are fake, and why people bother with the barbaric concept of gold coins. Hearings and analysis should last no longer than ten months. I will present the committee report about six weeks before my next election. All television networks are invited to broadcast my presentation of our findings. I trust my American voters will appreciate me, their congressional representative, and how I am dealing with this pressing problem.

Mainstream News Reporter: We believe these coins are fake news. An anonymous source has confirmed that all 50 coins are fake gold and were manufactured in Russia, possibly at the request of our Republican President. This is another example of Russian gold hacking that must be stopped.

Read More @ DeviantInvestor.com

BREAKING: China’s PROVEN Gold Reserves At 12,100 Tons At End Of 2016

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from SilverDoctors:

If “he who holds the gold makes the rules” rings any bells, then “slow and steady” and “planning for the long-term” may be about to come to an abrupt end…

Chinese markets are closed all week including the Shanghai Stock Market and the Shanghai Gold Exchange.

This week China is celebrating Golden Week, and the Chinese have just come out with a golden announcement.

Reuters is reporting on Chinese proven gold reserves, and this has huge implications.

Here it is straight from Xinhua:

BEIJING, Oct. 2 (Xinhua) — China’s proven gold reserves reached 12,100 tonnes at the end of 2016, making it the world’s second largest gold holder after South Africa.

Zhang Yongtao, vice chairman of the China Gold Association (CGA), revealed the figure at a press briefing.

Last year, total gold transactions in the Chinese market, including trading at gold exchanges, futures exchanges and the over-the-counter gold in commercial banks, reached 70,000 tonnes, said Zhang, who expected the volume to exceed 100,000 tonnes by 2020.

China has been the world’s biggest gold producer for 10 years and the largest gold consumer for four years. It aims to increase its annual gold output to 500 tonnes by 2020 from around 450 tonnes currently.

In the first half of this year, a total of 207 tonnes of gold were produced, down 9.8 percent from a year ago, according to the CGA.

Meanwhile, gold consumption rose nearly 10 percent year on year to 545 tonnes in the six-month period, with consumption of gold bars up more than 50 percent.

In case anybody missed this interview, now may be a good time to brush up on any number of “oil for gold-backed yuan” commentaries, including this one from Silver Doctors:

Read More @ SilverDoctors.com