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Trader Dan's Market Views: "Whack-A-Mole" Job on Gold takes it Down

Trader Dan's Market Views: "Whack-A-Mole" Job on Gold takes it Down | Gold and What Moves it. | Scoop.it

Dan Norcici writes:

 

"Reading the wire feed commentary from early in today's session was another exercise in the cluelessness and lemming-like parroting that proceeds forth from the US financial media these days.

 

"It was that nasty, infamous "FAT FINGER" once again that was initially blamed for the smashing avalanche of sell orders that crushed the gold price lower early in today's session.

 

"Never mind the fact that the market did not immediately pop right back, which would have indeed been the case were there an actual trading error involved. The other annoying fact is that "fingers", fat or skinny or otherwise, have very little if anything to do with today's trading volume. We are talking about gigantic hedge funds and other large commercial interests, most of whom use some sort of automated computer trading platform which places orders for them. The only thing a "finger" is needed for is to beckon the servant to bring another glass of Chabliss to the hedge fund office crowd.

 

"I am reading today's hit as just another bear raid on the gold market like so many other that we have seen over and over again throughout the last decade+ of the bull market in ..."

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LearCapital | Download Lear Gold & Silver Daily Today!

LearCapital | Download Lear Gold & Silver Daily Today! | Gold and What Moves it. | Scoop.it

Download the Free Lear Gold & Silver Daily Today!

 

Stay on top of the latest breaking commodities market news, coin prices, real time charts and special promotions from Lear Capital's “Lear Gold and Silver Daily” app for both iOS  and Android devices .

 

The Lear Gold and Silver Daily app is a special new benefit brought to you by Lear Capital at no additional cost.

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Sneaking it anyway: When it`s taboo to buy gold in India - GOLD NEWS - Mineweb.com Mineweb

Sneaking it anyway: When it`s taboo to buy gold in India - GOLD NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Author: Shivom Seth
Posted: Tuesday , 23 Sep 2014 

MUMBAI (MINEWEB) - 

 

Minal Asha is all of 22 years, and like any other youngster considers herself above all those "inane superstitions", as she puts it, that her family follows. She does not think twice before entering a gold jewellery shop to pick up a heavy gold necklace, given the comparatively low prices, at what is normally referred to as an inauspicious time - Pitru Paksha.

 

A period of 16 days that is dedicated to the ancestors, Pitru Paksha is a time when donations are made to pay homage to one`s forefathers and to gratify their souls.

 

Whether it is new flats, cars, gold jewellery, or electronic items, no new deals are struck during this period. After the immersion of Lord Ganesh, the calendar steps into a period for penance and sobriety, a period considered to be highly inauspicious in India for such activity.

 

Gold buying is a complete no-no during this time. And it is because of young-gen consumers like Minal Asha that the retail counter at bullion stores has seen some activity since the past week or so, bringing relief to Indian jewellers. ...

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The Next Crisis - Part two - A manifesto for the supremacy of the 1% - Golem XIV - Thoughts

The present crisis is not yet over and yet we are already overdue for the next. In Part One I suggested that not only are the 1% well aware of this but that while they have been telling us how we must ‘save’ the present system and assuring us that any radical break with the …
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China Moves To Dominate Gold Market With Physical Exchange | Zero Hedge

China Moves To Dominate Gold Market With Physical Exchange | Zero Hedge | Gold and What Moves it. | Scoop.it

China is slowly moving to dominate the global gold market and it is important to join the dots regarding a few key recent developments in China relating to gold. When the International Board of the Shanghai Gold Exchange (SGE) was launched last Thursday September 18 during an evening trading session, it was notable that the first transactions were put through by a diverse group comprising HSBC, MKS (Switzerland), and the Chinese banks,  ICBC, Bank of China and Bank of Communications.  One encouraging factor about the SGE ...

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Trade Your Gold For Cash? Sell Your Life Jacket?

Trade Your Gold For Cash?  Sell Your Life Jacket? | Gold and What Moves it. | Scoop.it
If you were on a sinking ship with fewer life preservers than passengers, how much would your life jacket be worth?  Would you sell it to the highest bidder?  Aside from any romantic scenarios or heroic acts of self-sacrifice, I think it is safe to say your life jacket would not be for sale – AT ANY PRICE!
Well, such is the cry of one fairly well-known pundit in a widely circulated video.  Amid predictions of Dow 3300, another 40% drop in the housing market, a plunge in gold to $750 an ounce or lower and skyrocketing unemployment, the strategy proposed is to pay off debt and sell everything you can to accumulate cash.    
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I speak, therefore, I think, therefore I am.

I speak, therefore, I think, therefore I am. | Gold and What Moves it. | Scoop.it

Last Friday I was immersed in a busy day of university meetings and essay grading. I did not know we dropped down through key levels until I looked at the blog after the close. But the entire day I had a feeling that something was wrong. I attributed it to the Scots (my people) voting to stay in the commonwealth and especially the story about the British move away from US T-bills.

The dollar is being ushered off the international stage, kicking and screaming, threatening retaliation, war, and disaster for all. Now we read that Kenneth Austin, a Treasury Department economist [thank you Dan] called for the end of dollar reserve status, and China is parking a destroyer  in an Iranian port, a stone’s throw from American protected ports across the gulf. As they build a petro-yuan system we see the world is changing! Perhaps the US is cooperating behind the curtain? ...

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Interesting read. 

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Guest Post: "Rigged Gold Price Distorts Perception of Economic Reality", by Paul Craig Roberts and "Denver" Dave Kranzler

Guest Post: "Rigged Gold Price Distorts Perception of Economic Reality", by Paul Craig Roberts and "Denver" Dave Kranzler | Gold and What Moves it. | Scoop.it

by, Paul Craig Roberts and Dave Kranzler

The Federal Reserve and its bullion bank agents (JP Morgan, Scotia, and HSBC) have been using naked short-selling to drive down the price of gold since September 2011. The latest containment effort began in mid-July of this year, after gold had moved higher in price from the beginning of June and was threatening to take out key technical levels, which would have triggered a flood of buying from hedge funds.

The Fed and its agents rig the gold price in the New York Comex futures (paper gold) market. The bullion banks have the ability to print an unlimited supply of gold contracts which are sold in large volumes at times when Comex activity is light.

Generally, on the other side of the trade the buyers of contracts are large hedge funds and other speculators, who use the contracts to speculate on the direction of the gold price. The hedge funds and speculators have no interest in acquiring physical gold and settle their bets in cash, which makes it possible for the bullion banks to sell claims to gold that they cannot back with physical metal. Contracts sold without underlying gold to back them are called “uncovered contracts” or “naked shorts.” It is illegal to engage in naked shorting in the stock and bond markets, but it is permitted in the gold futures market.

The fact that the price of gold is determined in a futures market in which paper claims to gold are traded merely to speculate on price means that the Fed and its bank agents can suppress the price of gold even though demand for physical gold is rising. If there were strict requirements that gold shorts could not be naked and had to be backed by the seller’s possession of physical gold represented by the futures contract, the Federal Reserve and its agents would be unable to control the price of gold, and the gold price would be much higher than it is now.

Gold price manipulation is used when demand for delivery of gold bullion begins to put upward pressure on the price of gold and hedge funds speculate on the rising price of gold by ...

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Dear John: Don’t drink to higher interest

Dear John: Don’t drink to higher interest | Gold and What Moves it. | Scoop.it

by John Crudele:


And my view on the economy isn’t that pessimistic. The economy has grown — just not very quickly despite heroic (and dangerous) moves by the Fed. And the amount of debt this country has accumulated — $17 trillion and counting — has left us vulnerable to mischief from countries that don’t necessarily like us.

 

Job growth is modest (if you believe the numbers put out by the government, which I don’t) and inflation is relatively tame (again, if you believe the numbers).

 

So, with only modest growth and relatively tame inflation, the Fed is seriously considering increasing interest rates sometime late next year, perhaps.

 

That tells me one of two things: One, the Fed is concerned about the economy in ways it isn’t saying; or two, someone is pushing the Fed toward this view.

 

My view: I think the Fed is concerned that the US has made itself vulnerable to mischief from China. And I think Janet Yellen is concerned about “asset inflation” — meaning that the stock market and other assets are going crazy. ...

Hal's insight:

Click through for the rest. I clipped this because of the reference to China. Mr. Crudele gets it, I think.  And so do the economists in China.

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Jesse's Café Américain: Long Term Gold Chart with Retracements

Jesse's Café Américain: Long Term Gold Chart with Retracements | Gold and What Moves it. | Scoop.it
It shows the strong support at 1180, and the longer term trend line that works on a logarithmic chart. ...
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The Central Bank of the Russian Federation increased their physical gold reserves by another 300,000 troy ounces

The Central Bank of the Russian Federation increased their physical gold reserves by another 300,000 troy ounces | Gold and What Moves it. | Scoop.it

Ed Steer writes:


The Central Bank of the Russian Federation updated their website with August's data yesterday.  It showed that they increased their physical gold reserves by another 300,000 troy ounces during that period---and they now hold 35.8 million troy ounces in their reserves.  Here's Nick's most excellent chart showing that change. ...

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Solar panels to be made mandatory for new buildings in Hyderabad - The Economic Times

Solar panels to be made mandatory for new buildings in Hyderabad - The Economic Times | Gold and What Moves it. | Scoop.it
The Telangana government is planning to make installation of roof-top solar panels mandatory for new buildings in Hyderabad.
Hal's insight:

Growing trend in Asia for solar. Think, "Silver".

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Is It Real Or Memorex?

Is It Real Or Memorex? | Gold and What Moves it. | Scoop.it

The precious metals have been under the most intense and concentrated period of downward price manipulation by the Federal Reserve/U.S. Government that has occurred over the last 14 years, except for the summer/early fall 2008.  Something really bad is occurring behind the scenes with our  economic and financial system that is not yet obvious.  But I have a feeling we’ll soon find out.

 

Some of the clues include the obvious lies and information misdirection coming from Grandma Yellen, Wall Street and the White House.  Yesterday’s FOMC announcement/Yellen press conference was one of the most absurdly Orwellian events I have ever witnessed. ...

Hal's insight:

Dave in Denver's take on gold manipulation.

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Manipulation - Here we go Again

QUESTION: Mr Armstrong, How can you say the metals are not manipulated? It is you and your people who keep shorting gold to prevent a rally.

ANSWER: The people who say that is what I say are those manipulating you. They are biased and will go down with the ship because they are married to one market and cannot see the truth if you slap them in the face. There is NOTHING that can be manipulated on a systemic basis every day. If that were true, no empire would fail, communism would have succeeded, there would be no recession since the G20 manipulates the economy, QE1-3 would not exist for the Fed could manipulate long-term rates rather than try to “influence”, and then if you really paid attention, I have stated the “club” manipulates markets for a quick buck  ...

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Silver, Gold, Debt and Taxes | GE Christenson | Safehaven.com

Silver, Gold, Debt and Taxes | GE Christenson | Safehaven.com | Gold and What Moves it. | Scoop.it
I'm convinced - we can't escape debt and taxes. Essentially all currency is created as debt, and our financial system creates more debt and more currency into circulation every day. Taxes are insufficient to pay the massive expenditures that our politicians deem essential, so our national, state and local governments fall deeper into debt every year. I think we can all agree - expect more debt and more taxes.

What About Silver and Gold?
National debt has increased from $3 Billion in 1913, to $398 Billion in 1971 to about $17,700 Billion ($17.7 Trillion). Debt and taxes - much more debt - are in our future. Plan on it.
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China investors scouring for gold, copper, infrastructure assets - MINING FINANCE / INVESTMENT - Mineweb.com Mineweb

China investors scouring for gold, copper, infrastructure assets - MINING FINANCE / INVESTMENT - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it
Author: Melanie Burton (Reuters)
Posted: Monday , 22 Sep 2014
MELBOURNE (REUTERS) - 

A growing number of private sector Chinese investors are on the hunt for gold and copper resources in countries such as Australia and Canada, advisers and analysts said on Monday. 

Growing investment abroad has been identified by Beijing as a strategic priority as it looks to slow the rise of its foreign currency reserves and help its firms climb up the global value chain.

"In the past year, we saw almost $8 billion dollars of dedicated equity money organised into funds that are based in Hong Kong," Jorge Ramiro Monroy, managing director of Hong Kong-based adviser Emerging Markets Capital, said at a mining conference in Melbourne. 

"These funds by and large haven't started investing yet. The effect that will have on the market could be quite significant," said Monroy, adding that the bulk of the funds came from Chinese financial institutions.
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The Next Crisis - Part one - Golem XIV - Thoughts

The Next Crisis - Part one - Golem XIV - Thoughts | Gold and What Moves it. | Scoop.it
The present global financial ‘crisis’ began in 2007-8. It is not nearly over. And that simple fact is a problem. Not because of the life-choking misery it inflicts on the lives of millions who had no part in its creation, but because the chances of another crisis beginning before this one ends, is increasing. What …
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Gold, silver snap 6-day loss; gain on firm demand, global cues - The Economic Times

Gold, silver snap 6-day loss; gain on firm demand, global cues - The Economic Times | Gold and What Moves it. | Scoop.it
On the global front, gold rose in early trade as the dollar eased after comments from a New York Federal Reserve official that any increase in interest rates should be done cautiously.
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CommodityTradeMantra's curator insight, Today, 11:33 AM

 On the global front, gold rose in early trade as the dollar eased after comments from a New York Federal Reserve official that any increase in interest rates should be done cautiously.

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John Embry On The Wild Action In Gold, Silver & Other Markets

John Embry On The Wild Action In Gold, Silver & Other Markets | Gold and What Moves it. | Scoop.it

Embry:  “I am focused on the recent carnage in the gold and silver markets.  It has been the same story of constant paper selling pressure in gold and silver, where they hit the markets with algorithm-driven paper short selling during the quiet periods of trading.  Last night silver fell over 40 cents in the blink of an eye.  Silver is an asset that is now extraordinarily undervalued by any metric you choose to use....

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CommodityTradeMantra's curator insight, Today, 11:33 AM

Embry:  “I am focused on the recent carnage in the gold and silver markets.  It has been the same story of constant paper selling pressure in gold and silver, where they hit the markets with algorithm-driven paper short selling during the quiet periods of trading.  Last night silver fell over 40 cents in the blink of an eye.  Silver is an asset that is now extraordinarily undervalued by any metric you choose to use....

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China Moves To Dominate Gold Market With Physical Exchange :: Jim Sinclair's Mineset

China Moves To Dominate Gold Market With Physical Exchange
Posted Monday, 22 September 2014

Shanghai Gold Exchange International Board
China is slowly moving to dominate the global gold market and it is important to join the dots regarding a few key recent developments in China relating to gold.

When the International Board of the Shanghai Gold Exchange (SGE) was launched last Thursday September 18 during an evening trading session, it was notable that the first transactions were put through by a diverse group comprising HSBC, MKS (Switzerland), and the Chinese banks,  ICBC, Bank of China and Bank of Communications.

MKS is the Geneva headquartered precious metals trading group that also owns the large PAMP refinery company in Switzerland.

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oftwominds-Charles Hugh Smith: The Counter-Intuitive Rise of the U.S. Dollar

oftwominds-Charles Hugh Smith: The Counter-Intuitive Rise of the U.S. Dollar | Gold and What Moves it. | Scoop.it

As things get dicier globally, assets in periphery nations typically get dumped as mobile capital flees risk and migrates to lower risk core nations and currencies.

I received many thoughtful comments on Why the Dollar May Remain Strong For Longer Than We Think. Given the many weaknesses of the U.S.--ballooning social-welfare and crony-capitalist liabilities, free money for financiers monetary policies, etc.--a strengthening dollar (USD) strikes many as counter-intuitive. ...

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Think Like A Criminal And You'll Understand What's Happening.

Think Like A Criminal And You'll Understand What's Happening. | Gold and What Moves it. | Scoop.it
Hi Dave. I am a long time follower of your work.

Just reaching out for your opinion if you don’t mind the intrusion.  I made a decision back in 2005 to put most of everything except the homes we have into metals. Been riding this monkey up and down but I feel like the guy in the twilight zone episode where everyone speaks another language.   Any advice for an amateur to stay the course?

My response:

The most important aspect of this to understand – and I’m sure you do – is that this manipulation and take-down of the metals is being done almost entirely with Comex paper contracts. As long as they can keep printing paper contracts for which they’re never called on to deliver, they can fabricate fraudulent gold and silver supply. As you know, when supply exceeds demand, price goes down. I watch and trade the Comex everyday. And everyday, like clockwork, gold and silver start to sell-off in the last 30 minutes of Comex floor trading. There is no better example of how manipulated and corrupt the Comex is. It would be equivalent to a baseball player getting a hit every time he went to bat.
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Paper vs. Physical: How The Fed Terrorizes The Precious Metals Market

Paper vs. Physical:  How The Fed Terrorizes The Precious Metals Market | Gold and What Moves it. | Scoop.it

As far as the beat-down going, I’m ecstatic over it…the Chinese, Indians and Russians are taking every single piece of gold off of the market that they can get their hands on…I say take it to zero, take it to $5 – I want it to go down…

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Pension Funds Being Taken TO Fund Infrastructure

Pension Funds Being Taken TO Fund Infrastructure | Gold and What Moves it. | Scoop.it

I warned what Obama was up to with the pension funds in trying to create a Infrastructure Fund. Calpers, California pension fund, is selling off $4 billion of hedge funds to divert that money to be wasted in Obama’s dream project – infrastructure fund. This idea was floated and endorsed at CAIRNS. “We have agreed to come away from government-financed growth measures to more private investment,”said Australia’s Finance Minister Joe Hockey. These are being called Public Private Partnerships (PPP), and will be extremely critical in the future for here lies the final destruction of the pension funds precisely as Japan bankrupted the Japanese Postal Saving Fund using that private money for political purposes to try to stimulate the economy, which failed. With PPP, public funds will be sold to the public as being a highly professional long-term investment that will further shrink economic growth and liquidity. They cannot possibly work. ...

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The Fed Fesses Up: After Printing $3 Trillion It Sees No "Escape Velocity"......Ever!

The Fed Fesses Up: After Printing $3 Trillion It Sees No "Escape Velocity"......Ever! | Gold and What Moves it. | Scoop.it

Wall Street’s and the media’s attention was riveted single-mindedly on whether or not the Fed would include in its statement the two words, “considerable time,” the two vaguest, stretchable latex words available that describe absolutely nothing and leave the door wide open for wishful thinkers of every stripe. That’s what the Fed’s gyrations since the financial crisis have so successfully accomplished; they have reduced the market, a place of price discovery, to a crummy joke.

The Fed delivered those two words, but during the press conference, Fed Chair Janet Yellen doused them with so many qualifiers that they’ve become even more meaningless, if that were even possible.

Wishful thinkers still see Yellen as a pure dove, while others worry that she has turned into a closet hawk who is afraid of letting this tsunami of free liquidity ...

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China opens gold market to foreigners, seeks more pricing power : Jim Sinclair's Mineset

China opens gold market to foreigners, seeks more pricing power : Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

SHANGHAI, Sept. 18 (Xinhua) — Foreigners now have access to China’s gold market after the Shanghai Gold Exchange (SGE) launched its international board on Thursday.


The yuan-denominated board was opened in the China (Shanghai) Pilot Free Trade Zone (FTZ), a move to encourage foreign participation in China’s tightly controlled gold market.


The launch will mark the first time China has allowed foreign investors to participate in the country’s gold trade.


Despite being the world’s largest producer and consumer of the precious metal, China has little say over the pricing of gold in the global market. Authorities hope to gain greater influence over pricing by granting global investors access  ...

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Gold could be the beneficiary of today's asset bubbles: Jeff Nichols

Gold could be the beneficiary of today's asset bubbles: Jeff Nichols | Gold and What Moves it. | Scoop.it
Jeff Nichols warns that optimism about US economy may be misplaced as OECD has cut its growth projections for US and other economies.
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