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. ...
Click through for the full size chart and the rest of Ed Steers Gold and Silver Daily.
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. ...
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 ...
Click through for m rest. Armstrong's view on gold manipulation.
China Gold International Resources Corp., a gold and copper producer with mines in Inner Mongolia and Tibet, will probably make an acquisition by the end of next year, according to one of its senior executives.
Looking at all avenues to getting the physical stuff.
We are doomed as a country. Everything coming out of government now is a lie.-Lou The U.S. National Debt Has Grown By More Than A Trillion Dollars In The Last 12 Months By Michael Snyder, on September 14th, 2014 The idea that the Obama administration has the budget deficit under control is a complete …
Debt will be the driver of gold's price. Particularly when those debts must be paid.
It will be a busy week for financial and gold markets and there are three events in particular that can shape the larger investment climate, said Brown Brothers Harriman. What are the key events that can influence Gold this week?
Richard Russell writes on King World News: “I've been thinking, the people at the Fed may be deceivers and even liars, but they are not stupid. They know that the current system depends on constant, never-ending growth. But they also know that “no tree grows to the sky.” So what are they really thinking? The people at the Fed realize that they have good jobs and that they have prestige.
They also know that they will continue their Keynesian policies for as long as they are employed by the Fed. And then when the system breaks down, which it must some day, they will be retired and the next Fed employees will take over. So enjoy it while it lasts and let the next guy deal with the ugly consequences. The Fed members may be deceitful and given to lies -- but they are not stupid.
I guess the worst offender was Alan Greenspan, who while younger wrote ...
Click through for the rest. I always enjoy reading his perspective. A man who has seen a lot.
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?
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.
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…
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. ...
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 ...
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 ...
I promised yesterday to answer the question "why?" is it that silver and gold are manipulated. Some people say "who cares?". Some don't believe it while others don't even have clue that it's happening. "Gold bugs" for the most part are angry but I sense they are angry for the wrong reasons. Many understand fiat money to be freely printable and without any real value but they are angry because "gold went down" or didn't "go to da' moon" yet. They should be "rich" by now ...the flaw of course to this thought process is counting your wealth in dollars and wanting to, hoping for and planning to "sell" which leaves you back again with DOLLARS. My point to this paragraph is to show you how well the "why" gold and silver manipulation have worked so well! Even many hard asset advocates still deep down "want" more dollars which is why they want their holdings to "go up".
OK, so why has it been imperative to suppress gold and in particular silver prices? Let me first say I will consider gold and silver to be the same for this exercise even though they are not ...
The Gems and Jewellery Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewellery for the month of August 2014. India's Gold Bar imports surged 16% during August '14: GJEPC
The world's second biggest bullion consuming nation India's gold imports advanced significantly by 176% year-over-year during August, said HSBC, citing government's trade data. Indian Gold Imports are likely to pick up even further ahead of festival season
China may join other emerging countries in boosting gold reserves as the precious metal makes up a smaller share of its foreign-exchange holdings compared with developed economies, said a London-based researcher.
The country hasn't announced any changes to state gold reserves since authorities in 2009 said holdings totaled 1,054.1 metric tons. While China holds the world's biggest foreign-exchange reserves, bullion accounts for 1.1 percent of the total, compared with about 70 percent for the U.S. and Germany, the biggest gold holders, World Gold Council data show. ...
In ancient Roman religion and myth, Janus is the god of transitions--beginnings and endings of conflict, war and peace, journeys, trades and eras. Janus has two faces, as befits a god that looks both to the future and to the past.
In our era of omnipotent central banks worshipped by the Status Quo, we have a goddess of financial transitions--Janus Yellen, the two-faced chair/deity of the Federal Reserve--to usher in the Great Transition from risk-on to risk-off. What is risk-on? ...