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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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We Are About To Crush 15 Years Of Resistance In Gold & Silver

We Are About To Crush 15 Years Of Resistance In Gold & Silver | Gold and What Moves it. | Scoop.it

John Embry tells King World News:

 

"... you have to understand the extent to which the gain on Friday was fought. There were explosions in open interest on the COMEX. Open interest in gold contracts increased over 14,000 contracts. Open interest increased almost 4,000 contracts in silver.

 

"These are big numbers....

 

“Just to put the increase in open interest in silver in context, that’s almost 20 million ounces of silver being shorted. There are only 2.5 million ounces coming out of the ground in a given day. So make no mistake, this move upwards in gold and silver prices is being violently resisted.

 

"This is all orchestrated so it’s not surprising. The good news is that it is minor because for so many years when you had this kind of increase in open interest it was just a setup to kill the small speculators. But now they are having more and more problems because the guys that are buying on ..."  click through for the rest.

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South Africa’s gold industry on edge - Gold Fields

South Africa’s gold industry on edge - Gold Fields | Gold and What Moves it. | Scoop.it

The bullion miner says South Africa’s gold mining industry, one of the country's most important sectors, is on the brink and will collapse if no steps are taken to boost its productivity.

 

by Sherilee Lakmidas:

 

"South Africa’s gold mining industry, one of the country's most important sectors, is on the brink and will collapse if no steps are taken to boost its productivity, the world's fourth-largest bullion producer Gold Fields said on Monday.

 

"The mining industry in Africa’s biggest economy, particularly its gold and platinum producers, have just emerged from one of the toughest periods in their history with mines ground to a halt by months of wildcat strikes.

 

"If the last five years' decline in production continues, there will be no industry in five years time," Gold Fields' Chief Financial Officer Paul Schmidt said as the company unveiled its third quarter earnings.

 

"The strikes have exacerbated a difficult situation for companies already battling for years with rising labour costs and steep electricity tariffs. ..."

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Vietnam traders switching from Gold bars to Gold rings

Analysts said the gold ring, as a jewelry item have been very popular in Vietnam, and for savings purposes, people usually choose to go with gold bars.

 

HANOI(BullionStreet): "Non SJC gold producers in Vietnam are producing more gold rings after stopping production of gold bars as the deadline for tightened rules on bullion trading approaches.

 

"Many gold traders in Vietnam are unable to meet new requirements for selling gold bars, as per the norms set by country's central bank, and switching to gold rings that are placed in plastic packaging to avoid being forced out of the business. ..."

 

Governments sure do like to mess things up. Question you need to ask yourself is, Why?

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Gold Will Not Be Confiscated, But Your Guns Will Be « Jim Sinclair's Mineset

Jim Sinclair writes:

 

"Every governor of every state by law can create and many have created a state defense force. That is not the national guard. As the name implies, it is a state defense force.

 

"It is rumored that these organizations are in the crosshairs of the Administration. ..."

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Gold becomes the only saviour : Lombardi

Due to the uncertainties around the world, 2013 will see even stronger price appreciation in gold.

 

LONDON(BullionStreet): "Demand for gold is growing and topproducer China is expetced to overtake India as top consumer as well this year, according to financial expert Michael Lombardi.

 

"In a recent Profit Confidential article, Lombardi notes that the Chinese demand for gold will reach 869 tonnes in 2012. Due to the uncertainties around the world, 2013 will see even stronger price appreciation in gold, he added.

 

“Gold has been a store of value and a unit of transfer for longer than the fiat currency created by central banks,” says Lombardi. “… Since the financial collapse in 2008, gold has become the only savior.”

 

"Stating that gold still provides safety against uncertainty, Lombardi cites, as an example, the recent jump in gold prices when the Pentagon announced that Iran tried to shoot down a U.S. unarmed and unnamed surveillance drone on November 1.

 

"In the article Uncertainty, Demand and Currency Debasement to Push Gold Prices Even Higher,” Lombardi points out that central banks are continuously printing their respective currencies, and this will also help drive up gold prices. ..."

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Austria earns 300,000,000 euro through Gold lease

Austria said the country earned a whopping 300,000,000 euros through leasing it's 280 tons of gold in the last ten years.

 

VIENNA(BullionStreet): "Austria announced earning a whopping 300,000,000 euros through leasing it's 280 tons of gold in the last ten years.

 

"Replying to questions in country's parliament, Austrian central bank, National bank (OeNB) governor Wolfgang Duchatczek said 224. 4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland and around 48.7 tonnes (around 17%) are in Austria itself.

 

"The OeNB said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria's National bank had had a constant reserve of around 280 tons of gold.

 

"Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.

 

"The bank's governor revealed the statistics after a question by social Democrat MP Matznetter who wanted to know why Great Britain was regarded as the best place to store Austrian gold .

 

"Duchatczek said: "The bank has always made it clear that our gold reserves are stored at the main gold trading centres." Currently that would be London and Switzerland - specifically Basel, he said. ..."

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Turkey again confirms Iran Gold deal

Turkish authorities even said it is the US sanctions against Iran that forced them to deal gold with Iran as Iranians are not allowed to withdraw the money to take to their country.

 

ANKARA(BullionStreet): "Ending speculation about it's gold exports to Iran, Turkey finally acknowledged it's gold for gas deal with it's eastern neighbour.

 

"Turkish authorities even said it is the US sanctions against Iran that forced them to deal gold with Iran as Iranians are not allowed to withdraw the money to take to their country.

 

"According to Turkey's Deputy Prime Minister and Finance Minister Ali Babacan Iran is the main reason behind an increase in Turkey's gold exports.

 

"Briefing the parliamentary Planning and Budget Commission about the work of his ministry, he said Turkey deposits the payment for the gas it purchases from Iran in a bank account created for the Iranian gas sellers.

 

"Turkey's gold exports to Iran had increased significantly as of April of this year. ..."

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Walmart Black Friday Fighting Over Phones During 2012, White People At Like Animals

Walmart Black Friday Fighting Over Phones During 2012, White People At Like Animals...

 

I heard the CNBC anchor from Austraila today say that it was Americans's duty to go out and purchase stuff today. As if it was some kind of religious duty she even added the phrase, Merry Black Friday.

 

Good grief people, we are doomed if we continue to bow to the altar of consumerism. It's hollow, vapid, and lines other's pockets. This rioting over stuff that will be in the landfill tomorrow shows an incredible lack of love for what is important in life and a terrible understanding of what brings true joy.

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South African gold mine violence continues to simmer

South African gold mine violence continues to simmer | Gold and What Moves it. | Scoop.it

The deaths of two mineworkers in what appears to be inter-union rivalries off-site near Harmony’s Kusasalethu gold mine raises fears that SA miner unrest continues to simmer

 

by Lawrence Williams:

 

LONDON -

 

"In what could be seen as a worrying development, two Harmony mineworkers have been killed in off-site violence near its Kusasalethu gold mine in what appears to be continuing inter-union violence – reminiscent of that on the platinum mines which came ahead of the Marikana massacre. This suggests that, although the mines have gone back to work after a serious disruptive period, violence still simmers under the surface and could rear up yet again as new unions attempt to challenge the National Union of Mineworkers' dominance of the industry.

 

"In a statement, Graham Briggs, Harmony’s CEO, said: “ “Harmony deplores the tragic and senseless loss of life in what appears to be inter-union rivalry, not associated with the operations of the mine. Management, the recognised unions and AMCU have continued to engage in talks about normalising the situation at Kusasalethu, since workers returned to work on the 25th of October 2012 following the unprotected strike. AMCU has applied for recognition and a process of membership verification is underway. We urge all employees and the unions to refrain from violence and follow the proper engagement processes that are in place. ..."

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Fiscal Cliff Should Be About Cutting Government - TrimTabs Money Blog

Fiscal Cliff Should Be About Cutting Government - TrimTabs Money Blog | Gold and What Moves it. | Scoop.it
TrimTabs' Charles Biderman explain why the fiscal cliff should be more about cutting ineffective government responsibilities than taxes.

 


"... Am I alone in saying that fiscal cliff conversations focusing only on tax rates are hiding the real problem. Are those not talking about government spending as the major issue simply ignorant? It could be that in an economy where nobody cares about real time data, that reality is just not as important as feeling good about ourselves, whatever that means and implies.

 

"Stopping the increase in government spending is the only one real solution to the fiscal cliff. A solution that focuses mainly on tax increases will end the fiscal cliff conversation, but will certainly not keep us from falling off the cliff. So without serious spending cuts, we will keep ignoring reality, hoping for a miracle and we will keep kicking the can down the road. At some point, of course, the can will become too heavy to kick. ..."

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LIES, LIES, AND MORE LIES « The Burning Platform

LIES, LIES, AND MORE LIES « The Burning Platform | Gold and What Moves it. | Scoop.it

Bruce Krasting writes:

 

".. And that is exactly what will happen in December. The Fed will do QE#4, it will result in an additional $40+B per month of Fed buys. Along with QE#3, that means the Fed will be monetizing debt to the tune of $85B a month ($2mm a minute, 24/7). When QE#3 and #4 is ending, we will have QE#s 5 and 6.

 

"Bernanke has said many times that all of his efforts are just temporary. That the big balance sheet of the Fed can be reduced with no problems at all when ever it might be needed. Ben’s lying. He’s fibbing in the same way as suggesting my roadway might reopen someday soon. America is never going to have a Green Terror Alert status again. The answer to the question, “When’s the shortcut gonna open again?” is, “Never”. The Fed is no different. They are committed to an Evergreen approach. They have no other alternative.

 

"The major economies of the world are faced with Print or Die. So print it will be. I do wish the monetary overlords would acknowledge that what is being done is irreversible, and that the consequences will be felt for years. What was once unthinkable, is now permanent. ..."

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Call to bring Austrian gold back home from the UK - Business News - Austrian Times Online News - English Newspaper

Call to bring Austrian gold back home from the UK - Business News - Austrian Times Online News - English Newspaper | Gold and What Moves it. | Scoop.it
Report on Austrian Times english news online newspaper: There is heated debate in Austria after it was revealed that the country's National bank is storing its gold reserves in England.

 

"There is heated debate in Austria after it was revealed that the country's National bank (OeNB) is storing its gold reserves in England.

 

"In response to a parliamentary question the bank said that 224. 4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland and around 48.7 tonnes (around 17%) are in Austria itself.

 

"The OeNB said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria's National bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros. ..."

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Gold's Bull Market Almost 12 Years Old! | Mary Anne & Pamela Aden | Safehaven.com

Gold's Bull Market Almost 12 Years Old! | Mary Anne & Pamela Aden | Safehaven.com | Gold and What Moves it. | Scoop.it

By: Mary Anne & Pamela Aden

 

"Gold jumped up on the eve of the U.S. election. It seemed to be looking beyond... and indeed it was. Gold continued rising as the attention then turned to the fiscal cliff and escalating tensions in the Middle East.

 

"The markets have been focusing on the next major problem. The fiscal cliff will surely help keep the markets volatile. But the ongoing uncertainty and the historical money pumping will continue to be dominant factors affecting the markets.


"Gold sees inflation coming. With the Fed's ongoing record stimulus, for example, it sees uncertainty as the only real certainty. It sees a debasing of the currencies while the soaring monetary base in the U.S. and around the world mounts. ..."

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The unintended consequences of printing money, which favours gold

The unintended consequences of printing money, which favours gold | Gold and What Moves it. | Scoop.it

Leading investor Marc Faber thinks money printing brings more and unpredictable volatility and believes that it is a must, going forward, for every individual and investor to own gold.

 

"Marc Faber is one of the very successful investors on earth. He recently explained his view on the monetary policies of the developed regions in the world. Obviously he is no fan of the Keynesian way of thinking which is applied by the central banks in the developed regions.

 

"The Keynesian policy considers easy money as a way out of economic recession and deflation. They argue that money creation smoothens out the business cycle. In his presentation, Marc Faber demonstrates that these kind of interventions achieve exactly the opposite: they make the business cycles much more violent, create extreme fluctuations in economic activity and result in far more financial volatility. In his opinion, the essential problem is ..."

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"Gold From The ATM" In Turkey As Gold Deposits Surge In Turkish Banks | ZeroHedge

Tyler Durden post to www.zerohedge.com

 

"... Gold deposits in Turkey have grown from 3.1 billion liras to 16 billion liras in the past year, Bloomberg reported on news reported in the daily Turkish newspaper Aksam which cited Denizbank AS gold banking group manager Cem Turgut Gelgor.

 

"According to the Turkish bank Denizbank, one of the largest in Turkey, it collected 1.5 tons of gold in 7 months.

Deposits have increased from 500 kg to over 6 tons or over 192,000 ounces (worth some €260 million) over an unspecified period.

 

"Kuveyt Turk Katilim Bankasi AS has added 3.8 tons of gold, Aksam quotes Kuveyt Turk product development group manager Mustafa Dereci as saying. Dereci said that Kuveyt Turk is providing new products such as “gold from the ATM.”

 

"The World Gold Council estimates that there are around 5,000 tons of gold remaining outside the financial system, gold which the Turkish people have prudently accumulated over the years as a store of wealth to protect from currency depreciation and debasement. ..."

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China Gold output to hit 450 tons, consumption 1,000 tons by 2015

China Gold output to hit 450 tons, consumption 1,000 tons by 2015 | Gold and What Moves it. | Scoop.it
China aims to produce 1,900 to 2,100 tonnes of gold between 2011 and 2015, up more than 30 percent from the preceding five years.

 

BEIJING(BullionStreet): "World's largest gold producer China announced plans to raise gold production by 25 percent to 450 tons by the end of 2015.

 

"According to country's Industry and Information Technology ministry, the consumption is likely to exceed 1,000 tons by the end of 2015.

 

"The ministry said by the end of 2015, China is likely to have gold reserves of 8,000-9,000 tons, an increase of 20% from 2010, it said, without specifying if these were state reserves.

 

"China aims to produce 1,900 to 2,100 tonnes of gold between 2011 and 2015, up more than 30 percent from the preceding five years.

 

"The ministry also forecast a 'huge amount of room' for the industry's development due to gold's safe-haven and wealth-preserving properties. ..."

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More Filings From Large & Influential Investors Buying Gold

More Filings From Large & Influential Investors Buying Gold | Gold and What Moves it. | Scoop.it

Today one of the wealthiest men in the resource space said that in the very near future we should expect more filings from large and influential investors buying gold. Here is what Rule had to say: “We just had reports that both Paulson and Soros have been adding to their gold positions, which now total roughly $4 billion. It doesn’t surprise me that they are adding to positions. My suspicion is that in the coming months we are going to see more reports of large and influential investors doing the same thing. ...”

 

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Rosen - This Move In Gold & Silver Is Going To Shock People

Rosen - This Move In Gold & Silver Is Going To Shock People | Gold and What Moves it. | Scoop.it

Ron Rosen tells King World News:

 

“We are headed for over $3,000 if gold remains in the current logarithmic channel that it’s been in since the beginning of the bull market in gold. However, there is a good probability that when gold bottomed at $680, a new, higher rising channel began.

 

"If that is true, and I think it is, we should approximate $4,500 sometime in early 2014 (see chart below which shows secondary targets between $3,700 and $4,500 for this leg in gold). Alf Fields is very well known, and he had a target of $4,500 for gold as major wave 3. I think that can be reached sometime in early 2014 if we have formed a second channel (in gold). ..." click through for the rest and the chart.

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Close To The Tipping Point For The Chaotic Phase To Begin

Close To The Tipping Point For The Chaotic Phase To Begin | Gold and What Moves it. | Scoop.it

Robert Fitzwilson tells King World News:

 

"... If we cannot answer the question of “when”, we can address what form the end of this artificial gravity will take. Gravity provides a useful concept and imagery. What will likely trigger the end is panic. Panic will result from uncontrollable fear. The fear will result from chaos.

 

"It feels as if the events of last week signaled the beginning of the chaotic phase. Cracks are developing in the fabric of societies around the world. In the U.S., the headlines about Hurricane Sandy and the mobs of shoppers fighting over phones are disturbing signs. The Middle East continues to boil. China appears to be turning hard line once again. Japan continues to slide into financial trouble. Doubts are emerging about the form and existence of gold holdings of central banks.

 

"The markets told a positive story on Friday even though the underlying economic measurements continue to slide. Gold and silver were stellar performers. Stocks also had a good day. However, the volume was anemic, even for a shortened session due to the Thanksgiving holiday in the U.S. ..."

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Shinzo Abe... calling for unlimited monetary easing to incite inflation

Shinzo Abe... calling for unlimited monetary easing to incite inflation | Gold and What Moves it. | Scoop.it

by Roben Farzad:

 

Shinzo Abe, widely viewed as frontrunner to become the next prime minister, has been calling for unlimited monetary easing to incite inflation. The current governor of the (independent) Bank of Japan, who has been criticized for not being loose enough with his monetary purse strings, is expected to step down in April.

 

“(Shinzo) Abe’s focus is on two things—aggressive monetary and fiscal stimulus,” wrote CLSA Japan strategist Nicholas Smith in a report. “He made clear that the Bank of Japan will bend to his will or he will rewrite the BOJ Law to let him fire them.” The replacement governor, he added, will be selected for his “willingness to print money.”

 

“It has been a fool’s game to guess when the yen would finally weaken,” writes Hunt, “but economic healing in the West and eventually inflation and rising interest rates here could certainly be a catalyst, as could money printing in Japan.” ...

 

hat tip to https://twitter.com/mikecane/status/272348923664936960

 

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Silver price prediction for next week

Silver price prediction for next week | Gold and What Moves it. | Scoop.it

by Anna Coulling:

 

"Whilst it is generally true to say that gold and silver tend to follow one another in terms of market trends and price action, this is not always the case. In trading, correlations between markets and instruments do fall out of step from time to time, and this is certainly the case with gold and silver at present on the daily chart. Whilst not an extreme example perhaps, nevertheless, silver futures have picked up some bullish momentum in the last few days, a sentiment which has been lacking for gold, which remains waterlogged in sideways congestion for the time being. The two metals are of course very different, with gold remaining the ultimate safe haven hard asset, and whilst silver is still considered by many to be a ‘precious metal’, and bought and sold accordingly, it is in fact classified as an industrial metal, and therefore, like copper, will often reflect broad economic sentiment, rather than risk. Despite this, the gold/silver ratio is one of the most closely watched as a pointer to whether one or other is oversold or overbought. So what do we see on the daily silver futures chart at present? ..."

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Gold to hit $5,000 as central banks rush to restock their coffers | MINING.com

Gold to hit $5,000 as central banks rush to restock their coffers | MINING.com | Gold and What Moves it. | Scoop.it

by Marc Howe:

 

"Jim Willie of the GoldenJackass.com says we are on the verge of a "global monetary war" which will push the price of gold as high as $5,000 per ounce.

 

"Writing for Silver Doctors Jim Willie says that in the wake of widespread reports that the coffers of central banks are devoid of their nominal contents a "global gold war" is set to ensue, with the German government's submission of gold demands to London and New York bankers acting as the opening salvo.

 

"Following close on the heels of the LIBOR banker scandal the Allocated Gold Account scandal will further shake confidence in the international financial and monetary system and serve to push gold as high as $5000.

 

"In the meantime QE and ZIRP will also push gold prices higher, as well as boost silver prices past the $60 threshold. In Willie's opinion this "permanent monetary easing" all but guarantees an "endless bull market" for precious metals. ..."

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Gold price on a Black Friday tear | MINING.com

Gold price on a Black Friday tear | MINING.com | Gold and What Moves it. | Scoop.it
Weak dollar, no EU deal and fresh violence at South Africa's mines help gold price through $1,750.

 

"Gold climbed by as much as $20 an ounce on Friday as the metal made the most of a weakening dollar.

 

"Comex gold for delivery in December settled $23.20 or 1.3% higher at $1,751.40 an ounce in New York, the best level in more than a month, after earlier in the day touching a high of $1,755.

 

"Floor trading was closed Thursday for the Thanksgiving holiday and gold and other markets had a shortened trading session on Friday.

 

"Gold as a safe haven investment received a boost from news that the European Union summit ended unexpectedly early on Friday sans agreement on the 27-nation’s €1 trillion budget plans.

 

"Gold was also pushed higher by news from South Africa – at 221 tonnes a year the world's number four producer of the yellow metal – of renewed labour unrest in its mining sector including two dead in clashes at a Harmony Gold (NYSE:HMY) mine in the country. ..."

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A Cat-5 Debt Crisis is Coming Our Way! | Uncommon Wisdom Daily

A Cat-5 Debt Crisis is Coming Our Way! | Uncommon Wisdom Daily | Gold and What Moves it. | Scoop.it
The sovereign-debt crisis coming our country’s way will be a Category 5 financial storm. And Obama’s second term is entirely consistent with it.

 

by Larry Edelson:

 

"Obama’s policies of class warfare and fat tax increases on the job-producers and risk-takers in our country will tear our society apart by the seams.

 

"It will deepen the looming sovereign-debt crisis, and eventually destroy the U.S. dollar.

 

"The next eight months – before the crisis fully hits our economy – will be your very last chance to get your financial house in order.

 

"Fact is, I didn’t like either presidential candidate all that much. But Obama’s policy of instigating and escalating class warfare in our country, further dividing our society and blaming almost everything on the rich is just about the worst platform any leader can have.

 

"Just consider the history of class struggles and you will see what I mean. They almost never solve any of those problems. Instead, they often lead to terrible consequences.

 

"Nearly every one of the revolutions in our history was largely triggered by class warfare – blaming the rich, targeting them for higher taxes and, in many cases, literally chasing them out of their country. ..."

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The Soros Position Nobody is Talking About | The Daily Gold

The Soros Position Nobody is Talking About | The Daily Gold | Gold and What Moves it. | Scoop.it

"Just about everyone in the gold and money management communities, is aware that billionaire George Soros’ hedge fund, Soros Fund Management LLC, is heavily invested in gold and gold mining equities. Additionally, in the past few days, a flurry of new articles have been written, detailing the Soros Fund’s most recent 13-f filing. In case anyone is unfamiliar, a 13-f filing is a document which contains a fund’s investments held during a financial quarter, and when we compare a recent 13-f with a previous 13-f, we can see the buying and selling activities of a fund during a given time frame.

 

"In the most recent 13-f filing on November 14th, the Soros fund increased its position in gold via the GLD fund from 884,400 shares, to 1.3+ million shares. That represents a sum of about $200 million. The fund increased its position in the GDX gold miners ETF from 1 million shares, to over 2.3 million, it added a 1.7 million share position in Kinross Gold, and finally, maintained a nearly 2.4 million share position in the GDXJ junior gold miners ETF. ..."

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