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GOFO Turned Negative AGAIN: The Consequences | In Gold We Trust

GOFO Turned Negative AGAIN: The Consequences | In Gold We Trust | Gold Mining | Scoop.it

Today (April 3, 2014) the one month Gold Forward Offered Rate (GOFO) turned negative again. This is the seventh time since July 8, 2013 this has happened. I would like to share a few thoughts on this.

 

A few weeks ago when I wanted to see and download GOFO rates these were easily accessible on the LBMA website. This site, however, recently suffered a makeover. A few days ago I couldn’t find the GOFO rates at all, then when I did find them I noted they weren’t allowed to copy! I directly emailed the LBMA about it, this was their response:

 

The LBMA do not own the gold and silver prices, we publish the prices on our website under an agreement with the London Gold and Silver Fixing companies, who own the data and who are responsible for setting the gold and silver prices on a daily basis. When we launched the new website, this was on condition that we prevented the data from being downloaded or scraped from the site. If you would like to be able to download the data you will require a licence from the Gold and Silver Fixing Companies. ...


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Hal's curator insight, April 4, 2014 11:16 AM

Click over to this must read from Koos Jansen.

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Pakistan refuses to sell $2.7b worth of gold says IMF :: Jim Sinclair's Mineset

Pakistan refuses to sell $2.7b worth of gold says IMF :: Jim Sinclair's Mineset | Gold Mining | Scoop.it

Boosting forex reserves: Pakistan refuses to sell $2.7b worth of gold says IMF 
By Shahbaz Rana 
Published: March 29, 2014

 

ISLAMABAD: Pakistan has refused to sell gold worth $2.7 billion, citing national security reasons, as the International Monetary Fund (IMF) pushes Islamabad to convert the precious metal into cash to build foreign currency reserves, revealed the global lender’s report on Friday.

 

The report, prepared by IMF’s staff led by its Washington-based Mission Chief to Islamabad Jeffrey Franks, also spills the beans on the ‘$1.5 billion gift’ to Pakistan by ‘Saudi Arabia’ – the name Prime Minister Nawaz Sharif’s government has so far refused to officially share with parliament. ...


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No free market ever operates like this. - Ed Steer's Gold & Silver Daily

No free market ever operates like this. - Ed Steer's Gold & Silver Daily | Gold Mining | Scoop.it

Ed Steer writes in his daily:

 

With all four precious metals enjoying smallish rallies going into the London open, it should have been obvious to anyone that the sell-offs in all four were premeditated, as they all got sold down at the very same instant the moment that trading began at 8 a.m. BST.  No free market ever operates like this.


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Hal's curator insight, April 4, 2014 11:30 AM

Click through for the full daily.

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Mining around the world - Daily Mining Gazette

Mining around the world - Daily Mining Gazette | Gold Mining | Scoop.it
Daily Mining Gazette Mining around the world Daily Mining Gazette He learned that as China, Brazil, Indonesia, India and many other parts of the world modernize, demand for copper will continue to increase by about 40 percent over current...
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Hathaway - This Will Cause A Historic Short Squeeze In Gold

Hathaway - This Will Cause A Historic Short Squeeze In Gold | Gold Mining | Scoop.it

John Hathaway tells King World News: 

 

I suppose the pullback had something to do with the feeling that Ukraine is kind of yesterday’s news.  Maybe that’s the case, but I don’t think that’s the reason gold is headed higher.  Maybe that situation propelled gold a bit higher than it otherwise would have in the short-term, but that’s not the big story for gold.

 

I continue to think the big story this year is going to revolve around the investigation into the London fix mechanism.  In this lawsuit there is extensive statistical evidence of price anomalies in the behavior of the gold price around the fix, and this goes back 10 years. ...

 


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Hal's curator insight, April 3, 2014 12:07 PM

Click over for the full interview.

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Russia should switch to ruble payments with all trading partners - head of VTB Bank

Russia should switch to ruble payments with all trading partners - head of VTB Bank | Gold Mining | Scoop.it
The head of VTB Bank has urged Russia to start transitioning to ruble payments with all its trading partners, including China and Western Europe, adding that export companies should lead the way in adopting the change.

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Hal's curator insight, April 4, 2014 10:56 AM

The dollar's days are numbered. 

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GOFO Turned Negative AGAIN: The Consequences | In Gold We Trust

GOFO Turned Negative AGAIN: The Consequences | In Gold We Trust | Gold Mining | Scoop.it

Today (April 3, 2014) the one month Gold Forward Offered Rate (GOFO) turned negative again. This is the seventh time since July 8, 2013 this has happened. I would like to share a few thoughts on this.

 

A few weeks ago when I wanted to see and download GOFO rates these were easily accessible on the LBMA website. This site, however, recently suffered a makeover. A few days ago I couldn’t find the GOFO rates at all, then when I did find them I noted they weren’t allowed to copy! I directly emailed the LBMA about it, this was their response:

 

The LBMA do not own the gold and silver prices, we publish the prices on our website under an agreement with the London Gold and Silver Fixing companies, who own the data and who are responsible for setting the gold and silver prices on a daily basis. When we launched the new website, this was on condition that we prevented the data from being downloaded or scraped from the site. If you would like to be able to download the data you will require a licence from the Gold and Silver Fixing Companies. ...


Via Hal
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Hal's curator insight, April 4, 2014 11:16 AM

Click over to this must read from Koos Jansen.

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CHINA CORNERS GOLD MARKET - The Western Vaults Are EMPTY: Alasdair MacLeod

Writer and researcher Alasdair MacLeod from Gold Money joins us to discuss the situation in the Ukraine, and the Ukrainian gold bound for China (or Germany) ...
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