The Dutch finance ministry prepared for a scenario in which the Netherlands could return to its former currency - the guilder. They hosted meetings with a team of legal, economic and foreign affairs experts to discuss the possibility of returning to the Dutch guilder in early 2012. The Dutch finance minister during the period has confirmed that Germany also discussed such scenarios. Full Story
The royal tumble in crude oil resulted in a crash in all metals. As long as crude oil trades with a softer bias, gold and silver will fall. There are no US economic data releases today. Traders will now start taking positions for next month and next week. Full Story
There was speculation that the price spike which came while the COMEX was closed for 30 minutes was due to a series of charting errors or misprints, a bad price feed or a computer glitch. Another example of how technology is a great enabler but can also be a great disabler. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 26 November, 2014
There is talk that the E.C.B. may consider buying gold as part of its program to spur inflation. Quite frankly, this does not make sense. We see Russia buying gold to boost the credibility of the Ruble. Yes, by issuing euros to buy gold would boost money supply and so inflation but it would be seen as a direct weakening of the euro were it not for the vast quantities of gold needed to have a real effect on inflation. Such quantities are not available. Full Story
Silver tends to substantially outperform gold in the later stages of a rally, regardless of whether that rally is short term or long term. A move above the black downtrend line should attract lots of hedge fund buying, and extend the rally. A two day close above $16.75, should get that job done! Full Story
Briefly: In our opinion no speculative positions are currently justified from the risk/reward perspective.
Yesterday was a day when the precious metals market took a breather, but it’s not true that nothing changed at all. Friday’s breakout in platinum was invalidated. Is this a “short again” signal? Full Story
With 15 years in the industry, Mr. Ortiz brings a wealth of experience in mill management and operations in Peru. Working for one of the premiere gold mining and processing firms in the world, Mr. Ortiz began his career at Barrick Gold Corp's (ABX.TO) (ABX), Pierina Gold Mine in 1999. The Pierina mine and milling operation is a Peruvian open-pit gold mine and associated gold-leaching operation. Since 1999, he has held various positions of increasing responsibility, including Lead Operator, Chief of Leach Operations, Processing Chief Operating Officer, Chief of General Processing Maintenance, General Chief of Maintenance Engineering, Chief of General Water Management, and most recently, Manager of Processing. Full Story
China's net gold imports from main conduit Hong Kong rose to 77.628 tonnes in October from 68.641 tonnes in September as the world's biggest consumer saw strong demand for jewellery and bars. Total imports from Hong Kong to the mainland rose to 111.409 tonnes last month from 91.745 tonnes in September, according to data e-mailed to Reuters by the Hong Kong Census and Statistics Department. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 25 November, 2014
Gold inventories in the U.S. are falling to extremely low levels now. The implications of this are that U.S. banks and funds are not in a position to launch a full blown bear raids on the gold price. While COMEX may dump a huge number of contracts onto the market, they are sterile in terms of their impact on the gold price as they do not involve physical gold sales. These, alone, are needed to squash the gold price. Even such physical sales have no impact unless they are followed by others selling physical gold, because such ‘raids’ are entered into with the intention of buying back such gold, or, as we see today, inventories of gold are depleted. Full Story
Technically gold and silver are looking bullish at the moment and can rise further. Copper and crude oil are in a neutral zone. Developments in Europe and the Islamic state will be the key. Swiss gold referendum also looms at large. The Switzerland central bank chief has said that he is against passing of the referendum as it will affect Swiss economy. Full Story
Gold has suffered a rough couple of months, getting pounded below major support. One driver was stock-market capital flowing out of gold again, as evidenced by renewed differential selling pressure seen in gold-ETF shares. But this was minor compared to last year’s, despite extreme bearish sentiment plaguing gold. Gold-ETF selling exhaustion has effectively been hit, paving the way for big rebound buying. Full Story
It’s only been a year and a half since we first penned our article entitled The Twilight Zone, but it seems like much longer because of how much further we have fallen into the financial black hole being imposed on us dubbed the ‘new normal’, the financial repression central planners purport is necessary if we are ever to dig ourselves out this void. Of course if you understand these things, and that the status quo fix for our worsening embroil is completely rooted in Keynesian economics, one would know why this is occurring, encapsulated in the understanding of diminishing returns – the dilution (currency debasement), corruption (crony capitalism), and changing macro-conditions (demographics and population saturation). Full Story
The Plunge Protection Team has been hard at work lately, although not in the way some traders might imagine. The very name evokes the shadowy activities of a group of Svengalis believed to control the stock market through timely interventions in such key trading vehicles as the S&P 500 futures. In fact, the PPT, more blandly known as the President’s Working Group on Financial Markets, was commissioned under President Reagan after the 1987 Crash to prevent meltdowns. These day, however, nearly six years into a ferocious bull market that seldom pauses for breath, one might question why a Plunge Protection Team is needed at all. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 24 November, 2014
The Iran nuclear deal expected today [or a postponement of the deadline] is very important to gold on three fronts. If it is signed, then the improvement in relations with the U.S. may signify greater cooperation on Iran’s actions in Iraq against ISIS. This will not make Saudi Arabia happy and may add to the attempts by Saudi Arabia to lower the oil price further. Will we see $70 or lower then? Will Saudi Arabia then accept currencies other than the dollar for oil? This will be gold positive. Full Story
The Dutch central bank said Friday it is repatriating some of its gold reserves from the U.S., making it the latest central bank in Europe to address public concerns about the safety of its gold in the wake of the eurozone debt crisis. Full Story
By: Richard Mills, Ahead of the Herd - 24 November, 2014
Is U.S. dollar strength going to continue? If so I would not expect an upward move in gold’s or gold stock prices - gold is priced in U.S. dollars, when the dollar is strong gold’s price is weak. Gold stock prices react, or feed off investors sentiment towards gold. Full Story
As the US de facto 51st State, Germany is running at cross-purposes toward its own survival. It is unlikely that the more pragmatic German sense of maintaining her superior economic sustainability will tolerate much more US abuse, but the time is now for Germany to declare its independence from external forces that have created that nation’s recent economic slide. Full Story
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