Monday, August 15, 2016

Indications show silver is ready to rise faster than gold

July 31, 2013 by · Leave a Comment 

The silver price was restrained yesterday, but indications are that it is ready to rise faster than gold now, says Julian Phillips.

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Swiss National Bank suffers Q2 loss after gold price rout

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The Swiss National Bank suffered a loss of $20 billion in the second quarter as the price of gold tumbled.

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India hopes to contain gold imports below last year’s level

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The country’s finance minister said this a week after the central bank restricted imports further by tying imports to exports volumes.

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Can the recent rare earth uptrend stick?

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Chris Berry discusses whether recent signs of life from prices for rare earths and some rare earth mining stocks are the beginning of a sustained recovery, or just a temporary blip on the screen.

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Einhorn trades bullion for gold miners on stock ‘free fall’

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The latest trade echoes a bet he made in 2011 when he cited a “substantial disconnect” between the price of gold and mining firms.

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CFTC files complaint in yet another FLA precious metals scheme

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The CFTC has targeted precious metals consumer fraud in Florida, which may be a haven for telemarketers offering illegal, off-exchange financed commodity transactions to retail customers.

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Changing SA’s labour law not the answer, says DDG

July 31, 2013 by · Leave a Comment 

Despite calls for a review of South Africa’s labour legislation to resolve the country’s labour issues, Department of Labour deputy director-general for labour policy and industrial relations, Les Kettledas, said on Tuesday that the answer was not in amending the law, but rather in the proper implementation thereof.

“I wish it was as simple as that [changing the law]. Labour relations involve buyers and sellers in a highly contested terrain. In South Africa, this terrain still bears the burden of a legacy of oppression and racial discrimination and there continue to be extreme income and wage inequalities,” he said on behalf of Labour Minister Mildred Oliphant at the 26th yearly Labour Law Conference, in Sandton.

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Vedanta Resources’ bauxite mining project in India faces another setback

July 30, 2013 by · Leave a Comment 

Vedanta Resources, an India-focused metals and mining company headquartered in the UK, has received another setback after a tribal community voted against the company’s proposed bauxite mining project atop Niyamgiri Hills in India’s Odisha state.

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GLD’s and Bank of England’s custodial gold is likely gone, Kaye tells KWN

July 30, 2013 by · Leave a Comment 

GATA

5:55p ET Tuesday, July 30, 2013

Dear Friend of GATA and Gold:

Hong Kong-based fund manager William Kaye, interviewed today by King World News, calls attention to the large short position in the gold exchange-traded fund GLD, which implies that metal that shareholders think they own isn’t really available to them. Kaye also cites the evidence found by GoldMoney research director Alasdair Macleod that huge recent outflows of gold from the Bank of England have put in jeopardy gold held for other nations by the bank:

http://www.gata.org/node/12854

Kaye anticipates an enormous short squeeze in gold. An excerpt from his interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/7/30_Go…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Moriarty can live with market manipulation; GATA chooses not to

July 30, 2013 by · Leave a Comment 

GATA

5:41p ET Tuesday, July 30, 2013

Dear Friend of GATA and Gold:

With commentary the other day headlined “Out of the Ashes” posted at his Internet site, 321Gold.com –

http://www.321gold.com/editorials/moriarty/moriarty072913.html

– Bob Moriarty took some cracks at GATA that invite rebuttal even as he seems to be slowly advancing toward GATA’s position and easing away his long insistence that nothing is amiss in the gold market.

Moriarty writes: “There has been an active subset of gold bugs working for almost 15 years now that has done a wonderful job of educating investors that the most important market force involves manipulation. This is in spite of the fact that not a single person in world history has ever made a cent off such a belief because even if it was the most important factor, it generates neither buy signals nor sell signals and as such is more clutter than signal.”

But can Moriarty identify a more important force in the gold market than central banks, which play it both directly and through their agent, the Bank for International Settlements, trading gold, gold futures, and gold options around the clock? What is the purpose of central bank gold trading if not market manipulation? Indeed, a BIS official formally proclaimed in 2005 that manipulating the currency and gold markets is a primary objective of central banks:

http://www.gata.org/node/4279

Moriarty says no one “has ever made a cent” from believing in gold market manipulation. But central banks sure believe in it. They don’t do it for charity. They do it to sustain the values of their currencies and government bonds, which are reciprocals of the gold price.

“Nowhere in the mass of verbiage,” Moriarty continues, “is there ever any mention of corrections or markets going both up and down. So we have tens of thousands of investors conditioned to believe that markets are supposed to go up every single day and the only reason they ever go down is because they are being manipulated.”

But that’s not what GATA maintains. GATA maintains that the gold market is manipulated by Western central banks every day as they underwrite the fractional-reserve gold banking system. GATA maintains that gold might go up or down on its own in a free market and that when gold goes down it is more often because of central bank intervention.

“A sincere belief in manipulation has cost investors billions of dollars,” Moriarty writes. “At tops they are giddy with a belief that the dirty rotten bastards on Wall Street are on the run and silver is about to pass gold in value. They never take profits at tops because no one ever told them it’s perfectly natural that markets go down now and again. At bottoms they quiver in fear because something called a ‘correction’ has taken place and maybe silver isn’t going to $200 next week. Why didn’t someone warn us?”

Why didn’t someone warn people? Huh? Warning people about central bank intervention against the monetary metals is what GATA has been doing for 14 years. Of course it is “perfectly natural that markets go down now and again,” if markets are free. But was it “perfectly natural” on April 12 and 15 when what seems to have been a single entity dumped as much as 600 tonnes of paper gold on the market in the absence of any particular news relevant to gold?

Has Moriarty ever inquired of any central bank about its policy in the gold market and sought records of its gold trading, as GATA has done with some success? Or without ever having attempted such inquiry, is Moriarty simply confident that central banks do not participate in the gold market every day and that everything in the market must be “perfectly natural”?

But then Moriarty contradicts his insistence that what happens in the gold market is “perfectly natural.” He writes: “All markets are manipulated. Live with it.”

Maybe Moriarty can live with it; his business is stock promotion, where, after all, manipulation can be very profitable. But GATA finds manipulation of the gold market fraudulent and unjust on a cosmic scale and chooses not to live with it. GATA’s business is to try to expose a fraud and right a wrong. That seems to be the essential disagreement here.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

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