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Manipulation, Missing and Fractional Gold
More than 24 hours ago
Chris Powell - GATA
Turk describes to KWN exactly how gold was manipulated today in light trading
GoldMoney founder and GATA consultant James Turk describes to King World News exactly how the gold market was manipulated today in light trading conditions. Turk adds that gold now stands at the greatest backwardation it has seen in eight months. An excerpt from the interview is posted at the KWN blog here: http://tinyurl.com/lmocqg9
Tuesday, April 22, 2014
Chris Powell - GATA
If QE works so well, von Greyerz asks, why don't they do a lot more?
In an interview today with King World News, Swiss gold fund manager Egon von Greyerz offers what may be the best mocking yet of "quantitative easing." "It amuses me," von Greyerz says, "that the Bank of England has just published a paper stating that QE has raised growth in the United Kingdom by 3 percent or 50 billion pounds. Isn't this wonderful? Supposedly money printing raises GDP in real terms. So the U.K. has had QE of 375 billion pounds, which has raised real growth by 50 billion pounds.
Tuesday, April 22, 2014
Chris Powell - GATA
Sprott cites GATA consultant on Chinese demand, notes paper bombing of gold
Interviewed by Sprott Money News, Sprott Asset Management CEO Eric Sprott cites gold researcher and GATA consultant Koos Jansen and GoldMoney's Alasdair Macleod in support of his belief that the World Gold Council's estimates of China's gold demand are grossly understated. Sprott also discusses last week's manipulation of the gold market via the dumping of a huge amount of paper gold. The interview is 10 minutes long and can be heard at the Sprott Money Internet site here: http://www.sprottmon
Tuesday, April 22, 2014
Chris Powell - GATA
New York Sun: Piketty's gold?
Reflecting on French economist Thomas Piketty's new book, "Capital," the New York Sun today offers a most politically incorrect explanation for the explosion in income inequality and unemployment in the United States since the 1970s: the end of the dollar's gold convertibility and the unleashing of the age of infinite fiat money. The Sun's commentary is headlined "Piketty's Gold?" and it's posted here: http://www.nysun.com/editorials/pikettys-gold/88678/
Tuesday, April 22, 2014
Chris Powell - GATA
Barrick and Newmont reported to remain eager for merger
By Euan Rocha Reuters Monday, April 21, 2014 TORONTO -- Talks between Barrick Gold Corp and Newmont Mining Corp about a potential merger have hit a snag, but sources close to the situation say the companies remain keen to reach a deal and discussions are likely to resume. The talks had been on for a few weeks, and the two sides had broadly agreed to a transaction under which Toronto-based Barrick would acquire Denver-based Newmont in an all-stock deal, said one source close to the matter. The so
Monday, April 21, 2014
Chris Powell - GATA
J.S. Kim: High-frequency trading rigs far more than gold and silver
Financial letter writer J.S. Kim argues today that investment banks use high-frequency trading not only to suppress the monetary metals markets but to rig all other major markets. Kim's commentary is headlined "Why Bankers Who Use HFT Algorithms Impede Life, Liberty, the Pursuit of Happiness" and it's posted at his Internet site, SmartKnowledgeU.com, here: https://smartknowledgeu.com/blog/2014/04/bankers-use-hft-algorithms-lite...
Monday, April 21, 2014
Chris Powell - GATA
China allows gold imports via Beijing, sources say, amid reserves buying talk
By A. Ananthalakshmi Reuters Monday, April 21, 2014 SINGAPORE -- China has begun allowing gold imports through its capital Beijing, sources familiar with the matter said, in a move that would help keep purchases by the world's top bullion buyer discreet at a time when it might be boosting official reserves. The opening of a third import point after Shenzhen and Shanghai could also threaten Hong Kong's pole position in China's gold trade, as the mainland can get more of the metal it wants directl
Monday, April 21, 2014
Chris Powell - GATA
Mike Kosares: Anti-gold scare tactics aren't very effective lately
The anti-gold propaganda of mainstream financial news organizations is getting tedious, Mike Kosares of Centennial Precious Metals in Denver writes today, the more so because a little research into the price predictions of gold's disparagers finds that they are usually wrong. Kosares' commentary is headlined "Press' Anti-Gold Scare Tactics Largely Ineffective" and it's posted at Centennial's Internet site, USAGold.com, here: http://www.usagold.com/cpmforum/2014/04/20/press-anti-gold-scare-tactic
Monday, April 21, 2014
Chris Powell - GATA
TF Metals Report: The empty vaults of London
JPMorganChase traded its short position in gold for a long corner not to profit by squeezing the market but to keep unloading metal to manage the price, the TF Metals Report's Turd Ferguson writes today. The exchange-traded fund GLD is still being drained to supply Asia with metal, Ferguson adds, but the supply seems tighter than ever. Ferguson's commentary is headlined "The Empty Vaults of London" and it's posted at the TF Metals Report's Internet site here: http://www.tfmetalsreport.com/podcas
Monday, April 21, 2014
Chris Powell - GATA
Antal Fekete mistakes GATA's objectives for a trading strategy
The economist Antal Fekete has written what he means as a reply to GATA Chairman Bill Murphy's March 23 interview with The Daily Bell complaining about manipulation of the gold market -- http://thedailybell.com/exclusive-interviews/35139/Anthony-Wile-Bill-Mur... -- but it's not really a reply at all. Fekete's commentary is headlined "Thank Heaven for Gold Manipulators" because he argues that manipulation of the gold market is an opportunity for traders to make money by selling call and put opti
Monday, April 21, 2014
Chris Powell - GATA
Gene Arensberg: What's important -- what Comex participants say or what they do?
Gene Arensberg's Got Gold Report discloses tonight that the major gold futures market participants classified as producer merchants have the smallest short position in eight years. The industry, Arensberg writes, is expecting higher prices. His commentary is headlined "What's Important -- What the Comex Participants Say or Do?" and it's posted at the GGR Internet site here: http://www.gotgoldreport.com/2014/04/whats-important-what-the-comex-part...
Sunday, April 20, 2014
Chris Powell - GATA
LBMA defense of London gold fixing distracts from central bank involvement
The March edition of the London Bullion Market Association's magazine, The Alchemist -- presumably named for the ability of LBMA members to turn gold into paper -- carries a long defense of the daily London gold price fixings against complaints that they are likely manipulated by their participating bullion banks. The defense, written by Peter Fertig, director of QCR Quantitative Commodity Research Ltd., maintains that there are plausible explanations for the aspects of the fixings that have bee
Sunday, April 20, 2014
Chris Powell - GATA
Merger talks between gold giants Barrick and Newmont break down
By Gillian Tan, Alistair MacDonald, and Dana Mattioli The Wall Street Journal Friday, April 18, 2014 Barrick Gold Corp. and Newmont Mining Corp. recently held abortive talks over a deal that would have combined the world's two largest gold producers at a time when they are battling a sharp drop in the price of gold, according to people familiar with the matter. The two companies had intended to announce a deal as early as Tuesday, one of the people said. They have discussed combining a number of
Saturday, April 19, 2014
Chris Powell - GATA
Russia, China likely to stop buying Treasuries, ex-White House financial aide says
Former Bush administration financial aide Philippa Malmgren tells King World News that Russia and China are likely to stop buying U.S. Treasuries altogether and that separatism is rampant around the world, not peculiar to Ukraine: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/4/18_Ex...
Saturday, April 19, 2014
Chris Powell - GATA
Former presidential aide acknowledges causes for gold price suppression
Philippa Malmgren, financial counselor to President George W. Bush, tells King World News today that it's easy for governments to influence the gold price, that they have motive to suppress it, and that governments that hold U.S. dollars and fear their devaluation have motive to accumulate gold to hedge their dollar exposure. Malmgren says she finds it "extraordinary" that countries seeking to hedge their dollar exposure "can increase their holdings of gold so dramatically and yet the price goes
Friday, April 18, 2014
Chris Powell - GATA
Holter muses on China's silver scheme; Barron doubts new raid on gold ETFs
Market analyst Bill Holter, who writes for GATA Chairman Bill Murphy's LeMetropole Cafe and for the Miles Franklin coin and bullion dealer Internet site, speculates, as silver market analyst Ted Butler often has done, that China is the big short in silver. But more so Holter speculates that China is aggressively using its silver short position to yank the gold market down so that it might acquire more gold cheaply. Holter's commentary is headlined "My Back and Forth Yesterday with John Embry" an
Friday, April 18, 2014
Chris Powell - GATA
Alasdair Macleod: Economic outlook darkens
The explosive rise in debt and the destruction of savings are government policies destroying the world economy, GoldMoney research director Alasdair Macleod writes today. As a result, he writes, the next financial crisis could be worse than 2008's. Macleod's commentary is headlined "Economic Outlook Darkens" and it's posted at GoldMoney's Internet site here: http://www.goldmoney.com/research/analysis/economic-outlook-darkens?gmre...
Thursday, April 17, 2014
Chris Powell - GATA
Asia takes every ounce West unloads but gold will fall for two years, GFMS says
By Ben Kilbey Platt's Metals Daily Thursday, April 17, 2014 http://www.platts.com/latest-news/metals/london/gold-price-likely-to-ave... LONDON -- A lack of investment interest in gold is starting to take its toll on the price, with an average of $1,225/oz forecast for 2014 and heading lower in 2015, GFMS said Thursday in its Gold Survey 2014. The price forecast is 13% lower than the 2013 average of $1,411.23/oz. "The price is expected to post 2014 lows in mid-year, with a fundamentally driven ra
Thursday, April 17, 2014
Chris Powell - GATA
Paper gold falls in West but premium for real metal jumps in India
Hawala Premium Crosses 4% as Akshay Tritiya Boosts Demand; Spot Delivery Premium also Doubles By Rajesh Bhayan Business Standard, New Delhi Wednesday, April 16, 2014 http://www.business-standard.com/article/markets/official-gold-supply-dr... MUMBAI -- The premium for getting spot delivery for gold in the Indian market jumped to $70 an ounce from $35 a couple of days earlier, with a sudden scarcity. While the trade is facing a scarcity of gold in official channels due to lower imports by private
Thursday, April 17, 2014
Chris Powell - GATA
Conspiracy fact: Top central bankers meet secretly every six weeks at BIS
By Michael Sauga and Anne Seith Der Spiegel, Hamburg, Germany Wednesday, April 16, 2014 Since the financial crisis, central banks have slashed interest rates, purchased vast quantities of sovereign bonds, and bailed out banks. Now, though, their influence appears to be on the wane with measures producing paltry results. Do they still have control? Once every six weeks, the most powerful players in the global economy meet on the 18th floor of an ugly office building near the train station in the
Thursday, April 17, 2014
Chris Powell - GATA
Use of gold as collateral in China is actually positive for gold, Rule tells KWN
What the World Gold Council construes as negative for gold, the supposed use of the metal as collateral for commodity loans in China, is actually bullish, Sprott Asset Management's Rick Rule tells King World News. "A whole class of creditors and debtors in China believes that gold is good security," Rule says. "There are a lot of other assets they could have used for good security, such as U.S. Treasuries. One suspects that China has enough U.S. Treasuries already and that an alternate asset cla
Thursday, April 17, 2014
Chris Powell - GATA
U.S. recruits satellites to compensate for Fed's 'tapering,' Roberts tells KWN
Interviewed by King World News, former Assistant U.S. Treasury Secretary Paul Craig Roberts speculates that the U.S. government has recruited its satellite countries, like Belgium, to compensate for the "tapering" being done with purchases of U.S. Treasuries by the Federal Reserve: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/4/16_Pa... Also at KWN, Singapore-based gold fund manager Grant Williams endorses the work of fund managers and economists Paul Brodsky and Lee Quainta
Thursday, April 17, 2014
Chris Powell - GATA
Roberts, Leeb see trouble ahead for gold price suppression
Former Assistant U.S. Treasury Secretary Paul Craig Roberts tells King World News that the United States may lose control of the gold price if Russia withdraws from the Western bank payments system: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/4/15_Pa... And fund manager Stephen Leeb tells KWN that China, having to hedge $4 trillion in a foreign exchange surplus, will continue to underwrite monetary metals and commodity prices: http://kingworldnews.com/kingworldnews/KWN_Daily
Wednesday, April 16, 2014
Chris Powell - GATA
Zero Hedge: Gold futures halted again on latest furious slamdown
From Zero Hedge, New York Tuesday, April 15, 2014 It seems the two words "fiduciary duty" are strangely missing from the dictionary of the new normal's asset management community. This morning, shortly before 8:27 a.m. ET, someone decided that it was the perfect time to dump thousands of gold futures contracts worth over half a billion dollars notional. This smashed gold futures down over $12 instantaneously, breaking below the 200-day moving averaged and triggering the futures exchange to halt
Wednesday, April 16, 2014
Chris Powell - GATA
Wall Street Journal spins a gold-bullish report to bearish
By Tatyana Shumsky and Chao Deng The Wall Street Journal Tuesday, April 15, 2014 China's appetite for gold is waning after a decadelong buying spree, suppressed by the country's economic slowdown and constrained credit markets. Demand in the world's biggest gold consumer is likely to stay flat in 2014, according to estimates from the World Gold Council. Gold demand in China has expanded every year since 2002, when it declined, according to the industry group, whose forecasts are closely watched
Wednesday, April 16, 2014
Chris Powell - GATA
Hardly a mention of central banks in FT report on London gold fix
The London Fix Has Been in Place for Almost a Century But Critics Say the System Needs Reform By Xan Rice Financial Times, London Monday, April 14, 2014 http://www.ft.com/cms/s/2/e31b0f44-b0e5-11e3-bbd4-00144feab7de.html On the morning of September 12, 1919, just 10 months after the end of the first world war, bankers at NM Rothschild & Sons in London sat down to calculate a fair price for gold. They had been asked to do this by the Bank of England, which wanted to restore the city's status as
Tuesday, April 15, 2014
Chris Powell - GATA
China gold demand seen rising 25% by 2017 as buyers get wealthier
By Nicholas Larkin Bloomberg News Tuesday, April 15, 2014 LONDON -- Gold demand in China, which overtook India as the largest user last year, will rise about 25 percent in the next four years as an increasing population gets wealthier, according to the World Gold Council. Consumer demand will expand to at least 1,350 metric tons by 2017, the London-based council said in a report today. Growth may be limited this year after 2013's price decline spurred consumers to do more buying last year, it sa
Tuesday, April 15, 2014
Chris Powell - GATA
Grant Williams: All markets are rigged, maybe gold most of all
All markets are rigged these days, perhaps the gold market most of all, fund manager Grant Williams writes in the new edition of his "Things That Make You Go Hmmm ..." letter. Williams echoes the observation made first four years ago by GATA's late board member Adrian Douglas that gold almost always goes down during London trading hours even as it is rising elsewhere, a reincarnation of the London gold pool of the 1960s: http://www.gata.org/node/8918 Williams writes: "In order for market rigging
Tuesday, April 15, 2014
Chris Powell - GATA
TF Metals Report: Plunging GOFO rates
The TF Metal Report's Turd Ferguson today reports confirmation that declining gold forward offered interest rates signal scarcity and a rising price and constitute a good trading indicator. His commentary is headlined "Plunging GOFO Rates" and it's posted at the TF Metals Report here: http://www.tfmetalsreport.com/blog/5663/plunging-gofo-rates
Monday, April 14, 2014
Chris Powell - GATA
Selling gold and piling up debt is crazy, Embry tells KWN
Sprott Asset Management's John Embry today tells King World News that it's crazy for the United States and other Western countries to be selling gold and accumulating stratospheric levels of debt: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/4/14_Th...
Monday, April 14, 2014

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