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In the last 4 hours
Chris Powell - GATA
Greenspan says he's not aware of gold price suppression through central bank leasing
The opportunity to question former Federal Reserve Chairman Alan Greenspan about central bank intervention in the gold market was spectacularly fumbled today during Greenspan's appearance at the New Orleans Investment Conference. Interviewing Greenspan, conference moderator Gary Alexander asked if the former Fed chairman was aware of efforts by central banks to suppress the price of gold by leasing the metal to bullion banks, which would sell the metal into the market. "I'm not aware of anything
Sunday, October 26, 2014
In the last 24 hours
Jesse - Le Cafe Américain
Shanghai Posts 51.5 Tonnes of Gold For the Week: How Long Can the Gold Pool Be Sustained
"For 'tis the sport to have the engineer Hoist with his own petard: and it shall go hard But I will delve one yard below their mines, And blow them at the moon." William Shakespeare, Hamlet The Shanghai Gold Exchange, where investors actually take their bullion rather than
Saturday, October 25, 2014
Chris Powell - GATA
Negative interest rates threaten to destroy not just savers but IMF as well
* * * IMF Introduces Floor on Interest Rates By Robin Harding Financial Times, London Friday, October 24, 2014 http://www.ft.com/intl/cms/s/0/9b3ea266-5bcc-11e4-a674-00144feab7de.html WASHINGTON -- The International Monetary Fund has been forced to change the calculation of its most important interest rate after aggressive monetary easing around the world threatened to turn it negative. Late on Friday the IMF said it was introducing a floor of 0.05 per cent for the interest rate on Special Drawi
Saturday, October 25, 2014
Jesse - Le Cafe Américain
Yellen's Big Trickle Down Dilemma
Why is the economy so sluggish? Even if real wages are stagnant, and consumers are tapped, the Banks have been saved and stand ready to loan from an abundance of freshly created money that they can obtain for almost nothing.
Saturday, October 25, 2014
Jesse - Le Cafe Américain
Yellen's Trickle Down Dilemma
Why is the economy so sluggish? Even if real wages are stagnant, the Banks have been saved and stand ready to loan from an abundance of freshly created money that they can obtain for almost nothing.
Saturday, October 25, 2014
Jesse - Le Cafe Américain
The Reason There Has Been No Sustainable Recovery
“When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done” John Maynard Keynes   How can an economy based on printing money and financial repression for a broken financial system achieve self-sustaining organic growth? Where is the growth in aggregate demand fueled by a growth in employment and an increase in median wages?
Saturday, October 25, 2014
Jesse - Le Cafe Américain
The Reason There Has Been No Sustainable Recovery In One Chart
“When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done” John Maynard Keynes   How can an economy based on printing money and financial repression achieve self-sustaining organic growth? Where is the growth in aggregate demand fueled by an increase in wages? Is the great mass of the public thriving, or barely surviving? Why is it that discussing these basic issues is difficult without denigrating and blaming the victim
Saturday, October 25, 2014
Jesse - Le Cafe Américain
Shanghai Delivers 51.5 Tonnes of Gold For the Week: How Long Can the Gold Pool Be Sustained 
"For 'tis the sport to have the engineer Hoist with his own petard: and it shall go hard But I will delve one yard below their mines, And blow them at the moon." William Shakespeare, Hamlet The Shanghai Gold Exchange, where investors actually take delivery of bullion rather than just play liar's poker with multiple paper claims
Saturday, October 25, 2014
Jesse - Le Cafe Américain
Shanghai Delivers 51.5 Tonnes of Gold For the Week
The Shanghai Gold Exchange, where investors actually take delivery of bullion rather than just play liar's poker with multiple paper claims for the same ounce, delivered 51.5 tonnes of gold bullion in the latest week. The trend of daily deliveries has been rising the last 12 weeks. Shanghai talks, and Wall Street walks. This chart from the data wrangler Nick Laird at Sharelynx.com.
Saturday, October 25, 2014
More than 24 hours ago
Chris Powell - GATA
More nations are trying to get out from under the U.S. dollar, Putin says 
By Stepan Kravchenko Bloomberg News Friday, October 24, 2014 http://www.bloomberg.com/news/2014-10-24/putin-accuses-u-s-of-blackmail-... MOSCOW -- The U.S. is behaving like "Big Brother" and blackmailing world leaders while making imbalances in global relations worse, Russia's president said. Current conflicts risk bringing world order to collapse, Vladimir Putin told the annual Valdai Club in the Black Sea resort of Sochi. The Cold War's "victors" are dismantling established international laws
Saturday, October 25, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - V Bottom Back To 50 DMA
“America is the wealthiest nation on Earth, but its people are mainly poor, and poor Americans are urged to hate themselves... Americans, like human beings everywhere, believe many things that are obviously untrue. Their most destructive untruth is that it is very easy for any American to make money. They will not acknowledge how in fact hard money is to come by, and, therefore, those who have no money blame and blame and blame themselves. This inward blame has been a treasure for the rich and
Saturday, October 25, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Plus C'est la Même Chose - Mandatory Quarantines
Gold and silver were stopped in their tracks, as the price dominant Comex continues to exert its inordinate influence over the real world economies. There was apparently little activity in the Comex delivery and so they did not bother to issue a report yet today. In silver there was a rather large deposit of silver bullion of about 2,258,516 ounces into the HSBC warehouse as you can see below. Next week is a Tuesday precious metal option expiration on the Comex. There is also an FOMC
Saturday, October 25, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Audacious Oligarchy - Ten Tonnes of Gold Taken Out of JPM
"When, O Catiline, do you mean to cease abusing our patience? How long is that madness of yours still to mock us? When is there to be an end of that unbridled audacity of yours, swaggering about as it does now? Marcus Tullius Cicero,  In Catilinam I There was little of note in the Comex delivery report but there was a sizable withdrawal of gold reported from storage at the JP Morgan warehouse, about a third of the total at ten tonnes.   Let's see if that turns up anywhere,
Friday, October 24, 2014
Chris Powell - GATA
At King World News, Sperandeo, Celente, and Mauldin
At King World News, market analyst Victor Sperandeo says traders enjoy the current stock market because the Federal Reserve repeatedly has manipulated it back up: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/23_L... Also at KWN, trends forecaster Gerald Celente says that the more governments try to keep their economies going with money creation, the more support will be given to the price of gold: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/24_C...
Friday, October 24, 2014
Chris Powell - GATA
Alasdair Macleod: Markets and reality disconnected
Government intervention in markets is only part of the disconnection of markets from reality, GoldMoney research director Alasdair Macleod writes today. "Ordinary people have given their savings and pension funds to professionals who speculate on their behalf," Macleod writes. "It is the professionals who talk about the Yellen put, meaning that the Fed simply won't let prices fall significantly. We can fret about who is actually responsible for market distortions; instead we should ask who bene
Friday, October 24, 2014
Chris Powell - GATA
Paying people their worth in gold -- a first in Singapore
http://www.channelnewsasia.com/news/singapore/paying-people-their-worth/... SINGAPORE -- How would you like to be paid your worth in gold? Singapore-based precious metals dealer BullionStar is doing just that by rewarding staff with the commodity as salary, and it says it is the first in the country to do so. Here is how it works: If, for example, you earn S$3,200 a month, you can choose to be paid in two gold bars each worth S$1,600. Theoretically, if you are a high earner drawing a pay of S$51
Friday, October 24, 2014
Chris Powell - GATA
Three major nations absent as China launches rival to Western development bank
SHANGHAI -- Australia, Indonesia, and South Korea skipped the launch of a China-backed Asian infrastructure bank on Friday as the United States said it had concerns about the new rival to Western-dominated multilateral lenders. China's proposed $50 billion Asian Infrastructure Investment Bank is seen as a challenge to the World Bank and Asian Development Bank, both multilateral lenders that count Washington and its allies as their biggest financial backers. China, which is keen to extend its inf
Friday, October 24, 2014
Chris Powell - GATA
Foreign central banks cut U.S. bond stakes to lowest since May
Foreign central banks slashed their holdings of U.S. Treasuries at the Federal Reserve to their lowest level since May, Fed data released on Thursday showed. Analysts said the decline in U.S. government bond holdings likely stemmed from a combination of factors including booking profits on the recent rally in Treasuries, and the dollar which hit a four-plus year peak earlier this month. "Some central banks might be selling dollars to arrest its rise against their currencies. While export-oriente
Friday, October 24, 2014
Chris Powell - GATA
  First Majestic CEO wants silver miners to form counter-cartel against futures shorters
First Majestic Silver CEO Keith Neumeyer, interviewed by Future Money Trends, argues that silver miners should form a counter-cartel to combat the investment houses selling silver short on futures markets. The interview is 16 minutes long and can be heard at Future Money Trends here: http://www.futuremoneytrends.com/trend-videos/interviews/mining-ceo-seek...
Friday, October 24, 2014
Chris Powell - GATA
MineWeb's Williams praises GATA consultant Jansen's work on China gold demand data
MineWeb's Lawrence Williams today praises gold researcher and GATA consultant Koos Jansen for getting to the heart of Chinese gold demand data that shows that China's gold offtake is much greater than generally reported. Williams writes: "Once again it has taken Koos Jansen to let the world know what the real figures for Chinese gold demand and gold import figures were for last year. The data was actually published in Mandarin Chinese in September with the release of the 2014 China Gold yearbook
Friday, October 24, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Audacious Oligarchy - Ten Tonnes of Gold Taken Out of JPM? 
"When, O Catiline, do you mean to cease abusing our patience? How long is that madness of yours still to mock us? When is there to be an end of that unbridled audacity of yours, swaggering about as it does now? Marcus Tullius Cicero,  In Catilinam I There was little of note in the Comex delivery report but there was a sizable withdrawal of gold reported from storage at the JP Morgan warehouse, about a third of the total at ten tonnes.   Let's see if that turns up anywhere, or is another f
Friday, October 24, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - Do HFT Algos Dream of Electronic Sheep?
Stocks were off to the races this morning as the short squeeze gathered some new momentum from the 'better than expected' results in global PMI overnight. Stocks were interrupted in their ascent in the later afternoon on a flash report that a doctor who had been caring for the sick in Africa is being tested for ebola at Bellevue Hospital in NYC. Stocks lost almost half their gains quickly as the algos saw the headline and triggered selling, and then recovered a bit into the close. This is a t
Friday, October 24, 2014
Chris Powell - GATA
Chris Powell: The crucial questions financial journalism won't ask and central banks won't answer
For many years this conference has bravely invited GATA Chairman Bill Murphy and me to speak here about the evidence of manipulation of the gold market, particularly manipulation undertaken directly or indirectly by central banks, and every year there has been new documentation to report. This documentation has been compiled at GATA's Internet site, GATA.org, whose home page you can see here -- http://www.gata.org -- with the "Documentation" section noted at the top left, along with a section ca
Friday, October 24, 2014
Jesse - Le Cafe Américain
  Henry Giroux On the Rise of Neoliberalism As a Political Ideology 
I think this highlights the false dichotomy between communism and market capitalism that was created in the 1980's.   The dichotomy was more properly between communist government and democracy, of the primacy of the individual over the primacy of the organization and the state, as embodied in fascism and the real world implementations of communism.  But we never think of it that way any more, if at all.  It is one of the greatest public relation coups in history.  One form of organizational op
Thursday, October 23, 2014
Jesse - Le Cafe Américain
NAV Premiums of Certain Precious Metal Trusts and Funds
The gold/silver ratio is over 71, even with the relative strength of silver today. The premium on Sprott Silver is high relative to historical norms, while the fund's cash levels are at an historically low percentage of assets. The Speicher Fund and Trust have premiums that are almost prostrate. As a reminder, you may always 'right click' and open in a new window or tab any of the charts and pictures on this site for a full sized view.
Thursday, October 23, 2014
Julian D. W. Phillips - Gold Forecaster
Gold & Silver Market Morning
Gold Today – The gold price closed at $1,241.50 down $6.80 on Wednesday. London took it down to $1,243.The euro is weaker this morning at $1.2640 down half a cent on yesterday. The Fix was set $1,240.50 down $6.25 and in the euro at €979.935 down €2.145, while the euro stood stronger at $1.2659. The volumes of gold traded were two sellers selling 16,000 ounces and no buyers.Ahead of New York’s opening, gold was trading at $1,238.80 and in the euro at €978.21.Silver Today – The silver price close
Thursday, October 23, 2014
Chris Powell - GATA
Goldcorp chief says Asian buying will support price of gold
Demand from China and other parts of Asia will support the price of gold, the chief executive of one of its largest miners said, as the precious metal traded near its strongest level in six weeks. Chuck Jeannes of Goldcorp said he saw "as much clarity in the market as there has ever been," with a "floor" created by strong demand whenever gold reached or fell below about $1,200 per ounce. "The anecdotal evidence is that gold goes down and physical demand goes up," Mr. Jeannes said in an interview
Thursday, October 23, 2014
Chris Powell - GATA
Big nations snub Beijing bank launch after US lobbying
http://www.ft.com/intl/cms/s/0/41c3c0a0-59cd-11e4-9787-00144feab7de.html BEIJING -- China will officially launch a new $50 billion Asia Infrastructure Investment Bank on Friday as it steps up its challenge to global financial institutions like the World Bank that it feels are dominated by America and its allies. But only 20 mostly small economies, many of them effectively client states of China, will become founding members of the bank at Friday's ceremony in Beijing after Washington lobbied fur
Thursday, October 23, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - Pause, Consolidation, and Infamy
"In the last days, perilous times shall come. For men shall be lovers of their own selves, covetous, boasters, traitors, heady, high-minded having a form of godliness, but denying the power thereof. Evil men and seducers shall wax worse and worse, deceiving and being deceived." John Henry Newman And high amongst those self deceptions is the arrogance to presume that the killing of innocents is somehow justified by the ends, as some form of recompense for other evils done, or as a public stateme
Thursday, October 23, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Consolidation Day and Tragedy In Canada
"Anger is the enemy of non-violence, and pride is a monster that swallows it up." Mahatma Gandhi There was a terrible shooting of some innocent people near the Parliament in Ottawa today. Such actions are never justified, and are simply murder, no matter what rationales some may wish to put forward. That these types of things may be used to promote oppressive responses by some is simply a doubling of the tragedy and injustice. As Gandhi said, 'an eye for an eye makes the whole world blind.'
Thursday, October 23, 2014
Chris Powell - GATA
Barron interviewed on 'peak gold,' mining costs, and Swiss referendum
Geologist and mining entrepreneur Keith Barron, interviewed by financial journalist Lars Schall for Matterhorn Asset Management's Gold Switzerland Internet site, discusses the mining industry's understatement of its exploration costs, the overstatement of the world's gold supply, the likelihood that the world has seen "peak gold" production, and the importance of the Swiss gold repatriation referendum, among other topics. The interview is 47 minutes long and can be heard at Gold Switzerland here
Wednesday, October 22, 2014
Chris Powell - GATA
Koos Jansen: It's official -- China's gold demand in 2013 was 2,199 tonnes
The China Gold Association has confirmed that China's gold offtake in 2013 reached 2,200, Bullion Star market analyst and GATA consultant Koos Jansen reports today. That would constitute most of world gold mine production and the figure apparently does not include purchases by the People's Bank of China, which remain the most sensitive state secret. "Why the Western media don't report on these numbers is a mystery," Jansen writes. "This data is not a secret. Yet the Chinese have been trying to h
Wednesday, October 22, 2014
Chris Powell - GATA
Currency wars are back: 'Export your deflation to someone else'
http://www.bloomberg.com/news/2014-10-22/currency-wars-evolve-with-goal-... Currency wars are back, though this time the goal is to steal inflation, not growth. Brazil Finance Minister Guido Mantega popularized the term "currency war" in 2010 to describe policies employed at the time by major central banks to boost the competitiveness of their economies through weaker currencies. Now, many see lower exchange rates as a way to avoid crippling deflation. Weak price growth is stifling economies fro
Wednesday, October 22, 2014
Chris Powell - GATA
Top bullion consumer China works on first gold forwards, options
The Shanghai Gold Exchange is working on plans for China's first forwards and options in gold, sources say, potentially putting China ahead in the race to set an Asian pricing benchmark that might eventually rival the London gold fix. China, which overtook India last year to become the world's biggest consumer of gold, bans trading in commodity options and forwards at present to limit speculation. But Beijing is setting the stage for the launch of such derivatives as it opens up its markets, and
Wednesday, October 22, 2014
Julian D. W. Phillips - Gold Forecaster
Gold & Silver Market Morning
Gold Today – The gold price closed at $1,248.30 up $2.30 on Tuesday. London took it down to $1,246.3.The euro is weaker this morning at $1.2692 down from $1.2828 in a volatile market. The Fix was set $1,246.75 down $5.00 and in the euro at €982.080 up €3.233, while the euro stood stronger at $1.2695. The volumes of gold traded were two seller selling 30,000 ounces and one buyer buying 10,000 ounces before the pro rata arrangement kicked in.Ahead of New York’s opening, gold was trading at $1,246.
Wednesday, October 22, 2014
Chris Powell - GATA
James G. Rickards: In the year 2024 
Writing for The Daily Reckoning, fund manager, author, and geopolitical strategist James G. Rickards imagines life in the year 2024 as being under the totalitarian control of a world central bank that has outlawed not only gold but also markets and money itself. While Rickards' nightmare scenario is the perfectly logical consequence of the trend of central banking, we still have a few years to push the world toward a different future. Rickards' essay is headlined "In the Year 2024" and it's post
Wednesday, October 22, 2014
Chris Powell - GATA
Von Greyerz: Swiss gold referendum aims squarely at market manipulation
Swiss gold fund manager Egon von Greyerz today comments to King World News about the opinion poll showing strong support for the Swiss gold repatriation referendum proposal. Von Greyerz says: "The yes campaign starts this Thursday with a press conference. This is when it will put forward its arguments for this initiative. The Swiss government is against this initiative, as all governments are, because it takes away the government's ability to manipulate the currency and gold markets. Switzerlan
Wednesday, October 22, 2014
Chris Powell - GATA
Kinross to sell halted Ecuador gold project to Lundin company
Kinross Gold Corp has agreed to sell its halted Fruta del Norte gold project in Ecuador to a company belonging to the Swedish-Canadian Lundin family for $240 million, Kinross and the company, Fortress Minerals Corp., said today. Toronto-based Kinross acquired the project in 2008 with its $1.2 billion friendly takeover of Aurelian Resources, and once called it "one of the most exciting gold discoveries of the past 15 years." But last year it suspended work on the gold project, Ecuador's largest,
Wednesday, October 22, 2014
Jesse - Le Cafe Américain
Reprise: Who Was 'the Frenchman Who Wept' For HIs Country?
Here is an iconic photograph that I have seen in any number of documentaries, generally identified as a Frenchman who weeps for his city as the Nazis march into Paris. I have always been curious about this photo. I wondered where it came from and who this person was.  It has a certain tragic dignity about it. Here is what I have been able to discover. This photo first appeared in print in Life Magazine in their 3 March 1941 i
Wednesday, October 22, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Slowly Higher, More Gold Withdrawals
The precious metals managed to drift higher, with some capping action in the late afternoon. There was a rumour this morning that the ECB would start buying corporate debt at the end of this year, and visions of QE European Style had stocks zooming, and the precious metals were in rally mode, even that poor old mule silver. But capping came into play, as stocks continued on their short squeeze, helping to ease the pain that the hedge funds were dealt just a week ago. There seems to be quite a
Wednesday, October 22, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - Draghi Racing To Da Moon
Another central bank rumour managed to light a fire under stocks, and the hedge funds ran with it. The rumour this morning, following on Bullard's statement on possibly continuing QE, was that Mario Draghi's European Central Bank might start buying corporate debt as soon as December of this year. And there they go! Existing home sales came in a little better than expected, but pointing to that as some sort of fundamental trigger for this is nonsensical. The underlying fundamentals of US hous
Wednesday, October 22, 2014
Chris Powell - GATA
Forex-rigging fines against banks could reach $41 billion worldwide, Citi report says
http://www.bloomberg.com/news/2014-10-20/forex-rigging-fines-could-hit-4... LONDON -- Probes into allegations that traders rigged foreign-exchange benchmarks could cost banks as much as $41 billion to settle, Citigroup Inc. analysts said. Deutsche Bank is seen as probably the "most impacted" with a fine of as much as 5.1 billion euros ($6.5 billion), Citigroup analysts led by Kinner Lakhani said yesterday, estimating that the Frankfurt-based bank's settlements could reach 10 percent of its tangi
Wednesday, October 22, 2014
Jesse - Le Cafe Américain
First Poll In Swiss Gold Referendum Shows Tight Race
It looks even to me with all those undecided and probably vote. Let the games and fear-mongering begin.
Tuesday, October 21, 2014
Chris Powell - GATA
Goldbroker puts French subtitles on GATA secretary's interview with Larry Parks
While your secretary/treasurer took four years of it in high school, when it comes to French he still doesn't know "merde." Fortunately GATA's friends at bullion dealer Goldbroker.com -- https://www.goldbroker.com/ -- are fluent in the language and, thinking well of your secretary/treasurer's recent half-hour interview on "The Larry Parks Show" in New York, have affixed French subtitles to the video. Now you can both hear the interview in English and read it in French at the same time. English s
Tuesday, October 21, 2014
Chris Powell - GATA
Poll finds support for Swiss gold repatriation referendum proposal
GoldCore's Mark O'Byrne reports today that the first opinion poll on Switzerland's gold repatriation referendum proposal shows 45 percent of respondents in favor and 39 percent opposed: http://www.goldcore.com/goldcore_blog/First_Swiss_Gold_Poll_Shows_Pro_Go...
Tuesday, October 21, 2014
Julian D. W. Phillips - Gold Forecaster
Gold & Silver Market Morning 
Gold Today – The gold price closed at $1,246.10 up $8.30 on Friday. Asia and London took it higher to $1,253.40.The euro is stronger this morning at $1.2828 up from $1.2756. The Fix was set $1,251.75 up $10.75 and in the euro at €978.847 up €6.20, while the euro stood stronger at $1.2788. The volumes of gold traded were one seller selling 8,000 ounces and one buyer buying 16,000 ounces before the pro rata arrangement kicked in.Ahead of New York’s opening, gold was trading at $1,249.30 and in the
Tuesday, October 21, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - Shooting Shorts in a Barrel
The wiseguys decided to try and 'take it up' to squeeze the lazy shorts who were overstaying their positions.  As one trader said, 'it is like shooting fish in a barrel.' There was steady buying on relaxed volume for much of the day in the futures. Not much in the way of economic data this week. Have a pleasant evening.
Tuesday, October 21, 2014
Jesse - Le Cafe Américain
The American Dream By Joe the Angry Hawaiian 
This is from the Big Island.  The natives seem restless. "Democracy in a free market capitalistic society today only exists in the imaginations of sleep-walkers in the American Dream. The idea of honest, hard work being suitably rewarded has become a mind-numbing slogan that is now just beginning to wear off in the minds of some Americans. While Americans were working and playing hard, our representational democracy has evolved into a political system that has been completely and utterly bo
Tuesday, October 21, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Post Stock Option Expiration Rally
Gold and even the somewhat hapless silver managed to pull together a modest rally today, after the stock market option expiration we saw last Friday. The miners and associated precious metals plays had been beaten with an ugly stick. So what next? We have a Comex option expiration for the precious netals next Tuesday for the November contracts. I have included a little data from the deliveries in gold, which were a bit more than one would expect for an inactive month. And there continue to
Tuesday, October 21, 2014
Jesse - Le Cafe Américain
Lower Gold Prices Prompt Large BRIC Purchases 
Apparently those lower gold prices proved attractive to the BRICS. Not all the economic theorems are utopian myths.  Supply and Demand still works now and then. There was a sea change in the international gold markets around 2005, as central banks became net buyers for the first time in over twenty years, and few even know about it. Russia saw it's largest monthly purchase of gold in 15 years with 1.2 million ounces China's had its third largest flows of gold bullion from Shanghai at 68.4 t
Monday, October 20, 2014
Chris Powell - GATA
Koos Jansen: The Chinese precious metals market is on fire 
China's gold demand, as signified by offtake from the Shanghai Gold Exchange, has reached "extraordinary" levels in recent days, while silver is growing shorter in supply as well, according to gold researcher and GATA consultant Koos Jansen, market analyst for Bullion Star in Singapore. Jansen's analysis is headlined "The Chinese Precious Metals Market Is on Fire" and it's posted at Bullion Star here: https://www.bullionstar.com/article/the%20chinese%20precious%20metals%20...
Monday, October 20, 2014
Julian D. W. Phillips - Gold Forecaster
Gold & Silver Market Morning
Gold Today – The gold price closed at $1,237.80 down $1.70 on Friday. Asia and London took it higher $1,242.The euro is weaker this morning at $1.2756. The Fix was set $1,241.00 up $3.00 and in the euro at €972.647 up €5.762, while the euro stood stronger at $1.2759. The volumes of gold traded were two seller selling 40,000 ounces and one buyer buying 20,000 ounces before the pro rata arrangement kicked in.Ahead of New York’s opening, gold was trading at $1,241.55 and in the euro at €972.09.Silv
Monday, October 20, 2014
Jesse - Le Cafe Américain
The Age of Narcissism
"Suddenly, abused and battered wives or children, the unemployed, the depressed and mentally ill, the illiterate, the lonely, those grieving for lost loved ones, those crushed by poverty, the terminally ill, those fighting with addictions, those suffering from trauma, those trapped in menial and poorly paid jobs, those whose homes are in foreclosure or who are filing for bankruptcy because they cannot pay their medical bills, are to blame for their negativity. The ideology justifies the cruelt
Monday, October 20, 2014
Jesse - Le Cafe Américain
'Confidence' Is a Corollary In a Fiat Culture:
"When the political process becomes controlled by multi-national corporate interests, the US government becomes a tool of those interests. When multi-national corporations own the mass media as they presently do, honest democratic debate becomes unlikely. As we witness corporate power becoming a dominate force in international relationships, it will surely continue to diminish independent national sovereignty under the banner of 'free trade.'" Joseph A. Economists are fretting about the current
Monday, October 20, 2014
Chris Powell - GATA
China's gold hunger surprises even Russia, Ing tells KWN
In an interview with King World News, John Ing of Maison Placements in Toronto says that even Russia is surprised by China's determination to obtain gold with which China's currency, the renminbi, could be backed. An excerpt from the interview is posted at the KWN blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/20_R...
Monday, October 20, 2014
Chris Powell - GATA
Indian govt. freaks out at gold demand and will try to suppress imports again 
By Deepshikha Sikarwar The Times of India, Mumbai Monday, October 20, 2014 http://economictimes.indiatimes.com/markets/commodities/government-to-re... NEW DELHI -- Barely months after gold import rules were eased, the government is looking to re-impose curbs as the country's insatiable appetite has led to a surge in the yellow metal coming into India, threatening to undermine the improvement in external balances. The finance ministry's revenue department has flagged the issue and asked the Depar
Monday, October 20, 2014
Chris Powell - GATA
Could India eventually produce as much gold as China?
* * * Is India Sitting on a Gold Mine? An interview with Sandeep Lakhwara, managing director of Deccan Gold Mines By Rajalakshmi Nirmal The Hindu, Chennai, India Sunday, October 19, 2014 India has very large resources of gold, several geological studies say. One estimate (2005 study) puts the country's primary gold resources at about 491 tonnes. But the country hardly finds a mention in the global list of large miners. It produces just three-four tonnes of gold annually. Sandeep Lakhwara, manag
Sunday, October 19, 2014
Jesse - Le Cafe Américain
'Confidence' Is a Corollary of a Fiat Culture 
Economists are fretting about the current notion that the US is caught in a secular stagnation.  They are concerned because they believe that this is what is driving stock prices lower.  And lower stock market prices are upsetting to their masters.  They are concerned that people are believing in stagnation as a sort of urban myth, and that makes it real.  Seriously.  Belief is not an effect, but a primary cause in their minds. The biggest myth that I know of is that confidence alone, no ma
Sunday, October 19, 2014
Chris Powell - GATA
  Sprott covers Chinese demand, GLD's decline, and investor mistakes
Eric Sprott, CEO of Sprott Asset Management in Toronto, was interviewed last week by the TF Metals Report's Turd Ferguson, discussing gold demand from China, the removal of gold from the exchange-traded fund GLD, methods of evaluating mining stocks, the mistakes gold and silver investors have made in recent years, and the continuing deviation of gold and silver prices from historical norms. The interview can be heard at the TF Metals Report's Internet site here: http://www.tfmetalsreport.com/pod
Sunday, October 19, 2014
Jesse - Le Cafe Américain
No Recovery: Longest Sustained Fall In UK Real Wages In Recorded History 
Why is there no sustainable recovery? Because of the policy errors of the West to save the corrupt financial system, but abandon the people whom 'the system' is intended to serve. You may read the story about why the Bank of England is likely to keep interest rates low, which accompanies this graph, in the Financial Times.
Sunday, October 19, 2014
Jesse - Le Cafe Américain
Longest Sustained Fall In UK Real Wages In Recorded History
Why is there no sustainable recovery? Because of the policy errors of the West to save the corrupt financial system, but to abandon the people whom 'the system' is intended to serve. You may read the story about why the Bank of England is likely to keep interest rates low, which accompanies this graph, in the Financial Times.
Saturday, October 18, 2014
Jesse - Le Cafe Américain
Domestic Democracy or Foreign Imperialism, But Not Both
This is a talk given by Chalmers Johnson in April, 2007. And this was before the financial crisis and bailouts.
Saturday, October 18, 2014
Chris Powell - GATA
In Silver Doctors interview, GATA secretary discusses developments in market manipulation
Interviewed for about a half hour this week by Silver Doctors, your secretary/treasurer discussed recent developments in market manipulation, speculated that gold will be revalued overnight by major central banks as part of a general world currency revaluation, and cautioned that China's drive to obtain gold isn't intended to establish a free market in gold but to wrest control of the gold market from the United States. The interview can be heard at the Silver Doctors Internet site here: http://
Saturday, October 18, 2014
Chris Powell - GATA
Silver futures ripe for short squeeze and 'cash settlement' default, Sprott says
Sprott Asset Management CEO Eric Sprott, interviewed for the Sprott Money News weekly review, notes that the Ebola virus problem is far worse than government officials have said, that the world economy is too, that the monetary metals futures markets are easily manipulated by big money, but that the silver futures market is ripe for a short squeeze that will end in the default of "cash settlement." The interview is 15 minutes long and can be heard at the Sprott Money Internet site here: http://w
Saturday, October 18, 2014
Jesse - Le Cafe Américain
Concert Vendredi Soir au Café: Francis Cabrel

Saturday, October 18, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - Wild, Wild Week
The Fed's jawboning and some timely buying in the SP futures saved the US equity market, for this wild, wild week. Follow through is essential, because technically stocks are not out of trouble. Consumer sentiment is a lagging, not a leading indicator. The notion that the US is exceptional and immune to problems overseas, especially Europe, is a canard. What will they think of next? Have a pleasant weekend.
Saturday, October 18, 2014
Jesse - Le Cafe Américain
  Gold Daily and Silver Weekly Charts - Life During Wartime
There is a steady drain of silver from the warehouses. Not large enough to matter, but a million ounces here, a million ounces there. Let's see if the precious metals can make that triple bottom stick, and break the downtrend. Longer term it is all about the physical supply. That is what matters in a nutshell. Everything else is commentary. Have a pleasant weekend.
Saturday, October 18, 2014
Chris Powell - GATA
LBMA gets 8 proposals to replace century-old gold fixing
LONDON -- Intercontinental Exchange Inc., the London Metal Exchange, and CME Group Inc. and Thomson Reuters Corp. are among firms shortlisted to develop and run a replacement for the century-old London gold fixing benchmark. Autilla Ltd. (Sapient) and EBS are also on the short list, the London Bullion Market Association said in a statement today. Ten companies submitted eight proposals, some of them joint. The LBMA, which said last week firms will present at a seminar on Oct. 24, expects a mark
Friday, October 17, 2014
Chris Powell - GATA
China gold production seen falling, prompting more imports
By Jan Harvey Reuters Friday, October 17, 2014 LONDON -- Growth in gold mine output from No. 1 producer China is set to slow significantly in coming years in the face of declining ore grades and waning profitability, analysts Business Monitor International said on Friday. Lower mine production will pave the way for rising imports to meet persistent strength in demand from Chinese consumers, BMI analyst Xinying Chia said, while domestic mining companies will also look overseas to boost production
Friday, October 17, 2014
Julian D. W. Phillips - Gold Forecaster
Gold & Silver Market Morning
Gold Today – The gold price closed at $1,239.50 up $1.70 on Thursday. Asia took it slightly higher over $1,240 ahead of London’s opening.The euro is only slightly stronger than of late at $1.2805. The Fix was set $1,238.00 down $3.00 and in the euro at €966.885 down €2.495, while the euro stood stronger at $1.2804. The volumes of gold traded were two seller selling 36,000 ounces and two buyers buying 26,000 ounces before the pro rata arrangement kicked in.Ahead of New York’s opening, gold was tr
Friday, October 17, 2014
Chris Powell - GATA
Hard to make a case for a strong dollar now, Barron tells KWN
Mining entrepreneur Keith Barron tells King World News tonight that "it's very difficult to make a case for a strong-dollar policy right now." He expects the Federal Reserve to return to "quantitative easing." An excerpt from the interview is posted at the KWN blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/16_W...
Friday, October 17, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Moral Hazard, Policy Errors, and History Repeating
"Financial repression is sometimes the effect of policy even if it is not the intent. It manifests itself, for example, when policy makers react more forcefully to declines in asset prices than to increases. Price increases tend to be treated with benign indifference. But declines often lead policy makers to respond with force, deploying fiscal stimulus and monetary accommodation. Market participants then conclude that governments have
Friday, October 17, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Moral Hazard and Policy Errors
"Financial repression is sometimes the effect of policy even if it is not the intent. It manifests itself, for example, when policy makers react more forcefully to declines in asset prices than to increases. Price increases tend to be treated with benign indifference. But declines often lead policy makers to respond with force, deploying fiscal stimulus and monetary accommodation. Market participants then conclude that governments have their backs... Efforts to manage and manipulate asset prices
Friday, October 17, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - Fed's Bullard and the PPT To the Rescue
Stocks were selling off this morning, but the Fed's Bullard jawboned them off the bottom with the speculation that the Fed might have to extend QE3. That gave the signal to the market, although what he actually said especially about the price of oil was somewhat contradictory, and did not make all that much sense. But the Plunge Protection Team, tapping any needed money from the Exchange Stabilization Fund, started buying the SP futures, and continued to do so at a couple of key points in the
Friday, October 17, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Cap, Cap, Cap
The fingerprints of officialdom were all over the markets today. The Fed's Bullard came out with a laughable statement that the Fed might consider extending QE3, which is fairly meaningless given that we are nearly at the end of the taper. But concerted buying in the futures, specifically in the SP, gave a little more 'oomph' to the jawboning, and the markets were able to turn it around, although weakly, but still well off the lows. I enjoyed watching the closing ticks on the SP futures
Friday, October 17, 2014
Chris Powell - GATA
Excessive debt is collapsing world economy, von Greyerz tells KWN
Excessive debt is pushing the world's economy toward collapse, Swiss gold fund manager Egon von Greyerz tells King World News today, adding that governments will not be able to buy enough assets to maintain equity values. An excerpt from the interview is posted at the KWN blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/16_T...
Thursday, October 16, 2014
Chris Powell - GATA
TF Metals Report: The current cap
Bullion banks are capping the gold futures price, overwhelming speculative demand with their shorting, to preserve the downtrend line in the gold price chart, the TF Metals Report's Turd Ferguson reports today. Ferguson's commentary is headlined "The Current Cap" and it's posted at the TF Metals Report here: http://www.tfmetalsreport.com/blog/6233/current-cap
Thursday, October 16, 2014
Julian D. W. Phillips - Gold Forecaster
  Gold & Silver Market Morning
Gold Today – The gold price closed at $1,237.80 up $4.40 on Wednesday. Asia took it higher to $1,239.75 ahead of London’s opening.The euro is over 1.5 cents stronger at $1.2802. The Fix was set $1,241.00 up $17.50 and in the euro at €969.380 up €1.805, while the euro stood stronger at $1.2802. The volumes of gold traded were one seller selling 32,000 ounces and two buyers buying 18,000 ounces before the pro rata arrangement kicked in.Ahead of New York’s opening, gold was trading at $1,242.80 and
Thursday, October 16, 2014
Chris Powell - GATA
Ambrose Evans-Pritchard: World economy so damaged it may need permanent QE
http://www.telegraph.co.uk/finance/economics/11165982/World-economy-so-d... Combined tightening by the United States and China has done its worst. Global liquidity is evaporating. What looked liked a gentle tap on the brakes by the two monetary superpowers has proved too much for a fragile world economy, still locked in "secular stagnation." The latest investor survey by Bank of America shows that fund managers no longer believe that the European Central Bank will step into the breach with quant
Thursday, October 16, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts -
The US economic numbers this morning sucked out loud. After the bell Netflix missed its numbers and its stock was being monkey hammered. Amex and eBay and Las Vegas Sands missed the top lines but hit earnings. As I noted last week, it is easier to gin up profits with accounting, but topline revenue is a bit more problematic, unless you are a revenue recognizing sandbagger like a few tech companies that we might know. As the markets melted down this morning, with a reported 179 flash crashes
Thursday, October 16, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Swiss National Bank Fights To Block Public Gold Vote
"Switzerland’s central bank is flexing its muscles to defend its cap on the Swiss franc. Its battle to fend off deflation – in which it sees the exchange rate as its chief weapon – is already complicated by the slide in the euro that followed European Central Bank easing. Now the SNB is fighting on a new front: to block a populist motion that would force it to almost treble the proportion of reserves held in gold." Financial Times - Swiss National Bank Fights To Block the Public Gold Vote Cr
Thursday, October 16, 2014
Jesse - Le Cafe Américain
Gold's Potential Triple Bottom and the 1.618 Golden Ratio In Timing 
The timing is not exact but it is darn close.  Depending on when you measure the actual first two bottoms it looks like about 1.65ish. Dave from Cincinnati sent me a picture of the gold potential triple bottom with his Golden Ratio calipers and brought my attention to it. This ratio is probably more familiar to those technical analysts who follow Fibonacci retracements which are related to the Golden Ratio. This last bottom may have come about five or six days late at 1.618 perhaps.  A valian
Wednesday, October 15, 2014
Jesse - Le Cafe Américain
Fat Lady Singing: The Alibaba IPO Top-Ticked the Market, 
"As flies to wanton boys are we to the gods. They kill us for their sport." William Shakespeare, King Lear Wall Street puffed up the stock market indices to get the 'largest ever' IPO of Alibaba out the door. Just in case you still had any illusions about these being 'free markets,' as if such a thing can even exist without the hard work of honest and objective referees. After they took that piggy to market, the underwriters and the market manager (GS) let the markets go their own way. Hom
Wednesday, October 15, 2014
Jesse - Le Cafe Américain
NAV Premiums of Certain Precious Metal Trusts and Funds 
Flight to safety. The prices have not yet begun to reflect the supply situation which is being extended and papered over by leverage. When that leverage starts unwinding, the prices may go higher with somewhat impressive velocity. It would be better for the price managers to allow the precious metals markets to go higher now, with a more controllable slope. But their fears and hubris may betray their wiser counsels.
Wednesday, October 15, 2014
Julian D. W. Phillips - Gold Forecaster
Gold & Silver Market Morning
Gold Today – The gold price closed at $1,233.40 up $0.70 on Tuesday. Asia took it lower to $1,225.60 ahead of London’s opening.The euro is nearly a cent weaker at $1.2642.The Fix was set $1,223.50 down $9.50 and in the euro at €967.575 down €7.373, while the euro stood weaker at $1.2645. The volumes of gold traded were three sellers selling 38,000 ounces and one buyer buying 18,000 ounces before the pro rata arrangement kicked in.Ahead of New York’s opening, gold was trading at $1,223.80 and in
Wednesday, October 15, 2014
Chris Powell - GATA
Gold imports by India seen rising more than fourfold last month
NEW DELHI, India -- Gold imports by India, the largest user after China, probably surged more than fourfold last month on expectations declining prices would boost festival demand. Purchases are estimated at about 95 metric tons compared with 15 tons to 20 tons in September last year, said Bachhraj Bamalwa, a director at the All India Gems & Jewellery Trade Federation. The government raised import taxes for a third time in August last year after a month earlier obliging importers to set aside 20
Wednesday, October 15, 2014
Chris Powell - GATA
Miner Fresnillo looks to hedge some gold output
Mexican miner Fresnillo Plc reported a small drop in quarterly silver production and said it could hedge a part of its gold output to protect its recent investment in the Herradura corridor in northern Mexico. Shares in the miner fell as much as 3.4 percent on Wednesday morning, making the stock one of the top percentage losers on the FTSE 100 index. An increasing numbers of precious metals miners, battered by last year's steep drop in prices, are selling planned output forward to better control
Wednesday, October 15, 2014
Perth Mint Blog - Perth Mint Blog.
25 Years Of The Australian Kookaburra
BULLION BARS AND COINS The 2015 Australian Kookaburra silver bullion coin series features the original coin design from 1990. The reverse image portrays an adult kookaburra sitting on a tree stump surrounded by eucalyptus leaves and a fern. In this graphic we celebrate 25 years of the Australian Kookaburra with a look back at all the memorable designs to have graced this iconic series during a quarter of a century. Click here to buy 2015 Australian Kookaburra 1 kilo, 10oz and 1oz releases.
Wednesday, October 15, 2014
Chris Powell - GATA
Oil price dip is Saudi bow to China, Leeb tells King World News
Fund manager Stephen Leeb tonight tells King World News that the decline in oil prices may be part of a scheme between Saudi Arabia and China to facilitate their trade as Saudi Arabia moves out of the United States' political orbit. An excerpt from the interview is posted at the KWN blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/14_H...
Wednesday, October 15, 2014
Chris Powell - GATA
Fighting back, First Majestic delays sale of silver amid price weakness 
Ninety-nine point nine percent of gold and silver mining companies and their executives are brain-dead, merely geologists and accountants, unaware of the monetary nature of their product and how their product is priced by surreptitious market intervention by central banks. But here and there certain companies and their executives have a clue, and First Majestic Silver Corp. today again proclaimed itself to have far more than a clue. First Majestic announced that it won't sell its metal into the
Wednesday, October 15, 2014
Chris Powell - GATA
Gold stubs Swiss National Bank's toe, and the Financial Times says 'ouch!'
* * * Swiss Fight to Block Public Gold Vote By Delphine Strauss Financial Times, London Tuesday, October 14, 2014 http://www.ft.com/intl/cms/s/0/a886cb26-53b4-11e4-8285-00144feab7de.html Switzerland's central bank is flexing its muscles to defend its cap on the Swiss franc. Its battle to fend off deflation -- in which it sees the exchange rate as its chief weapon -- is already complicated by the slide in the euro that followed European Central Bank easing. Now the SNB is fighting on a new front:
Wednesday, October 15, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - Alibaba Rang the Bell
There was a dead cat bounce off key support that took the major stock indices back up to prior support. But that rally faded into the afternoon. The bulls were able to slow the descent and avoid a late day plunge as we had seen yesterday. Stocks managed to finish slightly higher, holding their key support levels. So what next. CSX and INTC reported beats on earnings and revenues after the bell. Earning *might* help if they are overwhelmingly good. We will be getting some macroeconomic
Wednesday, October 15, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - The Almighty Dollar
Gold and silver tried to rally on the overnight but the US market sat on the precious metals throughout the day. Stocks managed a dead cat bounce. The action in the Comex, both in the delivery report and the warehouses was inconsequential. That might be a good label for the Comex going forward: the Inconsequential Index. Oil is continuing to take it on the chin, with various theories about why it is plunging. Some say it is OPEC 'putting the screws' to the US producers who need the higher m
Wednesday, October 15, 2014
Jesse - Le Cafe Américain
Comparing One Dimension of the Policy Responses of the ECB and the Federal Reserve
Here is a chart comparing the Balance Sheet Assets of the Fed and the European Central Bank. It is important to recall that the Fed has been providing extensive funding to non-US, largely European, multinational Banks through their US subsidiaries. This also does not compare the sovereign debt of the two regions, but rather just one measure of their Central Banks policy responses.  It does not indicate how those assets are being used, by whom, and to what effect. Nevertheless there seems to b
Tuesday, October 14, 2014
Chris Powell - GATA
Silver price-fixing lawsuits consolidated in Manhattan federal court
NEW YORK -- Litigation alleging that Deutsche Bank, Bank of Nova Scotia, and HSBC illegally fixed the price of silver has been centralized in Manhattan federal court. Lawsuits filed by investors since July over the alleged price-fixing were consolidated on Tuesday in the U.S. District Court for the Southern District of New York, following an order issued last Thursday by the U.S. Judicial Panel on Multidistrict Litigation, a special body of federal judges that decides when and where to consolida
Tuesday, October 14, 2014
Jesse - Le Cafe Américain
The One Percent's Plots to Overthrow Democracy
The Great Depression, the conflicts that tested the Republic to its foundations, and the struggle to maintain the commitment to freedom and democracy against powerful interests. The highly decorated Marine Corps Major General Smedley Butler testified in 1934 that he had been recruited by the representatives of powerful industrialists who asked him to bring the Bonus Army back to Washington and take the government over by force from then President Franklin Roosevelt
Tuesday, October 14, 2014
Jesse - Le Cafe Américain
Performance of a Number of Global Stock Exchanges Year-To-Date
Except for a few Asian countries, and special situations not pictured perhaps, it looks like a global slump from here. There are still a select few unbroken housing bubbles out there that may find some adjustment in a future capital crisis.  Canada and Australia come to mind, among others. Despite the billions of taxpayer funds poured into them, some if not quite a few of the troubled multinational Banks are still in trouble, and a few may be teetering. Does anyone who is well informed not re
Tuesday, October 14, 2014
Jesse - Le Cafe Américain
GolemXIV: Trouble In Bankland
In the US: Home Equity Loans (HELOCs) are up 20% this year. 15% of all home loans originated are home equity extraction loans. People are taking equity out of their homes in the reigniting housing bubble, but adding to their bank debt. Student loans now total $1.2 Trillion. Nearly 35% of student loans [I believe David inadvertently says HELOC at one point] given to people under 30 are now 90 days delinquent. Add $924 Billion in auto loans, with nearly one third being subprime. It will not ta
Tuesday, October 14, 2014
Julian D. W. Phillips - Gold Forecaster
Gold & Silver Market Morning
Gold Today – The gold price closed at $1,232.70 up $9 on Monday. Asia took it slightly higher to $1,234 ahead of London’s opening.The euro is half a cent stronger at $1.2725.The Fix was set $1,233.00 up $5.00 and in the euro at €974.949 up €5.807, while the euro stood weaker at $1.2647. The volumes of gold traded were three sellers selling 48,000 ounces and one buyer buying 32,000 ounces before the pro rat arrangement kicked in.Ahead of New York’s opening, gold was trading at $1,233.2 and in the
Tuesday, October 14, 2014
Chris Powell - GATA
JPMorgan sets aside $1 billion for forex-rigging penalty
JPMorganChase set aside $1 billion in legal reserves, depressing third-quarter results, as the largest US bank by assets prepares to pay big penalties over allegations it manipulated the foreign exchange market. The bank has paid billions of dollars in penalties over regulatory violations and lawsuits in the past two years -- ranging from the "London whale" trading fiasco to mis-selling mortgage-backed securities. Bulking up its reserves by $1 billion was more than analysts expected and took the
Tuesday, October 14, 2014

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