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Friday, 04-Dec-2015
 A. Ananthalakshmi (Reuters) India
to discuss changes to gold monetisation scheme after muted response Prime
Minister Narendra Modi launched the scheme on Nov. 5 to lure an estimated
20,000 tonnes of gold hoarded in households and temples into the banking
system. But only 400 grams trickled in over the first two weeks as low
returns and worries over income tax kept Indians away.
PG Note: As expected, Indian’s are disinclined to part with their physical
gold in return for a piece of paper that says they have a claim on the ounces
they once possessed. At the Mines & Money conference, Indian national and
analyst Jayant Bhandari called it a “scam for gullible people.” Well, when it
comes to gold, there apparently aren’t many gullible Indians.
(Reuters) US
Mint American Eagle gold coin sales surge, silver at record The
U.S. Mint’s sales of American Eagle coins surged in November, with gold
nearly tripling month-over-month and silver already reaching a new annual
record as bullion prices fell to multi-year lows, data released on Monday
showed.
PG Note: With thanks to the folks bailing on their paper positions,
physical metals buyers know a bargain when they see one.
Michael J. Kosares (USAGOLD) Gold
trends+indicators in chart form Our new page offers a remarkable
user-friendly service – auto-updating and interactive charts of some the most
widely followed indicators and correlations followed by current and
prospective gold owners.
PG Note: This is a cool page. Check it out!
Jonathan Kosares (USAGOLD) Sentiment
Index So called “managed money” investors have dumped nearly
140,000 lots or the equivalent of just under 400 tonnes of gold on New York
futures markets in the space of just four weeks. That pushed overall
positioning into the largest net short position – bets that gold will be
cheaper in future – since government began tracking the data in 2006.
JK Note: Wow. Largest short position – EVER. I’m left wondering one thing,
where’s the much heralded ‘Hulbert Market Sentiment Index’ on gold now? Don’t
know if any of our readers follow Hulbert, but in essence, his ‘Sentiment
Index’ states that, simply put, people are typically wrong when it comes to
markets. When they are overly bullish, markets will typically fall, and when
they’re overly bearish, markets will typically rise. What eats me is that
Hulbert/MarketWatch seems to limit his coverage of his ‘Sentiment Index’ to
the times when it is predicting lower prices in gold.
Paul Vigna (Wall Street Journal) Bill
Gross on Central Banks: They’re ‘Casinos’ “Central banks are
casinos.” That is the curt definition the Janus Capital money manager gives
them in his monthly outlook letter. “They print money as if they were
manufacturing endless numbers of chips that they’ll never have to redeem.”
PG Note: Gross is no tinfoil hat wearing conspiracy theorist, but rather a
member of the old-guard in the investment industry. He nails it. And this is
part of the reason that every investor should dedicate a portion of their
portfolio to gold.
Joe Deaux (Bloomberg) Gold
Jumps Most Since April as Trades Take Long View on Rates We have
seen the jobs number is pretty good, and that means the Fed will increase
interest rates, but Yellen is going to do it with a very dovish message,”
Naeem Aslam, the chief market analyst at Avatrade Ltd. in Dublin, said by
phone. “From a longer-term perspective, it is showing more upside for gold
and that we’re close enough to a bottom for the precious metal.”
PG Note: The notion that gold is “close enough to a bottom” dovetails
nicely with Jonathan’s observations on sentiment noted above.
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