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Gold Repatriation Stunner: Dutch Central Bank Secretly Withdrew 122 Tons of Gold From The New York Fed
Submitted by Tyler Durden on 11/21/2014
A week ago, we penned "The Real Reason Why Germany Halted Its Gold Repatriation From The NY Fed", in which we got, for the first time ever, an admission by an official source, namely the bank that knows everything that takes place in Germany - Deutsche Bank - what the real reason was for Germany's gold repatriation halt after procuring a meager 5 tons from the NY Fed. Some took offense with this pointing out, correctly, that the gold held at the NY Fed in deposit form for foreign institutions had continued to decline into 2014 even despite the alleged German halt. Well, today we finally know the answer: it wasn't Germany who was secretly withdrawing gold from the NYFed, contrary to what it had publicly disclosed. It was the Netherlands. Why did the DNB decided it was time to cut its gold held at the NY Fed by 122 tons? "It is no longer wise to keep half of our gold in one part of the world," a DNB spokesman said.
They go all in: China’s PBOC Cuts Interest Rates for First Time Since 2012 (BBG)
- And all in-er: ECB's Draghi throws door to quantitative easing wide open as recovery wanes (Reuters)
- Global Markets Rally: ECB Head Says Central Bank Is Ready to Expand Stimulus Program After China Cuts Rates (WSJ)
Submitted by Tyler Durden on 11/21/2014 - 06:07
"The People's Bank of China decided to cut financial institutions RMB benchmark interest rate loans and deposits with effect from November 22, 2014. The one-year benchmark lending rate down 0.4 percentage points to 5.6%; one-year benchmark deposit rate down 0.25 percentage point to 2.75%, while the combination of market-oriented reforms to promote the interest rate, the upper limit of the floating range of interest rates on deposits of financial institutions by the benchmark deposit 1.1 times the adjusted interest rate is 1.2 times; other grades adjusted accordingly benchmark interest rate loans and deposits, and to make appropriate benchmark interest rate maturities degenerate."
Gold Tops $1200 As China Cuts, Draghi Jawbones
Submitted by Tyler Durden on 11/21/2014
First Mario Draghi made some strong statements speaking in Asia that "It is essential to bring back inflation to target and without delay," which sent EURUSD tumbling BUT did not spark moves in the S&P 500 (though Gold slipped). It was not until the PBOC cut rates (and sent AUD surging) that the US equity market perked up and started ripping... along with gold and as the morning progressed, gold has kept going as it is clear the Central Banks of the world have only one policy left... (no wonder the Dutch want their gold back)
Yen Surges After Japan Finance Minister Says Speed Of Yen Collapse Has Been Too Fast
Submitted by Tyler Durden on 11/20/2014
First the Japanese central bank proceeds to monetize all new debt issuance and is on route to holding 50% of all 10 Year bond equivalents within 2 years, sending the Yen year plummeting to 7 years lows daily, and then - just like Europe - Japan gets cold feet and realizes that the next steps are USDJPY 145+, meaning a complete collapse of the Japanese economy and a full on FX, if not shooting, war in Asia. So what does Japan's finance minister Aso do? Why he talks the Yen higher, in the process completely confounding the FX algos, and risking a full blown collapse in the Nikkei just 3 weeks ahead of the Japanese snap elections.
We thank www.zerohedge.com for the above articles) - GoldTrends
Gold Chart
Gold has held the 1199-1206 1st target resistance all week and today we touched 1207 (right near the 50 day moving average. But it doesn’t mean we are not going to go to 1218-1222. Resistance is the 1207-1212 area today & again we can’t rule out 1218-1222. Support is at 1174 and 1189. We also have a support around the 1260-1263 area that can’t be eliminated from a pullback either. The one thing we don’t like is the choppy and overlap look to the price pattern since the low. It is suggestive of a counter trend move. The other factor is that short term cycles are due to peak. So while we can still see 1218-1222, we would be very cautious in our approach because we could very well have a peak in play here. As long as we are above 1172-1178 on an hourly basis the short term trend is still up. Additional support is the 1188-1191 area. In summary, the trend is still up but be cautious. A pullback to that lower red line can’t be ruled out next week. As you can see on the chart, that 1207-1212 area and then 1222 is the key resistance at the moment.
 
Cycles
Short term cycle is due Nov 22nd (plus or minus 72 hours). That means we are in the time window now for a turn. But the medium term cycles have implications.
Note there was an inversion on the RED short term cycle prior to the (top or bottom) of the cycle. Are we about to get another here as we arrive at the medium term cycle or is this red cycle too early yet? I don’t have a definitive answer to that. It’s just we need to be aware that things can get tricky here.
The highest odds (70%) is we peak anytime between now and the 25th and then pullback into Dec 6th region of time. In the middle is the potential to invert like the others have (25%) odds. The lowest odds is that prices keep moving up into December 23rd (plus or minus 2.5 weeks), but still must be considered at the moment. Resistance is 1205-1212 on the daily chart. Now we have to watch what this red short term cycle window does and look for clues.
Silver
Silver reached resistance at 1650-1675 and now we have to see if it can get above the trend line. Support at 1596-1619 and also near 1575. The short term trend remains up but here too we should be a bit cautious.
INTRA-DAY NEWSLETTER ~ DATE
Gold Repatriation Stunner: Dutch Central Bank Secretly Withdrew 122 Tons of Gold From The New York Fed
Submitted by Tyler Durden on 11/21/2014
A week ago, we penned "The Real Reason Why Germany Halted Its Gold Repatriation From The NY Fed", in which we got, for the first time ever, an admission by an official source, namely the bank that knows everything that takes place in Germany - Deutsche Bank - what the real reason was for Germany's gold repatriation halt after procuring a meager 5 tons from the NY Fed. Some took offense with this pointing out, correctly, that the gold held at the NY Fed in deposit form for foreign institutions had continued to decline into 2014 even despite the alleged German halt. Well, today we finally know the answer: it wasn't Germany who was secretly withdrawing gold from the NYFed, contrary to what it had publicly disclosed. It was the Netherlands. Why did the DNB decided it was time to cut its gold held at the NY Fed by 122 tons? "It is no longer wise to keep half of our gold in one part of the world," a DNB spokesman said.
They go all in: China’s PBOC Cuts Interest Rates for First Time Since 2012 (BBG)
•And all in-er: ECB's Draghi throws door to quantitative easing wide open as recovery wanes (Reuters)
•Global Markets Rally: ECB Head Says Central Bank Is Ready to Expand Stimulus Program After China Cuts Rates (WSJ)
Submitted by Tyler Durden on 11/21/2014 - 06:07
"The People's Bank of China decided to cut financial institutions RMB benchmark interest rate loans and deposits with effect from November 22, 2014. The one-year benchmark lending rate down 0.4 percentage points to 5.6%; one-year benchmark deposit rate down 0.25 percentage point to 2.75%, while the combination of market-oriented reforms to promote the interest rate, the upper limit of the floating range of interest rates on deposits of financial institutions by the benchmark deposit 1.1 times the adjusted interest rate is 1.2 times; other grades adjusted accordingly benchmark interest rate loans and deposits, and to make appropriate benchmark interest rate maturities degenerate."
Gold Tops $1200 As China Cuts, Draghi Jawbones
Submitted by Tyler Durden on 11/21/2014
First Mario Draghi made some strong statements speaking in Asia that "It is essential to bring back inflation to target and without delay," which sent EURUSD tumbling BUT did not spark moves in the S&P 500 (though Gold slipped). It was not until the PBOC cut rates (and sent AUD surging) that the US equity market perked up and started ripping... along with gold and as the morning progressed, gold has kept going as it is clear the Central Banks of the world have only one policy left... (no wonder the Dutch want their gold back)
Goldman's Two-Word Summary Of The PBOC Rate Cut: "Slightly Useful"
Submitted by Tyler Durden on 11/21/2014
The effects of the cut in the benchmark lending rate are likely to be small, Goldman warns, pouringh cold water on the exuberant - "unlikely to have a big direct impact on the economy", since lending rates are not currently subject to either upper or lower limits. Goldman adds that the rate cut may however be slightly useful to borrowers in negotiations with lenders, in our view. This is nevertheless a positive step in interest rate liberalization, in their view.
Yen Surges After Japan FinMin Says Speed Of Yen Collapse Has Been Too Fast
Submitted by Tyler Durden on 11/20/2014
First the Japanese central bank proceeds to monetize all new debt issuance and is on route to holding 50% of all 10 Year bond equivalents within 2 years, sending the Yen year plummeting to 7 years lows daily, and then - just like Europe - Japan gets cold feet and realizes that the next steps are USDJPY 145+, meaning a complete collapse of the Japanese economy and a full on FX, if not shooting, war in Asia. So what does Japan's finance minister Aso do? Why he talks the Yen higher, in the process completely confounding the FX algos, and risking a full blown collapse in the Nikkei just 3 weeks ahead of the Japanese snap elections.
Charles Schwab Urges The Fed To Raise Interest Rates "As Quickly As Possible"
Submitted by Tyler Durden on 11/20/2014
For America’s 44 million senior citizens, plus tens of millions of others who are on the threshold of retirement, last month marked a watershed moment that is worth celebrating. At the end of October, the Federal Reserve announced the first step in returning to a more normal monetary policy. After nearly six years of near-zero interest rates and quantitative easing, the Fed is ending its bond-buying program and has signaled a plan to eventually begin raising the federal-funds rate, raising interest rates to more normal levels by 2017. U.S. households lost billions in interest income during the Fed’s near-zero interest rate experiment.
Gold Chart
Gold has held the 1199-1206 1st target resistance all week and today we touched 1207 (right near the 50 day moving average. But it doesn’t mean we are not going to go to 1218-1222. Resistance is the 1207-1212 area today & again we can’t rule out 1218-1222. Support is at 1174 and 1189. We also have a support around the 1260-1263 area that can’t be eliminated from a pullback either. The one thing we don’t like is the choppy and overlap look to the price pattern since the low. It is suggestive of a counter trend move. The other factor is that short term cycles are due to peak. So while we can still see 1218-1222, we would be very cautious in our approach because we could very well have a peak in play here. As long as we are above 1172-1178 on an hourly basis the short term trend is still up. Additional support is the 1188-1191 area. In summary, the trend is still up but be cautious. A pullback to that lower red line can’t be ruled out next week. As you can see on the chart, that 1207-1212 area and then 1222 is the key resistance at the moment.
Cycles
Short term cycle is due Nov 22nd (plus or minus 72 hours). That means we are in the time window now for a turn. But the medium term cycles have implications.
Note there was an inversion on the RED short term cycle prior to the (top or bottom) of the cycle. Are we about to get another here as we arrive at the medium term cycle or is this red cycle too early yet? I don’t have a definitive answer to that. It’s just we need to be aware that things can get tricky here.
The highest odds (70%) is we peak anytime between now and the 25th and then pullback into Dec 6th region of time. In the middle is the potential to invert like the others have (25%) odds. The lowest odds is that prices keep moving up into December 23rd (plus or minus 2.5 weeks), but still must be considered at the moment. Resistance is 1205-1212 on the daily chart. Now we have to watch what this red short term cycle window does and look for clues.
Silver
Silver reached resistance at 1650-1675 and now we have to see if it can get above the trend line. Support at 1596-1619 and also near 1575. The short term trend remains up but here too we should be a bit cautious.
INTRA-DAY NEWSLETTER ~ DATE
Gold Repatriation Stunner: Dutch Central Bank Secretly Withdrew 122 Tons of Gold From The New York Fed
Submitted by Tyler Durden on 11/21/2014
A week ago, we penned "The Real Reason Why Germany Halted Its Gold Repatriation From The NY Fed", in which we got, for the first time ever, an admission by an official source, namely the bank that knows everything that takes place in Germany - Deutsche Bank - what the real reason was for Germany's gold repatriation halt after procuring a meager 5 tons from the NY Fed. Some took offense with this pointing out, correctly, that the gold held at the NY Fed in deposit form for foreign institutions had continued to decline into 2014 even despite the alleged German halt. Well, today we finally know the answer: it wasn't Germany who was secretly withdrawing gold from the NYFed, contrary to what it had publicly disclosed. It was the Netherlands. Why did the DNB decided it was time to cut its gold held at the NY Fed by 122 tons? "It is no longer wise to keep half of our gold in one part of the world," a DNB spokesman said.
They go all in: China’s PBOC Cuts Interest Rates for First Time Since 2012 (BBG)
•And all in-er: ECB's Draghi throws door to quantitative easing wide open as recovery wanes (Reuters)
•Global Markets Rally: ECB Head Says Central Bank Is Ready to Expand Stimulus Program After China Cuts Rates (WSJ)
Submitted by Tyler Durden on 11/21/2014 - 06:07
"The People's Bank of China decided to cut financial institutions RMB benchmark interest rate loans and deposits with effect from November 22, 2014. The one-year benchmark lending rate down 0.4 percentage points to 5.6%; one-year benchmark deposit rate down 0.25 percentage point to 2.75%, while the combination of market-oriented reforms to promote the interest rate, the upper limit of the floating range of interest rates on deposits of financial institutions by the benchmark deposit 1.1 times the adjusted interest rate is 1.2 times; other grades adjusted accordingly benchmark interest rate loans and deposits, and to make appropriate benchmark interest rate maturities degenerate."
Gold Tops $1200 As China Cuts, Draghi Jawbones
Submitted by Tyler Durden on 11/21/2014
First Mario Draghi made some strong statements speaking in Asia that "It is essential to bring back inflation to target and without delay," which sent EURUSD tumbling BUT did not spark moves in the S&P 500 (though Gold slipped). It was not until the PBOC cut rates (and sent AUD surging) that the US equity market perked up and started ripping... along with gold and as the morning progressed, gold has kept going as it is clear the Central Banks of the world have only one policy left... (no wonder the Dutch want their gold back)
Goldman's Two-Word Summary Of The PBOC Rate Cut: "Slightly Useful"
Submitted by Tyler Durden on 11/21/2014
The effects of the cut in the benchmark lending rate are likely to be small, Goldman warns, pouringh cold water on the exuberant - "unlikely to have a big direct impact on the economy", since lending rates are not currently subject to either upper or lower limits. Goldman adds that the rate cut may however be slightly useful to borrowers in negotiations with lenders, in our view. This is nevertheless a positive step in interest rate liberalization, in their view.
Yen Surges After Japan FinMin Says Speed Of Yen Collapse Has Been Too Fast
Submitted by Tyler Durden on 11/20/2014
First the Japanese central bank proceeds to monetize all new debt issuance and is on route to holding 50% of all 10 Year bond equivalents within 2 years, sending the Yen year plummeting to 7 years lows daily, and then - just like Europe - Japan gets cold feet and realizes that the next steps are USDJPY 145+, meaning a complete collapse of the Japanese economy and a full on FX, if not shooting, war in Asia. So what does Japan's finance minister Aso do? Why he talks the Yen higher, in the process completely confounding the FX algos, and risking a full blown collapse in the Nikkei just 3 weeks ahead of the Japanese snap elections.
Charles Schwab Urges The Fed To Raise Interest Rates "As Quickly As Possible"
Submitted by Tyler Durden on 11/20/2014
For America’s 44 million senior citizens, plus tens of millions of others who are on the threshold of retirement, last month marked a watershed moment that is worth celebrating. At the end of October, the Federal Reserve announced the first step in returning to a more normal monetary policy. After nearly six years of near-zero interest rates and quantitative easing, the Fed is ending its bond-buying program and has signaled a plan to eventually begin raising the federal-funds rate, raising interest rates to more normal levels by 2017. U.S. households lost billions in interest income during the Fed’s near-zero interest rate experiment.
Gold Chart
Gold has held the 1199-1206 1st target resistance all week and today we touched 1207 (right near the 50 day moving average. But it doesn’t mean we are not going to go to 1218-1222. Resistance is the 1207-1212 area today & again we can’t rule out 1218-1222. Support is at 1174 and 1189. We also have a support around the 1260-1263 area that can’t be eliminated from a pullback either. The one thing we don’t like is the choppy and overlap look to the price pattern since the low. It is suggestive of a counter trend move. The other factor is that short term cycles are due to peak. So while we can still see 1218-1222, we would be very cautious in our approach because we could very well have a peak in play here. As long as we are above 1172-1178 on an hourly basis the short term trend is still up. Additional support is the 1188-1191 area. In summary, the trend is still up but be cautious. A pullback to that lower red line can’t be ruled out next week. As you can see on the chart, that 1207-1212 area and then 1222 is the key resistance at the moment.
Cycles
Short term cycle is due Nov 22nd (plus or minus 72 hours). That means we are in the time window now for a turn. But the medium term cycles have implications.
Note there was an inversion on the RED short term cycle prior to the (top or bottom) of the cycle. Are we about to get another here as we arrive at the medium term cycle or is this red cycle too early yet? I don’t have a definitive answer to that. It’s just we need to be aware that things can get tricky here.
The highest odds (70%) is we peak anytime between now and the 25th and then pullback into Dec 6th region of time. In the middle is the potential to invert like the others have (25%) odds. The lowest odds is that prices keep moving up into December 23rd (plus or minus 2.5 weeks), but still must be considered at the moment. Resistance is 1205-1212 on the daily chart. Now we have to watch what this red short term cycle window does and look for clues.
Silver
Silver reached resistance at 1650-1675 and now we have to see if it can get above the trend line. Support at 1596-1619 and also near 1575. The short term trend remains up but here too we should be a bit cautious.
INTRA-DAY NEWSLETTER ~ DATE
Gold Repatriation Stunner: Dutch Central Bank Secretly Withdrew 122 Tons of Gold From The New York Fed
Submitted by Tyler Durden on 11/21/2014
A week ago, we penned "The Real Reason Why Germany Halted Its Gold Repatriation From The NY Fed", in which we got, for the first time ever, an admission by an official source, namely the bank that knows everything that takes place in Germany - Deutsche Bank - what the real reason was for Germany's gold repatriation halt after procuring a meager 5 tons from the NY Fed. Some took offense with this pointing out, correctly, that the gold held at the NY Fed in deposit form for foreign institutions had continued to decline into 2014 even despite the alleged German halt. Well, today we finally know the answer: it wasn't Germany who was secretly withdrawing gold from the NYFed, contrary to what it had publicly disclosed. It was the Netherlands. Why did the DNB decided it was time to cut its gold held at the NY Fed by 122 tons? "It is no longer wise to keep half of our gold in one part of the world," a DNB spokesman said.
They go all in: China’s PBOC Cuts Interest Rates for First Time Since 2012 (BBG)
•And all in-er: ECB's Draghi throws door to quantitative easing wide open as recovery wanes (Reuters)
•Global Markets Rally: ECB Head Says Central Bank Is Ready to Expand Stimulus Program After China Cuts Rates (WSJ)
Submitted by Tyler Durden on 11/21/2014 - 06:07
"The People's Bank of China decided to cut financial institutions RMB benchmark interest rate loans and deposits with effect from November 22, 2014. The one-year benchmark lending rate down 0.4 percentage points to 5.6%; one-year benchmark deposit rate down 0.25 percentage point to 2.75%, while the combination of market-oriented reforms to promote the interest rate, the upper limit of the floating range of interest rates on deposits of financial institutions by the benchmark deposit 1.1 times the adjusted interest rate is 1.2 times; other grades adjusted accordingly benchmark interest rate loans and deposits, and to make appropriate benchmark interest rate maturities degenerate."
Gold Tops $1200 As China Cuts, Draghi Jawbones
Submitted by Tyler Durden on 11/21/2014
First Mario Draghi made some strong statements speaking in Asia that "It is essential to bring back inflation to target and without delay," which sent EURUSD tumbling BUT did not spark moves in the S&P 500 (though Gold slipped). It was not until the PBOC cut rates (and sent AUD surging) that the US equity market perked up and started ripping... along with gold and as the morning progressed, gold has kept going as it is clear the Central Banks of the world have only one policy left... (no wonder the Dutch want their gold back)
Goldman's Two-Word Summary Of The PBOC Rate Cut: "Slightly Useful"
Submitted by Tyler Durden on 11/21/2014
The effects of the cut in the benchmark lending rate are likely to be small, Goldman warns, pouringh cold water on the exuberant - "unlikely to have a big direct impact on the economy", since lending rates are not currently subject to either upper or lower limits. Goldman adds that the rate cut may however be slightly useful to borrowers in negotiations with lenders, in our view. This is nevertheless a positive step in interest rate liberalization, in their view.
Yen Surges After Japan FinMin Says Speed Of Yen Collapse Has Been Too Fast
Submitted by Tyler Durden on 11/20/2014
First the Japanese central bank proceeds to monetize all new debt issuance and is on route to holding 50% of all 10 Year bond equivalents within 2 years, sending the Yen year plummeting to 7 years lows daily, and then - just like Europe - Japan gets cold feet and realizes that the next steps are USDJPY 145+, meaning a complete collapse of the Japanese economy and a full on FX, if not shooting, war in Asia. So what does Japan's finance minister Aso do? Why he talks the Yen higher, in the process completely confounding the FX algos, and risking a full blown collapse in the Nikkei just 3 weeks ahead of the Japanese snap elections.
Charles Schwab Urges The Fed To Raise Interest Rates "As Quickly As Possible"
Submitted by Tyler Durden on 11/20/2014
For America’s 44 million senior citizens, plus tens of millions of others who are on the threshold of retirement, last month marked a watershed moment that is worth celebrating. At the end of October, the Federal Reserve announced the first step in returning to a more normal monetary policy. After nearly six years of near-zero interest rates and quantitative easing, the Fed is ending its bond-buying program and has signaled a plan to eventually begin raising the federal-funds rate, raising interest rates to more normal levels by 2017. U.S. households lost billions in interest income during the Fed’s near-zero interest rate experiment.
Gold Chart
Gold has held the 1199-1206 1st target resistance all week and today we touched 1207 (right near the 50 day moving average. But it doesn’t mean we are not going to go to 1218-1222. Resistance is the 1207-1212 area today & again we can’t rule out 1218-1222. Support is at 1174 and 1189. We also have a support around the 1260-1263 area that can’t be eliminated from a pullback either. The one thing we don’t like is the choppy and overlap look to the price pattern since the low. It is suggestive of a counter trend move. The other factor is that short term cycles are due to peak. So while we can still see 1218-1222, we would be very cautious in our approach because we could very well have a peak in play here. As long as we are above 1172-1178 on an hourly basis the short term trend is still up. Additional support is the 1188-1191 area. In summary, the trend is still up but be cautious. A pullback to that lower red line can’t be ruled out next week. As you can see on the chart, that 1207-1212 area and then 1222 is the key resistance at the moment.
Cycles
Short term cycle is due Nov 22nd (plus or minus 72 hours). That means we are in the time window now for a turn. But the medium term cycles have implications.
Note there was an inversion on the RED short term cycle prior to the (top or bottom) of the cycle. Are we about to get another here as we arrive at the medium term cycle or is this red cycle too early yet? I don’t have a definitive answer to that. It’s just we need to be aware that things can get tricky here.
The highest odds (70%) is we peak anytime between now and the 25th and then pullback into Dec 6th region of time. In the middle is the potential to invert like the others have (25%) odds. The lowest odds is that prices keep moving up into December 23rd (plus or minus 2.5 weeks), but still must be considered at the moment. Resistance is 1205-1212 on the daily chart. Now we have to watch what this red short term cycle window does and look for clues.
Silver
Silver reached resistance at 1650-1675 and now we have to see if it can get above the trend line. Support at 1596-1619 and also near 1575. The short term trend remains up but here too we should be a bit cautious.
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