Having spiked above $1265 on post-payrolls USD weakness, the European close seems to have been the perfect time for someone to decide to dump $2.25 billion notional gold into the futures markets, busting the precious metal back below the crucial $1250 level…
Silver and US Stocks are also tumbling…
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The sell-off before Deutsche Bank & the markets are crashing?
The next several days up to Oct. 12 (Yom Kippur) have a high probability for something “big” to happen.
Prepare for collapse.
As noted yesterday morning, when commenting on the biggest gold slam in 3 years, Dennis Gartman said that he has “wounds to lick and heal” adding “what can one say other than “We truly didn’t see that coming!” The light at the end of the tunnel was a fully loaded train heading right for us and we smashed into it! We were concerned and indeed we voiced that concern in our comments yesterday that $1305-$1310 in spot gold could be hit and that stop loss selling could follow hard upon. However, we actually believed that the follow-on stop loss selling would be far, far less severe than it proved to be. Indeed, we had hoped that the selling would be sated quickly and thought it possible that a “reversal” would be possible. It was not.”
So, having “licked his wounds” today, Gartman proposes an interesting explanation for what is causing the relentless selling: Continue reading »
Nearly two years after the Netherlands made waves in the gold market when it announced that it had secretly repatriated 122 tons of physical gold from the New York Fed, this morning there was another surprising announcement out of the Dutch central bank which said is was planning to move the country’s gold reserves from the centre of Amsterdam to land owned by the defence ministry near Zeist. According to a statement by the bank, the security measures necessary to guard the gold are a problem for both staff and visitors, and as a result it would transfer the assets to a safer location.
The aim is to move the gold to the new location, Camp New Amsterdam, at the beginning of 2022. The new complex, dubbed the Cash Centre, will also be used to sort and distribute bank notes and to hunt for fake cash. Continue reading »
H/t reader squodgy:
“Grand Theft ANAL?????”
A man smuggled $180,000 worth of gold from the Royal Canadian Mint where he was working, and authorities were stumped as to how he did it, until they found vaseline in his locker.
Leston Lawrence, 35, hid the smuggled gold inside his rectum.
Lawrence has been on trial for theft, laundering the proceeds of crime, possession of stolen property, breach of trust, and other charges relating to the smuggling. The trial concluded on Tuesday, but a verdict will not be handed down until November 9. Continue reading »
We warn regularly of the risk involved in storing wealth in banks. They’ve made the removal of your deposits increasingly difficult in addition to colluding with governments to allow them to legally freeze or confiscate your money. To add insult to injury, they’re creating reporting requirements with regard to the contents of safe deposit boxes and restricting what can be stored in them – again, at risk of confiscation. Continue reading »
Commentary on the Wall Street Journal article by Laura SaundersThe Internal Revenue Service isn’t too keen on the recent advertisements suggesting retirement savers store their tax-free individual retirement account funds in gold at their house or in safety-deposit boxes, the Wall Street Journal writes.
Storing Gold at Home: Legal, But with Caveats
The statement from the IRS comes in response to a number of ads online and on the radio, such as one from Hartford Gold Group, suggesting investors can avoid stock market turbulence by investing IRA accounts in gold coins and bullion they can store where they like, including their home, according to the Journal. Continue reading »
The unprecedented escalation involving Deutsche Bank’s failure to deliver physical gold on demand continues.
As we first reported two days ago, a client of Xetra-Gold, a German Exchange-Traded Commodity fund, tried to get access to the gold he had been promised under the Xetra-Gold prospectus, leading to much confusion about just where the failure to deliver had taken place, at Xetra or at the fund’s designated sponsor, and the client’s principal bank: Deutsche Bank.
Then, overnight, we presented the just as odd response provided by Deutsche Boerse where the ETC is traded, which sounded as if it was trying to pass the buck onto Deutsche Bank. This is what it said: Continue reading »
In the latest stunning development involving a documented failure of a bank to deliver physical gold when demanded, yesterday we reported that according to German website godmode-trader.de, a client of the Xetra-Gold Exchange-Traded Commodity was told the fund’s designated sponsor, Deutsche Bank, would be unable to deliver the requested gold. This was contrary to the explict reps and warrantiesmade explicitly in the Xetra-Gold’s prospectus, which said that investors are entitled to the delivery of the certified amount of physical gold at any time, and proudly added that “since the introduction of Xetra-Gold in 2007, investors have exercised this right 900 times, with a total of 4.5 tons of gold delivered.” Continue reading »
While the trading world was focused on the latest news involving Deutsche Bank, namely that the troubled German bank had been contemplating a merger with Germany’s other mega-bank, Commerzbank as part of a strategy to sell all or part of a key business to speed up its flagging overhaul, a more troubling report emerged in a German gold analysis website, according to which Deutsche Bank was unable to satisfy a gold delivery request when asked to do so by a client of Germany’s Xetra-Gold service.
But first, what is Xetra-Gold?
According to its website, the publicly traded company “provides investors with an efficient instrument to participate in the performance of the gold market. Xetra-Gold’s combination of features – cost-efficient trading and the right for physical delivery of gold – makes it an attractive product.”
H/t reader squodgy:
“OK, until the PTB (Rothschilds) can pinpoint the exact timing for a Smokescreened/War based Economic Collapse where their financial system inadequacies will escape scrutiny, they will just keep printing worthless paper and nobody will notice or care.
But when that trigger is pulled, what use will precious metals be? OK, say Gold goes up to $5G/oz, it will still only buy the same number of loaves of bread as it did at $1G/oz. Hyperinflation will take care of that.
So accumulating precious metals will simply be a basic currency, but only if all other traders have followed suit.
For instance, if only say 5% have made any efforts to hoard precious metal, how will they reach a pricing schedule with bakers, butchers, greengrocers, electrical dealers etc who haven’t seen it coming?
People should be working on this now, but they believe in trusting Government. JEEZ!”
Economist David Morgan of The Morgan Report is one of the world’s best known silver investors. In the following interview with Future Money Trends Morgan discusses his personal experiences during the last major run-up in gold, when it hit a price of $850 in early 1980. As Morgan describes it, there was significant panic buying during that time period, and should central banks and governments continue on their current course, we’ll see a similar endgame play out this time around:
What’s good for gold is the end of empire… And we’ve got governments that are failing… When these bond markets blow up further, that’s when you’re going to see a run to gold than we’ve already seen…
Wait until the physical market freezes up, which could happen. I am not saying it would happen, but it could. With the worldwide demand and a failing currency across the world, where do you think people are going to go? They’re going to go to precious metals which have been trusted for thousands of years. Continue reading »
“…the only way gold loses is if normal business and private sector cycles come back. If that is the case, gold goes back $100 per ounce. The other outcomes: deflation, stagflation, hyperinflation are all good for gold.” As for a return to a gold standard, Shvets has more bad news: “Gold standards come back after the war, not before the war.”
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The Rothschilds are buying gold through their investment house RIT Capital Partners and Lord Jacob Rothchild is warning about the results of “the greatest experiment in monetary policy in the history of the world”.
British investment banker Lord Jacob Rothschild is buying gold. Pictured with Joanna Lumley. (Source: Getty)
The Rothchild’s investment house has increased its allocation to gold by 8% and aggressively sold quoted equities and sterling to navigate choppy “uncharted waters” post-Brexit. Sale of shares have been used to buy gold and other non-disclosed precious metals, which, at the end of June accounted for 8 per cent of the £2.8 billion portfolio according to the trust’s half-year results, released on Tuesday. Continue reading »
Quote, “history has shown us that when the government needs to save itself it won’t hesitate to STEAL your money”
I follow a lot of alternative financial experts like Dr. Jim Willie, Peter Schiff, Jim Rickards, Dave at X22 Report, Gregory Mannarino, Greg Hunter, and many others. They all pretty much have the same opinion concerning the state of the economy. They believe the government will go to great lengths to prevent a collapse of the dollar, including raiding your IRA and stealing your money. Many people don’t think the government could legally do this, but they have done it many, many times over the past 200 years. People are just not educated or aware of when it was done and how. Continue reading »
No metal can claim a legacy comparable to gold.
As VisualCapitalist’s Jeff Desjardins notes, gold has been used to show affectionate love, but it has also represented power, status, and riches for the greatest kings of antiquity. Gold’s history is truly legendary, ripe with colorful tales and anecdotes from people ranging from William Shakespeare to Christopher Columbus.
But gold doesn’t just “talk the talk”.
Gold also walks the walk, because its grandeur is backed up by impressive chemical properties and uses. As we documented in our extensive Gold Series, it’s been used as a monetary metal for thousands of years by ancient civilizations such as the Lydians, Greeks, Chinese, and Romans. It’s the most malleable and ductile metal, and it doesn’t tarnish or corrode. Over time, these properties have helped people to associate gold with concepts such as immortality or royalty.
Even today, people are still finding new uses for gold that are impressive in their own right. For example, scientists recently discovered a gold alloy that is four times tougher than titanium.
Without further ado, here are 31 incredible facts about gold… Continue reading »
It’s one of the great engineering achievements in history…
At 48 miles long, the Panama Canal cuts through a narrow strip of land in Central America.
It links up the Atlantic and Pacific oceans, allowing ships to pass through the landmass instead of sailing around a whole continent.
Ships pay dearly to use this shortcut… up to $375,000 for a one-way toll.
It’s worth the price. Continue reading »
A concerned reader wants to know if there are any precedents for the monetary printing we see today, and also when and how this all ends.
I wish to get your opinion as to how, or the possible sequence of end games to this bubble economy.
The Fed, ECB, and BoJ all print trillions of $$ to keep bubble inflated. Are there any historical times that match we have seen here? Continue reading »
Earlier this year, the director of marketing and sales at the Austrian Mint confirmed to Bloomberg in an interview that the Mint’s combined gold bar and gold coin sales in 2015 had totalled 1.32 million troy ounces, a 45% increase on 2014, while the Mint’s silver sales in 2015 had reached 7.3 million ounces, a figure 58% higher than in 2014.
Since Münze Österreich, or the Austrian Mint in English, only publishes its annual report in July of each year, we had to wait a few months to see the granular details behind these sales numbers. Now that the Austrian Mint’s 2015 Annual Report has been published, the detailed sales figures are as follows.
Gold Philharmonics – 23.5 tonnes
In 2015, the Austrian Mint sold 756,200 troy ounces (23.52 tonnes) of Vienna Philharmonic gold coins, of which 647,100 troy ounces (20.18 tonnes) were in the form of its flagship 1 oz Vienna Philharmonics, with the remainder comprising ½ oz, ¼ oz, 1/10 oz and 1/25 oz gold Philharmonic coins, as well as a handful of the Mint’s very large 20 oz gold Philharmonics. Gold Philharmonic sales in 2015 were 56% higher than comparable sales of 483,700 ozs in 2014, and were also higher than 2013’s figure of 652,600 ozs.
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In what appears to be a strategy designed to keep their financial system afloat when fiat currencies around the world collapse under the strain of trillions in quantitatively eased debt, the Tokyo Commodity Exchange (TOCOM) has now shifted their operations so that all trade settlements can be completed in physical gold. The move follows the opening of the Shanghai Gold Exchange (SGE), which is the East’s answer to decades of manipulated precious metals prices by a concentration of inside players. It’s an open secret that western central banks and cooperating financial institutions have controlled the price of gold for years. The opening of the SGE and Japan’s TOCOM shift should be a clear signal that eastern governments like China, Japan and Russia are no longer willing to play a rigged game and that they are preparing to allow gold to be freely exchanged on the open market in its physical form. Continue reading »
The pending Brexit has, not surprisingly, caused a shake-up in the investment world, particularly in the UK. Of particular note is that, recently, asset management firms in Britain began refusing their clients the right to cash out of their mutual funds. Of the £35 billion invested in such funds, just under £20 billion has been affected. Continue reading »