Where Is Gold Going In This Market

[midas]

Peter Hug is on Kitco News to explain gold’s price volatility on the last trading day of 2013. “It looked like the market was caving in,” he says. “[but] this market is nothing but noise.” Hug attributes Tuesday morning’s fluctuations to an extremely thin market as well as traders wanting to lock in their capital losses. He says that when gold was unable to break through its double bottom of $1,180 this morning, bargain hunters came into the market and pushed it right back up. “I would imagine that the range for today has been seen and everybody that needed to square is probably done,” he adds.

http://www.kitco.com/news/video/show/For-Petes-Sake/514/2013-12-31/Gold-Tests-$1180-Double-Bottom-Nothing-But-Noise-Hug

[midas]

Gold Restrictions Fuel Black Market in India

trying to discourage gold-buying, India's government is trying to roll-back centuries of tradition ("and an abiding love for the world's only enduring currency") and has created a major black-market for the precious metal.

http://www.bloomberg.com/video/india-s-gold-addiction-frustrates-the-government-7kCDQeBWTUuHtu2ujONaAw.html

[SheungWan]

Gold Restrictions Fuel Black Market in India

trying to discourage gold-buying, India's government is trying to roll-back centuries of tradition ("and an abiding love for the world's only enduring currency") and has created a major black-market for the precious metal.

http://www.bloomberg.com/video/india-s-gold-addiction-frustrates-the-government-7kCDQeBWTUuHtu2ujONaAw.html

Good job somebody is buying.

[midas]

Metals, Currency Rigging Is Worse Than Libor, Bafin Says

Germany’s top financial regulator said possible manipulation of currency rates and prices for precious metals is worse than the Libor-rigging scandal, which has already led to fines of about $6 billion.

The allegations about the currency and precious metals markets are “particularly serious because such reference values are based -- unlike Libor and Euribor -- typically on transactions in liquid markets and not on estimates of the banks,” Elke Koenig, the president of Bonn-based Bafin, said in a speech in Frankfurt yesterday.

and

Investors should short Deutsche Bank AG (DBK) stock because of probes into currency manipulation and as a rally in banking shares reverses, Berenberg Bank said in a report today. “The investigations by regulators into the bank’s foreign-exchange trading remain a significant risk considering Deutsche is the world’s largest foreign-exchange dealer,” Berenberg said.

http://www.bloomberg.com/news/2014-01-16/metals-currency-rigging-worse-than-libor-bafin-s-koenig-says.html

Edited January 18, 2014 by midas

[Naam]

Metals, Currency Rigging Is Worse Than Libor, Bafin Says

talk is cheap. the financial regulators hand out fines which seem to be huge. but the banksters just grin because it's the money of the shareholders they are spending. clear legislation is needed to hand out jail sentences! the latter not only to the small fry but to the big bosses who not only tolerate but encourage fraudulent business.

[churchill]

What Bafin's König really said about precious metals manipulation

http://goldchat.blogspot.com/2014/01/what-bafins-konig-really-said-about.html

[midas]

[midas]

Physical Gold Shortage Goes Mainstream

Gold recovered slightly on Friday, but suffered its first weekly drop in a month after a mixed bag of U.S. economic data. With spot gold trading near $1,240 US, veteran trader Tres Knippa says investors should consider accumulating physical gold to take advantage of a delivery squeeze.

Pointing to recent Comex futures data, Knippa says there may not be enough gold to go around if everyone with a futures contract insists on taking delivery of physical bullion. He believes gold shot through $1,900 in 2011 before plunging last year because of an explosion in the amount of gold futures contracts – setting up separate markets for “real” and “paper” gold.

http://www.bnn.ca/News/2014/1/17/Buy-physical-gold-and-avoid-paper-CME-Trader.aspx

[midas]

I think by now even the likes of Chief Inspector Jacques Clouseau would deduce that Germany is not going to get its gold back!

A year after the Bundesbank announced its stunning decision to repatriate 674 tons of gold from the New York Fed and the French Central Bank, it had managed to transfer a paltry 37 tons.

We learn that only a tiny 5 tons of gold were sent from the NY Fed. But the rest came from Paris.

http://www.welt.de/wirtschaft/article123988843/Die-ganze-Wahrheit-ueber-das-Gold-der-Bundesbank.html

Edited January 20, 2014 by midas

[midas]

China expected to announce it has more than doubled gold reserve, expert says

CHINA may soon announce an increase in its official gold reserve from 1,054 tons to 2,710 tons, Jeffrey Nichols, managing director of American Precious Metals Advisors, said.

http://www.shanghaidaily.com/business/China-expected-to-announce-it-has-more-than-doubled-gold-reserve-expert-says/shdaily.shtml

Edited January 20, 2014 by midas

[midas]

Achtung! Germany wants its gold back...now

German legislator and a member of the governing coalition in the German Parliament, Philip Missfelder, is calling for repatriation of all of the German Bundesbank's gold vaulted abroad.

http://www.resourceinvestor.com/2014/01/21/achtung-germany-wants-its-gold-backnow

Edited January 22, 2014 by midas

[Naam]

Achtung! Germany wants its gold back...now

German legislator and a member of the governing coalition in the German Parliament, Philip Missfelder, is calling for repatriation of all of the German Bundesbank's gold vaulted abroad.

http://www.resourceinvestor.com/2014/01/21/achtung-germany-wants-its-gold-backnow

Achtung!

the author

Mark O'Byrne is executive director of Ireland-based GoldCore.

...who does not like that that his gold investment turned out

Edited January 22, 2014 by Naam

[midas]

Achtung! Germany wants its gold back...now

German legislator and a member of the governing coalition in the German Parliament, Philip Missfelder, is calling for repatriation of all of the German Bundesbank's gold vaulted abroad.

http://www.resourceinvestor.com/2014/01/21/achtung-germany-wants-its-gold-backnow

Achtung!

the author

Mark O'Byrne is executive director of Ireland-based GoldCore.

...who does not like that that his gold investment turned out

So how much gold does the German Internet site Die Freie Welt currently have then?

http://www.freiewelt.net/nachricht/transatlantiker-fordert-deutsches-gold-zuruck-10022113/

[Naam]

Achtung! Germany wants its gold back...now

German legislator and a member of the governing coalition in the German Parliament, Philip Missfelder, is calling for repatriation of all of the German Bundesbank's gold vaulted abroad.

http://www.resourceinvestor.com/2014/01/21/achtung-germany-wants-its-gold-backnow

Achtung!

the author

Mark O'Byrne is executive director of Ireland-based GoldCore.

...who does not like that that his gold investment turned out

So how much gold does the German Internet site Die Freie Welt currently have then?

http://www.freiewelt.net/nachricht/transatlantiker-fordert-deutsches-gold-zuruck-10022113/

who the eff cares? the gloom&doom media like any other media presents sensations and conspiracies because it sells.

by the way, your German seems to lack in order to realise the deliberate misquote of young Herr Mißfelder by the Irish gloomer O'Byrne. Mißfelder does not demand anything "now" but criticises the plan that till 2020 only 50% of Germany's gold should be repatriated and asked the Bundesbank to act accordingly without referring to or demanding any timing.

Mißfelder forderte die Bundesbank auf, sämtliche Goldreserven aus dem Ausland zurück nach Deutschland zu holen.

moreover, Mißfelder is not "Germany" to justify the headline

"Germany wants its gold back...now"

last time i checked Mißfelder did neither replace Merkel as Chancellor nor does he or even our "Chancellorette" Merkel can issue orders directed at the Bundesbank which is, according to our constitution, an independent entity.

psst... just between you and me Midas. i swear by the eyesight of my dogs' unborn puppies that i won't tell! how much of Germany's gold belongs to you?

Edited January 22, 2014 by Naam

[Loptr]

Dr. Paul Craig Roberts-U.S. Gold Gone

With the Fed blatantly running naked shorts against the gold futures markets to keep up the charade, it was only a matter of time before someone called BS. Finally, Bafin speaks up and Deutsche Bank mysteriously exits the twice daily London gold price fixing committee. The music will stop and everyone better have a seat when the gold vaults in the US and London are empty. At last check, the Comex is only showing +/- 370,000 ounces as registered.

http://www.24hgold.com/english/interactive_chart.aspx?title=COMEX%20WAREHOUSES%20REGISTERED%20GOLD&etfcode=COMEX%20WAREHOUSES%20REGISTERED&etfcodecom=GOLD

Edited January 22, 2014 by Loptr

[Naam]

did Dr. Paul Craig recently audit Fort Knox?

[Loptr]

did Dr. Paul Craig recently audit Fort Knox?

Well, considering the Germans can't get a straight answer, how would you propose that Dr Roberts get a pass to visit the vaults? It doesn't take a rocket scientist to do math.

One doesn't have to see a mossie to know one has been bitten. The last physical inspection was in the 1970's. Congress has been pressuring the Treasury for a physical inspection for over a decade and was denied both a visit and an audit of Ft Knox on multiple ocassions. If you inspect published gold deliveries for 2013 alone, you will find that between China and India, they account for over 100% of published production numbers. So where is the balance coming from, re-melted jewelery?

And before someone attacks the source, Dr Roberts is a former US Assistant Secretary of the Treasury.

Edited January 22, 2014 by Loptr

[midas]

did Dr. Paul Craig recently audit Fort Knox?

Well, considering the Germans can't get a straight answer, how would you propose that Dr Roberts get a pass to visit the vaults? It doesn't take a rocket scientist to do math.

One doesn't have to see a mossie to know one has been bitten. The last physical inspection was in the 1970's. Congress has been pressuring the Treasury for a physical inspection for over a decade and was denied both a visit and an audit of Ft Knox on multiple ocassions. If you inspect published gold deliveries for 2013 alone, you will find that between China and India, they account for over 100% of published production numbers. So where is the balance coming from, re-melted jewelery?

And before someone attacks the source, Dr Roberts is a former US Assistant Secretary of the Treasury.

A picture can say so much more than words

[midas]

did Dr. Paul Craig recently audit Fort Knox?

Well, considering the Germans can't get a straight answer, how would you propose that Dr Roberts get a pass to visit the vaults? It doesn't take a rocket scientist to do math.

One doesn't have to see a mossie to know one has been bitten. The last physical inspection was in the 1970's. Congress has been pressuring the Treasury for a physical inspection for over a decade and was denied both a visit and an audit of Ft Knox on multiple ocassions. If you inspect published gold deliveries for 2013 alone, you will find that between China and India, they account for over 100% of published production numbers. So where is the balance coming from, re-melted jewelery?

And before someone attacks the source, Dr Roberts is a former US Assistant Secretary of the Treasury.

Hey Loptr

so you have Dr Roberts a former US Assistant Secretary of the Treasury saying this then you have Ron Paul, who was Ranking Member at House Banking/Financial Services Committee who said he wanted to “ make sure the U.S. gold bars at Fort Knox are really there “ because he worried they have gone , then Germany gets back a paltry 5 t from US and people like Naam are still in denial

talk about the flat earth brigade

http://politicalticker.blogs.cnn.com/2011/06/24/ron-paul-worries-fort-knox-gold-is-gone/

Edited January 22, 2014 by midas

[Naam]

did Dr. Paul Craig recently audit Fort Knox?

Well, considering the Germans can't get a straight answer, how would you propose that Dr Roberts get a pass to visit the vaults? It doesn't take a rocket scientist to do math.

One doesn't have to see a mossie to know one has been bitten. The last physical inspection was in the 1970's. Congress has been pressuring the Treasury for a physical inspection for over a decade and was denied both a visit and an audit of Ft Knox on multiple ocassions. If you inspect published gold deliveries for 2013 alone, you will find that between China and India, they account for over 100% of published production numbers. So where is the balance coming from, re-melted jewelery?

And before someone attacks the source, Dr Roberts is a former US Assistant Secretary of the Treasury.

Hey Loptr

so you have Dr Roberts a former US Assistant Secretary of the Treasury saying this then you have Ron Paul, who was Ranking Member at House Banking/Financial Services Committee who said he wanted to “ make sure the U.S. gold bars at Fort Knox are really there “ because he worried they have gone , then Germany gets back a paltry 5 t from US and people like Naam are still in denial

talk about the flat earth brigade

http://politicalticker.blogs.cnn.com/2011/06/24/ron-paul-worries-fort-knox-gold-is-gone/

where did i say i am in "denial"?

[midas]

Financial Times - that bastion of fiat "money", and where the word gold is mocked and ridiculed, and those who see the daily improprieties in the gold market as nothing but "conspiracy theorists" - to say the magic words: "Learn from Buba and demand delivery for true price of gold", adding that "one day the ties that bind this pixelated gold may break, with potentially catastrophic results."

http://www.ft.com/intl/cms/s/1586a7fe-84d6-11e3-a793-00144feab7de,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F1586a7fe-84d6-11e3-a793-00144feab7de.html%3Fsiteedition%3Dintl&siteedition=intl&_i_referer=http%3A%2F%2Fwww.zerohedge.com%2Fnews%2F2014-01-25%2Fft-goes-there-demand-physical-gold-one-day-paper-price-manipulation-will-end-catastr#axzz2rUHa4R4G

[xylophone]

Saw this in The Nation from Larry Edelson (Eastern Capital president, a leading gold and market forecaster who claims to be the world's biggest gold trader).

”We should finally see [the gold price bottom out] in the early part of 2014, as soon as February, maybe as late as May. The point is the three-year bear market [that] started in 2011 in gold is going to end very soon. And we are going to see another [price surge], probably over [uS] $5,000 by the end of 2016 - $5,000 per ounce”.

Well he would say that wouldn't he!!

[midas]

Overheard In A Gold Vault In Singapore: "We Need Additional Capacity", China's Appetite Is "Insatiable"

http://www.bloomberg.com/news/2014-01-28/gold-flows-east-as-bars-recast-for-chinese-defying-slump.html

[churchill]

Grinding higher

and the shares have had nice positive moves

chartists see http://www.kitco.com/ind/Tablish/2014-02-10-Weekend-Report-A-Short-Term-Look-at-the-PM-Stock-Indexes.html

[icare999]

Its gone awfully quiet in here. Has the world ended already?

the wet dreams of some goldbugs have ended. but hardcore bugs are still dreaming although they refrain to publish their dreams to avoid being ridiculed by hard facts.

but as always... exceptions prove the rule.

its not over as they say until fat lady sings I'm happy to have 50% of my assets in PM and started converting in 2008 with gold and around 2011 with silver. not bothered to much about short 2-5 year price and can live fine on other 50% invested in property and stocks. I treat it as insurance and until debt problems in world go prefer it to any fiat currency. I consider it just another currency but one which can't go to zero. If we need some oat we simply sell and if we have surplus fiat buy without worrying to much. Have down that for last 5-6 years.

if it crashes (i mean seriously) then it means our other investments go up and income is safe if as is possible financial system collapses well be happy we have a large cushion.

I leave speculation to those cleverer thane and prefer in my old age to be protected and no id not touch bonds or anything tied to governments or bankers

physical only of course

[JesseFrank]

The London gold fix, the benchmark used by miners, jewelers and central banks to value the metal, may have been manipulated for a decade by the banks setting it, researchers say.

http://www.bloomberg.com/news/2014-02-28/gold-fix-study-shows-signs-of-decade-of-bank-manipulation.html

[vilas01]

Grinding higher

and the shares have had nice positive moves

chartists see http://www.kitco.com/ind/Tablish/2014-02-10-Weekend-Report-A-Short-Term-Look-at-the-PM-Stock-Indexes.html

[churchill]

Gold’s Grinding Message

http://biiwii.com/wordpress/2014/03/13/golds-grinding-message/

[fletchsmile]

my view: up ... for now... maybe

Edited March 14, 2014 by fletchsmile

[teletiger]

Peeping through the curtains.

What does Mrs Naam think? All other opinions are worthless. (including that pooper scooper husband of hers)

She emptied Hong Kong vaults at under $1000.

What says the Lady?

Regards.