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A Vision Of Gold

Discussion in 'Gold Silver (All things Metal)' started by searcher, Sep 2, 2016.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Sweden’s Gold Reserves: 10,000 gold bars shrouded in Official Secrecy
    By: Ronan Manly
    In early February 2017 while preparing for a presentation in Gothenburg about central bank gold, I emailed Sweden’s central bank, the Riksbank, enquiring whether the bank physically audits Sweden’s gold and whether it provide me with a gold bar weight list of Sweden’s gold reserves (gold bar holdings). The Swedish official gold reserves are significant and amount to 125.7 tonnes, making the Swedish nation the world’s 28th largest official gold holder.
     
  2. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    GOLD! New California Gold Rush - Reading from The Treasure of the Sierra Madre
    Junius Maltby



    Published on May 5, 2017
    New Gold in California! Junius Maltby reads from The Treasure of the Sierra Madre. Enjoy!
    JUNIUS MALTBY CHANNEL. SUPPORT: https://www.patreon.com/JuniusMaltby

    **FAIR USE STATEMENT**
    This video may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This material is being made available within this transformative or derivative work for the purpose of education, commentary and criticism, is being distributed without profit, and is believed to be "fair use" in accordance with Title 17 U.S.C. Section 107.

    For more information go to: http://www.law.cornell.edu/uscode/17/
     
  3. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Gold Coins, Bars In Demand – +9% In Q1, 2017

    -- Published: Monday, 8 May 2017

    – Global gold demand in Q1 2017 was 1,034.5t
    – Total demand -18% from record high levels in Q1, 2016
    – Demand for coins and bars up 9% yoy to 290 t
    – UK demand for coins, bars at highest since Q2 2013
    – ETF inflows fell by 2/3, account for overall -18% fall in demand
    – European uncertainty brings gold investors to market
    – Innovation continues to drive gold demand in China
    – Peak Gold: Mine production likely to drop


    [​IMG]

    Global gold demand driven by climb in bar and coin investment

    Uncertainty in Europe increased demand for gold investment products in the first quarter of the year, according to the World Gold Council’s Gold Demand Trends Q1, 2017 report.

    Across the globe a mixture of festivities and renewed safe haven buying saw demand for gold bars and coins climb by 9%.

    [​IMG]

    Demand for physical investment products helped to reduce the the overall fall in gold demand, which came in at 18% yoy, across investment, jewellery and central bank demand.

    In all, global gold demand across a number of measures points towards a world that is uncertain and to ongoing safe haven demand. In some cases such as in the US, EU and China, demand remains robust whereas in the likes of Turkey demand is down from record levels.

    Much of this is thanks to geo-political uncertainty and political upheaval.

    Political uncertainty in Europe has helped to increase demand for gold bullion. Elections (upcoming and past) in the UK, Netherlands, France and Germany have helped to buoy investment in safe haven gold. German gold bar and coin demand had its strongest first quarter since 2011 – 13% yoy to 34.3t, but this must not take away from the UK which hit its highest level since Q2 2013.

    China (discussed in full below) was a major contributor to the uptick in demand for gold bars and coins, posting a 30% gain. As with its European counterparts, there is much uncertainty over the economic situation of the country and both investors and retailers alike are able to match these feelings with gold purchases.

    Politics, uncertainty and gold prices make for a mixed bag of jewellery

    When it comes to jewellery, demand was mixed across the board but overall very low, compared to recent years. Demand was 18% below the 587.7t five year quarterly average. The 9% climb in the USD gold price, meant that there is overall long-term weakness in the sector.

    Whilst uncertainty can be a positive driver for gold demand, this combined with a high gold price in Turkey saw demand for jewellery sink to a four year low of 7.7t. The looming referendum (held in April) combined with the fact that the price of gold in lira rose more than in any other currency during Q1 (+12%), meant that the fragile political and economic conditions continued to impact the sector.

    The WGC state that “The outlook for the [Turkish] market is weak” and this is expected to continue as both economic and political reforms keep both uncertainty and the gold price high.

    In the United States however, a feeling of relief following the US election propelled jewellery demand to its strongest Q1 since 2010 – it rose 3% to 22.9t. The WGC refers to a climb in ‘clicks and mortar’ (online) purchases. There is little doubt that the election hasn’t increased uncertainty, but it seems there is a calm before the storm element to purchasing decisions.

    In Europe, both the UK and France let the side down when it came to jewellery demand, which fell 6% in the Fifth Republic. Much of the fall was down to uncertainty in the run-up to elections and a spate of terrorist attacks.

    It seems many buyers are favouring ‘branded silver’ in their jewellery purchases. In the same way that silver coin and bar buyers see silver as better value than gold – it seems that jewellery buyers also may be attracted to getting better value with silver.

    Investment is better than jewellery – even for romantics

    On Valentine’s Day we discussed the problems with buying jewellery as an investment. Jewellery is a terrible investment due to the significant mark-up at the point of sale, ‘valued added’ (VAT) and sales taxes and it’s very poor resale value. We suggested that romantics buy gold coins and bars for their loved ones instead.

    This advice was perhaps heeded even after Valentine’s Day as gold bars and coins had an excellent quarter, with 289.8t of demand (+9% yoy). Much of this was thanks to China, where safe haven flows, tech innovation and Chinese New Year is helping to push demand (see below).

    The WGC accounts much of the increase in coin and bar demand to the ‘strength of the retail investment market’ internationally. Companies such as GoldCore are seeing very strong demand – particularly for allocated and segregated storage for risk averse investors looking to own in gold bars and coins.

    The feeling of uncertainty and uncertain outlook does appear to be driving demand and this is a trend we suspect we will continue to see. Whilst elections have been, or will soon be decided, that does not guarantee the economic result, investors are aware of this and stocking up on gold accordingly.

    Gold ETFs failed to benefit as much as physical gold

    Whilst ETF inflows did not experience the same surge as gold bar and coin demand, US demand was strong. As the WGC points out, geopolitical tensions were ‘more of a concern for European based investors than for their US counterparts.’

    The report refers to the positivity in the US towards gold, and that the speculative buying seen in 2016 has been ‘reversed in the November/December washout’ leaving strategic investors behind. Having said that the only net inflows were in February, ‘sandwiched between’ outflows in January and March.

    Collectively in Europe we make for a worried bunch. Europeans increased inflows in gold ETFs, as we saw with gold bar and coin demand.

    As summarised by the WGC, we are surrounded by both economic and political uncertainty which, with some dips in the gold price, meant we could increase our exposure to gold:

    ‘On top of a fragile political environment, conditions in financial markets gave investors a further incentive to build their positions in gold-backed ETFs. Safe haven flows pushed two year German yields further into negative territory, reaching a record low of 0.95% in February. And European equity markets were subdued with volatility at multiyear lows. Negative real and nominal yields coupled with a period of relative calm in regional stock markets improved the appeal of gold, particularly as its price strengthened through the quarter. The dips in the euro denominated price of gold in January and March were also taken as a good opportunity to add it to portfolios.’

    Gold ETF holdings grew tremendously in 2016. 2017 has failed to keep up as of yet. Inflows were just one-third of those seen in Q1 2016. Unsurprisingly the WGC do not seem unduly worried, despite pointing towards the fact that Q1’s figures might be pointing to a wider financial issue, ‘inflows of 109.1t are in line with quarterly average between Q1 2009 and Q4 2011 (108.7t), a period that encompassed the global financial crisis.’

    Whilst calm is often seen settling across a market after a surge such as that seen in 2017, we wonder if we will continue to see a slow-down in ETF inflows, especially if averages such as these have not been since since the financial crisis.

    Earlier this week we wrote about the tenuous London property market and asked if this was an indicator of a bubble about to burst, setting off a domino affect around the world. This would obviously lead to even greater safe haven flows and demand.

    Innovation holds key to future of China’s gold market

    Whilst the gold market is one of the oldest in the world, it is markedly different from how it once began.

    Gold bullion dealers and jewellery sellers have made a concerted effort to keep up with innovations across the technological, investment and retail spaces. This is more important today than it has ever been.

    In China, there has long been concern that China’s millennial population will not look at gold in the same way as their elders do. The WGC cites research from Agility Research & Strategy which shows the top three priorities for young Chinese are ‘health, travel and spending time with the family’. This, combined with concerns over the economy, has prompted worries for the future of the world’s largest gold market.

    However, innovation both technological and in marketing suggests that the Chinese gold market has a resilient and fruitful future. As the WGC writes, “the industry is keen and determined to adapt – an attitude that should help stem any weakness.”

    In the jewellery space, where demand was slightly down by 2% thanks to high gold prices following Chinese New Year, sellers are providing services and products to keep up with today’s younger generations – such as more modern 18k gold jewellery pieces, rather than the traditional 22k gold designs. In a perhaps more reflective sign of the times, sellers of bridal jewellery are ‘offering customers a no-cost exchange option on jewellery from its bridal range.’

    Jewellery demand may have experienced a small decline, but gold bars and coins saw a 30% increase (yoy), its fourth best quarter on record. We would generally expect the first quarter of the year to be a strong one for China, given their New Year, however it was this combined with concerns regarding the economy (falling yuan and property market) that drove demand to 105.9t.

    Some of this stellar demand can be attributed to the innovation appearing in the local gold market, namely interest-paying gold accounts, benchmarked on the Shanghai Gold Exchange (SGE)’s AU9999 contract with a minimum entry point of one gram. It is traded online, with an option for physical delivery – all important for Chinese investors.

    Online developments continue with 800 million WeChat users being given access to MicroGold, a physical gold-backed product offered by ICBC. Digital gold can be traded between individuals, online, supporting festivals and culturally significant events with ‘red envelopes.’

    These moves, combined with recent changes supported by the government have lead to an imbalance between supply and demand. Premiums have shot up over global gold price in recent month, they averaged $17/oz in Q4, 2016, and averaged down to US$14.2/oz.

    [​IMG]

    India, cashless push was merely a setback but innovation required

    India had a tumultuous year last year, the second-half of 2016 saw Modi take the country by surprise when he announced the removal of old Rs 500 and Rs 1,000, throwing millions of people into financial chaos. The announcement was particularly badly timed due to wedding season which is vital to the country’s gold industry.

    Since then gold demand has managed to find some calm. Whilst global jewellery demand remains weak with just a 1% increase in Q1 India has propped it up, despite rising gold prices, posting a 16% gain.

    The 16% gain isn’t really much to shout about, given it is only the third quarter this decade where demand has come in at less than 100t (92.3t). There is still some wariness in terms of how the next phase of remonetisation will play out, combined with uncertainty over the forthcoming Goods & Service Tax (GST), which is dampening demand somewhat.

    We would suggest that there is something to be learnt both at the business and political level when it comes to innovation in the gold market. This is perhaps coming to pass as the WGC’s field research found that not only are consumers gradually adopting cashless payments, but cashless transactions are ‘gathering momentum’. Retailers such as Tanishq reported a ‘quite significant recovery’ in Q1, on account of cashless transactions.

    At this point we should issue a word of warning, as we did when India announced its move to cashless and the topic became the point of discussion in economic circles. Whilst cashless is publicised as a way to make economies more efficient, to reduce tax evasion and to prevent other criminal activities it is also there to serve an ulterior motive – as we wrote a few month’s ago:

    “A cashless world means a transparent world, which is great if terrorists were the only ones using cash. But they’re really not, so a cashless world means transparent bank accounts which means restricted banks accounts.”

    This is perhaps yet another reason why gold demand is recovering in India.

    Trivial sales in Central Bank demand

    Whilst purchases buy central banks slowed, they remained robust – especially from Russia and China – and central bank sales remain nearly non existent and are set to do so.

    [​IMG]

    Quarterly net purchases were 76.3t (a six year low) and a 27% fall yoy. Russia and Kazakhstan were the main buyers in the quarter.

    China’s gold reserves still represent just 2% of their total reserves, despite not adding to the reserves since October 2016. The ratio hit 2.4% in Q1, its highest point since the early 2000s and the reason perhaps for no further purchases since 2016. It is also worth noting the pressure their FX reserves have felt for some time having dropped from US$3.2 trillion in January 2016 to US$3 trillion in January 2017.

    Peak Gold: Mine production likely to drop

    There are many tidbits of information in the WGC’s report about overall mine production in Q1 2017.

    Indonesia accounted for the largest impact on the fall in production, thanks to a fall on 8t from its Grasberg region. There were also some areas of growth, however physical gold investors mainly need to be aware of the following summary from the WGC:

    [​IMG]
    “Having plateaued in recent years, mine production will soon enter a period of decline. The production profile of currently operating mines shows a relatively steep drop-off over the next 5 to 10 years. Even factoring in high probability projects (those highly likely to reach commercial production), the fall in production is still significant.”

    The negative feeling from the WGC is attributed to cuts in capital expenditure but most importantly the fact that there just aren’t that many new discoveries of gold.

    “Inevitably, the supply pipeline will be squeezed…The speed at which production will fall is uncertain. As existing reserves are depleted, the current project pipeline will be unable to replace them fully.

    Over the longterm, the global production profile will depend on the trajectory of the gold price and potential exploration upside, particularly the speed with which brownfield exploration can be brought into production”

    Conclusion: Buy physical gold – not making much more of it

    The news that gold production is falling and the near certainty that production levels will fall in the coming months and years should be enough to encourage investors to buy gold.

    Even if political and economic turmoil weren’t a factor in every major country, gold demand would still be pertinent thanks to the issue of peak gold.

    However, it is the imminent feeling of uncertainty and growing instability which is driving investors to allocate more of their investment and pension portfolios to gold bars, coins and ETFs.

    The motto ‘Stay calm and carry on’ is no longer relevant, it should be ‘stay calm and buy gold’.

    News and Commentary

    Gold up on buying, euro strength after Macron’s win in France (Reuters.com)

    Euro Edges Higher as Macron Beats Le Pen in French Election (Bloomberg.com)

    Lower gold prices bolster gold demand; premiums rise in India, China (Reuters.com)

    Chinese demand for gold bars and coins soars in first quarter (People.cn)

    Hong Kong exchange operator hopes for third time lucky when it comes to gold futures (SCMP.com)

    China gold reserves unchanged at end-April (Reuters.com)

    [​IMG]

    Gold Demand Trends Q1 2017 (Gold.org)

    Gold-Futures Shorting Attacks (321Gold.com)

    Jaw-Dropping 4,700 Tonnes Of Paper Silver Sold In Just 2 Hours (KingWorldNews.com)

    Attacks on gold don’t come from mere ‘speculators’ (Gata.org)

    Greatest Ponzi Scheme in History (DailyReckoning.com)

    Gold Prices (LBMA AM)

    08 May: USD 1,229.70, GBP 948.71 & EUR 1,123.45 per ounce
    05 May: USD 1,239.40, GBP 958.06 & EUR 1,130.33 per ounce
    04 May: USD 1,235.85, GBP 958.15 & EUR 1,131.05 per ounce
    03 May: USD 1,253.95, GBP 971.18 & EUR 1,148.99 per ounce
    02 May: USD 1,255.80, GBP 974.25 & EUR 1,150.19 per ounce
    28 Apr: USD 1,265.55, GBP 978.40 & EUR 1,156.84 per ounce
    27 Apr: USD 1,264.30, GBP 980.21 & EUR 1,160.63 per ounce

    Silver Prices (LBMA)

    08 May: USD 16.38, GBP 12.64 & EUR 14.96 per ounce
    05 May: USD 16.27, GBP 12.58 & EUR 14.85 per ounce
    04 May: USD 16.50, GBP 12.80 & EUR 15.09 per ounce
    03 May: USD 16.85, GBP 13.04 & EUR 15.44 per ounce
    02 May: USD 16.95, GBP 13.12 & EUR 15.53 per ounce
    28 Apr: USD 17.41, GBP 13.45 & EUR 15.92 per ounce
    27 Apr: USD 17.46, GBP 13.53 & EUR 16.02 per ounce

    http://www.goldcore.com/us/

    http://news.goldseek.com/GoldSeek/1494249282.php
     
  4. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    The Traitors Abetting the Deep State's Dirty, Dying War on Gold
    By: Stewart Dougherty
    As we know, Tactic #1 has been carried out by years’ worth of massive, unpredictably-timed, electronic, naked-short price attacks primarily conducted on the Comex, the Deep State’s captured and non-regulated Command and Control Center. GATA has long documented in exquisite and laudable detail the gold price-rigging scandal, and Deutsche Bank’s admission in late 2016 that they and numerous other major banks manipulated the gold market for years ended, once and for all, any possible doubt about gold market corruption.
     
  5. searcher

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  6. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    U.S. Gold Exports To China and India Surge In 2017


    -- Published: Thursday, 11 May 2017

    Gold Exports From U.S. – Something Big Is Happening

    [​IMG]


    by SRSRoccoReport.com


    Most Americans didn’t realize it, but something BIG changed in the U.S. gold market in the beginning of 2017. While precious metals sentiment and buying in the U.S. has dropped off considerably in the first quarter of 2017, the East continues to acquire gold, HAND OVER FIST.

    How much gold? Well, let’s just say…. U.S. gold exports have nearly doubled during JAN-FEB 2017 versus the same period last yearTotal U.S. gold exports JAN-FEB 2017 surged to 101 metric tons (mt), compared to 56.5 mt last year. This is quite interesting because total U.S. gold mine supply plus gold imports for JAN-FEB 2017 only equaled 80 mt. Thus, the U.S. suffered a 21 mt gold supply deficit in the first two months of the year. Which means, someone had to liquidate an additional 21 mt of gold from their vaults to export to the East….. where they still understand the vital role of gold as REAL MONEY.

    And where did the majority of U.S. gold exports head to? You got it….. Hong Kong-China & India.

    [​IMG]

    Of the 101 mt of U.S. gold exports JAN-FEB 2017, Hong Kong-China and India received 61.8 mt, or nearly two-thirds of the total. Switzerland received 28 mt, U.K. imported 5.6 mt and the U.A.E. acquired 3.3 mt. The remaining 2.3 mt went to various countries such as, Germany, Canada and Mexico.

    What is also quite interesting, is that the majority of the year-over-year increase went to Hong Kong-China and India. U.S. gold exports to Hong Kong-China and India doubled from 31 mt during JAN-FEB 2016 to 61.8 mt JAN-FEB 2017.

    What does this all mean? It means, as U.S. precious metals investors continue to BICKER, COMPLAIN, BELLY-ACHE and WHINE about the low gold price, the Chinese and Indians smile as they continue to exchange increasing worthless fiat money for shiny yellow metal.

    Matter-a-fact, I have heard from several sources, that many precious metals investors in the U.S. are selling gold into the market. This has to be one of the STUPIDEST things to do. Of course, if a person needs to sell gold to purchase something or pay bills… that is understandable. But, to sell gold because of low market sentiment, goes against all sound reasoning and logic to own gold.

    People need to realize the U.S. and global financial and economic system are in the BIGGEST BUBBLE in history.

    To sell one’s GOLD INSURANCE at this time, makes me wonder… what the hell happened to IQ’s recently?

    Source: SRSRoccoReport.com

    News and Commentary

    Gold imports by India said to rise more than four-fold in April (Bloomberg.com)

    Gold inches up from 8-week low as dollar weakens (Reuters.com)

    U.S. Stocks Boosted by Oil Rally as Dollar Slips (Bloomberg.com)

    U.S. import prices increase for fifth straight month (Reuters.com)

    Europe Stocks Slip as Oil Leads Commodity Rebound: Markets Wrap (BloombergQuint.com)

    Palladium set to overtake platinum – GFMS (EngineeringNews.co.za)

    The Donald Finally Fired A Swamp Creature (DailyReckoning.com)

    Eric Sprott praises GATA’s work at retirement dinner (Gata.org)

    Panic! Like It’s 1837 (TheDailyBell.com)

    Goldman Asks If Yellen Has Lost Control Of The Market, Warns Of Fed “Policy Shock” (ZeroHedge.com)

    Gold Prices (LBMA AM)

    11 May: USD 1,221.00, GBP 945.66 & EUR 1,122.95 per ounce
    10 May: USD 1,222.95, GBP 944.61 & EUR 1,124.99 per ounce
    09 May: USD 1,225.15, GBP 948.51 & EUR 1,124.20 per ounce
    08 May: USD 1,229.70, GBP 948.71 & EUR 1,123.45 per ounce
    05 May: USD 1,239.40, GBP 958.06 & EUR 1,130.33 per ounce
    04 May: USD 1,235.85, GBP 958.15 & EUR 1,131.05 per ounce
    03 May: USD 1,253.95, GBP 971.18 & EUR 1,148.99 per ounce

    Silver Prices (LBMA)

    11 May: USD 16.37, GBP 12.70 & EUR 15.06 per ounce
    10 May: USD 16.29, GBP 12.59 & EUR 14.99 per ounce
    09 May: USD 16.22, GBP 12.55 & EUR 14.88 per ounce
    08 May: USD 16.38, GBP 12.64 & EUR 14.96 per ounce
    05 May: USD 16.27, GBP 12.58 & EUR 14.85 per ounce
    04 May: USD 16.50, GBP 12.80 & EUR 15.09 per ounce
    03 May: USD 16.85, GBP 13.04 & EUR 15.44 per ounce

    http://www.goldcore.com/us/

    http://news.goldseek.com/GoldSeek/1494508809.php
     
  7. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    History of Gold – Interesting Facts and Changes Over 50 Years


    -- Published: Friday, 12 May 2017

    [​IMG]

    Thomson Reuters GFMS have compiled an interesting high level history of the gold industry in the last fifty years.

    Topics covered and interesting historical facts to note include:

    – Gold market size
    – Gold mine production “peaked in 2015”
    – South African production collapse from 1,000 tonnes

    – South African gold was flown to London and Zurich and an airliner had its own designated landing areas at Heathrow where gold moved directly from the place to secure vaults
    – It may still do – that is shrouded in secrecy!
    – Political concerns in France in 1968 saw massive demand

    – Strong demand in Japan in late 1980s when insurance companies were investing up to 3% of portfolios in gold
    – Record demand in the wake of the financial crisis

    – Investment in gold – Coin and bar demand rising globally
    – Massive uptake of bullion in the Far East, especially China
    – History of gold shows gold’s continuing importance as safe haven asset


    [​IMG]

    Demand for physical gold investment. Source: GFMS Gold Survey

    GFMS Gold Survey is recognized as an important source of information on developments in the gold market and have celebrated the Gold Survey’s 50th anniversary, by conducting a high-level look at the history of the gold market in the past half century.

    Access How the gold industry has changed over 50 years here

    News and Commentary

    Gold steady as US political concerns pressure dollar; stocks drop (Reyters)

    Gold scores first back-to-back gains in nearly 2 weeks as dollar steadies (Marketwatch)

    U.S. Stocks Drop as Treasuries Rise, Crude Rallies (Bloomberg)

    Bitcoin crosses $1,800 for first time – Adds $3 billion in market cap in four days (CNBC)

    Rebound in U.S. Wholesale Prices Signals Inflation Pressures (Bloomberg)

    Global Silver Mine Production Drops in 2016 for First Time in 14 Years (Silver Institute)

    Golden review: How the gold industry has changed over 50 years (Thomson Reuters)

    China’s private investor gold surge seen as strong signal (Mining Weekly)

    Bill Blain: “Something Is Happening In Europe And We Don’t Know What It Is…” (Zerohedge)

    Hurricane Bearing Down on the Casino – Stockman (Daily Reckoning)

    Gold Prices (LBMA AM)

    12 May: USD 1,227.90, GBP 955.06 & EUR 1,129.55 per ounce
    11 May: USD 1,221.00, GBP 945.66 & EUR 1,122.95 per ounce
    10 May: USD 1,222.95, GBP 944.61 & EUR 1,124.99 per ounce
    09 May: USD 1,225.15, GBP 948.51 & EUR 1,124.20 per ounce
    08 May: USD 1,229.70, GBP 948.71 & EUR 1,123.45 per ounce
    05 May: USD 1,239.40, GBP 958.06 & EUR 1,130.33 per ounce
    04 May: USD 1,235.85, GBP 958.15 & EUR 1,131.05 per ounce

    Silver Prices (LBMA)

    12 May: USD 16.30, GBP 12.68 & EUR 14.99 per ounce
    11 May: USD 16.37, GBP 12.70 & EUR 15.06 per ounce
    10 May: USD 16.29, GBP 12.59 & EUR 14.99 per ounce
    09 May: USD 16.22, GBP 12.55 & EUR 14.88 per ounce
    08 May: USD 16.38, GBP 12.64 & EUR 14.96 per ounce
    05 May: USD 16.27, GBP 12.58 & EUR 14.85 per ounce
    04 May: USD 16.50, GBP 12.80 & EUR 15.09 per ounce

    http://www.goldcore.com/us/

    http://news.goldseek.com/GoldSeek/1494595298.php
     
  8. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    New Gold Pool at the BIS Basle, Switzerland: Part 1
    By: Ronan Manly
    A central bank Gold Pool which many people will be familiar with operated in the gold market between November 1961 and March 1968. That Gold Pool was known as the London Gold Pool. This article is not about the 1961-1968 London Gold Pool. This article is about collusive central bank discussions relating to an entirely different and more recent central bank Gold Pool arrangement. These discussions about a second Gold Pool began in late 1979, i.e. more than 11 years after the London Gold Pool had been abandoned. This article is Part 1 of a 2 part series. Part 2 will be published shortly.
     
  9. searcher

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    Is China Intentionally Making It Harder To Manipulate Gold? - SoT 161
    Shadow of Truth



    Published on May 16, 2017
    Thanks for watching/listening. Subscribe, Share, Like!
    Please visit Dave http://investmentresearchdynamics.com
    Please visit Rory http://thedailycoin.org

    A new gold futures contract is being introduced by the Hong Kong Futures Exchange (two contracts actually). The two contracts will be physically settled $US and CNH (offshore renminbi) gold futures contracts. The key to this contract is that it requires physical settlement of the underlying gold, which is a 1 kilo gold bar.

    The difference between this contract and the Comex gold futures contract is that Comex contract allows cash (dollar aka fiat currency) settlement. The Comex does not require physical settlement. In fact, there are provisions in the Comex contract that enable the short-side of the trade to settle in cash or GLD shares even if the long-side demands physical gold as settlement.

    With the new HKEX contract, any entity that is long or short a contract on the day before the last trading day has to unwind their position if they have not demonstrated physical settlement capability.

    The new contract also carries position limits. For the spot month, any one entity can not hold more than a 10,000 contract long/short position. In all other months, the limit is 20,000 contracts. A limit like this on the Comex would pre-empt the ability of the bullion banks to manipulate the price of gold using the fraudulent paper gold contracts printed by the Comex. It would also force a closer alignment between the open interest in Comex gold/silver contracts and the amount of gold/silver reported as available for delivery on the Comex.

    To be sure, the contract specifications of the new HKEX contracts leave the door open to a limited degree of manipulation. But at the end of the day the physical settlement requirement and position limits greatly reduce the ability to conduct price control via naked contract shorting such as that permitted on the Comex and tacitly endorsed by the Commodity Futures Trading Commission.

    You can read about the new HKEX contract here - HKEX Physically Settled Contract - and there's a link at the bottom of that article with the preliminary term sheet.

    Will this new contract help moderate the blatant price manipulation in the gold market by the western banking cartel? Maybe not on a stand-alone. But several developments occurring in the eastern hemisphere - as discussed in today's episode of the Shadow of Truth - and among the emerging bloc of eastern super-powers will begin to close the window the ability of the west's efforts to prevent the price of gold from transmitting the truth about the decline of the U.S. dollar's reserve status and the rise of geopolitical instability:
     
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  10. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    ^^Funny when Rory & Dave mentioned Zimbabwe's plans to set up a gold back currency and the very next comment was about how the US will soon be declaring Zimbabwe a grave threat to US national security and invade.
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  12. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    New Gold Pool at the BIS Basle: Part 2 – Pool vs Gold for Oil
    By: Ronan Manly
    This is Part 2 of a two-part series. The series focuses on collusive discussions and meetings that took place between the world’s most powerful central bankers in late 1979 and 1980 in an attempt to launch a central bank Gold Pool cartel to manipulate and control the free market price of gold. The meetings centered around the Bank for International Settlements (BIS) in Basle, Switzerland.
     
  13. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Is China manipulating the gold market?

    -- Published: Wednesday, 31 May 2017

    • Hedge fund, PhD statistician claims gold market is “the most blatant case of manipulation”
    • PhD: “Statistically impossible unless there’s manipulation occurring”
    • Gold serves as political chips on the world’s financial stage.
    • Price is being suppressed until China gets the gold that they need
    • Gold will go higher when all central banks ‘confront the next global liquidity crisis’
    • ‘When that happens, physical gold may not be available at all.’

    Jim Rickards: The Golden Conspiracy

    [​IMG]

    Is there gold price manipulation going on? Absolutely. There’s no question about it. That’s not just an opinion.

    There is statistical evidence piling up to make the case, in addition to anecdotal evidence and forensic evidence. The evidence is very clear, in fact.

    These are the opening lines of Jim Rickards’ piece ‘The Golden Conspiracy’, an op-ed that may surprise even the most seasoned followers of gold markets.

    Gold and silver price manipulation is not a new topic to regular readers. For years the idea that precious metals markets are subject to more than just free market forces has been dismissed by the mainstream. Many have referred to gold and silver manipulation as topic fodder for the conspiracy and deep web forums. This is despite evidence to the contrary.

    In the last eighteen months or so what was dismissed as anecdotal tales of manipulation has finally been recognised by the regulators and lawmakers as something very real and serious. Fines have been doled out and regulators have been slowly implementing new rules.

    But what if the manipulation goes above institutions that can be called to account? Can they be fined? Can it be somewhat controlled by the authorities? What if it is a country doing the manipulation? Rickards believes it is.

    ‘…where is the manipulation coming from? There are a number of suspects but you need look no further than China.’

    Role of China

    Previously we have been excited about China’s role in the gold market. In April last year they launched yuan denominated gold bullion trading. We not only expected this to further boost its power in the global gold and forex markets but to also lead to increased transparency and reduce price manipulation.

    However the country is not only keen to increase transparency in the market for their own long-term gain, they have short-term goals as well – to increase their gold reserves.

    Rickards explains:

    China wants to do what the U.S. has done, which is to remain on a paper currency standard but make that currency important enough in world finance and trade to give China leverage over the behavior of other countries.

    The best way to do that is to increase its voting power at the IMF and have the yuan included in the IMF basket for determining the value of the special drawing right (SDR).

    China accomplished that last September when the IMF added the yuan to its basket of currencies.

    The rules of the game also say you need a lot of gold to play, but you don’t recognize the gold or discuss it publicly. Above all, you do not treat gold as money, even though gold has always been money.

    The members of the club keep their gold handy just in case, but otherwise, they publicly disparage it and pretend it has no role in the international monetary system. China is expected to do the same.

    Right now, China officially does not have enough gold to have a “seat at the table” with other world leaders. Think of global politics as a game of Texas Hold’em.

    What do want in a poker game? You want a big pile of chips.

    Gold serves as political chips on the world’s financial stage. It doesn’t mean that you automatically have a gold standard, but that the gold you have will give you a voice among major national players sitting at the table.

    For example, Russia has one-eighth the gold of the United States. It sounds like they’re a small gold power — but their economy’s only one-eighth as big. So, they have about the right amount of gold for the size of their economy. And Russia has ramped up its gold purchases recently.

    The U.S. gold reserve at the market rate is under 3% of GDP. That number varies because the price of gold varies. For Russia, it’s about the same. For Europe, it’s even higher — over 4%.

    In China, that number has been about 0.7% officially. Unofficially, if you give them credit for having, let’s say, 4,000 tons, it raises them up to the U.S. and Russian level. But they want to actually get higher than that because their economy is still growing, even if it’s at a much lower rate than before.

    [​IMG]

    Where is the evidence for this?

    As we have explained previously, manipulation is often dismissed as a conspiracy and anecdote driven theory. But Rickards has academic evidence:

    I spoke to a PhD statistician who works for one of the biggest hedge funds in the world. I can’t mention the fund’s name but it’s a household name. You’ve probably heard of it. He looked at COMEX (the primary market for gold) opening prices and COMEX closing prices for a 10-year period. He was dumbfounded.

    He said it was is the most blatant case of manipulation he’d ever seen. He said if you went into the aftermarket, bought after the close and sold before the opening every day, you would make risk-free profits.

    He said statistically that’s impossible unless there’s manipulation occurring.

    I also spoke to Professor Rosa Abrantes-Metz at the New York University Stern School of Business. She is the leading expert on globe price manipulation. She actually testifies in gold manipulation cases that are going on.

    She wrote a report reaching the same conclusions. It’s not just an opinion, it’s not just a deep, dark conspiracy theory. Here’s a PhD statistician and a prominent market expert lawyer, expert witness in litigation qualified by the courts, who independently reached the same conclusion.

    Surely they can be honest about it?

    One would perhaps think that given China’s resources and their growing power in the physical gold market, the country would be able to just buy all that they need. Without the need for cloak and dagger activities.

    Rickards argues this isn’t possible:

    Here’s the problem: If you took the lid off of gold, ended the price manipulation and let gold find its level, China would be left in the dust. It wouldn’t have enough gold relative to the other countries, and because the price of gold would be skyrocketing, they could never acquire it fast enough. They could never catch up. All the other countries would be on the bus while the Chinese would be off.

    When you have this reset, and when everyone sits down around the table, China’s the second largest economy in the world. They have to be on the bus. That’s why the global effort has been to keep the lid on the price of gold through manipulation. I tell people, if I were running the manipulation, I’d be embarrassed because it’s so obvious at this point.

    The price is being suppressed until China gets the gold that they need. Once China gets the right amount of gold, then the cap on gold’s price can come off. At that point, it doesn’t matter where gold goes because all the major countries will be in the same boat. As of right now, however, they’re not, so China has though to catch-up.

    I’ve described some catastrophic scenarios where the world switches to SDRs or goes to a gold scenario, but at least for the time being, the U.S. would like to maintain a dollar standard. Meanwhile, China feels extremely vulnerable to the dollar. If we devalue the dollar, that’s an enormous loss to them.

    China has recently sold a portion of its dollar reserves to prop up its own currency, which has come under tremendous pressure. But it still holds a large store of dollar reserves.

    If China has all paper and no gold, and we inflate the paper, they lose. But if they have a mix of paper and gold, and we inflate the paper, they’ll make it up on the gold. So they have to get to that hedged position.

    China has been saying, in effect, “We’re not comfortable holding all these dollars unless we can have gold. But if we are transparent about the gold acquisition, the price will go up too quickly. So we need the western powers to keep the lid on the price and help us get the gold, until we reach a hedged position. At that point, maybe we’ll still have a stable dollar.”

    China isn’t the only one

    We know that the banks like to play with the gold market, but China isn’t the only country involved. Rickards says Russia has the same goals as the PRC. Together they are not only critical to the physical gold market but also for the overall structure:

    Currently the price of gold is set in two places. One is the London spot market, controlled by six big banks including Goldman Sachs and JPMorgan. The other is the New York gold futures market controlled by COMEX, which is governed by its big clearing members, also including major western banks.

    In effect, the big western banks have a monopoly on gold prices even if they do not have a monopoly on physical gold. But that could be about to change.

    Russia and China are not only building up physical reserves and exploring for more, they are building trading systems that allow for price discovery and leveraged trading in gold.

    It may take a year or so to attract liquidity, but once these new exchanges are fully functional, the physical gold market will regain the upper hand as a price maker.

    Then gold will commence its march to monetary status, and its implied non-deflationary price of $10,000 per ounce.

    How to turn a problem into an opportunity

    Manipulation goes on across many markets, whether precious metals, interest rates or forex. At no point is it victimless. Individuals and companies alike have experienced losses on their investments, both as a direct and indirect result of manipulation.

    To hear this can be depressing, many investors might just ask what the point is in investing in assets such as gold and silver when they might be as manipulated as paper markets. Sure they might go to $10,000, but what stops it being manipulated even then?

    Those who are concerned should take a step back and look at the bigger picture which is actually an opportunity rather than a problem. A suppressed price means great opportunity for investors to accumulate more bullion. Ironically for those looking to manipulate the price, this is good news for those who are keen to stock up on both gold and silver.

    In the long-term Rickards is convinced that we will see big changes in the gold price ‘when China reaches its gold reserve target of 10,000 tons — surpassing the United States. At that point, it will be in China’s interest to become more transparent and let the price of gold soar, which is another way of saying the value of the dollar is in free-fall.’

    In the short-term, gold investors and those considering diversifying their portfolio with the yellow metal would be wise to consider the following, according to Rickards:
    • Private gold holders continue to hold their gold
    • There is persistent excess of demand over supply
    • Situations in North Korea, Syria, Iran, the South China Sea, and Venezuela (to name a few) show no signs of improving, in fact the opposite.
    • Fed policy tightening is normally a headwind for gold. But, the last two times the Fed raised rates — December 14, 2016 and March 15, 2017 — gold rallied as if on cue. Look for another Fed rate hike on June 14, and another gold spike to go along with it.
    Gold manipulation aside, we are currently in a period of major market complacency. Mainstream investors have seemingly been lured into thinking that years of risky and unprecedented policy making will be without consequence. They believe that elevated prices of stocks and bonds and reduced price volatility in stock markets are completely normal. This cannot be.

    At some point the marketplace will realise all is not really as it seems. When this happens, expect a serious backlash and ensure you are holding onto something that is real and has shown its true value despite years of manipulation on all fronts.

    News and Commentary

    Gold drifts from one-month peak on Fed rate hike concerns (Reuters)

    Chinese stocks leap, leading gains by Asian markets (MarketWatch)
    U.S. Stocks Slip From Records, Treasuries Advance (Bloomberg)
    U.S. stocks edge down from records after multiday rally (MarketWatch)
    U.S. Consumer Confidence Index Decreased to 117.9 in May (Bloomberg)
    Suspense Is Building Ahead Of This Critical Gold Policy In India (Value Walk)
    Gold set for first monthly drop since Dec as Fed rate hike likely (Reuters)
    Gold’s Next Spike (Daily Reckoning)
    Gold Isn’t Money (Value Walk)
    US Gold Output Rises in March (Mining Weekly)

    Gold Prices (LBMA AM)


    31 May: USD 1,263.80, GBP 987.79 & EUR 1,129.96 per ounce
    30 May: USD 1,262.80, GBP 982.46 & EUR 1,132.23 per ounce
    26 May: USD 1,265.00, GBP 983.41 & EUR 1,127.87 per ounce
    25 May: USD 1,257.10, GBP 969.48 & EUR 1,119.57 per ounce
    24 May: USD 1,251.35, GBP 963.29 & EUR 1,119.58 per ounce
    23 May: USD 1,259.90, GBP 969.62 & EUR 1,119.17 per ounce
    22 May: USD 1,255.25, GBP 967.17 & EUR 1,123.07 per ounce

    Silver Prices (LBMA)

    31 May: USD 17.31, GBP 13.48 & EUR 15.43 per ounce
    30 May: USD 17.27, GBP 13.42 & EUR 15.49 per ounce
    26 May: USD 17.29, GBP 13.45 & EUR 15.41 per ounce
    25 May: USD 17.15, GBP 13.23 & EUR 15.29 per ounce
    24 May: USD 17.03, GBP 13.14 & EUR 15.22 per ounce
    23 May: USD 17.14, GBP 13.22 & EUR 15.25 per ounce
    22 May: USD 16.95, GBP 13.04 & EUR 15.10 per ounce

    http://www.goldcore.com/us/

    http://news.goldseek.com/GoldSeek/1496235512.php
     
  14. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    GOLD - The Ultimate Buy and Hold
    Andrew Hoffman
    |
    May 31, 2017 - 4:21pm


    Last night, I was telling my wife of the frustration the past five years has wrought on Precious Metal holders – or, as they call them in the Bitcoin world, “hoddlers.” It’s been far worse, and longer, in the “paper PM investment” world – as the Cartel has not only annihilated mining shares, but the mining industry as well; as not only have reserves been decimated, whilst mine production has – perhaps, permanently – peaked; but share counts and debt burdens have exploded, limiting shares’ upside potential even under the best case scenario – which fortunately, must inevitably arrive.

    To that end, since exiting mining shares six years ago, I have consisently said they were amongst the worst reward/risk investments imaginable – but that if timed extremely well (which in hindsight, has proven to be nearly impossible), they could provide outsized trading gains – as they did from late 2015 through mid-2016, for example. Moreover, when the Cartel is inevitably broken – assuming it doesn’t occur due to the type of “black swan” event that shuts down stock exchanges – mining shares could easily generate extraordinary short-term gains; until, equally inevitably, governments nationalize mines and/or enact “windfall” profit taxes. As trust me, when the Cartel is broken, it will result in – or be caused by – plunging confidence in fiat currency. Which in turn, will cause Precious Metals to be viewed as the money they have always been – and consequently, governments to consider Precious Metal mines “national security assets.” In my opinion, of course.

    Why do I bring this up today? I mean, I literally haven’t discussed mining stocks in years; partly, because after owning them from 2002 to 2011; and working in the mining sector from 2006 to 2011 – after which, I joined Miles Franklin; I not only “burnt out” on them, but lost all interest in them as investment vehicles. They served that purpose extremely well in the early years – particularly 2004-2006, before the Vancouver Stock Exchange, since renamed the “Venture” exchange peaked. However, in my “older years” – particularly now that I’m a father – I consider tham little more than extremely risky speculations. To the contrary, in my “early middle age,” what matters most is the safety of my principal. Which, after nearly two decades of investing, I have learned, painfully so, is best done by investing not in derivatives – like mining shares, ETFs, and closed-end funds – but the real thing. And the same goes for my crypto-currency investments, as I invest solely in Bitcoin; as opposed to cloud mining schemes, altcoins, and start-up service providers. In other words, not only have I become a lot more risk averse in my “old age,” but I finally realized that, when investing in physical gold and silver, the overall benefits of physical metal ownership – both current and potential – are far greater; including the most important “benefit” of all, the “sleep of the just” I enjoy each night, knowing my investments are, for all intents and purposes, immutable. In other words, gold and silver, unlike “paper PM investments”; and essentially all derivative proxies; are the “ultimate buy and hold.”

    I’ll get back to said benefits momentarily, but first I wanted to go over some of the past 24 hours’ incredibly “PiMBEEB” events – which cumulatively, add significantly to the comfort I take in holding physical gold and silver. And I do mean, significantly. Starting with the incredible news, unreported by the MSM of course, that the ECB plans to, I kid you not, securitize the toxic, historically overvalued sovereign bonds on its $4 trillion balance sheet. In other words, the exact same thing Goldman Sachs and others did at the top of the mid-2000s housing bubble – in repackaging toxic mortgage loans; selling them to investors at exorbitant spreads; and as an added “bonus,” creating “synthethic short positions” to benefit on the bonds’ inevitable collapse. Who the ECB believes will invest in such c—p is beyond me, given that the only reason they trade at such ludicrous valuations is relentless ECB monetization – particularly given the precarious, rapidly deteriorating state of the European banking system. However, the mere fact that such a toxic product is even being discussed by Central bankers tells you how desperate they are for “solutions” to the unprecedented problems they created. And consequently, the levels of fraud they will stoop to to offload their problems to taxpayers – as if that will matter a whit, when the system inevitably, spectacularly implodes.

    Or how about, as I look at crude oil prices plunging anew today, yesterday’s Macro Tourist article, pondering the identity of the “mystery massive long supporting the oil market” – particularly since early 2016, when oil prices crashed. I mean, just how much more obvious can it be that, as I have espoused for more than a year, an ad hoc “oil PPT” was created when prices plunged below $30/bbl, given the potentially horrifying global ramifications on a massively overleveraged sector featuring more junk debt than perhaps the next ten sectors combined. Not to mention, the risk posed to America’s only remaining Middle East ally, Saudi Arabia – which Donald Trump, in complete contradiction to his campaign rhetoric, embarrassingly, and disgustingly, feted last week. To wit, this weekend’s shocking, bombshell news that Saudi cash reserves are in freefall mode, despite said “oil PPT’s” best efforts, tells you all you need to know of how dire their financial situation is; and consequently, their political position, and the fate of the dying “petrodollar” itself.

    To that end, yesterday’s Zero Hedge article discussing Saudi’s “newest strategy to boost oil prices” couldn’t be more telling, of the (blatantly obvious) fraud being attempted; first, in attempting to form an alliance with hedge funds, to ensure “support” in the fraudulent paper oil markets; and secondly, to reduce exports to the U.S., whilst increasing them overseas – hoping that the “transparency” (i.e, fraud) of U.S. inventory data “influences” perceptions of what is today, as I write, the worst energy glut in global history. Which I assure you, isn’t going away anytime soon, as the only reason it hasn’t completely imploded yet is buying by a Chinese regime desperate to avoid perception of the economic collapse decimating its own, historic bubbles.

    Throw in the following sundry stories of economic collapse – like the toxic “CoCo” bonds of Spain’s sixth largest bank, Banco Popular, collapsing; U.S. commercial banks dramatically reducing auto loan originations; and U.S. homeowners’ “cashing out” mortgage refinancings at a rate not seen since the run up to the biggest housing crash in global history; and you can see why gold is indeed the “ultimate hold.” Not to mention, as the U.S. political regime deteriorates to Banana Republic status – led by a President who can’t even control an addiction to social media that has made America, in short-order, a diplomatic pariah and laughing stock. And again, I have nothing against Trump personally – as discussed at great length here; but simply, any actions, like incoherent, unedited midnight “tweets,” that weaken our nation.

    [​IMG]

    As I watch the dollar index hit a new post-Election low – despite the massive problems in Europe and Japan; and interest rates flirt with their own post-Election lows – despite the Fed’s continuing, maniacal insistence on “tightening” into an environment best described as “dotcom valuations in a Great Depression Era”; I can’t help thinking how comfortable I am holding physical gold silver. Which, aside from the potentially dramatic upside catalysts discussed above; and countless others; have been suppressed by a desperate, maniacal Cartel to their lowest-ever inflation-adjusted valuations. Which is why I enjoyed Ted Bauman’s fabulous “gold isn’t money” article yesterday, and decided to utilize it as the principal focus of today’s piece.

    In it, he reflects, in nearly parallel fashion to what I wrote in July 2014’s “is gold money? Who cares!”; i.e., physical gold (and by proxy, silver) are not owned because they are “money” – which universally, today’s fiat-loving governments fight tooth and nail to prevent the public from believing; but alternatively, because they are the best stores of value mankind has ever known.

    Not to mention, a handful of other “investment benefits,” such as…
    • Purchases of gold bullion aren’t reportable to the U.S. government. Many people think they are. That’s because if you pay with cash or a cash equivalent for $10,000 or more worth of bullion, the dealer must submit IRS Form 8300, “Report of Cash Payments Over $10,000 Received in a Trade or Business.” This requirement, however, isn’t specific to precious metal purchases. It applies to all cash transactions over $10,000, no matter what you’re buying. If you buy bullion with a credit card, there’s no need to tell Uncle Sam.
    • You don’t have to declare gold bullion when you bring it into or take it out of the U.S., the way you do with currency. Admittedly, this is a tricky issue, and many people advise you to play it safe and declare it anyway to avoid trouble. But technically, gold bullion is just like any other personal property — furniture, a car, etc. — and cross-border movements don’t have to be reported if the value exceeds $10,000, as is the case with any form of currency (including legal tender gold coins).
    • You aren’t obligated to report gold stored outside the United States. Whether you keep it in a safe-deposit box (my comment, like Miles Franklin’s unparalleled “Private Safe Deposit Box” program in Canada) or a private vault, gold bullion is considered personal chattel property — an asset no different from jewelry, artworks or any other valuable thing. By contrast, if you keep money in a foreign financial institution, you’re faced with all sorts of onerous reporting requirements, such as the Report of Foreign Bank and Financial Accounts (FBAR) and the Foreign Account Tax Compliance Act (FATCA).
    • You report and pay capital gains taxes on gold sales — but can also deduct losses. The IRS classifies gold bullion as a collectible. That means profit on its sale can be taxed at the maximum capital gains rate of 28%. The actual rate you pay is determined by the amount of time you’ve owned it and your ordinary income tax rate. You’d report capital gains from gold sales on Schedule D of Form 1040 and pay the tax when you file. By contrast, if you sell gold bullion at a loss, it may potentially offset other capital gains or even ordinary income


    For these reasons, and countless others in today’s historically unstable political, economic, and monetary climate, gold (and silver) are indeed the “ultimate buy and hold” assets, in my very strong opinion. Or, as Ted Bauman puts, it “set it and forget it.”

    http://silverseek.com/commentary/gold-ultimate-buy-and-hold-16650
     
  15. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Map of Gold: Grams/Citizen In Europe, Kyrgyzstan Bank: BUY GOLD
    Junius Maltby



    Published on Jun 1, 2017
    VERY INTERESTING MAP AND DISCUSSION! This map shows the Gold Reserves of Central Banks In Grams PER CITIZEN. We will discuss this map as well as an article regarding Kyrgyzstans Central Banker urging citizens to BUY GOLD. Join us here and now on the Junius Maltby Channel! Thank you for being here!
    ARTICLES: https://jakubmarian.com/gold-reserves...
    http://www.zerohedge.com/news/2017-02...

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    For more information go to: http://www.law.cornell.edu/uscode/17/

    **FAIR USE STATEMENT**
    This video may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This material is being made available within this transformative or derivative work for the purpose of education, commentary and criticism, is being distributed without profit, and is believed to be "fair use" in accordance with Title 17 U.S.C. Section 107.

    For more information go to: http://www.law.cornell.edu/uscode/17/
     
  16. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Missing Mexican GOLD on Mountain In Hong Kong - $9 Million Dollars of 50 Peso Coins
    Junius Maltby



    Published on Jun 6, 2017
    Treasure hunting, missing gold, bed time story read to you by Junius Maltby here on the most boring channel on youtube! Who likes missing gold? Who likes finding thick, heavy 1.2057 ounce 50 Peso gold coins? This story is for you! Lay your head on your pillow and listen up!

    Article: http://www.scmp.com/magazines/post-ma...

    SUPPORT: https://www.patreon.com/JuniusMaltby
    Channel Coin:
    https://qualitysilverbullion.com/prod...

    **FAIR USE STATEMENT**
    This video may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This material is being made available within this transformative or derivative work for the purpose of education, commentary and criticism, is being distributed without profit, and is believed to be "fair use" in accordance with Title 17 U.S.C. Section 107.

    For more information go to: http://www.law.cornell.edu/uscode/17/
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  18. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Only Gold Lasts Forever

    -- Published: Thursday, 22 June 2017

    This current state of play won’t last forever. Only Gold lasts forever

    Some days it can feel a little rough being a gold investor. In today’s article Dominic Frisby is certainly feeling that way. Sometimes it can be all too easy to get caught up in the day to day chat around prices. Some forget that the reasons why they invested are still strong, even if it feels like the price isn’t.

    Frisby reminds us that ‘We know government finances do not pass basic safety standards. We know there’s too much debt. We know asset prices are overvalued.’ and we must keep reminding ourselves that this is unsustainable and cannot go on forever.

    What will last forever is gold. This is one of the major reasons for investing in bullion; it is not just because of the price. Prices change according to the damage done by governments as well as other factors, but gold’s physical form, intrinsic value and role is here to stay.

    [​IMG]

    Dominic Frisby via MoneyWeek

    Remember the Noughties? What a decade that was for the gold bug.

    “Gold is undervalued”, you began the decade by saying. “Silver too – even more so. Gordon Brown is a fool to have sold at these prices. There is only one way this market can go and that’s higher.”

    Gold? Silver?” people would say with a slightly confused expression on their faces. “Why would I buy them? Why would anybody buy them? And how do you buy them? Do I just go and buy ingots or something?”

    “Yes”, you would say. And they thought you were even more barking.

    But then the gold price rose. Silver too. By 15% one year, by 20% the next. You might have been potty, but, fair play, you’d called the market. Anyway, it’s moved now. Too late.

    “No, you don’t understand”, you would say by about 2005. “It’s not too late. There are new ways to buy now. Exchange-traded funds, online bullion dealers, you name it. You really should buy some. You want to have some of your wealth outside of the system.”

    You may as well have been howling at the moon. Yet every year the price would rise by another 10%, 15% or 20%. Sometimes by even more. When they called you batty, you just shrugged and pointed to the ticker. There’s no arguing with the ticker.

    House prices got more and more inflated. Stock prices did too. Fine art and other collectibles reached stupidity pitch.

    “The monetary system’s broken”, you warned. “There’s too much debt. There’s too much leverage. It’s going to go tits up.”

    “He’s really lost it this time,” they would think. “Apparently there’s going to be some kind of meltdown. LOL.”

    And sure enough, 2008 came along. By now, you might not have achieved guru status, but you certainly weren’t the crackpot people once thought you were. People quietly came to you for advice – out of the earshot of their friends – “so how do I go about buying gold?”

    And you would tell them. And the bull market went on. Every year another gain. Every year, the S&P 500 was outperformed by gold. Every year a chart showing gold v. other assets since 2000 – gold always the winner.

    It was all happening just like you said it would.

    The turning tides of fashion leave gold stranded

    And then something changed. It’s hard to say what, but since 2011-12, the golden dream has turned base. Instead of rising by 10%, 15% or 20% a year, it has fallen by a similar amount.

    With each decline in price, the arguments of the Noughties have started to look more and more far-fetched. Many have deserted the cause altogether. With each 10% fall, the stockmarket has risen by 10%. When you factor in the opportunity cost, the loss to the gold bug has been enormous.

    Then some tech whizz called Satoshi Nakamoto invents something called bitcoin – and deliberately models it on gold. It does everything gold was supposed to do. It rises by thousands of percent. A cult of devotees proclaims it spells the end of government currency. People actually use it to buy and sell stuff. The young embrace it – and thus the future embraces it. $10,000 bitcoin is coming, they say.

    “We used to say the same thing about gold”, mutter a few wise, grey-haired men. They shake their heads. They know they were right. But somehow the once and future money was not the right vehicle.

    Like an improbable Rocky movie, in 2016 gold somehow staged a comeback. The price rallied. The mining companies rallied by even more. The Brexit vote happened. Sterling plummeted. UK gold owners saw the value of their holding rise by close to 50% at one stage.

    “They’re losing control again”, said the gold bugs, no longer muttering, but gaining in confidence.

    But then it all petered out again. By the end of 2016, the gains were OK, but negligible in the context of what had gone earlier. Gold continues to go nowhere in 2017, up for a bit, then down for a bit. The price as I write is $1,245 an ounce – same as it was in 2010.

    Once upon a time gold charts began in the bottom left and finished on the top right. Now they start in the middle and end in the middle. Below we see the last four years of frustrating meandering. False dawns a plenty – but not crashing either. Just a boring nowhere investment, while money is made elsewhere.

    [​IMG]

    In Frisby Towers we survey the lay of the land and we sigh. We know government finances do not pass basic safety standards. We know there’s too much debt. We know asset prices are overvalued.

    We know that quantitative easing (QE) and zero-interest-rate policy (ZIRP) have breathed life into that which should long be six-feet under. We know rates have to go up eventually. We know that when they do, all hell breaks loose. We know that gold’s time will come again, even more so than before.

    The problem is we don’t think that time is nigh. We hope we’re wrong. But that’s what we think. We just can’t see a major imminent move or a change in sentiment.

    We note that each low gold makes is higher than the last – $1,120, then $1,180, then $1,200, then $1,220. Some might call that an uptrend.

    But we also note that this move is unconfirmed by the miners, which have yet again been bleeding investors’ capital, as is their wont. For a proper bull market to happen, the two must dance together.

    Our outlook is for more frustrating range-trading. As it stands, $1,050 looks like it’s the low. Maybe it needs to be re-tested again – just as $250 was in 1999 and 2001. Maybe not. The next line of support must be the $1,130-$1,140 zone.

    On the upside, $1,300 is a barrier, $1,380 another. There’s a long way to go even before we get the almost insurmountably large hurdle that is $1,500.

    I’m sorry to say it, but we could be range-trading for a few years yet. But this current state of play won’t last forever. Nothing lasts forever.

    I take that back. One thing does last forever – gold. Gold is, by its very nature, eternal. The current mood of investors is not. There are worse things to own – for the long term.

    This is Dominic Frisby’s latest article for MoneyWeek.

    News and Commentary

    Gold prices rise from 5-week lows as dollar eases (Marketwatch)

    Gold steadies as oil plunge dampens U.S. rate hike expectations (Reuters)

    U.S. Stocks Drop on Brent Bear Slump, Gold Rises: Markets Wrap (Bloomberg)

    U.S. existing home sales unexpectedly rise in May (Reuters)

    Belgium Tightens Security After Failed Brussels Bombing (Bloomberg)

    [​IMG]

    What is going on with Turkey’s gold trade? (Harriet Daily News)

    Perth Mint considering banning staff from wearing underwire bras (IB Times)

    Anti-Gold Propaganda Flares Up (IRD)

    Owning Gold Is The First Step To “Freedom Insurance” (Zerohedge)

    Automation’s Destruction Of Jobs: You Ain’t Seen Nothing Yet… (Zerohedge)

    - www.GoldCore.com

    - See more at: http://news.goldseek.com/GoldSeek/1498140229.php#sthash.Bs2mSezZ.dpuf

    http://news.goldseek.com/GoldSeek/1498140229.php
     
  19. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Happy Thursday................

     
  20. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Why Billionaires Buy Gold
    Junius Maltby



    Published on Jun 26, 2017
    Why Billionaires Buy Gold - from the Visual Capitalist and Sprott Asset Management; we take a look at 4 Billionaire hedge fund managers and why they have chosen gold as a portion of their holdings. Welcome to the Junius Maltby Channel.

    SUPPORT: https://www.patreon.com/JuniusMaltby
    Channel Coin:
    https://qualitysilverbullion.com/prod...
    I will try to learn BTC Here: 1JkPsq9vGpbs1hxkNtRBW6Yp8nnx8Gvrx that does NOT mean I trust it however.

    **FAIR USE STATEMENT**
    This video may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This material is being made available within this transformative or derivative work for the purpose of education, commentary and criticism, is being distributed without profit, and is believed to be "fair use" in accordance with Title 17 U.S.C. Section 107.

    For more information go to: http://www.law.cornell.edu/uscode/17/
     
  21. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  22. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  23. Ebie

    Ebie Midas Member Midas Member

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    Well some rich people/organizations are not buying gold--they are holding on to dollars. That is why dollar velocity is very low. I don't know who is actually holding all those low velocity dollars, or why...

     
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  24. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Fine Gold versus F.I.N.E. Central Banks


    -- Published: Wednesday, 5 July 2017


    By Gary Christenson

    Gold is one of nature’s finest creations.

    [​IMG]

    On the other hand central banks create trillions of fiat currency units – dollars, euros, yen, quataloos, whatever – from nothing and use those currency units for purchases … Apple stock, salaries for a thousand Ph.D. economists, office buildings, lobbyists, politicians, gold bullion etc.

    It is unfair that the Fed creates trillions of dollars from nothing and values those dollars equally with other dollars created from the efforts of millions of businesses and individuals.

    UNFAIR? Of course it’s unfair. That’s the point! With their “unfair” ability to create fiat currency that spends the same as existing currency, central bankers increase their power and wealth at the expense of citizens. They own or control governments, congressmen, CEO’s, commercial bankers and more.
    Don’t expect this to change. Those in power like things as they are.

    Gold or fiat currency? Honest money or “funny” money?
    From (the brilliant) Alasdair Macleod: “Understanding Money and Prices

    “Gold matters, because, excepting silver, it is the only form of money that has survived since individuals discovered the convenience of money over barter. It is beyond the control of governments, as they cannot issue it without acquiring it first. It is subject to the constraints of its quality, so that as a medium of credit it cannot be debauched, only defaulted upon. Its relative inflexibility and its soundness are the primary reason governments do not like monetary gold, and force their preferred alternative on their citizenry. The vested interest of government is therefore to discourage, or even ban the use of gold as competing money.”

    Fine Gold or F.I.N.E. Central Banks?
    A F.I.N.E. central bank can be defined as a Freaked out, Incompetent, Neurotic, Excessive central bank.

    Freaked out: Central banks have devalued currencies, “stimulated” economies by massive “printing” of currency units, forced near zero and “negative interest” rates upon economies, and a hundred other deceptive, destructive and devaluing practices. They are freaked out because ordinary people realize central banker economic models and policies only benefit the wealthy.

    Central banks are enormously helpful to the financial and political elite. The “game” is not over but their edifice constructed on fiat currency, lies, and bad policy is wobbly.

    Incompetent: The Fed has devalued the U.S. dollar by about 98% since 1913. Central banks lowered interest rates to near (U.S.) or below zero (Europe) since the financial crisis of 2008, and yet the economies of Europe and the U.S. remain weak or have contracted. If central banks are expected to support their economies, they appear incompetent. However, if their purpose is to extract wealth from the citizens and transfer it to the elite, then central banks are competent and successful.

    Neurotic: QE1, QE2, operation twist, “whatever it takes,” serial bubble blowers, try something to see if it works, and flip-flop often.

    Excessive: The Fed added $4 trillion to their balance sheet since 2008. Total central bank “creations” approach $15 trillion. Excessive indeed!

    Fine Gold or F.I.N.E. Central banks?
    And the consequences of central banker actions will be … what they always are: Devaluation of currencies, transfer of wealth to the few, increased debt etc. It has been reported that global debt is now $217 trillion. Choices:

    1. Debt will increase forever. (Doubtful!)
    2. Default. Sorry, we aren’t repaying that debt.
    3. Default. Sorry, we are devaluing the currency units by “printing” trillions more, which will create consumer price inflation, hyper-inflation and collapse, but hopefully after the next election. Extend and pretend, “keep this sucker running for a few more years,” not in my lifetime, etc.
    History shows that fiat currencies always collapse. Will today’s euro, pound, dollar and yen be different?

    The end-game according to Alasdair Macleod:

    “The outcome is inevitably cyclical. Prices will start rising at a greater rate, and interest rates must rise to keep pace. Unaffordable nominal rates in the near to medium term are a racing certainty. We can assume that a new financial and economic crisis will follow, in which case over-indebted businesses will go bust, asset values crash, and banks will move from insolvency toward bankruptcy, just as the deflationists fear. The response from central banks will unquestionably be to flood the financial system with yet more money [the fiat stuff] to keep the banks alive, and insolvent businesses afloat. Quantitative easing to support asset prices and to fund government spending will have to be reintroduced at a greater level than seen heretofore.”

    A preview of what is coming:
    Illinois: “From Horrific to Catastrophic

    Chicago Police Pension Fund

    Italian banks collapsing

    Deutsche Bank Silver Manipulation

    Pension Apocalypse Is Coming

    The Broken States of the Union

    Gold for preservation of assets and purchasing power is necessary. Otherwise why would China and Russia substantially increase their gold hoards every year?

    Gary Christenson

    The Deviant Investor

    www.gechristenson.com

    http://news.goldseek.com/GoldSeek/1499265459.php
     
  25. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Real Physical Gold vs Manipulated Paper Gold


    -- Published: Sunday, 9 July 2017

    By Rory Hall

    Long time readers of The Daily Coin may remember we interviewed Peter Boehringer, the architect for the German Gold Repatriation Movement. Peter has been skeptical of the information provided by the Bundesbank since day one. Bundesbank, Germany’s Central Bank, has never once produced a gold bar serial number, an assay or any actual tangible proof that Germany has ever received any of the gold they requested from clutches of the Federal Reserve. This would have never been a question as Germany would have all their gold had World War II turned out different and the Germans feared the Russians would steal their gold. So, they allowed their gold to be moved to the New York Federal Reserve and France for “safe keeping”. I feel confident the Germans were strong-armed by the “allies” after WWII and forced to give up a portion of their gold. Even in the 1940’s, it seems, “Russia did it” was the meme of the day. – but I digress.



    To hear another interview featuring Peter Boehringer with Sean and Rory on SGTReport – click here

    In January 2013 Germany made a formal request for the return of 300 tons of gold being held (hostage) in the New York Federal Reserve and an additional 374 tons being held (hostage) in France. The Federal Reserve said it would take until 2020, a full seven years, to return the 300 tons. To put this into proper perspective the Shanghai Gold Exchange in China has been known to move more than 300 tons of physical gold in one weeks time – far less time than seven years. Why the long delay? If Germanys gold is being held (hostage) in the NY Federal Reserve, simply audit the gold, pack it up and ship it out. It really shouldn’t take more than, conservatively, a month.

    As of June 2014, eighteen months later, Germany had only managed to repatriate a paltry 37 tons or approximately 15% of the requested gold.

    Fast forward to what we know as of December 2016. Mr. Boehringer explained to the world the German gold being held (hostage) was not physical gold, but paper gold promises. In an article published at GATA, Peter explains the situation.

    The important news came December 21 from the major German news agency, DPA-AFX, and most likely was written by the Bundesbank itself for DPA-AFX. The news agency published a German-language news brief that was uncritically republished by most German newspapers and magazines without anyone recognizing its political, economic, and historical sensitivity.

    The news item said: “… in den 1950er und 1960er Jahren wuchs der deutsche Goldschatz rasant. Denn. … Bundesrepublik [hatte] dank des Exports viele Dollar, die bei der US-Zentralbank gegen Goldforderungen eingetauscht werden konnten.”

    In English: “Germany’s gold hoard grew rapidly in the 1950s and 1960s. Thanks to its export surplus, the Federal Republic amassed many dollars that could be exchanged at the U.S. central bank against gold claims.”

    The news brief’s term was “gold claims” — not “physical gold bars,” which both the Bundesbank and the U.S. Federal Reserve contend have constituted the German gold reserves held in the United States.

    ****

    So it is reasonable if we now consider nearly official what gold “conspiracy theorists” have been assuming for decades. That is, the German gold reserves supposedly stored abroad and especially at the Federal Reserve Bank of New York most likely never existed in physical form since the 1960s. Rather the German gold supposedly stored abroad most likely has been only a matter of accounting book entries. Source

    So, it appears there has been a paper game going on for the past several years, which explains what Louis Cammarosano uncovered. Germany is actually losing gold and has a lot less gold today than they did in 2013.

    [​IMG]

    Click image to enlarge

    Isn’t that interesting? It appears Germany’s national gold has actually declined by approximately 15 tons since 2013 and since 2007 Germany’s national gold stack has dropped by 45 tons! Who now has the gold that Germany sold into the market? Why, on the one hand, is Germany asking for their gold to be returned and on the other hand selling gold?

    In 2014 the Federal Reserve allegedly shipped 85 tons of gold to Bundesbank. 50 of the 85 tons were supposedly recast gold bars. How do we know this? Where are the gold bars, what are the serial numbers and where are the assays? I thought all the “repatriated” gold was merely a ledger sheet entry – this is from Bundesbank!! What is going on with the gold and ledger sheets of this crime syndicate? I thought it was illegal to operate a company, especially a bank, with two sets of books! How many sets of books is Bundesbank actually using?

    This shows another angel of how the paper gold game is played. On the one hand Bundesbank, the Federal Reserve and the governments of both countries have supported the “idea” that Germany has “repatriated” close to 700 tons of gold, while in fact their gold stash has been in decline. This lack of regulation, integrity, honor and rule of law the world over, should be another sign that we, the citizens, are on our on.

    The chart above shows a steady decline year after year after year. It appears to be a fairly consistent drop, meaning Bundesbank is shedding roughly the same amount of gold each year, like making an annual payment using gold.

    Update July 9, 2017 – In the companion video to this blog post, I noted that I would contact the Deutsche Bundesbank to determine why they have been steadily selling gold. I received a twitter notice from @BullionBaron with an excerpt from the 2016 DB annual report indicating that DB sold 3,045 kg or 0.1 million oz of gold to the Federal Government at market prices for the purpose of minting gold coins. I reviewed DB annual reports for the period covered by this blog post (2007-2016) and there is a note in each one indicating the sale of gold each year between 100,000 -200,000 ounces for the purpose of minting gold coins.

    DB noted in its 2012 annual report: “As part of its management of gold reserves, the Bundesbank has, since 2002, been selling small amounts each year to the Federal Office for Central Services and Unsettled Property Issues to mint gold coins. In 2012, it sold around 4.9 tonnes of gold in total for the minting of the €100 gold coin “UNESCO World Heritage– Aachen Cathedral” and the €20 gold coin “German forest – spruce”. The sales took place under the extended gold agreement between the central banks of the Eurosystem, Switzerland and Sweden in August 2009.” A similar note appeared in the 2011 DB annual report, indicating a sale of around 4.7 tonnes for the purpose of minting the €100 gold coin “UNESCO World Heritage– Aachen Cathedral” and the €20 gold coin “German forest – spruce”. Source

    Another Western “developed” nation selling their national gold hoard. Canada sold all but 77 ounces of their national gold hoard in 2016.

    Without the rule of law these types of crimes against humanity will continue unabated. Gold is the key to a healthy, lawful monetary system. Without gold exposing the lie the fiat currency is telling we should only expect corruption, fascism and endless war – such as we have experienced for the past 50+ years.

    China and Russia seem to be following the golden rule – he who has the gold makes the rules. With both nations acquiring gold, along with several other smaller “emerging” nations, it appears, they are planning to make the monetary rules in the near future. Avoid the rush – keep strong and keep stacking.


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  26. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    India Removes 220 Tons of Physical Gold


    -- Published: Tuesday, 11 July 2017

    By Rory Hall

    We recently reported how the people of India has swallowed a massive 1,473 tons of silver in the month of May 2017. Not only was this one of the largest months for Indian silver imports it was more ounces of silver than the U.S. Mint had sold Silver Eagles in the whole of 2015. 2015 set the new all time high for American Silver Eagle sales and it took the U.S. Mint all year to do what India did in one month! Impressive to say the least.

    Now we learn that India also imported a massive volume of gold during the month of May 2017, more than double any other month in the last 12 months.

    Take a look at this chart. The volume of gold moved through India in May represents close, X China, to 10% of global gold mining production.

    [​IMG]
    Click Image to Enlarge

    How much did gold rise due to all this physical demand? It appears to have risen about $10-$11/ounce. Nothing shocking or stunning about a $10 rise in the price of gold.

    [​IMG]
    Click Image to Enlarge

    India offloaded 220 tons of gold and the price of gold moved less $12/ounce. Also, this has had zero short/long term impact on the price of gold because as of July 10, 2017 gold is trading for less than $1,212/ounce. A significant move to the downside.

    [​IMG]
    Click Image to Enlarge

    So, how is the price of gold determined if India can import close to 10% of global annual gold production and within 45 days gold has moved to the downside by more than $40/ounce?

    Recently, there was a well respected voice in the gold community stating a sovereign entity would be offloading some 250 tons of gold in one order and this would cause gold to rise exponentially. Well, not according to the information laid out above. If India can claim 220 tons of gold during the month of May and within 45 days gold has moved down by approximately 3.5%, should we expect the same with this future unknown sovereign acquiring 250 tons of gold? Which, by the way represents, more than 10% of global gold production. If this does in fact come to fruition that would mean more than 20% of global gold production would be removed in two months. Assuming all the other channels for gold acquisition did not shut down and continued acquiring gold as they have in all the other months this would mean there would need to be some real physical gold coming to market. I presume, the market can handle it, as the physical gold market has shown little to no signs of strain due to India’s acquisition. The Shanghai Gold Exchange premiums have not risen dramatically, we haven’t heard about any other gold market experiencing a massive increase in premium to the LBMA rigged price of gold.

    The real question is will India follow through in June and July?

    If the pattern above plays out, and I hope this sovereign does in fact acquire 250 tons of gold, that would mean gold would be down close to $1,175/ounce by the end of August, which would make for a great opportunity for all us little guys to stack, stack, stack!!

    And this brings me back to the same question I have been asking since at least 2013 – where is the gold coming from?



    Video Source Visit smaulgld.com

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  27. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    The Gold Industry is in a Massive State of Dysfunction, Delusion and Denial

    -- Published: Tuesday, 11 July 2017

    By Stewart Dougherty


    In 1980, the Financial Deep State realized that there existed an extraordinary opportunity for serial plunder and profiteering: the manipulation of the gold and silver markets. They immediately mobilized to exploit it.

    During the subsequent 37+ years (we are now well into the 38th), the Deep State manipulators have criminally looted the gold and silver markets, pocketing astronomical profits for themselves in the process, all of which have come from real victims on the other sides of their fraudulent trades. While literally billions of people worldwide have been financially damaged by this crime, many of them severely, not one of the perpetrators has spent so much as ten seconds in jail for the global looting spree they have conducted. This is because precious metals price fraud is a state-sponsored crime.

    While in this article we will concentrate on gold from here on, the exact dynamics we describe also apply to silver. The only difference between the two is that the price carnage in silver has been far worse than it has been in gold, on a percentage basis.

    As a consequence of the unrelenting gold price manipulation, gold has been thrust into two severe bear markets that have lasted for more than 27 of the past 37 years, or more than 72% of the time.

    The first bear market ran from 1980 until 2001, during which the gold price was savaged from $850 to $250 in nominal dollars, a plunge of 71%. Inflation-adjusted to today’s dollars, the carnage was even worse: it collapsed from $2,674 to $344, an 87% implosion.

    In 2001, in the midst of unprecedented (at the time, but far worse now) economic, financial and monetary pressures, gold embarked on a ten year rise to a nominal (although not inflation-adjusted), all-time high of $1,925. The Financial Deep State had its hands full then with other, more pressing matters (such as keeping its global financial and monetary Ponzi schemes from disintegrating), and was forced to take its eyes off of the gold ball. It is impressive what gold can do when it is freed from the chains of greed, looting, and official corruption.

    By 2011, after employing its signature techniques, including rampant counterfeiting and reporting fraud, the Deep State had returned the errant financial genies to their poison bottles, and was able once again to focus its attention on its favorite, most profitable crime: precious metals price rigging.

    For the 6+ years since, gold has been slammed into a second major bear market, during which its price has been crushed from $1925 to $1050, a collapse of 45%. It has recovered somewhat to $1210 at the time of this writing.

    During the entire 37+ year period, and particularly during the 27+ years of outright price annihilation, the major gold miners have done precisely nothing to expand the market for physical gold via advertising, direct marketing or any of the other proven demand-creation techniques. They have also done nothing to support gold’s price in any way, or to take action against the criminal price manipulators.

    The industry’s sole innovative effort during this period was to have its association, the World Gold Council, get behind a gold ETF, GLD. The management of this ETF was placed in the hands of the Financial Deep State, the exact people who have manipulated the gold price for 37+ years. Worse, the ETF was set up so that its physical reserves are immune to audit. Very few people, all of them members of the Financial Deep State, know what actually goes on behind the closed doors of the gold ETF.

    GLD was supposed to open the floodgates of demand for physical gold, and resuscitate its price so that it would at least keep up with inflation, which, at the very least, is what gold is supposed to do. But this did not happen.

    Inflation adjusted to today’s dollars, gold hit its all-time high of $2,674 in January, 1980. (We are using U.S. government inflation statistics, which are deliberately understated.) As of July 7, 2017, it was $1210, down 55%.

    From its inflation adjusted high of $2095 in 2011, it is now down 42%. (The reason we use the 1980 and 2011 gold price highs for these comparisons is that the market was relatively free from interference at those times, and the price was heading toward its natural level in both cases. According to more than a dozen objective metrics we could cite, the current gold price is a fraction of what it should be, which means that the referenced “high” prices are actually conservative.)

    As we can see, GLD has failed to deliver on its promise, most likely because any gold that might be in its inventory is used by the Financial Deep State for multiple, conflicting purposes, such as leasing and hypothecation. Such machinations would further pressure the gold price. There are numerous additional problems with the ETF from a market development standpoint, but they are beyond the scope and purpose of this article. The simple fact is that the gold industry’s singular market development innovation in nearly 40 years has been a total flop, which is proven by the ceaseless and ongoing price decimation of gold. A flop is exactly what the Financial Deep State intended and designed the ETF to be.

    As we pointed out in detail in a previous article (“The Traitors Aiding and Abetting the Deep State’s Dirty, Dying War on Gold”), gold is the world’s pre-eminent and most historic consumer product.

    At the same time, gold is unique in the history of global consumer commerce in that its price is set neither by its producers nor its marketplace.

    Instead, the price of gold is falsely concocted by a corrupt, criminal, immoral, conscienceless, thieving, money-addicted set of Wall Street, Washington, D.C., City of London and Basel, Switzerland central and commercial bank schemers, cheats, and parasites. In other words, by the lackeys and footmen of the Financial Deep State.

    While the Fed and other Deep State puppets have floated subtle memes that there is a noble purpose behind the control of gold, such as to support the dollar and preserve confidence in their (disintegrating) financial and monetary system, these are nothing but contrived and coagulated lies designed to cover up the biggest financial crime in history. (In a previous article, “Gold and Silver Price Manipulation: The Biggest Financial Crime in History,” we outlined how this multi-decade crime has netted its perpetrators more than $1 trillion in profits, while also resulting in trillions of dollars being stolen from billions of owners of gold and silver worldwide, the majority of whom are of humble means. (For example, Indian villagers whose savings are held in the form of gold and silver jewelry.) Extraordinarily rich people who steal from the humble and poor are particularly sick in the head, and this is the kind of theft we now see everywhere we look, thanks to the raging epidemic of state-orchestrated, totally non-prosecuted financial criminality.

    All the while, the major mining executives have not publicly uttered a single complaint about or done one thing to stop this price fraud. They act as if everything is just fine. Of course they do: they receive exorbitant, structured, no-lose compensation packages, while their shareholders get screwed to the wall and the global holders of gold in all forms get robbed blind.

    As Shakespeare’s King Lear pointedly said to his daughter Cordelia, “nothing will come of nothing.” That is exactly what the world has received in the way of support from the pompous, overpaid, senior executive bureaucrats and freeloaders of the mining industry, who have done nothing to defend their product as it has been systematically discredited and disgraced: Nothing.

    The gold industry throughout the broadly-defined “west” is suffocating to death under the phony price compression. It is not just gold’s price that is dying; demand is, too. Who in their right mind wants to save or invest in an item whose price is maniacally tossed around like a rag doll, cannot even keep up with inflation over time, and is completely psychotic and unpredictable?

    The Financial Deep State is, of course, delighted by its success in making a laughing stock of gold, particularly as compared with virtually every other asset class in the world, including baseball cards and vintage Herme’s handbags, all of which have soared in price. The destruction of gold sentiment has always been its main objective, from the very beginning. It is a required co-factor in the FDS’s most ambitious, corrupt, ruthless and money-hungry agenda ever: its scheme to eliminate cash. The profits the “cashless society” scam will suck out of the people’s pockets will be so astronomical and mind-blowing that they will make the mere $1 trillion stolen from the precious metals market look in comparison like a noble act of FDS self-restraint, and a tip they might toss to a caddy. We will see looting in the tens of trillions of dollars, which will financially bomb mankind back to the Stone Age.

    Many gold pundits would like us to believe that gold will always be the King of Money, no matter how devastated its price becomes. But the evidence proves otherwise. Over time, all manner of things have served as money, or currency: cows, sheep, camels, clam shells, cowrie shells, bronze ingots, copper replicas of cowrie shells, metal tools, deerskin, you name it. And all of them have faded away like Ozymandias, the one-time King of kings who is now just dust amidst sand. Today, in the United States, it is estimated that 99.5% of the citizens own no physical gold whatsoever in monetary or investment form. For that massive cohort, gold is already completely irrelevant. Though the numbers in Europe are somewhat better, the overall situation is similar throughout the west: mass non-ownership.

    Of course, any real and talented, as opposed to fake and incompetent industry executive would contemplate that number with awe and excitement. Today, it is virtually impossible to find anywhere in the world a consumer market that is 99.5% non-penetrated. For any business executive who actually knows what he or she is doing, this is like having a license to shoot fish in a barrel. How can one miss?

    Aristotle said that “nature abhors a vacuum,” and gold is the latest proof of it. Having completely failed its owners and supporters for years, people are now beginning to reject gold and embrace cryptocurrencies, or any other investment vehicle for that matter. This is accelerating the withering trend for gold. And while we firmly believe that gold has a vital, indispensable role to play, the market is increasingly saying, “No, it doesn’t, at least not for me.” Investors vote with their feet by simply walking away, and this is what they are doing when it comes to gold. (Our gold research with millennials is sobering beyond belief, but that is a different topic.) The point is that gold demand in the west is in deep trouble and literally a fraction of its potential, but actually doing the work to fix this problem is of no interest whatsoever to the lazy and visionless gold industry fixed-compensation-package executive opportunists.

    Completely oblivious and inert to what is happening right in front of their faces, gold industry executives are demonstrating that they are in a massive state of dysfunction, delusion and denial.

    Are we being stern? Yes. Why? Because this has been going on for 37+ years, and their free passes expired a very long time ago. Enough is enough.

    To place the gold price-rigging farce into perspective, let’s ask our good friend Mr. Satire to help us draw a parallel.

    Assume that the Financial Deep State’s greed is going exponential (which it is), and that the FDS is no longer satisfied with its “mere” multi-billion dollar annual theft from the gold pits . The ugly, insatiable beast wants more.

    So its denizens come up with a brilliant idea: how about we move into consumer electronics!

    They have a chat with their friends at the Crimex, grease all the necessary palms in the “regulatory” community, and next thing, a new paper trading vehicle is announced: iPhones!!! Yes, the world can now trade iPhones on the Crimex, and to legitimize its new product, the Crimex announces that it has actually purchased, count ‘em, 10 iPhones which they have securely stored in their vault.

    They are thrilled about the inauguration of this new money-making opportunity. And on the first day of trading, out of the blue and in a matter of seconds, they short 1 million paper iPhones, crushing the price from $850 to $250 dollars. Yet another $600 million criminally stolen from the markets, and stuffed into their already stuffed pockets.

    The scheming traders want to cover their shorts, so they call Tim Cook and say to him, “We would like to order 1 million iPhones for $250 apiece.”

    By the identical stupidity demonstrated for decades by the major gold miners, we are to believe that Tim Cook would reply, “Wow, that’s quite a price drop. I think we’re going to lose a bunch of money on this trade, or at best, break even. For sure, the shareholders are going to take it on the chin, because our profits will plunge if we sell iPhones for this amount. But hey, you Wall Street guys manipulate every other market on earth, why shouldn’t you be able to control the price of iPhones, too? So sure, I’ll call the people in Sales and authorize them to sell you a million iPhones at $250 each.”

    The manipulators are in ecstasy. They are well on their way to solving their eternal riddle: how to create absolutely limitless wealth by doing next to nothing other than simply exploiting the hard work of others.

    Emboldened, they head back to see their friends at the Crimex, with the bribed regulators in tow. And the following day, the Crimex makes another exciting announcement: they are now getting into automotive vehicles, too!

    Specifically, the Crimex introduces a brand new exchange for paper GM Suburbans! And to prove the legitimacy of their new exchange, they announce that they have purchased 10 Suburbans, and stored them seven stories underground within the New York Fed’s vault. They needed to do this because they ran out of space in their own modest vault given that they had to squeeze all those 10 iPhones amongst the 35 ounces of physical gold they have on hand to support the 47,000,000 ounces currently shorted.

    The first day of trading unfolds, and the Deep State decides to double down: they short 2 million paper Suburbans at 4 AM, East Coast time, on a holiday morning. As expected, the price plunges in 3 seconds from $50,000 to $25,000, giving the looters an instantaneous profit of $50 billion. Now that represents some serious Benjamins, and they’re on the phone with Mary Barra in a matter of minutes to seal the deal and protect their score. “We want to buy 2 million Suburbans for $25,000 apiece,” they announce.

    Mary is floored by the demand. “Jeez, guys, how on earth are we supposed to make any money selling Suburbans for $25,000 each? Profits are going to plunge, and so is our stock price.”

    The swindlers sharply reply, “Look, that’s not our problem. The price is the price, and you can go to your computer right now and clearly see that Suburbans are priced on the Crimex at $25,000. We want our Suburbans, at that price. And as a head’s up, if you have a problem with this, then you’re going to have a problem with the FED, ECB, BIS and your Wall Street bankers, and you don’t really want that, do you?”

    “Well, no, I certainly wouldn’t want to upset the FED, ECB, BIS or our Wall Street bankers,” Mary responds, ruefully. “And looking at my computer screen, I can see that you are absolutely correct: the Crimex price of Suburbans IS $25,000, so I guess there’s really nothing I can do but sell them to you for that amount. I’ll call the head of Operations and have him tell his people to start loading up the transport trucks.” She then calls Investor Relations and warns them to buckle-up. Their forward guidance was just blown to smithereens.

    Does anyone reading this article really think that the executives at Apple and GM would be such complete pussies, jackasses and idiots as to roll over for a total scam like that, not just once, but thousands of times over nearly four DECADES??? Does anyone really think those corporations would give away their limited, hard-made products, for next to nothing, to a corrupt bunch of Wall Street swindlers and pukes who were illegally trying to rig their market? Does anyone honestly think that real CEOs, as opposed to clueless mining industry fakers, would sacrifice their customers and shareholders on such an altar of incompetence, stupidity, and cowardice?

    Of course they wouldn’t just go along with such a shakedown. Apple and GM would hire the most talented and vicious lawyers on the planet, and they would rip the faces off the Wall Street con artists so blatantly attempting to cheat them and destroy their companies and industries. In the process, they would expose the Wall Street crooks for exactly who and what they are, once and for all.

    Apple is renowned for its unprecedented stash of corporate cash, now totaling $246 billion. How did they amass so much money? By creating great products and then brilliantly marketing them at prices that would create robust profits for the corporation and its shareholders. They didn’t give anything away; they charged top dollar for what they offered, and their customers were glad to pay it, because they got good value in return.

    The pathetic, mewling mining executives moan that gold is “just a commodity,” and that they have no pricing power over it. What an insult to people’s intelligence. Gold is the most beautiful form of money on earth. And virtually every human being on this planet has a need for and uses money. Far more people by orders of magnitude, in fact, than currently need or use Apple’s products. What a pitiful excuse for these overpaid freeloaders to concoct in a lame attempt to rationalize their complete lack of marketing vision, talent, and effort.

    Here is a question for the Fed, Treasury, ECB, BIS, and Regulators: you people obviously condone and encourage the paper gold and silver price manipulation scam, because you’ve done absolutely nothing to stop it for nearly 40 years. Perhaps you even helped design it, in cahoots with your banker owners.

    So the question is: if paper consumer products are such a great idea for society and you, why did you stop at gold and silver? Why don’t we have paper TVs, paper computers, paper houses, paper cars, paper wine, paper tires, paper mattresses, paper refrigerators, paper beds, paper pharmaceuticals, paper Huggies and paper toilet paper? Why isn’t every single consumer product paper-tradeable on the Crimex, so that Wall Street, the City and all their brethren can profiteer on every single thing that human beings need and do in their daily lives?

    As acolytes of the Financial Deep State, how could you Central Tankers be so remiss as to leave so much easy money on the table, and out of your masters’ pockets? With paper everything, they and you could loot the people into oblivion. And if this opportunity is properly exploited, it could take Central Tanking to a whole new level of expansion, criminality and destructiveness.

    At first, we considered that the Financial Deep State might have stopped short of Paper Everything because it would be so blatantly illegal that it would embarrass even them. But we realized that can’t be it because they couldn’t care less about petty legalities. What do professional counterfeiters care about the law?

    We suspect they stopped short because they are now singularly focused on their Master Plan: the elimination of cash. That’s the Big Kahuna for the Central Tankers and Financial Deep State; the giant Hoover in the Sky that will enable them to suck inconceivable sums of the people’s money down their Midas throats. Once they have eliminated cash and forced the people’s money into their digital financial concentration camps, the people are going to suffer an endless series of service fees, transaction fees, usage fees, maintenance fees, account access fees and the like. The proverbial death by a thousand cuts.

    But those will just be the warm ups. A few years ago, an IMF document was leaked that spoke about the wonders, to the Deep State, of a 10% “capital levy” being imposed upon the people’s assets, without warning on a Sunday night when the banks are closed, supposedly to create “debt sustainability.” We are not making this up; this is exactly how they presented it, so you can see the kind of predatory, sneaky schemers they really are. Please note: the IMF was not talking about a plan to pay down the sovereign debt; they were talking about being able to pay the interest on it. Their paper said not one word about governments reining themselves in to reduce their surging deficits. Therefore, it is clear that the 10% capital levy will be just be one of many, because the first one won’t fix a thing.

    The citizens of the United States … no, not Yellen, Fischer or the Fed; not Draghi or the ECB; not Mnuchin or the Treasury; not Lagarde or the IMF; not the BIS or any of the other supra-national institutional Central Schemers of our world … the American People are said to own roughly 261 million ounces of gold. We happen to believe that is a near certainty this gold is gone: leased, pledged, hypothecated or outright sold, and no longer owned by the people. But let’s say we’re wrong.

    As we know, the U.S. federal government debt is now $20 trillion and climbing, with additional off balance sheet obligations totaling several trillion more. To this we must add the unfunded contingent liabilities, for such programs as Medicare, Medicaid, Social Security, federal government employee pensions, military pensions, veterans’ medical care and the like. This number is so gargantuan it is literally impossible to calculate, but we know for a fact that it is at least $150 trillion, net of all projected tax receipts. So the nation is in the hole by, at minimum, $175,000,000,000,000.00, aka $175 trillion.

    If the price of gold increased by $10,000.00 per ounce this afternoon, the United States citizens’ supposed gold holding would increase in value by a mere $2.6 trillion, in other words, absolutely nothing compared to the country’s federal debt and obligations. (State, county and municipal debts and unfunded liabilities are massive and incremental.)This is just one example of why the current, criminally rigged $1,210 price of gold is not just a farce, but a reflection of the sheer, in-our-faces brazenness, smugness, and arrogance exhibited by the manipulating thieves. Their crime is absolutely blatant and they couldn’t care less, because they know that they will never be prosecuted. They are not above the law; they are the law. And then have the gall to tell us they do “God’s work.”

    What will spell the end of this colossal criminal conspiracy, we do not know. But we are strong believers in the saying: “If you keep on doing what you have been doing, you will keep on getting what you have been getting.” Unless there is a groundswell uprising by the people who have been victimized by this crime, we doubt that much will change. The Financial Deep State is certainly never going to willingly walk away from the price manipulation money machine they created and operate, and that has delivered to them such astounding profits. But we believe there are things every reader of this article can do to pull some weight. You are smart (you wouldn’t be interested in gold if you weren’t; it is the world’s most intellectually challenging and fascinating market), and we do not wish to suggest what you might do. You already know what’s right for you given your particular situation. We would urge you to do those things, and to assume that many others are taking action, too. If we do not rise up, none of this is ever going to change.

    Not meaning to be too cosmic on this summer day, we would like to add that we sincerely believe the War on Gold is, in fact, an epic battle between Good and Evil, and one that is genuinely Biblical. Gold is only one letter away from God, and came from Him as a gift to His people. We doubt very much that He is pleased by how it is now being so sullied by corruption, greed and rank criminality. Currently, Evil is winning the war hands down, and if it achieves a final victory, human kind can kiss its freedom goodbye as a vast new age of state-orchestrated digital serfdom and slavery begins. We can prevent that from happening, but only if we stand up and fight. The War on Gold goes far beyond the financial; it is a symbol of everything that is crucial to the sanctity of humanity. And it needs all of us to join in now, while we can.

    Stewart Dougherty

    July 11, 2017

    Stewart Dougherty is the creator of Inferential Analytics, a forecasting method that applies to events proprietary, time-tested principles of human instinct, desire and action. In his view, forecasting methods not fundamentally based upon principles of human action are unlikely to be reliable over time. He is a graduate of Tufts University (BA) and Harvard Business School (MBA). He developed expertise in strategic analysis and planning during a 35+ year business career, has traveled to and conducted research in over 25 countries and has refined Inferential Analytics into a reliable predictive instrument over a period of 16+ years.

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    Mechanics of the Shanghai International Gold Exchange


    -- Published: Thursday, 13 July 2017

    By BullionStar

    https://www.bullionstar.com/

    Introduction
    In September 2014, the Shanghai Gold Exchange (SGE) established a physical gold trading and custody platform aimed at international gold investors, launching this platform as the “Shanghai International Gold Exchange (SGEI)“.

    The Shanghai International Gold Exchange can be viewed in a number of ways. Organizationally, the SGEI it is a fully-owned subsidiary of the SGE and is registered in the Shanghai Pilot Free Trade Zone (FTZ)http://en.china-shftz.gov.cn/About-FTZ/Introduction' data-html="true">[1]. The SGEI’s offices are also located in the Shanghai Pilot FTZ in the Bank of China Tower, 200 Yincheng Road Central, Pudong, in Shanghai.

    From a trading perspective, SGEI refers to the “International Board” of the Exchange. On this Board, a number of physical gold contracts (products) specifically designed for international gold investors are listed and traded. Since these products are physically delivered gold contracts, the SGEI infrastructure also encompasses a certified precious metals vault where the physical metal backing this gold trading is stored. This SGEI certified vault is also located in the Shanghai Pilot FTZ and is ring-fenced from the SGE’s network of gold vaults that serve the domestic Chinese gold market. The gold in the SGEI vault can be freely imported into and exported from the FTZ since the FTZ is deemed to be outside of China for customs purposes.

    From a corporate perspective, the SGEI’s remit spans “international market development, international members’ management and offshore investor serviceshttp://www.en.sge.com.cn/upload/resources/file/2015/07/21/30123.pdf' data-html="true">[2].

    The SGEI and SGE are physically separate entities, but they operate under the same umbrella (‘The Exchange’). Since the SGEI is known as the International Board (IB)https://www.bullionstar.com/gold-university/chinese-gold-market#heading-7' data-html="true">[3], the SGE is sometimes referred to as the Main Board (MB) of the Exchange.

    Contents
    Highlights

    • The Shanghai International Gold Exchange (SGEI), located in Shanghai’s Free Trade Zone, is the international trading division of the eponymous Shanghai Gold Exchange (SGE).

    • Three gold contracts are listed on the SGEI, the most popular of which is the iAu99.99 contract. However, most trading of the iAu99.99 is executed bi-laterally over-the-counter and merely settled through the Exchange.

    • Many of the large Western bullion banks are international members of the Exchange including HSBC, ANZ, JP Morgan, Scotia and UBS, as are some of the world’s best known gold refineries such as MKS (PAMP), Heraeus, and Metalor.

    • The gold backing trading of SGEI contracts is held in a distinct gold vault within the Shanghai FTZ that is operated on behalf of the Exchange by Bank of Communications. This vault has a storage capacity of 1000 tonnes of gold.

    • International members of the Exchange can trade on both the SGEI and SGE. Likewise, domestic members of the Exchange can trade in SGE and SGEI contracts, but gold related to SGEI trading cannot move out of the Free Trade Zone.
    http://www.en.sge.com.cn/eng_news_News/520471' data-html="true">[4] in September 2014 were as follows:

    • to internationalise membership of the Exchange (given that international members can trade both international and domestic contracts on the SGE)
    • to introduce offshore Renminbi and other convertible currencies into SGE trading activity
    • to improve gold price discovery, trading volumes and liquidity on the Exchange, and to strengthen exchange trading in advance of the launch of an RMB Gold Fixing (the Shanghai Gold Fixing auction was launched in April 2015)
    • to boost internationalisation of the Chinese currency
    • to enhance Shanghai as a gold re-export center and ultimately make Shanghai Asia’s premier gold re-export center
    • to boost activity in the Shanghai FTZ and the Shanghai International Financial Center
    http://www.en.sge.com.cn/eng_trading_matchingMarket_PhysicalTrading' data-html="true">[5].

    There are also OTC variants of the 3 International Board contracts which trade under the following product codes:

    • iPAu99.5
    • iPAu99.99
    • iPAu100g
    With these OTC products, trading parties trade bilaterally off-exchange, and then clear their trades through the SGEhttp://www.en.sge.com.cn/eng_trading_OTCMarket' data-html="true">[6].

    International members can also trade 8 gold products that are listed on the Main Board, but can only deposit and withdraw metal for the 3 International Board products.

    There are 3 trading session on the SGEI (and the SGE)each day from Monday to Friday (excluding public holidays). These trading sessions are

    • Night session: Previous day 20:00 – 2:30
    • Morning session: 9:00 – 11:30
    • Afternoon session 13:30 – 15:30
    https://www.bullionstar.com/blogs/koos-jansen/what-happened-to-the-shanghai-international-gold-exchange' data-html="true">[7], and the OTC trades are then handed over to the Exchange to settle and clear on the SGEI platform. This iPAu99.99 contract recorded 1511 tonnes in trading during 2016. The iPAu99.5 and iPAu100g contracts never have any trading volumehttp://www.en.sge.com.cn/data_MonthlyReport' data-html="true">[8].

    http://www.en.sge.com.cn/membership_ListofMembers_internationalboard' data-html="true">[9], the majority of which are registered in China or elsewhere in Asia. But there are numerous international members from ex Asia, such as JP Morgan Chase (London)http://www.en.sge.com.cn/eng_news_Announcement/542418' data-html="true">[10], Scotia Bank (Canada), Standard Chartered (South Africa), UBS (Switzerland), ANZ (New Zealand), the Russian banks VTB, Sberbank and Otkritie, and the Swiss gold refiners PAMP and Metalor, and German refiner Heraeus.

    International members are either ‘Full Members’ (Type A members), Proprietary Members (Type B members), or ‘Special International Members’. Full members can engage in proprietary gold trading and gold brokerage, while proprietary members can only engage in proprietary gold trading. An example of a Special International Member is the gold mining association, the World Gold Council.

    http://www.en.sge.com.cn/eng_news_Announcement/520051' data-html="true">[11]. Delivery services for the Exchange are known as ‘Transaction Vaulting Services‘. Physical warehousing of metal for customers is known as ‘Safe Deposit Vaulting Services‘. The bullion deposited by international members / customers in the safe deposit vault is stored separately to the bullion that is in use in physical bullion trading.

    China’s state TV network CCTV has reported that the SGEI certified vault has a vault storage capacity of 1,000 tonnes of gold https://www.youtube.com/watch?v=-JhWA-ewSVU&feature=youtu.be' data-html="true">[12].

    The Exchange has issued specific rules and guidelines addressing physical gold storage and movements in and out of this vault, as well as in and out of the free trade zone area and covering importing and exporting gold to and from the FTZhttp://www.en.sge.com.cn/upload/file/201703/24/M0dxHgBC3hgB87ts.pdf' data-html="true">[13].

    http://www.en.sge.com.cn/eng_about_Overview' data-html="true">[14].

    • Aram Shishmanian, CEO, World Gold Council
    • Michael Dirienzo, Exec Director, The Silver Institute
    • Paul Wilsom, CEO, World Platinum Investment Council (WPIC)
    • Grant Angwin, Vice-Chairman LBMA Executive, VP Asahi Refining Nth America
    • Derek Sammann, Senior Managing Director, Global Head of Commodities & Options CME
    • Albert Helmig Former Vice-Chairman COMEX, Former President HKMEx
    • Gautam Sashittal, CEO, Dubai Multi Commodities Centre (DMCC)
    • Chan Sheung Chi, President, Chinese Gold & Silver Exchange Society (CGSE)
    • Albert L.H. Cheng, Honorary CEO, Singapore Bullion Market Association (SBMA)
    • Kelvin Dushnisky, President, Barrick Gold Corporation
    • Jeremy East MD, Head, Metal Trading & Commodities Nth. East Asia & Greater China, StanChar
    • Paul Voller MD, Global Precious Metals Market, HSBC USA
    • Peter Smith MD, Global Physical Market, JP Morgan Chase
    • Sunil Kashyap, MD, Head of Asia – Scotia Mocatta, Hong Kong
    • Sergio Pagani Global Head of Commodities, ANZ
    • Marwan Shakarchi Chairman, MKS Group
    • Scott Johnston COO, Tower Research Capital
    • Venu Palaparthi Senior VP, Virtu Financial Inc
    The above list of international advisors includes many of the top names in the the gold world and illustrates how the SGE is collaborating with the international gold market as it builds out its infrastructure and external market interfaces.

    ^ Shanghai Pilot Free Trade Zone http://en.china-shftz.gov.cn/About-FTZ/Introduction

    ^ “Guide to Shanghai Gold Exchange International Business”, SGE Brochure, 2014 http://www.en.sge.com.cn/upload/resources/file/2015/07/21/30123.pdf

    ^ Chinese Gold Market, BullionStar Gold University https://www.bullionstar.com/gold-university/chinese-gold-market#heading-7

    ^ Speech of Xu Luode, Chairman of SGE, at the launch of the International Board, 19 September 2014 http://www.en.sge.com.cn/eng_news_News/520471

    ^ SGE OTC Market Contracts http://www.en.sge.com.cn/eng_trading_matchingMarket_PhysicalTrading

    ^ SGE OTC Market Contracts http://www.en.sge.com.cn/eng_trading_OTCMarket

    ^ “What Happened To The Shanghai International Gold Exchange?”, BullionStar blogs, 30 November 2015 https://www.bullionstar.com/blogs/koos-jansen/what-happened-to-the-shanghai-international-gold-exchange

    ^ SGE Trading data. Monthly reports http://www.en.sge.com.cn/data_MonthlyReport

    ^ List of members http://www.en.sge.com.cn/membership_ListofMembers_internationalboard

    ^ JP Morgan Chase joins SGEI, SGE press release http://www.en.sge.com.cn/eng_news_Announcement/542418

    ^ SGE announcement of certified vault in Shanghai FTZ http://www.en.sge.com.cn/eng_news_Announcement/520051

    ^ SGE Launches International Board (news item), hosted on BullionStar YouTube channel https://www.youtube.com/watch?v=-JhWA-ewSVU&feature=youtu.be

    ^ “Operating Guidelines for International Board Deliveries”, SGE, September 2015 http://www.en.sge.com.cn/upload/file/201703/24/M0dxHgBC3hgB87ts.pdf

    ^ “Introduction to International Advisors, SGE website http://www.en.sge.com.cn/eng_about_Overview

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    Gold Hedges Against Currency Devaluation and Cost Of Fuel, Food, Beer and Housing


    -- Published: Friday, 21 July 2017

    – Gold hedge against currency devaluation – cost of fuel, food, housing
    – True inflation figures reflect impact on household spending
    – Household items climbed by average 964%
    – Pint of beer sees biggest increase in basket of goods – rise of 2464%
    – Bread rises 836%, butter by 1023% and fuel (diesel) up by 1375%
    – Gold rises 2672% and hold’s its value over 40 years
    – Savings eaten away by money creation and negative interest rates
    – Further evidence of gold’s role as inflation hedge and safe haven


    Editor: Mark O’Byrne

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    Gold hedges against rising cost of living

    Remember when you were taught about the inflation of the Weimar Republic in Germany at school? More recently I was taught about the inflation of Zimbabwe. In both instances we were given examples of how much the staple food of people cost – the humble loaf of bread.

    We were all supposed to be horrified and thank our lucky stars we didn’t live in such times. We thanked God that those days were gone and long in the past, never to be seen again.

    Obviously we are not unfortunate enough to live in a country where the price of bread changes from us walking into the bakery to paying for the loaf. Nor do we have to carry huge wads of bank notes around in bricks as we saw in Zimbabwe.

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    Worthless 1 Trillion Zimbabwe Dollar Note (Wikimedia Commons)

    But, there has still been a whopping devaluation in the pound, the dollar and all major fiat currencies – as much as of over 90% devaluation in some in the last forty or so years. Food items have increased on average by 964% in the UK.

    A form of hyperinflation is has happened globally but just over a much longer time period.

    Back in 2014 we wrote about the impact of inflation on household spending and the cost of living due to the devaluation of the pound since 1973. Needless to say three years on that the impact of inflation is even greater and the pound worth even less – especially after sterling’s sharp fall after Brexit.

    Today a British Pound from 1973 is worth just eight pence. When we first reported on this issue in 2014 the value of a 1973 pound was worth nine pence. In contrast, since 1973, one ounce of gold has climbed by a whopping 2,673%. Today, the £100 of 1973 is worth just £9.01, compared to £9.48 in 2014.

    These numbers show just how much damage has been done to the British pound and therefore the value of our medium of exchange and savings.

    They also show how well you would have been protected by investing in gold. Had you done so you would have enjoyed the benefits of this time tested hedge against the long term ravages of inflation.

    Cost of household goods rises by average of 964%

    The £9.01 today wouldn’t get you too far given the prices found in the July 2017 RPI and CPI price list.

    The price list also shows how many producers have been forced to lower prices thanks to supermarkets’ buying and pricing power. Bread and milk are just two key items which have been forced down in price since 2014. Despite this, their prices remain highly inflated since 1973.

    A pint of a beer has felt the biggest surge of the food and drink items we selected, it has shot up by 2,464.3% from 14p to £3.59 per pint.

    A sliced loaf of white bread has come down from £1.30 to £1.03 since 2014, but it is still up a huge 836% since 1973. The processed, mass produced bread of today is unlikely to be of the quality of the bread of then.

    The butter your parents might have once slathered onto your morning toast might just have to be lightly dabbed on, given it costs nearly 11 times more than it did in 44 years ago. A 250 gramme slab of butter went from 13p to £1.46 or over 1000%.

    Perhaps your fancy crepes for breakfast instead of toast. A dozen eggs are now 5 times what they once were, setting you back £2.02 when they once would have been a bargain at 33p. The flour to help you make those crepes has climbed almost as much in price, by 446% to 82p for 1.5kg.

    That morning coffee you love so much? 100g of its instant form costs nearly 10 times more from 28p to £2.95. And the milk to make it a latte costs over 6 times more, climbing from 6p to 43p. Don’t forget the sugar, a kilo bag of sugar will now set you back now costs 68p, up from 11p – up over 500%.

    Apples cost have climbed in price by 621%, from 28p per kilo to £2.02 per kilo. Other vegetables have also increased. Carrots – those magic vegetables to help you see in the dark will now cost you nearly 8 times what they would have in 1973. A kilo bag of carrots now costs 91p, up from 11p or a rise of 723%.

    Sadly after beer and butter, the items which have climbed the most in this list of household essentials are not food and drink items. Instead, they’re the items which keep us safe and warm, and help us keep earning an increasingly valueless wage – home prices and fuel.

    Diesel costs nearly 14 times more, from 8p in 1973 to to £1.18 in July this year. If you have even glanced at house prices recently then you won’t be surprised to hear they are practically unaffordable or that the price of the average detached house went from £16,980 to £345,833. The family home now costs nearly 2,000% more than in 1973.

    Of course, what has beaten all of these in a climb in price? An ounce of gold, which has gone from £34 to £1051, an increase of over 2,600%.

    What about from 50 years ago?

    We have been going through a spate of changes here in the UK, of new paper notes some of which haven’t been changed (in design) since the 1950s. But, their spending power certainly has.

    One of these is the fiver. Interestingly it was once standard to be able to get a £5 note from a cash machine. I don’t recall this (I was born in the 1980s) and when I was at university there was one cash machine which was almost a novelty because it did dispense of the notes. When the financial crisis hit banks and ATM companies decided to start reissuing £5 notes in order to ‘help people with their budgeting.’

    [​IMG]

    Equivalent spending power 2017 (Source CityAM)

    Why had the fiver stopped being issued in ATMs? Because the £5 had become small change. When you look at the figures in terms of what the £5 of today would have bought you back in 1957 then you really do get a good look at the damage that has been done to the British pound’s spending power.

    Our American subscribers and clients will relate to this as the $5 note (USD) today does not buy what it bought 20, 30 or 40 years ago.

    Households and savers hit from all angles


    Every month we hear about where inflation is. Headlines are always screaming about whether or not inflation has hit the Bank of England MPC’s target. Rarely do we here about the ongoing damage being done to the value of the pound over a long term period.

    On an annual basis we are not suffering as much today as perhaps we would have been in the 1970s to early 80s. My grandfather retired in the 1970s, he died just last year. The first few years of his retirement were fraught with inflation as the average rate was around 13%.

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    Annual Inflation Rate & Multiplier (1970 -1980)
    Source Stephen Morley.org


    Of course, a retirement as long as my grandfather’s will be near unimaginable for generations since. This is partly do with lifestyle choices but also thanks to the fact that we can no longer afford to save enough in order to enjoy such a break. Many retire in the hope that their pension pots and savings will grow thanks to interest rates. As we know from the last ten years, this just isn’t possible anymore.

    As we wrote back in 2014, ‘If retail prices were to rise by 2.8% annually – in line with government targets – the value of money would decline by a further 67% over the next 40 years.’

    ‘If inflation follows this pattern, consumers would need £311 in 2053 to have the same spending power as an individual with £100 today – or more than £3 million to enjoy the equivalent lifestyle of a millionaire today.’

    This isn’t just a problem for those who have retired. It is a daily problem for British households. Recently we wrote about shrinkflation and the impact it is having on British households. But even where size of common household items remains constant, consumers are seeing a huge fall in the amount they get for their money and what they are earning.

    There are very few households in the UK at present who are not feeling badly hit from all angles. From the increased rise in the cost of living to their wages which are not keeping up with inflation. Even those who can afford to save are suffering thanks to the devaluation of the pound, low interest rates and the threat of negative rates.

    Conclusion – what’s the real story?

    Laughingly the Bank of England’s website reads ‘Price stability is defined by the Government’s inflation target of 2%’. In other words, climbing prices and a falling purchasing power of the sovereign currency is considered to be price stability.

    Tell that to parents who are struggling to clothe, feed, transport, educate and look after the health care needs of their children. They might welcome a little bit of mild deflation. Especially those struggling to rent basic housing or buy a home.

    The study which originally inspired us to look at this situation in more details was carried out by Lloyds, who at the time stated that ‘in 40 years, an individual would need £3 million to enjoy the same lifestyle as a millionaire today.’

    To that we say, it’s a lot more simple than worrying about accumulating £3 million in the right time period in order to be able to retire comfortably or very comfortably.

    Instead, look at the table again and realise what has held its value and protected people’s purchasing power – gold.

    As it has throughout recorded history, gold has acted as hedge against inflation and a financial insurance against irresponsible and reckless governments and central banks. No matter what level of currency devaluation your country has seen, one ounce of gold is one ounce of gold, is recognised and liquid everywhere and has remained a store of value globally.

    Gold is flat this year after falling 40% in recent years. However, it rose 8% last year but it is has performed very well over the long term – a 10, 20, 30 and 40 year time period.

    Long term the value of your cash savings and deposits is being eaten away – especially in an era of zero percent and negative interest rates. Gold might continue to be unappreciated by the majority but a quick glance at these charts and all can see the protection it offers savers a

    Related Content
    Gold Hedges Against Surge In Cost Of Bread, Eggs, Beer and Fuel


    News and Commentary

    Gold steady, on track for second straight weekly gain (Reuters.com)

    Gold at 3-week high as ECB comments lift euro, dollar falls (Reuters.com)

    Gold Prices Boosted By Fresh Dollar Slide (EconomicCalendar.com)

    Dollar Stays Weak on U.S. Politics; Aussie Falls (Bloomberg.com)

    Gold marks longest win streak in 2 months as U.S. dollar sinks (MarketWatch.com)

    [​IMG]
    Source: BMG

    Three things I wish I’d understood about money a long time ago (StansBerryChurcHouse.com)

    The NEXT Credit Crisis Has Already Started (BonnerAndPartners.com)

    Southern Europe’s Next Tipping Point – Italy (ZeroHedge.com)

    Real Reason Stocks Are Setting Records? (DailyReckoning.com)

    Video: Qatar Doha Bank Says Central Bank Has Enough Cash, Gold (Bloomberg.com)

    Gold Prices (LBMA AM)

    21 Jul: USD 1,247.25, GBP 958.89 & EUR 1,071.39 per ounce
    20 Jul: USD 1,236.55, GBP 953.63 & EUR 1,075.06 per ounce
    19 Jul: USD 1,239.85, GBP 950.84 & EUR 1,074.83 per ounce
    18 Jul: USD 1,237.10, GBP 949.47 & EUR 1,071.82 per ounce
    17 Jul: USD 1,229.85, GBP 940.71 & EUR 1,074.03 per ounce
    14 Jul: USD 1,218.95, GBP 940.54 & EUR 1,067.92 per ounce
    13 Jul: USD 1,221.40, GBP 944.51 & EUR 1,071.05 per ounce

    Silver Prices (LBMA)

    21 Jul: USD 16.43, GBP 12.63 & EUR 14.11 per ounce
    20 Jul: USD 16.18, GBP 12.50 & EUR 14.07 per ounce
    19 Jul: USD 16.23, GBP 12.44 & EUR 14.08 per ounce
    18 Jul: USD 16.17, GBP 12.41 & EUR 13.99 per ounce
    17 Jul: USD 16.07, GBP 12.30 & EUR 14.02 per ounce
    14 Jul: USD 15.71, GBP 12.11 & EUR 13.76 per ounce
    13 Jul: USD 15.95, GBP 12.34 & EUR 14.00 per ounce

    http://www.goldcore.com/us/

    http://news.goldseek.com/GoldSeek/1500644291.php
     
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    Revealed For The FIRST Time: How Much Gold In London's Vaults
    SalivateMetal



    Published on Jul 31, 2017
     
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    Gold Coins and Bars See Demand Rise of 11% in H2, 2017
    By: Mark O'Byrne
    – Gold coins, bars see demand rise of 11% in H2, 2017 to 532 tonnes according to WGC Gold Demand Trends
    – Gold investment demand strong in China, India & Turkey
    – Demand in Turkey surges on double digit inflation
    – Total gold demand declines in Q2 on slower U.S. ETF inflows
    – Gold held in ETFs in Europe reached all time high of 978t
    – U.S. ETF inflows slowed from last year’s record
    – Central banks continue to buy – 94t of declared purchases
    – Turkey joined Kazakhstan & Russia in buying gold
    – Well balanced market: ETF inflows continue and jewellery, technology and bar & coin demand up
     
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    How Can You Forget A Kilo Of GOLD?
    SalivateMetal



    Published on Aug 7, 2017
     

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