Tag Archives: Precious Metals

Gold Fix Study Shows Signs of Decade of Bank Manipulation

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“The London gold fix, the benchmark used by miners, jewelers and central banks to value the metal, may have been manipulated for a decade by the banks setting it, researchers say.  The paper is the first to raise the possibility that the five banks overseeing the century-old rate — Barclays Plc, Deutsche Bank AG (DBK), Bank of Nova Scotia (BNS), HSBC Holdings Plc (HSBA) and Societe Generale SA (GLE) — may have been actively working together to manipulate the benchmark. Authorities around the world, already investigating the manipulation of benchmarks from interest rates to foreign exchange, are examining the $20 trillion gold market for signs of wrongdoing.”

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

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Arizona legislators authorize gold and silver as legal tender, again

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“Today, the Arizona State Senate passed a bill that would legalize gold and silver as legal tender, moving the legislation on to the House for consideration.  If passed into law, Arizona could become the second state to recognize gold and silver as legal tender authorized for payments of debts and taxes.  SB1096 passed by a vote of 18-12.  A similar bill was introduced last year. The bill passed both the House and Senate and made it to the Governor’s desk – where Jan Brewer ultimately vetoed it.”

http://benswann.com/arizona-legislators-pass-bill-to-authorize-gold-and-silver-as-legal-tender/

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G. Edward Griffin on Bitcoin with Max Wright and Trace Mayer

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“Great Conversation with G. Edward Griffin, Max Wright, and Trace Mayer on Bitcoin.”

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India To “Look Into” Easing Gold Price Controls

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“Two weeks ago, gold jumped to a then-2014 high, following reports out of India that the head of India’s Congress Party, Sonia Gandhi was pushing the government to cut its duty on gold and other restrictions. Today, now that the upward move in gold has finally resumed, it appears that the nation with the world’s most draconian gold capital controls, is finally starting to crack under pressure from the people, as well as a surge in gold smuggling via illegal channels to unprecedented levels. Reuters reports that India ‘will look into relaxing gold imports curbs, but won’t let its current account deficit (CAD) balloon, Finance Minister P. Chidambaram said on Monday.'”

http://www.zerohedge.com/news/2014-02-17/india-look-easing-gold-price-controls

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Upturn Millionaires: How to Play the Turning Tides in Precious Metals

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“A free online webinar on the current situation in the junior-mining sector – find out what signs have big-name resource investors and industry insiders believing a recovery in the gold market is near.”

http://upturn.caseyresearch.com/event

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Pulling the Plug: Taking Delivery of Gold

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“In 2011, the University of Texas investment committee took delivery of what was then just under $1 billion worth of gold. It had held the gold in the form of gold futures contracts. Kyle Bass persuaded the committee to take delivery. The statement that only 1% of futures contract holders (‘longs’) ever ask for delivery is significant.  Most people trade futures to make fiat money. They do not trade as hedgers who plan to take delivery. They are speculators. They want leverage. Futures give them this.  It is clear that if 4% (20% of 20%) ever want delivery, they will not be able to get it.  The rules will be changed, as they were when Bunker Hunt threatened to take delivery in 1979.”

http://www.garynorth.com/public/12045.cfm

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Historic 1oz gold coin goes for $4.6 million at auction

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“The first gold coin ever made in the United States fetched a record $4.58 million on auction last week, while a nickel made at the Philadelphia Mint in 1913 raised $3.3 million.  Th so-called Brasher Doubloon, the country’s first gold coin denominated in dollars, has been off the market since it was bought by a Chicago resident in 1979 for $430,000.  Blanchard & Co., the New Orleans-based coin and precious-metals company that brokered the deal, said the doubloon was purchased by a Wall Street investment firm. Identities of the buyer and seller weren’t disclosed.  Minted by Ephraim Brasher in 1787, a goldsmith and neighbour of George Washington, the coin contains 26.66 grams of gold.”

http://www.mining.com/historic-1oz-gold-coin-goes-for-4-6-million-at-auction-78428/

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Abenomics Spurs Gold Sales in Japan as Inflation Hedge

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“Gold sales by Japan’s biggest bullion retailer surged 63 percent to a five-year high as prices slumped and investors sought refuge from Prime Minister Shinzo Abe’s campaign to stoke inflation and weaken the yen.  Abe’s plans to raise the sales tax to 8 percent from 5 percent in April to address the nation’s swelling public debt also encouraged gold purchases by local investors in 2013, said Kate Harada, general manager of the precious metals department at Tanaka Kikinzoku, a unit of Tanaka Holdings Co.  Consumer prices excluding fresh food — the Bank of Japan’s key gauge — rose 1.2 percent in November from a year earlier.”

http://www.bloomberg.com/news/2014-01-22/tanaka-s-gold-sales-exceed-buying-for-first-time-in-nine-years.html

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Doug Casey: “Gold Stocks to Create a Whole New Class of Millionaires”

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“Evidence is mounting that the bottom for gold may be in. While there’s still risk, there’s a new air of bullishness in the industry, something we haven’t seen in over two years.  An ever-growing number of industry insiders and investment analysts believe the downturn has come to a close. If that’s true, it has immediate and critical implications for investors. Doug Casey told me last week: ‘In my lifetime, the best time to have bought gold was 1971, at $35; it ran to over $800 by 1980. In 2001, gold was $250: in real terms even cheaper than in 1971. Gold is, once again, not just a prudent holding, but an excellent, high-potential, low-risk speculation.'”

http://www.caseyresearch.com/cdd/doug-casey-gold-stocks-are-about-to-create-a-whole-new-class-of-millionaire

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China Grants Gold Import Licenses to Foreign Banks for First Time

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“China has granted licenses to import gold to two foreign banks for the first time, sources said, as moves to open the world’s biggest physical bullion market gather pace.  The granting of new licenses is the latest in a string of steps by China to ease restrictions on bullion trading and boost market accessibility.  China approved its first gold-backed exchange-traded funds last year and extended trading hours on the futures exchange. The central bank issued a draft policy document in September that proposed letting more banks import and export gold. The move also comes as the SGE plans to launch gold futures in the city’s pilot free trade zone this year that would be open to foreign investors.”

http://www.nytimes.com/reuters/2014/01/15/business/15reuters-chinagold-banks.html?_r=0

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