Gold & Silver Digest: 1/28/13

Adam Taggart
By Adam Taggart on Mon, Jan 28, 2013 - 8:03pm

The Gold & Silver Digest contains headlines of stories that members of this group deem relevant and/or interesting to precious metals enthusiasts.

If you have articles to submit for the next digest, please email them to me by clicking here.

1/28/13 6:45 PM EST US close metals price quotes from Finviz

Gold Seek: Gold Seeker Closing Report: Gold and Silver Fall Slightly

Gold edged up to $1662.30 in Asia before it fell back to $1651.78 by a little before 9AM EST, but it then bounced back higher in late morning New York trade and ended with a loss of just 0.24%.  Silver climbed to $31.301 in Asia before it dropped back to $30.732, but it then pared its losses in afternoon trade and ended with a loss of just 1.09%.

Euro gold fell to about €1230, platinum lost $28.70 to $1661.50, and copper remained at about $3.66.

ETF Daily News: House Of Jacob Rothschild Hoarding Gold In Face Of Coming Collapse?

A recent appointment of Rothschild as “financial advisor” by the Board of Directors of gold exploration company Spanish Mountain Gold is yet another unmistakable indication that the ancient family is moving the world’s gold supply to both “emerging markets” and Central Banks worldwide, strengthening the family’s monopoly position when the fiat-based house of cards comes crashing down in the West.

The Board of Directors of the British Columbia based gold exploration company appointed Rothschild to “review strategic options with the objective of maximizing shareholder value.” In July of 2012, Spanish Mountain Gold’s CEO Brian Groves boasted already that the excavation in British Colombia is a project worth “several million ounces in gold” and is backed by “an enormous network of connections globally”, Groves told Resource Clips.

The Gold Report: The World According to Doug Casey

Doug Casey's new book is entitled "Totally Incorrect," and, true to form, the chairman of Casey Research doesn't mince words. "Most Europeans believe the state owes them a living; the society is corrupt through and through." "Government acquires income by theft." "Nobody reads a book from the classical era in school; it's now mostly committee-approved pablum." Casey considers speculation in gold and silver junior miners and holding physical gold among the correct moves investors can make to protect themselves in a market headed for disaster. In this Gold Report interview, hear the world according to Doug Casey.

The Gold Report: Doug, you have a new book out called "Totally Incorrect: Conversations with Doug Casey." In one of those incorrect conversations with Louis James you said, "It's not the U.S. economy that's facing a fiscal cliff, it's the U.S. government. People equate government with the economy. They are entirely two different things. The only way to revitalize the U.S. economy is through both vast reductions in taxes and vast reductions in government spending. Instead, these idiots are arguing over how much to raise taxes and how little they can cut spending." Now that we have avoided parts of the fiscal cliff and delayed addressing other parts, what are your observations?

Bloomberg: India Imported 33% More Gold in January to Beat Tax, Group Says

Gold imports by India, the world’s biggest buyer, probably jumped 33 percent in January as traders and jewelers rushed to stockpile before the government increased taxes to curb a record current-account deficit.

Overseas purchases may total 75 metric tons to 80 tons this month compared with 60 tons a year earlier, with bulk of the imports being made in the first three weeks, Bachhraj Bamalwa, chairman of the All India Gems & Jewellery Trade Federation, said by phone. Domestic demand, which has weakened in the past week, may improve in February because of marriages, he said.

CNBC: Pro: Here's How I'm Playing Gold

Gold has ceased to be a precious metal; it's now a market mystery that continues to perplex traders and analysts alike.

After convincingly moving below the major support at the 200-day moving average on Friday and closing below $1,660, gold has continued to trade heavy to start the week. That's not good as gold is having trouble breaking through key technical levels. One would think with all the central bank money printing, bullion would get more of a bid. Not the case, however.

Bloomberg: Russia, Kazakhstan Expand Gold Reserves as Central Banks Buy

Russia and Kazakhstan expanded their gold holdings in December, seeking to diversify their reserves as the metal capped a 12th annual advance and investors raised holdings to an all-time high.

Russian holdings climbed 2.1 percent to 957.8 metric tons in December, taking the increase over 2012 to 8.5 percent, according to data on the International Monetary Fund’s website. Kazakhstan’s hoard expanded 1.7 percent to 115.3 tons last month, and surged 41 percent over the year, the data showed.

Devient Investor: Past & Future Speculative Bubbles – What They Indicate for Gold and Silver!

This is not a prediction of future prices of gold and silver; it is an indication of what could happen in a speculative bubble environment based on the history of previous bubbles.

I’ll summarize a simple analysis of past bubbles.

321Gold: This past week in gold

Summary

Long term – on major sell signal.
Short term – on mixed signals.
Gold sector cycle - down as of Oct 13.
COT data - currently not supportive of a new up cycle, caution is advised.

ETF Daily News: Is There Any Truth To Rumors Of A Physical Silver Shortage? (SLV, PSLV, SIVR, AGQ, GLD, ZSL)

News that HSBC (NYSEicon1.png ADR:HBC) has concluded a second large purchase of silver bullion from KGHM Polska Miedź S.A. (OTC:KGHPF), the world’s largest silver miner, has sparked speculation that there is a physical silver shortage in the markets.

KGHM issued a press release on Wednesday which read in part,”… on 21 January 2013 a contract was entered into between KGHM Polska Miedź S.A. and HSBC Bank USA N.A., London Branch for silver sales in 2013. The estimated value of the contract is PLN 1,672,260,469.66 [$532.6 million].” 

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