Gold & Silver Digest: 2/21/13

Adam Taggart
By Adam Taggart on Thu, Feb 21, 2013 - 6:29pm

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.

2/21/13 6:23 PM EST US close metals price quotes from Finviz

Reuters: Gold up as data boosts Fed stimulus hope after drop

NEW YORK, Feb 21 (Reuters) - Gold rose nearly 1 percent on Thursday as lackluster U.S. economic data boosted hopes that the Federal Reserve will maintain its monetary stimulus, allaying fears that the U.S. central bank may stop buying assets soon.

Thursday's economic reports from claims for jobless aid to factory activity and consumer prices pointed to a still tepid recovery, supporting the argument that the Fed should continue its buying of $85 million in bonds per month to stimulate growth. 

Bloomberg: Gold ‘Super-Trend Down’ Signals 13-Month Low: Technical Analysis

Gold prices, already heading for the biggest monthly loss since May, may extend declines to a 13- month low, according to technical analysis by Matt McKinney at Zaner Group LLC.

The metal’s nine-day moving average has been below the 20- day average since Feb. 1, and both measures are declining on “sharp angles,” forming a so-called “super-trend down,” McKinney said. The bearish pattern signals that gold may drop to as low as $1,526 an ounce by the end of the month, he said. That would be the lowest since Dec. 29, 2011.

Market Match: Gold's dive is done, now it's equities’ turn

Before addressing the current equity-market situation, let's first wrap up the gold market dive call from last week. The dive happened, the extension occurred and profits should be taken. Could it go farther? Sure, it always can, but the ABCD projections are realized and the setup did exactly what it should have done.

In fact, it's time to buy it for a bounce, if anything, if you are an aggressive trader. It extended quickly and furiously off a high-probability trade where one could have their money exposed for a very short period of time. Good reward-to-risk; high probability and risk exposure minimized — that is the great trade as describe in my latest book, Trend Trade Set-Ups.

King World News: Marc Faber - Major Bottom Forming In Gold But Stocks Shaky 

Today Marc Faber told King World News that a major bottom is forming in gold, but global stock markets are on shaky ground.  Faber, who is author of the Gloom Boom and Doom Report, was speaking with KWN as the gold market was in the midst of being smashed on Wednesday.   This is part I of a series of powerful written interviews that will be released today on KWN.

Business Insider: 8 Ultra-Gold Bulls Who Look Foolish Right Now

There's no question that gold prices have been in a jaw-dropping long-term bull market for basically a hundred years.

This has led some expert like George Soros to call it the "ultimate bubble."

But with global central banks expanding the money supply as they embark on ultra-easy monetary policy, many gold bulls like Marc Faber and David Rosenberg have called for prices to go higher.


These are stressful days for those holding gold bullion and gold stocks. Sentiment in the gold sector has turned quite negative. Sentiment is at or close to the lows seen at the bottom of the market in 2008 and below the levels seen in seen in December 2011 and May 2012. To put things in some perspective since the depths of the 2008 financial crisis gold is up 132%, the TSX Gold Index is up 68%, the TSX Composite is up 70% and the S&P 500 is up 128%. However, if one goes back to 2000 and the top of the stock markets the S&P 500 is flat, the TSX Composite is down roughly 17%, gold is up 475% and the TSX Gold Index is up 150%. It all depends on where one is in time. Fear In Gold Market As Hedge Funds And Retail Sell – High Net Worth And Smart Money Accumulate Again

Today’s AM fix was USD 1,568.50, EUR 1,189.34 and GBP 1,030.96 per ounce.

Yesterday’s AM fix was USD 1,602.00, EUR 1,195.34 and GBP 1,045.76 per ounce.

Silver is trading at $28.73/oz, €21.87/oz and £18.91/oz. Platinum is trading at $1,608.50/oz, palladium at $716.00/oz and rhodium at $1,200/oz.

321Gold: Capitulation

At every top in a market, any market, there are 100 reasons to buy. That’s why you should sell. When everyone knows how good the story is, there are no more buyers and the market can only go down.

At every bottom in a market, any market, there are 100 reasons to sell. That’s why you should buy. When everyone knows how terrible things are, there are no more sellers, only buyers and the market can only go up. Gold, silver coins acceptable forms of payment?

PHOENIX -- Arizonans who fear the federal government will make their folding money worthless may soon be able to substitute privately minted gold and silver coins.

The Senate Finance Committee on Wednesday took the first steps to making such coins legal tender in Arizona. SB1439 would give them the same legal status as bills and coins authorized by Congress.

Nothing in the proposal by Sen. Chester Crandell, R-Heber, would force anyone to actually accept these coins as payment for any debt. Their use would be voluntary.

Seeking Alpha: The True Silver Mining Cost - What Does It REALLY Cost To Mine Silver?

The silver ETFs (SLV, SIVR, PSLV) and the silver mining equities have had a rough time the past two months, and many investors have just thrown in the towel. However, is now really the time to quit on silver?

One of the key factors that we need to analyze is related to the actual cost of mining silver -- that will help us answer the question if it is time to sell or accumulate SLV.

Note: If you're reading this and are not yet a member of Peak Prosperity's Gold & Silver Group, please consider joining it now. It's where our active community of precious metals enthusiasts have focused discussions on the developments most likely to impact gold & silver. Simply go here and click the "Join Today" button.


joesxm2011's picture
Status: Gold Member (Offline)
Joined: Mar 16 2011
Posts: 259
Viamat dumping US accounts

Simon Black just sent out an alert email saying that Viamat is dumping US accounts and that since Bullion Vault and Gold Money use Viamat to store their stuff it would probably ripple to them as well.

timot78's picture
Status: Member (Offline)
Joined: Sep 18 2010
Posts: 17


Where can I find more on S. Black's message re: Viamat?  What does it mean dumping?  Will they close the account? (I have one with BullionVault).  Would appeciate the link.  Thanks.


MasterOfMyDomain's picture
Status: Member (Offline)
Joined: Apr 20 2011
Posts: 19
Adam Taggart's picture
Adam Taggart
Status: Peak Prosperity Co-founder (Offline)
Joined: May 26 2009
Posts: 3248
GoldMoney/BullionVault not affected

I've just spoken with the HAA and BulllionVault. Their US customers will be unaffected by this (same with GoldMoney). These firms are commercial accounts at Viamat - today's change applies only to retail individual accounts. 

Boarding a plane now. More once I land. 

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