Gold & Silver Digest: 6/17/13

Adam Taggart
By Adam Taggart on Mon, Jun 17, 2013 - 6:01pm

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.

6/17/13 6:41 PM EST US close metals price quotes from Finviz

Reuters: Gold slips as U.S. equities rise, FOMC in focus

Gold fell around 0.5 percent in quiet trade on Monday as a Wall Street rally reduced the need for safe-haven buying and investors awaited this week's U.S. Federal Reserve meeting for signals on the central bank's monetary stimulus plan.

Better-than-expected U.S. retail sales and jobs data recently has fueled speculation that the Fed could announce a scaling back of its $85 billion monthly mortgage-bond buyback at the end of its two-day policy meeting on Wednesday.

CNBC: Gold Ends Lower at $1,383 as Stocks Rally

Gold settled lower at $1,383 on Monday as a Wall Street rally decreased the need for safe-haven buying, with investors awaiting this week's U.S. Federal Reserve meeting for signals on the latest plans for its monetary stimulus.

Recent better-than-expected U.S. retail sales and jobs data fueled speculation that the Fed could scale back its $85 billion monthly mortgage-bond buyback at the end of its two-day policy meeting on Wednesday.

Bloomberg: SocGen Sees More Gold ETP Sales, Lower Price on ‘Paradigm Shift’

Gold holdings through exchange-traded products will probably drop another 285 metric tons this year as prices fall further on speculation the U.S. economic recovery will mean less stimulus, Societe Generale SA said.

Prices will average $1,200 an ounce in the fourth quarter, compared with $1,386.47 now, the bank said in report today. It previously forecast a drop to $1,375 by the end of the year, before the metal slid into a bear market in April. A “sharp” price-drop could spur a “big increase” in producer hedging, or sales of future production, according to Societe Generale.

Forbes: Speculators Net Bullish Gold Positions Fall -- CFTC

The net-long positions for large speculators in gold futures and options on the Comex division of the New York Mercantile Exchange fell as the new short positions they added more than offset the new bullish positions, according to U.S. government data released late Friday.

For the week ended June 11, large speculators in the Commodity Futures Trading Commission’s weekly commitment of traders report added both gross longs and gross shorts in gold, but they added many more gross shorts, effectively lowering the net-long position. In silver, large speculators flipped to a tiny net-short position in the disaggregated report, while in the legacy report they cut their net-long silver holdings.

Bullion Bulls Canada: Gold-Bashing Mythology Hits New Crescendo

In wading through the mainstream drivel written on the gold and silver markets; it becomes increasingly difficult to reply to such material without the word “desperation” creeping in again and again. Indeed, the quantity of gold-bashing itself is simply overwhelming. 

In the years I have covered this market, I have never seen as many mainstream articles written about the (supposed) “bear market” today as were written during the 12 years in which the mainstream (grudgingly) acknowledged the bull market in precious metals.

The Road to Roota: ALERT: JP Morgan Increases SLV Holdings by 500%

Just so you know....

The past few years of silver smashing has been all about letting JP Morgan extract themselves from that Silver short hot potato. That's why the CFTC has not filed charges against them (yet) for silver manipulation. That's why the banking cabal has sat on the price of silver this whole time. That's why Citibank added $7.5B in OTC silver shorts. That's why sentiment in the silver market has never been worse.

It's all about extricating JP Morgan from the silver short position they were REQUIRED to take on by the US Treasury after the collapse of Bear Stearns.

SilverSeek: COT Silver, Gold and US Dollar Report

The COT reports which we look at each week provide a breakdown of each Tuesday's open interest for markets in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC.   The weekly reports for Futures-and-Options-Combined Commitments of Traders are released every Friday at 3:30 p.m. Eastern time.   The short report shows open interest separately by reportable and Non-reportable positions.   For reportable positions, additional data is provided for commercial and non-commercial holdings, spreading, changes from the previous report.

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