Gold & Silver Digest: 6/24/13

Adam Taggart
By Adam Taggart on Mon, Jun 24, 2013 - 7:02pm

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.

6/24/13 7:41 PM EST US close metals price quotes from Finviz

Reuters: Gold down 1 pct on China fears, Wall St margin calls

Gold fell around 1 percent on Monday, extending last week's 7 percent slide as fears of a cash crunch in China spooked investors, and a slide in U.S. equities prompted some to liquidate bullion to cover margin calls.

Other precious metals including silver and platinum group metals also tumbled on global economic fears.

RT Breaking The Set: World Bank: Money Laundering Criminals | Interview with Whistleblower Karen Hudes

Abby Martin talks to Karen Hudes, former senior executive at the World Bank, about her experience blowing the whistle on the high level corruption within the international financial system and how her story was censored.

Bloomberg: Gold Wagers Slump as $55 Billion Erased From Funds: Commodities

Hedge funds cut bets on a gold rally by the most since February after the Federal Reserve laid out plans for reducing stimulus and this year’s drop in the value of exchange-traded products extended to $55 billion.

Speculators reduced their net-long position by 29 percent to 38,951 futures and options by June 18, U.S. Commodity Futures Trading Commission data show. Holdings of short contracts jumped 14 percent, the most in eight weeks. Net-bullish wagers across 18 commodities slid 2.2 percent as investors became more bearish on copper and wheat.

CNBC: Gold Prices Are Headed to Pre-QE Days: Credit Suisse

As the sell-off in gold continued into Monday morning, analysts told CNBC that investors need to re-examine their expectations of the gold market and that prices are likely to fall to levels before the Federal Reserve opted for unlimited bond-buying.

"You need to re-examine your expectations for the gold market if you're long - you need to stop thinking in terms of crisis and start thinking about where gold was pre-crisis," Tom Kendall, director and head of precious metals research at Credit Suisse, told CNBC on Monday.

The Gold Report: Ben Bernanke's Real Message for Gold Investors, Translated by John Williams

Don't fall for propaganda from the Federal Reserve about tapering quantitative easing, says ShadowStats editor John Williams in this interview with The Gold Report. His corrected economic indicators show the U.S. is nowhere near a recovery and the Fed will have to increase rather than decrease bond buying to prop up the banks and push off inevitable dollar debasement. That could be very bad for savers, but good for gold.

The Gold Report: On Wednesday, the Federal Reserve hinted that it might begin tapering quantitative easing by the end of the year based on signs of an improving economy. Gold immediately dropped from $1,347 an ounce ($1,347/oz) to $1,277/oz, a 7% decline and the lowest price in more than two years. The Dow Jones Industrial Average and NASDAQ were also off more than 2%. You called this "jawboning" and said that due to stresses in the banking system the Fed would be obliged to continue bond buying. Why would the central bank threaten to cut off the flow if it didn't plan to do it?

Jesse's Café Américain: What Kind of Fools Are Buying Gold?

On the whole, the world's central banks are now net buyers of gold, and have been for some time, after being net sellers for over twenty years.

Russia is one example.

Why do you think they are buying it?   They don't understand money?

The Gold Report: Roger Wiegand Predicts a Brand New World for Gold

The quant who produces Trader Tracks newsletter tells The Gold Report that the technical charts project a brightening future for precious metals. Technical market analyst Roger Wiegand tracks annual trading cycles while keeping an expert eye on potentially disruptive world events. He is a stickler for fundamentals, though, when it comes to picking out the best juniors for safe bets in a cash-poor industry.

The Gold Report: In early 2012, Roger, you predicted that the price of gold would rise to over $2,000/ounce ($2,000/oz) during the year. But as the overall stock market increased in value, the yellow metal went in the opposite direction. What happened?

SilverSeek: Changes in the Silver Market, Part 1

BACK in the good old days, a physical silver trader's dream would be to land a photographic company as a customer.

Polaroid, Kodak, Fuji and many more were on this list of prospects. This industry was a tremendous behemoth in the silver market.

In fact Kodak was technically in the silver refining business. They had created operations to capture scrap silver as well to lower their costs of production for their film. One spin-off from the recent reorganization of the company is Rochester Silver Works out of New York State. There were also many production sites that grew up in their vicinity. I'm certain it was the same at the manufacturing plants of their competitors as well.

SilverSeek: Reasons to Buy Gold and Silver Bullion

For a long time now I’ve been telling friends to buy gold and especially silver bullion. I haven’t really had time to explain why but I think now I should make an effort. This is a massive story but I will try to be brief. I believe that gold and silver are seriously undervalued. I also believe that there is going to be a crisis in confidence in the money we currently use which will cause a sudden and serious loss of value (very high inflation). Ownership of gold and silver are an insurance against this happening. Once it does happen it will be too late to take out that insurance policy.

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.

1 Comment

SPAM_whipperbubba's picture
Status: Member (Offline)
Joined: Jun 26 2013
Posts: 6
Gold and Silver coins

With the decline in gold and silver prices it is a good time to add precious metals coins to your portfolio.  You can buy Silver Eagle coins at the spot price of silver and Gold Eagle coins at a discount to other brokers at


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