Gold & Silver Digest: 7/26/13

Adam Taggart
By Adam Taggart on Fri, Jul 26, 2013 - 8:49pm

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.

7/26/13 6:46 PM EST US close metals price quotes from Finviz

Reuters: Gold posts 3 percent weekly gain, Fed comment eyed

Gold was flat on Friday after a late rally erased initial losses and bullion ended the week nearly 3 percent higher as wariness over the U.S. Federal Reserve's message at next week's monetary policy meeting pushed the dollar down.

Bullion's third consecutive weekly rise marked its longest weekly winning streak since March, prior to the two-day $225 selloff in mid April. 

Forbes: Gold Demand Having Less Impact As Prices Tread Water: Analysts

With uncertainty growing in the gold market, analysts expect that retail investors will be hesitant to buy more physical gold in the near-term.

Although demand has been exceptionally strong since prices started to drop in April, Jeffrey Christian, managing director at New York-based research firm, CPM Group said that he is starting to see signs of weakening demand for physical gold.

Economic Times: Seizure of smuggled gold in India soars 365% in first quarter of 2013

Seizure of smuggled gold in the country soared 365 per cent in the first quarter of the year, a report said Saturday, following curbs on imports of the precious metal to plug a yawning trade gap.

India, the world's largest buyer of gold, has twice hiked import taxes on bullion this year to discourage gold-buying and introduced other restrictions on purchases to rein in a record current account deficit, the broadest measure of trade.

Reuters: Under siege, JPMorgan to quit physical commodities

JPMorgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street's role in the trading of raw materials comes under unprecedented political and regulatory pressure.

After spending billions of dollars and five years building the banking world's biggest commodity desk, JPMorgan said it would pursue "strategic alternatives" for its trading assets that stretch from Baltimore to Johor, and a global team dealing in everything from African crude oil to Chilean copper.

BullionVault: Doom 'n' Gloom for Gold? Buy!

IT WAS a challenging first half of the year for most commodities, with only two resources we track on our Periodic Table of Commodities Returns rising in value, writes Frank Holmes of US Global Investors for The Daily Reckoning.

Natural gas and oil rose 6.5% and 5%, respectively, while silver lost a third of its value and gold lost a quarter of its price from the beginning of the year.

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Post Expiration Gut Check As Expected

We had the expected post option-expiration gut check in the metals, which rallied back into the close.

These jokers are about as subtle as our little girls when they play Monopoly,  and make up their own rules as they go along.

Interestingly enough it appears that JPM is exploring ways to exit the commodities business

Silver Bear Cafe: What gold nationalization really means

Gold owners are almost universally familiar with the story of Franklin Roosevelt criminalizing the ownership of gold back in 1933.

Executive Order 6102 was signed on April 5, 1933, and it forbade the “Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States.”

Roosevelt further ordered that citizens in the Land of the Free surrender their gold to the Federal Reserve in exchange for $20.67 per troy ounce in Federal Reserve notes.

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