Gold & Silver Digest: 7/30/13

Adam Taggart
By Adam Taggart on Wed, Jul 31, 2013 - 12:41am

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.

7/30/13 7:51 PM EST US close metals price quotes from Finviz

Reuters: Gold eases after 3-week gain, investors await Fed meet

Gold slipped on Monday, as investors took profits after three weeks of gains and turned their attention to a U.S. Federal Reserve policy meeting later this week that is widely expected to reaffirm its near-zero interest rate stance.

Spot gold steadied 0.25 percent lower at $1,329.90 an ounce by 3:45 p.m. EDT (1945 GMT). Last week, the precious metal regained the $1,300 level for the first time in a month. It rose 9 percent over the last three weeks.

The Guardian: How Bank of England 'helped Nazis sell gold stolen from Czechs'

Bank of England records detailing its involvement in the transfer and sale of gold stolen by Nazis after the invasion of Czechoslovakia were revealed online on Tuesday.

The gold had been deposited during the 1930s with the Bank of International Settlements (BIS), the so-called Central Banker's bank, as the Czechoslovak government faced a growing threat from Germany.

Yahoo! Finance: Gold on the Rebound: Is the Bottom Finally In?

Of all the investment opportunities that exist in the world, few can claim to have the devoted fan base that gold seems to enjoy. And yet, for all its appeal with the so-called gold bugs, this precious metal has nearly as many skeptics, who never pass up an opportunity to trash the virtues of owning expensive rock.

But somewhere in between these polarized factions exists a cadre of opportunists, free of any bias, who simply follow trend lines to determine on where prices are heading. Jonathan Krinsky, chief market technical analyst at Miller Tabak & Co, is one of them.

Reuters: Greenlight's Einhorn cuts gold bullion to invest in miners

David Einhorn, head of hedge fund Greenlight Capital, said on Tuesday that he remained bullish on gold and that earnings growth would accelerate for General Motors Co later this year.

In a conference call for his Cayman Islands-based reinsurer Greenlight Capital Re Ltd, Einhorn said his optimism about gold "has not changed" and that his investment portfolio now had an equal exposure to gold miners and gold bullion. He said the position was not hedged.

Forbes: Analysts Expect Central Banks To Add To Gold Reserves Despite Turkey's Decline

News that nine central banks are selling some of their gold reserves is not expected to hurt gold prices, according to analysts.

According to monthly data released Thursday by the International Monetary Fund, Turkey, Germany, Suriname, Guatemala, Mexico, Zimbabwe, Costa Rica, Czech Republic and Denmark all sold some of their reserves. At the same time for the ninth straight month, Russia added to its reserves along with Ukraine, Azerbaijan, Kazakhstan, Kyrgyzstan, Greece, Belarus and Bulgaria.

USAWatchdog: Gold and Silver: Load the Boat-Back Up the Truck-Peter Schiff

For anyone who sold physical gold in the current precious metal downturn, money manager Peter Schiff says, “There’s going to be a big problem because the gold they sold on the way down isn’t going to be available on the way back up because the people who own it aren’t going to sell it at any price. . . . This is the time to load the boat, to back up the truck.”  Schiff is a longtime advocate of precious metals and has taken much criticism in this downturn.  Schiff answers his critics by saying, “The people who are always making fun of me every time there is a pullback are the ones that never bought gold in the first place.  Even though it’s pulled back, it’s still a lot higher than it was when they first started laughing at me for buying gold.”  Talk of a new Fed Chairman to replace Mr. Bernanke will only be bullish for the gold price.  Schiff predicts, “If it’s solely based on which Fed Chairman is the most bullish for gold and silver, I would say that would be Janet Yellen.  No matter who’s put in at the Fed, they are going to keep printing because that’s all they can do.”  Schiff warns, “They’re going to keep printing until we have a currency crisis . . . and that is the most bullish environment for gold.  Don’t wait for the crisis to buy because you are not going to like the price.”  Join Greg Hunter as he goes One-on-One with Peter Schiff, CEO of Euro Pacific Precious Metals.  

King World News: Richard Russell - Gold, Stocks, Bull Markets & “Big Money”

On the heels of continued volatility in key global markets, the Godfather of newsletter writers, Richard Russell, asks the all-important question, “How do we know when a bull market is topping out?”  Russell included a fascinating gold chart and predicted that gold will break out to the upside.  This is a tremendous piece where Russell also discusses how the “big money” thinks and operates in these manipulated markets.

“One question I am frequently asked is, “How do we know when a bull market is topping out?”  First, we must determine which sentiment phase the market is in.  This is particularly difficult now because this market is being manipulated by the Federal Reserve.  Normally, the stock market will only top out when it is in the speculative or third sentiment phase.

Lars Schall: Bank of England refuses comment on huge discrepancy in custodial gold reports

The Bank of England refuses to explain what appears to be a huge discrepancy in its accounting of the gold it holds in custody, a difference of as much as 1,200 tonnes between the total reported in the bank’s annual report in February and the total reported in a “virtual tour” of the bank posted this month at the bank’s Internet site.

Bloomberg: Silver Forming Pennant Signals 3-Year Low: Technical Analysis

Silver, the worst performing commodity this year, may drop a further 12 percent to a new three-year low as it forms a triangular pattern called a bearish pennant, said Barclays Plc.

Spot silver has moved into a narrowing price band since June 28, when it touched $18.2305 an ounce, the lowest level since August 2010. A close below $19.25 may prompt more selling and pull the metal within a few weeks to as low as $17.50, a level last traded in July 2010, said Dhiren Sarin, chief technical strategist for Asia Pacific in Singapore.

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