Gold & Silver Digest: 9/9/13

By jasonw on Mon, Sep 9, 2013 - 9:35pm

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.

9/9/13 11:05 PM EST US close metals price quotes from Finviz

Reuters: Gold drops on Fed tapering talk, US equities rally

Gold fell on Monday, surrendering some of the gains made in the previous session, on market expectations that the Federal Reserve may taper its monetary stimulus.

Also bearish for gold was Chinese government data showing the world's second-largest economy rose more than expected in August to decrease bullion's safe-haven appeal. U.S. stocks, measured by the S&P 500 index, rose 1 percent. 

Bloomberg: Hedge Fund Gold Bets Climb to Highest Since January: Commodities

Hedge funds’ combined holdings in gold futures increased to the most bullish since January on mounting concern that conflict in the Middle East will boost crude-oil prices, slowing economic growth and stoking inflation.

The net-long position rose 3.6 percent to 101,396 futures and options in the week ended Sept. 3, U.S. Commodity Futures Trading Commission data show. Long wagers gained 0.6 percent and short bets contracted 8.6 percent, the fourth consecutive drop and the longest retreat in a year. Combined net-long holdings across 18 U.S.-traded commodities fell 0.3 percent as investors got less bullish on copper.

Financial Sense: John Kaiser: India Currency Troubles, Import Restrictions Bearish for Gold Demand

Earlier this year gold market analyst John Kaiser made an extremely prescient call by warning Financial Sense Newshour listeners of a gold washout and to expect much lower prices in the months ahead. A week after he made his call, gold fell by its largest recorded amount in 33 years and continued to decline until late June, much as he predicted.

With the washout behind us and gold now moving higher, John believes we hit bottom in late June around $1200 with prices now hinging on emerging markets, especially India.

Market Watch: Gold ends flat on Syria, Fed speculation

Gold futures ended nearly unchanged on Monday as investors considered the U.S. administration’s campaign for a military strike against Syria and prospects for the Federal Reserve’s monthly bond-buying program.

Gold for December delivery GCZ3 -1.58%  added 20 cents to settle at $1,386.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices rose 1% Friday, helping the yellow metal end the week with just a 0.7% decline.

Kitco News: U.S. Silver Mine Output Rises Slightly In June – USGS

U.S. silver mine output was 92,300 kilograms in June, the U.S. Geological Survey said Monday.

June’s output rose 200 kgs over May’s production and was 1,700 kgs above year-ago production.

SilverSeek: I’m assuming manipulation is here to stay

For the purposes of this column I’m going to start with an assumption - not just any assumption, but a crucially important assumption; probably the only assumption that matters.

The assumption is that the prices of precious metals ARE rigged (or - pick your verb: “manipulated,” “managed,” “controlled” and/or “suppressed.”)

Furthermore, my assumption is that the entities manipulating the prices of gold and silver include (any or all of the following): The U.S. Fed, other central banks and the too big to fail bullion banks, most conspicuously JP Morgan Chase.

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