Gold & Silver Digest: 9/10/13

By jasonw on Tue, Sep 10, 2013 - 11:16pm

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.

9/11/13 1:59 AM EST US close metals price quotes from Finviz

Reuters: Gold falls 1.5 percent on hopes for Syria solution

Gold prices fell 1.5 percent on Tuesday as the precious metal's safe-haven appeal retreated after Syria accepted a Russian proposal to give up chemical weapons to win a reprieve from possible U.S. military strikes.

While riskier assets such as U.S. equities rallied on the news, gold was pressured as crude oil futures fell 2 percent on easing geopolitical tensions. Encouraging industrial output data from China also boosted economic hopes and weighed on gold. 

Forbes: FOCUS: Speculators Boost Gold, Silver, Platinum Exposure - CFTC

Speculators continued to cut back on bearish gold bets and build their bullish gold positions as prices neared $1,400 an ounce, according to U.S. government data released Friday.

Speculators also added to bullish silver and platinum positions in both the legacy and disaggregated weekly Commitment of Traders reports released by the U.S. Commodity Futures Trading Commission for the week ended Sept. 3. Palladium saw traders’ trim their net-long position, while funds also became a little more wary in copper. Indian gold imports slump 95% in August

India's policymakers are not content. Despite the fact that official gold imports have crashed 95 percent in August, to a meagre 2.5 tonnes as compared to 47.5 tonne in July, the Indian government could well be looking to impose a fresh round of duty curbs on the import of precious metals.

The fall has eased pressure on the Indian government, which has been struggling to contain the widening current account deficit (CAD) and the depreciation of the Indian rupee to the US dollar. The Indian rupee has depreciated by more than 20 percent so far this fiscal.

Kitco: Gold Market's Focus On Fed Overshadows Other Central Bank Actions – State Street Global Advisors

The gold market’s almost-singular focus on the September Federal Open Market Committee meeting and whether or not the Federal Reserve will taper its asset-purchase program overlooks what other central banks are doing with their monetary policy, said an exchange-traded fund executive with State Street Global Advisors, home of the SPDR Gold Shares (NYSE:GLD).

The FOMC meets Sept. 17-18 and the market consensus is building on the likelihood the Fed will announce that it will reduce the $85 billion worth of U.S. Treasury and mortgage-backed securities it purchases each month by $10 billion to $15 billion. Several market watchers and gold analysts said how much or when the Fed starts to taper is less important than the sense the Fed wants to reel in its ultra-loose monetary policy, which has supported gold prices for several years.

King World News:   Despite Pullback, Gold & Silver To See Spectacular Surges

After some chaotic action in the gold, silver, oil and bond markets, today top Citi analyst Tom Fitzpatrick sent King World news 4 amazing gold, silver, and debt charts.  Fitzpatrick had previously indicated to KWN that he expects a massive 150% surge in gold, and a staggering 300% move higher in silver.  Below are his 4 astonishing charts & comments about what to expect next from the metals in this powerful interview.

Eric King:  “Tom, we will move on to gold in just a minute, but first I wanted to ask you about silver specifically.  We had the up-move which took silver above $24, and now we are seeing this pullback.  It looks very healthy within the context of the charts that you’ve been publishing on KWN.”

Fitzpatrick:  “Yes.  Overall, Eric, we are still very much of the view that we have put in a base here in silver and we are going to move higher.  In the short-term, silver came up off the lows a bit quicker than people had expected, and while some attributed this to what was taking place in the Middle East, that really wasn’t part of our overview of what is happening.

SRSrocco Report: BAR & COIN INVESTMENT: The Big Squeeze on Global Gold Production

As the Fed and Central Banks play around with silly words like “Taper”, the global financial system continues to disintegrate and is in much worse shape today than it was in 2008.  Somehow, the monetary authorities have deluded the public into believing that they are in control of the situation and things are going to be just fine.

Unfortunately, the system is rotting from the very banking core and without the continued propping up of assets the whole system would collapse.  We must remember, the leverage in these banks including all the garbage from the shadow banking system is so high, that a small 1-2% loss of assets would wipe them out clean to the bone.

SilverSeek: Silver Manipulation - HSBC Connection To US Mint? Christian Garcia & Mike Maloney Interview

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