Gold & Silver Digest: 9/13/13

By jasonw on Sat, Sep 14, 2013 - 12:23am

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.

9/13/13 12:42 AM EST US close metals price quotes from Finviz

Reuters: Gold rebounds but logs biggest weekly loss since June

Gold rebounded on Friday on late bargain hunting, but poor technical momentum, easing tensions with Syria and expectations that the U.S. Federal Reserve will unwind its monetary stimulus led to the metal's largest weekly loss since late June.

After falling as much as 1 percent to hit a five-week low earlier Friday, bullion ended up 0.3 percent on buying related to pre-weekend book squaring late in the session, traders said. 

Bloomberg: Goldman Sees Risk of Gold Below $1,000 on U.S. Economy

Gold is poised to extend declines as the U.S. Federal Reserve withdraws stimulus and economic data improve, according to Goldman Sachs Group Inc., which says that there’s a risk that bullion may drop below $1,000 an ounce. Futures retreated in New York.

While debt-ceiling discussions in the U.S. and the Syrian crisis may support bullion in the near term, gold will resume its decline into next year, Jeffrey Currie, head of commodities research, said in an interview on Bloomberg Television today. The bank’s target for 2014 is $1,050, and the commodity may overshoot to the downside, Currie said in Singapore. Gold futures haven’t traded below $1,000 since October 2009.

Market Watch: Gold futures end the week almost 6% lower

Gold futures fell on Friday for the fourth session in a row as investors mulled the potential nominees for U.S. Federal Reserve chairman and awaited the central bank's decision on monetary policy next week. Gold prices suffered a loss of 5.6% for the week and marked their lowest settlement since Aug. 7, FactSet data show. December gold GCZ3 -0.23% fell $22 for the session, or 1.7%, to settle at $1,308.60 an ounce on the Comex division of the New York Mercantile Exchange.

King World News: Morgan Whistleblowers Confess Bank Manipulates Gold & Silver

In a stunning development, two JP Morgan whistleblowers have confessed that the bank manipulates the gold and silver markets.  This is truly a shocking admission by the courageous JP Morgan whistleblowers.  In a blockbuster King World News interview, London metals trader Andrew Maguire told KWN that the two JP Morgan employees came directly to him with hard evidence that the bank was actively manipulating the gold and silver markets. 

This is a truly catastrophic event for JP Morgan, which up to now has denied manipulating these markets.  Below Maguire takes KWN readers around the world on a trip down the rabbit hole as he discusses how he led the two JP Morgan employees to turn over the evidence to a law firm which specializes in high profile whistleblowers, and also to the CFTC.  According to Maguire, the CFTC has virtually buried this information.  Is this a cover up, or the next LIBOR scandal about to be exposed?  Below is what Maguire had to say in this blockbuster interview.

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Gold and Silver Pressured All Day With a Big Reversal Into the Close

There was quite a reversal late in the day as the precious metals, which had been under pressure, rallied dramatically into the close.

The reversal seemed to coincide with the breaking news that two whistleblowers have come forward from JP Morgan with allegations of market manipulation in the metals by the Bank.

PeakProsperity: PM Daily Market Commentary - 9/12/2013

Wow.  Gold dropped $43.10 on heavy volume to 1320.70, with silver down $1.41 to 21.76 on moderate volume.  The gold/silver ratio rose to 60.66.  Both silver and gold were sold all day long, starting in the AM in asia and only stopping because of the NY close, at the dead lows for the day.  Silver was hammered much, much harder than gold, although the volume was surprisingly light given all the selling.  As for the price action, it was just down all day, with each rally being sold.  There is not one bit of good news I can report for PM. The price of gold makes no sense - Interview with Tekoa Da Silva

Tekoa Da Silva from Bull Market Thinking talks about the latest moves in gold, and the stock market in general. He also chats with Vanessa Collette about his favourite book - one all viewers will want to read. Check it out! Gold and Silver Price Manipulation Ends With the Death of Fiat

The silver and gold market has been rife with speculation about ongoing price manipulation. Most investors are now familiar with this concept, and even the mainstream has admitted that undue market influence has occurred.

Nevertheless, ending this unfortunate fact of life for precious metal investors and allowing prices to rise to their fair value would probably create a U.S. Dollar panic.

Furthermore, terminating precious metal market manipulation by officials — such as the CFTC for example — is virtually impossible because they would be incriminating themselves.

Silver Bear Cafe: Silver: Gold's Not-So-Ugly Stepsister

Bullion investment now represents a quarter of total world demand for silver. However, while investment demand rose sharply over the past five years, this demand did fluctuate significantly each year. To predict future price moves it is helpful to look at current investment trends and couple this information with demand trends for silver in industry.

The Silver Institute breaks silver investment demand into two useful categories: implied net investment and coins & medals. To simplify, implied net investment represents physical silver bars such as those held by an ETF's custodian. Coins are government minted bullion bearing a denomination with medals being similar but from a private mint and lacking a denomination.

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.

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