Gold & Silver Digest: 9/16/13

By jasonw on Mon, Sep 16, 2013 - 6:32pm

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.

9/16/13 7:29 PM EST US close metals price quotes from Finviz

Reuters: Gold down 1 pct as traders focus on US Fed tapering

Gold fell 1 percent on Monday after the bullion market failed maintain a rally set off by former Treasury Secretary Lawrence Summer's decision to withdraw as a candidate to lead the U.S. Federal Reserve.

The yellow metal rose after the announcement, which removed market uncertainty about a long confirmation process of the already controversial Summers as the successor to Fed Chairman Ben Bernanke. But the rally faded, even though the Dow  rose over 100 points, or nearly 1 percent. 

Bloomberg: Is Summers Fed Withdrawal Bullish for Gold?

Bloomberg's Scarlet Fu and Bloomberg Tradebook's Greg Bender put futures in focus with a look at how Larry Summers withdrawing his name for consideration for Federal Reserve Chairman is impacting gold prices in "On The Markets." They speak on Bloomberg Television's "In The Loop."

King World News: Incredible Events Now Unfolding In The Gold & Silver Markets

With gold and silver beginning to approach the key area where London metals trader Andrew Maguire told King World News there would be massive central bank buying, today James Turk spoke with KWN about the incredible events which are unfolding.  Turk also sent KWN about silver a powerful chart to go with his commentary below.

Turk:  “There are so many important news events going on at the moment, Eric, that one has to pick and choose where to begin.  However, I think the most stunning development is your interview with Andrew Maguire.  For years there have been outcries that the CFTC is not doing enough to investigate the manipulation of the precious metal markets. 

SRSrocco Report: THE GREAT 2013 GOLD HEIST : Exploding Demand & Falling Supply

No one was prepared for the orchestrated take-down of the price of gold and silver in the first half of 2013.  Forecasted supply was generously overstated while demand… grossly under-estimated.  Thus, the tremendous imbalance had to be resolved which came to be known as “The Great Gold Heist of 2013.”

Not only were the investors taken by surprise from the huge price declines, but so were the Fed and member bullion banks — one by price movement and the other by huge demand.  To understand why I believe there was a gold heist, we have to dissect through some of the just released official data. Poland Latest To Seek Repatriation of Its Gold

Germany, Ecuador, Mexico, Switzerland. Now Poland, if a petition movement is successful, will repatriate its gold bullion reserves, currently held in the vaults of the Bank of England.

The group, Oddajcie Nasze Zloto (Give Our Gold Back), seeks the return of Polish gold from the Bank of England to ensure its “safety” and the economic security of Poland. Supported by organizations such as the Mises Institute of Poland, the Business Center Club, the Mint of Wroclaw, and others, the movement has attracted the attention of the Polish parliament. In response, the parliament has asked the president of the Polish central bank to ascertain the status of the gold and conduct an audit of gold assets in England.

Kitco News: FOCUS: Speculators Cut Bullish Gold Futures, Options Positions – CFTC

After speculators built bullish positions in gold futures and options traded the Comex division of the New York Mercantile Exchange for the past few weeks, they cut back on net-long positions in the latest data about their activity.

For the week ended Sept. 10, speculators in the Commodity Futures Trading Commission’s weekly commitment of traders report reduced their net-long positions in gold in both the legacy and disaggregated reports. Market watchers said speculators likely became more cautious on expectations the Federal Reserve would start reducing its bond-buying purchases. The Federal Open Market Committee meeting is Tuesday and Wednesday.

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - JPM To Pay About $800 Million Fine for London Whale

JPM has agreed to admit wrongdoing and will pay about $800 Million in fines for concealing the huge trading losses in the case of the London Whale.

The precious metals rallied with stocks overnight as Larry Summers released Obama from having to cut him loose as a candidate for Fed Chairman.

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