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JP Morgan Holds Highest Amount Of Physical Silver In History
Gold Silver Worlds
February 4, 2014
While everyone is focused on the massive outflows in COMEX registered gold inventories and the gold ETF, GLD, it seems that an important evolution in silver is passing unnoticed. In what follows, Ted Butler, precious metals analyst specialized in COT analysis, reveals a remarkable insight in the physical silver market.
Butler’s calculations show that JPMorgan (JPM) has piled up the largest holding of physical silver in modern world. Since the silver price peak in May 2011, the bank has accumulated between 100 and 200 million ounces of physical silver (if not more). The equivalent in metric tonnes is between 3,110 and 6,220 tonnes.
To put that number in perspective, it surpasses the amounts held by the Hunt Brothers or Warren Buffett (in his investment company Berkshire Hathaway).
On a yearly basis, some 100 million ounces of silver reach the investment market, which translates into 250 million ounces between May 2011 and December 2013. That has a value of approximately $5 billion. Given the size of the too-big-to-fail bank, that amount of silver, how large it may seem, is easily affordable:
• JP Morgan’s quarterly profit is $5 billion (approximately 200 million ounces of silver).
• In 2013, the closing of the gold short position, as well as the 20,000 contract reduction in the silver short position, netted JPM more than $3 billion.
• In COMEX silver, JPM was the largest buyer in 2013.
These facts make it reasonable for JPM to be a big buyer in physical silver.
Methodology
JP Morgan knows the financial markets better than anyone else. It is no coincidence that the bank is (ab)using that knowledge to their own benefit. Evidence of that lies in the record number of penalties for which they have been accused because of market manipulation.
Butler explains that JPM was able to accumulate so much silver without being noticed through the big silver ETF, SLV. In his weekly commentaries to his premium subscribers, he has explained on numerous occasions that the physical silver holdings in SLV have been largely intact on a net basis, but there was a large “churn” in the holdings, which allows for a large buyer to go unnoticed. For instance, 60 million oz were liquidated in the two months after the price smash in May 2011; they were right away absorbed by a big buyer. The data are available on this site http://about.ag/SLV/.
Furthermore, the conclusion that JPM has been the big buyer in physical silver is confirmed by the following facts:
• The growth of metal in the JPM COMEX silver warehouse over the past three years was 45 million oz.
• The recent delivery stopped by the bank in December/January COMEX deliveries was 15 million oz.
JPM, being a master in manipulating financial markets, has also (ab)used their ability to set the silver price in the leveraged paper COMEX market, while simultaneously benefiting from lower prices to accumulate the physical metal. In Butler’s own words:
“Causing the price of silver to be depressed via a concentrated short position on the COMEX along with the ability to crush prices in an HFT second, to then scooping up physical metal (and covering paper shorts) at the self-created depressed prices.
What this also highlights is the madness and illegality of having the paper price on the COMEX setting the price in the physical market. If JPM hadn’t been capable of rigging silver prices lower in 2013, it would never have been able to buy back 100 million ounces of short paper contracts and buy many tens of millions of physical silver as well.”
Motive
The underlying motive for JPM to accumulate such a large amount of silver is most likely related to the fact that the bank was on the wrong side of the market when the silver price exploded.
When silver went through its historic rally in March and April 2011, the weekly COT data indicated that speculators did not rush into COMEX futures, which means that the peak in the silver price was not driven by speculation in silver futures. On the other hand, there was buying in the big silver ETFs, including record short selling in SLV.
“So, if it was not highly leveraged speculative paper buying on the COMEX that drove silver prices to the peak, it had to be buying in the physical market (including the ETFs). Therein resides my conviction that we were on the cusp of the first wholesale physical silver shortage in history in April 2011. And clearly it was the investment side of silver’s unique dual physical demand (investment/industrial) that pushed prices higher, as there was no great rush by industrial users into physical silver.
JPM was on the wrong side of the silver market: neither the total commercial net short position nor the concentrated short position of the four largest shorts (including JPM) increased in any way and, in fact, both began to decline in April. This implies that speculators, particularly the technical funds, not only didn’t add to long positions, but reduced long positions on the $15 price jump from March 1, 2011.”
What does this indicate? The explanation that makes most sense is that JPM realized that it was on the wrong side of the trade, after having discovered how tight the physical silver market was. Consequently, the bank had to crush the silver price with their HFT tricks in order to reverse the trend. By doing so, JPM could regain control over the silver market.
Meantime, JPM has built the longest position in physical silver in recorded history. It holds its grip on the silver price through its short corner in COMEX silver.
Ted Butler has written time and time again that the extent to which JPM adds new short contracts on the next silver rally will determine the strength of the rally. Simply put – if JPM doesn’t add new short positions, the manipulation is over. Someday, JPM won’t add to silver short positions and they, more than anyone else, will be best positioned to realize massive gains.
http://goldsilverworlds.com/physical-market/jp-morgan-holds-highest-amount-of-physical-silver-in-history/
Dan
2013 – The Year of JPMorgan
Theodore Butler
January 3, 2014 - 10:22am
Probably owing to the dramatic decline in the price of gold and silver, I’ve read scores of year end metal reviews, more than I have ever read previously. Like most of you, I read in order to learn. Therefore, I approach every year end review and outlook with an eye towards understanding just what caused the prices of silver and gold to decline as much as they have and what that portends for the New Year.
I know I look at silver and gold differently than most commentators and what follows I haven’t seen elsewhere, for better or worse. Let me assure you that I’m not trying to be different for the sake of being different; my objective is to understand what really moves the price of silver and gold - no more, no less. I’m not interested in making up stories that can’t be verified or documented; I would not put my name on anything that I did not believe to be factual and accurate.
As has been the case for the past five years (since it acquired the concentrated short positions of Bear Stearns), 2013 was the year of JPMorgan in silver and gold. Everything important that transpired in silver and gold can be traced to JPMorgan, just as this bank will dictate what happens in the future. I realize I am being overly specific and that many different factors influence the price of any market; but the circumstances surrounding JPMorgan are so overwhelming as to render all those other factors combined moot when it comes to silver and gold.
From the very beginning of the year to the last two days of 2013, JPMorgan has dominated and controlled the price of silver and gold. Here are the documented facts. At the start of 2013, with gold at $1650 and silver at $30, JPMorgan held short market corners in COMEX gold and silver futures. JPM was short 75,000 gold contracts (7.5 million oz) and 35,000 silver contracts (175 million oz). JPMorgan’s short market corners at the start of 2013 amounted to a 21% net share of the entire COMEX gold futures market (minus spreads) and an astounding (but typical) 35% of the entire COMEX silver market. No single entity had ever held such outsized and anti-competitive shares of any important regulated futures market. It is unreasonable not to associate such extreme market corners with what followed in price.
The next standout feature to this year’s historic $450 (28%) decline in the price of gold and the $10.50 (35%) decline in silver is in the specific manner of the decline. The vast majority of the total price decline in gold and silver occurred within several days; two days in April (when gold fell $200 and silver by $5) and a few days in June (when gold fell another $150 and silver another $3). The price record clearly shows that the major damage of the worst year in gold and silver history transpired over a handful of days, something never witnessed before in gold, but occurring before in silver (twice in 2011). It wasn’t just that gold and silver declined dramatically in 2013, but the nature of the decline.
Take away those five trading days of 2013 and it would have been a rather ho-hum year in gold and silver. Of course, we can’t take away those five horrible days, but to ignore them would be a mistake. The degree of the time-compression of this year’s decline in gold and silver, were it to occur in any other market would necessitate historical nomenclature (Black Monday or Friday). Even more than the plunge in price for gold and silver in 2013 was the time-concentrated nature of the decline. Try to imagine the furor that would arise if the stock or bond market were to decline 35% in a matter of days.
Let’s stop for a moment and connect these two dots – JPMorgan’s short market corner in COMEX gold and silver at the start of the year and the historic and concentrated price plunge of 2013, essentially completed for the year by the end of June. Can it be possible that these two facts were not directly related and a case of cause and effect? Let me restate that – is it possible that JPMorgan just happened to be in the right place at the right time and the historic gold and silver price plunge occurred through no input by JPM? Before you answer, let me comment further.
The price plunge through the end of June resulted in JPMorgan making more than $3 billion on their short market corners in COMEX gold and silver. So, to conclude that JPMorgan had nothing to do with the price plunge is the same as concluding that $3 billion in commodity futures trading profits is a normal and regular occurrence. But it wasn’t just that JPMorgan innocently stood by while legitimate market forces bestowed a sudden $3 billion windfall on a financial institution found to have acted improperly in more different circumstances than can be recorded – it’s what JPM did as a result of the gold and silver price plunge.
The facts show that JPMorgan not only took profits on their short market corners in gold and silver (to the tune of $3 billion+), JPM bought so aggressively on the price plunge thru June, that this bank almost eliminated their short market corner in COMEX silver and actually reversed their short market corner in COMEX gold to a long market corner. The facts indicate that JPMorgan was the single most aggressive trader on the extreme price plunge and not a lucky bystander.
It is well-established that a market corner is against commodity law. In fact, this is the most important aspect to commodity law, because market corners are unquestioned proof of manipulation. CFTC data indicate (as I’ve been reporting all year) that JPMorgan held short market corners in COMEX gold and silver at the start of the year and that this crooked bank holds a long market corner currently in COMEX gold. There can be no question that JPMorgan held and holds market corners in COMEX gold and silver based upon market share.
The only question is how the heck did these crooks pull it off? Specifically, how was JPMorgan able to buy so much COMEX gold and silver as prices plunged? Normally, one would think the net purchase of 150,000 COMEX gold contracts (15 million oz) and 23,000 COMEX silver contracts (115 million oz) by the US’s largest bank would cause prices to soar. That would usually be the case, except for one other fact – JPMorgan and other collusive traders have come to control the price mechanism on the COMEX, thru high frequency trading (HFT), spoofing and other illegal computer trading means. The evidence of this is in the otherwise inexplicable daily price volatility on the COMEX and the fact that JPMorgan and other collusive commercials are always on the buy side on big down days with no exceptions.
This HFT daily price control, combined with trading counter parties (technical funds) solely motivated by price signals has created a Frankenstein-market – a monster out of control. Real commodity markets are supposed to have prices dictated and discovered by real world supply and demand forces; the COMEX monster market has computer algorithms dictating prices to real world producers, consumers and investors for the benefit of JPMorgan.
I’ve concentrated on what JPMorgan has done this year on the COMEX because that market determines gold and silver prices throughout the world. But JPMorgan’s influence and activity is not limited to COMEX gold and silver futures. In addition to holding a long market corner in COMEX gold futures, JPM has been extraordinarily active in taking actual delivery of metal recently. For the month of December, JPMorgan has taken delivery of more than 96% of the 6493 gold deliveries issued this month. The 6254 contracts taken by JPMorgan in its house (proprietary) account is equal to 625,400 oz of gold. In addition, JPMorgan also took delivery of 10 million silver oz in December and another 5 million silver oz this week in the new January delivery month. http://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsYTDReport.pdf
Here’s something new I’ve been meaning to mention. The CME Group (owner-operator of the COMEX) lists a spot month position limit and monthly limit on actual deliveries of 7.5 million silver oz and 300,000 gold ounces by any one trader. Yet the CME is reporting that JPMorgan in its house account took delivery of more than double the amount of gold allowed in any one month. Since JPMorgan held the 6254 gold contracts from first delivery day forward, it also means that JPM was in violation of CME rules limiting spot month holdings in gold futures of 3000 contracts for the entire month. The violations in silver were less egregious but were violations nonetheless.
I’m sure if pressed the CME could come up with some cockamamie excuse why JPMorgan was allowed to hold and take delivery of so many gold and silver contracts in one month, but the real reason is that JPMorgan is above all rules and law. The CFTC backed down on policing JPMorgan and it would be foolish to think the CME would restrict its most important client in any way. Far from a band of brothers, this is a brotherhood of criminals. Besides, rules are for the little people, not JPMorgan.
2013 also highlighted the unintended consequences of JPMorgan’s control on silver and gold prices. By rigging gold and silver prices lower on the COMEX to close out its gold market corner and flip it to long market corner, JPMorgan also caused the extraordinary liquidation of metal from the world’s largest gold ETF, GLD. There can be little argument that the steep plunge in gold prices caused the massive liquidation of almost 18 million ounces (41%) of gold holdings in GLD. Investors dumped $25 billion worth of GLD in reaction to declining gold prices and prices declined because JPMorgan rigged prices lower on the COMEX in order to flip a short market corner into a long market corner. If there’s an alternative plausible explanation, I haven’t heard it.
Earlier in the year, when I first discovered that JPMorgan held a long market corner in COMEX gold, I speculated that JPM was gaining ownership of much of the gold liquidated from GLD. Numerous reports of buying by China and India subsequently persuaded me to think that most of the metal from GLD ended up there. But considering how aggressive JPMorgan has been in acquiring gold and silver metal via COMEX deliveries recently, I now believe JPM got a pretty good chunk of the liquidated GLD gold. I also think that JPMorgan has been getting serious amounts of silver from SLV by buying shares and converting to metal before share holdings require SEC reporting. There are just too many factors pointing to JPMorgan acquiring all forms of gold and silver to not consider this the key factor of 2013.
One of the questions I have been unable to answer to myself over the past several months is why hasn’t JPMorgan let gold and silver prices rip to the upside after establishing a long market corner in COMEX gold and sharply reducing their short market corner in COMEX silver. After having made $3 billion on the short side, JPMorgan has been in position to make that much and more to the upside. I couldn’t quite understand what was holding them back. The recent COMEX delivery data, as well as the continued outflows from GLD (and more recently from SLV), come close to answering my question.
It appears that JPMorgan hasn’t let gold and silver rip to the upside because the bank is still acquiring important quantities of metal in physical form. It does appear that JPMorgan has hit the limit of COMEX gold futures ownership, as the bank’s long market corner is pretty easy to track and, apparently, hard for anyone to deny. Likewise, JPM’s short position in COMEX silver has been hard to reduce significantly for six months or longer.
But the documented data clearly indicate that JPMorgan has been acquiring important amounts of gold and silver thru COMEX deliveries and, most likely, in actual metal from GLD and SLV. Unlike futures contracts which are reported weekly in COT reports, there is no reporting requirement by JPMorgan for physical gold and silver held. Considering that the statistics from the COMEX have shed much light on JPMorgan taking delivery of gold and silver in extraordinary amounts and the knowledge that JPM doesn’t welcome close scrutiny of its trading, I’m inclined to believe we are closer to the end of JPM taking such visible deliveries, rather than this being the start of growing delivery-taking by them. In addition, after the unprecedented bleed of more than 40% of the metal in GLD, further massive liquidations look improbable from that source.
Therefore, I can see what JPMorgan has accomplished in 2013 and why they haven’t pulled the trigger yet to the upside, as they continue to acquire physical gold and silver. But the easy flow of physical gold and silver accumulation by JPMorgan now appears largely over. That’s not to say JPMorgan is done with its dirty tricks to the downside, but it’s important to put things in perspective, which is the main purpose of year end reviews.
As was the case in 2013 and every year since 2008, the next year in gold and silver will be determined by JPMorgan. But considering that JPMorgan now holds a long market corner in COMEX gold for the first time in history, it is hard to see how 2014 doesn’t shape up to be the exact opposite of 2013. Throw in JPM’s sharply reduced short position in COMEX silver and the massive quantities of physical gold and silver acquired by the bank and the start of 2014 couldn’t be more different than the set up of a year ago.
While no one can accurately predict short term pricing or the exact moment the deliberate price beatings of 2013 will end, the facts indicate a remarkable turnabout in JPMorgan’s positioning. We fell sharply in 2013 because of JPMorgan and will likely rise sharply in 2014 for the same reason. From my perspective, that’s all that matters. 2013 – Good riddance. 2014 – Step right in. Happy and Healthy New Year to all.
Ted Butler
http://www.silverseek.com/commentary/2013-%E2%80%93-year-jpmorgan-12815
Dan
YEAH! Jim Sinclair Named Executive Chairman of Singapore Precious Metals Exchange (SGPMX)
(hattip to steviee)
Legendary gold trader and leading PM industry advocate Jim Sinclair has just been named Executive Chairman of the new Singapore Precious Metals Exchange (SGPMX).
Sinclair will also chair the Independent Advisory Board established to oversee the transparency and management of the exchange.
If the SGPMX selection of an Executive Chairman is any indication, the new exchange should prove to be much more successful than the short lived HXMEx, which had once been thought likely to take significant market share away from the COMEX and LBMA, but was dissolved only a year after formation.
Sinclair’s public letter on his “Mission” at the SGPMX as well as the full press release from the SGPMX are below:
My Mission On Our Behalf
By Jim Sinclair
Posted November 22nd, 2013 at 2:03 PM (CST)
My Dear Extended Family,
The following was written at Changi Airport in Singapore on route to Dar es Salaam, East Africa, November 22nd 2013/
My presence in Singapore is a mission for us. Having reported to you the six locations where cash and physical only exchanges for silver and gold were to be established, I did not leave it at that. My staff and I have contacted each proposed exchange in order to determine which of the six held the best promise for the gold market transition phase for price discovery away from paper gold and to physical gold material.
My original interest was to join that exchange on behalf of TRX. That desire transmuted itself into putting my shoulder behind that exchange which offers the global window to the real price of gold. That exchange in my opinion is the Singapore Physical Precious Metals Exchange, headed by CEO Victor Foo.
Too long has gold suffered from trading in its paper form which was originally conceived of and has continued to live as the means of manipulating the paper price of gold for the benefit of the few.
The time is at hand for Free Gold. The mechanism of freeing physical gold from price slavery to paper gold is the present time deletion of future exchange warehouse supply as the real cash price of physical gold exceeds the spot futures paper contract by the cost of shipping, the cost of insurance, and the cost of recasting of Western form 100 ounce gold bars into Asian product demand form.
The reported shipment of one billion in gold recently from the USA to the Rand Refinery in the Republic of South Africa was not junk jewelry form as reported. It was rather in the form of 100 ounce Comex bars being shipped to the Rand Refinery for recasting into Asian product, and was sold mainly in China as gold rose in price.
I was there as a member of the Comex exchange in March of 1980, the last time the Comex board of directors panicked over the threat of the Hunt Brothers asking for delivery of both gold, silver and copper in excess of, or equal to, the then Comex warehouse qualified for delivery supply.
Asian demand for physical gold is now in excess of supply and the declining Comex warehouse supply qualified for delivery. This is the mechanism for the emancipation of Physical Gold from the 41 years of price slavery to paper gold due to the cheap paper mechanism to manipulate the world gold price.
With the present time and predictable need to change the delivery mechanism on the COMEX to cash in order to avoid default on delivery, the reign of paper gold is ending. With this end we have the arrival of physical gold as the new discovery mechanism for the price of gold.
For the transition to take place it is necessary that we have functional global platforms for the trading of physical metals between peers of merit and a transparent price for global physical gold that exists nowhere for even professional public consumption.
There has been a clarion call from the long suffering holders of gold shares and investment gold for the Chief Executive Officers of gold companies to identify and take definitive action to end the slavery of the gold price to the mechanism of manipulation, the paper gold market. The advent of global platforms for and the true revelation to the gold public of the real gold price, the physical cash price on a 24 hour basis in the answer.
The cost of trying to manipulate this public physical price wherein delivery must be immediately made or payment presented immediately in full makes it too expensive to manipulate the gold price on a consistent basis. The paper gold market cannot move far away from the real physical price when the real physical price is globally known. Therefore to manipulate price the tricksters will have to participate on the physical exchanges thereby increasing their cost of their operation by orders of magnitude. That huge increase in the cost of moving price at will is the beginning of the end of paper gold ruling the physical gold price. That substantial increase in the cost of operation is the beginning of the physical gold market taking the position as the true discovery mechanism for the global price of gold. It is the beginning of the end of the reign of paper gold. (my bolding for emphasis)
We CEOs of gold companies owe our stockholders economic production and all of our efforts to defeat the plans of the tricksters and their paper machinations that cost near to nothing and results in gold moving such as $1900 to $1200 when the true demand for physical over ground gold was on the rise and not on the fall. Where demand exceeded supply as paper gold was forced by bullies down from $1900 to $1200. This dichotomy in price is only viable via paper gold manipulation and must end here and now. To that object of “Free Gold” and the economic production of gold, I dedicate all my strength, all my contacts of 53 years in the business, all my knowledge of how to, and my capital.
Respectfully yours,
Jim Sinclair
http://www.jsmineset.com/2013/11/22/my-mission-on-our-behalf/
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Jim Sinclair Named Executive Chairman of Singapore Precious Metals Exchange (SGPMX)
Independent Advisory Board established to ensure long term growth strategy, protect interests of customers
November 22, 2013 09:00 AM Eastern Standard Time
SINGAPORE--(BUSINESS WIRE)--Singapore Precious Metals Exchange (SGPMX), the world’s first physical precious metals exchange with peer-to-peer bullion trading capabilities, today announced the appointment of precious metals specialist, Jim Sinclair, as Executive Chairman of SGPMX. It also announced the establishment of an Independent Advisory Board chaired by Jim Sinclair to oversee the transparency and management of the Exchange, as well as to develop education and advocacy programmes around physical bullion and wealth storage.
Independent Advisory Board members of Singapore Precious Metals Exchange’s Independent Advisory Board include former CEO of Kuala Lumpur Stock Exchange (Bursa Malaysia Berhad), Dato Yusli Yusoff, President of McMillan Woods Global, Dato Raymond Liew, prominent lawyer Ranjit Singh, and experienced commodities trader, Peter Mickelberg.
Jim Sinclair said, “I believe the U.S. economy is headed for hyperinflation and the alternative to currencies is precious metals. But it’s physical gold and not future gold that we should be looking at. And personally, I predict that emancipated physical gold price from future gold price will go up from US$3,200 to US$3,500 an ounce by 2016.”
“I’m a firm believer of the Singapore Precious Metals Exchange’s business model and am confident that the platform addresses bullion trading challenges faced by traders, financial institutions and personal wealth investors like myself. By unifying buy, store, trade and transport elements under one platform, SGPMX will easily position itself as a catalyst for Singapore to achieve its goal as a trading hub for precious metals in Asia Pacific,” Sinclair adds.
Victor Foo, CEO and founder of SGPMX said, “As part of the company’s long term growth strategy, we have invited industry specialists and experts from various fields to form the Advisory Board. With each member’s expertise, we are confident that they will not only value add to the management of the Exchange, but also drive the bullion industry forward with the initiatives in the pipeline.”
Bios of Members of the SGPMX Advisory Board
Jim Sinclair, Executive Chairman of SGPMX
Sinclair is a precious metals specialist, commodities and foreign currency trader. He was the Chief Executive Officer of Northwestern Basemetals Company Limited since 2012. He has authored three books on precious metals, trading strategies and geopolitical events, and their relationship to world economics and the markets.
Dato’ Yusli Yusoff, Member
Dato’ Yusli Yusoff was the CEO of Kuala Lumpur Stock Exchange (Bursa Malaysia Berhad) from 2004 till 2011. Currently, he sits as an Independent Non-Executive Director on the Board of Directors of a few public listed companies, including YTL Power International Berhad, Mulpha International Berhad, Mudajaya Group Berhad, Air Asia X Berhad and Westports Holdings Berhad.
Dato’ Raymond Liew, Member
Dato’ Raymond Liew is the President of McMillan Woods Global, an independent member firm of McMillan Woods Global network. He is also a Trustee of the Malaysian Accountancy Research & Education Foundation and is a Council member of the Chartered Taxation Institute of Malaysia (CTIM).
Ranjit Singh, Member
Ranjit is a general litigator with vast experience and appears regularly in the High Court and Federal Court of Malaysia. Besides representing and advising public listed companies and professionals, Ranjit also acts as counsel to the Malaysian Bar’s compulsory insurance scheme.
Peter Mickelberg, Member
Peter Mickelberg is a financial analyst and trader who has specialized in precious metals and mining equities. He is currently a communications consultant to Mr Sinclair and his company, Tanzanian Royalty Exploration Corporation.
About Singapore Precious Metals Exchange (SGPMX)
Established in August 2011, SGPMX is the world’s first physical bullion exchange established for investors, traders and institutions to trade physical precious metals like gold and silver with physically backed bullion storage facilities. It provides consolidated offerings for customers to buy, sell, store and exchange precious metals under one platform, and is privately held and independently funded.
Contacts for Singapore Precious Metals Exchange (SGPMX):
The Hoffman Agency
Jacintha Ng, +65 6361-0250
SGPMX@hoffman.com
Release Summary
Jim Sinclair named Executive Chairman of the Singapore Precious Metals Exchange (SGPMX). SGPMX is the world’s first physical precious metals exchange with peer-to-peer bullion trading capabilities.
Singapore Precious Metals Exchange (SGPMX)Website:
http://tinyurl.com/mxh8och
http://www.businesswire.com/news/home/20131122005110/en/J
Dan
Fed and Treasury are now so desperate they don't care about getting caught
Submitted by cpowell
Section: Daily Dispatches
12:37p NZST Saturday, October 12, 2013
Dear Friend of GATA and Gold:
Disappointing as the price action in gold is, it also represents progress for our side insofar as the Western central banks and the U.S. government in particular -- the Federal Reserve and Treasury Department -- are now so desperate to support the U.S. dollar and hold the parasitic banking system together that they don't care anymore about getting caught in their gold market interventions and, really, their interventions to rig all major markets.
From CNBC Friday:
Gold's Plunge Blamed on One Massive Sell Order
By Alex Rosenberg
CNBC
Friday, October 11, 2013
Gold lost $25 in two minutes on Friday morning as the gold market experienced a massive surge in volume that triggered a halt in the middle of the plunge. The move took gold down to a three-month low and was felt across the commodity markets. And incredibly, a single sell order could be the culprit.
"It appears to have been an order to sell 5,000 gold futures contracts at market," Eric Hunsader of Nanex told CNBC.com when asked to explain the swift move at 8:42 a.m. EDT. "About 2,700 went off and tripped the stop logic, halting gold futures for 10 seconds while liquidity replenished. When enough liquidity returned (after 10 seconds), the balance of about 2,300 completed. ...
"Five thousand lots is huge," commented Rich Ilczsyzn, the founder of iiTrader and a CNBC contributor. "We don't know if it's a mistake or not."
http://www.cnbc.com/id/101106134
* * *
Mistake? Ha! What a dunce.
Nobody understands it better than London metals trader Andrew Maguire, who talked to King World News about it.
"The Fed does not operate directly in the market," Maguire tells KWN. "They operate through two primary 'agent' banks. The bullion banks in turn time naked short gold sales in the futures market to coordinate what the Fed is doing in the more opaque foreign exchange markets.
"This is where the bullion banks become visible, because the bullion banks are provided with visibility into the market book. So they have an insider knowledge, and they can easily discern where it's best to surgically add large synthetic supply. This is not anything to do with the physical market.
"This is synthetic supply, to force the paper market participants to capitulate longs. And the trading profits go straight into the bullion banks' hands. It also draws in other participants to go short."
Maguire's King World News interview is excerpted here:
http://tinyurl.com/lcxvqwu
***
Turd Ferguson of the TF Metals Report sees JPMorganChase's hand in gold's decline, as the bank is having to deliver metal this month. When Morgan has to deliver, Ferguson shows, the price falls, and when Morgan is taking delivery, it rises:
http://www.tfmetalsreport.com/blog/5144/four-score-and-ten-days-ago
***
At the Got Gold Report, Gene Arensberg sees bullion banks spouting the usual disinformation so that they might trade to the contrary:
"I think people are focused on the very short term while the gold market itself is focused much longer term and is beginning to discount a new bull leg for commodities in general and gold in particular. I would wager that the Goldman, Credit Suisse, and Morgan Stanley analysts have only gone public at the very tail end of their bearish trades in order to cover them. They are likely buying into this decline, in other words, or soon will be."
Arensberg's commentary is here:
http://www.gotgoldreport.com/2013/10/gold-friday-sell-down-attempt-again.html
***
Neither is Swiss gold fund manager Egon von Greyerz fooled. Von Greyerz tells King World News: "Physical demand is incredibly strong, but, in spite of that, gold is not going up. So there is clearly major intervention in paper gold, a market which is 100 times bigger than the physical markets. Can they push gold lower to test the lows again? In my view this is very unlikely."
Von Greyerz's commentary is excerpted at KWN here:
http://tinyurl.com/knwwhtv
***
In another King World News interview, even Art Cashin of UBS, a CNBC commentator, remarks at length on how he's getting suspicious of the gold market.
Cashin tells KWN: "While I am far from being a conspiracy theorist, I could see where some of the people involved in that asset class would be concerned because we've had several incidents of very large sales. And they all seem to come at approximately the same time in the relatively early morning in New York, usually before the stock market has opened. ... Why would you suddenly dump a large amount of gold? Why wouldn't you try to piecemeal it out over the day? ... Is somebody trying to send a message? Is somebody trying to influence the market?"
Uh-duh, Art!
His interview is posted at King World News here:
http://tinyurl.com/o8zs4gm
***
Meanwhile India acts as if it never gained its independence in 1947. The country remains the slavish tool of its central bank and thus of the colonizing West. Meeting his masters this week at the offices of the International Monetary Fund in Washington, the new governor of the Reserve Bank of India, Raghuram Rajan, obediently raised the possibility that the Indian government could sell its gold to pay its foreign debts, as if gold isn't always part of a nation's foreign exchange assets available for trade or as if, say, India couldn't also turn another national asset, the Taj Mahal, into a brothel for visiting central bankers.
"We bought over $60 billion in gold last year," Rajan said at an IMF forum. "Sixty billion dollars accounts for three-fourths of our current account deficit. If push comes to shove, we can pay the world in gold."
The world might like that a lot better than depreciating rupees -- or, for that matter, euros and dollars. Indeed, the Indian people themselves might like a chance to trade their rupees for their government's gold, now that the government has prevented them from buying gold from abroad and thereby prevented them from having their say in the currency markets.
Rajan's comments are reported from Washington by the Press Trust of India here:
http://businesstoday.intoday.in/story/raghuram-rajan-on-indian-economy-crisis-funds-from-imf/1/199532.html
So more and more people are understanding what GATA has been saying for years -- that, to preserve their unaccountable power over humanity, central banks surreptitiously rig the gold market and thereby are destroying all markets. But the people understanding this -- or understanding this and acknowledging it -- do not yet include those in the mainstream financial news media and executives of monetary metals mining companies.
Central banks can create money to infinity, and that is an enormous asset, but that is not their greatest asset. Their greatest assets are the cravenness of the mainstream financial news media and the mining industry's willingness to die quietly.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
http://www.gata.org/node/13113
Dan
Evolving Gold Announces Corporate Update on Nevada Gold Properties
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 30, 2013) - ?Evolving Gold Corp. (EVG.TO) (EVOGF) (EV7.F) (the "Company") announces an update on its USA properties. Due to market uncertainties, Evolving Gold has re-evaluated the land position on its properties with a focus on refining its holdings to emphasize the strongest targets and assets.
The Rattlesnake Hills gold project in Wyoming remains a core asset to the company and Evolving Gold's property position remains unchanged. The Company has explored this property over the last 5 years with extensive drilling, surface mapping and rock and soil sampling, Evolving Gold continues to believe the strong value of this gold discovery and the district scale potential it represents.
The Carlin property and agreement with Newmont remains unchanged. The Arch Discovery at Carlin with its high grade gold mineralization and extensive gold system remains the cornerstone of Evolving Gold's exploration program in Nevada. The Carlin property is on the southern end of the prolific Carlin Trend, one of the best addresses in the world for gold mining and exploration.
Evolving Gold has released the Humboldt property. This property which was adjoining the Carlin property and has a number of interesting geological and geophysical targets proved to be an untenable asset since ongoing expenses were beyond those Evolving Gold could justify with its current financial position.
Evolving Gold's Jake Creek property is situated between Newmont's Carlin-style Twin Creeks Mine and the bonanza-grade epithermal gold deposit at Midas. Jake Creek exhibits characteristics of both deposit types and the focus of the preliminary exploration program has been on following the epithermal system and local high grade gold mineralization identified on the main part of the property. Using high resolution gravity and magnetic surveys in conjunction with detailed surface mapping program Evolving Gold has refined its claim package to focus on the strongest targets while minimizing expenses.
R. Bruce Duncan, CEO of Evolving Gold. stated " Evolving Gold is doing everything it can to minimize overhead expenses while exploring key assets and developing its gold properties. We believe in the properties we are developing and are working to bring each property to the next level of exploration."
About Evolving Gold Corp.
Evolving Gold is focused on exploration and development of its gold properties in and adjacent to the productive Carlin Trend of northern Nevada, and its gold discovery at Rattlesnake Hills, Wyoming. For more information about Evolving Gold please visit: http://www.evolvinggold.com
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
R. Bruce Duncan,
President, CEO and Director
Contact:
Evolving Gold Corp.
Corporate Offices
604.685.6375
TF: 866.604.3864
info@evolvinggold.com
http://www.evolvinggold.com
http://finance.yahoo.com/news/evolving-gold-announces-corporate-nevada-200000671.html
Dan
On one hand, I'm surpised to find that no one has posted AUMN's presentation/slideshow here, and on the other, I can see why not....
Imo, yesterday's lame presentation at the Precious Metals Summit in Vail, Colorado by AUMN CEO Jeffrey Clevenger was uninspiring and left me wondering why they even chose to appear without having much of a positive message for their shareholders...
AUMN's Slideshow presentation:
http://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2013/09/19/golden-minerals-company/play/stream/8005
Dan