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Gold ETF Holdings Rise Most In 7 Months
Yesterday saw a lot of extreme volatility moves around the world. Most of them stemmed from Japanese actions - JPY plunging 3 big figures in 18 hours, JGB limit down and biggest yield spike in years against a JGB implied volatility collapse, NKY smashing exponentially higher - but there was also an unusual action in precious metals. While price has been notably set back in the last two days, yesterday saw the largest addition to IAU and GLD ETF holdings in 7 months (following a 10 million ounce reduction from mid-February highs). For equity investors, if this is considered a normal, calm operating environment for putting your capital to work, enjoy.
Charts: Bloomberg
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WTF
It's time for a beer, I give up.
is it ever time to not have a beer?
GLD – IAU Holdings ? ?
LOL -- it is obviously time for a Golden Monkey
Just caught a documentary on this last week, Goldman and JPM are buddies. How much you want to bet GS has been trying to smack down paper price so JPM can scoop up some phys on the cheap?
You scratch my back..
If we see eligible gold reserves jump at JPM in the next few days we'll know what's going on
Remember, they are both custodians for the PM ETFs, and their vaults filled with Comex paper.
Absolutely and positively a Shell Game.
I don't believe anything these guys say. There is zero transparency on this and the info is coming from the crooks themselves.
Time to bite the heads off some Armadillos
http://beeradvocate.com/beer/profile/433/1837
(turn the bottle on its side and the sailing ship turns into an Armadillo!)
Barbarous Paper Relic
why? like currency down the drain
Let's see if this is followed up by a corresponding increase in physical bullion, in their "segregated vaults"
I'm loving the stunned silence on here.
Paging Jim Willie....
don't know what to think fonz. I am getting confused..what does this mean?
All I know is it means don't believe anyone. Trust your instincts and stay diversified and be prepared for a longer ride than most people want to imagine.
It also means to be neither a PM shill nor a paper pimp.
As a paid subscriber he will reply to your emails.
freeshittyadvice@fonzanoon.com
Jim advised clients to sell anything to do with paper Gold or Silver many years ago.
wasnt jim willy the one who knew somebody whos cousin had a friend at morgan stanley and said friend indicated the ship was sinking and all top executives were on lifeboats??? that jim willy????
Yeah and days after that they increased MBS purchases by another 45 billion per month, just a coincidence am sure.
im not buying it.....way too many unfounded rumors floating around about the end of this and the end of that.........all unfounded.................stop listening to the talking heads on KWN...............................
You dont have to buy toxic MBS, the taxpayers did, then they will be given to you it exchange for your retirement savings.
P.S. John Embry made me a shitload of money, more than any of your stooges that pay to get on CNBC.
nutjob....err...oddjob....ive been here long enough to have established my disdain for cnbc....but by that token, there is the FLIP SIDE OF PROPAGANDA.....those that spew the exact opposite baseless unfounded repetitive nonsense.......both are not worth a lick................listening to maria bartiromo talking up equities or listening to hathaway talk up some unknown (they are always unknown) hong kong bullion dealer who swears inventory is down to its last bar IS FUCKING ANNOYING.........................
You are not doing a good job of convincing me to do anything................
buy the dip...and salsa...and nachos....and a cold beer.....thats life!!!!
Considering PM's account for less than 2% of all investable assets, I see an over laboured effort to discredit them.
Now whats fucking annoying is how Apple can lose the combined value of all the above ground physical Silver, Gold and Silver mining equities and nary a peep from the likes of you.
@oddjob you are missing my point........
my POINT is unfounded bullshit is just that...whether its from jim willie or kwn or anybody else.......and propaganda works both ways.......i believe one of the comments here yesterday warned of the unfounded bullshit coming from michael synder....that he personally was in several turkish pm shops....and there was no crazy shortage, or premiums.....or lines out the door...................dont believe the hype either way.....
Well if its all hype, why such disdain for Gold and Silver, please tell me you dont think pipelines and utes trading at 30+x earnings are a good deflation hedge, cuz they will get slaughtered.
Why not harp about amazon?, it represents a far greater underlying risk than a gold coin.
Look at citi, it only has to get back to $550/share for people to get even on that one.
its not ALL hype...only the hype is hype.................im NOT advocating stocks......blahhh........never..............im advocating intellgent presentations without bullshit stories that are competely unfounded............
Over time it has been proven that Gold and Silver provide a better vehicle for saving the benefits of one's own labour.
http://silverdoctors.com/jim-willie-bank-runs-bullion-bank-runs-to-clima...
A buddy just texted me in a panic, like my wife was on fire, "CNBC is screaming to get out of gold!"
That could be a good/bad thing...
Depends on whether she's a looker, got money, etc.
I can think of over $16Trillion reasons for ignoring anything CNBS has to say.
If I were you, I'd text right back: "Whew, that was close! Good thing I sold all my Au!" That way, after The Great Implosion™, yer friend will think you don't have any Au for them to steal!
And it was stupid advice. Not all ETF's are created equal. GLD is a piece of shit. But what about CEF?
One size fits all advice will get you fucked. Hard.
I'm buying....@ $48.90, but I'm buying....
Stunned yes but silent no....this is so rigged its scary....I am smelling sulpher around here...this market is a complete joke...I don´t think anyone knows what they are doing....its a very big and dangerous crap shoot..
Or maybe there is plenty of gold to go around. Maybe Kyle Bass knows it and that's why he dumped some phyz pre smackdown. Maybe that is why someone still feels comfortable going long paper. Maybe...we have a looooong way to go.
Or maybe a big bank blows up sunday night. Welcome to the new normal.
Or, Buying to crush prices again in the round robin cycle? Each cycle must be preceded by a buying spree at lows to sell and accept lower bids amongst themselves (Fed's pomo bitches). Only way to beat physical rallies is to manipulate the paper, imo.
fonz you reeeeeallllly arent doing a good job convincing me to diversify into gold....................
i ask too many questions and don't btfd enough
im gonna buy this dip, im hungry:
http://ts4.mm.bing.net/th?id=H.4650028963661855&pid=1.7&w=240&h=177&c=7&...
or maybe this supposed influx is a fucking lie just like everything else say the fucking bankers... b bottom line, they aint had no Gold from the start and the little they did is on planes to the East...
everything we r witnessing is designed to confuse and misdirect...
just keep buyin no matter what the phony paper price...
there r only 2 forms of real money and you had better have a whole fucking lot....
Know a JPM exec - see him regularkly. Jusst before the smackdown, I made a comment about their COMEX gold stocks in the vault dropping fast. "Why hold onto it if you can buy it back cheaper in the future?"
The same guy simply laughed when I asked if Blythe was telling the truth about only holding positions for clients.....having said at another time that "we're involved in things a bank shouldn't go near.... if one of the tankers on the water has an accident...."
yeah.... steadfast ethical place, no manipulation... BTW - California is suing them over collection on old Credit Card debt - echoes of Robosigning on mortgages. Looks like they're checking the couch cushions for change - seems kind of desperate.
Not even surprised. Volatility is what makes the banksters and their ilk money. Also, a lot of this paper versus phyzz is not complete and utter bullshit, but it's mostly bullshit.
Yeah, if you want to trust the morgue with your PMs, you're a fool. But not every custodian is a crook.
Lots of suckers out there
http://www.zerohedge.com/news/2013-05-09/jim-grant-golds-recent-drop-confidence-bernanke-utterly-misplaced#comment-3547263
I'll be like a broken record of hold physical only until it all collapses and the ETF's say they told you so in their prospectuses
They just overshot by this [--] much. Carry on.
That 7 month I/O chart is impressive though.
Like stocks, the bullion banks/fed are buying to prevent the diversion between phyz and paper? Hey, look, paper gold really exists!
Where's is my fukkin' gold!
I am sure the government did them a solid and deposited some gold with them for shares to build confidence in the paper gold system. I am also sure the GLD immediately dumped the deposited gold today at the London Fix. The ponzi gets another 24hrs to live.
why bother throwing some valuable gold out the window for such a short lifespan?
Maybe another big smackdown is being planned. They think their only chance of survival is shacking the remaining weak physical holders.
Makes sense now that the strong hands already spent most of their dry powder last month.
They should print GLD on gold leaf, so that they really can send it to you, and you just melt it down in your kitchen.
Big boys are rotating while telling Joe Sixpack to buy their stocks.
I honestly wouldn't fancy holding JGBs at the moment. It's creaking, but it's going to go...
http://www.kitco.com/gold_currency/index.html?currency=jpy&timePeriod=1y...
Gold in JPY is holding it's own. With relative USD strength Americans are getting a sale.
What is JPM's vault (conversion ratio) looking like today, Tyler?
Cobwebs?
Soon to be known as JPM's Mausoleum
I suppose the news will be that Paulson and Soros bought GLD for their gold trading position.
And they bought it from Gartman since gold is down.
did they just create more paper gold out of thin air or did they BTMFD and found a seller of size of physical bullion?
Comex futures are accepted as physical by GLD since they can "stand for delivery."
I'm assuming any remaining physical has long since left the vault and there's nothing but paper left. Especially since that trick can only be pulled off by "authorized participants" who create and redeem shares in 50k "baskets."
forget the facts pay attention to the narrative. the economy is now running under its own power, QE can be scaled down, and the charts suggest that in this stage of the recovery equities outperform gold. thif they can engineer an environment which looks like a recovery, that's better than a real recovery, which isn't going to happen because of structural problems.
the market is overbought, it can go higher still, (or hold on to its gains) if the leadership narrows a bit. that means kicking the longs out of gold, and forcing them to buy Apple. the may gray has been defeated, and if the market gets a bit frothy the doves only need to pull back a little on QE.
you are here, but these guys are already two steps ahead, worrying about a lousy christmas shopping season, and how a market up 15% when the new normal is probably 2% is going to hold on to the gains. make em sell everything they own and buy APPLE.
worst case the old bugaboo of put selling gains favor, which is what brought them down in 87. this time however the government might have trouble throwing money at wall street. although by now 401K and the DJIA industrial mean the same thing. they don't want to let the little guys get too greedy.
Trouble? Why there's nothing some "New & Improved" accounting standards can't "fix."
I just saw that there hasn't been a strategic silver reserve in the US since 2003. Which IMO certainly significantly increases the liklihood of confiscation if there is ever a major conflict in the US.
I would also tend to believe there's no gold reserve left either or even no gold period for that matter.
http://www.mineralsmakelife.org/assets/images/content/resources/Strategic%20and%20Critical%20Materials%202013%20Report%20on%20Stockpile%20Requirements.pdf
http://www.strategic-culture.org/news/2013/03/11/us-gold-reserve-audit-show.html
Anyone in the US think this seems like a set up?
Use America to piss off the whole world, loot everything, set off WW3 and watch America be destroyed?
Some institution buying to goose the ETF market,,,,It won't work phyzz is going parabolic. JUST KEEP STACKING.... THIS GAME IS ENDING. The wealth transfer to the physical holders will be breathtaking and they know it.
I'll settle for preservation of capital - though I'll be needing a loan to buy some scuba equipment first.
cynicalskeptic,,,,
That's funny, you also had a boating accident? Man this shits on the rise..
This is only a drop in the ocean, insignificant. What is significant though is that lease rates for gold are hitting new highs and gold forward rates are at lows of November 2008.
what would a net inflow chart look like over the same time period? increasing fund flows w/ decreasing holdings?
So is this like the equivalent of ETF QE? Printing paper gold from nothing, and the market just pretends like it has (gold) value? Am I understanding this right?
Happened to be in my favorite hangout today (PM shop), and place was bustling.....again. All buyers: myself for some rounds, another for a silo of rounds, another for the 10 oz bar (Japanese dragon), and another for 4 oz Maple Leafs. Two days before a guy bought 7 boxes of 10 oz bars. I havent seen sellers since, forever."Those are the people in my neighborhood, in my neighborhood, in my neigh-bor-hood."
Would you, could you, be my neighbor?
Gold recovering losses again today, already halfway off the lows. It would seem the smackdowns are being bought decently. This is definitely not setting up well for the shorts. If I was shorting I would cover my positions or at the very least hedge the upside. This is the third time in the past few weeks where a large selloff is net bought.
It fell after being stuck for several days below $1475 resistance. To me, this looks like either technical trading or outright manipulation.
It doesn't look like a short squeeze.
It doesn't look like driven by physical demand. Physical demand doesn't care about technical resistance.
I think weak paper speculators are back, and TPTB have room for another big smackdown.