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Eurozone Contagion Deepens After Disastrous German Auction; Silver Supply Issues
From GoldCore
Eurozone Contagion Deepens After Disastrous German Auction; Silver Supply Issues
Gold is trading at USD 1,687.10, EUR 1,262.60, GBP 1,086.30, CHF 1,554.20, JPY 130,590 and CNY 10,760 per ounce.
Gold’s London AM fix this morning was USD 1,686.00, GBP 1,083.55, and EUR 1,260.46 per ounce.
Yesterday's AM fix was USD 1,697.50, GBP 1,083.90, and EUR 1,253.14 per ounce.
Cross Currency Rates
Gold is lower in all major currencies today except euros with euro gold having risen 0.25% to EUR 1,263/oz.
The euro came under pressure due to the surprise collapse in new Eurozone industrial orders which led to Germany failing to get bids for 35% of bunds offered. The German 10-year bund yield rose sharply from 1.92% to over 2.06%.
This is one of Germany's worst auctions since the launch of the Euro with the Bundesbank having to pick up nearly 40% of the 6 billion euros on offer.
The German auction in turn led to further weakness in European equity markets. Asian equity indices followed US equities lower after news of a new US bank stress test and then the poor Chinese manufacturing data.
Gold will be supported at these levels as the euro zone debt crisis continues to degenerate with the periphery increasingly affecting the core – leading to contagion.
The bond auction in Germany is a disaster. If Germany has to buy its own bonds, it is frightening to think how other European nations, including France, will fare at bond auctions in the coming weeks.
Gold remains possibly the most under-owned asset in the world, and definitely the most infrequently and poorly covered in the mainstream media.
The specialist financial press and media (FT, Bloomberg, Reuters, WSJ, CNBC, Dow Jones etc.) covers gold, but the mainstream media continues to report on gold sporadically at best. When the mainstream media does cover gold it is covered badly with poor analysis and a continuing simplistic suggestion that "gold is a bubble". It fails to comprehensively cover the gold market.
The vast majority of investors and savers in the western world have no allocation to gold whatsoever and know little or nothing about gold.
Daytime TV and the popular press and media almost never have segments about how to invest in, or own gold.
The western public is not familiar with the gold market, let alone familiar with how to invest in or own gold bullion, gold coins or gold bars. This leads to a large number of the public who don't trust what they are not familiar with, or what they simply do not understand.
Gold in USD – Bloomberg Inflation Adjusted (1970-2011)
The 'woman and man in the street' in much of the western world continues to sell gold as seen in the 'cash for gold' phenomenon. This is in marked contrast to the Chinese and Indian public that has been aggressively buying bullion as a store of value.
Inquiries and sales from the general public remain anemic and there has been only a very slight pick up in demand from the public - despite the real deterioration in the outlook for the Eurozone, the US and the global economy.
GoldCore remains confident that most of our business is coming from educated investors.
This means existing clients who already have allocations are increasing their allocations, high net worths and some corporates concerned about deposits due to currency and systemic risk.
The majority of the public does not understand gold and the importance of diversification.
There continues to be a lot of preconceived notions, lack of knowledge and ignorance about gold as a safe haven asset and as an important diversification.
A plethora of excellent research articles by the World Gold Council, Casey Research (see their excellent report on gold in commentary today), major banks, ourselves and many others continue to be ignored by most of the media.
Comprehensive research is ignored. Singular and minor news events such as a few gold ATMs globally or comments by George Soros or Nouriel Roubini are focused on in a lazy fashion and used to suggest that gold is a bubble.
Financial ‘experts’ and ‘advisers’ with little or no experience or knowledge of the gold market often speak authoritatively about gold and generally in a negative manner which dissuades investors and savers from properly diversifying.
The case for owning gold has never been stronger and yet popular media and public skepticism remains high.
The lack of coverage in the mainstream media and the occasional poor coverage is symptomatic of a bull market in its infancy.
Animal spirits and public participation remain negligible.
From the GoldCore Trading Desk
There are reports of some US and UK bullion dealers not having supply of certain bullion product – particularly silver bars.
We currently have stock of nearly all major bullion products in volume and ready for immediate delivery.
However, supply issues are developing with regard to 10 oz silver bars which are not available for now. 100 oz silver bars in volume require a 2 week wait.
With regard to gold product, there are 1 week delays for kilo bars and for 1 ounce Krugerrands and Philharmonics.
For breaking news and commentary on financial markets and gold, follow us on Twitter.
SILVER
Silver is trading at $31.66/oz, €23.64/oz and £20.34/oz
PLATINUM GROUP METALS
Platinum is trading at $1,545.20/oz, palladium at $584.00/oz and rhodium at $1,575/oz.
NEWS
(Reuters)
Gold hovers around $1,700; euro zone eyed
(Reuters)
Gold retains gains; euro zone concerns persist
(Bloomberg)
Fed Requires Top Banks to Submit Capital Plans
(Bloomberg)
Gold to Gain on Central Banks, Corn to Advance, Hermes Says
COMMENTARY
(Zero Hedge)
Casey Research: Is Gold Still The Answer For Investors?
(Mish’s Global Economic Trend Analysis)
New Currency Controls in US at Currency Online; Capital Flight and Forced Repatriation in Europe
(Mish’s Global Economic Trend Analysis)
Perfect Storm the Most Likely Scenario; Is Europe Set to Declare a Chapter 11 in Early 2012?
(24HGold)
The Two Prerequisites for Hyperinflation
(Bloomberg)
Stephenson on Euro Breakdown & Gold Great Investment for Next Decade
»
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Only Mo Cheez can save the economy now.
TWIST & SNAP.
Silver? What Silver? Its not in JPM's report.
Silver baby.
The other white meat. The cheaper cut that everyone owns in terms of physical.
IF ONLY people under-stood the real nature of Gold and Silver. But esoteric thinking is for Astrologer types, right?
ORI
-second-trailer/
Sprott is going to have a hard time finding silver for his PSLV shelf filing.
Yes he will.
HAHAHAHAHAHAHA!
Come on....it's only 50 million ounces at today's price. It's not like JPM is short those 10,000 contracts (thanks Turd).
TALKING YOUR BOOK you fucking asshole conservative...
SELL GOLD NOW!
DEFLATION COLLAPSE COMING SOON TO YOU!
It's bad enough to be a retard, but really, really annoying to be a screaming retard.
Most of the western world remains ignorant of how to buy gold?
That's sales hype.
Europeans (the other white meat) have been owners of gold, silver, et.al for eternity.
It's the Nord Americanos who don't know fuck about the PM's.
Gimme some breathing room.
Fucking pubescent shite.
Silly Knukles, don't you know that for the vast majority of (provincial and ignorant) Americans, the United States of America IS the Western World?
In the minds (such as they are) of the average Wal-Martian, a map of the USA is simply blank on the other side of our borders --- "beyond here there be dragons".
'If it hurts when you drop it on your toe, SELL IT.' - JPM
get those digitized credits.
Just buy and put in a cigar box in your closet.
Monster box crushed the poor cigar box...before I took it out in my canoe and it fell overboard. Darnit!
There is a rash of burglaries happening in my neck of the woods. The FIRST place the thieves go is into the master bedroom closet. Of course, the houses that have been broken into are ones that have left a door unlocked. Pull together the fact that people are putting their valuables in a spot know for "hiding" valuables along with leaving a door unlocked and you got yourself a Darwin Wealth Winner.
Somebody tried that on one of my neighbors a while ago. He keeps his gold and silver out on his coffee table in plain sight. They didn't pay attention to the sign that said "beware of the claymores". Stepped on the pressure pad and.....
Boy, this sure doesn't sound good:
Fate of Euro May Hinge on Italian SaversSilver supply issues ? And yet there is pleny of paper silvers being sold by JPM and the other criminals.
Yea isn't paper silver just as good? I'm sure they got our back just like MF GLobal, what could go wrong?
Paper silver is best when held in segregated commodity accounts at the CME.
Get your umbrellas out; it's about to rain Euros.
Sprott is going to break the comex this year.
http://profitimes.com/free-articles/sprott-to-buy-1-5b-of-silver-bullion/
Nice link.
One and a half billion dollar purhase of physical silver at these criminally manipulated prices.
I hope they drive the price down lower in the coming weeks so he gets even more bang for the buck.
Thanks for that link drop. Gave me an ingot in my pants, gettin shinier by the minute.
Sprott's near inside looking silver trade history is getting more attention than the fed. Is this where they have to cross his trade?
My TurkeyHedge is in the hurtlocker.
.
Paid troll. Blocking in effect.
Sprott physical Silver fund PSLV is going to make another offering. A boat load of physical silver will come off the market in the coming weeks/months.
What, paper price going down disrupts physical supply? Say it ain't so!
All of my 3 local coin/bullion dealers have little or no product to sell; 3-4 week wait.
Mine also. Funny how they seem to have plenty when the price is up but have little or none when the price is low. hmmm.
Someone pulled a lot of silver out of Comex yesterday....I too am confused why Gold and Silver are not skyrocketing and setting new new highs.....the western world is defaulting in front of our eyes....someone is losing alot of money somewhere....if you are a bond holder who is watching his investment fall by 15%..or more..depending on the country....what do you do...these pensions that rely on an 8% year over year return...good luck...oh well...more rum for the crew I say...keeps em happy
Compared the fiat paper market, the Gold and Silver markets are tiny. Easy to manipulate when you have a blank check from the Plunge Protection Team.
Steady as she goes boys and girls. Now is not the time to panic with the herd. Trade your Federal reserve notes and other Government IOU's for PM's, food, oil and yes, lead. There is a sale on for limited time only.
Exactly!
Unfortunately, not so much in euros. But that's ok, I was almost out of powder anyways.
"If Germany has to buy its own bonds, it is frightening to think how other European nations, including France, will fare at bond auctions in the coming weeks."
We are conveniently pointing our finger at EU issues. We should remember that when we point a finger at the EU three fingers are still pointing back at us.
Can somebody speed up this S-L-O-W M-O-V-I-N-G train wreck already?
Helicopter Ben will save the world today. Sell all PMs. JPM gave trhat advice. TRUST them
DANG! Well cant printing more piles of paper solve all this? Get busy there, worthless central banksters who have never produced a damn thing of value your whole lives come on if youre gonna print, dont talk about it...PRINT! Ya bastards!
Germany wont allow printing.
The market finally understands and this is the beginning.
Huge deflation. The worst kind, with rising interest rates.
One of the hoard of "we buy gold and silver" shops in town has upgraded its work force. The sign carrying chicken is now a goriila. who are these people who have the full page ads in the paper? They are trying to sock it away. Have yet to see Blythe. Yet.
And somebody took out a few ounces of silver from Brink's .... (ca.: 2.3 Million)
Wasn't me!
(sorry I saw that youngman has already posted this fact)
"German 10-year bund yield rose sharply from 1.92% to over 2.06%"
German 10Y bond yield now at 2.125%
If you American knuckleheads still don't get it what this is all about, then I can't help you and maybe you deserve what is about to be unleashed onto you.
When, for the love of God, will you start to connect the dots ?!
http://www.youtube.com/watch?v=fEu9GFJIw8g&feature=related
Sir,you are one of the few who gets the the forest.ZHers are a smart bunch.However,they are mostly fixated on the trees.No sarcasm.Are we moving to to a global currency and a global fed reserve?
We are moving that way, it's just not perfectly in a straight line... more like a stair-stepping effort... each boom bust cycle we'll get closer and closer to unifying world central banks (and political control) once and for all. The problem, of course, is that the best laid plans of mice and men...
until that day.
Was Corzine spotted in Europe?
Anybody buying potassum, nitrogen, and phosphate? After all, them 48 million soon-to-be 'snap-pers' will need a meal.
So what the fuck is with silver dropping over $1.00 again.....?
Fuck You's J P Morgan Chase & Co........
................................FUCK YOU'S.......................
homeboy be mad....but just keep buyin the phys...
that phony ass paper price aint got a damn thing to do with the value of ur metal...
they just desperate like a mother fucker...aint nobody selling no fucking real Silver...
just laugh and give'em the finger on days like this...it wont b much longer
What they fail to realize is the fucking public has no money to invest in gold. They've already been robbed. Those that have anything left in their 401k's have no fucking option to invest in Gold. YOu basically get 5 -10 funds you can invest in and that's it.
What the fuck do the majority of Americans do? Sell their food stamps to buy Gold? Huge disconnect between the preachers of Gold and the reality that has gripped America 20 % + of real unemployment, 1 out of 4 on Food Stamps, half the coutnry living either below or around the poverty line.
All I know is all the gold in the world isn't going to save you from a desperate hungry person with a gun. Let's hope it doesn't come to that.
Haha, that arguement always gets made.....rather have guns than gold. Dude, you can buy all the guns you want with a stack of PM's, and you can even hire a bunch of thugs carrying said guns to protect you. Try buying a gun with your debt notes when the shit really hits the fan and see what happens.
Hire thugs? Who do you think you are, Heriberto? Why wouldn't they just kill your ass and take your gold? Keep living in your fantasy...
Friend. Really? You think Jamie Dimon is going to be fine with just a few guns. He has the whole NYPD working for him. I'll leave it at that.
Not called Food Stamps any more. US Dept of Agriculture says Food Stamps had a negative "stigma". So renamed SNAP - Supplemental Nutrition Assistance Program. Sounds much nicer. Also removed retirement accounts from being considered when qualifying. USDA is very proud of their SNAP Outreach and improved access to benefits. And there are no bank interchange fees charged on EBT cards. So retailers love em.
http://www.fns.usda.gov/snap/rules/Legislation/about.htm
Enjoy the "I just swipe my EBT" rap - http://www.youtube.com/watch?v=o64Fz-KW1Dk
Bad auction in Germany? Nein!!!
Ps....
Jon Fuckhead Nadler,from Kitco,says Rhodium is the buy of the century.
Just like he did when It was at $10,000.
Rhodium Sponges Bitchez.........
Sarc/
Rhodium probably IS a great buy. THE PROBEM is that Kitco doesn't sell you real physical rhodium. They sell "pool accounts" which is just a scam where they take all your money and give you a slip of paper that says they have your rhodium!!!
Actually, you can buy physical rhodium from Kitco (and only from Kitco), but only in a powdered form --- no ingots or coins available. But they strongly encourage you to allow them to hold it for you, "for safe keeping" of course.
But aside from that, why would ANYONE buy anything from a company that employs a rabidly hyperbolic, disingenuous, pro-bankster, malicious anti-gold propagandist as their official spokesman? Kitco, and that lying bastard Jon Nadler, can both kiss my ass and then go to Hell.
The new Royal Canadian Mint EFT has just hit $600,000,000 in pre-sales and the books are now closed. The new issue carries a 0.35% MER and is convertible to physical gold. It will price on Tuesday the 29th, using the London close. There is lots of interest in gold amongst Canadian investors.
Exactly. If you have $500, buy a G17 and some good amunition. Learn to aim, fire, and clean. Stackers won't be the first coming for your food, but they may be the second or the third round.
Been sayin' it for a while, about Germany's precarious home finances. In reality they're in the same boat albeit with great exports. THose exports were bound to tank ahrd because they're mostly on the luxury and high-end side. They feed of the Yuppie zeitgeist which is fast evaporating. There are cheaper substitutes for most of their biggest exports.
Yes, their banks are in deep. Real deep. But their internal demographics are a major problem. Lots of liabilities and a persistent unemployment problem with the Eastern pat of the country.
Latvia had to cancel an auction earlier today. Now this. Can you spell banking liquidity crunch leaking into a sovereign crunch? That's bad, folks
Damn.
Lost a buck a share on my last trade.
Think cash is looking mighty good right now.
Contagion bitchez!
libertarian86.blogspot.com
Another Oldie but Goodie, Enjoy:
Fed admits hiding gold swap arrangements Submitted by cpowell on Wed, 2009-09-23 02:55. Section: Daily Dispatches11p Tuesday, September 22, 2009
Dear Friend of GATA and Gold:
The Federal Reserve System has disclosed to GATA that it has gold swap arrangements with foreign banks that it does not want the public to know about.
The disclosure contradicts denials provided by the Fed to GATA in 2001 and suggests that the Fed is indeed very much involved in the surreptitious international central bank manipulation of the gold price particularly and the currency markets generally.
The Fed's disclosure came this week in a letter to GATA's Washington-area lawyer, William J. Olson of Vienna, Virginia (http://www.lawandfreedom.com/), denying GATA's administrative appeal of a freedom-of-information request to the Fed for information about gold swaps, transactions in which monetary gold is temporarily exchanged between central banks or between central banks and bullion banks. (See the International Monetary Fund's treatise on gold swaps here: http://www.imf.org/external/bopage/pdf/99-10.pdf.)
Read the rest:
http://www.gata.org/node/7819
Maybe the best trade is TBT.
My problem is two things - All the gold guys telling us to get in etc etc. pretty much sell it or have links to sell it. It is in their best interest to push gold. My other problem is that they make sense. It all makes sense but at some point the market will not price gold anymore, some committie will.
Yes, and one day, the king will command the tides.
You can't dictate economics. You can try, but you will always fail.
paste from yest's Gold Seeker Closing Report: Gold Gains 1% and Silver Surges Over $1
Gold Warehouse Stocks:
11,234,800
-200
Silver Warehouse Stocks:
105,886,622
-2,759,596
If I don't believe there's gold in Fort Knox, why would I believe COMEX statements on the amount of physical metal they hold?
Just sayin'.............
This is getting ugly. Look at Belgian and German intraday bond yields!
Belgium Dexia Debt Woes, Germany's Debt Issuance Debacle - Obama Spares Two Turkeys (NOT Belgium and Germany)
http://confoundedinterest.wordpress.com
Buying them cheap and stacking them deep.
So silver and gold are kinda a secret thing and the general public is unaware. AND silver is running short in big bars, BUT we happen to have a little, and can get you some.
The above condensation of the article says to me that they need a new writer. I do own silver and gold and have the piggy bank handy to buy more. However, I think Jessie’s Café has a little more realistic look at these markets and has been accurate in calling down turns.
Are PMs coupled to the Dow--- it does not make sense, but it looks that way for the last few weeks. For those like myself that bought a very little at more at $45, waiting for a proven turn point seems reasonable before buying more.
Not being an investor, I would appreciate counter points.
+1 no counterpoints from me
Au & Ag are NOT investments, they're wealth INSURANCE.
ya' want Au and Ag ???
look to buy Au at $1510 to 1550
Buy Ag @ $20-21
"Silver supply issues" = music to my ears.
If these paper trading bastards would ease up, the price would rise and the supply issues would disappear, but no. Since options expiry was yesterday and the raids (apparently) haven't shaken loose enough metal to cover, the raid continues. They've gone full retard. Think I'll pick up another 10 oz dragon to celebrate their stupidity.
http://www.gainesvillecoins.com/products/158669/2012-10-oz-silver-perth-...
Ruh-roh, I see there's a 13 dollar an oz premium on this item. No disconnect there, no sir.
"Silver supply problems" --- NOT "issues"!
"Issues" are a subject of discussion, and do NOT necessarily imply a problem. Where did this widespread misuse of that word suddenly spring from?
They are doing all they can to hold it down for a little longer.Thats why they took down MF,and destroyed confidence,and removed a mass of contracts from being called for delivery.You better get your bucks to the shiny stuff,fast.
And too all you gold/silver bashing trolls,you might as well start bashing the Chi'coms,Russki's,and a host of other central banks for quietly hoarding the precious stuff.They are licking theyre collective chops looking at these prices.
These low prices and discounts are a blessing,do not complain.The only reason you can buy so low is because of the manipulation,and be greatful you are going to see the collapse of the world fiat system and remonetization of precious metals.
We are living,and are granted a once in a multi-millenia oppotunity to purchase at such distorted twilight-zone prices,and at the same time watch the collapse soon to unfold,making you sit real pretty,if you have the fiat to exchange into the shiny stuff.
Shut up about gold already!
Reason?
Cuz paper currency comes in more colorz! :>D