by GoldCore
Today’s AM fix was USD 1,353.75, EUR 1,051.95 and GBP 890.86 per ounce.
Friday’s AM fix was USD 1,376.75, EUR 1,069.15 and GBP 903.62 per ounce.
Gold fell $22.20 on Friday to $1,364.90/oz and silver closed at $23.632.
Silver fell victim to heavy, concentrated selling overnight in thin, illiquid Asian trading. Silver was slammed by 10% and fell from $22.36/oz to $20.30/oz in just four minutes – from 23:05 GMT to [...]
London Gold Market Report
from Ben Traynor, BullionVault
Tuesday 7 May 2013, 07:00 EDT
ETF Selling “Key Downside Risk” as Gold “Struggles in Sideways Resistance Range”
WHOLESALE gold market prices fell to $1460 an ounce Tuesday morning, around ten Dollars lower than where it closed last week, as the FTSE in London ticked higher following yesterday’s UK bank holiday.
Other European stock markets also edged higher, while the Euro gained against the Dollar immediately following the [...]
Gold Speculation and the Comex
by Ben Traynor, BullionVault
Thursday, 2 May 2013
What exactly does ‘speculative net long’ mean…?
EVERY FRIDAY, the Commodity Futures Trading Commission publishes data that enable analysts to ‘take the pulse’ of various commodity markets.
The Commitments of Traders (CoT) report gives the aggregate positions held by traders from the previous Tuesday, including the number of long contracts (that stand to benefit if prices rise) and short contracts (that benefit if they fall).
Included [...]
US regulators to fault JP Morgan over Madoff accounts
The Office of the Comptroller of the Currency is expected to issue a cease-and-desist order against bank.
US regulators plan to fault JPMorgan, which served as Bernie Madoff’s main bank for two decades, for failing to conduct adequate due diligence and report suspicious activity, according to sources.
The Office of the Comptroller of the Currency is expected to issue a cease-and-desist order against JPMorgan, [...]
London Gold Market Report
from Adrian Ash, BullionVault
Fri 15 Mar, 09:30 EST
Silver Stalls, Gold Gains as CFTC Clarifies London Fix “Investigation”, US Inflation Rises
GOLD ticked higher but silver prices stalled Friday morning, as a rise in Asian stock markets failed to carry over into European or pre-opening trade in US equities.
The Euro currency rose sharply through $1.30, knocking the gold price in Euros back below €1220 per ounce, virtually unchanged for [...]
London Gold Market Report
from Ben Traynor
BullionVault
Monday 4 March 2013, 07:00 EST
Gold Upside “Limited” Despite Comex Repositioning, ECB “May Cut Rates” This Thursday
THE SPOT gold price dropped to $1575 per ounce Monday morning in London, broadly in line with where it ended last week, while stocks ticked lower and the Euro held steady near two-month lows against the Dollar ahead of this Thursday’s European Central Bank policy meeting.
“For gold, the trending and momentum [...]
bullionstreet.com
Speculative investors cut net longs in gold by 27,932 lots to 42,318 in the week to Feb. 19, the CFTC’s Commitment of Traders report said.
NEW YORK(BullionStreet): U.S. Commodity Futures Trading Commission said hedge funds and money managers cut their net long gold futures and options positions by 40 percent to their weakest level since November 2008, as an US equities rally amid a better economic outlook hit gold’s safe-haven appeal.
Managed money [...]
London Gold Market Report
from Ben Traynor
BullionVault
Monday 18 February 2013, 07:00 EST
Gold Fails to Hold Asian Gains, Next Large-Scale Devaluation “Could Be the Pound”
U.S. DOLLAR gold bullion prices failed to hold onto gains made in Monday’s Asian session, falling to $1611 an ounce by lunchtime in London, just a few Dollars above Friday’s six-month low, as the US Dollar extended recent gains.
Gold dropped 3.4% over the course of last week, including a [...]
London Gold Market Report
from Ben Traynor
BullionVault
Tuesday 5 February 2013, 07:00 EST
Gold “Could Test Resistance After Consolidation”, Chinese Gold Imports from Hong Kong Set New Record
WHOLESALE MARKET gold bullion prices rose above $1680 an ounce Tuesday morning in London, trading close to last week’s high, as stocks, commodities and the Euro also gained and US Treasuries fell, following better-than-expected services sector data from Europe.
Silver meantime touched $32 an ounce for the first [...]
London Gold Market Report
from Ben Traynor
BullionVault
Monday 4 February 2013, 07:00 EST
Futures Market Retreat “Good for Gold in the Long Term”, Spain Hit by Political Crisis
WHOLESALE MARKET gold prices hovered just below $1665 per ounce Monday morning in London, having failed to hold onto gains in earlier Asian trading, as stocks and commodities also ticked lower along with the Euro, which retreated from recent highs following news of a political scandal in [...]
London Gold Market Report
from Ben Traynor
BullionVault
Monday 21 January 2013, 07:00 EST
Gold “Holding Its Own”, But Futures Market “Not Looking Particularly Confident”
WHOLESALE gold bullion prices fell back below $1690 an ounce Monday morning in London, having rallied above that level earlier in the day, while stocks also edged higher and the Euro traded sideways against the Dollar, with US markets closed today for Martin Luther King Jr. Day.
Silver hovered just below $32 [...]
London Gold Market Report
from Ben Traynor
BullionVault
Monday 14 January 2013, 12:00 EST
Gold “Still Stuck in Range”, But Futures Traders “Could Provide Springboard for Sharp Rise in Price”
WHOLESALE gold bullion prices hovered just below $1670 an ounce Monday morning in London, having regained some ground after Friday’s losses, while stocks and commodities also ended the morning up on the day, while the Euro and the Chinese Yuan made gains against the Dollar.
“We saw a [...]
There is no point in mincing words: UBS AG (UBSN), the Swiss global bank, has been disgracing the banking profession for years and needs to be shut down.
The regulators that allow it to do business in the U.S. — the Federal Reserve, the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Office of Comptroller of the Currency — should see that the line in the sand was crossed last [...]
London Gold Market Report
from Ben Traynor
BullionVault
Monday 24 December 2012, 07:00 EST
Gold Regains Some Ground, “Good Demand” for Gold from India
ON THE FINAL day before Christmas, gold prices edged higher Monday morning, climbing to $1665 per ounce and recovering some of the ground lost last week.
Friday afternoon’s London gold fix was $1651.50 an ounce, a 2.6% weekly fall and the biggest weekly drop since June.
“[Gold's fall] opens up a move to the next major support, [...]
CFTC: Goldman Trader Hit $8.3 BILLION Trading Position, Caused Loss Of More Than $100 Million
The Commodity Futures Trading Commission said in a release that a former Goldman Sachs trader hid an $8.3 billion trading position causing Goldman to lose more than $100 million unwinding the position.
Goldman has been ordered to pay $1.5 million civil penalty to settle the charges for failing to supervise the trader, the release states.
Read more: http://www.businessinsider.com/cftc-says-a-former-goldman-employee-hid-a-83-billion-trading-position-2012-12#ixzz2EOjttLNx
stay PHYsical and stay away from crooks!
CFTC Charges Hunter Wise Commodities, Lloyds Commodities, C.D. Hopkins Financial, United States Capital Trust, Newbridge Alliance, Blackstone Metals Group, and their Principals in Multi-Million Dollar Fraudulent Precious Metals Scheme
CFTC alleges that defendants conducted illegal, off-exchange commodity transactions, and deceived customers in connection with financed transactions in precious metals
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that on December 5, 2012, [...]
London Gold Market Report
from Ben Traynor
BullionVault
Tuesday 27 November 2012, 07:30 EST
Comex Options Expiry “Could See Gold Push to $1800″, Markets “Unimpressed” with “Very Ambitious” Greek Debt Deal
THE DOLLAR gold price fell below $1750 an ounce Tuesday morning, though it remained near to where it started the week, as stock markets recovered yesterday’s losses following news of a deal on Greece’s debt burden.
“We continue to be bullish so long as gold holds above [...]
by GoldCore Gold Bullion
Today’s AM fix was USD 1,747.25, EUR 1,349.54, and GBP 1,090.46 per ounce.
Yesterday’s AM fix was USD 1,747.25, EUR 1,347.56, and GBP 1,090.87 per ounce.
Silver is trading at $34.08/oz, €26.41/oz and £21.34/oz. Platinum is trading at $1,620.50/oz, palladium at $666.40/oz and rhodium at $1,065/oz.
Cross Currency Table – (Bloomberg)
Gold edged up $1.30 or 0.07% in New York yesterday and closed at $1,748.40. Silver traded off and recovered climbing [...]
London Gold Market Report
from Ben Traynor
BullionVault
Monday 19 November 2012, 07:30 EST
Gold Starts Week Higher, Deal on Fiscal Cliff “Could Be Agreed Within Weeks”
SPOT MARKET gold bullion prices hovered close to $1725 an ounce during this morning’s London trading, holding gains made overnight in Asia, as stocks and commodities also recovered some ground lost last week, after news that a deal may be achieved in time to avoid so-called fiscal cliff [...]
London Gold Market Report
from Ben Traynor
BullionVault
Monday 15 October 2012, 07:15 EDT
Gold Drops Below $1750, Bernanke Defends Monetary Easing, Germany’s Merkel Promises “No Uncontrollable Events” in Eurozone
WHOLESALE MARKET gold bullion prices hovered in a narrow range below $1750 an ounce in Monday morning’s London session, after recovering some ground lost during Asian trading.
“We traded through lots of stop [losses] this morning,” said one trader in Singapore, after gold began the week by dropping [...]
In news that we wish was from The Onion but was an actual fine, the CFTC announced Thursday they have fined JP Morgan $600,000 for violating speculative position limits in cotton futures.
You read that correctly, six hundred thousand dollars.
In other news, Jamie Dimon made roughly $600,000 during the time it took to down his morning latte while deleting the CFTC’s memo.
From the CFTC:
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that JP [...]
London Gold Market Report
from Ben Traynor
BullionVault
Tuesday 25 September 2012, 08:00 EDT
Gold ETFs Set New Record, Bullion Prices “Should Break Higher After Consolidation Period”
SPOT MARKET gold bullion prices traded around $1765 an ounce Tuesday morning in London, 1.8% off last Friday’s seven-month high.
“It looks to me like we’ve got a short period of consolidation,” says Standard Chartered analyst Daniel Smith.
“[We'll see] maybe a month of sideways trading possibly and then generally trending higher [...]
London Gold Market Report
from Ben Traynor
BullionVault
Monday 17 September 2012, 07:30 EDT
Precious Metals “Defending Gains”, Central Bank Policy “Hugely Bullish” for Commodities
THE WHOLESALE cost of buying gold dipped below $1770 an ounce during Monday morning trading in London, but remained less than ten Dollars below their six-month high hit last Friday, the day after the US Federal Reserve announced a third round of quantitative easing.
Prices for buying silver fell to around $34.50 an ounce this [...]
London Gold Market Report
from Ben Traynor
BullionVault
Monday 3 September 2012, 06:30 EDT
“ECB Bazooka Needed” as Pressure on Spain “Set to Intensify”, Central Bank Action “Good for Gold”
SPOT MARKET gold prices hovered close to $1690 an ounce during Monday morning’s London trading, close to five month highs hit after Friday’s speech by US Federal Reserve chairman Ben Bernanke, in which he noted the US economic situation is “far from satisfactory”.
“Central banks are still [...]
From Sober Look:
Those (including some of the dovish members of the FOMC) who still think that the policy of a new round of asset purchases is a low risk proposition should only take a look at U.S. gasoline futures. They hit a multi-year high within the past couple of hours…
Some are blaming this on Tropical Storm Isaac, others on the Amuay plant explosion in Venezuela. The reality, however, is that [...]
CFTC’s Chilton expects silver investigation to finish by October
“I am hopeful and expect the silver investigation to conclude in the not-too-distant future, hopefully in September or October,” Chilton, a 52-year-old Democrat, said in an e-mail. “It has already taken way too long.”
http://www.bloomberg.com/news/2012-07-23/cftc-s-chilton-sees-silver-prob…
WASHINGTON — A four-year probe of potential price manipulation in the silver market may be completed as early as September, according to Bart Chilton, a member of the U.S. [...]
The investigation into the collapse of Iowa brokerage firm Peregrine Financial Group is notable for one name that has not yet turned up: JPMorgan Chase.
JPMorgan, the country’s biggest bank, held customer accounts for Peregrine, doing business as PFGBest. But in alleging that Peregrine took customer money, the National Futures Association and Commodity Futures Trading Commission have claimed that customer money is missing not from a JPMorgan account, but from a [...]
Federal agents on Friday arrested the chief executive officer of an Iowa-based brokerage firm that is missing more than $200 million in customer money and released the text of a suicide note in which he confesses to embezzling funds from customers for nearly two decades.
Russell Wasendorf, Sr., 64, made false statements to the U.S. Commodity Futures Trading Commission about the value of customer funds held by his company, Peregrine Financial [...]
If there is an event that should cost Gary Gensler his job as head regulator at the CFTC, it is this. According to a just released Reuters report, the head of MFG(lobal) part 2, PFG, whose story we broke yesterday, Russell Wasendorf Sr. “intercepted and forged bank documents for more than two years to cover up hundreds of millions of dollars in missing money, a person close to the situation.” Once Wasendorf realized he was [...]
Peregrine Financial Group Inc., a futures brokerage with $396 million in customer funds, is being investigated for alleged missing money as founder Russell Wasendorf Sr. unsuccessfully attempted suicide.
“Some accounting irregularities are being investigated regarding company accounts,” the brokerage said in an e-mail to customers yesterday, a copy of which was obtained by Bloomberg News and confirmed by Patricia Campbell, a company spokeswoman in Chicago. Wasendorf owns the entire firm, according [...]
NEW YORK (CNNMoney) — Investors are gearing up for a week full of earnings reports and domestic news, but Europe will once again be hard for U.S. investors to ignore.
Dozens of companies are set to kick off earnings season this week. All eyes will turn to JPMorgan Chase (JPM, Fortune 500) on Friday, as the company will post its trading losses tied to its bad hedge from its London unit.
Some estimate that the [...]
Have you guys read this? This just reinforces feelings that economically speaking, it’s close to being done. Like dominoes falling, the final one will come down. If you don’t like to read just scan the bolded topics in the article. The implications are huge. This is deep.
snip-…The Bank of England and the US Federal Reserve are both implicated, but they will skate until the end game. They control the prosecutors [...]
There are no coincidences these days…timing is EVERYTHING!
This is the last part of the Position Limits Rule that has been put off for years. The reason that it has been put off was to allow the markets to continue to function in this manipulated state. But everything is changing and the manipulation is ending. Once the position limits rule is in place the ability to manipulate the silver market will [...]
Liberty Blitzkrieg
June 28, 2012
As if we needed another story to further solidify the running joke that has become the U.S. stock market. In this article from Bloomberg we find out that:
High-frequency trading firms are drawing scrutiny from U.S. regulators seeking evidence that they may be distorting market prices by conducting transactions with themselves, said two people with knowledge of the matter.
But fear not America, the SEC is on the case!
The Securities [...]
Regulators delivered the first blow in a major investigation into whether big banks had improperly set key interest rates that affected how consumers and companies borrowed money around the world.
On Wednesday, Barclays agreed to pay $450 million to resolve accusations that it had tried to manipulate rates to benefit the bank’s own bottom line. At the height of the financial crisis, regulators say, the big British bank reported bogus figures that in [...]
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