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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 [...] London Gold Market Report from Ben Traynor, BullionVault Wednesday 10 April 2013, 07:30 EST
Sentiment “Less Bullish” Towards Gold as Goldman Sachs Says “Go Short Gold”
AFTER touching a one-week high yesterday, gold drifted lower Wednesday, ending London’s morning trading around $1580 an ounce, more-or-less where it started the week, while stocks gained and government bond prices fell.
Gold in Sterling was also trading in line with last week’s close at around £1032 an ounce, while [...] “The US has become Weimar Amerika, a fascist enclave.” The propaganda has turned openly laughable. On the popular major financial news networks, the recent decline in the so-called Gold price has prompted quite the parade of clowns on the ship of fools to trumpet nonsense. The widely published and posted Gold price is dominated by futures contracts, and thus as corrupted as meaningless. The entire global financial structure is crumbling before our [...] by GoldCore Gold Bullion Today’s AM fix was USD 1,703.00, EUR 1,300.79, and GBP 1,057.90 per ounce. Silver is trading at $33.15/oz, €25.46/oz and £20.67/oz. Platinum is trading at $1,597.00/oz, palladium at $681.00/oz and rhodium at $1,075/oz. Cross Currency Table – (Bloomberg) Gold fell $18.50 or 1.08% in New York yesterday and closed at $1,696.70/oz. Silver slid to as low as $32.66 [...] by GoldCore Gold Bullion Today’s AM fix was USD 1,710.00, EUR 1,342.76, and GBP 1,077.91 per ounce. Silver is trading at $32.32/oz, €25.48/oz and £20.46/oz. Platinum is trading at $1,554.50/oz, palladium at $624.80/oz and rhodium at $1,095/oz. Gold fell $11.00 or 0.64% in New York yesterday and closed at $1,714.00. Silver slipped to a low of $32.166 and finished with a [...] 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 [...] Corn prices surged to a new record high Monday, as the worst drought in more than 50 years continues to plague more than half the country. Almost 90% of the United States’ corn crops are in drought ravaged areas, according to the U.S. Department of Agriculture, and nearly 40% are situated in the hardest hit spots. Corn prices have soared more than 50% during the past six weeks as the crops continue [...] Intentional distortions of one of the world’s most important financial benchmarks has sparked a worldwide scandal. What’s more, suggestions that central banks knew about manipulations of the London Interbank Offered Rate (LIBOR) and looked the other way have led many to accuse central banks of failing in their duty of keeping the financial markets working properly. Manipulations of the LIBOR rate, while minuscule to most individuals, had much more substantial effects in the money markets, [...] From Peter L. Brandt: At long last, a bottom may be in sight. The Natural Gas market has been in a cyclic bear trend since late 2005, as seen on the monthly chart below. I believe strongly that the low at 1.902 will not be seen again in my trading lifetime. This market is for long-term position traders willing to be long distant futures contracts at current levels without a stop order. Should [...] A couple other major factors will drive silver prices in the future, and that will be growing demand from emerging products, and the inability to recover silver in some of those products, losing it forever. LONDON(BullionStreet): Silver is likely to hit $40 mark towards the end of this year despite going through a tough period offlate, analysts said. The white metal will take advantage of higher fabrication demand and also on China’s introduction [...] From GoldCore: Gold’s London AM fix this morning was USD 1,585.50, EUR 1,221.87, and GBP 984.17 per ounce. Yesterday’s AM fix was USD 1,627.00, EUR 1,250.77 and GBP 1,008.99 per ounce. Silver is trading at $28.77/oz, €22.27/oz and £17.92/oz. Platinum is trading at $1,506.75/oz, palladium at $613.20/oz and rhodium at $1,300/oz. Gold dropped $31.90 or 1.95% in New York yesterday and closed at $1,606.80/oz. Gold gradually fell again in Asian and European trading and [...] From Peter L. Brandt: In the futures market, typically the wisest bet is against the small or unreportable speculator (as opposed to the large reportable spec/futures funds and commercial interests). The Commodity Futures Trading Commission (CFTC) releases weekly the composition of open interest for futures markets. You all remember the CFTC, don’t you? They drove the get-away car for the MF Global robbery. … This latest week’s release confirmed a significant development [...] Whether it’s applying the basic rules of calculus to map the dynamic topology of “financial space” or by simply cutting down human costs, the inexorable rise of HFT towards market-wide dominance is a revolutionary trend that is changing the way we think about investing and how to best deal with such a fast-growing phenomenon. For a close follower of financial and technological trends, it’s been interesting to watch the evolution of high frequency [...] From Pragmatic Capitalism: Gary Shilling’s latest Insights Newsletter contains an updated list of his asset allocation. Shilling is a superb macro analyst. I thought you might find his positioning and insights useful when considering the current environment: Treasury bonds (favorable) – Treasurys have rallied as a safe haven in a sea of trouble and in response to slowing economic growth and looming global recession. The likelihood that inflation fears will turn soon to deflation worries [...] Back on January 23 we first reported that Goldman had opened a new trade whereby it was shorting 10 Year bonds. To wit: As of a few hours ago, Goldman’s Francesco Garzarelli has officially told the firm’s clients to go ahead and short 10 Year Treasurys via March 2012 futures, with a 126-00 target. While Garzarelli is hardly Stolper, the fact that Goldman is now openly buying Treasurys two days ahead of this week’s [...] As of a few hours ago, Goldman’s Francesco Garzarelli has officially told the firm’s clients to go ahead and short 10 Year Treasurys via March 2012 futures, with a 126-00 target. While Garzarelli is hardly Stolper (and we will have more on the latest Stolpering out in a second), the fact that Goldman is now openly buying Treasurys two days ahead of this week’s FOMC statement makes us wonder just [...] From Zero Hedge: … From Goldman: “Since the end of last August, we have argued that 10-year U.S. Treasury yields would not be able to sustain levels much below 2% in this cycle. Yields have traded in a tight range around an average 2% since September, including so far into 2012. We are now of the view that a break to the upside, to 2.25%-2.50%, is likely and recommend going tactically short. [...] Market size By Dec. 1985 the Eurocurrency market was estimated by Morgan Guarantee bank to have a net size of 1,668B, of which 75% are likely eurodollars [5] . since it is not responsible to any government agency its growth is hard to estimate. The Eurodollar market is by a wide margin the largest source of global finance. In 1997, nearly 90% of all international loans were made this way .[6] [edit]Futures contracts The Eurodollar futures contract refers to [...] |
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