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London Gold Market Report from Ben Traynor, BullionVault Friday 26 April 2013, 07:45 EST
“Gold Shortage” Seen in Asia with “Physical Market Still Tight”
GOLD drifted lower towards $1460 an ounce Friday morning in London, having climbed to its highest level since last week’s price drop at $1485 during Asian trading.
“The next resistance level is $1487,” says a note from technical analysts at Scotia Mocatta published late Thursday.
“Should we trade through that, we believe it [...] blog.milesfranklin.com / By Andrew Hoffman / April 22nd, 2013 In the below article, Zero Hedge published one of the most alarming – and damning – charts imaginable, regarding the outlook for the dying American “empire”… The Great Unrotation in US GDP Specifically, it plots the U.S. 10-year Treasury yield against nominal GDP over the past 53 years; depicting a peak in “nominal GDP” during the nation’s most poignant inflation spike since the Civil War (in 1979); and in 10-year [...] Those who have been following the US debt to GDP ratio now that the US officially does not have a debt ceiling indefinitely, may have had the occasional panic attack seeing how this country’s leverage ratio is rapidly approaching that of a Troika case study of a PIIG in complete failure. And at 107% debt/GDP no explanations are necessary. Luckily, the official gatekeepers of America’s economic growth (with decimal point [...] Retail Sales Drop by Most in Nine Months in Sign of Consumer Caution U.S. retail sales fell in March from February by the most in nine months, indicating higher taxes and weak hiring have made consumers more cautious about spending.
The Commerce Department says retail sales declined a seasonally adjusted 0.4 percent last month. That followed a 1 percent gain in February. Both February and January’s figures were revised lower. Consumers cut back [...] by Phoenix Capital Research
A few weeks ago we commented that the Great Global Rig of 2012 was ending. Yesterday’s GDP print confirms this. We noted in the second half of 2012 that the US Federal Government was engaging in a massive rig to make the economy look better than it really was in order to help the Obama re-election campaign. This showed up in the jobs data as well as the 3Q12 [...]  When Priced in Gold, the US economy is at Depression-Era Levels
sovereignman: As we slide into the end of yet another year in which the nominal price of gold has posted a positive return, I thought it would be interesting to take a look back on history to get a better understanding of where we are today. It’s obvious that, for many reasons, the size of the global economy is far greater than [...] Creating the illusion of economic growth is easy if you can print money. It’s a prank you can play on an entire country. Cut the value of the currency in half and the economy’s size will appear to double. The only way to accurately measure changes in a nation’s economy is to do so relative to the world (see Notes for non-nerds below before protesting). According to the World Bank, the [...] by GoldCore Today’s AM fix was USD 1,704.00, EUR 1,316.44, and GBP 1,057.01 per ounce. Silver is trading at $31.76/oz, €24.72/oz and £19.80/oz. Platinum is trading at $1,552.80/oz, palladium at $594.20/oz and rhodium at $1,045/oz. Gold climbed $11.80 or 0.69% in New York yesterday and closed at $1,712.70. Silver surged to a high of $32.232 and finished with a gain of [...] WASHINGTON (MarketWatch) — Ahead of Friday’s release of gross domestic product data for the third quarter, a MarketWatch-compiled consensus of economist forecasts has dropped to 1.7% from 1.8%. J.P. Morgan, Morgan Stanley and Wells Fargo are among those who have cut their estimates. “It was in the core (nondefense, ex-aircraft) capital goods figures where the numbers fell short. Core capital goods orders were flat last month and core capital goods [...] by GoldCore
Today’s AM fix was USD 1,616.50, EUR 1,317.87, and GBP 1,029.75 per ounce. Silver is trading at $27.66/oz, €22.65/oz and £17.68/oz. Platinum is trading at $1,409.50/oz, palladium at $571.15/oz and rhodium at $1,125/oz. Gold climbed $7.80 or 0.48% in New York on Friday and closed at $1,623.40/oz. Silver rose to a high of $27.839, edged off a few times, [...] It can’t be reiterated enough that U.S. stocks and the U.S. economy don’t tell the same story. David Bianco, Deutsche Bank’s Chief U.S. Equity Strategist, often points to these differences when he frames calls on the stock market. “S&P 500 globalization accelerated in the past decade, further increasing the differences between US GDP and the S&P 500,” he writes. Here’s a breakdown of eight big differences.
Deutsche Bank
Lately, Bianco has had a bearish slant in his research [...] Spanish unemployment hits record 5.64 million “The figures are terrible for everyone and terrible for the government… Spain is in a crisis of huge proportions,” Foreign Minister Jose Manuel Garcia-Margallo said. The new government has announced reforms to the labour market, including cutting back on severance pay and restricting inflation-linked salary increases, that it hopes will ease the problem. New figures show 25% of Spaniards out of work Presented without much commentary, because little is necessary: the only ratio that matters for the US economy, the change in US public debt ($359.1 billion) and US GDP ($142.4) in the first quarter, hit 2.52x and rising. It takes $2.52 in new debt to “buy” $1 of economic “growth” Source: Debt to the Penny, Commerce Dept
- ZH Click Here To View The Original Article On Seeking Alpha… Details Of The $291 Trillion In Derivatives To Which American Taxpayers Are Exposed The entire US GDP is less than $15 trillion each year. The gross notional amount of derivatives issued in the USA is more than $291 trillion. Does that sound like a lot? Apologists for derivatives dealers don’t like it when we talk about derivatives in terms [...] Uploaded by CapitalAccount on Apr 2, 2012 Follow us @ Welcome to Capital Account. The S&P 500 stock index has had its best yearly start vis-à-vis gold in over a decade, and bond traders see a rebound for treasuries after the most tumultuous quarter since 2010. Meanwhile, Greenspan going to bat for his old right-hand at the Federal Reserve, Ben Bernanke, for all the criticism he has taken in recent months, in particular for [...] From GoldCore: Gold’s London AM fix this morning was USD 1,655.75, EUR 1,245.86, and GBP 1,041.22 per ounce. Yesterday’s AM fix was USD 1,677.00, EUR 1,255.62 and GBP 1,052.00 per ounce. Silver is trading at $31.84/oz, €23.97/oz and £20.05/oz. Platinum is trading at $1,630.20/oz, palladium at $639./oz and rhodium at $1,350/oz. Cross Currency Table – (Bloomberg) Gold fell $18.20 or 1.84% in New York yesterday and closed at $1,663.10/oz. Gold traded sideways in Asia prior [...] From GoldCore: Gold’s London AM fix this morning was USD 1,648.50, EUR 1,248.86, and GBP 1,039.01 per ounce. Yesterday’s AM fix was USD 1,654.00, EUR 1,256.93 and GBP 1,044.26 per ounce. Cross Currency Table – (Bloomberg) Gold rose $2.60 in New York yesterday to close at $1,662.70/oz. Gold dropped in Asia this morning and losses continued in Europe where gold is now trading at $1,649.90/oz. The superficially rosy US economic outlook has dimmed gold’s safe [...] by ZH With precisely one year left for the world and all of its inhabitants, at least according to the Mayans, not to mention on the day of the Winter Solstice, it is only fitting that US debt, net of all settlements for all already completed bond auctions, is now at precisely $15,182,756,264,288.80. Why is this relevant? Because the latest annualized US GDP, According To The BEA, was $15,180,900,000.00. Which means that, as of [...] Here is Denninger in Let’s Make the Clawback Risk REAL: I want to make absolutely sure it doesn’t go over your head because if you’re wrong about thisyou could lose everything in your bank and investment accounts — every single dime. FDIC / SIPC insured or not. Recently Bank of America transferred a bunch of derivatives into their banking arm. “A bunch” means somewhere around $80 trillion worth. Now pay very careful attention, because part of the bankruptcy “reform” law in 2005 placed derivative [...] Ben: Barry, we’ve got a little problem here at the Fed. Remember that $1.25 trillion in junk mortgage backed securities we bought from the six big Wall Street holding banks that own and control us? Well, we want to get that junk off of our balance sheet, because all the foreclosing collateral, behind these taxpayer guaranteed mortgages, is going to render this toxic waste close [...] by ZH Data dump from today’s two economic releases: • US GDP (Annualised) Q/Q (Q1 T) 1.9% vs. Exp. 1.9% (Prev. 1.8%) by JR It is not news that many of the millions of jobs added from 1990 to 2008 are “non-tradable” or jobs that don’t produce goods and services that can be exported and, therefore, can’t be produced in locations distant from their markets, i.e., offshored. But research just released from Michael Spence and Sandile Hiatshwayo shows, in fact, that almost all of the incremental employment of 27.3 [...] To wit: 1. Durable goods orders disappointed expcectations with a 0.9% drop. It’s a “what you see is what you get” report, as durables ex transporation and nondefense capital goods order ex aircraft likewise disappointed by a sizable margin. Indeed, the latter measure of core capital goods orders is now tracking at double-digit negative rates in the first quarter so far, although core capital goods [...] by ZH In a not so surprising turn of events, adverse Libyan newsflow has picked up just as expected, with Reuters reporting that the Oil facility at Zueitina, south of Benghazi, is now damaged and oil wells are now on fire, and that a Libyan rebel convoy is now headed to Ras Lanuf according to Al Jazeera even as fighting in Tripoli picks up, although as we [...] by ZH Either this is some computer gone haywire in the closed session, or when America wakes up tomorrow we may be on the verge of another flash crash. As for Brent, it passed $108.50. As a reminder, and people forget this all too readily, each dollar jump in crude wipes out $100 billion in US GDP. That means that at face value, today’s move in the [...] |
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Peter Schiff: Even The Big Mac Indicator Shows 6% Inflation
By Gold Silver Worlds
In his latest video commentary, entitled GDP propaganda exposed, Peter Schiff comments on the latest disappointing US GDP figures. The first quarter of this year was expected to see a 3% increase, but the GDP grew only 2.5% (source: Reuters). Schiff discusses the increase of 3.2% in consumer spending which appears to be the largest in a couple of years. The question he asks is where consumers are getting [...]