http://www.silverdoctors.com/were-last-weeks-gold-silver-chart-glitches-telegraphing-this-weeks-cartel-raids/
( check this article then today's gold chart..... )
http://finance.yahoo.com/q?s=GCG13.CMX
and slowing down the manipulation......
http://www.zerohedge.com/news/2012-12-05/millisecond-analysis-latest-gold-smackdown
Submitted by Tyler Durden on 12/05/2012 20:27 -0500
http://www.caseyresearch.com/gsd/edition/no-more-pennies-or-nickels-next-year-usa
and....
anhttp://www.gata.org/node/11990
( check this article then today's gold chart..... )
WERE LAST WEEK’S GOLD & SILVER CHART “GLITCHES” TELEGRAPHING THIS WEEK’S CARTEL RAIDS?
In one of the main claims in the ongoing class action suit against JP Morgan Chase alleging price manipulation of silver, the suit alleges that 
http://finance.yahoo.com/q?s=GCG13.CMX
and slowing down the manipulation......
http://www.zerohedge.com/news/2012-12-05/millisecond-analysis-latest-gold-smackdown
A Millisecond Analysis Of The Latest Gold Smackdown
On December 4th, 2012 at 47 minutes and 13.1 seconds after midnight, 2,035 February Gold Futures contracts GCG3 took the market down $10 as fast as the exchange could execute the order. This invisible handthat decided that that was the perfect time to execute a trade for over 200,000 ounces and $345mm notional of gold is exposed inoh-so-visible a manner by Nanex's eagle-eyed millisecond-by-millisecond charts below. As the day wore on, there were more of these sudden 'unexplained' price moves. Cue 'Twilight Zone' music...
Via Nanex:
1. 30 Second interval chart showing trades for the first 9 hours of trading in the February 2013 Gold Futures Contract (GC.G13). The midnight crush in the first drop on the left.
2. Zoom of chart above showing about 45 seconds of time. Thin gray line is quote spread.
3. Using a 1 millisecond interval to zoom in on one second of time. The trades are the squares. The Bid/Offer is the dark gray shading. When trades first execute, then the quote follows, it's because the entire book was swept.
4. Later than morning at 3:45:05 Eastern time, a jolt to the upside.
5. Later that morning between 8:36 and 8:40am Eastern, more sudden buying and selling events took place. The chart below is an overview of these events.
6. Zoom of Chart 5 showing first event.
7. Zoom of Chart 5 showing second event.
8. Zoom of Chart 5 showing third event.
9. Zoom of Chart 7 above showing 1 second of time.
Source: Nanex
http://www.caseyresearch.com/gsd/edition/no-more-pennies-or-nickels-next-year-usa
No More Pennies or Nickels Next Year in the U.S.A.
Dec
5
"I don't know if "da boyz" have a grand plan or not...but at the moment they seem to be making it up as they go along."
¤ YESTERDAY IN GOLD AND SILVER
With the US dollar index heading lower for the second day in a row on Tuesday, the intervention in gold was far more obvious than it was on Monday.
The price was under pressure right from the Far East open on Tuesday morning...and then there was the obvious hit just before 2:00 p.m. Hong Kong time...with the second one coming during the London lunch hour.
The platinum and palladium charts looked more or less the same as the gold and silver charts.
The dollar index continued its slow grind lower. It declined another 23 basis points and closed at 79.67. Most of the day's losses were in shortly before 9:00 a.m. in New York.
It's almost pointless to mention that there was no co-relation between the dollar index and the precious metals yesterday. JPMorgan et al saw to that.
The price was under pressure right from the Far East open on Tuesday morning...and then there was the obvious hit just before 2:00 p.m. Hong Kong time...with the second one coming during the London lunch hour.
The low of the day [$1,690.00 spot] came shortly after 9:00 a.m. in New York...and the subsequent rally ended at the London p.m. gold at 10:00 a.m. Eastern time. The price recovered a bit once the Comex trading session was done for the day at 1:30 p.m.
The gold price closed at $1,696.80 spot...down $19.20 on the day. Net volume was immense at around 211, 000 contracts.
The price path in silver was almost the same, with the only real difference being the low price tick of the day...$32.59 spot. That came about ten minutes before the Comex close.
Silver closed on Tuesday at $32.91 spot...down 75 cents from Monday...but had an intraday move of over a dollar. Net volume was a very chunky 50,000 contracts.
The gold price closed at $1,696.80 spot...down $19.20 on the day. Net volume was immense at around 211, 000 contracts.
Silver closed on Tuesday at $32.91 spot...down 75 cents from Monday...but had an intraday move of over a dollar. Net volume was a very chunky 50,000 contracts.
The dollar index continued its slow grind lower. It declined another 23 basis points and closed at 79.67. Most of the day's losses were in shortly before 9:00 a.m. in New York.
It's almost pointless to mention that there was no co-relation between the dollar index and the precious metals yesterday. JPMorgan et al saw to that.
* * *
The CME's Daily Delivery Report showed that 329 gold and 79 silver contracts were posted for delivery on Thursday within the Comex-approved depositories. In gold, Jefferies and HSBC USA were the two biggest short/issuers with 170 and 143 contracts respectively. The biggest long/stopper was JPMorgan with 212 contracts in its proprietary trading account...and another 53 contracts in its client account.
In silver the only short/issuer of note was Jefferies with 66 contracts...and JPMorgan the big long/stopper with 44 contracts in its client account.
The link to yesterday's Issuers and Stoppers Report is here.
Over at the GLD ETF, an authorized participant added 75,495 troy ounces of gold...and over at SLV, a very decent 1,033,794 troy ounces were added as well. All this is happening despite what games were being played in the Comex paper market.
Over at Switzerland's Zürcher Kantonalbank, they updated their gold and silver ETF holdings as of the close of business on Monday. Both gold and silver ETFs showed small withdrawals. In gold it was 2,312 troy ounces...and in silver it was 197,341 troy ounces.
The U.S. Mint had a very decent sales report on Tuesday. They sold 8,000 ounces of gold eagles...2,000 one-ounce 24K gold buffaloes...and 700,000 silver eagles. It's my guess that some of those silver eagles sales occurred in the prior week...the last week of November...but were only reported yesterday. It wouldn't surprise me if the mint pulled that same reporting stunt in the December 2012 to January 2013 period as well. If they did, it would be three years in a row that they've done it.
Over at the Comex-approved depositories on Monday, they reported receiving 1,238,087 ounces of silver...and shipped only one good delivery bar out the door weighing 985.550 troy ounces. The link to that activity is here.
In silver the only short/issuer of note was Jefferies with 66 contracts...and JPMorgan the big long/stopper with 44 contracts in its client account.
The link to yesterday's Issuers and Stoppers Report is here.
Over at the GLD ETF, an authorized participant added 75,495 troy ounces of gold...and over at SLV, a very decent 1,033,794 troy ounces were added as well. All this is happening despite what games were being played in the Comex paper market.
Over at Switzerland's Zürcher Kantonalbank, they updated their gold and silver ETF holdings as of the close of business on Monday. Both gold and silver ETFs showed small withdrawals. In gold it was 2,312 troy ounces...and in silver it was 197,341 troy ounces.
The U.S. Mint had a very decent sales report on Tuesday. They sold 8,000 ounces of gold eagles...2,000 one-ounce 24K gold buffaloes...and 700,000 silver eagles. It's my guess that some of those silver eagles sales occurred in the prior week...the last week of November...but were only reported yesterday. It wouldn't surprise me if the mint pulled that same reporting stunt in the December 2012 to January 2013 period as well. If they did, it would be three years in a row that they've done it.
Over at the Comex-approved depositories on Monday, they reported receiving 1,238,087 ounces of silver...and shipped only one good delivery bar out the door weighing 985.550 troy ounces. The link to that activity is here.
No More Pennies Or Nickels Next Year in the U.S.A.
Mr. Geithner has been busy lately. Amongst his many other pressing tasks, he took the time to announce that the U.S. Mint will be removing the penny and nickel from circulation in the U.S. starting early next year. The reason is clear. It now costs the mint $US 0.048 to make a penny and $US 0.162 to make a nickel. They are still just above the break even point on the dime, which costs them $US 0.092 to produce. That won't last, according to Mr Geithner, so the dime will be the next to go - probably in 2014. - Bill Buckler, Gold This Week...01 December 2012
Here's a very unhappy looking chart that was sent to me by Washington state reader S.A. yesterday evening.
Mr. Geithner has been busy lately. Amongst his many other pressing tasks, he took the time to announce that the U.S. Mint will be removing the penny and nickel from circulation in the U.S. starting early next year. The reason is clear. It now costs the mint $US 0.048 to make a penny and $US 0.162 to make a nickel. They are still just above the break even point on the dime, which costs them $US 0.092 to produce. That won't last, according to Mr Geithner, so the dime will be the next to go - probably in 2014. - Bill Buckler, Gold This Week...01 December 2012
Here's a very unhappy looking chart that was sent to me by Washington state reader S.A. yesterday evening.
and selected news items....
Cops to Congress: We need logs of Americans' text messages
State and local law enforcement groups want wireless providers to store detailed information about your SMS messages for at least two years -- in case they're needed for future criminal investigations.
CNET has learned a constellation of law enforcement groups has asked the U.S. Senate to require that wireless companies retain that information, warning that the lack of a current federal requirement "can hinder law enforcement investigations."
They want an SMS retention requirement to be "considered" during congressional discussions over updating a 1986 privacy law for the cloud computing era -- a move that could complicate debate over the measure and erode support for it among civil libertarians.
As the popularity of text messages has exploded in recent years, so has their use in criminal investigations and civil lawsuits. They have been introduced as evidence in armed robbery, cocaine distribution, and wire fraud prosecutions. In one 2009 case in Michigan, wireless provider SkyTel turned over the contents of 626,638 SMS messages, a figure described by a federal judge as "staggering."
This story was posted on the cnet.com Internet site on Monday...and my thanks go out to Roy Stephens for his second story in a row in today's column. The link is here.
CNET has learned a constellation of law enforcement groups has asked the U.S. Senate to require that wireless companies retain that information, warning that the lack of a current federal requirement "can hinder law enforcement investigations."
They want an SMS retention requirement to be "considered" during congressional discussions over updating a 1986 privacy law for the cloud computing era -- a move that could complicate debate over the measure and erode support for it among civil libertarians.
As the popularity of text messages has exploded in recent years, so has their use in criminal investigations and civil lawsuits. They have been introduced as evidence in armed robbery, cocaine distribution, and wire fraud prosecutions. In one 2009 case in Michigan, wireless provider SkyTel turned over the contents of 626,638 SMS messages, a figure described by a federal judge as "staggering."
This story was posted on the cnet.com Internet site on Monday...and my thanks go out to Roy Stephens for his second story in a row in today's column. The link is here.
GM Channel Stuffing
Those who have been reading our 2-plus year series tracking the ridiculous "bottom-left to top-right" trend in GM dealer inventory channel stuffing, know all there is to know about the modern day equivalent of AOL (in which the purchases of modern equivalents of "dial up connections" are funded by loans from the US government itself), in both (non government backstopped) business continuity terms as well as in channel stuffing notoriety.
Which is why we will present the November update of total dealer "inventory" (which rose to a record for the fresh-start company of 788,194...or a record 99K increase in two months) without commentary.
You've just read the entire Zero Hedge story...but you must click here to see the graph...and it's definitely worth the trip. I borrowed this story from yesterday's edition of the King Report.
Which is why we will present the November update of total dealer "inventory" (which rose to a record for the fresh-start company of 788,194...or a record 99K increase in two months) without commentary.
You've just read the entire Zero Hedge story...but you must click here to see the graph...and it's definitely worth the trip. I borrowed this story from yesterday's edition of the King Report.
Senator: 'Increasingly Clear [Obama's] Comfortable Going Off the Cliff'
"I think the president is increasingly showing his hand that he is comfortable going off the cliff," Barrasso tells The Weekly Standard, in response to a question about President Obama's negotiation strategy. "He’s not involving Republicans in the process. He was playing golf this weekend with Bill Clinton, Ron Kirk, and ex-DNC chair Terry McAuliffe. He’s not seeming to be one to work together. He seems to be lecturing more than listening. And I just think that it’s increasingly clear he's comfortable going off the cliff."
The Republican senator believes Obama's posture is being reinforced by bad advice he's getting from some of his fellow Democrats. "[T]hat’s what he’s being advised to do by a number of his Democratic colleagues—Howard Dean, former chairman of the DNC said they should go off the cliff, Patty Murray, who ran the senatorial committee, said they should go off the cliff," says Barrasso in a phone interview, referring multiple times to Obama’s weekend golf outing with Democratic stalwarts.
As a Canadian watching this from north of the 49th parallel...I find this whole "fiscal cliff" affair like some sort of bad dream that I'm going to wake up from soon. To watch my neighbour commit economic, financial, and monetary suicide within my lifetime is increasingly unbearable to watch.
This story showed up on the weeklystandard.com Internet site on Monday afternoon...and is another story that I borrowed from yesterday's edition of the King Report. The link is here.
The Republican senator believes Obama's posture is being reinforced by bad advice he's getting from some of his fellow Democrats. "[T]hat’s what he’s being advised to do by a number of his Democratic colleagues—Howard Dean, former chairman of the DNC said they should go off the cliff, Patty Murray, who ran the senatorial committee, said they should go off the cliff," says Barrasso in a phone interview, referring multiple times to Obama’s weekend golf outing with Democratic stalwarts.
As a Canadian watching this from north of the 49th parallel...I find this whole "fiscal cliff" affair like some sort of bad dream that I'm going to wake up from soon. To watch my neighbour commit economic, financial, and monetary suicide within my lifetime is increasingly unbearable to watch.
This story showed up on the weeklystandard.com Internet site on Monday afternoon...and is another story that I borrowed from yesterday's edition of the King Report. The link is here.
Copper stolen from Newark church
Thieves have targeted a Newark church twice in the past month, causing extensive damage by tearing out almost all of the copper piping in the structure.
The Clinton Avenue Presbyterian Church has had to close its soup kitchen because of a lack of heat and running water.
"It was devastating," church clerk Loretta Hazelwood said.
The pipers were cut to the furnace. The pipes were also cut to the boiler and the thieves even tore out the water meter, leaving water pouring into the basement.
This story was posted on the myfoxny.com Internet site early yesterday evening Eastern time...and I thank Scott Pluschau for sliding it into my in-box in the wee hours of this morning. The link is here.
The Clinton Avenue Presbyterian Church has had to close its soup kitchen because of a lack of heat and running water.
"It was devastating," church clerk Loretta Hazelwood said.
The pipers were cut to the furnace. The pipes were also cut to the boiler and the thieves even tore out the water meter, leaving water pouring into the basement.
This story was posted on the myfoxny.com Internet site early yesterday evening Eastern time...and I thank Scott Pluschau for sliding it into my in-box in the wee hours of this morning. The link is here.
* * *
¤ THE WRAP
It is a maxim that in every government, there must exist, somewhere, a supreme, sovereign, absolute, and uncontrollable power; but this power resides always in the body of the people; and it never was, or can be delegated to one man or a few; the great Creator has never given to men a right to vest others with authority over them, unlimited either in duration or degree. - By the Great and General Court of the colony of Massachusetts-Bay, House of Representatives, January 23, 1776; Watertown, Mass...printed by Benjamin Edes, 1776...Massachusetts History Society
It hardly seems necessary for me to point out the obvious once again, but it was JPMorgan et al in the market again yesterday...and what they did was very much an extension of what they did on Monday. With the dollar declining below the 80.00 mark, the most likely escape route was taken away as an attractive alternative.
But they can't keep it up forever...but to hazard a guess as to what's going to happen on a daily or weekly basis going forward is still a mug's game...and all we can do is wait this out. I don't know if "da boyz" have a grand plan or not...but at the moment they seem to be making it up as they go along. And with the monstrous short positions in silver and gold hanging over the market, it remains to be seen how this plays itself out between now and the end of the year...and perhaps beyond.
However, with the big volumes associated with yesterday's engineered price declines in all four precious metals, it's a reasonable bet that the short positions of the 'Big 4' in both silver and gold have declined by a substantial amount. This won't be known for sure until Friday's Commitment of Traders Report and, hopefully, all of yesterday's activity will be included.
In Far East trading on their Wednesday, both gold and silver have been working their way slowly higher...and as I write this paragraph, the London open is only fifteen minutes away. At the moment, gold is back above the $1,700 spot price mark...and silver is back above $33.00 spot. Volume is on the lighter side in both metals...and the dollar index has been trading sideways for the last sixteen hours or so.
It hardly seems necessary for me to point out the obvious once again, but it was JPMorgan et al in the market again yesterday...and what they did was very much an extension of what they did on Monday. With the dollar declining below the 80.00 mark, the most likely escape route was taken away as an attractive alternative.
But they can't keep it up forever...but to hazard a guess as to what's going to happen on a daily or weekly basis going forward is still a mug's game...and all we can do is wait this out. I don't know if "da boyz" have a grand plan or not...but at the moment they seem to be making it up as they go along. And with the monstrous short positions in silver and gold hanging over the market, it remains to be seen how this plays itself out between now and the end of the year...and perhaps beyond.
However, with the big volumes associated with yesterday's engineered price declines in all four precious metals, it's a reasonable bet that the short positions of the 'Big 4' in both silver and gold have declined by a substantial amount. This won't be known for sure until Friday's Commitment of Traders Report and, hopefully, all of yesterday's activity will be included.
In Far East trading on their Wednesday, both gold and silver have been working their way slowly higher...and as I write this paragraph, the London open is only fifteen minutes away. At the moment, gold is back above the $1,700 spot price mark...and silver is back above $33.00 spot. Volume is on the lighter side in both metals...and the dollar index has been trading sideways for the last sixteen hours or so.
And as I hit the 'send' button at 5:15 a.m. Eastern time...10:15 a.m. in London...I note that both metals were turned a bit lower at the London open. Volumes are higher now, of course, but nothing out of the ordinary...and the dollar index is still trading sideways.
I won't hazard a guess as to what may or may not happen for the balance of the Wednesday trading session, but it's a reasonable bet that most of the price and volume activity will occur once New York begins trading at 8:20 a.m. Eastern time.
Before heading out the door this morning, I have a housekeeping item that the nice ladies that work at Casey Research asked me to run by you. This is Casey Research's most elite service...the Casey Investment Alert [CIA].
It has been closed to new members since last November. When we decided to limit the total number of members last year, we decided to only open the doors annually or biannually, as spots became available.
Membership in this unique service is strictly capped because most of the junior explorer stocks recommended in it are very thinly traded. If we were to let membership grow too much, buying pressure based on our recommendations could skew some exceptional profit opportunities.
So now we're accepting new registrations for the next two weeks, or until available spots are filled.
This service is not cheap...and is obviously for serious investors only! It's priced at US$3,600 annually, or US$989 quarterly...and there's a 10% processing fee on all cancelations during the 30-day trial period. But it costs nothing to read all about it...and the link to that is here.
I'm off to bed...and I'll see you here tomorrow.
I won't hazard a guess as to what may or may not happen for the balance of the Wednesday trading session, but it's a reasonable bet that most of the price and volume activity will occur once New York begins trading at 8:20 a.m. Eastern time.
Before heading out the door this morning, I have a housekeeping item that the nice ladies that work at Casey Research asked me to run by you. This is Casey Research's most elite service...the Casey Investment Alert [CIA].
It has been closed to new members since last November. When we decided to limit the total number of members last year, we decided to only open the doors annually or biannually, as spots became available.
Membership in this unique service is strictly capped because most of the junior explorer stocks recommended in it are very thinly traded. If we were to let membership grow too much, buying pressure based on our recommendations could skew some exceptional profit opportunities.
So now we're accepting new registrations for the next two weeks, or until available spots are filled.
This service is not cheap...and is obviously for serious investors only! It's priced at US$3,600 annually, or US$989 quarterly...and there's a 10% processing fee on all cancelations during the 30-day trial period. But it costs nothing to read all about it...and the link to that is here.
I'm off to bed...and I'll see you here tomorrow.
and....
anhttp://www.gata.org/node/11990
BIS gold report hints at repatriation by central banks
Submitted by cpowell on Tue, 2012-12-04 16:59. Section: Daily Dispatches
By Robert Lambourne
Tuesday, December 4, 2012
Tuesday, December 4, 2012
I have been checking on the changes that have taken place to the gold banking business carried out by the Bank for International Settlements since March 2009 and the bank's use of gold derivatives (essentially all are gold swaps), which have grown from zero as of March 31, 2009. All the data in the table below is sourced from BIS annual reports and from the bank's 2012 interim report published in early November. Here is a link to it:
In March 2009 the BIS held gold sight accounts -- unallocated gold -- with a number of major central banks, presumably those based in traditional gold-trading markets. Apart from the bank's own gold, the source of the gold sight accounts arose from gold that was deposited in sight accounts with the BIS with all or most of it deposited with the BIS by other central banks. Historically and especially during World War II central banks used the BIS to act as an intermediary in the gold market to protect against their gold sight accounts being confiscated or blocked by the bank holding the gold deposit. So, as an example, during World War II the German central bank held gold in a BIS sight account that was in turn deposited by the BIS in London, and consequently this gold was not confiscated or blocked by the United Kingdom government in the war.
Since March 2009 there has been a marked change in the source of the gold deposited by the BIS with central banks in gold sight accounts. It has fallen from 1,197.45 tonnes as of March 31, 2009, to 509.43 tonnes as of September 30, 2012. By March 2010 the BIS had sourced 346 tonnes of gold in the form of gold swaps -- something that had not been done for many years previously or at least not disclosed.
Yet in an article published in the Financial Times on July 29, 2010, Jaime Caruana, head of the BIS, said the swaps were "regular commercial activities" for the bank. As can be seen from the table below, gold derivatives, essentially all being gold swaps, have become a regular source of gold for the BIS to deposit in gold sight accounts since this interview was given.
The decline in the amount of gold deposited with the BIS in gold sight accounts by central banks accords with the often-claimed desire of many gold owners either to take physical possession of their gold or at least to move it into an allocated form of gold account such as a BIS gold-earmarked account, which is excluded from the BIS's own balance sheet.
Also, by their nature the gold swaps entered by the BIS provide the counterparty with a higher level of comfort. The counterparties for the BIS gold swap can presumably account for the gold as an owned asset, since the explanation of the gold swap in the BIS annual reports is very specific and says, "The Bank has an obligation to return the gold at the end of the contract." (So it would appear to meet the definition of allocated gold.)
Hence, if the BIS could not get returned to it all the gold it has deposited in sight accounts as of September 30, 2012, then it would run the risk of having to obtain up to 393 tonnes of gold on the open market to return to the gold swap counterparties. This risk is not specifically considered in the BIS's own commentary on the risks it faces.
In isolation this change in the mix of the sources of the BIS gold used in its gold banking business cannot be said to prove anything. But the reduction in the amount of gold deposited with the BIS in sight accounts is consistent with a desire by owners to exert greater control over their gold. Further, one could reasonably speculate whether gold swaps (and their increased proportion as a source of gold for the BIS gold banking business) have been used by the BIS to supply gold to avoid a default by a central bank when being asked to return the unallocated gold held in a sight account deposited with the BIS as the BIS has faced a reduction in that source of unallocated gold itself.
Whatever the truth may be, the changes in the table below are consistent with there being a tight physical market for gold where certain central banks are taking action to get a firmer grip on their metal.
* * *
Gold banking business of the Bank for International Settlements March 31, 2009, to 30th September 2012. Excludes BIS-owned gold.
.
.
Totals in millions of Special Drawing Rights.
.
.
Totals in millions of Special Drawing Rights.
....................... 3/2009 ..... 3/2010 ...... 3/2011 ....... 3/2012 ....... 9/2012
Third-party gold
deposited by BIS
in gold sight
accounts ....... 23,039.1 ... 40,219.9 ... 33,177.8 .... 31,881.7 ... 33,565.6
deposited by BIS
in gold sight
accounts ....... 23,039.1 ... 40,219.9 ... 33,177.8 .... 31,881.7 ... 33,565.6
Gold deposited
in BIS gold sight
accounts ...... 23,039.1 ... 32,057 .... 21,264.3 ... 19,617.6 ... 18,948.3
in BIS gold sight
accounts ...... 23,039.1 ... 32,057 .... 21,264.3 ... 19,617.6 ... 18,948.3
Gold
derivatives ....... 0 ......... 8,162.9 ..... 11,913.5 .... 12,264.1 ... 14,617.3
derivatives ....... 0 ......... 8,162.9 ..... 11,913.5 .... 12,264.1 ... 14,617.3
Total gold
deposited in gold
sight accounts and
derivatives .... 23,039.1 ... 40,219.9 .. 33,177.8 ... 31,881.7 ... 33,565.6
.
.
Tonnes
deposited in gold
sight accounts and
derivatives .... 23,039.1 ... 40,219.9 .. 33,177.8 ... 31,881.7 ... 33,565.6
.
.
Tonnes
Third-party
gold deposited
by BIS in gold
sight accounts .. 1,197.45 ..... 1,704.8 .... 1,139 ......... 923 ....... 902.43
gold deposited
by BIS in gold
sight accounts .. 1,197.45 ..... 1,704.8 .... 1,139 ......... 923 ....... 902.43
Gold deposited
in BIS gold sight
accounts .......... 1,197.45 ..... 1,358.8 ....... 730 ......... 568 ..... 509.43
in BIS gold sight
accounts .......... 1,197.45 ..... 1,358.8 ....... 730 ......... 568 ..... 509.43
Gold derivatives .. 0 ................ 346 .......... 409 ........ 355 ...... 393
Total third-party
gold deposited by
BIS in gold sight
accounts and gold
derivatives ..... 1,197.45 ...... 1,704.8 ...... 1,139 ....... 923 ...... 902.43
gold deposited by
BIS in gold sight
accounts and gold
derivatives ..... 1,197.45 ...... 1,704.8 ...... 1,139 ....... 923 ...... 902.43
Gold earmarked accounts
.............................. 212 ............. 212 .......... 297 ........ 323 ........ N/A
.............................. 212 ............. 212 .......... 297 ........ 323 ........ N/A
Robert Lambourne is a British businessman and consultant to GATA.
and.....
http://www.gata.org/node/11988
Austrian central bank refuses to answer gold leasing questions
Submitted by cpowell on Tue, 2012-12-04 15:36. Section: Documentation
By Lars Schall
Tuesday, December 4, 2012
Tuesday, December 4, 2012
A GATA Dispatch on November 26 was headlined "Austrian Press Agency Cites GATA in Report on Possible Audit of Austria's Gold":
Four days later I sent by e-mail this interview request to Christian Gutlederer, spokesman for the Austrian central bank, the Oesterreichische Nationalbank:
"Dear Mr. Gutlederer:
"My name is Lars Schall. I'm a freelance journalist for finance from Germany. I'm copying this note to Chris Powell, secretary of the U.S.-based Gold Anti-Trust Action Committee, GATA.
"My question: would it be possible to talk with you as the person who's taking care of the press at Austria's central bank about this topic -- http://www.gata.org/node/11961 -- during next week via telephone in an English interview that would be published at GATA's Internet site?
"All the best, Lars Schall."
The following day I wrote to Gutlederer again after I watched programming on the Russia Today television network:
http://www.financialsense.com/contributors/john-rubino/wholesale-gold-inventories-evaporating
"Dear Mr. Gutlederer:
"You may be interested to watch the beginning of this current 'Keiser Report' (until 6:06):
"Please be aware and take into consideration that Stacy Herbert and Max Keiser are informed about this inquiry of mine.
"Best regards, Lars Schall."
The following Monday saw a certain consultation of mine, after I which I again directed an e-mail to Mr. Gutlederer:
"Dear Mr. Gutlederer:
"One question that I would have for you would be: Over what time frame did the Oesterreichische Nationalbank lease some of its gold out?
"Here's the context. Based on this information -- http://www.gata.org/node/11961 -- I've asked the Canadian financial analyst and consultant to GATA, Rob Kirby, the following question:
"Since the Austrian central bank released a figure of earnings attached to a certain amount of gold leased out, could you reverse-engineer the earnings figure to find the percentage of the gold reserve leased out? The lease rates, the gold prices over the period, and the size of Austria’s alleged gold holdings can be found in official data, right? The Austrians say 16 percent is leased out, but is this correct?
"Mr. Kirby answered:
"'I understand what you are getting at – and here is my feedback:
"'Precious metals lease-rate nomenclature is [intentionally] deceptive.
"'Description: http://goldseek.com/news/2009/5-13rk/image002.jpg
"'The above diagram illustrates how lease rates really reflect the return of the bullion bank that 'arranges' the loan, not the 'return' of the lender of bullion that is depicted by GOFO.
"'So what you really want to examine to calculate the Austrian central bank claims is GOFO rates.
"'I believe I read that the Austrian central bank claims they made E300 million from leasing gold. My question now is: Over what time frame?
"'When you have the GOFO rates and the relevant time frame, you can ascertain how much gold must have been leased.'
"Although I don't expect a response from you anymore, Mr. Gutlederer, I assume that the Austrian public will ask this question as well.
"Best regards, Lars Schall."
I thought it could be helpful to show Mr. Gutlederer more of the questions I had in mind, and so I wrote him on the same day one more time:
"Dear Mr. Gutlederer:
"Here are the other questions I would have. On Wednesday we will publish them, adding most likely the statement that you have declined to make a comment, as this is the state of affairs.
"Best regards, Lars Schall.
"-- Does the OeNB do business related to option transactions in the gold market?
"-- What guarantees, if any, did the bank have for the return of its gold? What risk guidelines exist for the leasing? Who set
them up?
them up?
"-- When the claim is uncollectible, what will happen on your balance sheet and when will that be communicated to whom?
"-- How high was the average lease rate?
"-- How and why did the OeNB's gold leasing come about?
"-- Who proposed gold leasing to the bank or what gave the bank the idea for it?
"-- What did the bank think would be done with the gold it leased? Did the bank have any idea that the leasing might be undertaken for currency market intervention generally or gold price suppression particularly? If so, did the bank approve of that? What DID the bank think would be accomplished by whoever borrowed its gold?
"Are the bank's gold records, including its communications with other central banks and financial institutions, including the Bank for International Settlements, fully public? Can people inspect them? If not, why not? Why does the OeNB oppose transparency in its operations?"
Today Mr. Gutlederer finally responded to my four e-mails. He wrote:
"Dear Mr. Schall:
"Thank you for your mail. Please understand that we are not able to provide further detailed information. But we assure you that the Oesterreichische Nationalbank acts extremely responsibly with regard to its currency reserves, including the management of our gold positions.
"Best regards, Christian Gutlederer, press spokesman,
Communications Division, Oesterreichische Nationalbank."
Communications Division, Oesterreichische Nationalbank."
That's too bad, as a candid account of the OeNB's gold policy might have been interesting, particularly to the people of Austria. Maybe their representatives in Parliament can press these questions.
-----
and....
http://www.silverdoctors.com/ned-naylor-leyland-msm-intentionally-ignoring-silver-manipulation-story/#more-18271
NED NAYLOR-LEYLAND: MSM INTENTIONALLY IGNORING SILVER MANIPULATION STORY
The cartel has successfully stuffed gold back under $1700, and silver under $33 on this morning’s COMEX open.
And gold being scooped up by China ? Two interesting items below.....
Wholesale Gold Inventories Evaporating
In this week’s interview with gold dealer Tom Cloud of National Numismatic Associates, we cover one very timely topic – the sudden decline in gold inventories – and one perennial question – how can an individual put physical precious metals in an IRA.
DollarCollapse: Good to talk to you again Tom. Let’s start with your observation that the major gold wholesalers don’t seem to have their usual level of inventory. Why the sudden tightness?
Tom Cloud: Of the seven or eight major wholesalers that send me price sheets, almost every one is having supply issues. Some [coins and bars] I can get right away, but most take between a few days and two weeks.
The wholesalers don’t necessarily know why this is, but some speculate that the 58 tons that China’s central bank purchased in September was responsible, and that [the Chinese] purchased at least that much more in October. When a big seller elects to sell something they don’t even put it in the market any more, they just call up China’s central bank, and we see the report four weeks later, if we see it at all.
And it’s not just China. Central banks in general are buying. Until 2011 central banks were selling gold but in the last two years hardly any are selling and many are buying. I’ve been doing this for 35 years and last month made my first sale to a central bank.
Another factor is the new Basel III agreement in which gold counts for what it’s worth rather than 50% of what it’s worth, which makes it a more attractive asset for banks. And the final factor is that more Americans are moving into metals, which is producing more small orders to go with the big orders from central banks. It’s different for each wholesaler, but the overall effect is to tighten inventories.
DC: That’s great news for gold bugs. Now, for those who have money in an IRA and want to convert some of it to bullion, how can they do that?
TC: We’re starting to see people actually move physical gold out of these ETFs. GLD, for instance, has been trading at a big discount. Why would GLD be selling at a discount if there wasn’t anything wrong with the fund? Of course there’s plenty wrong with it, as Andrew McGuire has testified.
Instead of bullion ETFs, a lot of people are choosing to set up self-directed IRAs that can hold bullion directly. The first step is to find a government-approved custodian. There are ten or eleven out there but I find the two most user-friendly to be Sterling Trust and Goldstar Trust. You get an application online, along with a rollover or transfer form, fill these out and submit them, and your existing IRA is transferred to the custodian. Then you use those funds to buy metals and have them stored.
You have two fees per year: a custodian fee of around $75 or $80 annually, in return for which they send you quarterly statements and 1099s for the years when you take a distribution. Then you pay the depository, generally Delaware Depository Service Corporation (DDSC), which stores the physical metal in your allocated account, with your name on it. Their fee is $125 per year for anything between zero and $100,000. For example, if somebody transferred $20,000 into a precious metals IRA then they’ve got about $200 in fees, or about 1% a year. The more you have the lower the percentage would be. When you get to $100,000 they’ll charge 60 basis points on each dollar after that.
DC: Can you deposit your own bullion in this kind of an account?
TC: Yes, but the amount has to be below what you can put into an IRA in that year. The amounts differ for SEP and traditional IRAs.
DC: What if you want to take possession your metal?
TC: They’ll deliver it to you. If you’re old enough to take IRA distributions there would be no penalty but it would be taxable and they’d 1099 you. Here’s an interesting point: Many dealers will pay above spot for Gold Eagles and other major coins and bars. So let’s say you want to liquidate five gold eagles. You can ask the custodian to convert them to cash at spot and send you a check. Or you can take delivery and sell them yourself for the extra 2%.
and from China Daily...
Interbank system to help gold shine
Published: Dec 4 2012 8:50
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The headquarters of the Shanghai Gold Exchange. The exchange and China Foreign Exchange Trade System have launched an interbank system for gold price quotes to attract more investors to the precious metal.
A new interbank system for gold price quotes by Shanghai Gold Exchange could boost China's gold market and attract more investors to the precious metal, analysts have said.
The system, which went live on Monday, will allow approved traders from as many as 20 banks to obtain gold price quotes through the China Foreign Exchange Trading System & National Interbank Funding Center, a subsidiary of the country's central bank, according to a statement released by the exchange.
The transactions will be cleared through the exchange, according to the announcement.
This trial of interbank over-the-counter gold trading comes as a further step in the opening-up of China's gold market. The system will benefit domestic institutions' trade in large volumes of bullion and attract more individual investors to the precious metal, said Chen Xin, gold analyst with Shanghai Pudong Development Bank Co Ltd.
The trading mechanism now used by individual investors still relies on a matching system. During the trial period for the new system, banks that have been approved to operate in the interbank market will be allowed to engage in over-the-counter trading, according to the exchange.
As many as 20 banks have received approvals to test out the interbank market, including Industrial and Commercial Bank of China Ltd, China Construction Bank Corp, Bank of China Ltd, Bank of Communications Ltd, HSBC Bank (China) Co Ltd and Standard Chartered Bank (China) Ltd, the announcement said.
Buyers and sellers through the new system will each be charged a fee of 0.04 percent, according to rules announced by the exchange.
The introduction of interbank gold trading will enable gold investors to choose from among a wider variety of investments and make gold trading more subject to market forces, the exchange said.
The system, which went live on Monday, will allow approved traders from as many as 20 banks to obtain gold price quotes through the China Foreign Exchange Trading System & National Interbank Funding Center, a subsidiary of the country's central bank, according to a statement released by the exchange.
The transactions will be cleared through the exchange, according to the announcement.
This trial of interbank over-the-counter gold trading comes as a further step in the opening-up of China's gold market. The system will benefit domestic institutions' trade in large volumes of bullion and attract more individual investors to the precious metal, said Chen Xin, gold analyst with Shanghai Pudong Development Bank Co Ltd.
The trading mechanism now used by individual investors still relies on a matching system. During the trial period for the new system, banks that have been approved to operate in the interbank market will be allowed to engage in over-the-counter trading, according to the exchange.
Buyers and sellers through the new system will each be charged a fee of 0.04 percent, according to rules announced by the exchange.
The introduction of interbank gold trading will enable gold investors to choose from among a wider variety of investments and make gold trading more subject to market forces, the exchange said.
The interbank market will also lead to a significant increase in gold trading, Chen said.
It will eventually be opened to banks other than those that are currently approved, said Jiang Qi, a gold analyst with the Fujian province-based Industrial Bank Co Ltd. He said the system will help banks develop a greater number of financial products that are related to gold trading.
The exchange said in early November that it will initiate over-the-counter trading, gold exchange-traded funds, Friday-night trading and take steps to improve the leasing market.
China is opening its domestic market for precious metals to the international community as Shanghai looks to offer gold exchange-traded funds, said officials attending a conference on gold in Hong Kong.
wuyiyao@chinadaily.com.cn
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