http://www.caseyresearch.com/gsd/edition/bbcs-panorama-killed-report-exposing-silver-market-manipulation
http://www.gata.org/node/11998
http://www.silverdoctors.com/jim-willie-gold-standard-will-return-everything-in-paper-is-going-to-hell/
BBC's 'Panorama' Killed Report Exposing Silver Market Manipulation
Dec
6
"As Chris Powell and Ned Naylor-Leyland stated in different news items...the press won't touch this story."
¤ YESTERDAY IN GOLD AND SILVER
The gold price struggled slowly higher in Far East trading on their Wednesday, but that all ended once London opened...and it then traded sideways until about half past lunchtime over there.
Then the selling began...and by 10:55 a.m. in New York, five minutes before the London close, the high-frequency trader had gold down to its low price tick of the day...which Kitco recorded as $1,683.80 spot.
The subsequent rally got cut off at the knees at noon Eastern time...and it then traded sideways for the rest of the day.
Then the selling began...and by 10:55 a.m. in New York, five minutes before the London close, the high-frequency trader had gold down to its low price tick of the day...which Kitco recorded as $1,683.80 spot.
The subsequent rally got cut off at the knees at noon Eastern time...and it then traded sideways for the rest of the day.
Gold closed at $1,694.30 spot...down only $2.50 from Tuesday's close. Net volume was pretty decent...around 155,000 contracts.
As is usually the case, the price path for silver was almost identical, so I'll spare you the play-by-play on that.
Silver actually closed flat at $32.91 spot. Net volume was in the neighbourhood of 38,500 contracts.
Silver actually closed flat at $32.91 spot. Net volume was in the neighbourhood of 38,500 contracts.
A cursory glance at both the gold and silver charts shows that the same 'market forces' were at work on these metals on both Tuesday and Wednesday.
Platinum and palladium also got sold down during the Comex trading session yesterday, but both recovered and closed with minor gains.
The dollar index traded flat until the 8:00 a.m. GMT London open yesterday morning...and then rallied about 20 basis points or so by 8:00 a.m. in New York about five hours later. From there it didn't do much into the close...and finished the Wednesday session at 79.82...up 15 basis points.
As has been the case this week, there was no co-relation between the dollar index and the precious metal prices.
Platinum and palladium also got sold down during the Comex trading session yesterday, but both recovered and closed with minor gains.
The dollar index traded flat until the 8:00 a.m. GMT London open yesterday morning...and then rallied about 20 basis points or so by 8:00 a.m. in New York about five hours later. From there it didn't do much into the close...and finished the Wednesday session at 79.82...up 15 basis points.
As has been the case this week, there was no co-relation between the dollar index and the precious metal prices.
* * *
The CME's Daily Delivery Report showed that 64 gold and 60 silver contracts were posted for delivery on Friday within the Comex-approved depositories. The link to yesterday's Issuers and Stoppers Report is here.
There was a minor addition to GLD yesterday, as an authorized participant added 9,686 troy ounces of gold. There were no reported changes in SLV.
The U.S. Mint had another sales report. They sold 11,500 ounces of gold eagles...500 one-ounce 24K gold buffaloes...and 28,000 silver eagles.
It was a big day over at the Comex-approved depositories on Tuesday. They reported receiving a chunky 1,834,793 troy ounces of silver...and shipped out only 108,091 ounces of the stuff. The link to that activity is here. That 1.83 million troy ounces represents almost a full day of world-wide silver production.
There was a minor addition to GLD yesterday, as an authorized participant added 9,686 troy ounces of gold. There were no reported changes in SLV.
The U.S. Mint had another sales report. They sold 11,500 ounces of gold eagles...500 one-ounce 24K gold buffaloes...and 28,000 silver eagles.
It was a big day over at the Comex-approved depositories on Tuesday. They reported receiving a chunky 1,834,793 troy ounces of silver...and shipped out only 108,091 ounces of the stuff. The link to that activity is here. That 1.83 million troy ounces represents almost a full day of world-wide silver production.
* * *
selected news items....
Fed to launch fresh bond buying to help economy
The Federal Reserve is set to announce a fresh round of Treasury bond purchases when it meets next week, avoiding monetary policy tightening to maintain support for the weak U.S. economy amid uncertainty over the looming year-end "fiscal cliff."
Many economists think the U.S. central bank will announce monthly bond purchases of $45 billion after its policy gathering on December 11-12, signaling it will continue to pump money into the U.S. economy during 2013 in a bid to bring down unemployment.
"We expect status quo," said Laurence Meyer of the forecasting firm Macroeconomic Advisers. "We expect purchases will continue at the same monthly rate as over the last three months; that the composition will be the same, and that the maturities distribution will be the same."
The decision would cement expectations that the Fed will keep buying a combined $85 billion of Treasuries and mortgage-backed bonds a month, while repeating that it expects to hold interest rates near zero until at least mid-2015.
Nothing really new here, but Reuters decided to make a story out of it yesterday anyway...and I thank West Virginia reader Elliot Simon for sending it our way. The link is here.
Many economists think the U.S. central bank will announce monthly bond purchases of $45 billion after its policy gathering on December 11-12, signaling it will continue to pump money into the U.S. economy during 2013 in a bid to bring down unemployment.
"We expect status quo," said Laurence Meyer of the forecasting firm Macroeconomic Advisers. "We expect purchases will continue at the same monthly rate as over the last three months; that the composition will be the same, and that the maturities distribution will be the same."
The decision would cement expectations that the Fed will keep buying a combined $85 billion of Treasuries and mortgage-backed bonds a month, while repeating that it expects to hold interest rates near zero until at least mid-2015.
Nothing really new here, but Reuters decided to make a story out of it yesterday anyway...and I thank West Virginia reader Elliot Simon for sending it our way. The link is here.
Three King World News Blogs/Audio Interviews
The first is with Louise Yamada...and it's headlined "Here are the Key Levels to Watch on Gold & Silver". The second is with Richard Russell. It bears the title "God, Gold, the Shanghai Index & the Dollar". The audio interview is with Dr. Stephen Leeb. There is one other KWN blog...but it's linked under its own headline further down.
Goldman's 'gold is dead' call is perfect contrarian indicator, Ron Rosen says
Financial letter writer Ron Rosen told King World News yesterday that Goldman Sachs' call for the end to the gold bull market is a perfect contrarian indicator. Rosen compares recent gold charts with charts from the gold bull market of the 1970s and sees great similarities. An excerpt from Rosen's interview is posted at the King World News website...and the link is here.
South Korea buys more gold amid speculation on currency market intervention
South Korea's central bank said on Wednesday it bought 14 tonnes of gold in November using its foreign reserves in order to spread its portfolio risks, while releasing data showing total reserves rose after talk of market intervention.
The Bank of Korea bought the gold for $780 million, the fourth purchase in about 1 1/2 years, lifting the proportion of gold in its total foreign reserves to 1.2 percent from the previous 0.9 percent, it said in a statement.
"Gold is a physical, safe asset and allows" the country "to deal with changes in the international financial environment more effectively," it said in a statement, without providing more details on the purchase.
Did they take physical delivery? Or is it just claims against a pile of gold bars in London and New York that they hope will never be asked for? This Reutersstory was filed from Seoul yesterday...and I found it in a GATA release. The link is here.
The Bank of Korea bought the gold for $780 million, the fourth purchase in about 1 1/2 years, lifting the proportion of gold in its total foreign reserves to 1.2 percent from the previous 0.9 percent, it said in a statement.
"Gold is a physical, safe asset and allows" the country "to deal with changes in the international financial environment more effectively," it said in a statement, without providing more details on the purchase.
Did they take physical delivery? Or is it just claims against a pile of gold bars in London and New York that they hope will never be asked for? This Reutersstory was filed from Seoul yesterday...and I found it in a GATA release. The link is here.
Ambrose Evans-Pritchard admits gold questions are legitimate
Interviewed for Gold Switzerland by Lars Schall on a broad range of economic subjects, the London Telegraph's international business editor, Ambrose Evans-Pritchard, acknowledges both the legitimacy of questions about what Western central banks are doing in the gold market and the unlikelihood that those central banks will ever account for themselves in public. They certainly won't account for their gold market interventions if mainstream financial news organizations don't press them to do so, but then gold isn't on Evans-Pritchard's beat -- nor, it seems, really much on that of any mainstream financial journalist. Thus for years now specific questions about Western central bank gold activity have been left to GATA and Schall, who have established that such activity is both intense and more sensitive and secretive than the blueprints for nuclear weapons.
Once again I borrowed "all of the above" from a GATA release yesterday. I knew of this story early yesterday morning, but the hard copy hadn't been posted on Lars Schall's website, so it had to wait until today. The interview with Evans-Pritchard is headlined "Europe and America Will Not Allow Deflation to Take Root" and it's posted at Gold Switzerland website here. It's a must read.
Once again I borrowed "all of the above" from a GATA release yesterday. I knew of this story early yesterday morning, but the hard copy hadn't been posted on Lars Schall's website, so it had to wait until today. The interview with Evans-Pritchard is headlined "Europe and America Will Not Allow Deflation to Take Root" and it's posted at Gold Switzerland website here. It's a must read.
* * *
¤ THE WRAP
The unavoidable attention that will attach to the termination of the silver manipulation is also one of the main forces delaying the coming resolution. If ever there was a can that needed to be kicked down the road by important insiders, the sudden end to the silver manipulation is surely that can.
JPMorgan and the CME, as well as the various federal agencies involved, are dreading the resolution of the silver manipulation, probably as much as informed silver investors are cheering for it. In a nutshell, this is why it has taken so many years to put a wooden stake through the heart of the silver manipulation; those who should be ending it know that in its termination they will be exposed for not ending it sooner.
After all, there is a documented 25 year history of the CFTC being continuously alerted to the silver manipulation with the agency always rejecting the allegations. There’s no way any termination of the silver manipulation won’t be connected to the clear prior public warnings. No one rushes to their own funeral. Postponing the shame is particularly relevant in the case of many at the CFTC, as an oath of office was taken to protect the public and the public’s pleas for relief were ignored. - Silver analyst Ted Butler...05 December 2012
Well, if you thought there were similarities between Tuesday and Wednesday's price action in both gold and silver...you would be right about that. JPMorgan et al really don't care who is watching, as they know that they are above the law...at least for the moment. As Chris Powell and Ned Naylor-Leyland stated in different news items...the press won't touch this story...and until it becomes known in a very public way, nothing will happen. But when it does, all hell will break loose as Ted Butler mentions in the above quote from yesterday.
The only unfortunate thing about yesterday's price action was that none of it will be in tomorrow's Commitment of Traders Report. There certainly was more long liquidation by the technical funds on these lower prices...and more short covering by JPMorgan et al. But just how much won't be know until next Friday.
JPMorgan and the CME, as well as the various federal agencies involved, are dreading the resolution of the silver manipulation, probably as much as informed silver investors are cheering for it. In a nutshell, this is why it has taken so many years to put a wooden stake through the heart of the silver manipulation; those who should be ending it know that in its termination they will be exposed for not ending it sooner.
After all, there is a documented 25 year history of the CFTC being continuously alerted to the silver manipulation with the agency always rejecting the allegations. There’s no way any termination of the silver manipulation won’t be connected to the clear prior public warnings. No one rushes to their own funeral. Postponing the shame is particularly relevant in the case of many at the CFTC, as an oath of office was taken to protect the public and the public’s pleas for relief were ignored. - Silver analyst Ted Butler...05 December 2012
Well, if you thought there were similarities between Tuesday and Wednesday's price action in both gold and silver...you would be right about that. JPMorgan et al really don't care who is watching, as they know that they are above the law...at least for the moment. As Chris Powell and Ned Naylor-Leyland stated in different news items...the press won't touch this story...and until it becomes known in a very public way, nothing will happen. But when it does, all hell will break loose as Ted Butler mentions in the above quote from yesterday.
The only unfortunate thing about yesterday's price action was that none of it will be in tomorrow's Commitment of Traders Report. There certainly was more long liquidation by the technical funds on these lower prices...and more short covering by JPMorgan et al. But just how much won't be know until next Friday.
If JPMorgan Chase et al want to go the "Full Monty" on both gold and silver, we're looking at a $40-50 futher decline in gold...and over two bucks in silver. That's if they're going after the 200-day moving averages in both metals. Here are the 1-year charts for both so you can see how far we might have go to the down side.
(Click on image to enlarge)
But if you look back to last year at this time, it could get a lot worse. But can they or will they? I don't know, I'm just thinking out loud.
In Far East trading on their Thursday, not a lot happened. Both metals were down a bit going into the London open...and that hasn't changed much now that London has been trading for about forty-five minutes. Volumes are average...and the dollar index is up a hair. And as I hit the 'send' button at 5:00 p.m. Eastern time, the dollar index is now down a hair...and both gold and silver have recouped a bit of their overnight loses. Volumes are nothing special. As always, most of the volume and price action will occur during the New York trading session.
See you tomorrow.
In Far East trading on their Thursday, not a lot happened. Both metals were down a bit going into the London open...and that hasn't changed much now that London has been trading for about forty-five minutes. Volumes are average...and the dollar index is up a hair. And as I hit the 'send' button at 5:00 p.m. Eastern time, the dollar index is now down a hair...and both gold and silver have recouped a bit of their overnight loses. Volumes are nothing special. As always, most of the volume and price action will occur during the New York trading session.
See you tomorrow.
http://www.gata.org/node/11998
BBC's 'Panorama' killed report exposing silver market manipulation
Submitted by cpowell on Wed, 2012-12-05 22:35. Section: Daily Dispatches
5:30p ET Wednesday, December 5, 2012
Dear Friend of GATA and Gold:
Ned Naylor-Leyland, investment director of Cheviot Asset Management in London, interviewed by Max Keiser on yesterday's edition of "The Keiser Report" on the Russia Today television network, revealed that the British Broadcasting Corp.'s investigative journalism TV program, "Panorama," killed a report exposing silver market manipulation even after doing substantial interviews that provided evidence of manipulation.
Naylor-Leyland added that the failure of the mainstream news media to confront and expose it is what most sustains market manipulation.
Naylor-Leyland's segment of yesterday's "Keiser Report" begins at 12:37 here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
and.....
http://www.gata.org/node/11995
A leading financial journalist admits gold questions are legitimate
Submitted by cpowell on Wed, 2012-12-05 16:25. Section: Daily Dispatches
... even if no one in mainstream financial news organizations will press Western central banks about them.
* * *
11:20a ET Wednesday, December 5, 2012
Dear Friend of GATA and Gold:
Interviewed for Gold Switzerland by Lars Schall on a broad range of economic subjects, the London Telegraph's international business editor, Ambrose Evans-Pritchard, acknowledges both the legitimacy of questions about what Western central banks are doing in the gold market and the unlikelihood that those central banks will ever account for themselves in public. They certainly won't account for their gold market interventions if mainstream financial news organizations don't press them to do so, but then gold isn't on Evans-Pritchard's beat -- nor, it seems, really much on that of any mainstream financial journalist. Thus for years now specific questions about Western central bank gold activity have been left to GATA and Schall, who have established that such activity is both intense and more sensitive and secretive than the blueprints for nuclear weapons.
Schall's interview with Evans-Pritchard is headlined "Europe and America Will Not Allow Deflation to Take Root" and it's posted at Gold Switzerland here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
http://www.gata.org/node/11994
U.S. and China both might be manipulating gold down, Leeb tells KWN
Submitted by cpowell on Wed, 2012-12-05 15:54. Section: Daily Dispatches
10:50a ET Wednesday, December 5, 2012
Dear Friend of GATA and Gold:
Fund manager Stephen Leeb today tells King World News that gold market manipulation has been made obvious by massive selling at illiquid moments, selling that could be undertaken only by an entity that wants the gold price down for some reason. Having motive and opportunity, Leeb adds, are the governments of the United States and China. Leeb also predicts that purchase of silver for investment purposes will be forbidden eventually, the metal becoming just too valuable for critical industrial purposes. An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
http://www.silverdoctors.com/jim-willie-gold-standard-will-return-everything-in-paper-is-going-to-hell/
JIM WILLIE: GOLD STANDARD WILL RETURN, EVERYTHING IN PAPER IS GOING TO HELL!
Jim Willie is the editor of the “
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