http://www.caseyresearch.com/gsd/edition/jpmorgan-advises-to...-buy-gold
Gold lease is the tool of the global credit game
Zhang Jie
Although the Fed may be leased gold, but I believe that the Fed rental gold to so severe short positions, as well as France and Germany look at the number of gold, which is very unlikely, because the Fed can only gold concentrate up to the German central bank, the German is not entitled to a comprehensive audit and ask to see other countries gold, so gold in the United States should be not so critical, do not give Germany and France view, not shipped back to gold in Germany, there should be deeper game demand, this demand should be related to the international financial game, this is a game between the national credit, gold financial products and money, there is the authority of the Federal Reserve. precedent Germany suspected U.S. credit can view the world all countries so, the authority and hegemony of the United States would cease to exist.
http://beforeitsnews.com/gold-and-precious-metals/2013/08/the-gold-is-gone-germanys-access-to-its-gold-denied-2516248.html
TheGetjiggy
¤ YESTERDAY IN GOLD & SILVER
Compared to Thursday, it was pretty quiet price wise for gold on Friday. Gold's low of the day came shortly after the London morning gold fix at 10:30 a.m. BST. The subsequent rally got cut off at the knees at 9:30 a.m. in New York, but then it rallied anew beginning at 12:30 p.m. EDT. A not-for-profit seller showed up again at 2:15 p.m. in electronic trading, and once they were done, gold rallied again into the close.
The high tick at 2:15 p.m. EDT was recorded by Kitco at $1,381.00 spot, and the low, both in New York and London, just a hair below $1,360 spot.
Gold finished the Friday trading session at $1,377.20 spot, up $11.10 from Thursday. Volume, net of August and September, was very heavy at 189,000 contracts. That's huge for a day with such a small trading range, and a sign that the HFT boys were all over this market.
Here's the New York Spot Gold [Bid] chart showing the New York session on its own. It was unusual to see this kind of price action on a Friday afternoon, especially in the electronic market. Note the 9:30 a.m. sell off.
The price action in silver was similar to gold's, right down to the two sell offs in New York at 9:30 a.m. and 2:20 p.m. The low in London appeared to come around the morning gold fix as well, about $22.80 spot. The high tick in New York was recorded $23.53 spot.
Silver closed at $23.255, up 24.5 cents on the day, and well off its high. Net volume was monstrous at 55,000 contracts.
Here's the New York Spot Silver [Bid] chart on its own,
The unusually high volume activity that occurred in Far East and early London trading that I spoke of in The Wrap in yesterday's column, obviously continued for the rest of the day, and was particularly prevalent during the Comex trading session. On a daily basis, about 80% of silver and gold volume is done in New York.
Platinum and palladium didn't do much, and both closed down a dollar or so. Here are the charts,
The dollar index didn't do much yesterday either, except for a spike down with the low of the day coming at precisely 9:30 a.m. EDT, the same moment that the rally in gold and silver got cut off at the knees in New York. Someone obviously hit the buy the dollar index/sell gold and silver buttons at the same moment. As GATA's Chris Powell would say, "There are no market anymore, only interventions." The dollar index closed up 11 basis points from Thursday, finishing the Friday session at 81.28.
*****
Yesterday I didn't have the CME's Daily Delivery Report for you, but here it is now, and I thank California reader Jon De Weese for helping me out on this one. It showed that 52 gold and 11 silver contracts were posted for delivery on Monday. In gold, it was Canada's Bank of Nova Scotia that was the short/issuer on all 52 contracts, and JPMorgan Chase was the long/stopper on 47 of those contracts, all out of its in-house [proprietary] trading account. JPMorgan was the short /issuer on all 11 silver contracts. The link to Jon's webpage is here, and you'll be as amazed as I was when I clicked on the link for the first time last night.
Surprisingly enough, there was no gold or silver posted for delivery in Friday's CME Delivery Report.
I note that there are still 1,143 gold contracts open in August, and I await their fate with great interest. I suspect that they will all be delivered into, but I'm wondering out loud why the short/issuer is being so shy, and dragging this out so long into the delivery month.
Over at GLD, an authorized participant finally deposited some more gold. This time it was 77,272 troy ounces, and as of midnight last night, there were no reported changes in SLV. Without doubt, the ETF is owed silver, but it remains to be seen if any more silver is forthcoming, or will the APs have to short the shares in lieu of depositing physical metal?
It's been a while since I've heard from Switzerland's Zürcher Kantonalbank, but I received something from them yesterday. For the week ending August 9th, they reported that their gold ETF declined by 49,309 troy ounces, and their silver ETF declined by a smallish 109,674 troy ounces.
Once again there was no sales report from the U.S. Mint. Month-to-date the mint has sold only 2,500 ounces of gold eagles, 4,500 one-ounce 24K gold buffaloes, and 1,596,000 silver eagles. The silver eagles sales seem normal, but I've never seen gold sales this low since I can't remember when. Based on these sales, the silver/gold ratio is way up there at 226 to 1, about the same ratio as last week. I said last week that such a ridiculous sales ratio couldn't last, but here it is again one week later.
Over at the Comex-approved depositories on Thursday there was no reported gold transfers, either in or out.
There was a lot more activity in silver, as 771,257 troy ounces were added to their depositories, and 1,006,267 troy ounces of the stuff were withdrawn. The link to that activity is here.
Not surprisingly, the Commitment of Traders Report [for positions held at the close of Comex trading on Tuesday] did not make for happy reading. The Commercial net short position in silver blew out by almost 10,000 contracts, or 50 million ounces, and the total Commercial net short position doubled in a week to a bit over a 100 million ounces of silver. According to silver analyst Ted Butler, the Big 4 [read JPMorgan] sold short another 3,500 silver contracts, the '5 through 8' largest traders sold short another 1,000 or so contracts, and the Raptors [the Commercial traders other than the Big 8] sold 5,500 contracts of their record long position.
Ted is of the opinion that JPMorgan's short position in silver now sits around the 16,000 contract mark, or 80 million ounces.
In gold, the headline number showed virtually no change in the Commercial net short position, and that's because the big error from last week's report [28,400 contracts] automatically corrected itself on the rally during the reporting week, if that makes any sense. If I'm understanding Ted correctly, the Commercial net short position for the week that was, deteriorated by the exact same amount as the error from the prior week. Of that amount, the Big 4 [mostly JPMorgan] sold 8,000 contracts of its long position, 800,000 troy ounces, which Ted now figures is down to the 7.7 million ounce level, down from 8.5 million ounces in the prior week.
What these numbers show is that the Commercial traders are back to their old tricks and, without doubt, were even more aggressive in their selling since the Tuesday cut-off. Next week's COT Report won't make for happy reading either. It's obvious, especially from the heavy volumes all week, that JPMorgan et al are throwing quite a bit of Comex paper at these rallies, and although it's possible we could move sharply higher from here, the odds don't favor that, at least in the very short term.
I'd love to be proven wrong, but I've seen this movie too many times before over the past decade, and I have to use the past as prologue. I suppose this time it might be different, and they might let the prices run, but why didn't they do that a few weeks back when they were maximum long in gold, and minimum long in silver, as they've given back a lot of their ill-gotten gains since then.
I'll be interested in what Ted has to say later today, as he normally doesn't tell me everything when we're talking on the phone. If there's anything more to be gleaned from yesterday's COT Report, I'll steal if for my Tuesday column.
****
Selected news and views.....
Market mayhem: BSE Sensex, Indian rupee crash, but gold price surges
In a triple whammy, benchmark BSE Sensex and Indian rupee went into a free-fall while gold price surged as fears of a return to capital control regime haunted investors who remained unconvinced that there would be no further curbs.
The S&P BSE Sensex plunged the most in four years and the rupee plummeted to a record low amid fears that capital controls would return as the government attempts to reduce exchange-rate volatility and stem the burgeoning current account deficit (CAD) in India. Gold gained the most in two years.
The BSE Sensex fell 769.41 points, or 3.97 per cent, to 18,598.18, leaving investors poorer by more than Rs 2 lakh crore. The rupee breached 62 for the first time, falling to 62.03 before recovering to close at a record low of 61.65.
This news item was posted on the indianexpress.com Internet site early Friday evening IST...and I thank Ulrike Marx for sending it.
Mike Maloney: Silver and Gold - Hidden Secrets of Money, Part 2
1. Egon von Greyerz: "Bankrupt World Now Headed Into Frightening Chaos". 2. Michael Pento: "Watershed Event to Change History and the Course of Markets". 3. The audio interview is with Hong Kong fund managerWilliam Kaye.
The End Times begin: Hathaway gets real and CNBC broadcasts him
The Tocqueville Gold Fund's John Hathaway, a thoroughly respectable member of the financial establishment who only in recent weeks has begun to acknowledge the manipulation of the gold market by Western central banks, went on CNBC's "Fast Money" program, declared that a short squeeze is under way in gold because the paper gold market is leveraged at 100 to 1, and was not cut off.
Of course the CNBC "analysts" who commented following Hathaway's remarks completely missed the substance of what he said. Real financial journalism has not descended upon the West quite yet. But if reality about gold can come frankly out of Hathaway's mouth and be spread throughout the world by CNBC, are even Reuters, Bloomberg News, The Wall Street Journal, The New York Times, and the Financial Times still safe for the Federal Reserve and Wall Street and their scheme of gold price suppression and currency market rigging?
I found this story in a GATA release yesterday...and I thank Chris Powell for 'all of the above'. The video clip is embedded in a report posted on thegotgoldreport.com Internet site.
Frank Holmes: What Happens When You Tell Indians to Stop Buying Gold
India’s demand for gold during the second quarter of 2013 topped all other countries, according to the latest World Gold Council data. As noted by GoldCore, the demand for gold in India rose to its “highest in the last 10 years,” with jewelry, bars and coins demand, capping 310 tons during the period.
You can see India isn’t the only country in the East enamored with gold. I’ve discussed many times how China’s love for physical gold has endured, as gold deliveries on the Shanghai Gold Exchange climbed to record levels and jewelry stores were flooded with buyers in Beijing, Shanghai and Guangzhou.
Now the World Gold Council (WGC) confirms that in the second quarter, 60 percent of jewelry demand and almost half of all bar and coin demand came from these two countries alone!
Frank's comments on gold take up the first portion of his weekly 'Investor Alert' blog from yesterday...and there are some excellent chart embedded as well. It'sworth the read...and it's courtesy of Elliot Simon.
India Faces Its Worst Economic Crisis Since 1991 When It Had To Airlift 67 Tons Of Its Gold For A Loan
Yesterday India's central bank (the RBI) imposed what amounts to a form of currency controls, while trying to attract foreign deposits.
The RBI cut the amount local companies can invest overseas without seeking approval to 100 percent of their net worth, from 400 percent, according to a statement on Aug. 14. Residents can remit $75,000 a year versus the previous limit of $200,000.
The authority said banks accepting deposits after Aug. 24 from Indians living abroad need no longer keep 4 percent of the funds in cash and invest 23 percent in government-approved securities.
It didn't do any good. Driven by expectations of impending exit from QE3 in the US, the rupee punched through 62 this morning, hitting a new all-time low.
At these levels inflation will soon become a concern. Investors continued dumping short-term government bills, with the 6-month paper going above 11% for the first time.
This news item, along with some excellent charts, was posted on thebusinessinsider.com Internet site at noon on Friday EDT...and I consider it amust read. I thank Roy Stephens for his last contribution to today's missive.
The RBI cut the amount local companies can invest overseas without seeking approval to 100 percent of their net worth, from 400 percent, according to a statement on Aug. 14. Residents can remit $75,000 a year versus the previous limit of $200,000.
The authority said banks accepting deposits after Aug. 24 from Indians living abroad need no longer keep 4 percent of the funds in cash and invest 23 percent in government-approved securities.
It didn't do any good. Driven by expectations of impending exit from QE3 in the US, the rupee punched through 62 this morning, hitting a new all-time low.
At these levels inflation will soon become a concern. Investors continued dumping short-term government bills, with the 6-month paper going above 11% for the first time.
This news item, along with some excellent charts, was posted on thebusinessinsider.com Internet site at noon on Friday EDT...and I consider it amust read. I thank Roy Stephens for his last contribution to today's missive.
JPMorgan Advises To... Buy Gold?
Gold shrugged off news today that Paulson & Co had cut its exchange listed gold exposure in half and rose 2.2% to $1,365/oz. This may be delivering an exclamation mark to define the end of the 10-month, 25% fall in gold and 50% fall in gold equities, (while the S&P advanced 13%).
The World Gold Council reported today that physical gold demand remains strong, questioning the price weakness seen in paper markets. Additionally, gold supplies could be constrained in September if labor strikes are initiated in South Africa. There’s typically some positive seasonality to the gold price in August/September helped by India, which is still the largest single (28%) gold market.
Often this strength correlates with the Denver gold conference. The conference attracts many of the larger gold investors and given the other positives for the metal (and that the depressing effect of the Q2 results is past) we would not be surprised to see a stronger gold price in the run up to the show. We’d encourage shorter-term investors to consider getting long the gold space with a four to five week time horizon.
With a long-side corner on the gold market, this was an easy call. But as Ted Butler pointed out to me on the phone yesterday, is probable that the analyst knew nothing of that when making this buy recommendation. This news item showed up on the Zero Hedge website yesterday...and I thank Ulrike Marx for today's last story.
¤ THE WRAP
Hastiness and superficiality are the psychic diseases of the 20th century...and more than anywhere else, this disease is reflected in the press. - Aleksandr Solzhenitsyn
Today's pop 'blast from the past' needs no introduction whatsoever...and neither does the performer. He is, without doubt, one of the best male vocalists of all time...and was all over the pop charts in the 1960s. I remember him well...and the women loved him...throwing panties and hotel room keys on the stage whenever he performed in Las Vegas The link is here. Enjoy!
Today's classical 'blast from the past' was composed by Wolfgang Amadeus Mozart in 1779 while he was on a 2-year tour of Europe that included Mannheim and Paris. It's his Sinfonia Concertante in E-flat major for violin, viola and orchestra, K. 364. Itzhak Perlman [violin] and Pinchas Zuckerman [viola] do the honours with Zubin Mehta conducting the Israel Philharmonic Orchestra. I've heard both these artists live and in concert with the Edmonton Symphony Orchestra...and they are beyond awesome...especially Itzhak Perlman. The recording looks to be at least 30 years old, but the video and audio quality are still pretty good. The link is here.
Judging by the huge volume figures for both gold and silver yesterday, I'd guess that both metals were kept on a pretty tight leash...and that goes for the shares as well.
As I mentioned on several occasions during the last couple of weeks, the volume numbers have really started to blow out, even on quiet days...and it was obvious at the time that the budding rallies in all four precious metals were not going unopposed. That has certainly turned out to be the case from what was in yesterday's COT Report...and what has probably occurred since the Tuesday cut-off.
But will this pattern continue? I don't know...and it's a mug's game trying to call this market on a short-term basis, as anything can happen. We're getting pretty overbought in silver...and gold is getting close...and it wouldn't surprise me in the slightest if we got some sort of engineered price correction at some point. Of course we can stay in overbought territory for quite some time, just like we did in oversold territory...but using the past as prologue, I'd say that this rally is on borrowed time.
However, once this presumed correction is out of the way, there's no reason that I can think of why we shouldn't continue to power higher. The current prices of all four precious metals are at ridiculous and artificially low levels...and the economic, financial and monetary state of the world is beyond repair. And as Mike Maloney pointed out in his video in the 'Critical Reads' section, a new monetary system will make an appearance at some point and, without doubt, gold will play a role. Even Jim Rickards concedes that.
It's just that the road to that end will be bumpy...and strewn with potholes...unless we get an over-the-weekend price revaluation. That remains a distinct possibility...and could come at any time, despite what the COT Report has to say.
Before heading out the door, here's Nick Laird's "Total PMs Pool" chart updated with this past week's data...and as you can tell, we are on the mend both in total ounces and in price. As far as I'm concerned, it's only a matter of time before we're back at new highs...and not too much time I would think.
(Click on image to enlarge)
But until then...I, like you...will just have to wait it out.
That's it for the day...and the week.
See you here on Tuesday.
and.......
http://koosjansen.blogspot.nl/2013/08/chinese-state-press-on-how-fed-has-been.html
Tuesday, August 13, 2013
Chinese State Press On How The Fed Has Been Manipulating The Price Of Gold For Decades
This is an article from the Chinese state press agency CNTV (China Network Television), which later appeared on www.best-news.us. The writer describes how soon after Nixon closed the gold window in 1971 - and the price of gold sky rocketed to $800 an ounce - the Fed started to combat the price of gold up until today in order to maintain the dollar hegemony. Their main tactics; leasing gold and shorting it. The Chinese are fully aware of this game and know exactly how it's going to end.
Nice read on what everybody knows but what western governments and mainstream media refuse to say.
Google Translate from here:
Gold lease is the tool of the global credit game
Published: 16:12:41 April 16,2013 Views: 3
The price of gold and credit is closely related to the world's financial and industrial crisis, will eventually be a credit crisis. Suppress gold significance lies not only in gold, the currency and the currency of the credit behind.
The global finance deputy editor-in-chief
Zhang Jie
Gold lease is the gold settlement system is an important innovation, continue to lease gold in the market circulation and derivatives, equal to create a lot of gold in circulation, which is of great significance for the United States gold leasing business The Federal Reserve and other Western central banks secret means to regulate the gold market, is also a means of derivative gold credit is a means of global credit game.
China had gold lease 'loss'
World Gold leasing in the price of gold in the 1980s to create a period of over 800 US dollars per ounce bull and then turn bear down, to carry out such business at the time to effectively combat the price of gold, more strategic gold Price: national credit to lower the price of gold to effectively combat the Soviet Union and in 1989 was blocked by China and South Africa blocked because of racial issues, because when these three countries in the international community to buy necessities, heavily dependent on gold, the price of gold has become a foreign credit protection in these countries.
In the 1990s, the introduction of the gold leasing business, to effectively combat the price of gold, the low price of gold and oil prices for much-needed foreign exchange and the International Monetary hard currency, the countries of the former Soviet Union, South Africa have caused great difficulties in gold prices are low with poor credit, these countries have cheap resources or sale of core assets, a lot of resources in China are cheap in those days but now the higher price back Western enrichment extensively in the whole process of China to suppress the gold.
Gold credit is even more critical, because in the case of fermentation of the world crisis, the war increased the risk of conflict, global full-scale conflict, the globalization of the financial system would collapse, the currency of the countries in the international credit will reduce to the freezing point, but the flow of assets can become international credit, this flow of assets is gold, natural gold credit will be very critical, gold world credit game a powerful weapon. commodity crude oil and other difficult to reserve and frequent trading of goods can not be used as credit equivalents, as the leading gold is inevitable, so that the gold lease is the world's credit game tools and instruments.
Credit to occupy the commanding heights of the use of gold lease
If the Fed to engage in gold lease, leased to who is the crux of the problem. Lease gold in the gold bull market process, there will be a huge loss for short delivery agencies, we do not see these losses but does not mean that there is no body to do the possibility of false accounts exist, such as that of Lehman. the Fed directly short days the amount of gold reserves and do not cook the books possibility, but the Fed is entirely possible to engage in the days of the gold lease and related lessee should be a huge loss if the loss exposure, it should be another well-known institutions fell, the crisis caused by the world financial markets as much as the collapse of Lehman Brothers, the signs of such a crisis, Germany, the IMF should hear the wind does not come from nowhere. these seriously affect the credit-worthiness of the countries and agencies. Gold lease rights is not just receive a little rent, but with the ability to short gold, which has an important significance for the central bank to intervene in the currency market, because the currency of today's world is in the process of printing money issued, the EU push its currency stable mechanisms, the United States QE3 QE4, Japan is also relaxed these countries to keep loose condition is printing money after iconic product prices do not, to be able to maintain the currency of the credit, as long as the iconic commodity prices can effectively suppression of inflation panic, you can continue to Banknote Printing and down, who are able to stick to the end, insist on printing money to other countries collapsed, who is the winner.
The measure of a particular foreign currency credit iconic products mainly gold and oil!
United States has adopted the concept of shale oil and gas as well as for the control of the Middle East to control oil prices, Europe controlled by the war in Libya Libya's oil supply, the advantage of Germany is the Soviet Union to East Germany's oil supply system, so the price of oil is controlled, here is the need to make the price of gold is also controlled characteristics due to the recognition of the history of money and is easy to store the custody of gold than oil is more natural and historical advantages.
If you want to control the gold, it is necessary to short the gold market chips, the central bank directly suppress the back of the accusations of market manipulation, but the central bank's gold lease ghost feel gold is more in the case of the financial crisis, the more monetary property, credit the greater the significance, to suppress the actual market price of gold is to occupy the commanding heights of the credit to control monetary credit, will affect the level of the exchange rate and other countries for the price of gold hit are the way of the national currency, Germany is the Euro leader, shipped back to these golden in a sense - if the market problems, as long as the Frankfurt effectively shorting gold, society will not panic about the fate of Germany and the euro, or the society should hold gold as a hedge. Greece crisis, Greece is firmly seize the gold does not let go.
German emperor to abdicate the Fed
If the Fed's large reserves of gold for the gold lease, then the quantity of gold which the Fed Treasury will have a big problem, Germany and France requiring importers to return the gold, the market for a short squeeze of the Federal Reserve, the Federal Reserve to recover the leased gold causing huge fluctuations, which is a new round of international capital credit game.
Although the Fed may be leased gold, but I believe that the Fed rental gold to so severe short positions, as well as France and Germany look at the number of gold, which is very unlikely, because the Fed can only gold concentrate up to the German central bank, the German is not entitled to a comprehensive audit and ask to see other countries gold, so gold in the United States should be not so critical, do not give Germany and France view, not shipped back to gold in Germany, there should be deeper game demand, this demand should be related to the international financial game, this is a game between the national credit, gold financial products and money, there is the authority of the Federal Reserve. precedent Germany suspected U.S. credit can view the world all countries so, the authority and hegemony of the United States would cease to exist.
The Bundesbank shipped back to gold, the purpose is to get the right to hold gold and gold lease in the case of gold can be leased, even if nominally holding gold, but gold is not in their own hands, the difference is huge for the gold the Fed and other central banks, even if the Fed agreed to lease gold, and the Fed did not take your gold overdrafts leased out, you have to lease gold short at least have valuable information leaked to the Americans Moreover, timeliness, to the Fed what to do, you can not operate immediately, but also the face of the Americans, Americans may also make use of hedging instruments in the market targeted operation in a competitive position, especially the euro and the dollar today, Americans hold the lifeblood of very uncomfortable, not to mention the gold lease the right to choose who is a transfer of benefits, so Germany is an urgent need to grasp the initiative in the financial markets back to the gold shipped from the Federal Reserve, which is to limit the possibility of the Federal Reserve gold lease means of the so-called security reasons, I believe that an excuse factors more real security problems.
Germany not only from the United States back to the gold shipped back to the gold, but also from France, France and Germany, the competition in the European Union which is also very important, Germany shipped back to gold, is to compete for dominance in the gold euro price manipulation in Europe, and thus European credit game to take the initiative if the euro and gold prices at a reasonable level, the credit of the euro can be guaranteed, the European Union can be a good loose, especially the euro may get rid of the burden of the PIIGS, the establishment of the core the euro area, when even more so, this is an important bargaining chip to compete with the U.S. credit if the world is further a credit crisis, who holds a gold key, gold and settlement system is an alternative to the settlement system of national currencies, the EU countries in issue of the euro, the country's foreign exchange reserves basic number of countries and some gold, if the euro suddenly there is a crisis, gold reserves still in the hands of the Americans, the United States will have a right to decide dominate Europe, Europeans do not willing.
For the Fed, the ability to store the gold in the world, able the global gold clearing system to get their hands, is the key to the dollar able to dominate the world, because if there is a global independent of the outside of the Federal Reserve gold clearing system, then this system must be the U.S. dollar is the relationship between credit competition, gold with natural good credit, for continuous printing money dollar is a nightmare, the dollar to have hegemony in the United States to control the world gold clearing system, and if the world were the gold from the Federal Reserve shipped back to the Federal Reserve to control the world's gold liquidation would cease to exist the world's gold is stored at the back of the Fed is the United States is committed to the Bretton Woods system in the international market to maintain the parity of the dollar and gold, the Bretton Woods system has been broken for 30 years , the United States unilaterally make this system rupture is suspected of violation of the original agreement, countries want to take back the gold reserves in the United States also have some legal basis.
Germany seeks the behavior of gold shipped back to actually take the lead in challenging the Fed's gold liquidation hegemony, Germany to take the lead in challenges, there must be behind a series of ideas, not just chasing gold in times of crisis in the euro, the EU to establish their own gold clearing system as an alternative and crisis temporary solution possible choices, we must not forget, Germany, the EU has been advocating austerity, Germany gold holdings in their own hands, limiting his country's gold lease short, particularly in Germany caused by such a move gold panic, would do well to support the price of gold, to combat short of confidence, market confidence is much higher than the real deal, when there are a large number of deficit concerns the Federal Reserve gold in the market, dare short of gold on a large scale. ? here we should see the differences between the United States and Europe as well as Germany.
 |
The world is losing trust in the dollar as a safe haven. A major blow came after Germany’s Bundesbank demanded the repatriation of a big chunk of its gold being held in the US. Because as RT’s Gayane Chichakyan reports, some are concerned the assets of foreign nations in the Federal Reserve are not secure or even there. The Germans were infuriated when the US Federal reserve didn’t even let them examine their own assets properly. Peter Boehringer, the founder and chairman of ‘German Precious Metal Association’, says that’s a bad sign.
No comments:
Post a Comment