Wednesday, November 12, 2014

Gold , Silver and PM related news ( November 12 - 13 , 2014 ) - Market Rigging , Manipulation Watch , Fleece The Suckers Watch ( " There are no markets , just manipulations " - Chris Powell ) Also in the news today , Major Management Layoffs at IAMGOLD , Russia and China hunkering down with gold ( storm brewing and already on the way ?


11/14/14 Tweets......


Ronan Manly: Swiss gold shenanigans intensify prior to Nov. 30 vote

Submitted by cpowell on Fri, 2014-11-14 19:49. Section: 
2:50p ET Friday, November 14, 2014
Dear Friend of GATA and Gold:
The Swiss National Bank's long transition from an independent holder and advocate of gold reserves to a mere branch of the U.S. Federal Reserve is described in today's commentary at GoldCore by the firm's market analyst, Ronan Manly, a GATA consultant. Manly's commentary is headlined "'Gold Wars' -- Swiss Gold Shenanigans Intensify Prior To November 30 Vote" and it's posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



TF Metals Report: More on the gold-yen link

Submitted by cpowell on Fri, 2014-11-14 16:41. Section: 
11:40a ET Friday, November 14, 2014
View blogDear Friend of GATA and Gold:
The TF Metals Report's Turd Ferguson today speculates on a seeming correlation between the price of gold and the Japanese yen, a correlation that became almost exact starting in June this year, with both the yen and gold declining sharply. But Ferguson thinks a limit to the correlation may be approaching because the physical gold market will break from the paper gold market if the paper price keeps falling. Ferguson's commentary is headlined "Even More on the Gold-Yen Link" and it's posted at the TF Metals Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



11/13/14 Tweets....



Currency market suspects that Swiss Gold Initiative could win, von Greyerz says

Submitted by cpowell on Fri, 2014-11-14 02:18. Section: 
9:21p ET Thursday, November 13, 2014
Dear Friend of GATA and Gold:
Fines against the major investment banks for their currency market rigging are trivial compared to the profits the banks made from their misconduct, just a small cost of doing crooked business, Swiss gold fund manager Egon von Greyerz tells King World News tonight. He adds that the currency market seems to be pricing the Swiss franc as if the Swiss Gold Initiative could be approved at referendum on November 30. An excerpt from von Greyerz's interview is posted at the KWN blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.








Putin stockpiles gold as Russia prepares for economic war

Submitted by cpowell on Thu, 2014-11-13 13:36. Section: 
By Andrew Critchlow
The Telegraph, London
Thursday, November 13, 2014
Russia has taken advantage of lower gold prices to pack the vaults of its central bank with bullion as it prepares for the possibility of a long, drawn-out economic war with the West.
The latest research from the World Gold Council reveals that the Kremlin snapped up 55 tonnes of the precious metal - far more than any other nation - in the three months to the end of September as prices began to weaken.
Vladimir Putin's government is understood to be hoarding vast quantities of gold, having tripled stocks to around 1,150 tonnes in the last decade. These reserves could provide the Kremlin with vital firepower to try and offset the sharp declines in the rouble. ...
... For the remainder of the report:




Swiss Gold Initiative continues to frighten Financial Times

Submitted by cpowell on Thu, 2014-11-13 20:51. Section: 
Anxious Gold Bugs Swarm Switzerland's Central Bank
By James Shotter
Financial Times, London
Thursday, November 13, 2014
ZURICH, Switzerland -- From rescuing Switzerland's biggest bank during the financial crisis to stemming a dramatic appreciation of the franc, the Swiss National Bank has faced its fair share of challenges in recent years. Now another is looming: "Save Our Swiss Gold."
That is the name of a radical initiative that the Swiss public will vote on November 30 that would drastically change how the central bank functions. If accepted, it would force the SNB to hold at least 20 per cent of its assets in gold; ban it from ever selling the metal; and require all its gold to be stored in Switzerland.
The initiative is the latest in a string of proposals fuelled by mounting popular anxiety in Switzerland about the 8 million-strong nation's ability to control its affairs in a turbulent world. ...
... For the remainder of the report:


Putin's trump card is to refuse dollars for Russian energy, Sperandeo tells KWN

Submitted by cpowell on Thu, 2014-11-13 04:23. Section: 
11:20p ET Wednesday, November 12, 2014
Dear Friend of GATA and Gold:
Picking up a theme long expressed by fund manager and geopolitical strategist James G. Rickards, market analyst Victor Sperandeo tonight tells King World News that all Russian President Vladimir Putin has to do to control the currency, energy, and commodity markets is to ban acceptance of U.S. dollars for purchase of Russian oil and gas. Timing such a move with the arrival of cold weather would make it even more effective, Sperandeo says. An excerpt from the interview is posted at the KWN blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.




11/12/14 - Tweets......


Today's market-rigging disclosures only hint at far greater offenses




Submitted by cpowell on Wed, 2014-11-12 19:54. Section: 
2:54p ET Wednesday, November 12, 2014
Dear Friend of GATA and Gold:
As much as we may claim some vindication from today's official confirmations of LIBOR and gold-market rigging --
-- they involve, after all, only the smaller participants, the investment banks that often function as agents for Western central banks.
The much bigger issue is the surreptitious involvement of central banks in market rigging, and not just the rigging of the gold market but increasingly the rigging of all commodity markets, as indicated by the documents filed this year by futures exchange operator CME Group with the U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission:
This is an enormous story with consequences for everyone on the planet, signifying the destruction of democracy, markets, and human progress everywhere, as well as the vicious exploitation of the developing world and the transfer of its wealth to the developed world. But except for the story's political sensitivity, why can't it be reported by respectable financial news organizations?
Today's disclosures are only the smallest start, by no means a conclusion.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.





IAMGold lays off 40% of management and quits World Gold Council



Submitted by cpowell on Wed, 2014-11-12 15:49. Section: 
IAMGOLD Reduces Executive Team by 40% and Takes Further Measures to Cut Costs
Company Statement via PR Newswire
Monday, November 10, 2014
TORONTO -- IAMGOLD Corp. announced today that in its continuing efforts to maximize economic returns, the company has transformed its corporate structure with the primary objective of creating a more efficient and effective organization that embeds agility and scalability through the adoption of leading practices. ...
Concurrent with these changes, IAMGOLD has undertaken further cost cutting initiatives in addition to the $125 million of cost reductions realized in 2013. The company is targeting a 10 percent overall reduction of corporate general and administrative costs in the 2015 budget as well as productivity and cost reduction initiatives at the Rosebel and Essakane mines. In respect of this focus on costs, the company has decided to reduce a number of its corporate memberships, including withdrawal from the World Gold Council. While the Company acknowledges the excellent past work of WGC and is grateful for their efforts to promote gold, it is necessary in these times to make these tough decisions and focus on the essentials of running the business. ...
... For the complete statement from the company:





Swiss regulator says UBS tried to manipulate monetary metals fixes



Submitted by cpowell on Wed, 2014-11-12 15:27. Section: 
Clear Attempt to Manipulate Precious Metals Benchmarks at UBS, FINMA Says
By Jan Harvey
Reuters
Wednesday, November 12, 2014
LONDON -- Swiss regulator FINMA said on Wednesday that it found a "clear attempt" to manipulate precious metals benchmarks during its investigation into precious metals and foreign exchange trading at UBS.
The benchmark known as the gold "fix" is used to ascertain reference prices twice daily for the precious metals industry. Along with other precious metal benchmarks, it has come under increased regulatory scrutiny since the Libor manipulation scandal broke in the foreign exchange market in 2012.
"The behaviour patterns in precious metals were somewhat similar to the behaviour patterns in foreign exchange," FINMA director Mark Branson said in a conference call with journalists.
He said that as UBS has precious metals and foreign exchange desks under combined leadership, it was not surprising to find similar behaviour.
"But we have also seen a clear attempt to manipulate fixes in the precious metal market." ...
... For the remainder of the report:





LBMA gathers in Peru to disparage gold, discourage redemption of unbacked paper



Submitted by cpowell on Wed, 2014-11-12 00:59. Section: 
Shaken Gold Bulls Learn to Accept 'New Normal'
By Clara Denina
Reuters
Tuesday, November 11, 2014
LIMA, Peru -- Blinking from sweeping reform on price benchmarks, even the most die-hard gold enthusiasts accepted that the market's glory days had faded for now, as the bullion industry's annual conference agreed prices would nurse losses over the next year.
Gold, which hit a four-year low of $1,131.85 an ounce last week, was expected to stabilise around $1,200 an ounce by October 2015, some of the 400 delegates at the London Bullion Market Association annual conference in Lima, Peru, forecast.
Spot gold has shed around 5 percent this year, in the wake of last year's 28-percent tumble that halted a 12-year rally. It is currently trading at around $1,170.
"The question is not anymore whether gold prices can rise, but how long they will languish at current levels," one banking delegate said. ...
... For the remainder of the report:





Russia is winning confrontation with West, Leeb tells KWN

Submitted by cpowell on Wed, 2014-11-12 00:18. Section: 
7:20p ET Tuesday, November 11, 2014
Dear Friend of GATA and Gold:
Fund manager Stephen Leeb tells King World News today that Russia is winning its confrontation with the West, that China is the biggest buyer of oil on the current dip, and that he wouldn't be surprised if oil is 70 to 90 percent higher within a year. An excerpt from the interview is posted at the KWN blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.





GoldCore: UBS shows gold-rigging conspiracies aren't mere theory

Submitted by cpowell on Mon, 2014-11-10 20:10. Section: 
3:09p ET Monday, November 10, 2014
Dear Friend of GATA and Gold:
Noting the Financial Times' report that UBS has agreed to confess to manipulating the gold market --
-- Mark O'Byrne's commentary today at GoldCore compliments GATA. "The so-called conspiracy 'theories' are being proven to be real conspiracies by banks," O'Byrne writes. His commentary is headlined "Gold-Rigging Settlement with UBS -- Other Banks to Follow" and it's posted at GoldCore here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.




Russian central bank buys up domestic gold output as sanctions bite

Submitted by cpowell on Mon, 2014-11-10 19:04. Section: 
By Clara Denina
Reuters
Monday, November 10, 2014
Russia's central bank has been forced to step up its gold buying this year to absorb domestic production that Western sanctions are making it hard for miners to sell abroad, and to boost liquidity in its foreign reserves, sources said.
Most Russian gold mine production is sold to domestic commercial banks, such as Sberbank or VTB, which can then sell the metal on to either the central bank or to foreign banks.
This year, sources say, foreign banks are holding off buying Russian gold after Western powers implemented sanctions against the country over the Ukraine crisis.
The central bank has therefore had no choice but take domestic mine production that cannot be sold to foreign banks, two sources said, and has bought most of the metal that commercial banks had available. ...
... For the remainder of the report:






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