Gold Sentiment Increasingly Positive – Market Looks for Signal This Week

Gold held steady above $1,620/oz on Monday, as investors wait for the central banks from Europe and the US to give definite signs on their plans for more QE. QE3 would be bullish for gold and increase the inflation outlook which would benefit gold as a hedge against the rising prices. The public is now interested in the yellow metal again, with investors adding to their physical positions. Market watchers will take their clues from the data out this week. More investors are trading euro gold than ever before and  using euro gold as the barometer of internal health of the gold market right now, says analyst Edel Tully of UBS.  Euro gold is up 9% this year versus US dollar gold’s +3% performance. The markets await the Fed’s move.  Certainly some form of QE3 is inevitable whether it is announced this week or at the next FOMC meeting scheduled in early September [Read more...]

Krugman: ‘I’d Be Better Than Bernanke’

In an interview with CNN, Paul Krugman states that he wants Ben Bernanke’s job as President of the Federal Reserve, stating that
It would be better to appoint me. It would help drive down the dollar, and it would help drive up inflation expectations.

Try for a moment to imagine Krugman replacing Bernanke- Dumping money from helicopters never sounded so much like austerity. [Read more...]

Silver Update: Olympic Silver

BrotherJohnF’s latest Silver Update: Olympic Silver [Read more...]

The Giant Sucking Sound In The Paper Gold-Silver Markets

Turd Ferguson talks to Kerry Lutz of the Financial Survival Network and states that the cartel’s days are numbered and that the price of gold may soon be finding its true level. This can only be a good thing. Once investors and the public understand the awful state of the fiat currencies, pressure will mount on the politicians, and the possibility of fundamental change will be forced upon the system.

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David Morgan: SILVER, HYPERINFLATION & the DEMISE of AMERICA’s David Morgan discusses the potention for hyperinflation of the US dollar and the demise of America, and how silver can protect your assets in this excellent interview.

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Q&A With The Doc: My Life Savings are Invested in Silver & I’m Scared to Death About Surviving Retirement

Glenn writes:

Being 71 years old and having lost a lot of my hard earned money like a multitude of Americans have. I have what savings I have left totally invested in Silver. Income wise, going broke monthly. I read your articles several times a day as they change. I applaud you and your staff and contributors for what is posted.

My question to you Sir is what is Silver going to do in price? I get so many mixed signals that frankly I am scared to death about my wife and I being able to survive in our retirement. I am familiar with world economics and the world being awash in Fiat money, but would be honored to know what your opinion is regarding the safety haven in Silver.
Thanking you in advance for your time and look forward to your reply.

Glenn, I believe we are nowhere near the end of the bull market in gold and silver. [Read more...]

Jim Willie: Exposure of Allocated Gold Account Raids Will DEVASTATE the Major Banks

By Jim Willie,

-The recent rally in the USTBond 10-yield under 1.5% is a big danger signal
-Last week the jump came to the money laundering by a major global bank, next could be exposure of the artificial flight to USTBond safety, enabled by Interest Rate Swaps
-Another jump could be exposure of the big bank insolvency, covered up by accounting fraud
-A wild card jump could be exposure of the big banks diversifying away from the USTBond, dumping it, as they reveal their own collusion in lifting its value via derivative leverage
-A devastating jump will be the exposure of Allocated Gold account raids, which have left the major banks possibly over 40 thousand metric tons short of gold
-The result might not be successful prosecutions and legal entanglements for the banks
so much as a mutual assured destruction of their systems that require faith and trust
-Gold is the true sanctuary, not the USTBond, and the Gold price is going toward $5,000 per oz
-The Gold price is at long-term monthly support, poised for a major move based upon more scandal [Read more...]

Silver COT Report 7/27/12: Commercials Add 1.6 Million Ounces to Net Shorts

Submitted by SD Contributor Marshall Swing:

Silver COT Report 7/27/12

Commercials sold off  -1,016 longs on the week and covered -696 shorts to end the week with 44.42% of all open interest, down -1.36% in their share since last week, and now stand as a group at -77,275,000 ounces net short, about 1,600,000 more net short ounces from the previous week[Read more...]

Gold COT Report 7/27/12: Cartel Reduces Net Gold Shorts By 2.25 Million Ounces!

Submitted by SD Contributor Marshall Swing:


Commercials grabbed 3,878 longs and covered a massive -18,696 shorts to end the week with 55.81% of all open interest, a small decrease of about -0.29% from the previous week in total open interest, and now stand as a group at -13,624,500 ounces net short, a dramatic decrease of over -2,250,000 ounces net short from the previous week! [Read more...]

Global Gold Mines & Deposit Rankings: The Infographic

VisualCapitalist has released a stunning new infographic on global gold mines and deposits rankings for 2012, based on the research of National Resource Holdings.

The graphic looks at deposit sizes and grades of the world’s biggest and most promising mines.

The research looks at the rarity of a modern 1 million + oz gold mine, and the top 10 largest gold deposits in the world. [Read more...]

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UK’s NatWest Suffer’s New ‘Bank Glitch’

First Nationwide, and now RBS’ NatWest has reported a 2nd bank glitch.
Sounds more like a solvency glitch to us.

First Nationwide, now NatWest suffers second systems glitch
NatWest has become the second financial institution to report technical problems with its systems today after up to 2m Nationwide transactions were duplicated. [Read more...]

Silver Spikes Through $28, is Instantly Raided

Gold and silver consolidated gains and worked higher overnight throughout the Asian and London sessions, and both made a mini spike higher in early COMEX trading but have subsequently been smacked down.

At 8am EST Silver made a .25 vertical move from $27.75 through $28 to $28.01, but was then instantly raided and smashed all the way back to $27.50.

To demonstrate how quickly the cartel leapt into action once silver cleared $28, the move to $28.01 does not even appear on today’s 1 minute bid chart. [Read more...]

Perth Mint’s Bron Suchecki: Expect Precious Metals Shortages During The Next Crisis

Bron Suchecki, who’s in charge of strategy for the famed Perth Mint, is warning all precious metals investors that the next crisis will lead to heightened precious metals demand so expect shortages and mint rationing. This is exactly what happened in 2008, and the next crisis could very well be worse. Interestingly, the shortages emerged not from a shortage of raw materials, but due to a lack of fabrication capacity.
Suchecki states precious metals investors should expect precious metals shortages during the next financial crisis.
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