Thomson Reuters GFMS has published research that says they project silver prices to rise 38% in 2013 from current levels, as a sluggish global economy increases safe haven demand. The bullish silver GFMS forecast was published on the Silver Institute website yesterday and is unusual as the GFMS have been quiet bearish on silver in recent years despite rising prices. Philip Klapwijk of GFMS said that “a rebound in investment demand stemming from continuing loose monetary policies is expected to drive silver prices towards and possibly over $50 during 2013.” Spot silver has risen over 17% this year overtaking gold’s 10% gain, and paving the way for its third consecutive rise in four years. “Strong investment demand, higher gold prices on the back of monetary easing, rising inflation expectations and the persistence of ultra-low interest rates,” are among the factors that will lure buyers to the safety of silver,” said Philip Klapwijk of GFMS. “We are thinking prices will trend higher next year. I’m not convinced that we are going to $50. I think we will definitely see $40 to $45 prices.”
The physical silver scramble continues, as a MASSIVE 2.4 million ounces of silver were withdrawn from Brink’s & HSBC vaults Wednesday!
The Depository Trust & Clearing Corporation (DTCC) has released a statement regarding the status of it’s NY securities vault after assessing the flood damage from SuperStorm Sandy. The DTCC, which had previously stated that up to $37 TRILLION in stock certificates may have been damaged, stated that upon examination of the vault, that significant flooding and water damage occurred throughout the facility and that It is too early to determine how many of the physical certificates can be restored. The restoration process will take some time, possibly months.
Full DTCC Press Release below:
The CFTC voted 3-2 Thursday to move forward with an appeal of a federal district judge’s September ruling vacating the position limits rule mandated by Dodd-Frank and approved by the CFTC.
Anyone believe Mr. Dimon and Mr. Blankfein do not have appeals judges in their pocket as well?
Our friend Pining from TFMetals has released another excellent photoshop masterpiece, this time depicting the Federal Reserve’s Worst Nightmare…The Great Escape!
Don’t think for a minute that all of you people opting out of the “we can slowly bleed you dry” fiat currency status quo hasn’t upset a few characters… and the more you talk central banking truth to family and friends, the more you educate others, the more upset those characters will become. They know that a trickle becomes a stream becomes a flood… and at that point, the “create value for ourselves for free from thin air” paper printing central bank game is over.
There is a reason they fight so dam* hard- over spot price, futures contracts, “regulatory” agencies, lawsuits, media narratives, & politics.
The Federal Energy Regulatory Commission Wednesday suspended JP Morgan Chase’s electrical trading for 6 months, effective April 1st, 2013 (no comment on whether this is an April fool’s joke that the gov’t is actually making an enforcement action against JPM fraudulent activity).
FERC claims that the penalty is due to JP Morgan’s ‘“factual misrepresentations” in which the firm submitted false information in communications with the California Independent System Operator
In his latest update, Greg Mannarino discusses the fiscal cliff, stating that the market is currently anticipating some sort of another temporary solution, meaning that neither large tax hikes nor spending cuts will go into effect in 2013- we will simply have a continuation of the status quo and indirect deficit monetization by Ben Bernanke.
Mannarino recommends investors use their enemy’s system against them by creating wealth from the fiscal cliff crisis/negotiations by acquiring physical silver ahead of the upcoming can-kicking which will send all markets, but particularly silver higher.
QE will continue TO INFINITY…AND BEYOND!!! throughout the entire developed Western world until the Western financial system collapses in Weimar flames.
*Update: Make that the totally normal silver dump, pump, and dump, as no sooner was this piece published than the cartel drove silver down nearly a dollar to $32.10!
Almost every day this week gold and silver have seen unusual price action dubbed by ZH the Totally Normal 2% Silver Dump & Pump.
The totally normal chart pattern just occurred again early in Thursday COMEX trading:
The World Gold Council issued a report “Global gold demand reflects challenging global economic climate: ETFs up 56% and India up 9% in Q3 2012” which showed that global gold demand fell 11% in the three months to September from record levels seen during the same period last year, which was curbed by a sluggish Chinese economy and stronger Indian demand limited the drop. In Q3 2012, gold investment demand (total bar and coin demand plus ETFs and similar products) was 429.9 tonnes down 16% from Q3 2011. Although the year-on-year snapshot for investment demand suggests falling interest, this is not the case. Rather, it highlights the strong demand seen in Q3 2011. Interestingly, demand for ETFs rose 56% to 136t, compared to Q3 2011. Demand for gold-backed ETFs in Q3 grew significantly in the quarter partially due to institutions responding to the additional QE measures in the US and Europe. At 87 tonnes, Q3 2012 investment demand for gold surged from 78 tonnes in Q2, a rise of 12%. Examining this over the longer term, Q3 represents the first quarter-on-quarter increase in Indian investment demand since Q2 2011.
BrotherJohnF’s latest Silver Update:
Welcome to Capital Account. US President Barack Obama announced that he will call for 1.6 trillion dollars in additional tax revenue when he enters Fiscal Cliff budget negotiations with congressional leaders on Friday. The 1.6 trillion dollars in revenue is double the amount discussed with GOP leaders during the summer of 2011. Meanwhile the Fiscal Cliff has surpassed the Eurozone crisis as the top concern for business leaders: 73 percent of participants surveyed at a WSJ CEO conference said their primary concern was the Fiscal Cliff, while only 12 percent said their top fear was European turmoil. We talk to Chris Whalen, senior managing director of Tangent Capital Partners, about the impending economic threats.
Champion of the Constitution, freedom, small government, and sound money gave his farewell speech to Congress today.
He will be sorely missed.
Watch Ron Paul’s full farewell speech below:
Silver prices may climb as much as 38% in 2013 – GFMS
HONG KONG (Reuters) -
Silver prices may rise as much as 38 percent in 2013 from current levels, as a weak global economy spurs safe-haven demand for the precious metal, the global head of metals analytics at GFMS, a Thomson Reuters unit, said on Wednesday.