Thursday, August 16, 2018 10:02:01 PM
Metals bashed as in 2008 to hide dangerous weaknesses
Submitted by cpowell on Wed, 2018-08-15 16:41. Section: Daily Dispatches
12:38p ET Wednesday, August 15, 2018
Dear Friend of GATA and Gold:
Gold and silver are being bashed by central banks, Dave Kranzler of Investment Research Dynamics writes today, just as they were in 2008 -- to try to mask dangerous weaknesses in the world financial system.
"While evidence of a declining gold price can be seen with Comex futures prices and the daily London gold price 'fix,'" Kranzler writes, "the Bank for International Settlements is operating in the physical market to increase the supply of physical gold available for bullion banks on the hook to deliver physical gold to the countries buying large quantities of physical gold on a daily basis. As long as the BIS can ensure that the flow of physical gold remains uninterrupted, the demand for physical gold will not offset the effort to take down the price of gold in the paper derivatives markets."
Kranzler's analysis is headlined "Gold and Silver: Similar to 2008" and it's posted at IRD here:
http://investmentresearchdynamics.com/gold-and-silver-similar-to-2008/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Gold Continues to Trade Under Pressure
Gary Wagner Thursday August 16, 2018 17:28
Gold continues to trade lower, effectively trading and closing at the lowest price point this year. In trading overseas, last night gold futures hit a low of $1,167.10 before recovering. As of 3:30 PM Eastern standard time, December Comex futures are currently trading off by $4.20 and fixed at $1,180.80.
Although the dollar index is trading slightly lower on the day, there is an undeniable pressure created today from incredibly strong U.S. equities market. With about half an hour left in trading today, the Dow Jones Industrial Average has scored gains of approximately 427 points and is currently fixed at 25,590. This is a net gain today of 1.7%. Even though the Dow is still one thousand points from its all-time record high, gains today are substantial and extremely respectable.
Recently gold pricing has been primarily affected by dollar strength and a strong risk-on sentiment from U.S. equities. Largely unforeseen was the fact that recent geopolitical concerns, such as the trade disputes between the United States and other countries (specifically China) as well as the recent economic turmoil in Turkey, have resulted in a safe-haven play through the U.S. dollar rather than gold.
Recently we have revised our target from $1,200 per ounce to $1,178. This occurred on Monday when gold futures effectively hit that price point, and spot gold drifted to $1,190 per ounce. $1,178 is a 0.78% Fibonacci retracement and also matches lows found in January 2017, which is the last time gold prices traded that low.
A break below that price point would put our next downside target in play, which is $1,124 per ounce. This price matches the lows achieved in December 2016, which occurred months after the presidential election. The presidential election caused gold pricing to gyrate wildly, trading as high as $1,338 on the night of the election and closing at $1,272 the following day. From November through the end of the year we had gold prices drop until they hit the lows at $1,124 on December 15, 2016.
As we have spoken about on many occasions, the future direction of gold pricing is intrinsically tied to dollar strength or dollar weakness. Over the last few months, it has been dollar strength that has been prevalent and a major factor in the underlying cause of lower prices in gold. We continue to believe that dollar strength will result in sideways or lower pricing in gold.
For those who would like more information, simply use this link.
Wishing you as always, good trading,
By Gary Wagner
Contributing to kitco.com
http://www.kitco.com/commentaries/2018-08-16/Gold-Continues-to-Trade-Under-Pressure.html
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Metals:
Gold dropped $14.40 to $1160.40 in early Asian trade before it rose to see a gain of $7.10 at $1181.90 at about 5AM EST, but it then drifted back lower in London and New York and ended with a loss of 0.1%. Silver rose to as high as $14.829 and ended with a gain of 1.53%.
Euro gold fell to about €1032, platinum gained $12 to $777, and copper climbed a couple of cents to about $2.60.
Gold and silver equities saw slight gains for most of the morning, but they then fell back off into the close and ended over 2% lower on the day.
The Economy:
Housing starts inch up in July, miss forecast MarketWatch
Philly Fed index sinks in August to lowest reading in 21 months MarketWatch
U.S. jobless claims fall for second straight week Reuters
Mortgage rates tumble as housing starts to drag down the economy MarketWatch
Tomorrow brings Consumer sentiment and Leading economic indicators.
The Markets:
Oil rose almost 1% while the U.S. dollar index traded mostly lower along with treasuries as the Dow, Nasdaq, and S&P jumped roughly 1% higher on renewed optimism that a resolution to a trade dispute with China could be achieved when a fresh round of talks happens later this month.
Among the big names making news in the market today were Tesla, Cisco, Macy’s, and Walmart.
The Miners:
Gold Field’s (GFI) first half results and Gold Reserve’s (GDRZF) received payment in Venezuelan government bonds were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Freeport
FCX +0.81% $13.77
LOSERS
1. NovaGold
NG -13.71% $3.65
2. DRDGOLD
DRD -7.76% $2.02
3. Gold Fields
GFI -7.46% $2.48
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Aretha Franklin, Queen of Soul
Dead at 76
Hall of Fame singer, cultural icon and civil rights activist who influenced countless vocalists succumbs to pancreatic cancer.
https://www.rollingstone.com/music/music-news/aretha-franklin-queen-of-soul-dead-at-76-119453/
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Steve Perry - No Erasin'
#16 ON TRENDING
Steve Perry - No Erasin'
GYS
“No Erasin’” is off the new Steve Perry album “Traces” available everywhere October 5th, 2018.
https://www.youtube.com/watch?v=Oawl9e-tFVM
Submitted by cpowell on Wed, 2018-08-15 16:41. Section: Daily Dispatches
12:38p ET Wednesday, August 15, 2018
Dear Friend of GATA and Gold:
Gold and silver are being bashed by central banks, Dave Kranzler of Investment Research Dynamics writes today, just as they were in 2008 -- to try to mask dangerous weaknesses in the world financial system.
"While evidence of a declining gold price can be seen with Comex futures prices and the daily London gold price 'fix,'" Kranzler writes, "the Bank for International Settlements is operating in the physical market to increase the supply of physical gold available for bullion banks on the hook to deliver physical gold to the countries buying large quantities of physical gold on a daily basis. As long as the BIS can ensure that the flow of physical gold remains uninterrupted, the demand for physical gold will not offset the effort to take down the price of gold in the paper derivatives markets."
Kranzler's analysis is headlined "Gold and Silver: Similar to 2008" and it's posted at IRD here:
http://investmentresearchdynamics.com/gold-and-silver-similar-to-2008/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Gold Continues to Trade Under Pressure
Gary Wagner Thursday August 16, 2018 17:28
Gold continues to trade lower, effectively trading and closing at the lowest price point this year. In trading overseas, last night gold futures hit a low of $1,167.10 before recovering. As of 3:30 PM Eastern standard time, December Comex futures are currently trading off by $4.20 and fixed at $1,180.80.
Although the dollar index is trading slightly lower on the day, there is an undeniable pressure created today from incredibly strong U.S. equities market. With about half an hour left in trading today, the Dow Jones Industrial Average has scored gains of approximately 427 points and is currently fixed at 25,590. This is a net gain today of 1.7%. Even though the Dow is still one thousand points from its all-time record high, gains today are substantial and extremely respectable.
Recently gold pricing has been primarily affected by dollar strength and a strong risk-on sentiment from U.S. equities. Largely unforeseen was the fact that recent geopolitical concerns, such as the trade disputes between the United States and other countries (specifically China) as well as the recent economic turmoil in Turkey, have resulted in a safe-haven play through the U.S. dollar rather than gold.
Recently we have revised our target from $1,200 per ounce to $1,178. This occurred on Monday when gold futures effectively hit that price point, and spot gold drifted to $1,190 per ounce. $1,178 is a 0.78% Fibonacci retracement and also matches lows found in January 2017, which is the last time gold prices traded that low.
A break below that price point would put our next downside target in play, which is $1,124 per ounce. This price matches the lows achieved in December 2016, which occurred months after the presidential election. The presidential election caused gold pricing to gyrate wildly, trading as high as $1,338 on the night of the election and closing at $1,272 the following day. From November through the end of the year we had gold prices drop until they hit the lows at $1,124 on December 15, 2016.
As we have spoken about on many occasions, the future direction of gold pricing is intrinsically tied to dollar strength or dollar weakness. Over the last few months, it has been dollar strength that has been prevalent and a major factor in the underlying cause of lower prices in gold. We continue to believe that dollar strength will result in sideways or lower pricing in gold.
For those who would like more information, simply use this link.
Wishing you as always, good trading,
By Gary Wagner
Contributing to kitco.com
http://www.kitco.com/commentaries/2018-08-16/Gold-Continues-to-Trade-Under-Pressure.html
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Metals:
Gold dropped $14.40 to $1160.40 in early Asian trade before it rose to see a gain of $7.10 at $1181.90 at about 5AM EST, but it then drifted back lower in London and New York and ended with a loss of 0.1%. Silver rose to as high as $14.829 and ended with a gain of 1.53%.
Euro gold fell to about €1032, platinum gained $12 to $777, and copper climbed a couple of cents to about $2.60.
Gold and silver equities saw slight gains for most of the morning, but they then fell back off into the close and ended over 2% lower on the day.
The Economy:
Housing starts inch up in July, miss forecast MarketWatch
Philly Fed index sinks in August to lowest reading in 21 months MarketWatch
U.S. jobless claims fall for second straight week Reuters
Mortgage rates tumble as housing starts to drag down the economy MarketWatch
Tomorrow brings Consumer sentiment and Leading economic indicators.
The Markets:
Oil rose almost 1% while the U.S. dollar index traded mostly lower along with treasuries as the Dow, Nasdaq, and S&P jumped roughly 1% higher on renewed optimism that a resolution to a trade dispute with China could be achieved when a fresh round of talks happens later this month.
Among the big names making news in the market today were Tesla, Cisco, Macy’s, and Walmart.
The Miners:
Gold Field’s (GFI) first half results and Gold Reserve’s (GDRZF) received payment in Venezuelan government bonds were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Freeport
FCX +0.81% $13.77
LOSERS
1. NovaGold
NG -13.71% $3.65
2. DRDGOLD
DRD -7.76% $2.02
3. Gold Fields
GFI -7.46% $2.48
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Aretha Franklin, Queen of Soul
Dead at 76
Hall of Fame singer, cultural icon and civil rights activist who influenced countless vocalists succumbs to pancreatic cancer.
https://www.rollingstone.com/music/music-news/aretha-franklin-queen-of-soul-dead-at-76-119453/
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Steve Perry - No Erasin'
#16 ON TRENDING
Steve Perry - No Erasin'
GYS
you heard it first on Mining & Metals Du Jour
“No Erasin’” is off the new Steve Perry album “Traces” available everywhere October 5th, 2018.
https://www.youtube.com/watch?v=Oawl9e-tFVM
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
