AI
Monday, September 10, 2018 7:47:25 PM
Closing Report Good Evening All
The Metals:
Gold fell $4.40 to $1191.70 in London before it rallied up to $1198.50 by midmorning in New York, but it then edged back lower into the close and ended with a loss of 0.05%. Silver chopped between $14.076 and $14.247 and ended with a gain of 0.14%.
Euro gold fell to about €1031, platinum gained $3.50 to $781.50, and copper remained at about $2.61.
Gold and silver equities drifted lower throughout trade and ended with almost 2% losses on the day.
The Economy:
Fed's Rosengren says yield curve is not an important indicator MarketWatch
China vows to respond if U.S. takes new steps on trade Reuters
Mortgage rates tick up again as Fannie, Freddie start a second decade in limbo MarketWatch
Tomorrow brings Job openings and Wholesale inventories.
The Markets:
Oil reversed early gains and ended modestly lower “on growing concerns that storms churning in the Atlantic will hurt energy demand on the U.S. East Coast.”
The U.S. dollar index traded mostly lower and treasuries edged higher ahead of this week’s Bank of England and ECB meetings.
The Dow, Nasdaq, and S&P held near unchanged as trade uncertainty was offset by hopes for tax cuts.
Among the big names making news in the market today were Hovnanian, Nike, Fred’s, Alibaba, VW, and CBS.
GATA Posts:
Pristine 5th-century gold coins found under Italian theater
Huge gold nuggets could save mining town in western Australia
When will Bloomberg do a story about the human costs of gold price suppression?
GATA Chairman Murphy discusses gold cartel in interview with Portfolio Wealth Global
Financial Times explains why it can't report gold price rigging
Pristine 5th-century gold coins found under Italian theater
Submitted by cpowell on Mon, 2018-09-10 14:20. Section: Daily Dispatches
Looks like somebody forgot to tell his heirs about them before he died.
* * *
By Charlie Moore
Daily Mail, London
Sunday, September 9, 2018
A stash of fifth-century gold coins worth millions has been found buried in a pot under an Italian theatre.
Builders demolishing the former Cressoni theater in Como were stunned to discover the cache last Wednesday.
The Roman coins will be examined and dated before ending up in a museum, officials said.
According to Italian media, the coins could be worth millions of euros.
Local archaeologist Luca Rinaldi told Qui Como: "We cannot speak of a precise value because they are not a marketable commodity, but certainly it is an exceptional find and therefore of inestimable value."
He said the coins dated from the fifth century, adding: "The state of conservation so good that even dating should be fast enough." ...
... For the remainder of the report:
https://www.dailymail.co.uk/news/article-6148791/In-mint-condition-Huge-...
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Huge gold nuggets could save mining town in western Australia
Submitted by cpowell on Mon, 2018-09-10 14:13. Section: Daily Dispatches
'There Was Just Gold Everywhere, as Far as You Could See' -- Miners Discover 90 kg of the Precious Metal -- Worth a Whopping $15 Million -- in Just Four Days
By Kelsey Wilkie
Daily Mail, London
Sunday, September 9, 2018
A $15 million gold discovery could change the fate of a struggling Western Australian town.
Workers at the Beta Hunt mine in Kambalda, 630 kilometers east of Perth, unearthed the gold in a "once in a lifetime discovery."
The gold was found about 500 meters from the surface in an area 3 meters wide and 3 meters high.
The discovery in a town that was built on the nickel mining has been described as "incredibly unique."
Kambalda has been fighting for survival, with low nickel prices forcing the closure of four large mines in just three years, the Australian Broadcasting Co. reported.
Miner Henry Dole nearly fell over when they made the discovery during a "business as usual" day. ...
... For the remainder of the report:
https://www.dailymail.co.uk/news/article-6149359/Miners-discover-15milli...
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
When will Bloomberg do a story about the human costs of gold price suppression?
Submitted by cpowell on Mon, 2018-09-10 14:04. Section: Daily Dispatches
And when will South Africa's own government care about that issue?
* * *
'Will I Come Back Dead?' Human Costs of South African Gold
By Felix Njini
Bloomberg News
Sunday, September 9, 2018
After more than two decades of improving mine safety since the end of apartheid, South Africa's progress has stalled with an increase in gold-mining deaths.
More than 50 people have died in the country's mines in 2018, roughly the same number as this time last year. While annual death tolls are far lower than the 615 in recorded in 1993 -- the last full year of apartheid -- 2017 witnessed the first rise in 10 years.
Most of the gold mining fatalities are due to workers being crushed under falling rocks, caused by more frequent tremors as companies dig deeper for the precious metal, in some cases reaching depths of more than 4 kilometers (2.5 miles). The government is investigating Sibanye Gold Ltd.'s operations, where over half the gold mining deaths occurred this year.
"When you wake up in the morning you think, will I come back dead or alive?" said Sivelly Mangola, a 40-year-old rock drill operator at Sibanye's Driefontein mine who was once trapped for 30 minutes by a rockfall. "It's traumatizing." ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-09-09/-will-i-come-back-dea...
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Financial Times explains why it can't report gold price rigging
Submitted by cpowell on Sun, 2018-09-09 14:26. Section: Daily Dispatches
It's the cornerstone of the rigging of all markets, and exposing it would overthrow the world financial system.
* * *
In a Crisis, Sometimes You Don't Tell the Whole Story
By John Authers
Financial Times, London
Friday, September 7, 2018
https://www.ft.com/content/1fcb4d60-b1df-11e8-99ca-68cf89602132
It is time to admit that I once deliberately withheld important information from readers. It was 10 years ago, the financial crisis was at its worst, and I think I did the right thing. But a decade on from the 2008 crisis (our front pages from the period are at ft.com/financialcrisis), I need to discuss it.
The moment came on September 17, two days after Lehman declared bankruptcy. That Wednesday was -- for me -- the scariest day of the crisis, when world finance came closest to all-out collapse. But I did not write as much in the Financial Times.
Two critical news items had broken on Tuesday night. First, AIG received an $8.5 billion bailout. It needed it because it had to pay up for credit default swap transactions it had guaranteed. Without those guarantees, bonds sitting on banks' balance sheets and assumed to be of no risk would instead be deemed worthless. That would instantly render many of the banks holding them technically insolvent. A failure of AIG, many believed, would mean an instantaneous collapse of the European banking system, which held much impaired US credit.
That the US had coughed up so much money suggested that AIG's guarantees could not be trusted -- so what collateral could possibly be good for a loan?
Meanwhile, the Reserve Fund, the largest US independent money market mutual fund, announced a loss on its holdings of Lehman bonds. As a result, its price would fall below $1 per share.
This was terrifying because money market funds, which hold short-term bonds, were treated as guaranteed. No money market fund had ever "broken the buck" (or fallen below a price of $1).
The funds were vital customers for short-term debt. Without them, how could banks or big companies fund themselves? Investors rushed to pull money out of money funds, while the funds' managers dumped corporate bonds for the safety of Treasury bills.
This was a run on the bank. The solvency of Wall Street's biggest banks was in question. Amid chaos, the yield on Treasury bills fell to its lowest since Pearl Harbor. Desperate people needed safety; interest rates did not matter.
Unlike 2007's run on Northern Rock in the UK, none of this was visible. Queues do not form around the block to buy T-bills. But Wall Streeters I spoke to thought the banking system was at risk of failing.
As it happened, I had a lot of cash in my bank account, at Citibank. I was above the limit covered by US deposit insurance, so if Citi went bust, a once inconceivable event that I could now imagine, I would lose money for good.
At lunch hour I headed to Citi, planning to take out half my money and put it into an account at the Chase branch next door. That would double the money that I had insured.
We were in midtown Manhattan, surrounded by investment banking offices. At Citi, I found a long queue, all well-dressed Wall Streeters. They were doing the same as me. Next door, Chase was also full of anxious-looking bankers.
Once I reached the relationship officer, who was great, she told me that she and her opposite number at Chase had agreed a plan of action. I need not open an account at another bank.
Using bullet points, she asked if I was married, and had children. Then she opened accounts for each of my children in trust, and a joint account with my wife. In just a few minutes I had quadrupled my deposit insurance coverage. I was now exposed to Uncle Sam, not Citi. With a smile she told me she had been doing this all morning. Neither she nor her friend at Chase had ever had requests to do this until that week.
I was finding it a little hard to breathe. There was a bank run happening, in New York's financial district. The people panicking were the Wall Streeters who best understood what was going on.
All I needed was to get a photographer to take a few shots of the well-dressed bankers queueing for their money, and write a caption explaining it.
We did not do this. Such a story on the FT's front page might have been enough to push the system over the edge. Our readers went unwarned, and the system went without that final prod into panic.
Was this the right call? I think so. All our competitors also shunned any photos of Manhattan bank branches. The right to free speech does not give us right to shout fire in a crowded cinema; there was the risk of a fire, and we might have lit the spark by shouting about it.
A few weeks later, the deposit protection limit was raised from $100,000 to $250,000 via an emergency economic stabilisation bill passed by Congress.
Ten years on, US banks are virtually the only players in the financial world plainly more secure than they were before. They have delivered and built up capital, and the risk of a sudden collapse is now far more distant.
The problem now is that disposing of that risk has obstructed the task of reducing other risks. Now, risks lie in bloated asset prices, levered investments, and in pension funds that hold them. The next crisis will not be about banking, but the insidious danger that pension funds deflate, leaving a generation without enough money to retire.
The bad news is that it is a crisis whose solution can always wait another day. Politicians can ignore it. The good news: I need not stay quiet this time.
-----
John Authers is the chief markets commentator and associate editor for the Financial Times.
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
neworleansconference.com/wp-content/uploads/2018/07/NOIC_2018_Pow...
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
http://www.gata.org
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Miners:
Tanzanian Royalty’s TRX shelf registration statement, Newmont’s (NEM) investment in Orosur mining, and First Majestic’s AG option agreements were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Alexco
AXU +3.81% $1.09
2. Pretivm
PVG +2.95% $7.32
3. DRDGOLD
DRD +2.87% $2.15
LOSERS
1. Tahoe Resources
TAHO -5.63% $2.68
2. Pan American
PAAS-3.88%$14.38
3. Paramount
PZG -3.81% $1.01
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Music:
Charly Luske - This Is A Man's World
M+M
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Cartoon:
.jpg)
The Metals:
Gold fell $4.40 to $1191.70 in London before it rallied up to $1198.50 by midmorning in New York, but it then edged back lower into the close and ended with a loss of 0.05%. Silver chopped between $14.076 and $14.247 and ended with a gain of 0.14%.
Euro gold fell to about €1031, platinum gained $3.50 to $781.50, and copper remained at about $2.61.
Gold and silver equities drifted lower throughout trade and ended with almost 2% losses on the day.
The Economy:
Fed's Rosengren says yield curve is not an important indicator MarketWatch
China vows to respond if U.S. takes new steps on trade Reuters
Mortgage rates tick up again as Fannie, Freddie start a second decade in limbo MarketWatch
Tomorrow brings Job openings and Wholesale inventories.
The Markets:
Oil reversed early gains and ended modestly lower “on growing concerns that storms churning in the Atlantic will hurt energy demand on the U.S. East Coast.”
The U.S. dollar index traded mostly lower and treasuries edged higher ahead of this week’s Bank of England and ECB meetings.
The Dow, Nasdaq, and S&P held near unchanged as trade uncertainty was offset by hopes for tax cuts.
Among the big names making news in the market today were Hovnanian, Nike, Fred’s, Alibaba, VW, and CBS.
GATA Posts:
Pristine 5th-century gold coins found under Italian theater
Huge gold nuggets could save mining town in western Australia
When will Bloomberg do a story about the human costs of gold price suppression?
GATA Chairman Murphy discusses gold cartel in interview with Portfolio Wealth Global
Financial Times explains why it can't report gold price rigging
Pristine 5th-century gold coins found under Italian theater
Submitted by cpowell on Mon, 2018-09-10 14:20. Section: Daily Dispatches
Looks like somebody forgot to tell his heirs about them before he died.
* * *
By Charlie Moore
Daily Mail, London
Sunday, September 9, 2018
A stash of fifth-century gold coins worth millions has been found buried in a pot under an Italian theatre.
Builders demolishing the former Cressoni theater in Como were stunned to discover the cache last Wednesday.
The Roman coins will be examined and dated before ending up in a museum, officials said.
According to Italian media, the coins could be worth millions of euros.
Local archaeologist Luca Rinaldi told Qui Como: "We cannot speak of a precise value because they are not a marketable commodity, but certainly it is an exceptional find and therefore of inestimable value."
He said the coins dated from the fifth century, adding: "The state of conservation so good that even dating should be fast enough." ...
... For the remainder of the report:
https://www.dailymail.co.uk/news/article-6148791/In-mint-condition-Huge-...
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Huge gold nuggets could save mining town in western Australia
Submitted by cpowell on Mon, 2018-09-10 14:13. Section: Daily Dispatches
'There Was Just Gold Everywhere, as Far as You Could See' -- Miners Discover 90 kg of the Precious Metal -- Worth a Whopping $15 Million -- in Just Four Days
By Kelsey Wilkie
Daily Mail, London
Sunday, September 9, 2018
A $15 million gold discovery could change the fate of a struggling Western Australian town.
Workers at the Beta Hunt mine in Kambalda, 630 kilometers east of Perth, unearthed the gold in a "once in a lifetime discovery."
The gold was found about 500 meters from the surface in an area 3 meters wide and 3 meters high.
The discovery in a town that was built on the nickel mining has been described as "incredibly unique."
Kambalda has been fighting for survival, with low nickel prices forcing the closure of four large mines in just three years, the Australian Broadcasting Co. reported.
Miner Henry Dole nearly fell over when they made the discovery during a "business as usual" day. ...
... For the remainder of the report:
https://www.dailymail.co.uk/news/article-6149359/Miners-discover-15milli...
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
When will Bloomberg do a story about the human costs of gold price suppression?
Submitted by cpowell on Mon, 2018-09-10 14:04. Section: Daily Dispatches
And when will South Africa's own government care about that issue?
* * *
'Will I Come Back Dead?' Human Costs of South African Gold
By Felix Njini
Bloomberg News
Sunday, September 9, 2018
After more than two decades of improving mine safety since the end of apartheid, South Africa's progress has stalled with an increase in gold-mining deaths.
More than 50 people have died in the country's mines in 2018, roughly the same number as this time last year. While annual death tolls are far lower than the 615 in recorded in 1993 -- the last full year of apartheid -- 2017 witnessed the first rise in 10 years.
Most of the gold mining fatalities are due to workers being crushed under falling rocks, caused by more frequent tremors as companies dig deeper for the precious metal, in some cases reaching depths of more than 4 kilometers (2.5 miles). The government is investigating Sibanye Gold Ltd.'s operations, where over half the gold mining deaths occurred this year.
"When you wake up in the morning you think, will I come back dead or alive?" said Sivelly Mangola, a 40-year-old rock drill operator at Sibanye's Driefontein mine who was once trapped for 30 minutes by a rockfall. "It's traumatizing." ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-09-09/-will-i-come-back-dea...
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Financial Times explains why it can't report gold price rigging
Submitted by cpowell on Sun, 2018-09-09 14:26. Section: Daily Dispatches
It's the cornerstone of the rigging of all markets, and exposing it would overthrow the world financial system.
* * *
In a Crisis, Sometimes You Don't Tell the Whole Story
By John Authers
Financial Times, London
Friday, September 7, 2018
https://www.ft.com/content/1fcb4d60-b1df-11e8-99ca-68cf89602132
It is time to admit that I once deliberately withheld important information from readers. It was 10 years ago, the financial crisis was at its worst, and I think I did the right thing. But a decade on from the 2008 crisis (our front pages from the period are at ft.com/financialcrisis), I need to discuss it.
The moment came on September 17, two days after Lehman declared bankruptcy. That Wednesday was -- for me -- the scariest day of the crisis, when world finance came closest to all-out collapse. But I did not write as much in the Financial Times.
Two critical news items had broken on Tuesday night. First, AIG received an $8.5 billion bailout. It needed it because it had to pay up for credit default swap transactions it had guaranteed. Without those guarantees, bonds sitting on banks' balance sheets and assumed to be of no risk would instead be deemed worthless. That would instantly render many of the banks holding them technically insolvent. A failure of AIG, many believed, would mean an instantaneous collapse of the European banking system, which held much impaired US credit.
That the US had coughed up so much money suggested that AIG's guarantees could not be trusted -- so what collateral could possibly be good for a loan?
Meanwhile, the Reserve Fund, the largest US independent money market mutual fund, announced a loss on its holdings of Lehman bonds. As a result, its price would fall below $1 per share.
This was terrifying because money market funds, which hold short-term bonds, were treated as guaranteed. No money market fund had ever "broken the buck" (or fallen below a price of $1).
The funds were vital customers for short-term debt. Without them, how could banks or big companies fund themselves? Investors rushed to pull money out of money funds, while the funds' managers dumped corporate bonds for the safety of Treasury bills.
This was a run on the bank. The solvency of Wall Street's biggest banks was in question. Amid chaos, the yield on Treasury bills fell to its lowest since Pearl Harbor. Desperate people needed safety; interest rates did not matter.
Unlike 2007's run on Northern Rock in the UK, none of this was visible. Queues do not form around the block to buy T-bills. But Wall Streeters I spoke to thought the banking system was at risk of failing.
As it happened, I had a lot of cash in my bank account, at Citibank. I was above the limit covered by US deposit insurance, so if Citi went bust, a once inconceivable event that I could now imagine, I would lose money for good.
At lunch hour I headed to Citi, planning to take out half my money and put it into an account at the Chase branch next door. That would double the money that I had insured.
We were in midtown Manhattan, surrounded by investment banking offices. At Citi, I found a long queue, all well-dressed Wall Streeters. They were doing the same as me. Next door, Chase was also full of anxious-looking bankers.
Once I reached the relationship officer, who was great, she told me that she and her opposite number at Chase had agreed a plan of action. I need not open an account at another bank.
Using bullet points, she asked if I was married, and had children. Then she opened accounts for each of my children in trust, and a joint account with my wife. In just a few minutes I had quadrupled my deposit insurance coverage. I was now exposed to Uncle Sam, not Citi. With a smile she told me she had been doing this all morning. Neither she nor her friend at Chase had ever had requests to do this until that week.
I was finding it a little hard to breathe. There was a bank run happening, in New York's financial district. The people panicking were the Wall Streeters who best understood what was going on.
All I needed was to get a photographer to take a few shots of the well-dressed bankers queueing for their money, and write a caption explaining it.
We did not do this. Such a story on the FT's front page might have been enough to push the system over the edge. Our readers went unwarned, and the system went without that final prod into panic.
Was this the right call? I think so. All our competitors also shunned any photos of Manhattan bank branches. The right to free speech does not give us right to shout fire in a crowded cinema; there was the risk of a fire, and we might have lit the spark by shouting about it.
A few weeks later, the deposit protection limit was raised from $100,000 to $250,000 via an emergency economic stabilisation bill passed by Congress.
Ten years on, US banks are virtually the only players in the financial world plainly more secure than they were before. They have delivered and built up capital, and the risk of a sudden collapse is now far more distant.
The problem now is that disposing of that risk has obstructed the task of reducing other risks. Now, risks lie in bloated asset prices, levered investments, and in pension funds that hold them. The next crisis will not be about banking, but the insidious danger that pension funds deflate, leaving a generation without enough money to retire.
The bad news is that it is a crisis whose solution can always wait another day. Politicians can ignore it. The good news: I need not stay quiet this time.
-----
John Authers is the chief markets commentator and associate editor for the Financial Times.
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
neworleansconference.com/wp-content/uploads/2018/07/NOIC_2018_Pow...
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
http://www.gata.org
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Miners:
Tanzanian Royalty’s TRX shelf registration statement, Newmont’s (NEM) investment in Orosur mining, and First Majestic’s AG option agreements were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Alexco
AXU +3.81% $1.09
2. Pretivm
PVG +2.95% $7.32
3. DRDGOLD
DRD +2.87% $2.15
LOSERS
1. Tahoe Resources
TAHO -5.63% $2.68
2. Pan American
PAAS-3.88%$14.38
3. Paramount
PZG -3.81% $1.01
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Music:
Charly Luske - This Is A Man's World
M+M
courtesy srm4u Thanks man
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Cartoon:
.jpg)
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.
