Wednesday, September 12, 2018 10:42:35 PM
Closing Report Howdy Y'all
The Metals:
Gold chopped between $1192.80 and $1197.50 in Asia, but it then jumped to as high as $1208.50 in New York and ended with a gain of 0.82%. Silver rose to as high as $14.276 and ended with a gain of 0.85%.
Euro gold rose above €1037, platinum gained $11 to $799, and copper climbed 6 cents to about $2.66.
Gold and silver equities rose roughly 3% by midday and remained near that level into the close.
The Economy:
U.S. home refinancing falls to lowest since December 2000: MBA Reuters
Fed's Bullard says labor market has 'some room to run' Reuters
The Fed is trying to finally get back to 'normal' after the crisis CNBC
As Trump embraces more tariffs, U.S. business readies public fight Reuters
Tomorrow brings Weekly jobless claims, CPI, and the budget.
The Markets:
Oil rose nearly 2% after the Energy Information Administration reported that crude inventories fell 5.3 million barrels, gasoline inventories rose 1.3 million barrels, and distillates rose 6.2 million barrels.
The U.S. dollar index fell after signs of progress in trade talks.
Treasuries saw slight gains as the Dow, Nasdaq, and S&P traded mixed on concerns about regulatory risks.
Among the big names making news in the market today were Discovery, Macy’s, Snap, and Bausch Health.
GATA Posts:
Head of Russian bank warns customers they may not get dollars back
Submitted by cpowell on Wed, 2018-09-12 22:29. Section: Daily Dispatches
By Annmarie Hordern and Jake Rudnitsky
Bloomberg News
Wednesday, September 12, 2018
Russians with bank accounts in dollars may find they can only make withdrawals in other currencies if new sanctions proposed by U.S. lawmakers take effect.
"I am sure that all the clients of all banks should receive their money back. That's the principal approach," VTB Group Chief Executive Officer Andrey Kostin said today. "How, in which currency, is a different story."
The U.S. Senate is considering punishing the Kremlin for alleged election meddling, including a fresh raft of measures dubbed the "bill from hell." This could bar Americans from buying new issues of Russian sovereign debt and ban Russia's largest state banks, such as VTB, from using dollars.
Kostin's comments are an indication to markets that policy makers and businesses are bracing for the worst, and could focus investors' attention on the possible fallout from sanctions, according to Liza Ermolenko, an economist at Barclays Capital in London. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-09-12/russians-may-have-to-...
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Monetary metals derivatives soar, so who ARE those guys?
Submitted by cpowell on Tue, 2018-09-11 00:37. Section: Documentation
12:36p ET Tuesday, September 12, 2018
Dear Friend of GATA and Gold:
The quarterly report from the U.S. Office of the Comptroller of the Currency showing bank trading revenue, published today and called to GATA's attention by our friend J.H., contains two remarkable graphs showing the increase in the notional value of gold and precious metals derivatives held by "U.S. commercial banks and savings associations" quarter by quarter since 2001.
These derivatives, according to the charts, have increased for "foreign exchange and gold" from about $4 trillion at the end of 2001 to nearly $40 trillion in the quarter ending in July this year, and for other precious metals from about $2.5 billion at the end of 2001 to nearly $50 billion in the quarter ended in July this year.
www.gata.org/node/18484
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USAGold's News & Views September newsletter is up
Submitted by cpowell on Wed, 2018-09-12 20:04. Section: Daily Dispatches
4:08p ET Wednesday, September 12, 2018
Dear Friend of GATA and Gold:
USAGold's News & Views newsletter for September features an essay by Thorsten Polleit of the Degussa Market Report arguing that gold is undervalued at the moment, as well as a digest of other gold-related news and commentary. It's posted in the clear at USAGold here:
http://www.usagold.com/publications/NewsViewsSEPT2018.html
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Juncker vows to turn euro into reserve currency to rival dollar
Submitted by cpowell on Wed, 2018-09-12 14:05. Section: Daily Dispatches
By Mehreen Khan and Jim Brunsden
Financial Times, London
Wednesday, September 12, 2018
Jean-Claude Juncker has vowed to turn the euro into a global reserve currency that could rival the dollar as part of the European Union's drive to reduce its financial dependence on the United States.
In his last "State of the Union" speech to members of the European Parliament in Strasbourg today, the president of the European Commission said it was an "aberration" that the EU paid for more than 80 percent of its energy imports in U.S. dollars despite only 2 percent of imports coming from the U.S.
Most of the dollar-denominated imports are from Russia and the Gulf states.
"We will have to change that. The euro must become the active instrument of a new sovereign Europe," said Mr. Juncker, whose five-year tenure as commission president is due to end next year.
...
... For the remainder of the report:
https://www.ft.com/content/7358f396-b66d-11e8-bbc3-ccd7de085ffe
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The Miners:
Yamana Gold’s (AUY) foreign exchange hedging program and New Gold’s (NGD) new President and Chief Executive Officer were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Hecla
HL +8.89% $2.94
2. Alamos
AGI +8.10% $4.54
3. Franco-Nevada
FNV +6.5% $62.44
LOSERS
1. DRDGOLD
DRD -3.76% $2.05
2. Americas Silver
USAS -1.38% $2.15
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1. Goldseek
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The Music:
Lifehouse - Hurricane
MMGYS Hurricane Set
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The US financial markets, where the elite meet to cheat.
The chorus of very important people continues to grow for the Fed to buy (prop up) the stock market in the next financial crisis, so our betters will not be inconvenienced. It might be cheaper and easier if we just provided the top ten percent a guaranteed income to go along with their many other privileges and entitlements. They certainly deserve it— just ask them.
What a brave new world, that has such creatures in it.
Stocks were weakly hanging on to their current levels, awaiting some event which may provide a resolution to their inability to move higher or drop lower.
Gold and silver continue putting in what may prove to be a durable bottom. The levels of physical metal which can be had readily at these prices seems a bit thin, especially with respect to gold.
Silver is rather undervalued with respect to gold,, judging by the gold/silver ratio which typically has been around 65 these days. Now it is in the 80's.
It depends on what the precipitating event for a change in the intermediate trend may be. But if it is a 'flight to safety' then gold will surely lead higher, with silver playing catch up later on with a lag, and a vengeance.
They may be pulling metals bears out of the trading pits on stretchers at some point in the not too distant future. I certainly would not wish to be short physical gold.
Hurricane Flo seems to be tracking a bit lower, towards South Carolina. Wherever it may land, the major damage may be seen if it stalls inland, and dumps rain measured in feet, while its winds continue to scour the shorelines and stress the trees.
Have a pleasant evening.
Jesse's Cafe
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The Metals:
Gold chopped between $1192.80 and $1197.50 in Asia, but it then jumped to as high as $1208.50 in New York and ended with a gain of 0.82%. Silver rose to as high as $14.276 and ended with a gain of 0.85%.
Euro gold rose above €1037, platinum gained $11 to $799, and copper climbed 6 cents to about $2.66.
Gold and silver equities rose roughly 3% by midday and remained near that level into the close.
The Economy:
U.S. home refinancing falls to lowest since December 2000: MBA Reuters
Fed's Bullard says labor market has 'some room to run' Reuters
The Fed is trying to finally get back to 'normal' after the crisis CNBC
As Trump embraces more tariffs, U.S. business readies public fight Reuters
Tomorrow brings Weekly jobless claims, CPI, and the budget.
The Markets:
Oil rose nearly 2% after the Energy Information Administration reported that crude inventories fell 5.3 million barrels, gasoline inventories rose 1.3 million barrels, and distillates rose 6.2 million barrels.
The U.S. dollar index fell after signs of progress in trade talks.
Treasuries saw slight gains as the Dow, Nasdaq, and S&P traded mixed on concerns about regulatory risks.
Among the big names making news in the market today were Discovery, Macy’s, Snap, and Bausch Health.
GATA Posts:
Head of Russian bank warns customers they may not get dollars back
Submitted by cpowell on Wed, 2018-09-12 22:29. Section: Daily Dispatches
By Annmarie Hordern and Jake Rudnitsky
Bloomberg News
Wednesday, September 12, 2018
Russians with bank accounts in dollars may find they can only make withdrawals in other currencies if new sanctions proposed by U.S. lawmakers take effect.
"I am sure that all the clients of all banks should receive their money back. That's the principal approach," VTB Group Chief Executive Officer Andrey Kostin said today. "How, in which currency, is a different story."
The U.S. Senate is considering punishing the Kremlin for alleged election meddling, including a fresh raft of measures dubbed the "bill from hell." This could bar Americans from buying new issues of Russian sovereign debt and ban Russia's largest state banks, such as VTB, from using dollars.
Kostin's comments are an indication to markets that policy makers and businesses are bracing for the worst, and could focus investors' attention on the possible fallout from sanctions, according to Liza Ermolenko, an economist at Barclays Capital in London. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-09-12/russians-may-have-to-...
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Monetary metals derivatives soar, so who ARE those guys?
Submitted by cpowell on Tue, 2018-09-11 00:37. Section: Documentation
12:36p ET Tuesday, September 12, 2018
Dear Friend of GATA and Gold:
The quarterly report from the U.S. Office of the Comptroller of the Currency showing bank trading revenue, published today and called to GATA's attention by our friend J.H., contains two remarkable graphs showing the increase in the notional value of gold and precious metals derivatives held by "U.S. commercial banks and savings associations" quarter by quarter since 2001.
These derivatives, according to the charts, have increased for "foreign exchange and gold" from about $4 trillion at the end of 2001 to nearly $40 trillion in the quarter ending in July this year, and for other precious metals from about $2.5 billion at the end of 2001 to nearly $50 billion in the quarter ended in July this year.
www.gata.org/node/18484
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
USAGold's News & Views September newsletter is up
Submitted by cpowell on Wed, 2018-09-12 20:04. Section: Daily Dispatches
4:08p ET Wednesday, September 12, 2018
Dear Friend of GATA and Gold:
USAGold's News & Views newsletter for September features an essay by Thorsten Polleit of the Degussa Market Report arguing that gold is undervalued at the moment, as well as a digest of other gold-related news and commentary. It's posted in the clear at USAGold here:
http://www.usagold.com/publications/NewsViewsSEPT2018.html
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Juncker vows to turn euro into reserve currency to rival dollar
Submitted by cpowell on Wed, 2018-09-12 14:05. Section: Daily Dispatches
By Mehreen Khan and Jim Brunsden
Financial Times, London
Wednesday, September 12, 2018
Jean-Claude Juncker has vowed to turn the euro into a global reserve currency that could rival the dollar as part of the European Union's drive to reduce its financial dependence on the United States.
In his last "State of the Union" speech to members of the European Parliament in Strasbourg today, the president of the European Commission said it was an "aberration" that the EU paid for more than 80 percent of its energy imports in U.S. dollars despite only 2 percent of imports coming from the U.S.
Most of the dollar-denominated imports are from Russia and the Gulf states.
"We will have to change that. The euro must become the active instrument of a new sovereign Europe," said Mr. Juncker, whose five-year tenure as commission president is due to end next year.
...
... For the remainder of the report:
https://www.ft.com/content/7358f396-b66d-11e8-bbc3-ccd7de085ffe
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Miners:
Yamana Gold’s (AUY) foreign exchange hedging program and New Gold’s (NGD) new President and Chief Executive Officer were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Hecla
HL +8.89% $2.94
2. Alamos
AGI +8.10% $4.54
3. Franco-Nevada
FNV +6.5% $62.44
LOSERS
1. DRDGOLD
DRD -3.76% $2.05
2. Americas Silver
USAS -1.38% $2.15
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1. Goldseek
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Music:
Lifehouse - Hurricane
MMGYS Hurricane Set
now playing on our sister board
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The US financial markets, where the elite meet to cheat.
The chorus of very important people continues to grow for the Fed to buy (prop up) the stock market in the next financial crisis, so our betters will not be inconvenienced. It might be cheaper and easier if we just provided the top ten percent a guaranteed income to go along with their many other privileges and entitlements. They certainly deserve it— just ask them.
What a brave new world, that has such creatures in it.
Stocks were weakly hanging on to their current levels, awaiting some event which may provide a resolution to their inability to move higher or drop lower.
Gold and silver continue putting in what may prove to be a durable bottom. The levels of physical metal which can be had readily at these prices seems a bit thin, especially with respect to gold.
Silver is rather undervalued with respect to gold,, judging by the gold/silver ratio which typically has been around 65 these days. Now it is in the 80's.
It depends on what the precipitating event for a change in the intermediate trend may be. But if it is a 'flight to safety' then gold will surely lead higher, with silver playing catch up later on with a lag, and a vengeance.
They may be pulling metals bears out of the trading pits on stretchers at some point in the not too distant future. I certainly would not wish to be short physical gold.
Hurricane Flo seems to be tracking a bit lower, towards South Carolina. Wherever it may land, the major damage may be seen if it stalls inland, and dumps rain measured in feet, while its winds continue to scour the shorelines and stress the trees.
Have a pleasant evening.
Jesse's Cafe
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
.jpg)
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
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