AI
Monday, September 17, 2018 7:00:09 PM
Closing Report
Good Evening everybody
The Metals:
Gold jumped $10.40 to $1204.80 by late morning in New York before it drifted back lower into the close, but it still ended with a gain of 0.54%. Silver rose to as high as $14.246 and ended with a gain of 0.78%.
Euro gold remained at €1027, platinum gained $3 to $797, and copper climbed 4 cents to about $2.64.
Gold and silver equities rose roughly 2% in the first hour of trade and remained near that level for the rest of the day.
The Economy:
Trump says he will announce decision on China tariffs after market close Reuters
Manufacturers grow at slower but still rapid pace in September, Fed's Empire survey shows MarketWatch
Trump set to slap $200 billion in tariffs on Chinese goods: WSJ CNBC
Tomorrow brings the home builders' index.
The Markets:
Oil edged lower and the U.S. dollar index fell markedly on lingering trade tensions that sent treasuries higher and the Dow, Nasdaq, and S&P lower.
Among the big names making news in the market today were Bed Bath & Beyond, Coke, Time, and Tyson Foods.
GATA Posts:
Ted Butler: Is the COT report still valid?
Submitted by cpowell on Mon, 2018-09-17 17:43. Section: Daily Dispatches
2:02p ET Monday, September 17, 2018
Dear Friend of GATA and Gold:
Silver market analyst and rigging critic Ted Butler today explains why, despite the extreme conditions it reflects, he believes that the gold and silver futures market trader positioning data reported by the U.S. Commodity Futures Trading Commission is still accurate and predictive.
The data, Butler asserts, is no more extreme than the prices of the monetary metals themselves. He continues to construe the data as the most bullish ever for the metals.
Butler writes: "It is not just the fact that it is fairly easy for the CFTC to uncover the false reporting of positions that persuades me that little actual misreporting is occurring currently. It is more the fact that the current reporting of positions proves that silver and gold are being manipulated in price and, further, that JPMorgan is the prime manipulator.
"Why lie and falsely report when you can report truthfully and openly manipulate? Moreover, my allegations of manipulation by JPMorgan are derived directly from positioning data published by the CFTC.
"CFTC data show that JPMorgan has been the single largest buyer of Comex silver and gold contracts on the unprecedented downturn in price, making it the single biggest beneficiary of the downward price manipulation. I don't know it's possible to state the case in more precise terms. If the single biggest beneficiary of a manipulative downturn in price is not the prime manipulator, then who is?"
Yet JPMorganChase repeatedly has claimed that it has no position of its own in the monetary metals markets and trades them only for clients:
https://www.youtube.com/watch?v=gc9Me4qFZYo
Further, official filings by CME Group, operator of the major U.S. futures exchanges, repeatedly has reported that its clients include governments and central banks and that its exchanges give them discounts for their secret trading:
www.gata.org/node/14385
http://www.gata.org/node/14411
http://gata.org/node/17976
The U.S. Treasury Department's Exchange Stabilization Fund is expressly authorized by U.S. law to trade secretly in all markets, domestic and foreign, in the name of maintaining stability in the currency markets:
https://www.treasury.gov/resource-center/international/ESF/Pages/esf-ind...
Indeed, at a hearing in U.S. District Court in Boston in 2001 in GATA's lawsuit against the Treasury Department and Federal Reserve, which charged them with rigging the gold market, an assistant U.S. attorney claimed that the government was fully authorized to do exactly what the lawsuit complained of:
http://www.gata.org/node/4211
So if the biggest manipulator of the gold and silver futures markets is not really JPMorganChase & Co. at all but the U.S. government, which is fully authorized by law to rig any and all markets anywhere and is using the investment bank as its broker, as the government uses the investment bank as a primary dealer in government securities, might that not explain why the bank's market rigging is never opposed by the CFTC?
Might that also signify that the biggest beneficiary of gold and silver market rigging is actually the U.S. government, whose currency, the dollar, is valued inversely from the monetary metals? Surely the U.S. government has an interest in maintaining the dollar's value against other currencies and commodities that can be used as stores of value.
Might that also explain why trader positioning has gone to such extremes lately -- because the biggest participant in the market is a government authorized to create infinite money and deploy it secretly?
Butler has done heroic work over many years. Since today he has addressed concerns that the futures trader position data is no longer accurate or predictive and may even have been falsified, maybe next he could address the possibility that the force controlling the monetary metals futures markets is really much bigger than an investment bank that is functioning only as a broker.
Butler's analysis today is headlined "Is the COT Report Still Valid?" and it's posted at GoldSeek's companion site, SilverSeek, here --
http://silverseek.com/commentary/cot-report-still-valid-17413
-- and at 24hGold here:
http://www.24hgold.com/english/news-gold-silver-is-the-cot-report-still-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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Shanghai Gold Exchange begins trading Chinese panda gold coins
Submitted by cpowell on Mon, 2018-09-17 14:05. Section: Daily Dispatches
By Ronan Manly
Bullion Star, Singapore
Monday, September 17, 2018
On Wednesday, September 12, the Shanghai Gold Exchange launched trading of a new Chinese gold panda coin contract on the exchange trading platform. With the addition of this listing, the exchange now offers physical trading of these famous Chinese gold bullion coins alongside its extensive range of physical gold bar and ingot trading contracts.
The Shanghai Gold Exchange is the largest physical gold exchange in the world, and nearly all gold in the Chinese gold market passes through the exchange. ...
... For the remainder of the report:
https://www.bullionstar.com/blogs/ronan-manly/chinese-gold-panda-coins-n...
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Barrick increasingly seems to be a Chinese tool
Submitted by cpowell on Sun, 2018-09-16 03:07. Section: Daily Dispatches
Barrick Gold Seeks Chinese Partners, May Slash Headcount, Globe and Mail Says
By Natalie Obiko Pearson
Bloombrg News
Saturday, September 15, 2018
https://www.bloomberg.com/news/articles/2018-09-15/barrick-gold-seeks-ch...
Barrick Gold Corp. may slash 400 jobs and involve Chinese partners in its troubled Tanzania operations, Executive Chairman John Thornton told the Toronto Globe and Mail newspaper.
The Toronto-based company has slashed middle management by half to about 700 and "we want to get it down to 300," Thornton, who's been in his role since 2014, told the Globe and Mail in an interview in London. The former Goldman Sachs Group Inc. executive wants a leaner, entrepreneurial partnership more like the early days under late founder Peter Munk, the Globe and Mail said.
Thornton said there's "an almost 100 percent" chance Chinese partners will get involved in Barrick's projects in Tanzania that are operated through its 64 percent stake in Acacia Mining Plc. Acacia has plummeted 84 percent since its high in 2016 amid disputes with the government, which imposed a ban on exports of mineral concentrates last year and slapped the miner with a $190 billion tax bill.
The Acacia mines have never paid income tax to the Tanzanian government, which wants a new deal, Thornton told the Globe. Chinese companies can bring capital, technical expertise and -- above all -- political connections in Africa and Latin America that North American miners can't match, he told the Globe.
"It's one thing to be a Canadian company. It's another to have China as your partner," Thornton told the Globe. "If I know one thing, I know this is right: we have the thinnest talent in the most difficult areas and we can't develop all these projects alone."
Thornton again floated the idea -- raised in a town hall with employees last month -- about forming a copper company with Chinese miners.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
AngloGold’s AU wage deal, Coeur’s CDE fatal accident, and Alexco’s AXU drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. New Gold
NGD +10.1% $1.09
2. Tahoe Resources
TAHO +9.33% $2.93
3. Gold Standard
GSV +8.00% $1.62
LOSERS
1. Buenaventura
BVN-4.57% $12.32
2. DRDGOLD
DRD -3.30% $2.05
3. EMX Royalty
EMX -3.07% $1.12
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.
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The Music:
Gordon Lightfoot If you could read my mind live in concert bbc 1972
MMGYS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Traders Continue to Focus Upon Trade Dispute
Gary Wagner Monday September 17, 2018 18:22
As of 4:00 PM Eastern standard time, market participants continue to focus upon the current trade dispute between the United States and China as they await news from the administration in regard to whether the United States will impose additional tariffs.
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According to a report by Reuters, “U.S. President Donald Trump said on Monday he would announce his latest plan on China tariffs after the markets close, with expectations he would level them on about $200 billion of Chinese imports.”
However this seems to be part of the mixed messages being received as earlier Larry Kudlow, economic advisor to the president, said that, “We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations toward free trade to reduce tariffs and non-tariff barriers, to open markets, to allow the most competitive economy in the world, ours, to export more and more goods and services to China.”
At least for today, this news has been highly supportive of gold pricing as the U.S. dollar has come under pressure. Currently, the dollar index is down almost half of a percent on the day, declining 43 points and currently fixed at 94.075. This has been highly supportive of gold. Spot gold is trading just above $1,200 per ounce, currently fixed at $1,200.75, for a net gain of seven dollars on the day.
According to the KGX (Kitco Gold Index), today’s higher pricing, for the most part, can be attributed to dollar weakness which is accounting for $5.60 of today’s gains, with the remaining gain of $1.50 as a result of traders buying the precious yellow metal.
The question that remains is how market sentiment will be shaped if Trump imposes a new round of tariffs. It is highly expected that the administration will announce an additional $200 billion of Chinese imports to have tariffs levied against them. According to new sources, the belief is that these additional tariffs will be approximately 10% levied against Chinese imports.
Recently the trade dispute has had a negative impact on gold pricing as it is supported the U.S. dollar. According to Jonathan Butler, commodities analyst at Mitsubishi in London, "The main issue is that this concern over trade tensions between the U.S. and China is translating into a stronger dollar, and that is weighing on gold."
Gold continues to hover right around $1,200 per ounce both in the futures and spot markets. Obviously, the future direction of gold will be intrinsically tied to the outcome of the current trade dispute, and whether it will become a full-blown trade war.
For those who would like more information, simply use this link.
Wishing you as always, good trading,
Gary Wagner
By Gary Wagner
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Gold, Silver Prices Gain As Greenback Wilts
Jim Wyckoff Monday September 17, 2018 12:42
(Kitco News) - Gold and silver prices are moderately up in early-afternoon U.S. trading Monday. The precious metals are seeing support coming from a solidly lower U.S. dollar index today. Less robust risk appetite to start the trading week also worked in favor of the safe-haven metals today. December gold futures were last up $6.50 an ounce at $1,207.60. December Comex silver was last up $0.108 at $14.25 an ounce.
World stock markets were mostly lower today. Traders and investors are in a risk-off mode to start the week, as reports say the Trump administration is set to soon slap more tariffs on China in the ongoing trade war between the world’s two largest economies. Reports also said China is considering declining the U.S. offer for new trade talks later this month.
The other key outside markets today finds Nymex crude oil prices are slightly down and trading just below $69.00 a barrel. Stiff chart resistance above the market has capped gains, and will likely continue to do so.
Technically, December gold futures bears still have the overall near-term technical advantage. However, prices have been trading sideways for over two weeks, which suggests a market bottom is in place. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,220.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the August low of $1,167.10. First resistance is seen at last week’s high of $1,218.00 and then at $1,220.70. First support is seen at $1,200.00 and then at last week’s low of $1,192.70. Wyckoff's Market Rating: 3.0
December silver futures prices closed nearer the session high today. The silver bears still have the solid overall near-term technical advantage. There are still no early clues to suggest a market bottom is close at hand. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.07 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $13.50. First resistance is seen at last week’s high of $14.39 and then at $14.50. Next support is seen at today’s low of $14.065 and then at last week’s low of $13.965. Wyckoff's Market Rating: 1.5.
December N.Y. copper closed up 45 points at 265.05 cents today. Prices closed nearer the session high today on tepid short covering in a bear market. The copper bears have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the August high of 283.80 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 257.45 cents. First resistance is seen at of 268.00 cents and then at last week’s high of 271.75 cents. First support is seen at 260.00 cents and then at 257.45 cents. Wyckoff's Market Rating: 2.0.
By Jim Wyckoff
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The Cartoon
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The Sky Is Crying - Storm Warnings
Wall Street, Corporatists, and the Professional Class
"If we set aside the supervisory class and professionals on payrolls, the great underclass is composed of many no better off, with the rest worse off during 10 yrs of so-called 'recovery.' Wage growth for non-supervisory workers is getting worse, not better, when adjusted for inflation."
Harald Malmgren
"They [the Banks] are less leveraged but have larger balance sheets. The risk is in the gross, not the net. When times are calm, no capital is needed. When panic begins, no amount of capital is enough."
Jim Rickards
“And the banks - hard to believe in a time when we're facing a banking crisis that many of the banks created - are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
Dick Durbin
“Remember when nurses, caregivers, teachers and students crashed the stock market, wiped out banks, took billions in bonuses and paid no tax? No, me neither.”
Fuad Alakbarov
“In economics, it is often professionally better to be associated with highly respectable error than uncertainly established truth. Wealth is the relentless enemy of understanding.”
John Kenneth Galbraith
Stocks were a bit wobbly from the open. But they sold off more decisively in the afternoon when it was announced that Trumpolini would have something to say about China and tariffs after the close.
Gold and silver were gaining a bit on Dollar weakness. This weakness is within a well defined trading range. And gold and silver are also caught in a sideways chop.
I suspect that some event will shake up the precious metals bears one way or the other, and the metals will break higher or lower, and perhaps sharply. It does seem more likely that it breaks higher because of the hugely impressive imbalance of shorts on the Comex, But let's see what the charts show us.
There will be a stock option expiration for September at the end of this week. There will be Comex precious metals option expiration next week.
I spent quite a bit of effort getting in touch with my inner-homeowner this weekend and today, taking care of a list of things that have been too long neglected, from lawncare to chimey repair to pruning to light mechanical repairs.
And with much of it done, Dolly and I have snuggled down to wait for the remnants of Hurricane Florence to bring us their rain.
Need little, want less, love more. For those who abide in God abide in love, and God in them.
Have a pleasant evening.
https://jessescrossroadscafe.blogspot.com/
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Drop in silver prices to 32-month lows prompts sellout of Silver Eagle coins at U.S. Mint
By Myra P. Saefong
Published: Sept 15, 2018 10:33 a.m. ET
Silver is ‘undervalued’ relative to stocks, bonds, gold: analyst
Getty Images
The U.S. Mint said “recent increased demand” prompted a temporary sell out of its American Silver Eagle bullion coins.
A drop in silver prices this year has attracted investors seeking a bargain, prompting a temporary sellout of the 2018 American Silver Eagle bullion coins at the U.S. Mint this month.
“The sellout of Silver Eagles implies that demand for physical [silver] has recently been increasing,” says Chris Gaffney, president of World Markets at TIAA Bank. “With Silver Eagles being the most popular bullion coin available, this is a good indicator of physical demand,” he adds, and higher demand “makes sense,” given that prices are nearing multiyear lows again.
Front-month September silver futures SIU8, -0.05% settled at $14.042 an ounce on the Comex Friday, the lowest level since Jan. 15, 2016. The most-active December contract SIZ8, -0.23% settled at $14.142 Friday, with the contract down about 19% year to date.
The mint announced on Sept. 6 that it is producing additional coins to restock its depleted inventory. “The U.S. Mint and the authorized dealer network were caught off guard as bargain-hunting physical buyers returned to the market ahead of $14” an ounce, says Peter Grant, vice president of Chicago-based Zaner Metals. He sees that as a “glimmer of stronger investment demand, but not a big deal in the overall context of the dominant downtrend.”
Through August, this year’s sales of Silver Eagles totaled 10.275 million ounces, the mint reports. The full-year figure is likely to come in well below 2017’s 18.065 million.
Edmund Moy, director of the U.S. Mint from 2006 to 2011, says the recent sellout of the 2018 coins from strong growth in demand was unusual. He adds that sellouts happened much more frequently during the financial crisis of 2007-2009 and the Great Recession, which began in late 2009. Back then, the mint had a hard time meeting surging demand, as some worried investors sought refuge in precious metals.
https://www.marketwatch.com/story/drop-in-silver-prices-to-32-month-lows-prompts-sellout-of-silver-eagle-coins-at-us-mint-2018-09-14
end
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Good Evening everybody
The Metals:
Gold jumped $10.40 to $1204.80 by late morning in New York before it drifted back lower into the close, but it still ended with a gain of 0.54%. Silver rose to as high as $14.246 and ended with a gain of 0.78%.
Euro gold remained at €1027, platinum gained $3 to $797, and copper climbed 4 cents to about $2.64.
Gold and silver equities rose roughly 2% in the first hour of trade and remained near that level for the rest of the day.
The Economy:
Trump says he will announce decision on China tariffs after market close Reuters
Manufacturers grow at slower but still rapid pace in September, Fed's Empire survey shows MarketWatch
Trump set to slap $200 billion in tariffs on Chinese goods: WSJ CNBC
Tomorrow brings the home builders' index.
The Markets:
Oil edged lower and the U.S. dollar index fell markedly on lingering trade tensions that sent treasuries higher and the Dow, Nasdaq, and S&P lower.
Among the big names making news in the market today were Bed Bath & Beyond, Coke, Time, and Tyson Foods.
GATA Posts:
Ted Butler: Is the COT report still valid?
Submitted by cpowell on Mon, 2018-09-17 17:43. Section: Daily Dispatches
2:02p ET Monday, September 17, 2018
Dear Friend of GATA and Gold:
Silver market analyst and rigging critic Ted Butler today explains why, despite the extreme conditions it reflects, he believes that the gold and silver futures market trader positioning data reported by the U.S. Commodity Futures Trading Commission is still accurate and predictive.
The data, Butler asserts, is no more extreme than the prices of the monetary metals themselves. He continues to construe the data as the most bullish ever for the metals.
Butler writes: "It is not just the fact that it is fairly easy for the CFTC to uncover the false reporting of positions that persuades me that little actual misreporting is occurring currently. It is more the fact that the current reporting of positions proves that silver and gold are being manipulated in price and, further, that JPMorgan is the prime manipulator.
"Why lie and falsely report when you can report truthfully and openly manipulate? Moreover, my allegations of manipulation by JPMorgan are derived directly from positioning data published by the CFTC.
"CFTC data show that JPMorgan has been the single largest buyer of Comex silver and gold contracts on the unprecedented downturn in price, making it the single biggest beneficiary of the downward price manipulation. I don't know it's possible to state the case in more precise terms. If the single biggest beneficiary of a manipulative downturn in price is not the prime manipulator, then who is?"
Yet JPMorganChase repeatedly has claimed that it has no position of its own in the monetary metals markets and trades them only for clients:
https://www.youtube.com/watch?v=gc9Me4qFZYo
Further, official filings by CME Group, operator of the major U.S. futures exchanges, repeatedly has reported that its clients include governments and central banks and that its exchanges give them discounts for their secret trading:
www.gata.org/node/14385
http://www.gata.org/node/14411
http://gata.org/node/17976
The U.S. Treasury Department's Exchange Stabilization Fund is expressly authorized by U.S. law to trade secretly in all markets, domestic and foreign, in the name of maintaining stability in the currency markets:
https://www.treasury.gov/resource-center/international/ESF/Pages/esf-ind...
Indeed, at a hearing in U.S. District Court in Boston in 2001 in GATA's lawsuit against the Treasury Department and Federal Reserve, which charged them with rigging the gold market, an assistant U.S. attorney claimed that the government was fully authorized to do exactly what the lawsuit complained of:
http://www.gata.org/node/4211
So if the biggest manipulator of the gold and silver futures markets is not really JPMorganChase & Co. at all but the U.S. government, which is fully authorized by law to rig any and all markets anywhere and is using the investment bank as its broker, as the government uses the investment bank as a primary dealer in government securities, might that not explain why the bank's market rigging is never opposed by the CFTC?
Might that also signify that the biggest beneficiary of gold and silver market rigging is actually the U.S. government, whose currency, the dollar, is valued inversely from the monetary metals? Surely the U.S. government has an interest in maintaining the dollar's value against other currencies and commodities that can be used as stores of value.
Might that also explain why trader positioning has gone to such extremes lately -- because the biggest participant in the market is a government authorized to create infinite money and deploy it secretly?
Butler has done heroic work over many years. Since today he has addressed concerns that the futures trader position data is no longer accurate or predictive and may even have been falsified, maybe next he could address the possibility that the force controlling the monetary metals futures markets is really much bigger than an investment bank that is functioning only as a broker.
Butler's analysis today is headlined "Is the COT Report Still Valid?" and it's posted at GoldSeek's companion site, SilverSeek, here --
http://silverseek.com/commentary/cot-report-still-valid-17413
-- and at 24hGold here:
http://www.24hgold.com/english/news-gold-silver-is-the-cot-report-still-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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Shanghai Gold Exchange begins trading Chinese panda gold coins
Submitted by cpowell on Mon, 2018-09-17 14:05. Section: Daily Dispatches
By Ronan Manly
Bullion Star, Singapore
Monday, September 17, 2018
On Wednesday, September 12, the Shanghai Gold Exchange launched trading of a new Chinese gold panda coin contract on the exchange trading platform. With the addition of this listing, the exchange now offers physical trading of these famous Chinese gold bullion coins alongside its extensive range of physical gold bar and ingot trading contracts.
The Shanghai Gold Exchange is the largest physical gold exchange in the world, and nearly all gold in the Chinese gold market passes through the exchange. ...
... For the remainder of the report:
https://www.bullionstar.com/blogs/ronan-manly/chinese-gold-panda-coins-n...
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Barrick increasingly seems to be a Chinese tool
Submitted by cpowell on Sun, 2018-09-16 03:07. Section: Daily Dispatches
Barrick Gold Seeks Chinese Partners, May Slash Headcount, Globe and Mail Says
By Natalie Obiko Pearson
Bloombrg News
Saturday, September 15, 2018
https://www.bloomberg.com/news/articles/2018-09-15/barrick-gold-seeks-ch...
Barrick Gold Corp. may slash 400 jobs and involve Chinese partners in its troubled Tanzania operations, Executive Chairman John Thornton told the Toronto Globe and Mail newspaper.
The Toronto-based company has slashed middle management by half to about 700 and "we want to get it down to 300," Thornton, who's been in his role since 2014, told the Globe and Mail in an interview in London. The former Goldman Sachs Group Inc. executive wants a leaner, entrepreneurial partnership more like the early days under late founder Peter Munk, the Globe and Mail said.
Thornton said there's "an almost 100 percent" chance Chinese partners will get involved in Barrick's projects in Tanzania that are operated through its 64 percent stake in Acacia Mining Plc. Acacia has plummeted 84 percent since its high in 2016 amid disputes with the government, which imposed a ban on exports of mineral concentrates last year and slapped the miner with a $190 billion tax bill.
The Acacia mines have never paid income tax to the Tanzanian government, which wants a new deal, Thornton told the Globe. Chinese companies can bring capital, technical expertise and -- above all -- political connections in Africa and Latin America that North American miners can't match, he told the Globe.
"It's one thing to be a Canadian company. It's another to have China as your partner," Thornton told the Globe. "If I know one thing, I know this is right: we have the thinnest talent in the most difficult areas and we can't develop all these projects alone."
Thornton again floated the idea -- raised in a town hall with employees last month -- about forming a copper company with Chinese miners.
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AngloGold’s AU wage deal, Coeur’s CDE fatal accident, and Alexco’s AXU drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. New Gold
NGD +10.1% $1.09
2. Tahoe Resources
TAHO +9.33% $2.93
3. Gold Standard
GSV +8.00% $1.62
LOSERS
1. Buenaventura
BVN-4.57% $12.32
2. DRDGOLD
DRD -3.30% $2.05
3. EMX Royalty
EMX -3.07% $1.12
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The Music:
Gordon Lightfoot If you could read my mind live in concert bbc 1972
MMGYS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Traders Continue to Focus Upon Trade Dispute
Gary Wagner Monday September 17, 2018 18:22
As of 4:00 PM Eastern standard time, market participants continue to focus upon the current trade dispute between the United States and China as they await news from the administration in regard to whether the United States will impose additional tariffs.
.png)
According to a report by Reuters, “U.S. President Donald Trump said on Monday he would announce his latest plan on China tariffs after the markets close, with expectations he would level them on about $200 billion of Chinese imports.”
However this seems to be part of the mixed messages being received as earlier Larry Kudlow, economic advisor to the president, said that, “We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations toward free trade to reduce tariffs and non-tariff barriers, to open markets, to allow the most competitive economy in the world, ours, to export more and more goods and services to China.”
At least for today, this news has been highly supportive of gold pricing as the U.S. dollar has come under pressure. Currently, the dollar index is down almost half of a percent on the day, declining 43 points and currently fixed at 94.075. This has been highly supportive of gold. Spot gold is trading just above $1,200 per ounce, currently fixed at $1,200.75, for a net gain of seven dollars on the day.
According to the KGX (Kitco Gold Index), today’s higher pricing, for the most part, can be attributed to dollar weakness which is accounting for $5.60 of today’s gains, with the remaining gain of $1.50 as a result of traders buying the precious yellow metal.
The question that remains is how market sentiment will be shaped if Trump imposes a new round of tariffs. It is highly expected that the administration will announce an additional $200 billion of Chinese imports to have tariffs levied against them. According to new sources, the belief is that these additional tariffs will be approximately 10% levied against Chinese imports.
Recently the trade dispute has had a negative impact on gold pricing as it is supported the U.S. dollar. According to Jonathan Butler, commodities analyst at Mitsubishi in London, "The main issue is that this concern over trade tensions between the U.S. and China is translating into a stronger dollar, and that is weighing on gold."
Gold continues to hover right around $1,200 per ounce both in the futures and spot markets. Obviously, the future direction of gold will be intrinsically tied to the outcome of the current trade dispute, and whether it will become a full-blown trade war.
For those who would like more information, simply use this link.
Wishing you as always, good trading,
Gary Wagner
By Gary Wagner
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Gold, Silver Prices Gain As Greenback Wilts
Jim Wyckoff Monday September 17, 2018 12:42
(Kitco News) - Gold and silver prices are moderately up in early-afternoon U.S. trading Monday. The precious metals are seeing support coming from a solidly lower U.S. dollar index today. Less robust risk appetite to start the trading week also worked in favor of the safe-haven metals today. December gold futures were last up $6.50 an ounce at $1,207.60. December Comex silver was last up $0.108 at $14.25 an ounce.
World stock markets were mostly lower today. Traders and investors are in a risk-off mode to start the week, as reports say the Trump administration is set to soon slap more tariffs on China in the ongoing trade war between the world’s two largest economies. Reports also said China is considering declining the U.S. offer for new trade talks later this month.
The other key outside markets today finds Nymex crude oil prices are slightly down and trading just below $69.00 a barrel. Stiff chart resistance above the market has capped gains, and will likely continue to do so.
Technically, December gold futures bears still have the overall near-term technical advantage. However, prices have been trading sideways for over two weeks, which suggests a market bottom is in place. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,220.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the August low of $1,167.10. First resistance is seen at last week’s high of $1,218.00 and then at $1,220.70. First support is seen at $1,200.00 and then at last week’s low of $1,192.70. Wyckoff's Market Rating: 3.0
December silver futures prices closed nearer the session high today. The silver bears still have the solid overall near-term technical advantage. There are still no early clues to suggest a market bottom is close at hand. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.07 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $13.50. First resistance is seen at last week’s high of $14.39 and then at $14.50. Next support is seen at today’s low of $14.065 and then at last week’s low of $13.965. Wyckoff's Market Rating: 1.5.
December N.Y. copper closed up 45 points at 265.05 cents today. Prices closed nearer the session high today on tepid short covering in a bear market. The copper bears have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the August high of 283.80 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 257.45 cents. First resistance is seen at of 268.00 cents and then at last week’s high of 271.75 cents. First support is seen at 260.00 cents and then at 257.45 cents. Wyckoff's Market Rating: 2.0.
By Jim Wyckoff
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The Cartoon
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The Sky Is Crying - Storm Warnings
Wall Street, Corporatists, and the Professional Class
"If we set aside the supervisory class and professionals on payrolls, the great underclass is composed of many no better off, with the rest worse off during 10 yrs of so-called 'recovery.' Wage growth for non-supervisory workers is getting worse, not better, when adjusted for inflation."
Harald Malmgren
"They [the Banks] are less leveraged but have larger balance sheets. The risk is in the gross, not the net. When times are calm, no capital is needed. When panic begins, no amount of capital is enough."
Jim Rickards
“And the banks - hard to believe in a time when we're facing a banking crisis that many of the banks created - are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
Dick Durbin
“Remember when nurses, caregivers, teachers and students crashed the stock market, wiped out banks, took billions in bonuses and paid no tax? No, me neither.”
Fuad Alakbarov
“In economics, it is often professionally better to be associated with highly respectable error than uncertainly established truth. Wealth is the relentless enemy of understanding.”
John Kenneth Galbraith
Stocks were a bit wobbly from the open. But they sold off more decisively in the afternoon when it was announced that Trumpolini would have something to say about China and tariffs after the close.
Gold and silver were gaining a bit on Dollar weakness. This weakness is within a well defined trading range. And gold and silver are also caught in a sideways chop.
I suspect that some event will shake up the precious metals bears one way or the other, and the metals will break higher or lower, and perhaps sharply. It does seem more likely that it breaks higher because of the hugely impressive imbalance of shorts on the Comex, But let's see what the charts show us.
There will be a stock option expiration for September at the end of this week. There will be Comex precious metals option expiration next week.
I spent quite a bit of effort getting in touch with my inner-homeowner this weekend and today, taking care of a list of things that have been too long neglected, from lawncare to chimey repair to pruning to light mechanical repairs.
And with much of it done, Dolly and I have snuggled down to wait for the remnants of Hurricane Florence to bring us their rain.
Need little, want less, love more. For those who abide in God abide in love, and God in them.
Have a pleasant evening.
https://jessescrossroadscafe.blogspot.com/
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Drop in silver prices to 32-month lows prompts sellout of Silver Eagle coins at U.S. Mint
By Myra P. Saefong
Published: Sept 15, 2018 10:33 a.m. ET
Silver is ‘undervalued’ relative to stocks, bonds, gold: analyst
Getty Images
The U.S. Mint said “recent increased demand” prompted a temporary sell out of its American Silver Eagle bullion coins.
A drop in silver prices this year has attracted investors seeking a bargain, prompting a temporary sellout of the 2018 American Silver Eagle bullion coins at the U.S. Mint this month.
“The sellout of Silver Eagles implies that demand for physical [silver] has recently been increasing,” says Chris Gaffney, president of World Markets at TIAA Bank. “With Silver Eagles being the most popular bullion coin available, this is a good indicator of physical demand,” he adds, and higher demand “makes sense,” given that prices are nearing multiyear lows again.
Front-month September silver futures SIU8, -0.05% settled at $14.042 an ounce on the Comex Friday, the lowest level since Jan. 15, 2016. The most-active December contract SIZ8, -0.23% settled at $14.142 Friday, with the contract down about 19% year to date.
The mint announced on Sept. 6 that it is producing additional coins to restock its depleted inventory. “The U.S. Mint and the authorized dealer network were caught off guard as bargain-hunting physical buyers returned to the market ahead of $14” an ounce, says Peter Grant, vice president of Chicago-based Zaner Metals. He sees that as a “glimmer of stronger investment demand, but not a big deal in the overall context of the dominant downtrend.”
Through August, this year’s sales of Silver Eagles totaled 10.275 million ounces, the mint reports. The full-year figure is likely to come in well below 2017’s 18.065 million.
Edmund Moy, director of the U.S. Mint from 2006 to 2011, says the recent sellout of the 2018 coins from strong growth in demand was unusual. He adds that sellouts happened much more frequently during the financial crisis of 2007-2009 and the Great Recession, which began in late 2009. Back then, the mint had a hard time meeting surging demand, as some worried investors sought refuge in precious metals.
https://www.marketwatch.com/story/drop-in-silver-prices-to-32-month-lows-prompts-sellout-of-silver-eagle-coins-at-us-mint-2018-09-14
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