9,173 Ounces Of Gold Transferred From HSBC To JP Morgan Gold Vaults Overnight
While we have no information as to who or why (we do know when and where) engaged in a transfer of 9,173 ounces of eligible gold (for a total of about $16.5 million) from HSBC's gold depository into that of JP Morgan, according to today's closing CME Group Metal Depository Statistics, we can merely point out that it happened. One back of the envelope hypothesis: we have counterparty risk at the bank level (which is currently manifesting itself at both the CDS, the stock price, and the Li(E)bor level; are we going to start seeing counterparty concerns at the gold depository level next? What next: a run on the [ ] gold depository in a self-fulfilling prophecy? The second hypothesis is by now well known- JPM needs all the gold it can get. But a paltry 9,173 ounces?
Harvey Organ, Saturday, August 27, 2011
Gold and silver withstand raid, rising to $1794.10/Silver rises to $40.95/ Bernanke does nothing at Jackson Hole
Become a Chinese Farmer, That's What You Should Do.
At some times in history, the financials types have been in charge; at other
times in history the people who produced real goods have been in charge.
It's the way the world has always worked. The key of course is to figure out
what's coming next and go there. Become a Chinese farmer, that's what you
should do. - *in BBC News*
*Related: ELEMENTS Rogers Intl Commodity Index - Agriculture Total Return
ETN (NYSE:RJA), PowerShares DB Agriculture Fund (NYSE:DBA) *
*Jim Rogers is an author, financial commentator and successful international
investor. He has been frequently featured in Time... more »
My Favorite Investment Remains Gold
So, you are probably better off in equities than in bonds. My favorite
investment remains gold. As it happens, the gold price is coming down, and I
hope it will drop $100 or $200. Not necessarily a prediction. I think we
will go down in a correction because there has been too much enthusiasm
recently. - *in Beacon Equity*
*Related: SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX),
Goldcorp (GG)*
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
Breaking the Chain of Control In Gold
The trend controllers have been knocked to the ropes by overwhelming market
forces in the leveraged paper markets. The tactic of selling (shorting)
advances and buying (covering) declines to control trend has unexpectedly
reversed. This suggests the chains of control have been broken in gold. If
this trend continues, August 2011 could very well be viewed as an important
moment in the history...
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content, and more! ]]
Asia Is Where The Energy And The Dynamism Are
The largest creditor nations in the world now, are China, Korea, Japan,
Taiwan, Hong Kong, Singapore. Those are all Asian countries. This is where
the assets are. This is where the energy is, the dynamism is. You know who
the debtors are and where they are. - *in BBC News*
*Related asian ETFs trading in the US markets: iShares MSCI Singapore Index
Fund (ETF) (NYSE:EWS) iShares MSCI Taiwan Index (ETF) (NYSE:EWT) iShares
MSCI South Korea Index Fund(ETF) (NYSE:EWY), iShares FTSE/Xinhua China 25
Index (ETF) (NYSE:FXI) iShares MSCI Hong Kong Index Fund (ETF) (NYSE:EWH) *
*Jim Rogers is a... more »
The 21st Century Is The Century Of Asia
The 19th century was the century of the UK, the 20th century was the century of the US, the 21st century is the century of China, of Asia. *Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.*Guest Post: Bernanke In A Box
Bernanke said QE 3.0, without really saying it. The markets, seeing the enlarged schedule for the September meeting and interpreting the likelihood of heavy discussions, have gotten the message. Stocks threw off the daily mortal struggle that is life as Bank of America and bid for the QE future that is now September (good riddance to August apparently). Gold prices followed on those expectations of a resumption to the willful and wanton dollar destruction that QE purely represents. If the Chairman can influence a major market rally without ever having to face the growing dissent within the FOMC ranks, then his speech has proven to be a stroke of genius. That is the essence of rational expectations, making others believe you have magical powers so that they do your bidding without any actual work or direct engagement on your part. But there is a huge downside to waiting, and Bernanke knows it. The financial crisis grows while the economy is sliding further into contraction. Time is not on his side. So why does he wait? Simple, Bernanke and QE is in a box – conditions currently in the wholesale money markets, especially the repo market, will not suffer more QE. As the unsecured Fed funds and eurodollar markets have effectively frozen for banks outside the primary dealer network, wholesale funding has been left to repos. However, there is already a shortage of treasury bills, the prime, vital collateral of nearly all post-2008 repo funding arrangements.Maps Du Jour: Food Inflation Riots and The Libyan Politics
08/26/2011 - 17:00
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