Bill Gross says that Gold, of all things is a better investment than bonds or stocks. Has he lost his mind? Here is a guy who manages something like $1 trillion and he thinks that GOLD is better than stocks or bonds? Uh…what if he decides to start to buy some Gold as a hedge? PIMCO of course has a “commodities” fund which has recently upped it’s stake in Gold but what about the huge flagship funds? He said that “long term”, stocks and bonds will not return much…so maybe he’ll want to “sprinkle” a little bit of Gold dust around the portfolios to tweak his returns? Well, maybe not because of prospectus but it’s certainly a humorous thought!
Last month we found out that George Soros and John Paulson have exited their financials and built up their Gold positions, now this news from Bill Gross…I must be dreaming! Speaking of dreaming, I came home from my daily ride with my trusty amigo Principe’ to see Gold UP $34…what’s up with this? Isn’t today a non farm payroll reporting day? Doesn’t Gold and Silver get smashed 99% of the time before and during these reports no matter what they report? What the heck happened?
Read more @ MilesFranklin.com
BTFD...Keep Stacking...
Demand’s poised to rise, but watch out for silver’s volatility
by Myra P. Saefong, Market Watch:
Silver has been a top performer among major metals this year, and it looks set to continue to steal the spotlight from gold, with investment and industrial demand for the white metal expected to rise.
“We could see a spectacular performance in silver” during the rest of the year, said Julian Phillips, a South Africa-based editor at SilverForecaster.com. “Silver, in addition to its demand [and] supply disjoint, will attract huge investment demand.”
Already, silver futures prices SIZ2 +3.29% trade above $32.60 an ounce, up about 18% for the quarter to date and up 17% from the end of 2011. Gold GCZ2 +2.02% , at more than $1,700 an ounce, has seen a quarter-to-date gain of 6% and less than 9% rise for the year.
Read More @ MarketWatch.com
by Myra P. Saefong, Market Watch:
Silver has been a top performer among major metals this year, and it looks set to continue to steal the spotlight from gold, with investment and industrial demand for the white metal expected to rise.
“We could see a spectacular performance in silver” during the rest of the year, said Julian Phillips, a South Africa-based editor at SilverForecaster.com. “Silver, in addition to its demand [and] supply disjoint, will attract huge investment demand.”
Already, silver futures prices SIZ2 +3.29% trade above $32.60 an ounce, up about 18% for the quarter to date and up 17% from the end of 2011. Gold GCZ2 +2.02% , at more than $1,700 an ounce, has seen a quarter-to-date gain of 6% and less than 9% rise for the year.
Read More @ MarketWatch.com
from KingWorldNews:
Today one of the premier gold fund managers in the world told King World News, “Gold should already be above $1,900, bearing in mind the policy moves we have heard about from both sides of the Atlantic.” Here is what Caesar Bryan, of the $33 billion strong Gabelli & Company, had to say: “Having regard to what the monetary authorities, both in Europe and the US, are doing, you could argue that the move in gold has been pretty mild. Yet we’ve come from, in the middle of August, $1,600 to $1,730. Gold should be at a new high. Gold should already be above $1,900, bearing in mind the policy moves we have heard about from both sides of the Atlantic. This has been a major breakout in gold and silver, and we are still waiting for a major move from China. So these are early days in this gold move as far as I’m concerned. Despite how powerful this move has been, these are still early days when we look at what’s coming in the next month or two. … All of the key moving averages in gold were at about $1,621. Gold broke above that level, backfilled, and now we’ve put on $100 to the upside in fairly short order…”
Bryan continues @ KingWorldNews.com
Today one of the premier gold fund managers in the world told King World News, “Gold should already be above $1,900, bearing in mind the policy moves we have heard about from both sides of the Atlantic.” Here is what Caesar Bryan, of the $33 billion strong Gabelli & Company, had to say: “Having regard to what the monetary authorities, both in Europe and the US, are doing, you could argue that the move in gold has been pretty mild. Yet we’ve come from, in the middle of August, $1,600 to $1,730. Gold should be at a new high. Gold should already be above $1,900, bearing in mind the policy moves we have heard about from both sides of the Atlantic. This has been a major breakout in gold and silver, and we are still waiting for a major move from China. So these are early days in this gold move as far as I’m concerned. Despite how powerful this move has been, these are still early days when we look at what’s coming in the next month or two. … All of the key moving averages in gold were at about $1,621. Gold broke above that level, backfilled, and now we’ve put on $100 to the upside in fairly short order…”
Bryan continues @ KingWorldNews.com
[Ed. Note:
Thanks ValleyForge for the heads up on this one. It's highly symbolic
of what lies ahead at bullion banks, metals exchanges, and brokerages
worldwide.]
What happened to the SpongeBob coins? Some 76 sets of silver coins with the image of cartoon character SpongeBob SquarePants have vanished from now-defunct financial firm Peregrine, according to a trustee’s filing.
from NBC News:
When Peregrine Financial Group collapsed in July after revelations its
chief executive allegedly stole client money for years, it was not just
customer assets of the futures brokerage that went missing.
Some 76 sets of silver coins sporting the image of cartoon character SpongeBob SquarePants were also unaccounted for, according to a note buried deep in a filing by Peregrine Financial’s bankruptcy trustee late Thursday. Thirty-nine ounces of gold were also missing.
At Friday’s prices, the gold would fetch about $66,000; the missing commemorative SpongeBob coin sets, minted in New Zealand, have a total retail value of about $20,000.
Compared with the $215 million in customer money that regulators allege were wrongly siphoned from the firm by its CEO, Russell Wasendorf Sr., the value of the missing metals is marginal. But the filing, which provides rich details on all of Peregrine Financial’s known assets, down to a decade-old Apple Inc computer valued at $5 — leaves open the possibility that Peregrine itself may have been the victim of pilfering.
Read More @ bottomline.nbcnews.com
What happened to the SpongeBob coins? Some 76 sets of silver coins with the image of cartoon character SpongeBob SquarePants have vanished from now-defunct financial firm Peregrine, according to a trustee’s filing.
from NBC News:
When Peregrine Financial Group collapsed in July after revelations its
chief executive allegedly stole client money for years, it was not just
customer assets of the futures brokerage that went missing.Some 76 sets of silver coins sporting the image of cartoon character SpongeBob SquarePants were also unaccounted for, according to a note buried deep in a filing by Peregrine Financial’s bankruptcy trustee late Thursday. Thirty-nine ounces of gold were also missing.
At Friday’s prices, the gold would fetch about $66,000; the missing commemorative SpongeBob coin sets, minted in New Zealand, have a total retail value of about $20,000.
Compared with the $215 million in customer money that regulators allege were wrongly siphoned from the firm by its CEO, Russell Wasendorf Sr., the value of the missing metals is marginal. But the filing, which provides rich details on all of Peregrine Financial’s known assets, down to a decade-old Apple Inc computer valued at $5 — leaves open the possibility that Peregrine itself may have been the victim of pilfering.
Read More @ bottomline.nbcnews.com
Commitments of Traders Reports
Trader Dan at Trader Dan's Market Views - 6 hours ago
Following are some charts detailing the positioning of the hedge funds in
both the silver and in the gold markets.
Note the build in the longs and the reduction in the shorts as those funds
who gambled on a breakdown in the price of the metals and sold them down
near their support levels, were caught flat-footed and forced to cover.
The first chart is that of Silver:
The following chart is of Gold. Note that since May of this year, when gold
was trading below the $1550 level, and when hedge fund short positions were
at a maximum, those hedge funds playing gold from the short anti... more »
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The
gold bull is still intact but tempered by U.S. Fed spin. The parabolic
printing of Dollars leads to a parabolic devaluation of the Dollar and
parabolic Gold.
by Goldrunner, MineWeb.com
The Fractal Gold chart work is a direct comparison of Gold, today, to the late 70′s Gold Parabola. Thus, “timing” is taken directly from the late 70′s cycle, with price targets created from a combination of the late 70′s Gold price and different technical analysis techniques. We developed a price target back in 2006/ 2007 for Gold to reach the $10,000 to $12,000 range during this Gold Bull. Anything above that range would mean that the “Stagflation” comparison to the late 70′s was exceeded and “Hyper-inflation” would become a real possibility.
During the early stages of the Gold Bull we were able to show Gold’s advance versus the late 70′s on a single long-term chart since similar chart resistance points were evident. This gave us the timing for what we coined in 2007, the projected “Deflation Scare waterfall decline into the 4th quarter of 2008.” Below, is a sample chart from 09-29-07.
Read More @ MineWeb.com
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by Goldrunner, MineWeb.com
The Fractal Gold chart work is a direct comparison of Gold, today, to the late 70′s Gold Parabola. Thus, “timing” is taken directly from the late 70′s cycle, with price targets created from a combination of the late 70′s Gold price and different technical analysis techniques. We developed a price target back in 2006/ 2007 for Gold to reach the $10,000 to $12,000 range during this Gold Bull. Anything above that range would mean that the “Stagflation” comparison to the late 70′s was exceeded and “Hyper-inflation” would become a real possibility.
During the early stages of the Gold Bull we were able to show Gold’s advance versus the late 70′s on a single long-term chart since similar chart resistance points were evident. This gave us the timing for what we coined in 2007, the projected “Deflation Scare waterfall decline into the 4th quarter of 2008.” Below, is a sample chart from 09-29-07.
Read More @ MineWeb.com
from Gold Money:
“Draghi Day” yesterday was something of an anti-climax as far as precious metals were concerned: though the European Central Bank is now prepared to buy unlimited amounts of troubled eurozone governments’ short-term debt, these purchases will be “sterilized”. This is similar to what the Fed has been doing with its “Operation Twist” – offsetting new bond purchases with asset sales. So the total euro money supply is not increased by this scheme.
What this does do is prop up troubled periphery governments, and help boost inflation in countries like Spain. At the same time, it is offering savers in countries like Germany bonds and/or savings deposits, which exerts a deflationary impact on the German economy. If all goes according to plan, this succeeds in stabilising prices across the currency bloc. The “if” in that sentence though is a big “if”.
Read More @ GoldMoney.com
My Dear Extended Family,
If you have eyes to see, coordinated central bank monetary and fiscal stimulation action is taking place.
Yesterday was “Draghi Day.” Today the Chinese officially released massive fiscal stimulus on top of the already monetary stimulus. Watch for the US Fed to chime in.
QE to infinity MOPEd as sterilized is falling into place. Please review my post from last weekend to you on the illusion of monetary sterilization.
Gold is going to and through $3500. The approach some long term gold bulls took toward gold, initiating a temporary short directly after Labor Day, is now in the process of backfiring badly.
Regards,
Jim
My Dear Extended Family,
Monty Guild, a friend of mine for more than forty years, is the most honest and capable man, in my opinion, in money management.
I respect Monty’s feelings on many matters, certainly the macro picture. Monty, like I, believe it is possible that coordinated central bank actions in the USA, EU, Japan and China are being discussed. The economic problems are so severe, so international, so global, so entwined, so insoluble and still caused primarily by the greed of 1990 to present finance in the form of OTC derivatives that only coordinated global action can kick this can one more time.
Gold is truly going to and through $3500. The gold business is the best business to be in.
Respectfully,
Jim
My Dear Extended Family,
The most crowded trade on the planet has turned bad, the short the EU trade.
How about 1.305 to 1.32? The expat euro snobs are bleeding today.
Jim
Jim Sinclair’s Commentary
John Williams of ShadowStats.com shares his wisdom with us.
- A Move to Open-Ended Monetization of Treasuries?
- Payroll Jobs Down by 261,000, Household-Survey Employment Down by 86,000,
Since President Obama‚s January 2009 Inauguration
- BLS Did Not Publish Actual July-to-August Unemployment Rate Change
- August Unemployment: 8.1% (U.3), 14.7% (U.6), 22.8% (ShadowStats.com)
- M3 Annual Growth Notches Higher
- Jump in Reported Inflation Likely in Week Ahead
www.ShadowStats.com
Jim Sinclair’s Commentary
Here is an example of why you should consider subscribing to www.ShadowStats.com. John Williams will see the improvement when it comes before any statistician.
We have nailed this 15 to 17 year period. Now we start preparation to know what full valuation is when it comes to gold
Opening Comments and Executive Summary. Suggestions of mounting systemic-solvency issues have begun to surface in recent central bank activity and discussions, and that circumstance is worthy of a comment before getting into the August labor data and other economic numbers. Efforts are afoot to introduce open-ended buying of government bonds by the European Central Bank (ECB) and by the Federal Reserve. While the ECB effort already is “approved,” it may run into problems with the financial prudence demanded by the Bundesbank; the Fed suffers no such apparent constraint. With a lack of concern for financial propriety, born of necessity, the U.S. central bank likely will need and get such a bond-buying program in place, soon, with negative implications for the U.S. dollar and domestic inflation, as discussed in the Hyperinflation Watch section.
The August employment and unemployment data either were statistically insignificant or simply were meaningless on a month-to-month basis. Broadly, though, payrolls show that the economy is not recovering, while unemployment—from the standpoint of common experience—remains near a post- Great Depression high. Nonetheless, politics and the markets are putting unusual twists into the data and economic claims, as discussed in this section.
Construction spending continued its pattern of low-level stagnation in July, with unchanged August construction payrolls suggesting further stagnation in August (see Reporting Detail section).
Annual inflation in the July PCE deflator came in at 1.3%, below the Fed’s 2.0% target for a fourth month (see the Reporting Detail section). The recent slowing of annual inflation, however, is about to reverse, with higher energy, food and “core” prices suggesting a sharp spike in both headline monthly and annual August CPI inflation, due for release on Friday, September 14th (see the Week Ahead section).
www.ShadowStats.com
Jim Sinclair’s Commentary
Here is the real jobs number, the Labor Force.
QE to infinity. Whatever is required money wise, here and there, will be supplied or it’s back to the Stone Age.
Record 88,921,000 Americans ‘Not in Labor Force’—119,000 Fewer Employed in August Than July By Terence P. Jeffrey
September 7, 2012
(CNSNews.com) – The number of Americans whom the U.S. Department of Labor counted as “not in the civilian labor force” in August hit a record high of 88,921,000.
The Labor Department counts a person as not in the civilian labor force if they are at least 16 years old, are not in the military or an institution such as a prison, mental hospital or nursing home, and have not actively looked for a job in the last four weeks. The department counts a person as in “the civilian labor force” if they are at least 16, are not in the military or an institution such as a prison, mental hospital or nursing home, and either do have a job or have actively looked for one in the last four weeks.
In July, there were 155,013,000 in the U.S. civilian labor force. In August that dropped to 154,645,000—meaning that on net 368,000 people simply dropped out of the labor force last month and did not even look for a job.
There were also 119,000 fewer Americans employed in August than there were in July. In July, according to the Bureau of Labor Statistics, there were 142,220,000 Americans working. But, in August, there were only 142,101,000 Americans working.
Despite the fact that fewer Americans were employed in August than July, the unemployment rate ticked down from 8.3 in July to 8.1. That is because so many people dropped out of the labor force and stopped looking for work. The unemployment rate is the percentage of people in the labor force (meaning they had a job or were actively looking for one) who did not have a job.
More…
“Draghi Day” yesterday was something of an anti-climax as far as precious metals were concerned: though the European Central Bank is now prepared to buy unlimited amounts of troubled eurozone governments’ short-term debt, these purchases will be “sterilized”. This is similar to what the Fed has been doing with its “Operation Twist” – offsetting new bond purchases with asset sales. So the total euro money supply is not increased by this scheme.
What this does do is prop up troubled periphery governments, and help boost inflation in countries like Spain. At the same time, it is offering savers in countries like Germany bonds and/or savings deposits, which exerts a deflationary impact on the German economy. If all goes according to plan, this succeeds in stabilising prices across the currency bloc. The “if” in that sentence though is a big “if”.
Read More @ GoldMoney.com
My Dear Extended Family,
If you have eyes to see, coordinated central bank monetary and fiscal stimulation action is taking place.
Yesterday was “Draghi Day.” Today the Chinese officially released massive fiscal stimulus on top of the already monetary stimulus. Watch for the US Fed to chime in.
QE to infinity MOPEd as sterilized is falling into place. Please review my post from last weekend to you on the illusion of monetary sterilization.
Gold is going to and through $3500. The approach some long term gold bulls took toward gold, initiating a temporary short directly after Labor Day, is now in the process of backfiring badly.
Regards,
Jim
My Dear Extended Family,
Monty Guild, a friend of mine for more than forty years, is the most honest and capable man, in my opinion, in money management.
I respect Monty’s feelings on many matters, certainly the macro picture. Monty, like I, believe it is possible that coordinated central bank actions in the USA, EU, Japan and China are being discussed. The economic problems are so severe, so international, so global, so entwined, so insoluble and still caused primarily by the greed of 1990 to present finance in the form of OTC derivatives that only coordinated global action can kick this can one more time.
Gold is truly going to and through $3500. The gold business is the best business to be in.
Respectfully,
Jim
My Dear Extended Family,
The most crowded trade on the planet has turned bad, the short the EU trade.
How about 1.305 to 1.32? The expat euro snobs are bleeding today.
Jim
Jim Sinclair’s Commentary
John Williams of ShadowStats.com shares his wisdom with us.
- A Move to Open-Ended Monetization of Treasuries?
- Payroll Jobs Down by 261,000, Household-Survey Employment Down by 86,000,
Since President Obama‚s January 2009 Inauguration
- BLS Did Not Publish Actual July-to-August Unemployment Rate Change
- August Unemployment: 8.1% (U.3), 14.7% (U.6), 22.8% (ShadowStats.com)
- M3 Annual Growth Notches Higher
- Jump in Reported Inflation Likely in Week Ahead
www.ShadowStats.com
Jim Sinclair’s Commentary
Here is an example of why you should consider subscribing to www.ShadowStats.com. John Williams will see the improvement when it comes before any statistician.
We have nailed this 15 to 17 year period. Now we start preparation to know what full valuation is when it comes to gold
Opening Comments and Executive Summary. Suggestions of mounting systemic-solvency issues have begun to surface in recent central bank activity and discussions, and that circumstance is worthy of a comment before getting into the August labor data and other economic numbers. Efforts are afoot to introduce open-ended buying of government bonds by the European Central Bank (ECB) and by the Federal Reserve. While the ECB effort already is “approved,” it may run into problems with the financial prudence demanded by the Bundesbank; the Fed suffers no such apparent constraint. With a lack of concern for financial propriety, born of necessity, the U.S. central bank likely will need and get such a bond-buying program in place, soon, with negative implications for the U.S. dollar and domestic inflation, as discussed in the Hyperinflation Watch section.
The August employment and unemployment data either were statistically insignificant or simply were meaningless on a month-to-month basis. Broadly, though, payrolls show that the economy is not recovering, while unemployment—from the standpoint of common experience—remains near a post- Great Depression high. Nonetheless, politics and the markets are putting unusual twists into the data and economic claims, as discussed in this section.
Construction spending continued its pattern of low-level stagnation in July, with unchanged August construction payrolls suggesting further stagnation in August (see Reporting Detail section).
Annual inflation in the July PCE deflator came in at 1.3%, below the Fed’s 2.0% target for a fourth month (see the Reporting Detail section). The recent slowing of annual inflation, however, is about to reverse, with higher energy, food and “core” prices suggesting a sharp spike in both headline monthly and annual August CPI inflation, due for release on Friday, September 14th (see the Week Ahead section).
www.ShadowStats.com
Jim Sinclair’s Commentary
Here is the real jobs number, the Labor Force.
QE to infinity. Whatever is required money wise, here and there, will be supplied or it’s back to the Stone Age.
Record 88,921,000 Americans ‘Not in Labor Force’—119,000 Fewer Employed in August Than July By Terence P. Jeffrey
September 7, 2012
(CNSNews.com) – The number of Americans whom the U.S. Department of Labor counted as “not in the civilian labor force” in August hit a record high of 88,921,000.
The Labor Department counts a person as not in the civilian labor force if they are at least 16 years old, are not in the military or an institution such as a prison, mental hospital or nursing home, and have not actively looked for a job in the last four weeks. The department counts a person as in “the civilian labor force” if they are at least 16, are not in the military or an institution such as a prison, mental hospital or nursing home, and either do have a job or have actively looked for one in the last four weeks.
In July, there were 155,013,000 in the U.S. civilian labor force. In August that dropped to 154,645,000—meaning that on net 368,000 people simply dropped out of the labor force last month and did not even look for a job.
There were also 119,000 fewer Americans employed in August than there were in July. In July, according to the Bureau of Labor Statistics, there were 142,220,000 Americans working. But, in August, there were only 142,101,000 Americans working.
Despite the fact that fewer Americans were employed in August than July, the unemployment rate ticked down from 8.3 in July to 8.1. That is because so many people dropped out of the labor force and stopped looking for work. The unemployment rate is the percentage of people in the labor force (meaning they had a job or were actively looking for one) who did not have a job.
More…
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