Thursday, November 22 2018

Chinese SGE Gold Withdrawals

SGE Withdrawals for October

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Wednesday, November 21 2018

JPMorgan Metals Probe Moves Ahead as U.S. Seeks to Delay Lawsuit

The Justice Department’s investigation of manipulation in the precious-metals markets at JPMorgan Chase & Co. spurred prosecutors to ask a judge to delay a civil lawsuit focusing on similar misconduct.

Former trader John Edmonds pleaded guilty last month to federal charges that he placed hundreds of orders in the futures market he never intended to execute, in a six-year spoofing scheme. On Monday, the Justice Department asked the judge overseeing an antitrust lawsuit against JPMorgan to delay the case for six months to “protect the integrity” of its ongoing criminal probe.

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LBMA trading volume data confirms the paper gold casino in London

The LBMA trade repository or reporting hub, named

, into which LBMA member firms report their trade data, has a huge amount of trade data that the LBMA could report to the market if it so chose and wished to do so in the interests of market fairness and efficiency. There could be real trade reporting which as a reminder under MIFID takes the form of reporting “basic details of trades almost immediately, so that the information can be circulated in the market, to improve transparency of pricing”.

There could be reporting by client type, such as miners, refiners, central banks, buyside institutions, banks etc, and reporting by trade rationale, e.g. ETF trades interbank trades, exchange for physicals, speculative trading, central bank gold deposits, physical consignment trades etc. In fact the options are practically endless for proper trade reporting when all of the data is in a database, as it is in the LBMA-i reporting hub.

But the LBMA has chosen not to provide any trade reporting at all, and the UK financial authorities have chosen to look the other way. The London gold and silver markets will therefore continue to operate in opacity and with a lack of market efficiency that proper trade reporting would have gone someway to improve.

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London Gold Market Comes Clean: It's Not as Big as Thought

London’s gold market owned up to the biggest secret in bullion: it’s not as big as some thought and, for last week at least, smaller than New York’s.

An average of $36.9 billion of gold and $5.2 billion of silver changed hands each day in the city’s over-the-counter market, including metal for delivery in Zurich, according to figures released for the first time on Tuesday by the London Bullion Market Association. Previous World Gold Council estimates, based on 2016 data, were between three and six times higher.

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Switzerland Gold Imports & Exports

Swiss flows for October

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US Gold Imports & Exports

US flows for September

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Tuesday, November 20 2018

Russian Gold Reserves

Russia adds 900,000oz in October

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EuroStat Gold Imports & Exports

European flows for September

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United Kingdom Gold Imports & Exports

UK flows for September

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Monday, November 19 2018

India Gold/Silver Imports

Imports for September

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Saturday, November 17 2018

Utah rare coin dealer accused of defrauding investors in a $170 million Ponzi scheme involving silver

The Utah Department of Commerce said in a Friday news release that Rust had fraudulently obtained more than $170 million from people in Utah and 16 other states in a scheme involving silver.

The complaint alleges that for more than 10 years, Rust “tricked” investors who believed they were pooling their money so Rust and his company would sell silver held in a pool as market prices rose, and buy silver for the pool when prices fell. Investors were told this would lead to “extraordinarily high profits.”

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Transparent Precious Metal Holdings - Gold/Silver

Flows this week

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Gold/Silver - Futures - COTs - Commitment of Traders

COTs this week

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Friday, November 16 2018

Forget Bars And Coins; Digital Gold Will Revolutionize Marketplace

Grosskopf said that he thinks a digital bullion marketplace will open up the gold market to a new category of investors and bring much-needed efficiencies for the market.

“Without exaggeration, I think a digital exchange is important for the gold market,” he said. “The gold market is ready for a whole new investor. We just have to bring the physical market into a digital world.”

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GFMS Releases 2018 Interim Silver Market Review

The silver market is expected to experience a physical surplus of 35.3 Moz which is substantially higher than the previous year. Net holdings of ETPs have contracted 0.5 Moz to-date, following seven annual increases in the last decade. On the other hand, exchange inventories have increased for the third consecutive year in 2018, particularly on COMEX which represents approximately 76% of total, rising by 52.5 Moz. As such, the net balance is expected to post a shortfall of 16.7 Moz.

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Thursday, November 15 2018

Bank of England refuses to return 14 tonnes of gold to Venezuela

The reasons put forward by official sources in the Reuters and Times articles for why Venezuela can’t withdraw its gold from the Bank of England are clearly bogus. The more logical and likely explanation is that the US, through the White House, US Treasury and State Department have been liaising with the British Foreign office, HM Treasury to put pressure on the Bank of England to delay and push back on Venezuela’s gold withdrawal request.

However, these ‘British officials’ are creating a dangerous precedent that other central bank gold customers of the Bank of England around the world will be taking note of. Similar gold withdrawal requests from other central banks, especially those that hold gold loans and gold swaps and want allocation, could well precipitate a run on the physical gold stored in the Bank of England’s vaults.

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Gold Re-Monetization Is Much Closer Than Many Realize

Under Basel III, monetary gold now qualifies as a Tier 1 asset, and is 100% valued for the purposes of banking viability.

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Gold And Silver Stocks Are Literally Cheaper Than Dirt!

Watch as Jeff Clark discusses the impact the world economy has on gold and silver prices and gives his top stock picks.

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Wednesday, November 14 2018

Gold: Rising gold price vindicates RBI’s investment plan

The Reserve Bank of India’s gold purchase plan seems to be paying off as the monthly valuation gains have touched an eight month high with investor demand for a safe haven rallying the yellow metal.

The value of gold in the country’s foreign exchange reserves rose 1.7 per cent in three weeks from October 12 to November 2 at $20.9 billion. Gold prices rose 2 per cent during the same period.

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At Some Point the Whole Thing Blows Up

The interview gets interesting (gold) starting at 21 minutes & running through to the end.

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