Switzerland’s central bank is warning of unstable price signals were the country to vote to require the bank to keep a minimum amount of gold in its vaults
The Swiss Initiative, “Save Our Swiss Gold” would be a “fatal error of judgment,” Thomas Jordan, president of the Swiss National Bank .
The Swiss will vote November 30 to make the Swiss National Bank hold a fifth of its assets in gold, a level it needs to meet within five years. The SNB currently has assets of about $550 billion. Continue reading
Intrinsic currencies like gold and silver, for example, are acceptable without a 3rd party guarantee. – Alan Greenspan, (LINK)
The Financial Times is reporting that UBS has agreed to settle charges against it by the UK’s Financial Conduct Authority that it engaged in the manipulation of the gold and silver markets. While it may come as a surprise to chart wranglers like Trader Dan or interminably hot air windbags like Dennis Gartman and Martin Armstrong that gold and silver are manipulated by the big bullion banks, UBS has de facto admitted to such illegal activity. Continue reading
JPMorgan Chase (NYSE:JPM), which completed the sale of its physical commodities unit Swiss trader Mercuria for $800 million last month, says is not leaving the business and plans to continue financing metals and crude oil, FT.com reports (subs. required). Continue reading
The gold price broke below key support at $1,180 this morning, hitting its lowest since July 2010, after the dollar rallied further on news that Japan will aggressively expand its stimulus measures.
The spot gold price hit a low of $1,167.20 before staging a small recovery to its current level of $1,173.00/1,173.80 per ounce, still down $26.50 on Thursday’s close. Continue reading
Add the bear market for oil prices to the list of reasons that U.S. inflation is still tame and why some investors see bigger losses in gold. Continue reading
Mark O’Byrne makes some very good points in the following article on how, despite staggering demand for silver, the price is falling. Read on to learn more about Mark’s findings. Read the blog here.
Bullion prices might be moving sideways, but with reporting coming in tomorrow and the following day for US Mint sales, it is likely we could see a continuing march towards a year record.
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Tagged silver bullion
The European Union (EU) is trying to raise funds. Technocrats foresee the need to inject billions of euros into the economy. With Mario Draghi speaking at Jackson Hole this week, could it be Quantitative Easing is on the horizon for the EU? Many believe so…
The US dollar jumped to a 14-month high against the euro on Tuesday as investors bet the Federal Reserve would hike interest rates earlier than expected, a view that helped knock down bond prices and weighed on global equity markets. Continue reading
GOLD BUYING by central banks has continued ahead of recent averages in 2014, according to several analysts’ notes.
“Central banks remained firmly on the buy-side of the gold market” in the first half of the year, writes Macquarie Bank analyst Matthew Turner in London.