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Offline g

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Re: Gold & Silver News
« Reply #345 on: February 09, 2013, 08:24:18 PM »
Quote
Surely all that gold could be used for some more moral purpose than money?

Much of it has been used for other purposes on account of it's beauty, malleability, indestructible qualities of being inert and impervious to the elements, many other physical properties which caused the precious metal  to evolve as real money. The Egyptians thought it was the flesh of God and buried their Kings, who were their deities in coffins of it.

Fine art sculptures, jewelry, religious artifacts, chalices, all sorts of uses for the precious metal.

The following are a few images of Inca Treasures.   Beautiful art works in my opinion.

                                                     
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mask4
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                                                      Clicking on these images and the clicking the enlarge box will enhance them.

                                               
                                                 
                                                             
                                                       
« Last Edit: February 09, 2013, 08:30:29 PM by Golden Oxen »

Offline WHD

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Re: Gold & Silver News
« Reply #346 on: February 09, 2013, 09:11:43 PM »
Quote
    Surely all that gold could be used for some more moral purpose than money?

GO,

I was thinking about communications hardware.

Offline g

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Re: Gold & Silver News
« Reply #347 on: February 09, 2013, 09:40:38 PM »
Quote
    Surely all that gold could be used for some more moral purpose than money?

GO,

I was thinking about communications hardware.

Silver is the big metal in that field, Gold considered too valuable except for critical must be perfect applications. 

Offline Petty Tyrant

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Re: Gold & Silver News
« Reply #348 on: February 09, 2013, 09:56:58 PM »
When they switched from leaded to unleaded petrol the exhaust system of cars shortly after the engine where it is as hot as possible straight after the oxygen sensor  it has a part called a catalytic converter, looks like a small muffler but a little more football shape than totally square, inside is a fine screen or two of platinum. This is meant to be replaced after 200,000 km or about 130,000 miles. Theyre out there.
ELEVATE YOUR GAME

Offline g

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Re: Gold & Silver News
« Reply #349 on: February 09, 2013, 10:03:26 PM »
When they switched from leaded to unleaded petrol the exhaust system of cars shortly after the engine where it is as hot as possible straight after the oxygen sensor  it has a part called a catalytic converter, looks like a small muffler but a little more football shape than totally square, inside is a fine screen or two of platinum. This is meant to be replaced after 200,000 km or about 130,000 miles. Theyre out there.

True, they use palladium mostly now because it is cheaper where they can, but some still require platinum Unc

Offline RE

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Re: Gold & Silver News
« Reply #350 on: February 09, 2013, 11:09:47 PM »
Once Outta Gas, nobody will need Pt or Pd for Catalytic Converters.  Once Outta Juice, nobody will need Gold or Silver for Electronics.  Once Outta FOOD, Pt, Pd, Ag  & Au all WORTHLESS.

Mountain House Freeze Dried Food?  Priceless.


RE
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Offline WHD

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Re: Gold & Silver News
« Reply #351 on: February 10, 2013, 05:51:38 PM »
Once Outta Gas, nobody will need Pt or Pd for Catalytic Converters.  Once Outta Juice, nobody will need Gold or Silver for Electronics.  Once Outta FOOD, Pt, Pd, Ag  & Au all WORTHLESS.

Mountain House Freeze Dried Food?  Priceless.


RE

Out Of Mountain House Freeze Dried Food?  Priceless.

Anyone know how to make pemmican? I do.  :icon_mrgreen:

Offline g

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Re: Gold & Silver News: Putin Turns Black Gold to Bullion Russia Outbuys World
« Reply #352 on: February 11, 2013, 04:26:10 AM »
Putin Turns Black Gold to Bullion as Russia Outbuys World
By Scott Rose and Olga Tanas - Feb 11, 2013

When Vladimir Putin says the U.S. is endangering the global economy by abusing its dollar monopoly, he’s not just talking. He’s betting on it.

Not only has Putin made Russia the world’s largest oil producer, he’s also made it the biggest gold buyer. His central bank has added 570 metric tons of the metal in the past decade, a quarter more than runner-up China, according to IMF data compiled by Bloomberg. The added gold is also almost triple the weight of the Statue of Liberty.

“The more gold a country has, the more sovereignty it will have if there’s a cataclysm with the dollar, the euro, the pound or any other reserve currency,” Evgeny Fedorov, a lawmaker for Putin’s United Russia party in the lower house of parliament, said in a telephone interview in Moscow.

Gold, coveted by Russian rulers including Tsar Nicholas II and the Bolshevik leader whose forces assassinated him, Vladimir Lenin, has soared almost 400 percent in the period of Putin’s purchases. Central banks around the world have printed money to escape the global financial crisis, sapping investor appetite for dollars and euros and setting off a scramble for safety.

In 1998, the year Russia defaulted on $40 billion of domestic debt, it took as many as 28 barrels of crude to buy an ounce of gold, data compiled by Bloomberg show. That ratio tumbled to 11.5 by the time Putin first came to power a year later and in 2005, after it touched 6.5 -- less than half what it is now -- the president told the central bank to buy.
Putin’s Call

During a tour that November of the Magadan region in the Far East, where Polyus Gold International Ltd. and Polymetal International Plc have operations, Putin told Bank Rossii not to “shy away” from the metal. “After all, they’re called gold and currency reserves for a reason,” Putin said, according to a Kremlin transcript.

At the time, gold was at an 18-year high of $495 an ounce and the Moscow-based central bank held 387 tons, or 2.2 percent of its $165 billion total reserves. The share reached 3.5 percent within a month, according to data compiled by Bloomberg.

www.bloomberg.com/news/2013-02-10/putin-turns-black-gold-into-bullion-as-russia-out-buys-world.html   :icon_study: :icon_study:

Offline g

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Re: Gold & Silver News: http: Does John Williams Sound Crazy?
« Reply #353 on: February 11, 2013, 05:37:54 AM »
The MSM tries to classify John Williams as a nutjob. His Shadowstats website pokes holes in the economic data reported by the government by calculating the true level of inflation being created by the Federal Reserve. He is a smart, cogent, reasonable man, with  an MBA from Dartmouth and the courage to speak the truth. Read this interview and decide for yourself whether he’s crazy.

John Williams: How to Survive the Illusion of Recovery

Source: JT Long of The Gold Report  (2/8/13)

John WilliamsThere is no economic recovery, and there are no signs that a recovery is coming, says Shadowstats.com author John Williams. In this Gold Report interview, he blames mal-adjusted inflation statistics for creating an alternate reality that overestimates economic activity in a way that is unsustainable. Williams warns that eventually the painful truth will be so difficult that even government manipulation won’t be able to deny it and that is when hyperinflation will take its toll on those who have not taken his advice for preserving purchasing power and securing wealth.

The Gold Report: The last few years have been very volatile for investors, particularly resource equity investors. The mainstream media, citing government statistics of improved employment rates and housing starts, called an end to the recession and is forecasting a slow recovery in 2013. You are looking at the same indicators, but coming up with different numbers. Let’s start with the unemployment rate. What are you seeing and why is it different than what we are hearing everywhere else?

John Williams: I contend that the economy effectively hit bottom in June 2009, followed by a period of somewhat volatile stagnation, and it is beginning to turn down anew. There never was a recovery and no economic data shows the type of recovery that the official gross domestic product (GDP) report is showing. The GDP shows levels of activity now that are above where the economy was before the recession. It’s been above that level now for more than a year. No other major economic series has shown a full recovery, shy of perhaps inflation-adjusted retail sales, which is due to a problem with the inflation rate used to adjust the series. Generally, the illusion of recovery has resulted from the government’s use of understated inflation.

TGR: Are you predicting a double-dip recession?

JW: It’s more like the pattern a fellow would take going off a ski jump. A plunge and then moving forward, maybe up a little bit and then plunging anew. The economy officially will be recognized as a double-dip recession at some point, but in reality it’s all part of the ongoing economic crisis that we’ve seen for the last five or six years.

TGR: One of the indicators people look at to determine the existence of a recession is the unemployment rate. Why you are seeing a different number for that than some of the officially announced numbers?

JW: Unemployment is a matter of how you define it. The government has six measures of unemployment. The headline number is the third level of unemployment (U3). That measures people actively seeking work in the last four weeks. That doesn’t mean just reading newspaper want ads; it is people mailing resumes and doing interviews. That number was reported at 7.9% for January, but that’s not the common experience. The broadest measure that the government has is U6. That includes the people defined as unemployed in U3 plus what they call “discouraged workers” and those who are working part-time for economic reasons, people who are underemployed. U6 was at 14.4% in January.

    “There never was a recovery and no economic data shows the type of recovery that the official GDP report is showing.”

If you accounted fully for all discouraged workers, not those who have been discouraged for less than a year as counted by the Bureau of Labor Statistics for U6, you’d find that the unemployment rate is up around 23%. The recession has gone on for so long that people have given up looking for work, but those individuals still consider themselves to be unemployed. If there were jobs available, they would take them, but the government doesn’t count them in the headline labor force statistic. That is why the official unemployment rate is shrinking while the number of people who want to work, but can’t find a job, has actually increased.

http://www.theburningplatform.com/?p=48994   :icon_study:

Offline g

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The "cash for gold" – or “cash 4 gold” if you prefer – business has been booming in recent years, but such ventures operating in America are facing the prospect of tighter regulation. This may include requirements to register clients' personal data and forward them to local police.

Currently no federal regulations require these stores to register clients' data. Advocates of the registration process argue that those who sell gold in the future will have to at least identify themselves with a valid driver's licence. Their personal data will then be directly transferred to federal officials through a computer system controlled by local law enforcement.

The owners of cash for gold stores do not approve of these measures (unsurprisingly). Not only do they worry about increased bureaucratic costs, but also about loosing future clientele, with potential traders discouraged by the prospect of their private details being entered into a government database. Data registration advocates argue that such measures are needed to combat the increasing trade in stolen gold.

Advertisements often claim that there could be “no better time” to sell old gold and silverware. Sellers are unaware that in times when central banks are printing record amounts of new money and with much economic uncertainty still abound, owning gold and other precious metals is a good way of preserving wealth.

Past reports show that the typical clientele of cash for gold stores usually sell precious metals in order to raise cash to cover outstanding bills. Those who oppose forwarding data to the authorities see these measures as part of a government scheme to gain a complete overview of all buying and selling activities in the non-banking sector. Many gold store owners argue that these regulations are targeting the wrong sector, as the big guys – in this case the banks – can do as they please while the small guys always get the beating.

Those who support stronger controls on this market argue that forcing cash for gold stores to record and forward their clients' data will not lead to noticeable problems for these businesses. The notion that these measures will help uncover gold thefts remains questionable.

www.goldmoney.com/gold-research/roman-baudzus/american-cash-for-gold-stores-to-face-new-regulations.html?print  :icon_study:

 

Offline Surly1

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Re: Gold & Silver News
« Reply #355 on: February 15, 2013, 02:53:53 AM »
It will certaily help the government identift the last remaining non bank stores of American assets. I am reminded of the article RE posted yesterday about coming French capital controls, taxing transactions over 1000 Euro. Unless you are Gerard Depardieu.


The noose tightens.
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Offline monsta666

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Re: Gold & Silver News
« Reply #356 on: February 15, 2013, 04:36:21 AM »
Platinum & Palladium's Breakout Year

By: Rick Rule, David Franklin, David Baker and Shree Kargutkar

Hard assets are gaining momentum once again as market participants digest the potential impact of central bank printing initiatives. After last year's record level of central bank intervention, 2013 is gearing up to be an even more prolific year on the money-printing front.1 Japanese Prime Minister Shinzo Abe recently unveiled Japan's tenth Quantitative Easing program to follow the country's current $224 billion stimulus announced on January 11th. The US Federal Reserve is steadily printing US$85 billion a month under its QE3 & QE4 programs, and reports indicate that the European Central Bank is close to launching its much-awaited Open Market Transaction (OMT) program to purchase European sovereign debt. It's a money-printing party and everyone's invited. Even the new Bank of England head, Mark Carney, has hinted of plans to launch more monetary stimulus.2

Professional investors have noticed and are expressing concern over the consequences of concerted currency devaluation and the continuation of zero-percent interest rates. PIMCO's Bill Gross, aka "The Bond King", is now regularly touting gold and hard assets as a prudent investment in 2013.3 While his advice appears to have fallen on deaf ears, interest in inflation protection is once again on the rise. We continue to believe that precious metals remain the place to be invested in this environment and are always interested in different avenues with which to participate in the sector's inevitable rise.

Despite being long-time precious metals enthusiasts and active investors in gold and silver, we did not focus on "the other precious metals", platinum or palladium, until very recently. Our interest in the space was ignited by a client's request to assess investment opportunities in the debt and equity of Platinum Group Metal (PGM) mining companies - an exercise that came up almost completely dry. As long-time resource equity investors, we are familiar with the mining industry's supply/demand cyclicality and the impact it has on commodity prices. Looking more closely at the PGM miners, the platinum and palladium industry reminds us of the uranium industry back in 2003. Like uranium, platinum and palladium are crucial to a number of important industrial applications where demand for them is relatively inelastic to price. And like uranium in 2003, palladium is also marked by an opaque, but rapidly diminishing foreign supply stockpile, which had previously balanced out the market and effectively capped the price. Investors will remember that uranium proceeded to perform extremely well from 2003 onwards based on the fundamental supply/demand imbalances that ensued. Our assessment of the PGM industry has led us to believe that platinum and palladium have the potential to do the same. The one difference being, however, that whereas in uranium, where we chose to build our exposure primarily through uranium mining equities, platinum and palladium exposure appears to be best gained through the metals themselves… hence the launch of the Sprott Physical Platinum & Palladium Trust this past December (NYSE Arca: SPPP, TSX: PPT.U).

PLATINUM

On January 15th, the world's largest platinum producer, Anglo American Platinum Ltd. (Amplats), announced plans to shut down several of its mines, resulting in the layoff of 14,000 mine workers and the reduction of approximately 400,000 ounces of annual platinum production. Given that global platinum mine production has averaged approximately 6.2 million ounces per year, the Amplats announcement is equivalent to almost 6% of global annual mine production in 2012, representing a substantial shortfall to the metal's supply/demand balance.4 The platinum spot price appreciated by over $30/oz following this announcement out of South Africa.

Our desire to launch the Sprott Physical Platinum & Palladium Trust was partly based on an expectation of further supply disruptions out of South Africa, which produces close to 75% of the world's annual platinum supply and 37% of the world's palladium. Union-led labour strife has become a growing concern in the country, where some 46 people were killed this past summer in violent strikes at Lonmin's platinum mine in Marikana. The labour unrest has come at a time when the industry is already suffering from persistent operating challenges and declining profit margins (see Figure A). The geological nature and depth of many of the country's platinum mines requires large amounts of manual labour, and South African mine workers have become increasingly politicized in their struggle for higher wages. At today's platinum price, however, most platinum miners are unprofitable after netting out the costs of labour, electricity and equipment required to produce the metal. Many are cash flow negative and cannot meet the workers' request for higher wages without sustaining further losses. Roger Baxter, senior executive at the Chamber of Mines of South Africa, recently stated that at least 50% of the country's platinum industry is marginal or in a loss-making position today.5 In addition, many of the mining operations are suffering from declining ore grades, further lowering mine output. The result has been a 25% decline in annual South African platinum production since 2006. As the Amplats decision plainly underscored, at today's prices, platinum mining in South Africa is simply no longer a profitable affair.

FIGURE A: PRODUCTION MARGIN AND BASKET PRICE

Source: CIBC World Markets Equity Research 2012, PGM Basket consists of Platinum (~60%), Palladium (~30%) and Rhodium
(~10%)


FIGURE B

Source: Johnson Matthey Platinum 2012 Interim Review

The impact of South Africa's mining woes has completely shifted the platinum market's supply fundamentals over the past year, moving it from a state of oversupply in 2011 to a net supply deficit in 2012 (see Figure B). The recent developments in South Africa strongly suggest platinum's supply deficit will continue into 2013, supporting the platinum spot price and potentially moving it to much higher levels. In fact, some industry estimates have suggested the platinum market will experience a deficit as high as 760,000 ounces in 2013.6 Platinum miners will not be able to increase production unless the platinum price rises to a level capable of incentivizing further development.

On the demand side, platinum has benefitted from a steady demand for auto catalysts, which constitutes the metal's primary industrial usage. Platinum and palladium both possess chemical properties that help reduce pollutants produced by gasoline and diesel engines, significantly lowering the air pollution produced by automobiles. Just as we believe the platinum price must go up to incentivize new mine production out of South Africa, the platinum price is further supported by the fact that it CAN go up, because of the relative in-elasticity of the demand for its catalytic utility. The average automobile (worldwide) carries a mere $212 worth of platinum group metals per vehicle, making the impact of any platinum price increase on the total wholesale cost of an automobile relatively marginal.7 In China, for example, where pollution is a critical problem, air pollution levels of 300 or above regularly prompt the US embassy to issue warnings to minimize outdoor or strenuous activity. Air particulate levels in Beijing have often been above 500 recently, sometimes crossing over 700. In response, Beijing has recently tightened emissions standards for new cars to meet European Union Standards, or Euro V, starting February 1st.8 Increasing the platinum/palladium loadings per catalytic converter is one feasible way of directly addressing this growing problem, as the demand for automobiles in China is expected to grow steadily over the next five years. Platinum has also benefited from increasing demand for its usage in jewellery, particularly in China, where it is considered to be superior to gold. According to refiner Johnson Matthey, China is expected to have consumed 1.92 million ounces of platinum in 2012, representing 70% of the overall global platinum jewellery consumption of 2.73 million ounces.9 That total is likely to increase as demand rises in other countries as well. In India, for example, platinum demand is estimated to have increased by 25% this past year, representing a new high of 100,000 ounces.10 As emerging markets growth continues, we expect platinum jewellery demand to increase along with it.

PALLADIUM

The palladium story is similar to that for platinum from a demand perspective, but has a different supply picture that makes it more compelling in our view. Palladium generally occurs with platinum and other PGM metals and is usually associated with nickel and copper. Like platinum, palladium's main industrial usage is in catalytic converters, most notably in gasoline engines. It is also used in jewellery, watchmaking, dentistry, surgical instruments and electrical contacts.

Almost 40% of the world's annual palladium mine supply comes from Russia, primarily through operations at Norilsk. Russia, naturally, does not provide much information on its palladium stockpiles, but various reporting agencies are able to piece together reliable estimates for annual supply and demand.

The palladium market is tight, and appears to be getting tighter. It has gone from a 1.26 million ounce surplus in 2011 to a 915,000 ounce deficit in 2012. This represents a swing of over 2 million ounces this year due to contracting supply, increasing gross demand and diminished recycling, resulting in a supply decrease of 790,000 ounces (see Figure E). If you factor in the ~200,000 ounces we purchased in our Trust, the deficit for 2012 increases to 1.15 million oz.11

As bullish as we are on the supply dynamics of platinum, it is palladium that appears to be poised to move higher in the short-term. The palladium market is now in supply deficit globally and will experience a residual deficit in 2013 even after existing stockpile sales are taken into account. Russia has historically maintained a sizeable palladium stockpile which has represented a key source of supply over the past two decades. 2012 reports suggested that that stockpile was nearing depletion, with sales expected to fall below 100,000 ounces in 2013, versus the 250,000 ounces that are believed to have been sold last year.12 Those numbers were also supported by Swiss PGM data, where the most recent 2012 numbers show Russian palladium shipments running 72% lower than the same period in 2011.13 All of this was recently confirmed by Norilsk itself, when an executive conceded in an interview on November 29th (and later confirmed by industry watchers like GFMS this past January) that the supply overhang from Russian stockpiles is officially close to being depleted. If this proves to be true, it will represent a significant shift in supply, since those stockpiles were a main contributor in balancing the palladium market for the last ten years.

FIGURE E

Source: Johnson Matthey Platinum 2012 Interim Review

One other bullish palladium supply factor relates to the Norilsk mines themselves, which produce more palladium than the next four largest palladium producers combined. Norilsk's 2012 palladium production is expected to account for 42% of global supply. Despite higher prices, Norilsk is not expected to expand its annual palladium production for at least 10 years, because that's how long it will take to develop the new mines it requires to increase production. In addition, the existing operations are reported to be having difficulty maintaining their average 2.7 million ounces of annual production due to diminishing ore grades at depth within the ore bodies Norilsk is mining. With Russian state supplies dwindling, and Norilsk's palladium production flat at best, the supply picture in 2013 has a very high probability of tightening further. This is especially likely if South Africa's 1.5 million ounces of palladium production is also impacted by further strikes and mine shutdowns.

Palladium demand has been robust, having risen by 15% year-over-year in 2012 to 9.73 million ounces.14 The growth has been primarily driven by increased use in autocatalysts, the demand for which alone is forecasted to increase by 7% in 2013. Given the probability of tightening supply in the years ahead, we could potentially see a hoarding reaction by industry users as supply constraints become more pronounced. In year 2000, a similar reaction by industry users led palladium to trade over $1,000/ ounce. It is also interesting to note that palladium has the second highest amount of short positions in the futures market in relation to total annual production - second only to that for silver. The reversal of those short contracts may represent a significant source of investment demand as prices continue to rise.15

SUMMARY

The timing of the launch of the Sprott Physical Platinum & Palladium Trust has been favourable thus far. Supply problems out of South Africa will be the driving force behind platinum's price appreciation, while palladium will benefit from the depletion of Russian stockpiles and flat production from Norilsk. Both metals have the potential to see significant demand increases as the autocatalyst market benefits from growing global auto sales, which reached a record 80 million units sold in 2012.

As at February 2013, the Sprott Physical Platinum & Palladium Trust now holds 81,486 ounces of platinum and 186,098 ounces of palladium in bullion form. The Trust is structured similar to our existing Sprott Physical Gold Trust (NYSE Arca: PHYS, TSX: PHY.U) and Sprott Physical Silver Trust (NYCE Arca: PSLV, TSX PHS.U), but differs in that it initially holds approximately equal dollar amounts of platinum and palladium.

We aim to publish more updates in the coming months to analyze developments in the markets for both metals. Although platinum and palladium share gold and silver's "precious metal" categorization, they represent significantly smaller markets in terms of physical production, making them much more responsive to the supply constraints and demand increases that we foresee for both. It is also worth noting that relatively little of the total annual platinum and palladium supply actually makes it to "market" - with the vast majority sold directly to fabricators. Our Trust's December purchases represent 1.3% of 2012's platinum mine supply and almost 3% of palladium supply. If investment demand for platinum/palladium were to grow in an environment where supply is further constrained, it could indeed have a large impact on the spot price for both metals going forward.

Precious metal investors are encouraged to review platinum and palladium's unique supply/demand dynamics. We believe 2013 will be an exciting year for both metals, and that's without even considering what could happen to the precious metals sector as a whole.

1    As measured by the balance sheets of the four largest central banks. At the end of 2012 the total balance sheets of the Bank of Japan, the US Federal Reserve, the European Central Bank and Bank of England stood at $9.4 trillion USD
2    Kennedy, Simon and Ryan, Jennifer (January 28, 2013) "Carney urges central banks to achieve 'escape velocity' for economies; still room for stimulus". Financial Post. Retrieved on February 1, 2013 from: http://business.financialpost.com/2013/01/28/carney-urges-central-banks-to-achieve-escape-velocity-for-economies-still-room-for-stimulus/
3    Gross, William H. (February 2013) "Credit Supernova!". PIMCO. Retrieved on February 1, 2013 from: http://www.pimco.com/EN/Insights/Pages/Credit-Supernova.aspx
4    Johnson Matthey (November 2012), Platinum 2012 Interim Review
5    Clark, Jeanette (January 31, 2013) "SA Platinum, gold mining electricity costs up $780m since 2007". Mineweb. Retrieved on February 1, 2013 from: http://www.mineweb.com/mineweb/content/en/mineweb-whats-new?oid=175591&sn=Detail
6    MacDonald, Alex (February 2, 2013) "Platinum Market Seen Producing Deficit of up to 760,000 Ounces in 2013 - CEO". 4-traders. Retrieved on February 3, 2013 from: http://www.4-traders.com/AQUARIUS-PLATINUM-LIMITED-9058842/news/Platinum-Market-Seen-Producing-Deficit-of-up-to-760-000-Ounces-in-2013-CEO-16006147/
7    The catalyst formulation and loading used varies greatly from one vehicle to another based on the engine's control strategy, the relevant emissions control legislation, the engine's size and where the catalyst is positioned on the car. The worldwide average platinum group metal content is around 4-5 grams per car, but the range is very wide - from 1 g on microcars to 15 g or more for larger, more powerful vehicles.
8    Bloomberg News (January 28, 2013) "Beijing Smog Prompts Car-Emissions Tightening: Chart of the Day". Bloomberg News. Retrieved on February 2, 2013 from: http://www.bloomberg.com/news/2013-01-28/beijing-smog-prompts-car-emissions-tightening-chart-of-the-day.html
9    Johnson Matthey (November 2012), Platinum 2012 Interim Review
10    Ibid.
11    Ibid.
12    Wallop, Clementine (January 30, 2013) "Norilsk sees palladium output flat in 2013". MarketWatch. Retrieved on February 1, 2013 from: http://www.marketwatch.com/story/norilsk-sees-palladium-output-flat-in-2013-2013-01-30
13    Barclays Commodities Research, December 20, 2012
14    Johnson Matthey (November 2012), Platinum 2012 Interim Review
15    Nick Laird "Days of World Production to Cover Short Positions" chart. Retrieved from: http://www.caseyresearch.com/gsd/home

Offline g

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Is This Where The Secret JP Morgan London Gold Vault Is Located?

In a world defined by "financial innovation", where $1 of hard collateral can spawn over $1000 in repoed and rehypothecated liabilities (and assets [34]), where "shadow banking" is far more important than traditional bank liabilities (and to this date remains completely misunderstood [35]), and where every month the central and commercial banks force create over $100 billion in credit money (which end consumers refuse to absorb and which therefore ends up in the stock market), the concept of a "hard asset" is an increasingly redundant anachronism. Yet while the Federal Reserve has emerged as the bastion of the New Normal's financial innovation front in which the concept of money is backed by absolutely nothing other than the Dollar's increasingly fleeting reserve status, when it comes to the definition of "Old Normal" money - gold - it still is the domain of the first and original central bank: London.



    J.P. Morgan recently integrated its gold vaulting service in London with its tri-party collateral agency service.

        J.P. Morgan operates one of the two largest commercial gold vaults in London (one of only six in the City) and is a member of the London gold clearing system.
        J.P. Morgan is also one of the few truly global providers of collateral management services. As collateral agent, J.P. Morgan works with two parties that have an established collateralized lending or financing arrangement.

Who is the other largest commercial gold vault in London? Why HSBC of course: the bank which has recently been embroiled in virtually every scandal involving global money laundering, also happens to be the custodian for such massive (supposedly) physical gold repositories as those of the SPDR Gold GLD [40]ETF. The HSBC gold vault is also known as "Gold's secret hiding place [41]" as CNBC penned it, when Bob Pisani was allowed to take a look deep inside the vault's bowels but only after he was theatrically blindfolded (a visit which we commented on at the time [42]).

Yet Pisani's blindfold, while theatrical, was premeditated: the number of people who know where the HSBC vault is located is a handful, because the last thing commercial gold vaults, and certainly their customers, would want to deal with is a Simon Gruber-type Die Hard 2-style goldjacking.

                                           
JPM downloads
JPM downloads

                                           
Bollards north view 0
Bollards north view 0

  http://www.zerohedge.com/news/2013-02-16/where-secret-jp-morgan-london-gold-vault-located   :icon_study:

Offline g

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Re: Gold & Silver News: In The Strange Case Of Gold's Regular Morning Mugging
« Reply #358 on: February 21, 2013, 05:13:53 AM »
The precious metals are routinely sold off at or soon after the 8:20am EST morning open of the New York NYMEX exchange.

Below are the daily gold price charts (source: Kitco [10]) for each Monday (or Tuesday, if Monday was a holiday) since early this year. The current day's gold price is noted by the bright green line. The morning takedown is highlighted by the orange oval.

Volume & Timing

Running the above data by Chris, he noted two additional observations.

The first is that the price suppression is commencing increasingly in advance of the start of the NYMEX's open outcry [11] process at 8:20am EST [12] (i.e., how trading happens at the NYMEX). This suggests that it's being done on behalf of powerful players granted permission to circumvent the rules.

The Conundrum

It's hard to swallow that these charts are evidence of a free and efficient market. Otherwise, a pattern this predictable would be quickly removed as traders and HFT algos piled in to a "sure" bet.

Instead, this is behavior one would expect to see if powerful interests wanted to suppress the price of gold: hit the price hard and early at the start of the trading week to prevent the price from building upward momentum, as well as to make capital think twice before entering the gold market.

Who is doing this selling at the market open? Is it TBTF ("too big to fail") banks making profit on large short positions? Is it the Fed, through proxies, keeping the gold price contained so as not to signal how badly QE is devaluing the dollar? Allegations swarm across the Internet that it's one of these – or both. But we don't know for certain. The exchanges don't make that information available to the public.

But while these charts above are not enough evidence to prove that the gold price is being manipulated, they sure exhibit the symptoms one would expect to see if it is.

                                                   
large gold price 2 19 13
large gold price 2 19 13

          http://www.zerohedge.com/news/2013-02-20/strange-case-golds-regular-morning-mugging  :( :icon_study:

Offline g

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Re: Gold & Silver News : US Probes 5 Major Banks in Gold Price Fixing
« Reply #359 on: March 14, 2013, 08:06:25 PM »
Did five banks control the price of gold in the world's largest market? Tatyana Shumksy reports on a new price-fixing investigation.

Whether the probe will be an investigation or a coverup remains to be seen.  :-\

http://on.wsj.com/16uC7Uw   :icon_study:

                                                         
Gold

 

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