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Currency Wars – Russia and Netherlands Buy 30 Tonnes Gold In December

Currency Wars – Russia and Netherlands Buy 30 Tonnes Gold In December

Russia and surprisingly the Netherlands were the largest central bank buyers in December – accumulating a significant 30.34 tonnes between them as currency wars intensify.

Demand for gold as a diversification and monetary asset continues to be very robust and central banks remain net buyers of gold which should be supportive of prices.

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The Netherlands, which has the ninth-biggest gold reserves,  raised its bullion holdings for the first time in 16 years. It added  9.61 tonnes to bring total gold reserves to 622.08 tonnes.

Russia raised its gold reserves for a ninth straight month in December as the country continued its multi month gold buying spree, adding to the fifth-biggest gold holdings in the world, data from the IMF showed yesterday.

Russia continues to dollar cost average into gold and increased its bullion holdings by another hefty 20.73 tonnes to 1,208.23 tonnes in December.

The December figure for Russia, who have the fifth largest reserves in the world, brings their officially stated reserves to 1208.23 tonnes. If this trend were to continue their officially stated reserves would increase 20.6% this year.

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Euro Gold Surges To EUR 1,168 After Greek Election Landslide

Euro Gold Surges To EUR 1,168 After Greek Election Landslide

The crushing victory of the Greek opposition party Syriza in yesterday’s Greek elections has added to jitters in already jittery financial and foreign exchange markets.

Head of Syriza, Alexis Tsipras waves after winning the elections in Athens

The euro tumbled and gold in euros surged to its highest level since April 2013, at €1,167.94/oz as markets opened in Asia. The euro has since stablized but remains near a 11 year low against the dollar and is now down 16.7 percent against gold in January alone. (more…)

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Gold Surges As ECB To Print Trillion Euros and ‘Grexit’ Election Sunday

 Gold Surges As ECB To Print Trillion Euros and ‘Grexit’ Election Sunday

Stocks, bonds and precious metals surged yesterday as markets cheered the latest wave of money printing on a grand scale.

Gold surged 3 per cent in euro terms (see chart below) after Mario Draghi in the ECB announced a massive quantitative easing or QE programme of over EUR 1 trillion from March 2015 to September 2016.

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Listen here

The QE programme is even larger than expected at €60 billion every month rather than the €50 billion that had been expected. The euro fell another 0.9 per cent against the dollar to an 11-year low and has shed another 1% versus the Swiss franc. Gold was nearly 1% higher in dollar and sterling terms also. (more…)

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ECB To Print Trillion Euros – Gold Could Surge 40% In 15 Minutes Against Euro, Other Currencies

ECB To Print Trillion Euros – Gold Could Surge 40% In 15 Minutes Against Euro, Other Currencies

Mario Draghi is preparing to unveil QE today as the ECB looks certain to announce it’s much anticipated quantitative easing (QE) programme. The move to print up to €1 trillion euros in the coming months appears to be a fait accompli although it will occur against a backdrop of strong German resistance and many concerns.

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Listen

Following leaks that mainstream news sources regard as credible, the ECB is expected to announce monthly purchases of €50 billion in government bonds of member states.  The scheme is expected to run from March until the end of 2016 – for some 21 months – bringing the total to around 1 trillion euros. The ECB’s balance sheet currently stands at about €2 trillion.

Proponents argue that the move should or will prevent deflation and help revitalise the ailing euro zone economy. (more…)

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SNB Shock Was ‘Icing On Cake’ For Gold Ahead of Draghi’s Euro ‘Bazooka’

SNB Shock Was ‘Icing On Cake’ For Gold Ahead of Draghi’s Euro ‘Bazooka’

Is gold a safe haven? Mark O’Byrne, executive and research director at GoldCore, told CNBC yesterday that yes it is. He said that the Swiss National Bank’s recent decision was “icing on the cake” for gold and shows how gold thrives in a volatile environment.

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Interview:
CNBC’s Seema Mody: Given the lacklustre performance of gold over the past two years, investors have been questioning whether gold is in fact a good investment. But last week’s unexpected move by the Swiss National Bank confirmed that perhaps gold is still seen as a safe-haven by investors during a time of rising volatility. Would you agree?

Mark O’Byrne: I would indeed – yes, absolutely. And I think the SNB decision is actually ‘icing on the cake’ because there were strong fundamental factors in place coming through from 2014 and gold prices had actually started to move up – particularly in Euro terms, but also in dollar and sterling terms – even prior to the SNB decision. (more…)

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Gold Demand Explodes as Volatility and Fear Stalk Market

Gold Demand Explodes as Volatility and Fear Stalk Market

Although the extent to which the surprise move by the Swiss National Bank last week has damaged financial institutions will not be apparent until the end of the month, it is already clear that enormous damage has been wreaked on many businesses exposed to the foreign exchange markets.

On Thursday the SNB unpegged its currency from the euro without warning. The peg was put in place three years ago during the height of the euro crisis to prevent the Swiss franc from rising too much relative to its EU neighbours and damaging its exports.

Swiss Franc images by MadGeographer

The shock move caused the Swiss franc to rally almost 30% against the euro and 28% against the dollar. To maintain the peg, the SNB had been forced to accumulate around €500 billion leaving it very vulnerable to a euro devaluation.

It would seem that the move was not coordinated with the ECB or the Fed and may be endemic of a new low phase in global central bank communications. Many times throughout the financial crisis central banks have coordinated efforts to stabilise market volatility and to manage stimulus programs in concert. (more…)

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Bundesbank Announces Repatriation of 120 Tonnes of Gold from Paris and New York Federal Reserve

Bundesbank Announces Repatriation of 120 Tonnes of Gold from Paris and New York Federal Reserve

The Bundesbank, Germany’s powerful central bank, announced very publicly this morning the further repatriation of some of it’s gold being held in foreign locations – namely in Paris and New York with the Bank of France and the Federal Reserve.

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“The Bundesbank successfully continued and further stepped up its transfers of gold,” the central bank said in a statement. “Implementation of our new gold storage plan is proceeding smoothly. Operations are running very much according to schedule,” said Carl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank. (more…)

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Jim Willie: Swiss De-peg Triggers Massive Derivative Crisis, Potential END OF THE EURO!

In the wake of the Swiss National Bank shocking the market this week de-pegging the CHF from the Euro, the Golden Jackass Jim Willie joined us over the weekend for an Exclusive Interview discussing: 

  • Willie explains why the Swiss are dumping the Euro in favor of GOLD, and that multi-hundred billion trading losses will result in MASSIVE DERIVATIVE LOSSES & CONTAGION!
  • Swiss actions have brought a HUGE ACCELERATION of end game events-We’re looking at the potential END of the EURO!
  • Swiss have front run the Global Currency Reset & GOLD REVALUATION!
  • $2 TRILLION IN SUB-PRIME OIL BONDS ARE ABOUT TO EXPLODE!  Contagion will be bigger than sub-prime housing crash!
  • Dollar Death-Spike: Fed has LOST CONTROL of the dollar!
  • Coming European bank failures will result in a STAMPEDE INTO GOLD!
  • 2015 Will be a repeat of Lehman- Several Western banks will go down, This is GAME OVER!
  • When Putin flips his switch, the DOLLAR IS DEAD, and Gold Will DOUBLE!
  • GREXIT will blow up the EU!

Click here for one of Jim Willie’s Most Dynamic & STUNNING Interviews EVER:

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Ukraine Lurches to Full Scale War as Russia Drastically Reduces Gas Supply to EU

Ukraine Lurches to Full Scale War as Russia Drastically Reduces Gas Supply to EU

Vladimir Putin has ordered the Russian state energy giant Gazprom to cut natural gas supplies to and through Ukraine to the EU in a little reported move. It took place late on Wednesday and was overshadowed by the Swiss National Bank market turmoil yesterday.

Russian Prime Minister Putin instructs Gazprom chairman Alexei Miller during a meeting yesterday

Russia has shut off gas supplies through Ukraine to six EU states, ostensibly due to Ukraine’s alleged illegal siphoning gas from the pipeline. The European Union warned that the sudden cut-off to some of its member countries was ‘completely unacceptable’. The move comes just as winter begins to bite across Europe. (more…)

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Market Chaos as Swiss Franc Surges 30% In 13 Minutes, Gold Rises Sharply

Market Chaos as Swiss Franc Surges 30% In 13 Minutes, Gold Rises Sharply

Chaos was seen in financial markets today as participants were thrown a curveball when Switzerland surprised the world by removing its three-year cap on the Swiss franc, unpegging it from the euro. This sent the undervalued currency soaring and Europe’s shares and bond yields tumbling.

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In just 13 minutes, from 0930 to 0952 BST, the franc collapsed by 30%. Swiss shares fell more than 12% – their largest crash since 1987. Stock markets around Europe fell with investors buying “safe haven” assets such as German bunds andgold bullion.

Gold rose in all major currencies and approached a three-month high following Switzerland’s unexpected decision to decouple its currency from the euro. (more…)

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Oil Collapses and Copper Crashes 8% in Day – Great Recession Cometh?

 Oil Collapses and Copper Crashes 8% in Day – Great Recession Cometh?

Oil prices fell another 1 per cent this morning  and continue their collapse – down 57% in just over 6 months. Copper crashed 8% on the London Metal Exchange, plunging to 5 and a half year lows.

Doctor Copper -  Usually a good indicator for economic trends and markets via Marketwatch

Oil fell to fresh six-year lows and has fallen almost 60 per cent since June 30, 2014 to levels last seen in early 2009 after the 2008 crash (see chart). (more…)

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Gold In Euros Up 7.2% In 2 Weeks – Surges Over EUR 1,050 Per Ounce

Gold In Euros Up 7.2% In 2 Weeks – Surges Over EUR 1,050 Per Ounce

Gold priced in euros surged through the €1,050/oz barrier to a high of €1,052.04 per ounce this morning. It’s up 7.2% this month, outperforming gold in dollars which is up 4.8%, and building on the 12% gains seen in 2014. Market participants are increasing allocations to gold in order to hedge a ‘Grexit’ and risks posed by euro money printing.

Gold in Euros - 5 Years (Thomson Reuters)

(more…)

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