Mafia Boss Says Stocks A Bubble, Buy Physical Gold and Silver
Michael Franzese, the former powerful mafia boss turned motivational speaker and author, warned on CNBC that stocks are a bubble, Wall Street is crooked and advised people to own physical gold and silver bars. (more…)
Tagged with: gold
Russian central bank acquired another 390,000,000 ounces worth $3.9 billion in July
Gold and silver have fallen below the $1,300/oz and $20/oz levels respectively. Gold traded marginally lower in trade in London after gold in Singapore also ticked marginally lower. (more…)
Tagged with: australia
, Chinese gold reserves
, gold mining
, gold production
, gold reserves
, peak gold
, South Africa
China is moving closer to positioning itself as the physical gold trading hub of the world and the world’s gold price discovery centre. It is a natural progression for the largest economy in the world and for the world’s largest gold buyer, importer and indeed producer.
Gold Bust (2.8 Kilogramme) of Deng Xiaoping (Reuters/Bobby Yip) (more…)
The Gold Anti Trust Action Committee (GATA) and those concerned about price manipulation will allege that the LBMA and the western bullion banks are engaged in a rebranding and repackaging exercise in order to maintain a cosy gold and silver cartel of bullion banks and ultimately control over precious metal prices. (more…)
Interestingly, the FT also reports that there may be significant buying of silver in the coming days: “Indeed, there are already rumours in the market place that some big silver producers and consumers are preparing to pepper the market with orders.” This creates the possibility of the short squeeze that many market participants and silver analysts have been expecting for some time.
In the physical markets, buying remained subdued in the seasonally quiet summer period. Gold and silver bullion coin buyers have secured their allocations and there is very little new entrants into the bullion market which has contributed to falling demand recently. Data from the U.S. Mint showed that gold coin sales in July fell about 40% from a month ago.