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Mafia Boss Says Stocks A Bubble, Buy Physical Gold and Silver

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…)

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Peak Gold? Russia To Surpass Australia As World No 2 Gold Producer

 

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…)

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Shanghai Becoming Global Gold Hub And Gold Price Discovery Centre

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…)

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New ‘LBMA Silver Price’ – Still Not Transparent

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…)

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Gold Not a Safe Haven? Tell That to the Folk in Ukraine, South America, Middle East and Africa

This is especially the case in Ukraine where the currency has lost more than half of its value versus gold (see chart above and below). Gold in Ukraine Hrvynia is up 70% since the start of 2014. People who own gold in Ukraine would laugh at you, if you said that gold is not a safe haven. As would people in many countries in South America, the Middle East and Africa.

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Confusion Prior To New “London Silver Price” Launch This Friday

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.

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U.S. Bail-Ins – Fed Vice Chair Fischer Says “Preparing A Proposal”

Federal Reserve Vice Chairman Stanley Fischer delivered his first speech on the U.S. and global economy in Stockholm, Sweden yesterday. Fischer headed Israel’s central bank from 2005 through 2013 and is now number two at the Federal Reserve in the U.S. after Janet Yellen. Fischer’s comments that the U.S. is “preparing a proposal” for bail-ins is at odds with Federal Deposit Insurance Corporation (FDIC) and Bank of England officials who have said that bail-in legislation could be used today.

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“World Insecurity” May Have “Positive Impact On Gold” – Ex BOE Mervyn King

 Ex BOE Mervyn King warned that all countries would have to face up to mounting debt levels and said that central bank’s ultra loose monetary policies were not the answer. King echoed the IMF’s Lagarde recent declaration that the world needs a “global economic reset”.

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“Bail In Regime” Sees UK Banking System Downgraded By Moodys

Bank of England plans to make bondholders and depositors bear the cost of bailing out failing banks has led Moody’s to downgrade its outlook on the UK banking sector.
Depositors in some Cyprus banks saw 50% or more of their life savings confiscated overnight. Moodys largely ignored, as did much of the media coverage of their report, the real risk that bail-ins pose to people’s life savings and companies capital, the likely negative impact of this on consumer sentiment and employment in already fragile economies.



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Russia And Iran Sign Historic 500,000 Barrel A Day Oil Deal – Petrodollar Under Threat

The White House has previously said that talks between Russia and Iran were a matter of “serious concern”. Currency wars are set to escalate as the petro dollar’s decline continues. U.S. and European Union sanctions against Russia threaten to hasten a move away from the petro dollar that’s been slowly occurring since the global financial crisis.

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Perth Mint’s Gold & Silver Bullion Sales Drop to 3 Month Low

 

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.

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Gold’s Sweet Spot – Strongest Months Are August, September, November And January

Gold frequently see seasonal weakness in May, June and July. This has been the case in recent years and since gold became a traded market in 1971 (see tables). The data is compelling … Gold’s traditional period of strength is from early August into the autumn and early winter.

Gold Seasonal – Monthly Performance and Average (10 Years) (more…)

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