A Trump bump to end the day
Trump ended the trading day with a comment that he thought the USD is “getting too strong”. This caused the dollar to sell off and gold to pop. Here are some comments to wrap up the markets that focus on Trump’s comment and the actual trend of the dollar.
Click download link to listen on this device: Download Show
There was a good chart out today from FullGoldCrown over at GoldTent:
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Bonds and Gold
April 12, 2017 – 9:32 pm – FullGoldCrown
The Co Relation between the Yen and Gold has been well documented here at Goldtent.
However there is another very tight Co Relation between Bond Prices and Gold as well.
Thanks to Optional for emailing me the TLT chart ( 10 yr bond price)
I added Gold to show the tight co relation.
Here’s a larger version of just his chart:
My pleasure.
GDXJ continues not to disappoint–in being frustrating!
GH – by the way….. WOW, that is an information dense chart. It took me a while to absorb everything. Thanks!
Trump Trounces Dollar, Yields Cementing Tech Stocks’ Worst Streak In 5 Years
Well that was a day… Tillerson/Lavrov presser sparked a small relief in the safe-haven trend (sending the dollar and bond yields higher) but then Trump’s comments on China, Dollar strength, and Yellen sparked a serious reaction…
North Korea Tells Foreign Journalists To Prepare For “Big” Event On Thursday
In a potentially concerning geopolitical development, Reuters reports that foreign journalists visiting North Korea have been told to prepare for a “big and important event” on Thursday, although the wire service says there were “no indications it was directly linked to tensions in the region over the isolated state’s nuclear weapons program.”
According to Channel News Asia reported Jeremy Koh, “we’ve been told to be ready to move out at 620am, but no idea why. Also, no cell phones allowed.”
Interesting that AFTER the NYMEX closed, Gold moved up to essentially the Shanghai price.
was a nice move after hours……….
How much of the move …..was the dollar crash? After Trump’s comment on the dollar was to strong…..just wondering……..
China tells military to be ready to ‘move’ to North Korea border
April 12 (UPI) — China has ordered its military to be on nationwide alert, in addition to areas near the North Korea border, as tensions escalate on the peninsula.
I really do not know how to play this now. Just saying.
I hear ya 🙂
https://youtu.be/aufsGC_xW-A?t=33
EpsteinTA.
Russia is still insisting Assad did not use Sarin. Wants UN investigation.
I thought we came to the conclusion , it was not Sarin…..
opioid epidemic ………..Maryland Govn said State of emergency…..worried about tax revenue.
Fox news……my wife watches it…….. 🙂
With China moving troops to their border with N. Korea, could be they are preparing for a massive rush of refugees trying to cross the Yalu. If Zero Hedge is correct, the idiot that runs N. Korea could be preparing another nuclear device for Saturday. If he does explode it, all bets are off. Trump will likely begin lobbing more Tomahawks. Tomorrow’s markets could get dicey, real fast.
Looks like Ag is taking out the 18.50 resistance level.
Trump Speech:
https://www.youtube.com/watch?v=G3-8111pshU
Trump full interview with Maria Bartiromo
Lavrov-Tillerson press Conf.
What surprised me slightly in the Lavrov-Tillerson press conference were Lavrov’s response to the Press questions about Russia interfering with the American elections.
His response was always show me proof and I will respond.
Maybe it is a difference in culture or maybe because he is a diplomat.
I would have responded differently.
By saying something along the lines….
Of course< Russia did not interfere in the American elections. We would not think of doing that.
However, we are delighted to have a reasonable person like President Trump as the winner and look forward to be able to work with him towards world Peace, even though he is a very tough negotiator.
April 10, 2017
Andrew B. Busch via Email
Chief Market Intelligence Officer
James McDonald
Director – Enforcement Division
Commodity Futures Trading Commission
1155 21st Street NW
Washington, DC 20581
Dear Sirs,
Congratulations and best wishes on your appointments to key positions at the Commission at this
critical time in market history.
I’m writing concerning a matter that the Commission has considered on a number of past occasions
– allegations of a silver price manipulation on the Commodity Exchange, Inc. (COMEX). The reason
the Commission has considered the issue of a silver price manipulation several times in the past is
because the agency’s own public data and guidelines point strongly to such a manipulation. Never
have the data been more convincing than what was just published Friday, in the Commission’s
release of its weekly Commitments of Traders (COT) Report, for positions held as of April 4, 2017.
That report indicates that the concentrated net short position held by the four largest traders in
COMEX silver futures hit an all-time extreme in numbers of contracts of 78,021, the equivalent of
390 million oz. of silver. The concentrated net short position of the eight largest traders was
indicated at 104,978 contracts or the equivalent of nearly 525 million oz., or more than 60% of
world annual mine production. No other commodity comes close to COMEX silver futures in terms
of a larger concentrated short position when compared to real world production. On its face, the
large concentrated short position in COMEX silver futures would appear to be an artificial price
depressant.
As you know, the Commission monitors and publishes concentration data in all regulated futures
markets as the prime front line defense against price manipulation. After all, it would be nearly
impossible to manipulate any market without a concentrated position. But not only do COMEX
silver futures stand out as having the largest concentrated short position of any commodity, in
terms relative to real world production, consumption and existing inventories, the concentrated
short position in COMEX silver futures is notable for other reasons.
For one reason, the big short traders do not appear to be engaged in any sort of legitimate hedging,
since there are no signs they represent actual producers or hedgers of physical holdings. Separate
agency data, contained in the monthly Bank Participation Report, indicate that the largest shorts
are mostly domestic and foreign banks essentially operating as speculators, in a pseudo-market
making capacity against other speculators. Publicly-owned mining companies are required to
disclose any hedge activity and few, if any have disclosed any hedging in silver. The big short sellers
in COMEX silver futures are financial firms, mostly banks, speculating against other big speculators
and have no legitimate economic or hedging purpose in dealing in COMEX silver in the first place.
As I’m sure you know, Congress allows futures trading for the purpose of encouraging legitimate
hedging, not to encourage excessive speculation.
The largest COMEX silver short seller for the past nine years is JPMorgan. That has been the case
ever since it acquired the failing investment bank Bear Stearns, the former largest COMEX silver
short seller, according to Commission data and its correspondence with lawmakers. The special
manipulative twist here is that since 2011, JPMorgan has engaged in an epic accumulation of
physical silver at prices much lower than would have existed if the bank had not also been the
largest silver short seller on the COMEX. In the recently completed COMEX March silver futures
delivery period, JPMorgan stopped (accepted) 2689 contracts in its own proprietary trading
account, plus another 739 contracts on behalf of a client(s), considerably more than the 1500
contracts allowed according to exchange regulations. This while JPMorgan was the largest short
holder in COMEX silver futures. It is not possible to imagine a more compelling motive or intent for
manipulation than to acquire a massive amount of any commodity at depressed prices, where the
acquirer is responsible for the depressed prices.
Almost without fail, on every past occasion where the concentrated short position in COMEX silver
futures reached extreme levels, it was only a matter of time before the price of silver gets rigged
lower by these big shorts to induce speculative selling from traders operating on technical price
signals. In fact, COT report data indicate that JPMorgan has never taken a loss, only profits on every
silver short position it has added over the past nine years. Such results would not be possible in a
market that wasn’t manipulated in price. In essence, speculators have taken over the price
discovery process in silver because there are so few real hedgers trading on the COMEX, only
speculating banks betting against other speculative traders. Even assuming the current extreme
concentrated short position leads yet again to a sharp selloff in silver, there is another issue that
goes to the core of regulatory concern.
In addition to the clear agency data pointing to a silver price manipulation, the presence of such a
large and non-economic short position necessarily enhances the likelihood of disorderly market
conditions once it becomes clear to enough market participants that unbacked concentrated short
positions on the COMEX have been the reason why silver prices are so depressed.
I have communicated all this to the Commission, JPMorgan and the CME Group (owner-operator of
the COMEX) for many years, with hardly any acknowledgement or rebuttal. I am hoping you will
consider this matter differently and act to finally end the manipulation. I’m sure how you handle
this matter will define your tenure. If I can be of any further assistance, please do not hesitate to
call on me.
Sincerely yours,
Ted Butler
Ted Butler is requesting people send emails to 2 new appointees of the CFTC and the two existing members:
COPY AND PASTE THIS LETTER IN AN EMAIL TO THE FOLLOWING EMAIL ADDRESSES:
Andrew B. Busch – abusch@cftc.gov
James McDonald — jmcdonald@cftc.gov
Acting Chairman J. Christopher Giancarlo — cgiancarlo@cftc.gov
Commissioner Sharon Y. Bowen — sbowen@cftc.gov
silver stealers.net………..read first then do some action…..Trump will need to do some action before the cftc acts…………
cftc is simply a pawn…………
Catherine Austin-Fitts:
Obama in the News:
https://www.youtube.com/watch?v=yU3P0xZxaNs
North Korea Said To Be Preparing Nuclear Device Detonation; Test Site Is “Primed And Ready”
In a striking development involving the rapidly changing North Korean geopolitical situation, moments ago Voice of America reporter Steve Herman stated that according to US government and other sources, North Korea has “apparently placed a nuclear device in a tunnel and it could be detonated Saturday AM Korea time.”
Visualizing Korea’s North-South Military Divide
North Korea warned the United States that it would respond to “reckless acts of aggression” after a carrier battle group led by the 97,000-ton USS Carl Vinson was deployed to the Korean peninsula. As Statista’s Niall McCarthy reports, the aircraft carrier is being escorted by a guided-missile cruiser and two destroyers equipped with Aegis technology capable of shooting down any future North Korean test missiles.
Is North Korea’s nuclear program going to be next? That’s the question many experts are asking themselves after American cruise missiles struck a Syrian airbase last week. If the U.S. does carry out a pre-emptive strike, Pyongyang is likely to launch a substantial military retaliation against the south. If that nightmare does one day come to pass, how well equipped is the South Korean military to repel an offensive from the North?
http://www.zerohedge.com/news/2017-04-12/visualizing-koreas-north-south-military-divide
Pravda is reporting that the Capital city of North Korea is being evacuated.
(EDR) (EXK) Endeavour Silver Corp.
April 4, 2017 – 1:50 pm
Zurich, Switzerland – European Gold Forum
http://www.europeangoldforum.org/egf17/company-webcast/EXK:US/
Corvus at Zurich:
http://www.europeangoldforum.org/egf17/company-webcast/KOR:CN/
Chart of the Day: Turkey Showing us a Glimpse of the Future?
The Hedgeless Horseman – April 13, 2017
“Turkey today is a good example of what I believe we will see happening in most countries in the coming years. Namely surging inflation along with heightened worries about the solvency of entire nations. Oh and to every MSM financial pundit that can always be seen on air touting that higher rates will slaughter the gold bulls… The Central Bank of Turkey’s official repo rate is at 8 percent currently. Rates in a vacuum is meaningless to look at. It’s what the real rates are at that is the important thing. As I have shown in a prior post, gold in US dollars is trading more like a currency as well as tracking real rates more since after Trump got elected.”
“Gold in Turkish Lira has already surged past it’s 2010-2011 high of about 3200 lira/oz.”
http://www.thehedgelesshorseman.com/uncategorized/chart-day-turkey-showing-us-glimpse-future/
Turkey, historically, has been kind of like Venezuela…..when they run out of money, they just print more.
I have no idea why the EU ever considered admitting them. It never made economic sense.
That’s why they’re called Turkey. 🙂
Michael Belkin on KingWorldNews:
Thanks – Always good to hear from Mr Belkin….
I will admit that its a bit disappointing to see the miners trading off when Gold & Silver are higher than they were in yesterday’s trading session, and much higher than last week. The higher metals prices should at least help out the producers, who are now selling their product for better margins, but so far the miners are weak pretty much across the board.
$18.55 SILVER: RECORD OI, INDEX ROLL, OPTIONS POINT HIGHER
By Soren K.Group 2h ago
– Gold: Aggregate OI up another 10.8K bringing two-day total to +33.5K with market up 1.93%
– Silver: Aggregate OI up 4.4K to a record large 224,587.
– Pay close attention to mid-morning final for adjustments as SIK7 is in the middle of the index roll.
– Calls being Sold and puts being bought in Gold and Silver. This is not bearish. It is a sign of commitment to futures longs via buying hedges.
https://www.marketslant.com/article/1855-silver-record-oi-index-roll-options-point-higher
Isn’t it about 4,000 contracts below the record set last year. The price of silver is a good $2.00 below the price when the record OI was set
so far $hui has stayed above the price from exactly one year ago.
To keep that up, $hui would have to be over 240 by the end of this June. It also should not drop below 200.
I would expect to be over 280 by mid august. Expect another multimonth correction consolidation after that, but hopefully we will finally break out to new highs no later that February 2018 and never look back.
With no trading tomorrow, it is interesting to see an early attack on PMs, but I think it will be taken as a buying oportunity. Even though the RMB moved up slightly, gold and silver are up nicely in Shanghai.
It is challenging to find knowledgeable persons on this topic, but you sound like you know what you’re talking about! Thanks
GDXJ took out a few key levels today:
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=4&dy=0&id=p17095744876&a=512101048