by Ronan Manly, GoldCore Consultant - Introduction - SNB Continues To Intervene In Politics - Swiss National Bank initial reaction to gold initiative - Swiss gold at the US Federal Reserve - “Stocks that were once at the Federal Reserve have been sold” - Swiss gold at the Bank of Canada, Ottawa - 1,300 tonnes of gold sold: SNB’s Michael Paprotta
Stocks globally surged, while gold fell sharply today despite renewed irrational exuberance on hopes that the Bank of Japan’s vastly increasing money printing will fill some of the gaps left by the apparent end of Federal Reserve bond buying.
As expected, the Fed announced yesterday it would end its six year money printing and bond buying programme. Given the fragile nature of the U.S. economy, Eurozone economy and indeed the global economy, Fed critics continue to believe that this may be a short term hiatus prior to a resumption of QE, if asset prices start to fall or economic growth falters.
The U.S. Mint has sold nearly 60,000 ounces of American Eagle gold coins so far in October due to increased global demand from store of wealth buyers as economic and geopolitical uncertainty increased. With only three business days left until the end of October, the U.S. Mint has sold 59,500 American Eagle bullion one ounce gold coins. On a year-on-year basis, U.S. gold coin sales in October are up 21% from 48,500 ounces in October 2013.
A cursory glance at the various financial news media this morning shows nothing particularly unusual for these unusual times. The ECB have paraded a list for stress tested banks and the market shrugged. However, there is a disturbing thread running through most of the stories to which we have become immune but which would have been considered highly unusual at almost any time in the twentieth century. And that thread is the influence of the Federal Reserve in practically every key market in the world.
by Ronan Manly, GoldCore Consultant Contents - Introduction - ‘Yes’ Campaign Launch - Paper Decays, Gold Holds Its Value - ‘No’ Campaign Launch - Alphabet Soup - Unsaleable Gold Like an Unusable Fire Extinguisher? - Swiss Electorate 5.2 Million - Double Majority Including Cantons - Referendas by the Dozen - Sometimes There are Shock Results
Microchips embedded in the arms of citizens to track their activities, the total destruction of the middle classes and a cashless economy where an authoritarian state can freeze the accounts of dissenting citizens excluding them from all economic activity….. These are all part of the cheery scenario painted by the highly respected author and IMF-insider with connections to the Pentagon, Jim Rickards in his most recent article for Agora Financial.
Demand for gold continues to be robust and has indeed increased significantly in recent weeks despite gold’s most recent paper driven gold weakness. Demand in China and India surged again and gold reserve diversification by the central bank of Russia hit a new record high in September as geopolitical tensions rose.
The first poll of how the Swiss people will vote in the “Save Our Swiss Gold” initiative on November 30th shows that the Swiss are leaning towards voting for the pro-gold initiative. Gold Initiative Poll Results - 20 Minuten
The European status quo and EU elites are becoming increasingly concerned by popular calls in Italy for Italy to leave the European Monetary Union and the euro "as soon as possible" and return to the lira. Sharelynx.com
by Ronan Manly, GoldCore Consultant Contents - Foreword - Introduction - Success of Swiss People’s Party (SVP) - Direct Democracy and Popular Initiatives - Petition Filing - Initiative Launch - Motivation for the Initiative - Gathering the People’s 100,000 Signatures - Gold Initiative Gets Over 107,000 Signatures - Selling The Swiss Family’s Gold
Today’s AM fix was USD 1,241.00, EUR 969.38 and GBP 775.87 per ounce. Yesterday’s AM fix was USD 1,223.50, EUR 967.58 and GBP 768.63 per ounce. Gold climbed $4.40 or 0.36% to $1,237.80 per ounce and silver slipped $0.03 or 0.17% to $17.43 per ounce yesterday. Gold s now nearly 5% above its recent lows and is again acting as a hedging instrument in investment portfolios after sharp falls in stock and many bond markets.
The lawsuits against banks that alleges they engaged in a secret scheme to manipulate the price of silver bullion is proceeding. Gold fixing in London at NM Rothschild and Sons began in September 1919
The referendum for the Swiss Gold Initiative is scheduled for November 30th and the propaganda war - between the Swiss National Bank (SNB) and the Swiss Parliament on one side and the Swiss People's Party (SVP) on the other - has begun and we expect it to escalate as the day draws nearer.
Regulators from the U.S. and the UK are in a “war room” today to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday according to Reuters.
This week has seen some market volatility (see VIX Chart) reminiscent of the functioning market from days of old. The markets are spooked, bad news is overtaking good news and bearish views are becoming vogue. We are seeing a titanic battle taking place between the various bull and bear camps and they are starting to unleash some serious firepower.
Gold, silver and stocks surged overnight and today after the Fed maintained their ultra dovish monetary policy stance. The risk to markets of an early hike in U.S. interest rates eased leading to a fall in the dollar after the release of minutes of the last Federal Reserve policy meeting. ‘Helicopter Janet’
Hardly a day goes by without a headline on the spread of the deadly Ebola virus in West Africa and now in Spain and in the U.S. With more than 3,500 deaths and about 8,000 reported cases, it is one of the most severe disease outbreaks in recent years.
With few exceptions, commodity prices have fallen sharply in recent months, to their lowest levels in over a year. Silver in U.S. Dollars, 5 Years (Thomson Reuters) Relative to stock market indices, broad commodity indices are now at their lowest levels since the late-1990s dot com boom.
Gold had a torrid September and suffered further losses last week of 2.2%. Gold in U.S. Dollars, 5 Years (Thomson Reuters)