Gold Heading To $1,400 This Year: US Global's CEO - Kitco News

Published on 18 Feb 2014 | Kitco News speaks with US Global Investors' CEO Frank Holmes about gold's price movements last week and where he expects the yellow metal is headed. "Now with gold going above the 200-day, there's a sentiment of relief and it is positive," he says. However, Holmes says that this does not mean investors are 'runaway bullish' on gold just yet. Holmes is optimistic about gold's direction, stating that one of the major headwinds for the metal last year will probably soften in 2014. "One of the big headwinds last year in government policies was CPI numbers fell and interest rates for government bonds went up...that was a big headwind for gold," he says. "I think you'll see that change this year; you're going to see CPI numbers start to rise and lots of capacity in the economy means rates are not going to rise; so, we'll probably see a negative real rate of return which would take gold up to around $1,400 an ounce." Tune in now to hear more from Frank Holmes and to hear which mining stocks he is eyeing. Kitco News, February 18, 2014.

CPM Called Jan. Gold Target, Now Eyes $1,320 in March

Published on Jan 29, 2014 | Kitco News' Commodities Confidential is back with CPM's Jeff Christian talking about gold and some factors that led to higher prices in January. Earlier this month, CPM said gold prices could reach $1,280 while prices could go even higher by early-Feb or late March. "We do think we will see $1,320 but it's probably more likely late March than early February," he says. Looking over at emerging markets, Christian says monetary authorities are suggesting higher interest rates in EM nations in order to support tumbling currencies. "I'm not really sure that solves the problem," he says. Christian adds that the issues in emerging economies will unlikely lead to a 'full blown crisis.' Christian also discusses cash crunch concerns in China and the future of Indian gold import restrictions. Tune in now for a more in-depth look into the gold market with Jeffrey Christian. Kitco News

Germany Has Recovered A Paltry 5 Tons Of Gold From The NY Fed After One Year

Submitted by Tyler Durden on 01/19/2014

On December 24, we posted an update on Germany's gold repatriation process: a year after the Bundesbank announced its stunning decision, driven by Zero Hedge revelations, to repatriate 674 tons of gold from the New York Fed and the French Central Bank, it had managed to transfer a paltry 37 tons. This amount represents just 5% of the stated target, and was well below the 84 tons that the Bundesbank would need to transport each year to collect the 674 tons ratably over the 8 year interval between 2013 and 2020. The release of these numbers promptly angered Germans, and led to the rise of numerous allegations that the reason why the transfer is taking so long is that the gold simply is not in the possession of the offshore custodians, having been leased, or worse, sold without any formal or informal announcement. However, what will certainly not help mute "conspiracy theorists" is today's update from today's edition of Die Welt, in which we learn that only a tiny 5 tons of gold were sent from the NY Fed. The rest came from Paris.

As Welt states, "Konnten die Amerikaner nicht mehr liefern, weil sie die bei der Federal Reserve of New York eingelagerten gut 1500 Tonnen längst verscherbelt haben?" Or, in English, did the US sell Germany's gold? Maybe. The official explanation was as follows: "The Bundesbank explained [the low amount of US gold] by saying that the transports from Paris are simpler and therefore were able to start quickly." Additionally, the Bundesbank had the "support" of the BIS "which has organized more gold shifts already for other central banks and has appropriate experience - only after months of preparation and safety could transports start with truck and plane." That would be the same BIS that in 2011 lent out a record 632 tons of gold...

Going back to the main explanation, we wonder: how exactly is a gold transport "simpler" because it originates in Paris and not in New York? Or does the NY Fed gold travel by car along the bottom of the Atlantic, and is French gold transported by a Vespa scooter out of the country?

Supposedly, there was another reason: "The bullion stored in Paris already has the elongated shape with beveled edges of the "London Good Delivery" standard. The bars in the basement of the Fed on the other hand have a previously common form. They will need to be remelted [to LGD standard]. And the capacity of smelters are just limited."

So... New York Fed-held gold is not London Good Delivery, and there is a bottleneck in remelting capacity? You don't say...

Furthermore, Welt goes on to "debunk" various "conspiracy websites" that the reason why the gold is being melted is not to cover up some shortage (and to scrap serial numbers), but that the gold is exactly the same gold as before. Finally, to silences all skeptics, the Bundesbank says that "there is no reason for complaint - the weight and purity of the gold bars were consistent with the books match." In conclusion, Welt reports that in 2014 "larger transport volumes" can be expected from New York: between 30 and 50 tons.

Here we would be remiss to not point out that the reason why the German people and the Bundesbank have every reason to be skeptical is that as Zero Hedge reported exclusively in November 2012, before the Buba's shocking repatriation announcement and was the reason for the escalation in lack of faith between central banks, it was the Fed and the Bank of England who in 1968 knowingly sent Germany "bad delivery" gold.  Which is why we have a feeling that the pace of gold transportation will certainly not accelerate until such time as the German people much more vocally demand an immediate transit of all their gold held at the New York Fed: after all, it's there right - surely the Bundesbank can be trusted to melt the gold (if any exists of course) into London Good Delivery or whatever format it wants.

Unless of course, the gold isn't there...

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The Gold is Gone - Germanys' access to its gold denied

Published on 15 Aug 2013 | The world is losing trust in the dollar as a safe haven. A major blow came after Germany's Bundesbank demanded the repatriation of a big chunk of its gold being held in the US. Because as RT's Gayane Chichakyan reports, some are concerned the assets of foreign nations in the Federal Reserve are not secure or even there. 

The Germans were infuriated when the US Federal reserve didn't even let them examine their own assets properly. Peter Boehringer, the founder and chairman of 'German Precious Metal Association', says that's a bad sign.

Venezuela got their gold, why not Germany?

Submitted by Ben S. on Tue, 09/10/2013 - 09:46

I guess I missed this bit of news, but Venezuela recently got about $9 billion worth of their gold transferred from American to Venezuela.

Germany requested an audit of their gold, which we refused, and $34 billion worth of their gold, which we said we would deliver in 7 years.

What's up? We're not exactly best buds with Venezuela, yet we ship their gold right away. Germany isn't exactly an insignificant country, especially economically (as far as I can tell, they're pretty much funding the rest of the EU right now), but we refuse to even audit their gold holding in our country?

Anyone have any great theories on this one? Something to do with central banks and the Fed vying for power? I thought I had a clue until I started reading about Venezuela.

Article about Venezuela gold:

Why Does Germany Want It's Gold Back?

Published on 12 Feb 2013 - This video is about, why does Germany want it's gold back from the Federal Reserve in New York - by MrEnergyCzar ?

More And More Germans Want Their Gold Back

ADAM TAYLOR | OCT. 31, 2012,

Germany's gold reserves are amongst the highest in the world and they have been kept almost entirely overseas due to Cold War fears of a Soviet invasion. Almost half of Germany's gold is kept in Manhattan — deep in the heart of the Financial District at the New York Fed. But some German politicians seem to be getting uncomfortable with trusting the US with this system. They want to actually see the gold, to make sure its still there. Some even want it back. A campaign called "Bring back our Gold" was launched in May, and seems to be making an impact on mainstream politics.

But some German politicians seem to be getting uncomfortable with trusting the US with this system. They want to actually see the gold, to make sure its still there. Some even want it back. A campaign called "Bring back our Gold" was launched in May, and seems to be making an impact on mainstream politics.

Der Spiegel's Sven Böll and Anne Seith have published a good explainer about the situation. A large part of the movement seems to come from Peter Gauweiler, the head of the conservative Christian Social Union (CSU), who has for years demanded to know exactly where Germany's gold is (He eventually was allowed to visit the Bundesbank's domestic gold in storage in Frankfurt).

However, what really got Guaweiler riled up was a secret report from Germany's Federal Audit Office that sternly criticized the German central bank. The report, while apparently routine, looked like a key piece of evidence to those expecting some sort of conspiracy theory. As Der Spiegel describes it:

Indeed, the partially blacked-out report read like the prologue to an espionage thriller in which the stunned central bankers could end up standing in front of empty vaults in the US.

Germany has almost 3,600 metric tons of gold, second only to the US. Half of that gold has been stored at the NY Fed since the late 70s, sitting fifth sub-floor of the bank's building on Liberty Street, 80 feet below street level. The Germans were not allowed to see their gold for decades, but in 2007 they were finally allowed in, and, after further inquiries, finally allowed to actually touch some of the gold in 2011.

While this fuels conspiracy theories, it is standard practice for US gold storage institutions. The owners of the gold in Fort Knox have not seen their gold for decades. But that doesn't stop the rumors and conspiracy theories doing the rounds about missing gold, or secret agreements between the US and German governments.

While the report was mostly calling for better measures to account for the vast amount of gold, the movement to bring it all back is large. As Der Spiegel notes, that's hugely impractical, "One cannot simply pack 1,500 tons of gold into an Airbus A380 super-jumbo jet and fly it back to Germany."

But it wouldn't be entirely unprecedented. Ambrose Evans-Pritchard of The Telegraph notes that secret German reports have revealed that the country took two-thirds of it's gold back shortly after the start of the Euro a decade ago.

Evans-Pritchard says that the timing of the move makes no sense on the surface — coming as the euro was at its weakest — but may have been ordered as the Bank of England was selling off its own gold and there were fears that the gold may not be clearly allocated to Germany.

source here >>>

Reports Are Back, Bullish For Gold?

Published on 21 Oct 2013 | The government shutdown is over, economic reports are back on track and Gary Wagner is on Kitco News to tell Daniela Cambone what this means for gold. "[The U.S. government] hasn't solved anything and that means uncertainty," Gary says. "Uncertainty of course is a bullish factor for gold." During the government shutdown, all government reports were postponed but now that it is over, the much-anticipated jobs numbers will be released Tuesday morning. "I wouldn't even fathom to guess what the outcome might be from that," Gary says. "It's going to be an interesting week." Tune in now to hear his key support and resistance levels for gold this week. Kitco News, October 21, 2013

Gold Demand Trends Q2 2013

Published on 14 Aug 2013 | David Lamb, Managing Director Jewellery, talks through the findings from the Q2 2013 Gold Demand Trends report.

Cyprus Gold Heading to China

12 Apr 2013 | Today's gold selloff is the weak hands selling in the west trying to keep the paper game going. This gold will end up in China's hands. Cyprus gold was confiscated to feed the beast. China doesn't have to do anything and they will inherit the world. Wealth is being transferred eastward. This was a coordinated sell off. First you had Goldman's call, the ECB forcing Cyprus to give up gold for 7 billion euros meanwhile the Fed is printing 85 billion a month so in 1 year the Fed is printing 100 times the bailout given to Cyprus but they are a mess and the Dow is at all time highs...such nonsense. Don't be fooled.

The Secret World of Gold

Published on 21 Apr 2013 : Full Documentary

Gold futures down on global cues, subdued domestic demand

Gold prices fell 0.42% to Rs27,894 per 10 gm in futures trade on Thursday

New Delhi: Gold prices fell 0.42% to Rs27,894 per 10 gm in futures trade on Thursday as participants reduced their positions largely in tandem with a weak trend overseas. Besides, subdued spot demand also weighed on the prices.

At the Multi Commodity Exchange, gold for delivery in August contracts eased by Rs117, or 0.42%, to Rs27,894 per 10 gm in business turnover of 1,275 lots. Likewise, the metal for delivery in far-month October shed Rs112, or 0.40%, to Rs28,063 per 10 gm in 66 lots.

In the spot markets, gold prices dropped by Rs80 to Rs28,400 per 10 gm in the national capital in Wednesday’s trade.

Analysts said besides subdued domestic demand, a weak trend in the overseas markets as the US Federal Reserve chairman Ben Bernanke said it could start tapering off its massive stimulus programme later this year, mainly weighed on gold prices at futures trade in India.

They said, however, depreciating rupee which slumped to a record low of 60 against the dollar, cushioned the fall as weak rupee makes imports costlier.

Globally, gold fell 0.9% to $1,339.55 an ounce, the cheapest since 20 May in Singapore on Thursday.

 First Published: Thu, Jun 20 2013. 02 01 PM IST source here

$560 billion wiped of Central Banks' reserves on gold slump

Published time: April 17, 2013 11:43

Gold slump has wiped $560 billion from the value of central bank reserves after its price dropped 13% in the last two days. Global investors are switching to equities in a bid to generate income.

Central banks own 19% of all gold mined (some 31,694.8 metric tons) and are among the major losers from the asset price slump, according the World Gold Council in London. Global investors have sold gold to reinvest in riskier assets such as equities, as gold is no longer seen as a sustainable hedge.

Many experts say the Western central banks have no one but themselves to blame. Many of them, led by the US Federal Reserve and the ECB contributed to falling gold prices in a bid to support their domestic currencies.

Paul Craig Roberts, former Assistant Secretary of the US Treasury and associate editor of the Wall Street Journal, dubbed the Fed’s recent action an “assault on gold”. “The Fed is rigging the bullion market in order to protect the US dollar’s exchange value, which is threatened by the Fed’s quantitative easing,” he wrote.

On April 12, the Fed dumped 500 tons of naked shorts on the market, pulling dollars out of thin air and sending gold prices deep into the red, Dr. Paul Craig Roberts writes citing Andrew Maguire, an independent bullion trader and a whistleblower.

Other experts noted that ECB chief’s statement that debt-burdened Eurozone economies, such as Cyprus would have to sell their gold reserves to keep their bailout programs afloat also triggered the bullion price decline.

After a steady rally for 12 years gold reached a record mark of  $1,923.70 an ounce in September 2011. Growth in world’s leading economies along with falling global inflation boosted equities market by $2.28 trillion in 2013 due to the traditional store of value, according to data compiled by Bloomberg.

Investors have turned towards profit making assets, while gold was only useful as an instrument to fight inflation and brought no revenue.

“There’s a perception that risk has been lessened, and with that, investors are looking for assets that either generate income or have growth potential, neither of which gold has,” a market strategist with LPL Financial Corp Anthony Valeri is quoted as saying by Bloomberg. “We’ve seen a grab for yield, and without a yield, gold has been left out.”

Over the past decade Russia’s Central Bank acquired 570 metric tonnes of gold emerging as the world’s biggest gold buyer. Since 2000 when Russian gold reserve totaled 384 metric tons the state more than doubled it in 12 years. According to official data from World Gold Council, in October 2012 gold made up 9.6% of Russia’s national forex reserve and stood at 936.7 metric tons.

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Gold Down!

Published on 12 Apr 2013 : Gold took a serious hit today, with prices falling well below the key, psychological level of $1500, a drop that many are calling a "game changer", at least from a technical perspective. Throughout the day, the currently volatile market took prices back above $1500 for a brief period, before dropping again.

Arizona pushes to have gold as legal tender.

Can the paper dollar be any more worthless? Some lawmakers in Arizona think so, and are hoping that gold and silver will soon be counted as legal tender.

As evident by last week’s dismal jobs report, the effects of the recession are still apparent across the United States: the labor force participation rate in the US has hit a three-decade low, and unemployment remains stagnant at close to the 8 percent mark. Fearing the dollars’ decline amid these economic woes, Arizona might become the latest state to recognize bullion — gold or silver bars — as legal tender.

Amanda J. Crawford of Bloomberg News writes this week that Arizona might follow in the footsteps of Utah in becoming the latest state to approve bullion as currency — they made that decision back in 2011. More than a dozen other states are now looking at signing a law that would do the same, and a continuously weak economy could prompt even more to express interest.

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HSBC 'quietly' – Buy $876 Million Worth From Poland

HSBC Buying KGHM Silver Bars

HSBC has quietly moved into acquiring large amounts of silver bullion.

The bank has secured another deal to buy silver bars from KGHM which brings their total purchases of silver from KGHM alone in the last 12 months to $876 million or PLN 3.65 billion.

KGHM is one of the largest producers of silver in the world and is the second-largest producer of refined silver in the world.

They produce silver bars registered under the brand KGHM HG that are attested to by “Good Delivery” certificates issued by the London Bullion Market Association and the Dubai Multi Commodities Centre.

more here >>

Fake Gold Bars : how they do it?

Published on Sep 21, 2012 : The story of 1.5 million tungsten bars plated with gold to fool buyers.

10 Countries With Largest Gold Reserves

Published on Jan 26, 2013 : Presenting 10 countries whose vaults are positively overflowing with gold.

Is Gold Having an Identity Crisis?

Published on 5 Dec 2012 by KitcoNews

Gold's Bubble? Think About it in 5 Years - Analyst

Published on Dec 3, 2012 by KitcoNews ; Gold in a bubble? You should only be thinking about that five years down-the-line, says technical analyst Jordan-Roy Byrne.