John comments that the world’s central banks and derivatives traders have been having their usual fun with gold and silver lately, dumping huge volumes of futures contracts into thin markets to produce massive declines — just when precious metals SHOULD have been soaring in response to near-global debt monetization. 

But something interesting happened as this latest smack-down really got going. Physical buyers — who goldbugs have for years been expecting to ride to the rescue, finally did. Chinese and Indian gold imports, which had trailed off earlier in the year, soared in response to the recent price declines. There’s some debate about exactly how much these guys are buying, but it certainly looks like they’re talking all that’s being produced by the world’s mines, and then some. 


Direct download: John__Rubino_10.Nov.14.mp3
Category:general -- posted at: 1:49pm EDT

Manipulaton Mondays with Andrew Hoffman:

1. Catalonia

                -81% vote Yes to secession (Article not yet out, but on this topic today)


2. Swiss Referendum

                -Euro/CHF at two-year low, as speculation of peg being broken increases

                -Catalonia will only empower the Swiss further


3.  NFP report

                -horrible, as I expected - economic data, political reasons following Repub victory

                -accounting for unemployment rate didn't even make sense

                - 137,000 B/D jobs, same ugly internals

                - more in line with the "trifecta" of negative durable goods, factory orders, and construction spending in September

                                -let alone, 3Q GDP - lowest consumption spending since 2009, but surge in government defense spending to bomb isis, as more boots on the ground added


4.  The three death trends (per my article of same title) accelerating, with today a perfect example

                -plunging oil prices (ARTICLE: "Collapsing oil prices portend unspeakable horrors"), massive currency volatility (ARTICLE: "single most PM-bullish factor imaginable"), and currency wars, like what the BOJ and ECB are doing (ARTICLE "final currency war")

                                -not to mention, the major negative impact on U.S. corporate earnings from the "strong dollar" 

                                                -historically bad 3Q earnings, as more than half of all S&P 500 companies reduced earnings guidance

                                                -and would have been worse, if not for the massive, debt-leveraged buybacks catalyzed by a combination of ZIRP, the PPT, conflicted management option plans, and lack of investment opportunities


5.  Record physical demand!

                -Mint runs out of Silver Eagles.  October third biggest silver eagle month ever, and largest non-January month.  In November, sold half of October's volume in 2 1/2 days, before suspending sales.  Premiums, delivery times rising                 across the board for silver

                -China gold imports in October above the level of global production

                -massive drawdowns of GLD, COMEX, and Shanghai exchanges

                -historic backwardation of gold/silver

                -record ratio of COMEX silver Open Interest/Price

                -commercial shorts nearly low levels of June 2013 and Dec 2013 bottoms

                -all indications that global physical demand, for gold and silver, will be at or near 2013's record levels in 2014; and likely, higher for silver, as U.S. and Canadian Mints running ahead of 2013 levels


6.  Big PM surge Friday

                -gold nearly to $1,183 two year support level

                -and thus, today's typical "all great PM days must be followed by horrible ones"

Direct download: Andy_Hoffman_10.Nov.14.mp3
Category:general -- posted at: 12:22pm EDT






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