Got Gold Blog

Wednesday, July 23, 2014

IMF Sees US Growth at Weakest Since Recession

ABC News picked up this AP Story: U.S. economic growth this year will likely be at the weakest pace since the Great Recession ended, the International Monetary Fund said, mostly because of a sharp, weather-related contraction in the first quarter. But the global lending organization said Wednesday that it still expects growth resumed in the April-June quarter and will remain healthy in the second half of this year and next. In its annual report on the U.S. economy, the IMF projects growth will be just 1.7 percent this year, down from a 2 percent estimate in June. Thats below last years 1.9 percent

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Stockman - This Time Is Not Different: Why The Market Is Heading For A Fall

Former OMB director under Ronald Reaganand prolific contemporary economics observer/commentator, David Stockman, writes for his own blog, David Stockmans Contra Corner. He begins: The 2008 Wall Street meltdown is long forgotten, having been washed away by a tsunami of central bank liquidity. Indeed, the SP closed yesterday at 1,983—or up by nearly 200% from its March 2009 low. Yet four cardinal measures of Main Street economic health convey nothing like a 2X pick-up from the post-crisis bottom. To wit, in June the count of breadwinner jobs was 68.5 million or 5% below were it stood as the crisis got underway. Likewise, business investment

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Tuesday, July 22, 2014

COMEX Producer/Merchants in Gold, View from 30,000 Feet an Eye Opener

HOUSTON – One of our longtime members, who, because of the firm he works for (as a senior officer), has to remain anonymous, checked in to make an observation about the large trader positioning and we thought it worthy of sharing with the entire readership. Our friend … let’s call him “Mike” … writes: “Gene, what do you think about bringing back your “view-from-30,000-feet” section for the COT? I used to cut and paste it to my monitors to keep me focused on your long term expectation. That was one of the most valuable segments of the old Resource Investor Crewemail service. I

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Increase in Spot Month Position Limits for Four (4) COMEX Copper Futures and Option Contracts

Pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will increase the spot month position limits for the COMEX Copper futures and its associated futures and option contracts from 200 to 400 contract units effective at the close of trading on August 28, 2014 for the September 2014 contract month. The terms and conditions for the COMEX Copper futures contract and its associated futures and option contracts will be updated and inserted into the NYMEX Position Limit, Position Accountability and Reportable Level Table located in the Interpretations and Special Notices Section of Chapter 5 of the

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Constantine Shares Surge on High-Grade Drill Results from Alaska

Update 1: Please see a new comment inserted into our longer term tracking graph below. Both charts updated to reflect the close on Wednesday, July 23. It looks like initial reaction by the market to just announced drill results from the Palmer project is favorable. (As we can see in the volume candle graph below. By the close of trading Tuesday Constantine had advanced by 35.7%.) The market loves high grade material and this is a good start to the new drill program for Constantine Metal Resources. (CEM.V). (Charts below.)

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Constantine Reports Significant 150 meter Step-Out Drill Intersection at Palmer Project, Alaska---2.5% Copper and 4.1% Zinc over 22.1 Meters

VANCOUVER, BRITISH COLUMBIA, Jul 22, 2014 (Marketwired via COMTEX) -- Constantine Metal Resources Ltd. (TSX:CEM.V) (Constantine or the Company) is pleased to report results for the first two holes of a 10,000 meter drill program on its Palmer VMS Project, Alaska (Palmer or Project). The initial 2014 drilling has intersected a thick lens of high-grade massive sulphide 150 meters down dip of the lower edge of the South Wall Zone. Garfield MacVeigh, President and CEO states; This is an exciting development. Hole CMR14-54 not only expands the footprint of the South Wall zones but opens up the opportunity for considerable further expansion and

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Gov. Rick Perry Deploying up to 1,000 National Guard Troops to Border

Rebecca Kaplan reports for CBS News:Gov. Rick Perry, R-Texas, announced Monday that he is activating up to 1,000 National Guard troops to the U.S.-Mexico border as he accuses the federal government of offering lip service on border security. The announcement comes as the Obama administration is still struggling to deal with the influx of more than 50,000 unaccompanied minors, most from Central America, who have crossed into the United States in the past year. The additional resources are not aimed at the children themselves, Perry said, describing them instead as a force multiplier to help the Texas Department of Public Safety (DPS) combat

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Monday, July 21, 2014

Pento - 27 Years Of Financial Inflation Refute Pimco/McCulley Blather About Fed Achieving Promised Land Of Price Stability

Michael Pento writes:According to Pimco’s new Chief Economist, Paul McCulley, the Fed’s war against inflation has been won! But, before we get out our party hats and plan the tickertape parade, we have to ask ourselves – for the past 27 years have we really been at war with inflation? Yes, during the late 1970’s and early 80’s a different Paul (Paul Volcker, Chairman of the Federal Reserve) waged a real battle against inflation. Mr. Volcker painfully took the Fed Funds rate to near 20 percent in June of 1981. The economy suffered a deep recession, it was a treacherous battle plan, but

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Jeff Clark - Western Delusions vs. Chinese Realities

Jeff Clark, Senior Precious Metals Analyst for Casey Research writes this must-read essay: I don’t want to say that mainstream analysts arestupidwhen it comes to China’s gold habits, but I did look up how to say that word in Chinese… One report claims, for example, that gold demand in China is down because the yuan has fallen and made the metal more expensive in the country. Sounds reasonable, and it has a grain of truth to it. But as you’ll see below, it completely misses the bigger picture, because it overlooks a major development with how the country now imports precious metals. I’ve

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Sunday, July 20, 2014

COMEX Mercenary Swap Dealer Banks Way Short Silver Too, Vulnerable to a Squeeze

Update 1: Adds additional commentary in several paragraphsregarding our expectations for gold and silver. HOUSTON -- Just for the record for those who have read our update on the gold futures positioning by the main combatants on the COMEX – where we show that it is the mercenary Swap Dealers with the most and largest gross short positioning for gold and suggest they are vulnerable to a short squeeze under the “right circumstances. (As in the other COMEX traders deciding to press gold at the right time, forcing the Swap Dealers to cover in haste … that’s one example of many, many one

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Saturday, July 19, 2014

COMEX Large Trader Positioning for Gold Holds Surprises in July 15 Data

HOUSTON -- On July 15 we posted the net positioning of the COMEX large trader particpants in these pages, saying at the time: “We pretty much have to conclude that the Swap Dealer commercials and perhaps the Producer/Merchants together decided the time had come to run the table on the Managed Money traders, so they sold a ton of new paper to get the ball rolling down hill in a period of light activity and volume, probably covering much of the starter sales by the end of each trading day.” The sell blitz which is commonly used on the COMEX is designed to

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Friday, July 18, 2014

Gold and Silver Disaggregated COT Report (DCOT) for July 18

Update 2: Adds new graphs for COMEX silver (SI) with additional commentary on volume and trade action. Update 1: Adds one graph for silver futures with brief commentary. HOUSTON – The Commodity Futures Trading Commission (CFTC) released data for the disaggregated commitments of traders (DCOT) and Legacy “COT” reports for the week ending July 18, 2014. Our recap of the net positioning for large reporting futures traders is below, compared to the prior week’s data. Source: CFTC for COT data, Cash Market for gold and silver prices. The positioning and price data is as of the close of trade in New York on

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Russia: US sanctions revenge for Ukrainian failure, Moscow may retaliate

Peoples militia soldiers in the occupied village of Marinovka, near the town of Snezhnoye. (RIA Novosti / Andrey Stenin) Russia considers the latest package of sanctions against it issued by the US as revenge for the failure of Washington’s schemes in Ukraine and blackmail. Moscow reserves the right to retaliate.

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Thursday, July 17, 2014

Kyle Bass - With John Mauldin Brief Video Interview

Anytime Hayman CapitalsKyle Bass has something to say we make time to listen. In this must watchvideo interview with John Mauldin, Bass does not disappoint. A couple of quotes to whet the appetite: The brotherhood of central bankers is the biggest mutual admiration society in the world. The bottom line is when the globe is at 360 percent credit market debt to GDP and there is no real way out ... and as we see today the winds of austerity have already blown ... we are already moving back into a more Krugmanesque policy of lets just keep going... No central bank can

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Israeli military launches ground offensive in Gaza

JERUSALEM — The Israeli military announced a ground offensive in the Gaza Strip late Thursday after 10 days of fighting between Israel and Hamas militants. Our goal is to target Hamas tunnels that enable terrorists to infiltrate Israel and carry out attacks, Israel Defense Forces announced on Twitter.

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The Original
Vulture Speculator

Trading gold, silver and mining shares since 1980 with a focus on taking advantage of volatility extremes, Gene Arensberg analyses the markets through a basket of technical and fundamental indicators and shares his findings from time to time here at Got Gold Report. Mr. Arensberg has been quoted in the Wall Street Journal, Dow Jones MarketWatch, USA Today and dozens of other news organizations.

"I've been a huge fan of Gene and his amazing work for years..."

Brien Lundin, CEO, Jefferson Financial, Host of the annual New Orleans Investment Conference and Publisher of Gold Newsletter


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