Got Gold Blog

Wednesday, August 27, 2014

Gold - Mining Shares Divergence Looking Like a Tell

HOUSTON – (Got Gold Report) – When we consider how strong the U.S. Dollar Index has been and then look at how gold has held close to the $1300 level, more or less (only testing $1270 thus far), and then when we look at the action in some of the mining shares indices, like the Market Vectors Junior Gold Miners Index ETF or GDXJ, which has doggedly held near the top of its trading range after putting in what looks a lot like an inverted head and shoulders bottom with a very wide base, well, it is starting to look a lot like

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Koos Jansen - Chinese Gold Demand 1163 MT YTD. Silver Surprise

Koos Jansen writes for and is a keen observer of the Chinese market for precious metals. He begins... Withdrawals from the Shanghai Gold Exchange (SGE), whichequalChinese wholesale demand, accounted for 35 metric tonnes in week 33 (August 4 – 8). Up 7.25 % w/w, additionally the largest amount withdrawn in 8 weeks.Year to date 1163 tonnes have been withdrawn, for which I estimate 723 tonnes had to be net imported into the mainland. ... For the full report: GGR comment: What a shame the people of Chinahave a 17% State Premium to make up if buying silver bullion. Government taking a

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James Grant on Bubbles, Bargains and Everything in Between

A worthy video below as Steve Forbes interviews James Grant on bubbles, bargains and everything in between. Video, about 34 minutes. Best viewed on Page 2. (Click on the title of this piece or at the lowest link below for it.) Thanks to GGRpatron D.S. for the link. The Daily Reckoning Click on the link justbelow for Page 2.

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Equities Reach Record $66 Trillion as S&P 500 Hits 2,000

Inyoung Hwang writes for Bloomberg. // Rallies from Brazil to Japan and the Standard Poor’s 500 Index’s first trip above 2,000 sent the value of global equities to a record $66 trillion. Shares worldwide added more than $2.2 trillion in value since Aug. 7, according to data compiled by Bloomberg. Optimism that central banks will support economic growth sent the MSCI All-Country World Index up 3.8 percent from its low this month. The SP 500 has risen for 10 of the last 13 days and the Nasdaq Composite Index is about 10 percent from an all-time high. Global markets are surmounting crises in

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Tuesday, August 26, 2014

Politics - IRS lawyer: Lois Lerner's Blackberry deliberately destroyed after start of congressional probe

Doug McKelway reports for Fox News. Lois Lerner’s Blackberry was intentionally destroyed after Congress had begun its probe into IRS targeting of conservative groups, a senior IRS lawyer acknowledged in a sworn declaration.

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Maureen Dowd - The Golf Address

Nothing to do directly with gold or silver, but it makes the cut of things we would be willing to spend time reading, so here it is. Maureen Dowd writes for the New York Times, et al. She is nearly always worthy of our time. She begins this wonderful piece: FORE! Score? And seven trillion rounds ago, our forecaddies brought forth on this continent a new playground, conceived by Robert Trent Jones, and dedicated to the proposition that all men are created equal when it comes to spending as much time on the links as possible — even when it seems totally inappropriate,

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Clive Maund - Will the US Succeed in Breaking Russia to Maintain Dollar Hegemony?

First a tip of the hat to Chris Powell for calling attention to the piece below. Clive Maund is an independent technical analyst who writes for his own blog . He begins this must-read essay: InWhy they are making an enemy of Russia?we looked at two of the key reasons why the US is making an enemy of Russia, namely the promotion of conflict by the powerful Defense industry lobby in order to keep its order books full, and the value of conjuring up an external enemy as a hate figure for the masses, in order to take the heat off the

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Draghi Pushes ECB Closer to QE as Deflation Risks Rise

Simon Kennedy and Alessandro Specialewrite for Bloomberg.Mario Draghijust pushed theEuropean Central Bankcloser to quantitative easing. With euro-area data this week likely to show the weakest inflation since 2009, the ECB president used a high-powered central-banking conference in Jackson Hole, Wyoming, to warn that investor bets on prices have “exhibited significant declines.” Stocks rose, the euro fell and bond yields dropped to record lows today as the comments fanned speculation the ECB is finally heading for a form of monetary stimulus it has long avoided. Draghipreviously saidthat a worsening of the medium-term inflation outlook would provide a reason for broad-based asset purchases.

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Monday, August 25, 2014

Why “S&P 2000″ Is A Fed Manufactured Mirage: The “Buy The Dips” Chart That Says It All

That 4% market correction was quick and virtually painless.Not missing a beat after the market brieflytested 1900, the dip buyerscame roaringback—- gunning for the 2000 marker on the SP 500, confidentthat longs were not selling and that shorts had long ago been obliterated.Needless tosay,bubblevision hadits banners ready to crawl triumphantly across the screen. When the algos finally did print the magic 2000 number, it represented a 200% gain from the March 2009 lows.And to complete the symmetry,the SP 500 therebyclockedin at exactly 20X LTM reported earnings based on consistenthistorical pension accounting.

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S&P Touches 2,000 Nominal

The venerable SP 500 Index touches a big round number today, 2000 nominal, 16 years after it crossed the 1,000 level in 1998. Of course that’s in nominal, unadjusted U.S. dollar terms. Still the chart does now have a “2” handle. Thats a mile marker all right.

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European Shares Lifted by Prospect of More ECB Stimulus

* Draghi comments raise expectations of more easing * Draghi offsets negative pressure from weak Ifo number * CAC up 0.9 pct in spite of French govt resignation * London stock market closed for public holiday * Euro STOXX 50 up 0.9 pct Sudip Kar-Guptareports for Reuters: LONDON, Aug 25 (Reuters) - European shares rose on Monday, as prospects of new stimulus measures from the European Central Bank enabled the regions stock markets to shrug off weak German data and the resignation of the French government. European Central Bank President Mario Draghi, speaking at a global central banking conference in Jackson Hole, Wyoming,

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Hundreds Dead as Islamic State seizes Syrian Air Base

From Reuters: BEIRUT: Islamic State militants stormed an air base in northeast Syria on Sunday, capturing it from government forces after days of fighting that cost more than 500 lives, a monitoring group said. The Syrian observatory for human rights said at least 346 Islamic State fighters were killed and more than 170 members of government forces had died since Tuesday in the fight over Tabqa base, making it one of the deadliest confrontations between the two groups since the start of Syrias war.

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Sunday, August 24, 2014

NEWS ALERT – CME halts trading on Globex; open delayed - reopen target

Tom Jennemann reports for The CME Group has halted nearly all Globex electronic trading due to technical issues, the exchange said Sunday evening. “CME Globex markets will pre-open at 20:30 Central Time and open at 21:00 Central Time.

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Trading on CME Globex Halted; Open Delayed

Neils Christensen of Kitco reports: (Kitco News) - The electronic trading of futures through CME Group’s (NASDAQ: CME) Globex platform was halted Sunday evening, the company said on its website. The Chicago-based futures exchange has not released any information about the delay, only saying on its website that the open has been delayed and that all futures products, with the exception of Bursa Malaysia Derivatives, were halted at 6:45 p.m. EDT. CME’s Globex platform provides access to futures and options on interest rates, stock indexes, foreign exchange and commodities. Although gold futures haven’t started trading, the cash or spot market, which trades globally,

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McCain gets more support for hawkish plan for Islamic State, but will Obama follow?

Chris Wallace reports for Fox News. He reports: Sen. John McCain, one of Congress’ most hawkish members, called on President Obama Sunday to show greater leadership in the international fight to eliminate Islamic State and to present a more comprehensive plan to eliminate such terror groups in the Middle East. (Image: John McCain) “The president has to articulate the challenge and what we need to do to meet it,” McCain, R-Ariz., a member of the Senate Committee on Armed Services, told “Fox News Sunday.” “That’s what has to be explained to the American people. And I think they will follow.”

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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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