David Schectman

There has been little to no net selling of real silver from any known source---and all the data indicate net buying or holding (Silver Eagles and ETF flows). The only selling of silver that can be confirmed is the selling and short selling by technical funds on the COMEX over the past few months. At a minimum of 50,000 contracts (250 million oz), the selling by no more than 40 speculative traders in the managed money category equals the entire world production of the primary silver miners.

It is not necessary to imagine unknown sources of silver selling when the US Government has openly certified that no more than 40 speculative traders have sold in a few months more than what the world's primary silver miners produce in a year. Quite frankly, were it not for this certification, I couldn't begin to explain this sell-off in silver or in any of the other CME metals. I'm not talking about predictions and speculation; I'm talking about the only explanation possible.

- Silver analyst Ted Butler, Butler Research, November 5, 2014

Dollar rallies on hope for rate hikes and recovery.  Keep in mind emerging markets corporate debt issuance was skewed towards dollar so they are technically short the dollar.  Carry trade globally is about to be tested so the real question becomes what will levered speculators be forced to sell?  Stocks, bonds, real estate, gold, all of the above? 

$30 trillion of new debt issuance globally has locked the world into a contractionary, centrally planned fiction.

- Bill Lagner

Today's Featured Articles

LeMetropole Caf� (The importance of gold taking out that $1183 area is clear)

USA Watchdog (WNW 165-Republican Landslide, Russia War Talk, Silver Sells Out)

Jim Wyckoff (Early Technical Clue that Gold and Silver Prices Have Bottomed Out)

Zero Hedge (China Aims For Official Gold Reserves At 8500 Tonnes) (Greenspan's Stunning Admission: "Gold Is Currency; No Fiat Currency, Including the Dollar, Can Match It") (Most interesting question is: How can record demand for physical silver occur at the same time that the price is falling like a rock?)

Bill Holter

$15 Silver? You Can't Have Any!

November 10, 2014

Here we go again, silver has been trashed to $15!  But don't fear as this "trashing" in my opinion is going to be like Custer's last stand, let me explain.  Just as in past episodes, the artificially suppressed prices have brought out 1,000's of "Indians" all over the world as buyers of physical metal.  I use this analogy of "Indians" because prior to this last 5 years, it was in fact consumers from India (whom are so very price sensitive) who would step up in the physical market to eat up supply if the price dropped.

There were stories out of Germany regarding the public's consumption of silver this past week which were astounding.  There were reports of coin dealers selling out of all silver inventory and even one dealer claiming they did more business Thursday and Friday (a week ago) than they had for average months so far this year.  For quite some time now, there have been rumors that the big demand for Silver Eagles has come from Europe.  This cannot be confirmed because the U.S. Mint does not disclose its customers but the frenzy in Germany this week does add some credence to the rumors.

Domestically, this past week saw exactly what we have seen no less than four previous times going back to the fall of 2008.  Premiums started to rise after the FOMC meeting Wednesday a week and a half ago and rose nearly each and every day since.  In fact, even though paper (COMEX) silver was down over $1 between Thurs. and Friday, premiums rose by close to an equal amount ...so real silver was still priced about the same as it was 2 days earlier.  Fast forward to this past week and premiums rose again on Monday and Tuesday and stories of "sell outs" started to swirl.  By Wednesday morning, we found out that premiums jumped again and many products were going "wait list" of 2-3 weeks.   

This was confirmed by the U.S. Mint when they announced a suspension of sales.  The Mint had a record "non January" month of close to 6 million Silver Eagles followed by nearly 3 million in just the first 3 days of November.  Reportedly they sold over 2 million Eagles in less than 2 hours Wednesday morning, they experienced a "run" and suspended sales indefinitely!

Before going any further on the silver topic I want to stop anyone in their tracks who refuse to see that the price of gold and silver are suppressed.  Wednesday in the wee hours of the morning at 12:30 AM, someone sold 13,000 COMEX gold contracts which pummeled the price of gold by over $20.  In perspective, the size and timing of this is hilarious!  12:30 in the morning?  India was on holiday while Japan and China were on lunch breaks ...not to mention the outright size.  This 1.3 million ounces (40 tons) works out to $1.5 billion dollars or nearly seven days of global production!  Who has this amount of gold to sell?  Or to even hedge?  It is not as if gold is just sloshing around because GOFO lease rates are now more negative than any time in the last 10 years!  The gold market was very tight PRIOR to this sale, the sale only made the market tighter and served to clear the shelves.  No real seller looking for the "best available price" would sell huge volume like this at THE most illiquid moment in global markets, apologists like Martin Armstrong and Doug Casey might take a stab at explaining this one away?  Selling in this manner can have only one result and one purpose alone, affect the price downward ...end of story.  (The previous was written on Saturday, news out Sunday that UBS will be fined for manipulating gold and silver prices)!!!  It is now a fact folks!

So, the financial Rembrandts got what they wanted, they broke silver and gold through their support levels and broke the charts ...but did they really?  NO!  $15 silver you say?  Too bad, you can't have any!  You can't have any because there is none to be had!  Please don't tell me "yes you can" and that you could simply purchase a COMEX contract and demand delivery because they are on the hook for nearly 600 million silver ounces in December while holding an inventory of just over 60 million ounces, close to a 10-1 ratio of "obligation versus ability to perform!"

By the end of the week, there was nearly no "live" silver available.  In fact, this was the case by close of business Wednesday.  Most all products saw their premiums rise and wait times go out to 3-4 weeks, "indefinitely" in the case of the U.S. Mint.  The situation now is like the butcher who has a sign in his window selling filet mignon for $2 per pound ...he doesn't have any and if he did it would be gone in a NY minute.  Expanding on this, if it were really true, he was selling prime beef for $2 per pound and ranchers were paid even less, herds would be slaughtered all over the place because a dead cow is better than one that needs feed and water.  Think about this in the mining industry, these current prices being offered to mines are not enough for them to sustain business so they will either cut back or go broke which will even further diminish the supply to an already supply starved market!   

What I tried to explain to you in the above paragraph is that "low prices will be the cure to low prices."  Low prices have created a literal tsunami of demand and over time will restrict supply, this is why there are now very high premiums, very little product available and if you want any you must pay close to $20 per ounce.  This is almost an exact replay of 2008 when the silver price was an artificial $9 and getting real silver at $15 was almost impossible while waiting 4-8 weeks!

Let me add by saying this, "it has to start somewhere," an explanation is needed.  I believe the entire "fiat" episode (which Greenspan has now admitted is inferior to gold) will end with both silver and gold going "no offer".  The physical markets will be swept clean by a systemic "run," probably sometime soon.  We may even see the paper markets go down further and physical pricing get even stronger, we are already seeing sub $16 paper and nearly $20 physical.  Paper is only 80% in price of the real metal, this can and I believe will widen much much further. The average person will marvel at the prices of gold and silver but that will not be the real story.  I believe the gold and silver markets will be defined by "availability" ...or lack of.  Ask yourself what will be your mindset when gold and silver prices are breaking out to the upside and there is no availability of product?  THIS will define the market.  What if COMEX silver was moving to $20 but you couldn't get any for $30?  Or COMEX at $50 and your $100 bill could not entice someone to part with an ounce of silver?  When the fiat system does finally collapse which it mathematically will, real metal will go "no offer" for any amount of fiat money.  Say I'm crazy if you will but keep in mind that this is exactly what has happened every single time in the past to every single fiat currency throughout all of history.  All I am saying is that it has to start from somewhere and lack of availability will be present when it does.  Lack of availability is now happening again and I do want to point out a most very basic human nature.  When man wants something and is told he cannot have it ...he wants it even more!

Let me finish with this, the current episode in my opinion is the start of a global systemic "run."  It is quite curious that the G-20 summit starts this coming week and concludes on the 16th.  I believe there are 150 or more countries now that would like to see the end of the dollar as the world's reserve currency (I plan to write about this tomorrow).  Is it a coincidence that we now see the end of QE, a "stronger" dollar versus (other paper) fiats, an obvious paint job on metals, a COMEX delivery period where far more metal is contracted for than exists, a real (Shanghai) exchange which has seen 90% of their vault inventory swept clean ...followed by a global meeting of all world leaders?  Not to mention a meeting where the President of The United States will arrive in a virtually "castrated" condition after the elections?  Has the "paint job" been done in order to "show" dollar strength?  I believe yes, I also believe that if I can see it then so can the upper echelons of the rest of the world!   

If you have waited to this point to purchase silver or gold, the market told you something this past week.  The market has spoken and told you "if you want $15 silver, you can't have any!"  The danger as I wrote above is what will happen when prices are higher and "you can't have any?"  Don't let this happen to you! 

Surging Precious Metals Demand Expanding Economic Stagnation

November 7, 2014

History's most vicious precious metal raids - amidst the most PM-bullish fundamentals in memory have driven me to write essentially every day. And today is no different, given the incredible confluence of events - including the current, expanding silver shortage - that threaten to shake the global monetary order to its foundations. Perhaps, much sooner than most can imagine.

Of course, I must start with the recent otherworldly market manipulation; as overt QE or not, it's extent is unprecedented - as proven by the relentless intervention in stocks, bonds and PMs at exactly 10:00 AM EST when the Fed's "permanent open market operations" are conducted, and global physical gold and silver trading conclude. Now that QE is "over," such operations were purported to have terminated on October 27^th. However, we have seen the same "dead ringer" algorithms in the "Dow Jones Propaganda Average" every day since; as well as "new Hail Mary trade" support of the 10-year Treasury yield; and of course, the same PM capping and attacking - via prototypical "Cartel Herald" algorithm - as always.

To wit, TPTB's assault on reality has leaped exponentially higher since the mid-October "liquidity vacuum," which prompted the Fed to deploy "manipulation, jawboning, and prayer" to reverse markets' downward trajectory ahead of the elections, the Swiss gold referendum, and countless other potentially "key events." Incredibly, amidst some of the most horrific news flow and fundamentals, imaginable, TPTB have managed to goose U.S. stocks to their best 16-day run ever; right ahead of the mid-term elections; which, as it turns out, were a catastrophic failure for the incumbents.

As for precious metals, the Cartel "pushed the envelope" so far, they have created the most massive physical demand surge of the past 15 years; in volume, exceeding even what occurred when they attacked PMs during the 2008 crisis. We wrote yesterday of how the U.S. Mint sold out of silver Wednesday, after having sold an incredible three million Silver Eagles in the first 2� days of November; as well as the steepest backwardation - in gold and silver - since 2001; expanding drains of COMEX and GLD inventories; and record setting demand worldwide, as the mining industry sits on the cusp of an historic production collapse.

However, amidst this unprecedented bullish environment, PM suppression has increased exponentially - as proven by the fact that silver prices, after last night's blatant paper raid, were at their low of $15/oz., nearly 4% below the level where, just 36 hours earlier, the Mint announced it sold out of silver! In fact, furthering what I wrote earlier this week, we last night saw a paper silver raid of epic proportions in the wee hours, nearly identical to what occurred in this week's "Sunday Night Sentiment" attack - you know, the 72^nd in the past 73 weeks.

The blatancy of recent silver raids - caused by the fear that this "Achilles Heel of the Financial World" will destroy the Cartel, and by extension the status quo; is mind-boggling, making a mockery of fundamentals and creating volatile conditions that will inevitably yield the biggest short squeeze in history. And conversely, the largest stock crash ever; certainly in real terms, albeit "up in the air" whether it will nominally hyper-inflate, or crash. To wit, the "irrefutable PM manipulation statistics" we first wrote of last year, of how silver falls at least 1% intraday essentially every day and 2+% on more than half of all trading days; as opposed to the Dow, which has not been allowed to fall 3% in a day for three years!
 

 

Whilst such maniacal control over "controllable" markets like stocks and paper PMs is occurring, the "three death trends" we wrote of earlier this week are literally exploding - with yesterday providing a perfect example, as oil prices plunged and the dollar surge against all global currencies accelerated - in some cases, at unprecedented rates, with the Russian Ruble falling an astonishing 4.3%, and the Brazilian Real 2.7%. And oh yeah, did I forget the Japanese Yen, which has plunged nearly 7% this week, as the "real Yen bomb" detonates? And regarding the ongoing, potentially cataclysmic plunge in oil prices - which we wrote of in last month's "crashing oil prices portend unspeakable horrors," how much more prescient could we have been - as the aforementioned three death trends, of collapsing oil prices and currencies, and expanding currency wars - are exactly what has transpired, per this article regarding the implosion of oil exporters' currencies, and this one regarding Saudi Arabia's commencement of an oil "price war" by cutting its North American export price - focused principally at the soon-to-collapse U.S. shale oil industry; and ultimately, the "petrodollar" itself.

As for today's "jobs" report, for the third straight month I nailed it right on the head. Yesterday, I predicted it would be "worse than expected" for both political purposes - to start the "new Republican Era" poorly - and because the Fed is terrified of the recent "massive" increase in the 10-year Treasury yield from 2.20% to 2.38%. Yes, I know they fear falling rates as much as rising rates; but on a day-to-day basis, their focus changes - as they desperately manipulate markets with the calmness of a chicken with its head cut off. Yes, they are that chaotic, as exemplified by the aforementioned "jawboning" by six Fed governors during last month's stock plunge.

In the October NFP report, 214,000 "jobs" were created, compared to the 230,000 estimate and significantly higher "whisper numbers." And as always, the report's internals were horrifying, as exemplified by this morning's Yahoo! Finance "top story" - that "solid U.S. hiring is likely, but Americana are anxious." Yes, they're anxious, as depicted by CNN's Election Day exit polls, in which 78% of responders said they are worried about the economy - despite October's "unemployment rate" decline to a multi-year low of 5.8%. This morning's comments from General Mills, the maker of Cheerios, says it all, of both the U.S. and international economic outlook - in significantly reducing its earnings forecast due to "continued" weak food industry trends in the U.S., and slowing growth in key emerging markets."

By the way, how can the "unemployment rate" decline - from 5.9% in September to the aforementioned 5.8% in October - if the Labor Participation Rate ticked up 0.1%, and job creation was less than expected? Yep, via the same U.S. government accounting that yields a $500 billion deficit when the national debt increases by $1.1 trillion! And as for the perpetually ugly internals; as usual, the only new jobs created - aside from 137,000 phantom "birth/death" positions - were in the 55+ age category, as senior citizens take minimum wage jobs because they can't afford retirement; and "waiters and bartenders," which rocketed to a new all-time high - as the pace of higher-paying "professional business service" hiring plunged to the year's lows, with manufacturing job creation non-existent. Better yet, the household report included a ridiculous 528,000 "seasonally-adjusted" job additions in the 16-24 age category. Yes, we're to believe more than a half million high school and college-age Americans got "jobs" in September....as SCHOOL was starting!

And how did "markets" react? To start, the PPT has been actively attempting to "dead ringer" stocks higher - thus far, as usual, preventing significant losses. However, ominously for the global economy, the dollar remains near its highs. Moreover, the aforementioned "new Hail Mary" algorithm decidedly failed, as the 10-year Treasury yield is plunging anew - on the verge of breaking below 2.3%, en route to 1% and below before hyper-inflation inevitably arrives. As for PM's, their initial surge was of course stopped by a prototypical "Cartel Herald" algorithm - and if you can believe the irony, the COMEX actually halted silver trading when it briefly went up by, get this, a "whopping" $0.35/oz.! And this, after countless times - several this week alone - where silver fell by $0.50-$0.80 in minutes without any trading "halts."

Anyhow, it's now 11:10 AM EST, and TPTB must be horrified, as gold and silver have taken off anew. Remember, we are in a period of extreme industry tightness - particularly in silver, but gold as well. Thus, any sustained demand increase - as we are seeing at Miles Franklin - could cause prices and premiums to explode higher; and do so, by the way, ahead of the potentially Cartel-destroying Swiss gold referendum on November 30^th. Or, for that matter, Sunday's "non-binding" Catalonian secession vote.

11/7 Gold Surprises And Rises Sharply ... Killer Move ... COT Gold Blockbuster? - www.lemetropolecafe.com

The gold chart at the end of the day...

Le Metropole Cafe

The importance of gold taking out that $1183 area is clear. Should it do so, and hold the move, it will mean that the bombing below that price was a KILLER MOVE, one designed to clean out longstanding gold bulls. Historically, that is what a killer move accomplishes. With any, and all, stale longs exiting from their long positions, it sets the stage for a SUSTAINED move to the upside, one that often becomes violent and goes further than investors can imagine.

To read the full article, please subscribe to Le Metropole Cafe.com.

WNW 165-Republican Landslide, Russia War Talk, Silver Sells Out - usawatchdog.com

By Greg Hunter On November 7, 2014

  

By Greg Hunter's USAWatchdog.com 11/7/14

 

The Republicans now control both the Senate and the House. The mainstream media said it would be close, and it turned into a blowout. Now, all the blocking that outgoing Senate Majority Leader Harry Reid was doing for President Obama is going to be unblocked, and expect many pieces of legislation to land on the President's desk. Yes, the President can veto legislation, but then he will be known as the President of "no." Now, for another prediction, but first let me highlight what Reid's Chief of Staff said after the election this week. David Krone said, "The President's approval rating is barely 40 percent," Krone said. "What else more is there to say? .?.?. He wasn't going to play well in North Carolina or Iowa or New Hampshire. I'm sorry. It doesn't mean that the message was bad, but sometimes the messenger isn't good." Yes, you heard correctly. Reid's top guy said the President isn't a "good messenger." I call that message throwing your party leader under the bus. Here's my prediction. If the President starts to veto bills that try to move the country forward, the Democrats will vote against the President and override his vetoes. If you think the Democrats were running against the President in this past election, just wait until 2016. Democrats will be falling all over themselves to say they voted against the President and for the American people. Democrats will turn on their own President to save their skins. That said, nothing is fixed. We still have a cash deficit approaching $18 trillion. We still have nearly 93 million not in the work force. We still have record numbers of people on food stamps. Not a single person in Washington has a clue on how to get this under control before we all go over the cliff right along with the U.S. dollar.

 

It's been revealed President Obama secretly wrote a letter to the Supreme Leader of Iran asking for his help in fighting the Islamic State. I thought Iran was on the State Department terror list. I thought the U.S. and other nations were trying to get Iran to curtail its nuclear program. I thought we were asking Sunnis to overthrow Assad in Syria that Iran (Shia Muslim) is helping to stay in power. Confused? So am I, and I think so is the Obama Administration on Middle East policy. We are in the process of arming so-called moderate rebels who are Sunni while we are asking the Shia Muslims in Iran to help destroy the Islamic State. You can't make this up. This is a mess, and it is leading us to war and conflict.

 

Financial war is raging between the West and Russia. The ruble is way down in value. The Russians are going to make the use of dollars illegal and force people to close dollar denominated accounts. There are sanctions from Europe and the U.S. on Russia and vice versa. Now, we hear of a cyber-threat from Homeland Security called "Black Energy" that can shut things like nuclear power plants down. I am not surprised because in war, even financial war, people shoot back. Putin was out recently saying that America was creating an "empire of chaos," and it does not want chaos to spread. Meanwhile, China keeps opening up Yuan trading facilities. The latest is in Canada. This is all dollar negative long term.

 

Gold and silver prices are being pounded down while demand is very strong. It is so strong that the U.S. Mint reportedly sold out of Silver Eagles. Let's get this straight, there is sell-out demand and the price of metal is going down. That cannot be done without criminal manipulation of the markets. It cannot and will not last.

 

On the Ebola front, New York is now actively monitoring more than 350 people for Ebola. This is because of the doctor who returned from West Africa and came down with Ebola. There are people out there who are saying Ebola is a hoax or a government black op program. Whatever you want to call it, the story is creepy in how the government is handling this on both sides of the Atlantic. I still have not heard of a coherent reason why there are not travel restrictions with this outbreak in West Africa.

 

There is another investigation into JP Morgan, this time, over its foreign exchange business. I am not optimistic of getting any convictions. The government hasn't convicted a single high profile banker for massive and obvious crime. That said, there is a new star witness against JP Morgan, and Matt Taibbi of Rolling Stone lays out the case in a story titled "The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare." It's about a former JPMorgan attorney who says she has evidence of criminal activity by top bankers. The story also charges that Attorney General Eric Holder helped cover up massive banker crime.

 

Join Greg Hunter as he analyzes these stories and more in the Weekly News Wrap-Up.4

 

Republicans Win Big, War with Russia, More on Ebola and JPMorgan Trouble

 

_________________________

 

 

Early Technical Clue that Gold and Silver Prices Have Bottomed Out - www.kitco.com

Friday November 07, 2014 3:15 PM

(Kitco News) - December Comex gold and December Comex silver futures prices hit contract and four-year lows in early trading Friday. However, both markets then made solid price rebounds to close higher and nearer their daily highs. Both gold and silver futures markets also produced daily trading ranges that had lower lows and higher highs than Thursday's trading session, with both creating a bullish "outside day" up on the daily bar chart, with their higher daily closes on Friday. Importantly from a technical perspective, given that new contract lows were scored in both gold and silver futures Friday morning, the bullish outside days up are also termed a more technically significant bullish "key reversal" up. A key reversal up is one early, significant chart clue that at least a near-term market bottom is in place. Better technical evidence of a market bottom being in place would be if there were follow-through upside price strength in the market the following trading session, which in this case is Monday. Therefore, Monday's price action in the gold and silver markets will be very important.

Kitco.com

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

Follow me on Twitter @jimwyckoff

_________________________

China Aims For Official Gold Reserves At 8500 Tonnes - www.zerohedge.com

Submitted by Tyler Durden on 11/09/2014 20:17 -0500

"China should accumulate 8,500 tonnes in official gold reserves - more than the US...

Gold is money par excellence in all circumstances and will help support the renminbi to become an international currency as gold forms the very material basis for modern fiat currencies"

Continue reading on Zero Hedge.com.

***

Greenspan's Stunning Admission: "Gold Is Currency; No Fiat Currency, Including the Dollar, Can Match It" - www.zerohedge.com

Submitted by Tyler Durden on 11/07/2014 23:28 -0500

For some reason, the Council of Foreign Relations, where ex-Fed-Chief Alan Greenspan spoke last week, decided the following discussion should be left out of the official transcript. We can perhaps understand why... as Gillian Tett concludes, "comments like that will be turning you into a rock star amongst the gold bug community."

Continue reading on Zero Hedge.com.

***

Gold, Yen, Central Banks and the Endgame - www.zerohedge.com

Submitted by SurlyTrader on 11/06/2014 00:41 -0500

Japan's debt to GDP is well over 200% (�1 quadrillion!) and rising quickly.  They have had a hard time getting their inflation to move upward and they have also added some taxes to try to bring their deficit down which has probably counteracted their inflation and growth targets.  Inflation is the only plausible solution and depreciation of the Yen is key to Japan's predicament.  The recent aggressiveness of the Bank of Japan smells more of desperation than solution.

The one thing that I can cite as factual is that the Bank of Japan often purchases equities and other assets (not just government bonds) and is not bashful about it.  My summary of their actions is that anything is game.  Since the Bank of Japan is purchasing all of their own debt and a good chunk of Japanese debt in existence are owned by Japanese families or Japanese entities, they have not seen the bond vigilantes who usually make governments become honest about their problems.

Without rising interest rates, Japan just needs to keep investors psychologically calm so that there is not a hyper-inflationary or crashing currency situation.  One of the ways to keep investors calm is to stop gold and silver from skyrocketing in price due to a lack of faith in the currency (government) and a scramble to preserve wealth through hard assets.  It just so happens that the ex-Assistant Treasurer to the Reagan administration and co-drafter of the Economic Recovery Tax Act of 1981, Paul Craig Roberts hit the idea of central banks' interaction with the gold market right on the head:

As we have demonstrated in previous articles, the bullion banks (primarily JP Morgan, HSBC, ScotiaMocatta, Barclays, UBS, and Deutsche Bank), most likely acting as agents for the Federal Reserve, have been systematically forcing down the price of gold since September 2011. Suppression of the gold price protects the US dollar against the extraordinary explosion in the growth of dollars and dollar-denominated debt.

It is possible to suppress the price of gold despite rising demand, because the price is not determined in the physical market in which gold is actually purchased and carried away. Instead, the price of gold is determined in a speculative futures market in which bets are placed on the direction of the gold price. Practically all of the bets made in the futures market are settled in cash, not in gold. Cash settlement of the contracts serves to remove price determination from the physical market.

Cash settlement makes it possible for enormous amounts of uncovered or "naked" futures contracts - paper gold - to be printed and dumped all at once for sale in the futures market at times when trading is thin. By increasing the supply of paper gold, the enormous sales drive down the futures price, and it is the futures price that determines the price at which physical quantities of bullion can be purchased.

 You can read the full article here.

What I liked even more was the fact that over the last five years, when Asian physical delivery markets are open the returns are positive whereas they are negative when the London/US markets are open:

SurlyTrader.com

Lastly - Japan was successful in depreciating its currency starting in 2012.  At the start of that slaughtering, Gold started to rally in Yen rather dramatically.  By early 2013 that trend started to reverse and since mid 2013, Gold in Yen has been relatively flat even though the Yen has been continuously crucified.  Is it possible that the Bank of Japan wants to keep Gold unexciting as a preservation of wealth and wants to move their citizens into stocks and "more productive" assets such as stocks?

SurlyTrader.com

 Just a coincidence or does the Bank of Japan not want their citizens to think they can preserve wealth with Gold?

Most interesting question is:  How can record demand for physical silver occur at the same time that the price is falling like a rock? - U.S. Mint temporarily sold out of Silver Eagles amid huge demand

The views and opinions expressed in this e-mail are solely those of the original authors and other contributors. These views and opinions do not necessarily represent those of Miles Franklin Ltd., the Miles Franklin Ltd. staff, and/or any/all contributors to this site.  

Readers are advised that the material contained herein is solely for informational purposes. The author and publisher of this letter are not qualified financial advisors and are not acting as such in this publication. The Miles Franklin Report is not a registered financial advisory and Miles Franklin, Ltd., a Minnesota corporation, is not a registered financial advisor. Readers should not view this publication as offering personalized legal, tax, accounting, or investment-related advice. All forecasts and recommendations are based on opinion. Markets change direction with consensus beliefs, which may change at any time and without notice. The information and data contained herein were obtained from sources believed to be reliable, but no representation, warranty or guarantee is made that it is complete, accurate, valid or suitable. Further, the author, publisher and Miles Franklin, Ltd. disclaims all warranties, express, implied or statutory, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, accuracy and non-infringement, and warranties implied from a course of performance or course of dealing. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. The author, publisher, Miles Franklin, Ltd, and their respective officers, directors, owners, employees and agents are not responsible for errors or omissions or any damages arising from the display or use of such information. The author, publisher, Miles Franklin, Ltd, and their respective officers, directors, owners, employees and agents may or may not have a position in the commodities, securities and/or options relating thereto, and may make purchases and/or sales of these commodities and securities relating thereto from time to time in the open market or otherwise. Authors of articles or special reports contained herein may have been compensated for their services in preparing such articles. Miles Franklin, Ltd. and/or its officers, directors, owners, employees and agents do not receive compensation for information presented on mining shares or any other commodity, security or product described herein. Nothing contained herein constitutes a representation, nor a solicitation for the purchase or sale of commodities or securities and therefore no information, nor opinions expressed, shall be construed as a solicitation to buy or sell any commodities or securities mentioned herein. Investors are advised to obtain the advice of a qualified financial, legal and investment advisor before entering any financial transaction.