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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8935
Posted: Feb 22, 2010 5:00
Comments: 8935
Forum Topic:
Gold, Oil & Indices (Equity & Bond Indices)
Discuss Gold, Oil & Indices (Equity & Bond Indices)
I got it now. Will bear this in mind when looking at CAD currencies - Thanks
Ashraf
Ashraf mentioned this in the IMT
**Downside risk from a double-dip in the US remains an evident red flag**
What does he mean by that?....
Does it mean that there is a good chance of a double dip
Unbeknownst to me at the time I sent in yesterday's commentary, the low at the Hong Kong close at 5:30 a.m. Eastern time on Wednesday morning proved to be gold's low price of the day. That time of day, coincidentally, is the precise time of the London a.m. gold fix. Gold subsequently gained and lost about $5 in London trading... but the moment that New York opened, the gold price was off to the races. The price rise even extended into electronic trading after the Comex closed. Gold's low price at the London a.m. fix was a hair below $1,185... a new low for this move down... and the high [$1,205.10 spot] was in electronic trading in New York late on Wednesday afternoon. Volume was pretty chunky with preliminary volume showing around 120,000 contracts traded net of spreads and roll-overs.
http://www.caseyresearch.com/displayGsd.php?id=239
Nat gas is in freefall after the EIA reported a much larger than expected build up in natgas inventories: the Energy Information Administration reported an increase by 78 billion cubic feet for the week ended July 2. Expectations were for a 70 bcf increase, while the last week reading was at 60 bcf. The result is a freefall in the price of nattie which has now plunged 5% for the day, and is back to early June levels. Today's move is sure to result in major adverse P&L at some of the key players in the space.
I'm shorting FTSE at 5067 - I'm feeling its overbought and the overall trend is down - is also around the 50% of the last down leg.
Any views would be helpful -thanks
July 08th, 2010
Dear Friend of GATA and Gold:
What can be made of this week's reports that the Bank for International Settlements has undertaken gold swaps with central banks, giving them dollars for their pawned gold?
A few things have to be considered.
First, the BIS apparently has been engaged in surreptitious manipulation of the gold market for a long time.
GATA has often publicized the acknowledgement made by BIS official William S. White in a speech to central bankers and friends at a BIS conference in Basel, Switzerland, in June 2005. Among the five objectives of central bank cooperation, White said, was "the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful." You can find White's speech here:
Read more here........ http://www.24hgold.com/english/news-gold-silver-mystery-around-bis-gold-swaps-impugns-them-as-market-rigging.aspx?article=2997320512G10020&redirect=false&contributor=Chris+Powell
Dear Friend of GATA and Gold:
Western central banks have begun throwing the kitchen sink at gold, as word broke today of a monster gold swap undertaken by the Bank for International Settlements, which, as GATA noted the other day, long has been a center of surreptitious gold market intervention (seehttp://www.gata.org/node/8773) and indeed was the lead defendant in GATA consultant Reg Howe's gold price manipulation lawsuit in U.S. District Court in Boston in 2000 (seehttp://www.goldensextant.com/). The BIS gold swap appears to involve 380 tonnes that likely were sold into the market immediately. A report about it can be found at Jesse's Cafe Americain here:
http://jessescrossroadscafe.blogspot.com/2010/07/imf-engaged
Chris Powell
Secretary / Treasurer
Gold Anti-Trust Action Committee
www.GATA.org
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Yesterdays ISM report disappointed and confirmed a host of other indicators indicating an approaching economic slowdown.
The Baltic Dry index that tracks ocean freight rates has fallen 30 days in a row and has reached its lowest level in more than a year, a drop of more than 50%, and could be indicating slowing growth and demand for raw materials in China.
Thursdays employment and consumer credit reports come out before market open on Thursday and wholesale inventories are at 10:00 a.m. Eastern time.