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Updated: 11 hours 36 min ago

Forget the gold standard, it's all about silver bugs these days

Fri, 07/18/2014 - 06:26
With the global economy seemingly revived, you wouldn't expect silver to have many cheerleaders as an investment. Think again: its time to shine is now, says Christopher Silvester.

Read the full article by clicking here

Monetary discord

Fri, 07/18/2014 - 06:18
Last Monday’s Daily Telegraph carried an interview with Jaime Caruana, the General Manager of the Bank for International Settlements (the BIS). As General Manger, Caruana is CEO of the central banks’ central bank. In international monetary affairs the heads of all central banks, with the possible exception of Janet Yellen at the Fed, defer to him. And if any one central bank feels the need to obtain the support of all the others, Caruana is the link-man.

His opinion matters and it differs sharply from the line being pushed by the Fed, ECB, BoJ and BoE. But then he is not in the firing line, with an expectant public wanting to live beyond its means and a government addicted to monetary inflation. However, he points out that debt has continued to increase in the developed nations since the Lehman crisis as well as in most emerging economies. Meanwhile the growing sensitivity of all this debt to rises in interest rates is ignored by financial markets, where risk premiums should be rising, but are falling instead.

From someone in his position this is a stark warning. That he would prefer a return to sound money is revealed in his remark about the IMF’s hint that a few years of inflation would reduce the debt burden: “It must be clearly resisted.”

There is no Plan B offered, only recognition that Plan A has failed and that it should be scrapped. Some think this is already being done in the US, with tapering of QE3. But tapering is having little monetary effect, being replaced by the expansion of the Fed’s reverse repo programme. In a reverse repo the Fed gives the banks short-term US Government debt, paid for by drawing down their excess reserves. The USG paper is used as collateral to back credit creation, while the excess reserves are not in public circulation anyway. Therefore money is created out of thin air by the banks, replacing money created out of thin air by the Fed.

Interestingly Caruana dismisses deflation scares by saying that gently falling prices are benign, which places him firmly in the sound money camp. But he doesn’t actually “come out” and admit to being Austrian in his economics, more an acolyte of Knut Wicksell, the Swedish economist, upon whose work on interest rates much of Austrian business cycle theory is based. This is why Caruana’s approach towards credit booms is being increasingly referred to in some circles as the Mises-Hayek-BIS view.

With the knowledge that the BIS is not in thrall to Keynes and the monetarists, we can logically expect that Caruana and his colleagues at the BIS will be placing a greater emphasis on the future role of gold in the monetary system. Given the other as yet unstated conclusion of the Mises-Hayek-BIS view, that paper currencies are in a doom-loop that ends with their own destruction, the BIS is on a course to break from the long-standing policy of preserving the dollar’s credibility by supressing gold.

Caruana is not alone in these thoughts. Even though central bankers in the political firing line only know expansionary monetary policies, it is clear that influential opinion in many quarters is building against them. It is too early to talk of a new monetary regime, but not too early to talk of the current one’s demise.

Market Report: Sharp consolidation

Fri, 07/18/2014 - 05:56
Before yesterday's (Thursday) rise in bullion prices, precious metals were in corrective mode this week after recent rises. There were two big stand-out sales of gold contracts on Monday, estimated to be about 5,000 contracts at the European opening, and 15,000 on the US opening. The combination of the two sales drove gold down over $30, and on Tuesday a further sale of 15,000 contracts drove the price down to a low of $1293 for a total fall of $45.

This negative action occurred at the same time as a new banking crisis was developing in Portugal, with Banco Espirito Santo getting into financial difficulties. For many gold traders, this suggested these large sales were price intervention to maintain confidence in the financial system. For this to be true, Open Interest would have expanded on Comex reflecting new opening bear positions. As the chart below clearly shows this cannot have been the case.

 

With Open Interest contracting, the only conclusion has to be these large sales were speculators taking profits. This is an extremely important signal, because the sales are evidence that big speculative money is now accumulating gold positions on price dips instead of shorting gold on price rises. While there can be little doubt that the sales were done in such a way that they drove the price lower, what we did not see was the gentle accumulation of long contracts that preceded them. And why would these speculators drive the price lower? To accumulate long positions again.

It does not appear to have been a bullion bank, because bullion banks have been going short in recent weeks: we know this from the Commitment of Traders reports. More likely it was a managed fund, which I expect will be confirmed on the Commitment of Traders numbers tonight in UK time. I shall tweet the evidence on @goldmoneynews when available. This being the case, we can expect growing numbers of speculators and hedge funds to accept that the trend has finally turned bullish, so we can climb the "wall of worry" that is the early stages of a decent bull market.

The developing bull-run looks like turning into a squeeze on the bullion banks themselves. The non-US banks, according to the last Bank Participation Report, were net short 62,099 contracts, which compares with a record of 78,564 in October 2012. They got away with their short exposure then, but conditions are very different today and they may be forced to cover.

This morning initial price movements for gold and silver are weaker at the European opening, while most other markets have steadied. If my analysis is right, then we can expect prices to steady during the day, with buyers looking to buy into the dip.

One key metric to watch will be the USD/JPY rate, with a dip below ¥101 putting adverse pressure on carry trades.

Next week

Monday.

No material announcements scheduled.

Tuesday.

Japan: All-Industry Activity Index, Leading Indicator.
UK: Public Borrowing.
US: CPI, Retail Sales, Existing Home Sales.

Wednesday.

UK: BBA Mortgage Approvals, CBI Distributive Trades.
Eurozone: Flash Consumer Sentiment.
Japan: Customs Cleared Trade.

Thursday.

Eurozone: Flash Composite PMI.
UK: Retail Sales.
US: Initial Claims, Flash Manufacturing PMI, New Home Sales.
Japan: CPI.

Friday.

Eurozone: M3 Money Supply.
UK: GDP (3rd est.), Index of Services.
US: Durable Goods Orders.

Dealing Desk: Gold price rises as investors react to Malaysian plane news

Thu, 07/17/2014 - 13:27
Gold prices have risen following news of the potential shooting down of a Malaysian airlines plane in the Ukraine near the Russian border.

Head of Dealing and Settlements, Roland Khounlivong said, 'Up to then, with gold prices at a three week low we'd seen bargain hunting from our customers, with some big purchases from High Net Worth clients.

'The ramifications from today's news are likely to trigger renewed interest in gold buying as worried investors seek out the safe haven metal. Up to this point it had been Palladium which was the only riser this week, partly on the back of fears that the sanctions being imposed on Russia might hit supplies.

'The week had been otherwise relatively quiet with trading volumes as you'd expect for this time of year, and ahead of the summer holiday period in the US. However other geopolitical issues such as the situation in the Gaza strip and Iraq are also causing concern and have been helping support the gold price above the 1300 level.'

16:00 17/07/14: Week on week performance: Gold down 2.7% to $1,301.8; Silver lost 3% at $20.75; Platinum slipped just 1.2% to $1,491.60 while Palladium edged up 1.7% to $880.35.

Ends

NOTES TO EDITOR

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email gwyn@directinput.je

GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.

GoldMoney currently has over 22,000 customers worldwide and holds $1.4billion of precious metals in its partner vaults.

GoldMoney has offices in Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.

GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.

Visit www.goldmoney.com.

Follow the GoldMoney Dealing desk team on Twitter: @goldmoneyupdate

James Turk and John Rubino interview with J Taylor Media

Wed, 07/16/2014 - 05:34
James Turk, John Rubino, Daniel McAdams and David Jensen return as guests on the next radio program. Turk and Rubino discusses their new book, "The Money Bubble. What to Do Before it Pops?" Both men believe, as does your host, that economic pathology is built into our economic system through fiat money and anti-market policies that ruin capitalism.

Listen to the full interview here.

Unique coin hoard event shows secrets and similarities

Tue, 07/15/2014 - 08:15
Supporters of the Jersey coin hoard were able to attend a unique event last week aimed at making history more accessible and immediate.

The invitation only event was for special guests of Jersey Heritage and customers of GoldMoney, Supporters of the long term care of the Jersey Coin Hoard. The evening saw guests getting up close and personal with the coin hoard by stepping into the conservation lab to talk to Head Conservator, Neil Mahrer. Guests were treated to further in depth talks on the hoard by Curator of Archaeology, Olga Finch. The evening saw the museum rooms based in the Merchant House being used for a drinks and canapé reception, with the opportunity for networking amid the exhibits within the historic house.

Jeremy Swetenham, Director of Commercial Operations, said this was the first event of its kind: 'We wanted to create a unique thank you for those who have supported us and our work with the coin hoard, and it's through events like this that we are being able to make our Island's history more accessible and immediate. Everyone who makes a donation towards the hoard's care is entitled to a series of benefits which reflect their support. We are delighted that GoldMoney is supporting us by sponsoring this Heritage Heroes fundraising appeal.'

The Le Catillon II hoard was discovered in 2012 and is the world's largest Celtic coin hoard with approximately 70,000 coins within it. Guests at the GoldMoney event were told by Mr Mahrer that several pieces of jewellery and jewellery-making items, such as small pieces of sheet gold, have also been found. It's still not known exactly what the hoard contains and each week new finds are being uncovered. Within the first week of the exhibition a coin that dates to 20 years later than the hoard was first anticipated to have been buried was found and that immediately changed the timing of its burial.

The hoard was discovered by Jersey metal detectorists, Reg Mead and Richard Miles and is on display at Jersey Museum & Art Gallery.

Natasha Le Dain-Cyples of GoldMoney said the feedback from the event was excellent, 'It was a thoroughly interesting and enjoyable evening. Guests were spellbound by the story behind the hoard's discovery and what it might contain. They were also treated to the latest thoughts as to why it was put there in the first place. Mr Mahrer told us the coins were not used as daily currency like we use coins today, but were more for a store of wealth. Gold and precious metals are still being bought and stored for wealth protection today, so although it was three thousand years ago, some things have not changed.'

There will be further events throughout the year for those who donate to the preservation of the coin hoard.

Donations are accepted online at www.jerseyheritage.org

GoldMoney is one of the world leaders in providing physical precious metals and secure storage for customers throughout the world.

Ends

NOTES TO EDITOR

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email gwyn@directinput.je

GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.

GoldMoney stores around $1.4billion of precious metals worldwide for over 22,000 customers.

GoldMoney has offices in London, Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.

Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did 60 years ago which is in stark contrast to the price of oil in terms of national currencies such as the US dollar.


GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.

Visit www.goldmoney.com.

Follow the GoldMoney Dealing desk team on Twitter: @goldmoneyupdate

Interview with James Turk and Symposium

Mon, 07/14/2014 - 10:16
James Turk, Founder & Director of GoldMoney, co-author of "The Money Bubble – What to do before it pops", and keynote speaker at the 7th Gold Investment Symposium being held in Sydney, 8-9 October 2014.

Listen to the interview here.

The new silver fix

Mon, 07/14/2014 - 08:07
In this interview with GoldMoney's Alasdair Macleod, SGT Report discusses Friday's news that the CME and Thomson Reuters have been chosen to run the replacement for the 117-year old London Silver Fix.

To hear the full interview, please click here.

James Turk - Bank Shorts Orchestrating Gold & Silver Smash

Mon, 07/14/2014 - 06:00
With continued turmoil in major markets, today James Turk told King World News that bullion bank shorts orchestrated today’s smash in the gold and silver markets. Turk also gave some fascinating statistics regarding today’s takedown in the metals and discussed what investors should expect next.

Click here to read the full interview on King World News

Unwinding unallocated gold accounts.

Fri, 07/11/2014 - 08:25
The debate in precious metal markets today is whether or not the three-year bear market is over and a new uptrend is establishing itself. But assuming for a moment that the gold price has turned the corner, will the bullion banks be able to keep a lid on it? Given the recent jump in their short positions as recorded in the Bank Participation Report on Comex, they presumably think so, and unallocated accounts in London will play an important role.

With an unallocated account the customer doesn't have an entitlement to any specific bullion bars, and is a creditor of the bullion bank. So long as the customer is happy with the counterparty risk, this is the cheapest way for him to have exposure to gold. From the bank's point of view, there is no need to hold more gold than required to meet customer withdrawals. Furthermore, even this gold doesn't have to be bought, merely leased from a central bank, remaining in the Bank of England's vault unless needed. There can be little doubt that the increase in the quantity of gold held in the Bank's vaults between 2006 and 2013 reflected, among other factors, physical backing for increasing unallocated accounts during the 2000-2012 bull market.

In the past a bullion bank's risk to a rising gold price either went unhedged, or was managed through derivatives, using forwards futures and options. Therefore, so long as systemic risk is not regarded as a material factor, the bullion banking community can absorb significant gold demand from investors by expanding unallocated accounts without any physical buying required. However, the investing public's greater awareness of risk to bank deposits from bail-ins could change this in future. And it was only this week that wealthy German citizens were reminded of deposit risk when its government approved the introduction of bail-in procedures for bank insolvencies.
Increasing awareness of systemic risk by the rich and ultra-rich is likely to lead to a preference for allocated accounts or for vaulted gold held outside the banking system, over unallocated accounts. This being the case, the gold price is likely to rise more quickly for a given degree of increasing demand than it has in the past. For tangible confirmation of this conclusion we need look no further than the action of gold this week, which rose strongly at the same time as European bank shares fell sharply.

There is little evidence that dealers fully appreciate these developing dynamics. The sharp increase in the banks' net short position on Comex reflected in the current Bank Participation Report suggests not.

Of course, it is possible the gold market is only rallying in an ongoing downtrend, in which case this analysis should be put on ice, but not forgotten. But anyone who believes that gold is still in a bear market should bear in mind that the only time gold has been cheaper relative to the total quantity of fiat dollars in circulation was in the late 1960s when the gold pool failed, and in 1999/2000, when the Bank of England sold half the UK's gold reserves at the behest of Gordon Brown.

Market Report: The ghost of bail-ins past returns the financial stage

Fri, 07/11/2014 - 08:15
Gold and silver had a good week after the US holiday last Friday. From a low of $1312 on Tuesday, gold rose to a high point of $1345 yesterday, and silver from $20.84 to $21.60. Open interest is climbing too for both metals, as shown in the following charts.

 

 

This is healthy and indicates that the uptrend has some wind behind it. However, the Bank Participation Report for 1 July shows a sharp deterioration in the banks' positions, illustrated in our third chart.

The net long position of the US banks for the past year have gone, and they are now short a net 12,324 contracts, while the Non-US banks are short a net 62,099 contracts.

Neither position is extreme, but how should we read this? Well, trading patterns altered this week, with the gold market strong outside US trading hours and softening during New York's trading. This obviously indicates demand is from Asia and Europe, giving some short-term traders in the US an opportunity for profit-taking. Buying is therefore likely to be for physical metal rather than derivatives, which should tighten the market overall.

Additionally it should be noted that platinum has been exceptionally strong, rallying nearly $200 (15%) from its December low. In practice there is little or no short-term correlation with the gold price, but platinum often leads the precious metals group over the medium term. Platinum this year is shown in our last chart, which is refreshingly bullish.

So overall, precious metal markets feel better based, but beware of whipsaws in New York trading because the banks will want to close their bears by marking gold and silver prices sharply down to trigger stops. But gold has now broken above resistance at $1320-30, which should now offer some support before a possible attempt on the $1355+ territory.


Confirmation of why Europeans might be buying physical gold arises from concerns over the financial health of Portugal's Banco Espirito Santo, which has undermined share prices of the entire Eurozone banking sector. The ghost of the Cyprus bail-in may be returning to the financial stage. Also this week Germany reminded us that large deposits are going to be subject to bail-ins if a bank fails, because the German cabinet resolved to put forward the necessary legislation for the New Year.


Talking of Germany, BaFin, the bank regulator, has asked all German banks and investment intermediaries to hand over details of their clients' dealing in precious metals derivatives, according to Goldreporter.de. This follows its investigation into Deutsche Bank's precious metal dealings which coincided with DB's withdrawal from the gold and silver fix. This may be a developing story worth monitoring.

Next week

Monday.

Japan: Capacity Utilisation, Industrial Production. Eurozone: Industrial Production

Tuesday.

UK: CPI, Input Prices, Output Prices, ONS House Prices. Eurozone: ZEW Economic Sentiment. US: Empire State Survey, Import Price Index, Retail Sales, Business Inventories. Japan: BoJ Overnight Rate.

Wednesday.

UK: Average Earnings, ILO Unemployment Rate. Eurozone: Trade Balance. US: PPI, Net Long-Term TICS Flows, Capacity Utilisation, Industrial Production, NAHB Builders Survey.

Thursday.

Eurozone: HICP. US: Building Permits, Housing Starts, Initial Claims, Philadelphia Fed Survey.

Friday.

Eurozone: Current Account. US: Leading Indicator.

Dealing Desk: Safe haven and industrial demand boost precious metal purchases

Thu, 07/10/2014 - 06:46
After last week's record week of trading, turnover returned to more normal levels among GoldMoney's more than 22,000 customers worldwide. However, Head of Dealing and Settlements at the British based online precious metals trader, Roland Khounlivong said it was still a busy week for buyers of gold, platinum and palladium: 'We had a definite ratio in favour of buyers this week for these metals. Gold interest was mostly for its safe haven qualities. The Israeli tension was one factor, and also we're seeing some investors looking for more tangible holdings amid fears that equities could be topping.

'Platinum and palladium saw interest because of the rising demand from the automobile industry, plus there's still some supply lag from the long running South African strikes. This can be evidenced in the metal reaching its highest price levels for the September delivery since February 2001.

'Silver's seen the biggest price increases in recent weeks and so from GoldMoney customers there's been some profit taking. Silver was our only metal to see more sellers than buyers in the past week.

'The flow into our Malca-Amit vault in Singapore has continued, and we've also had some buy orders this week into Via Mat, Switzerland. The buyer/seller ratio showed far more buyers to sellers in the week overall.

'Next week the focus will be on data out of China, with its GDP and Industrial production set to be released. Plus there will also be Eurozone inflation figures which should give further indication of the state of the economic recovery in the continent.'

16:00 10/07/14: Week on week performance: Gold gained 1.3% to $1,338.15; Silver added 1.3% at $21.40; Platinum rose just 0.5% to $1,509.80 while Palladium edged up 0.6% to $866.05.

Ends

NOTES TO EDITOR

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email gwyn@directinput.je

GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.


GoldMoney currently has over 22,000 customers worldwide and holds $1.4billion of precious metals in its partner vaults.

GoldMoney has offices in Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.

GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.

Visit www.goldmoney.com.

Follow the GoldMoney Dealing desk team on Twitter: @goldmoneyupdate

Golden Years

Thu, 07/10/2014 - 06:15
The recession has not meant gloom for everyone, with a record number of people now classed as high net worth individuals. Geoff Turk, Chief Executive Officer at GoldMoney, looks at the changing face of global wealth.

Read the full article in Business Brief.

My 9-5 with GoldMoney Director Natasha Le Dain-Cyples

Thu, 07/10/2014 - 06:00
Channel Island based magazine Business Brief talks to Natasha Le Dain-Cyples about a day in the life of a GoldMoney Jersey Director.

Read the full interview here.

Time for change in the London bullion market

Tue, 07/08/2014 - 12:23

The London bullion market is an over-the-counter unregulated market and has had this status since the mid-1980s. The disadvantage of an OTC market being unregulated is that change often ends up being driven by a cartel of members promoting their own vested interests. Sadly, this has meant London has not kept pace with developments in market standards elsewhere.

The current row is focused on the twice-daily gold fix. The fix has been giving daily reference prices for gold since 1919, useful in the past when dealing was unrecorded and over-the-counter by telephone. The London gold fix could be described as an antiquated deal-based version of the LIBOR fix that has itself been discredited.


It was with this in mind that the House of Commons Treasury Committee called witnesses before it to give evidence on the matter on 2nd July. This dramatically exposed the inconsistences in the current situation, and was summed up by the Chairman Andrew Tyrie as follows: "Is there any reason we should not be treating this as an appalling story?"

These were strong words and his question remains hanging over the heads of all involved. It would be a mistake to think the Financial Conduct Authority which was given a rough ride by the Committee can ignore this "appalling story". The FCA will almost certainly seek significant reforms, and reform means greater market transparency and no fix procedure that does not comply with IOSCO's nineteen principles.

The current fix is thought to comply with only four of them, which is a measure of how things have moved on while the London bullion market has stood still. London effectively remains a cartel between bullion banks and the Bank of England (BoE). It has worked well for London in the past, because the BoE has used its position as the principal custodian of central bank gold to enhance liquidity. And when bailouts are required, the Bank has provided them behind closed doors.

The world has moved on. IOSCO has provided a standard for behaviour not just to cherry-pick, but as a minimum for credibility. China, which we routinely deride for the quality of official information, has a fully functioning gold bullion market which provides turnover and delivery statistics, as well as trade by the ten largest participants by both volume and bar sizes. China has also tied up mine output in Asia, Australia and Africa which now bypasses London completely. Dubai also has ambitions to become a major physical market, being in the centre of middle-eastern bullion stockpiles and with strong links into the Indian market.

Even Singapore sees itself servicing South East Asia and becoming a global centre. These realities are reflected in the 995 LBMA 400oz bar being outdated and being replaced by a new Asian 1kg 9999 standard, with refiners working overtime to affect the transition. London cannot possibly meet these global challenges without major reform.

Central banks are now net buyers of bullion, withdrawing liquidity from the London market instead of adding to it. With the FCA as one of its new responsibilities, the ability of the BoE to act as ringmaster in the LBMA is changing from an interventionist to a regulatory role. If it is to retain the physical gold business, London's standards, on which users' trust is ultimately based, must be of the highest order with the maximum levels of information disclosure.

Looking after your future

Tue, 07/08/2014 - 07:40
Nobody would suggest you put all your eggs in one basket – even if they're golden eggs; but as any good mother hen knows, it's also not a good idea to wander off and leave them unattended. Jacquie Williams, Head of Verification and Relationship Management at GoldMoney, takes a look at the importance of balance and review in an investment portfolio.

Read the full article in July's Connect Magazine

Alternative investments the way to diversify

Tue, 07/08/2014 - 07:23
Guests at a recent Alternative Investment seminar organised by GoldMoney, heard how now is the time to take a look at their investment portfolios and consider if they are adequately diversified. The panel of experts included: Alasdair Macleod, GoldMoney's Head of Research, Nigel Pascoe, Skipton International's Director of Lending and Keith Heddle, Stanley Gibbons' Group Investment Director.

Read the full article in July's Connect magazine

James Turk interview on Cashkurs

Tue, 07/08/2014 - 05:44
On July 7th, the World Gold Council is convening a conference in London to explore how to reform the broken London Gold fix that has become mired in scandal and controversy about market manipulation by participants. The heads of leading gold Trading firms and mining companies are expected to take part in the meeting. What could such an overhaul of the price fixing process look like? James Turk speaks to Roman Baudzus of Cashkurs about the gold Fix and the huge discrepancies between paper gold markets and physical gold markets.

To listen to the full interview, please click here.  

Turk: Bursting Money Bubble Could Inflate Gold To $12,000

Tue, 07/08/2014 - 05:23
Founder of GoldMoney talks to Hard Assets Investor about his new book and the outlook for gold. Turk's 2004 book, "The Coming Collapse of the Dollar," recommended buying gold and betting against the housing bubble, which were two of the best investment ideas of the decade. His latest book is "The Money Bubble: What To Do Before It Pops." HAI Managing Editor Sumit Roy caught up with Turk to discuss his new book and what it means for the financial markets and gold.

Read the full interview at Hard Assets Investor

Don’t waste time fixing gold fix, it’s obsolete

Mon, 07/07/2014 - 06:23
Does the system of fixing the daily price of gold in London really need fixing, or should it be allowed to fade into the annals of history?

Read the full story featuring GoldMoney's Alasdair Macleod The Telegraph.

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