|James Turk: Founder & Chairman of GoldMoney – James has written “The Freemarket Gold & Money Report,” an investment newsletter since 1987. James has specialized in international banking, finance and investments since 1969. His business career began at The Chase Manhattan Bank (now JP Morgan Chase Bank). He subsequently joined the investment and trading company of a prominent precious metals trader based in Greenwich, Connecticut then moved to the United Arab Emirates to be appointed Manager of the Commodity Department of the Abu Dhabi Investment Authority, until resigning in 1987.
Here is Alasdair Macleod’s precious metals Market Wrap-Up for last week, and his Week To Come feature highlighting possible market moving events for next week. In addition, you will find links to the precious metal commentary pieces we have published over the past week. We hope you enjoy them.
by Alasdair Macleod – Head of Research
|Weekly Market Wrap-Up
||The Week To Come
|This last week has once again seen enormous bear raids in gold and silver smashing the prices of those metals down to levels last seen in August. In yesterday’s trade gold went down all the way to $1,635 and silver traded as low as $29.63. This brings back painful memories of last December, when gold lost over $200 and silver dropped a full $6 on light volume. Once again we are seeing the same spiel as usual. The Commercials on the Comex futures market are using the thin pre-holiday trade to their advantage by gunning the stop loss orders in an attempt to cover their shorts at a lower price. Today’s Commitment of Traders Report will therefore be interesting to see whether or not they are succeeding in driving away longs at a rate sufficient to get their short position back in order.In any case the recent price action should not make a physical investor lose his calm. We must not forget that none of the debt problems in the developed world have been resolved in 2012 and the challenges for 2013 look even greater. Also those remembering last year’s December pain will likely also not forget what happened when January came around and prices recovered just as quickly as they dropped.
||We have been right in our analysis that the Commercials would continue their games and not allow for a quiet end of year trade. Again there is no reason why this should change in the two remaining trading days for the year.The London bullion market will be closed on Tuesday 25, Wednesday 26 December and Tuesday 1 January and there will be no gold, platinum or palladium PM fix on Monday 24 December and Monday 31 December due to the Christmas and New Year’s holidays.As for economic data there will be BoJ Monetary Policy Meeting Minutes on 25 December, the Richmond Fed Manufacturing Index on 26 December, housing data for the US, Japan and the UK as well as US consumer confidence stats on 27 December and the eurozone GDP for Q3 on 28 December.
James Turk’s Outlook for Gold for 2013 to 2015
GoldMoney Chairman James Turk presents a sequel to his recently released video “Everyone should have a precious metals portfolio” which …
Positive Money’s Ben Dyson on Monetary Reform
Episode 83: GoldMoney’s Dominic Frisby interviews Ben Dyson, who is founder and director of the Positive Money campaign, and the co-author …
GOLD RESEARCH ANALYSIS
Gold or mining shares? – James Turk
There are many reasons to own physical gold. They arise from the financial and monetary uncertainty impacting investors around the globe. Some of the …
Goodbye to liberty – Alasdair Macleod
The human race, in its advanced economic form, is committing euthanasia. The US, UK, Europe and Japan are all implementing economic policies that must …
Silver is money too – James Cox
“Gold is money. Everything else is credit” JP Morgan, testifying before Congress, 1912 The world’s most powerful banker understood …
GOLD RESEARCH NEWS
The Fed’s ‘Hotel California’ problem – The GoldMoney News Desk
The Liberal Democratic party’s election victory in Japan has given equity bulls something to cheer about the start of this final full trading …
Apocalyptic mood in the gold and silver pit – The GoldMoney News Desk
Many market watchers are scratching their heads looking at the precious metals charts of the last trading days. Despite the fiscal cliff and possible …
South African government lowers export quota for platinum producers – Roman Baudzus
South African platinum producers are already enduring significant production drops caused by the massive strike activities among mining workers. Now …
GOLD RESEARCH EVENTS
2013 European Students For Liberty Conference
James Turk will be speaking at the 2013 European Students For Liberty Conference, to be held at the University of Leuven in Belgium from March 8-10 …
Ludwig von Mises Institute-Europe Conference on Public Debt
GoldMoney’s Alasdair Macleod will be moderating the Ludwig von Mises Institute-Europe’s “Conference on Public Debt”, to be held at the …
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Read The Ultimate Guide To Buying Gold
GoldMoney’s Ultimate Guide To Buying Gold is a 22-page pdf that examines at all of the most popular ways that people own the yellow metal – be it in the form of coins, bars, ETFs, certificates, closed-end funds or GoldMoney-style bailment programmes. There’s also commentary on mining shares and futures. Click on the previous link to access it.