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Silver Wheaton Corp. Message Board

  • Shocking U.S. factory orders and Chinese bank woes trigger global flight to safety

    Factory orders in the U.S. suffered their steepest fall for 33 years in January and also slowed further in China, raising fresh concerns about the strength of the world’s two biggest economies.

    The shock figures set off a renewed flight to safety in New York, where yields on US 10-year Treasuries fell to a three-month low of 2.60pc. The Dow Jones index tumbled 326 points, breaking through crucial technical support levels.

    The Japanese yen rallied as funds unwound “carry trade” positions in Asia to reduce risk. Emerging market currencies slumped to a five-year low.

    America’s ISM index of supply managers dropped from 56.5 to 51.3 in January, the biggest one-month decline since the Lehman crisis.

    This Ambrose Evans-Pritchard offering was posted on The Telegraph's website on Monday evening GMT---and is literally "yesterday's news"---but it's worth reading anyway, as it doesn't carry the baggage of being a U.S.-based opinion

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    • Additional news:
      Comex gold stocks eligible for delivery are at all-time lows, continuing to fall rapidly. J.P. Morgan withdrew a massive 321,500 ounces from its vaults last week, the largest withdrawal of physical gold ever, according to Lawrence Williams of Mineweb. Comex’s last report shows that delivery-eligible inventories are currently sitting at a very modest 70,000 ounces, or 2.2 tonnes. At the rate of current outflows, there will be no physical gold left to back the paper contracts.

    • hey, dave; it is this kind of analysis, i, personally, find adds value to the discussion. "charts" and "waves", eh, not so much... i also think that pm/commodity prices are about to go bonkers and that is why i am holding a good portion of my funds, right here in slw...

    • Buy while the price of gold is still suppressed - Levenstein

      Although the Chinese government claim that their gold holdings remain unchanged at 1050 tons, I estimate them to be around 5000 tons. Even if the correct figure is around 4000 tons, this would put China in the number two place after the USA. However, even though the latest world official gold holdings show that the US has 8,133.5 tons, I very much doubt it. In fact I would not be surprised if the US is holding any gold whatsoever. Not only has the US government refused to do an official audit on their gold for last 50 years, in a Congressional hearing, when Ben Bernanke was asked by Ron Paul if he considered gold as money, the Fed chief responded with an unequivocal no. What puzzles me is that if policy makers in the US see no value in holding gold, then how come they don’t liquidate their holdings? I think it is because they can’t as they don’t hold what they claim to have.

      I think China is making very intelligent strategic financial move which is preparing to back their currency or part thereof with a monetary metal such as gold. If they do this, they will be in a strong position to challenge the relative importance of all the major fiat currencies in the world. And, this will be a major game changer in the world of international finance.

      While the price of gold remains suppressed, take advantage of the situation and accumulate more gold and silver.

    • JP Morgan Holds Highest Amount Of Physical Silver In History

      While everyone is focused on the massive outflows in COMEX registered gold inventories and the gold ETF, GLD, it seems that an important evolution in silver is passing unnoticed. In what follows, Ted Butler, precious metals analyst specialized in COT analysis, reveals a remarkable insight in the physical silver market.

      Butler’s calculations show that JPMorgan has piled up the largest holding of physical silver in modern world. Since the silver price peak in May 2011, the bank has accumulated between 100 and 200 million ounces of physical silver (if not more). The equivalent in metric tonnes is between 3,110 and 6,220 tonnes.

      To put that number in perspective, it surpasses the amounts held by the Hunt Brothers or Warren Buffett (in his investment company Berkshire Hathaway).

      This commentary based on Ted Butler's work

    • GATA agitates against gold price suppression in gold-producing Suriname

      At the invitation of gold's local friends, your secretary/treasurer is visiting Suriname, the former Dutch Guyana, a gold-mining country in South America, to explain and document the gold price suppression scheme of Western central banks and to urge the country to mobilize against it. Coincidentally, this week the operators of the two biggest gold mines in Suriname, Iamgold and Newmont Mining, announced that because of low prices they are postponing their plans to increase employment here.

      An interview with your secretary/treasurer was published Monday on the front page of the country's largest newspaper, De Ware Tijd in the capital city, Paramaribo, and is appended, translated from Dutch, along with a related story published today.

      An interview on national television is scheduled tonight and a lecture at the University of Suriname tomorrow, along with meetings with government officials and civic leaders.

      The democratic, free-market, limited-government revolution lives -- and there's beer

    • Argentina Is Causing a New Gold Rush: Brett Arends

      A crisis in Argentina may be prompting a new gold rush, according to MarketWatch columnist Brett Arends.

      Argentina's financial crisis and the collapse of its currency prompted gold prices to spike 25 percent in that country in January, jumping to a record high of 10,000 pesos per ounce.

      And that's just when using the official exchange rate, he says. The peso's unofficial exchange's rate that people use on the streets may be as low as 60 percent the official rate.

      Gold is also rising in other emerging markets such as Brazil as well as Turkey, where it jumped almost 20 percent in January, he points out.

    • Europe exposed: over $3 trillion in emerging market loans

      The Fragile Five, BRICS and MINT are acronyms for countries like Turkey, Mexico, Indonesia, and China that are at the focus of the emerging crisis. But Europe may be the most vulnerable, as banks have more than $3.4 trillion in loans in shaky markets.

      European companies have a bigger exposure to emerging markets than US or Japanese firms, according to research by Morgan Stanley Capital International.

      Europe’s most vulnerable banks- the ones with the most risk in emerging markets- are BBVA, Erste Bank, HSBC, Santander, Standard Chartered, and UniCredit, according to analysts, Reuters reported. Deutsche Bank analysts estimate the six most exposed European banks have more than $1.7 trillion tied up in developing markets.

    • Russia Cancels Government Bond Auction for 2nd Straight Week

      Russia canceled a bond auction for the second consecutive week after an emerging-market rout sent yields on the nation’s bonds maturing in 2028 to record highs. The ruble climbed for the first time in three days.

      The Finance Ministry scrapped the sale after “an analysis of market conditions,” according to a statement on its website. The government plans to offer 275 billion rubles ($7.8 billion) of securities this quarter, according to a timetable published at the end of last year.

      Appetite for riskier developing-nation assets has soured amid signs of a slowdown in China as the Federal Reserve reduced monetary stimulus. The yield on the January 2028 bonds fell 10 basis points, or 0.10 percentage point, to 8.35 percent today, compared with a record high of 8.58 percent on Jan. 30.

 
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