China Banks Boost Precious Metals Hoard Amid Lease Demand

China banks large 4Bloomberg reports ... The value of precious metals held by China’s biggest lenders surged 66 percent from a year ago as banks lease more gold to customers because tighter borrowing rules make it harder to lend funds.

Precious metals held by Industrial & Commercial Bank of China Ltd. (1398), China Construction Bank Corp., Agricultural Bank of China Ltd. (1288) and Bank of China Ltd., the country’s four biggest lenders, were worth 378 billion yuan ($62 billion) at the end of the second quarter, according to financial reports. The growth since last year outpaced the gain in benchmark bullion prices, which rose 7.5 percent over the same period.

China is seeking to rein in credit by raising borrowing costs and cutting off lending to sectors considered at risk of default amid a property slump and rising number of bad loans. That’s prompting banks to hold more precious metals as they expand their gold-leasing business because it’s not subject to loan caps and is considered off-balance sheet lending, according to Industrial Bank Co.

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Draghi Looks Ahead to a Turbulent Time

Draghi Mario Smiling LaughingECB Chief's Views Likely to Put Him on Collision Course With Berlin

Simon Nixon writes for the Wall Street Journal.  He begins: What was Mario Draghi up to? Even 10 days after the European Central Bank chief's speech at the annual central bankers' jamboree at Jackson Hole, nobody is quite sure—not the markets, nor policy makers in Berlin, Brussels, Paris, nor even many of his colleagues.

To most observers, his call for governments to allow fiscal policy to play a greater role in pulling the currency bloc out of its slump came out of a clear blue sky.  ...

For the full story:  Wall Street Journal 

http://online.wsj.com/articles/draghi-is-looking-to-a-turbulent-time-ahead-1409604243 

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The Bad News Out Of Europe Is Intensifying

Draghi Mario Sitting Speaking MicSam Ro writes for BusinessInsider.com.  All of the economic signals confirm that growth in the eurozone economy is going nowhere.  

The Eurozone manufacturing purchasing managers index plunged to a 13-month low of 50.7 in August., down from 53.8 in July.  This was worse than the 50.8 expected by economists.

Any reading above 50 signals growth, and the eurozone's PMI is rapidly tumbling to that no-growth level.

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Deflation knocks at ECB's door, markets look for cash boost

Draghi Mario Pointing UpFrom BusinessWorld Online without a "by line."  FRANKFURT -- Financial markets are looking to the European Central Bank to open the cash floodgates next week after consumer price data showed the 18-country eurozone is flirting with deflation, analysts said.

Speculation is rising that the ECB's decision-making governing council could signal plans for what is known as "quantitative easing" or "QE" at its regular monthly meeting on Thursday.

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COMEX Commercial Traders Reduce Shorts on Gold Futures, but Steady on Silver

HOUSTON – (Got Gold Report) – Large reporting commercial traders on the COMEX bourse in New York reported a considerably smaller net short position in gold futures.  Taking the Legacy COT report as a guide, since August 12, when gold closed at $1309.12, as gold drifted $28.49 or 2.2% lower, we can point to a reduction of a rather large 37,139 contracts or 23.1% of the combined large commercial net short positioning (LCNS).  Gold off 2.2% over the last two reporting periods, LCNS down 23.1%. 

20140831 Gold LCNS Legacy

(CFTC for COT, Cash Market for gold, GGR, all charts.)

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Koos Jansen - Chinese Weekly Gold Demand Highest Since February

Jansen KoosKoos Jansen writes for BullionStar.com . He is a keen observer of the precious metals biz in Asia.  Koos begins: 

Withdrawals from the Shanghai Gold Exchange vaults, which equals Chinese wholesale demand, in week 34 (August 18 to 22) accounted for 46 metric tonnes, the highest weekly amount withdrawn since late February (25 weeks ago). Year to date wholesale demand stands at 1209 tonnes. It's worth stressing that this number includes gold that is recycled through the SGE.

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Holmes - Anticipate Before You Participate: Patterns in Trading

Holmes Frank 2013Frank Holmes, CEO of U.S. Global Investors in San Antonio writes:  The primary unit of time measurement for high-frequency traders might be the microsecond, but for normal retail traders, it’s vital to know the best months, days and even half-hours of the day to make market transactions.

Consider Black Friday, the most active shopping day of the year. Let’s say a 60” 1080p plasma HDTV normally goes for around $900 but, on Black Friday, is discounted to $500. That’s a 44 percent savings. If you had a desire to own this TV and were somehow guaranteed a way to bypass the rabid mobs, you’d be careless to spend $900 on it the day before.

Likewise, you’d be at a disadvantage to buy or sell a security without first conducting some level of research to determine the optimal time, statistically speaking, to make a transaction. At the very least, you should know when not to make a transaction. 

 

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Gold and Silver Disaggregated COT Report (DCOT) for August 29

CFTC logoHOUSTON – The Commodity Futures Trading Commission (CFTC) released data for the disaggregated commitments of traders (DCOT) and Legacy “COT” reports for the week ending August 29, 2014.  Our recap of the net positioning for large reporting futures traders is below, compared to the prior week’s data. 

Source: CFTC for COT data, Cash Market for gold and silver prices.  The positioning and price data is as of the close of trade in New York on Tuesday, August 26, 2014.

20140829 DCOT recap

In the DCOT table above a net short position shows as a negative figure in red. A net long position shows in black. In the Change column, a negative number indicates either an increase to an existing net short position or a reduction of a net long position. A black figure in the Change column indicates an increase to an existing long position or a reduction of an existing net short position. The way to think of it is that black figures in the Change column are traders getting “longer” and red figures are traders getting less long or shorter.

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Monday, September 01, 2014

Midas’ Winmill: ‘Best To Wade Into Gold When People Aren’t Talking About It’

Allen Sykora reports for Kitco. (Kitco News) - Gold is no longer getting the headlines in the mainstream press, nor the topic of conversation at cocktail parties, like it was a few years ago when prices ran up to record highs. And that just might make this a good time to buy the yellow metal again, said one portfolio manager. There are a number of factors that could boost gold, including geopolitical tensions around the world, the

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Sunday, August 31, 2014

Brief updates on several of the SRCs we are tracking and trading at GGR

First up is the volume candle chart for Constantine Metal Resources (CEM.V) which seems to be comfortable in its current range, waiting on drill results from the high grade VMS deposit at Palmer in SE Alaska. This is an exciting drill program. The $6.2 million for this year’s drilling is funded by Dowa Metals of Japan, the largest zinc refiner of Japan, which recently brought in the Japanese government as a 49% partner to Dowa’s 49% share

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Mario Draghi And The European Central Bank Can't Ignore This Chart

Mario Draghi And The European Central Bank Cant Ignore This Chart. Sam Ro writes for BusinessInsider.com. The European Central Bank will meet on Thursday and announce any changes to its already easy monetary policy. The meeting follows an ugly series of depressing economic reports. And amid broad evidence of slowing, its become very clear that inflation is getting closer to zero. On Friday, we learned consumer prices in the 18-country eurozone climbed by just 0.3% in August,

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MITT ROMNEY: Obama's 'Mistakes' Led To The Rise Of ISIS

Mitt Romney suggested he would have been able to prevent the rise of the jihadist group Islamic State (also known as ISIS or ISIL) if he were elected rather than President Barack Obama in 2012 during a radio interview that aired Sunday. According to Romney, Obamas mistakes enabled Islamic State to gain power in both Syria and Iraq. Mistakes were made and now we have ISIS, Romney said in a pre-taped interview on billionaire John Catsimatidis show

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UPDATE 4-Hong Kong braces for protests as China rules out full democracy

Michael Martina and James Pomfretreport for Reuters: * China sets tight nomination rules for 2017 election * Democrats call it fake democracy * Mass protests planned; business district shutdown to come later * Stock exchange says has contingency plans ready (Adds U.S. comment) BEIJING/HONG KONG, Aug 31 (Reuters) - Pro-democracy activists vowed on Sunday to bring Hong Kongs financial hub to a standstill after Chinas parliament rejected their demands for the right to freely choose the former

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Saturday, August 30, 2014

Central banks get discounts for trading EVERYTHING through CME Group and Comex

Hello. GATAs Chris Powell begins this dispatch: When a high school graduate told GATAs conference in Washington six years ago that there are no markets anymore, just interventions -- http://www.gata.org/node/6241 -- he didnt know the half of it. For Zero Hedge reports tonight -- http://www.zerohedge.com/news/2014-08-30/its-settled-central-banks-trade... -- that Eric Scott Hunsader, founder of market data research firm Nanex in Winnetka, Illinois (http://www.nanex.net), which exposed the algorithm trading responsible for the flash crash in gold futures on January 6

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Ecuador set to be first country to issue its own digital currency

From AP. Ecuador is planning to create the worlds first government-issued digital currency, with some analysts saying it may be a first step towards abandoning the countrys existing currency, the US dollar - which the government cannot control. (Thanks to Chris Powell for the heads up on this one.) The virtual currency, which central bank officials say they expect will start circulating in December, does not yet have a name. Officials would not disclose technical details of

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Friday, August 29, 2014

True Gold Reports Q2 2014 Financial Results

VANCOUVER, B.C. – True Gold Mining Inc. (TSX-V; TGM) (“True Gold” or the “Company”) is pleased to announce financial results and business highlights for the six-months ended June 30, 2014. “We delivered on a number of key milestones related to financing, permitting, project development and exploration,” stated Dwayne Melrose, True Gold’s President CEO. “We are now the clear leader among our development peers and as we continue to execute over the next 15 months we will emerge

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RBY - Ontario Divisional Court Dismisses Wabauskang First Nation's Application in respect of Rubicon's Production Closure Plan

TORONTO, ONTARIO--(Marketwired - Aug. 29, 2014) - Rubicon Minerals Corporation (TSX:RMX)(NYSE MKT:RBY) (Rubicon) announces the Ontario Divisional Court has dismissed an application for judicial review that was previously filed by Wabauskang First Nation (WFN) in respect of Rubicons production closure plan for its fully-permitted Phoenix Gold Project (the Project) located inRed Lake, Ontario. Construction of the Project has been unaffected. The Project remains on schedule for projected production in mid-2015. While the Company welcomes the decision, Rubicon

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Thursday, August 28, 2014

Stockman - Pump And Dump VC Style: Kleiner Perkins’ Gambit To Shear The IPO Sheep

That was quick!Last November Snapchat was valued at $2 billion in the private VC market; by Q1 that had risen to $7 billion; and yesterday it soared to $10 billion. Gaining $8 billion in market value in just nine monthsis quite a feat under any circumstance—-but that’s especiallynotable if you’re are a company with no profits, no revenues and no business model. And, yes, that’s not to mention the “product”, either. Apparently, Snapchat’s 100 million teenage andcollege

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MRO - GQC - Picking Up Stragglers and Rounding Up Strays

We continue to nibble away on the bid for Millrock, but are still finding few sellers at this price ($0.065). Its an exercise of picking up stragglers and rounding up strays here in late August. Our volume candle chart. Our longer term tracking chart. For a full size version of the above chart, try this link. Previous coverage at this link. http://www.gotgoldreport.com/2014/08/we-accumulate-greg-beischers-millrock-again.html Of course we may need to raise it one more notch before long, which we

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Avino Silver & Gold Mines Ltd. announces the re-opening of the Avino Mine and the re-starting of mining operations

Avino Silver Gold Mines Ltd. (ASM: NYSE -- MKT, ASM: TSX.V; Avino or the Company) is pleased to announce the re-opening of the Avino Mine and the re-starting of mining operations. The Avino Mine is located 80km northeast of Durango, Mexico.

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Wednesday, August 27, 2014

The Matterhorn London Interviews – Aug 2014: Alasdair Macleod

The Gold Switzerland set up for the video below reads: The three biggest reasons to invest in gold...Video interview:In this 2nd of a series of London interviews that Lars Schall conducted for Matterhorn Asset Management this summer, Lars has a City of London streetside conversation with Alasdair Macleod right outside the Dutch reform Church in Austin Friars near the Bank of England. Together they talked about, inter alia: the challenges for The London Bullion Market Association (LBMA);

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Stockman - Bombs Away! Washington Has Gone Stark Raving Mad

David Stockman writes for his own blog, David Stockmans Contra Corner. He begins: America’s spanker-in-chief is at it again—threatening to bomb Syria owing to the uncivilized actions of its inhabitants. And when it comes to Syria,Washington aversthat there are punishable malefactors virtuallyeverywhere within its borders. Exactly one year ago Obama proposed to take Bashir Assad to the woodshed because he had allegedly unleashed a viciouschemical attack on his own citizens. That was all pretext, of course, because

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Endeavour Silver Drilling Continues to Intersect High Grade Silver-Gold Mineralization in Terronera Vein at San Sebastian Project, Jalisco, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 27, 2014) - Endeavour Silver Corp. (NYSE:EXK)(TSX:EDR) announces that exploration drilling at the San Sebastián project in Jalisco State, Mexico continues to intersect high grade, silver-gold mineralization in the Terronera vein system. The main mineralized zone now extends over 1,400 metres (m) in length, still wide open along strike and to some extent down dip. Drilling highlights to date this year from the Terronera vein include 126 grams per tonne (gpt) silver

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Fortuna Silver Reports Updated Mineral Resource Estimate for San Jose Mine in Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 27, 2014) - Fortuna Silver Mines Inc. (NYSE:FSM)(TSX:FVI)(BVLAC:FVI)(FRANKFURT:F4S) is pleased to announce an updated Mineral Resource estimate as of June 30, 2014 for the San Jose Mine located in Oaxaca, Mexico. Included in the San Jose mineral resources is an updated estimate of the Mineral Resource for the Trinidad North discovery based on the completion of forty-one additional step-out and twelve infill drill holes in the Trinidad North area. Highlights of Mineral

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CNBC - This central bank may be calling bond yields for now

Leslie Shaffer reports for CNBC. Market-watchers are parsing the Federal Reserves every word for clues about where bond yields are headed, but the European Central Bank (ECB) may be in the drivers seat. Monetary policy development in the euro zone remains a critical factor in projecting the forward path of global long-term bond yields, especially since quantitative easing appears forthcoming, DBS said in a note Wednesday. It noted that global 10-year government bond yields have largely trended

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Tuesday, August 26, 2014

GATA - State Department agrees to try looking for gold records again

Please support GATA and consider the message contained in the link just below. Thank you. State Department agrees to try looking for gold records again... GATA http://www.gata.org/node/14375

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Macleod - SCO and Mackinder’s Prophecy

Alisdair Macleod writes for GoldMoney.com. He begins:There will be a defining geopolitical event next month when India, Pakistan, Iran and Mongolia become full members of the Shanghai Cooperation Organisation (SCO). This will increase the population of SCO members to an estimated 3.05 billion. We should care about this because it is the intention of the SCO to do away with the US dollar for trade settlement.

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ATAC Resources Intersects 30.79 m of 9.50 g/t Gold at Conrad, Rackla Gold Project-Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 26, 2014) - ATAC Resources Ltd. (ATAC) (TSX VENTURE:ATC) is pleased to announce initial results from its ongoing 2014 exploration program. The following results are from drilling and surface work at the Conrad, Sunrise and Anubis Zones, all located within the Nadaleen Trend at the eastern end of ATACs 100% owned 1,700 sq/km Rackla Gold Project in central Yukon.

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Third Drill Rig Arrives in French Guiana for Drilling at Columbus Gold's Paul Isnard Project

VANCOUVER, BRITISH COLUMBIA, Aug 26, 2014 (Marketwired via COMTEX) -- Columbus Gold Corporation (CGT) (Columbus Gold) is pleased to report that a third drill rig has arrived in French Guiana and cleared customs. The rig is being mobilized to Columbus Golds Montagne dOr gold deposit, Paul Isnard Project, and is expected to commence operating on a 24 hour basis in due course. There are approximately 15,000 metres remaining in the current Phase II program, which on deployment

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Banks Island Gold Ltd. Provides Update on Commissioning of Grinding and Flotation Circuits

Production of Flotation Concentrate commenced at Yellow Giant - Gold Recovery currently estimated at +90%. - Current mill throughput at 100tpd with plans to increase to 200tpd over coming weeks...

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Asanko Gold Eliminates 2% NSR Royalty

Vancouver, British Columbia, August 26, 2014 -- Asanko Gold Inc. (Asanko or the Company) (TSX, NYSE MKT: AKG) announces that it has entered into a settlement agreement (Agreement) with a private Ghanaian company, Goknet Mining Company (Goknet), to eliminate Goknets claim for a 2% net smelter return (NSR) royalty on Phase 1 of the Companys flagship Asanko Gold Mine Project (AGM or the Project).

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UPDATE 1-U.S. court scraps order to seize Kurdish crude from tanker near Texas

Terry WadeandAnna Driverwriting for Reuters: Aug 25 (Reuters) - A U.S. court on Monday threw out an order to seize some 1 million barrels of disputed Iraqi Kurdishcrude oilfrom a tanker near Texas, a move that could allow the cargo to be delivered and end a nearly month-long impasse.

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Monday, August 25, 2014

Up One More Notch on the Bid for Millrock

Up One More Notch on the Bid for Millrock, as shown,(until we max out on shares). Sellers have dried up and shares have become a little more precious.

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Kamikaze Seller on Goldquest hits our Stinker Bid

A large freaky seller shows on GoldQuest (GQC.V) and ends up selling into our $0.20 stinker this Monday. So far the seller has dumped 341K shares as of 15:30 through Anon, House 001. We took our share of the spoils as shown. Of course everyone should study the issues carefully and decide for themselves if they even want a piece of GQC!

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CIBC Confirms Pretivm's Resources, Reserves Estimates At Brucejack

Alex Létourneau reports for Kitco News. On a recent site visit to Pretivm Resources Inc.’s (TSX:PVG) Brucejack project in British Columbia, analysts from Canadian bank CIBC say they liked what they saw and that estimates are in line with Pretivm’s reporting. “Overall, we came away confident from the trip from the standpoint that the underground review of veining and mineralization appeared to largely confirm the interpretations made by Pretivm in its resource/reserve estimates,” they say.

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Ampio Pharma (AMPE) Addresses Common Concerns of STEP Study, Ampion Plans

(Another hopeful drug company working on a drug for the relief of OA. Whereas Intermune is victorious today, Ampion has stubbed its toe with botched shipping of the drug used in a trial. It calls to mind the opening of the old TV showABCs Wide World of Sports ... The Thrill of Victory ... and the Agony of Defeat.) Ampio Pharma (NYSE: AMPE) is issuing this response to the most commonly asked questions in regards to the

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New PEA for Paramount Gold’s San Miguel Project Confirms Robust Combination of Heap Leaching and Milling

Low Initial Capital of $69 Million and Low Operating Costs Generate Exceptional Economics Quick Payback of Initial Capital in 3rd Year of Production Estimated Average Annual Production of 55,000 ozs. Gold and 2.8 Million ozs. Silver for 17 Years Estimated Base Case Pre-Tax NPV of US$472.6 Million at a 5% Discount Rate and IRR of 23.2% August 25, 2014 - Paramount Gold and Silver Corp. (NYSE/TSX:PZG) (Frankfurt: P6G WKN:A0HGKQ) (Paramount) announced today the results of a Preliminary

Continue reading "New PEA for Paramount Gold’s San Miguel Project Confirms Robust Combination of Heap Leaching and Milling" »

Roche Holding Agrees to Buy InterMune for $8.3 Billion

(Note: Of particular interest to people suffering from Pulmonary Fibrosis or PF, especially Idiopathic Pulmonary Fibrosis or IPF.) Michelle Fay Cortez and Phil Serafino report for Bloomberg.Roche Holding AG (ROG) agreed to buy InterMune Inc. (ITMN) for about $8.3 billion in cash, gaining access to what may be the first drug in the U.S. for a lung disease that can be fatal within five years of diagnosis.

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The Original
Vulture Speculator

Trading gold, silver and mining shares since 1980 with a focus on taking advantage of volatility extremes, Gene Arensberg analyses the markets through a basket of technical and fundamental indicators and shares his findings from time to time here at Got Gold Report. Mr. Arensberg has been quoted in the Wall Street Journal, Dow Jones MarketWatch, USA Today and dozens of other news organizations.

"I've been a huge fan of Gene and his amazing work for years..."

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