Kyle Bass – People Buying Japanese Stocks are Macro Tourists

J. Kyle Bass of Hayman Capital checks in with David Faber at CNBC following the overnight plunge of Japanese equities, with the Nikkei off 7% plus and as a selloff of Japanese government bonds accelerated, driving the 10-year JGB briefly over 1%. 

Bass, who has been warning that “Abenomics” might trigger a debt bomb in Japan, began by saying: “I think the BoJ is facing something they maybe didn’t foresee in the first place. What I like to call the ‘rational investor paradox.’  The funny thing is that if they (Japanese investors) believe in “Abenomics” and Kuroda’s new plan at the BoJ to double the monetary base in the next couple of years – and generate some inflation and some growth – then a rational investor that owns their bonds is likely to sell a portion of them, if not all of them.” 

Jim Grant – Fed Centric Markets Scary

James Grant, of Grant’s Interest Rate Observer fame, stopped in to visit with CNBC’s Maria Bartiromo on a day when the equity and bond markets were a volatile roller coaster as the markets parsed and dissected every word and nuance uttered by the top Fed central planners.

“You know what else is scary, is that we seem to be so Fed-centric.  Since when is a central bank the principle fundamental in financial markets or an economy?  Does everything really ride on the syntax or the judgment, or let’s be frank, the guesswork of these well-intended scholarly people?” Grant asked rhetorically.  

A bit later Grant strikes a familiar chord: “The Fed has a definite impact. It might not be the one they intend,” he said.  Watch the video to see the rest of that important thought. 



Source: CNBC
http://video.cnbc.com/gallery/?video=3000169482  

Courtesy Release of New Video Got Gold Report

HOUSTON -- Recently we shared a new video update with GGR Subscribers. This particular video takes a look at the positioning of the largest, best funded traders classed by the Commodity Futures Trading Commission (CFTC) as “Commercial” in the Legacy commitments of traders report “COT” for gold and silver futures.

As a courtesy we have uploaded the new video to our YouTube hub to make it available to the entire GGR readership and the general public.  However, GGR Subscribers received access to it first on the private, password protected Subscriber website, as always.   (More...)

New GGR Video Posted for Subscribers

HOUSTON -- Vultures (Got Gold Report Subscribers) please log in to the Got Gold Report subscriber site and navigate to the Got Gold Report Latest Video Section to view a new special video GGR uploaded today, Monday, May 20, 2013. We pay particular attention this time to the Legacy COT reports for both gold and silver, the same reports we have tracked and followed for many years. Seldom have we ever seen so convincing a set of signals as we are being sent by the COT today.

Please view our relevant disclosures located on the web site for Got Gold Report.

USGI Gold Brief

Gold Market

Frank Holme's U.S. Global Investors team writes:  For the week, spot gold closed at $1,359.55, down $88.65 per ounce, or 6.12 percent. Gold stocks, as measured by the NYSE Arca Gold Miners Index, fell 11.4 percent. The U.S. Trade-Weighted Dollar Index gained 1.27 percent for the week.

Strengths

click to enlarge

• The chart above shows the price action of key commodities since 2007 plotted on the back of the Reuters’ Continuous Commodity Index (CCI). In the chart, the four commodities and the commodity index are equalized to 100 on April 2011, the time when the commodity index peaked. In comparison, gold’s performance is remarkable in relation to the other commodities following the April 2011 peak. Not only has gold outperformed, it is the only commodity that is close to its April 2011 value. Comparatively, the commodity index has lost roughly 23 percent, while copper declined by 30 percent. As such, despite the negative publicity gold has drawn in 2013, it appears it continues to be king among commodities when it comes to storing value.

By the Numbers for the Week Ending May 17

This week’s closing table is just below.  

If the image is too small click on it for a larger version.  

Vultures, (Got Gold Report Subscribers) please note that updates to our linked technical charts, including our comments about the COT reports and the week’s technical changes, should be completed by the usual time on Sunday (by 18:00 ET).      

Gold and Silver Disaggregated COT Report (DCOT) for May 17

Edit 1:  Adds charts and brief commentary. 

This week also shows the Commercial category in the Legacy COT report.

HOUSTON -- This week’s Commodity Futures Trading Commission (CFTC) disaggregated commitments of traders (DCOT) report was released at 15:30 ET Friday. Our recap of the changes in weekly positioning by the disaggregated trader classes, as compiled by the CFTC, is just below.  This week we are also adding in the net positioning of traders the CFTC classes as “Commercial” in the Legacy COT report. 

(DCOT Table for May 17, and Legacy COT commercial positioning for data as of the close on Tuesday, May 14.   Source CFTC for COT data, Cash Market for gold and silver.)  (More...)

Suchecki - Why the Price Smash Affected GLD and SLV Stocks Differently

The Perth Mint's Bron Suchecki writes:  A number of bloggers have observed the difference between GLD's gold stocks and SLV silver stocks in response to the April price smash. Sharelynx is reporting the following changes over the past four weeks:

***

GLD down 3,031,042oz (-8.23%), current stocks 33,811,468oz

SLV down 341,111oz (-0.10%), current stocks 335,666,675oz

***

Sharelynx also tracks all the other major ETFs, COMEX, TOCOM, Sprott, BMG, Central Fund, Bullion Vault and GoldMoney reported stocks. The change in the total of all those over the past four weeks is:

***

Gold down 5,576,479oz (-6.12%), current total 85,565,264oz

Silver up 912,541oz (0.11%), current total 855,911,574oz

***

Gold Up 1.5% As Stocks Globally Fall After Nikkei Crashes 7.3%

Mark OBryne writes: Gold is up today while stock indices globally are sharply down after the Nikkei crashed 7.3%. The stock crash in Japan is leading to weakness in European equities and will lead to losses when U.S. markets open. Gold - 1 Day – (Bloomberg) The Nikkei decline is being attributed to the poor Chinese PMI data but the more likely reason is speculators profit taking leading to panic selling. Currency debasement and rampant speculation had

Kyle Bass – People Buying Japanese Stocks are Macro Tourists

J. Kyle Bass of Hayman Capital checks in with David Faber at CNBC following the overnight plunge of Japanese equities, with the Nikkei off 7% plus and as a selloff of Japanese government bonds accelerated, driving the 10-year JGB briefly over 1%. Bass, who has been warning that “Abenomics” might trigger a debt bomb in Japan, began by saying: “I think the BoJ is facing something they maybe didn’t foresee in the first place. What I like

Bayfield Drills 16.0m of 10.47 g/t Gold and 34.68 g/t Silver on Intrepid Zone in Rainy River, NW Ontario

Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (OTC Pink: BYVVF) (Frankfurt: B4N) is pleased to announce additional assays from the continuing exploration of its 100% owned Burns Block gold-silver project located in the Rainy River District of north-western Ontario. The Companys Burns Block property is ideally situated adjacent to the east of Rainy River Resources (TSX: RR) main multi-million ounce gold-silver deposit and to the west of their expanding Intrepid gold-silver zone.

Timberline Completes Updated Butte Highlands Technical Report

COEUR DALENE, IDAHO--(Marketwired - May 23, 2013) - Timberline Resources Corporation (NYSE MKT:TLR)(NYSE Amex:TLR)(TSX VENTURE:TBR) (Timberline or the Company) today announced that it has completed an updated technical report on the Butte Highlands Property in Montana (the Report) that will be filed on SEDAR later today.

Rand Paul – Congress, not Apple, Should be on Trial for Bizarre Tax Code

Kentucky senator Rand Paul on the spectacle of dragging Apple executives before Congress, which is responsible for creating the bizarre and counter-productive corporate tax maze U.S. companies have to navigate.

Courtesy Release of New Video Got Gold Report

HOUSTON -- Recently we shared a new video update with GGR Subscribers. This particular video takes a look at the positioning of the largest, best funded traders classed by the Commodity Futures Trading Commission (CFTC) as “Commercial” in the Legacy commitments of traders report “COT” for gold and silver futures. As a courtesy we have uploaded the new video to our YouTube hub to make it available to the entire GGR readership and the general public. However,

Fortuna intercepts 736 g/t Ag and 4.8 g/t Au over 19.3 m at Trinidad North discovery, San Jose Mine, Mexico

Vancouver, May 22, 2013-- Fortuna Silver Mines Inc. (NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F) is pleased to report continued success in the exploration drilling at the Trinidad North discovery at the San Jose Mine in Mexico. Drilling continues to intercept high-grade silver-gold mineralization over wide widths with the mineralization remaining open to the north and to depth.

Guyana Goldfields Inc. Strengthens Its Senior Management Team and Announces New Chief Operating Officer

TORONTO, May 21, 2013 /CNW/ - Guyana Goldfields Inc. (GGI or the Company) (TSX: GUY) is pleased to announce the appointment of Mr. Peter Lello Galassi (Lello) to the position of Chief Operating Officer (COO) of the Company, effective immediately. Mr. Galassi will be based in Georgetown, Guyana and will be responsible for all daily operations related to the Aurora Gold Project in Guyana, South America.

Columbus Gold Corp. Receives $5 Million from Royalty Sale

Vancouver, B.C., May 21, 2013 - Columbus Gold Corp. (CGT: TSX-V) (Columbus Gold) is pleased to announce that it has completed the sale of a 1% net smelter returns royalty (NSR) on production from its 100%-owned Paul Isnard gold project in French Guiana. The transaction has been completed with a royalty company for proceeds of US$5 million cash, which has been received by Columbus Gold.

Silver Recoups Sharp Loss And Rises 2% On Record Volume

GoldCores Mark OByrne writes: Silver’s recovery yesterday from being 10% lower at one stage to recouping these losses and then rising over 2% was very positive technically. The key reversal is leading some to postulate that we may have seen the bottom or are close to a bottom. Spot Silver in USD, 3 Days, May 17, 20, 21 – (Bloomberg) This theory is bolstered by the fact that the 10% losses were due to a handful of

This Time, Gold Bugs May Have a Point

Thanks to Chris Powell for this link. RANDALL W. FORSYTH, Up and Down Wall Streetwrites: Stocks are for lovers and gold is for haters. Thats how one especially supercilious strategist (is there another kind?) sizes up the two markets, and its clear hes been feeling the love lately. Stocks are at new highs in the U.S. and many other venues, while Japans market is strapped to a rocket ship, all propelled by money fresh off the printing

Gold bounces higher after 7-session losing streak

Silver rebounds from lowest level since 2010; copper climbs By Myra P. Saefong and Barbara Kollmeyer, MarketWatch SAN FRANCISCO (MarketWatch) — Gold futures bounced higher Monday, finding support after a seven-session losing streak, while silver rebounded from a level not seen since 2010. Gold for June delivery /quotes/zigman/647778 GCM3 +1.42% was last up $17.40, or 1.3%, to $1,382.10 an ounce on the Comex division of the New York Mercantile Exchange after tapping a low under $1,340. The

Brian Booth's Weekly Gold Report May 20, 2013

After wrapping up a week full of economic data in the UnitedStates, we now look forward to a fairly light schedule. At this point, mosttraders realize how insignificant the results of these reports are and theywill likely continue to follow the stock indexes with a “buy the dip and enjoythe trip” mentality. Why wouldn’t they?

USGI Gold Brief

Gold Market Frank Holmes U.S. Global Investors team writes: For the week, spot gold closed at $1,359.55, down $88.65 per ounce, or 6.12 percent. Gold stocks, as measured by the NYSE Arca Gold Miners Index, fell 11.4 percent. The U.S. Trade-Weighted Dollar Index gained 1.27 percent for the week. Strengths click to enlarge The chart above shows the price action of key commodities since 2007 plotted on the back of the Reuters’ Continuous Commodity Index (CCI). In

Silver Surges 6.8% From Lows After Slammed 10% Lower In 4 Minutes

Gold fell $22.20 on Friday to $1,364.90/oz and silver closed at $23.632. Silver fell victim to heavy, concentrated selling overnight in thin, illiquid Asian trading. Silver was slammed by 10% and fell from $22.36/oz to $20.30/oz in just four minutes - from 23:05 GMT to 23:09 GMT.

Bob Woodward – Benghazi No Sideshow

The video below speaks for itself. Bob Woodward, one of the famous duo (Woodward and Bernstein) which brought down the Nixon administration forty years ago with the Watergate scandal, has plenty of standing to say what is or isnt a political sideshow. WOODWARD: “You were talking earlier about kind of dismissing the Benghazi issue as one thats just political and the president recently said its a sideshow. But if you read through all these e-mails, you see

Kaminak and Tr'ondek Hwech'in First Nations Sign Exploration Cooperation Agreement for Coffee Gold Project

Trondek Hwechin VANCOUVER, BRITISH COLUMBIA and DAWSON CITY, YUKON TERRITORIES--(Marketwired - May 17, 2013) - Kaminak Gold Corporation (TSX VENTURE:KAM) and Trondëk Hwëchin are pleased to announce they have entered into an Exploration Cooperation Agreement (ECA) relating to Kaminaks Coffee Gold Project, which is located in the White Gold District, within the Traditional Territory of Trondëk Hwëchin, as recognized in their Final Agreement with the Government of Canada and the Government of the Yukon (July 16, 1998).

Suchecki - Why the Price Smash Affected GLD and SLV Stocks Differently

The Perth Mints Bron Suchecki writes: A number of bloggers have observed the difference between GLDs gold stocks and SLV silver stocks in response to the April price smash. Sharelynx is reporting the following changes over the past four weeks: *** GLD down 3,031,042oz (-8.23%), current stocks 33,811,468oz SLV down 341,111oz (-0.10%), current stocks 335,666,675oz *** Sharelynx also tracks all the other major ETFs, COMEX, TOCOM, Sprott, BMG, Central Fund, Bullion Vault and GoldMoney reported stocks. The

GoldQuest: Drilling Results at Las Tres Palmas, Dominican Republic. Commences First Drilling at Guama Anomaly

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2013) - GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) (GoldQuest or the Company) is pleased to announce assay results from three drill holes from the Romero mineralization, one from La Escandalosa and one in a previously undrilled area between Romero and La Escandalosa. All holes are located within the Companys 100% owned Las Tres Palmas trend in the Dominican Republic. The first hole is underway at the Guama anomaly, 2 kms west of

Why Fund Managers May Be Right About the Fed

JESSE EISINGER, ProPublica wrote this very interesting article that was picked up by Dealbook, The New York Times. Dont miss watching the videos below: Brendan McDermid/Reuters and Manuel Balce Ceneta/Associated PressStanley Druckenmiller, left, said Ben S. Bernanke, chairman of the Federal Reserve, was “running the most inappropriate monetary policy in history.” The economics world has been having a lot of fun with hedge fund managers. After several such managers at a recent conference denounced the aggressive money-printing

McEwen Mining Announces Plans to Expand Production at El Gallo 1 Mine in Mexico

TORONTO, ONTARIO--(Marketwired - May 16, 2013) -McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce that the Company will be expanding the El Gallo 1 Mine in Sinaloa, Mexico. The Company expects this expansion will significantly increase gold production for a small amount of capital.

Huldra Silver Provides an Update on the Current Underground Diamond Drilling Program and Mining Progress at the Treasure Mountain Mine, British Columbia, Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2013) - Huldra Silver Inc. (Huldra or the Company) (TSX VENTURE:HDA) is pleased to provide an update of the current underground drilling program and mining progress at the Treasure Mountain Mine, British Columbia, Canada. Preliminary* assay results have been received for the first 5 holes of the underground drill program. Highlights include:

Rickards – Japan Sucking Entire World Down With It

The setup for the video below reads: “Jim Rickards, Senior Managing Director at Tangent Capital, says the Bank of Japan's monetary easing policy is so aggressive they are forcing other central banks to cut rates.” Rickards also says that Japan is “sucking the entire world down with it.” Find out why in the video below. Source: CNBC http://video.cnbc.com/gallery/?video=3000168229

Jon Stewart – IRS Scandal Heats Up (Levity)

Jon Stewart on the IRS scandal. Say what you will about Stewart’s government-loving political leanings and his idiotic stance on gun control (read people control). When he’s right, he’s right. And it does it in such a humorous way it keeps people coming back for more. (Video...)

A Bottom, Finally?

From the April 2013 HRA Dispatch Eric Coffin writes: Just when it looked like things couldn’t get worse they got a lot worse. The gold market endured its worst two day drop in 30 years when massive selling took the price to $1325. There were a lot of reasons given for the panic – and it was a panic – but the chief culprits seemed to be a short recommendation by Goldman Sachs, rumors of potential selling

So Much for Position Limits on COMEX Gold

HOUSTON -- We are using this space to put something in the public domain out of convenience more than anything. Where were the regulators on gold futures position limits April 12 and April 16? Flash back to Friday, April 12, when the paper gold futures market was slammed with an enormous sell order in the early going of New York trading, following a “tenderizing” of the market right at the New York open. We have read and

Join Comstock Metals Ltd. at the World Resource Investment Conference 2013!

May 26 – 27, 2013Vancouver ConventionCentre West1055 Canada Place Vancouver, BC, V6C 0C3, Canada Comstock Metals (CSL: TSX-V) will beexhibiting at Booth # 912. Please stop by our booth to get the latest news andupdates on this seasons exploration program at the QV Project, the White GoldDistricts latest new discovery!

IVANPLATS ANNOUNCES FINANCIAL RESULTS AND REVIEW OF OPERATIONS FOR THE FIRST QUARTER OF 2013

Major increases in resources at two key projects in South Africa and the DRC in Q1 2013 Agreement reached on upgrading of a third hydroelectric power plant in the DRC to support expanded mining scenarios at Ivanplats Kamoa copper discovery *** TORONTO, CANADA - Ivanplats Limited (TSX: IVP) today announced its financial results for the first quarter ended March 31, 2013. All figures are in US dollars unless otherwise stated. HIGHLIGHTS In January 2013, a new independent

Prosperity Goldfields Virtual Meeting Wednesday May 14

Ask the CEO: Get the latest from Prosperity live from Adrian Fleming Wednesday, May 14th - 1:00 pm PST | 4:00 pm EST1 Join Prosperity Goldfields CEO Adrian Fleming for a virtual meeting to review the results from the 2013 Winter Drill Program at the companys Kiyuk Lake Project in Nunavut. This is your opportunity to get the latest on Prosperity and have your questions answered live by Adrian. Cant make the virtual meeting? Sign up anyways

Rick Rule: This Is Fun

Jeff Clark, Senior Precious Metals Analyst interviews Rick Rule, founder and chairman of Sprott Global Resource Investments Ltd.to get his take on the recent crash in gold. In the process, he found out why Rick thinks the capitulation process may not be over, what catalysts he believes could turn the industry around, and why hes thrilled about this market.