Gold to surge on Swiss vote?

November 26, 2014 at 09:31


Global gold prices may surge in the coming week if Swiss voters approve a controversial measure that would force their country's central bank to keep at least a fifth of its assets in gold. If the referendum Sunday passes and the Swiss government is forced to start beefing up its reserves, the price of gold could jump to more than $1,350 an ounce — an increase of 18%, Bank of America predicts. Spearheaded by the right-wing Swiss People's Party, the so-called Save Our Gold law would compel the Swiss National Bank, the country's central bank, to increase its gold reserves from the current 7.7% to 20% within five years. To do that would require repatriating Switzerl...

Has the silver price already hit bottom?

November 26, 2014 at 09:26


It has been a tough year for investors in silver with the lustrous white metal plunging 17% over that period. This was on the back of recent weakness across all precious metals as the U.S. dollar continued to strengthen on positive economic data coming out of the U.S.   Of even greater concern for investors, are claims silver still has further to fall, with some analysts predicting further weakness among precious metals because of a stronger U.S. economy which cause the U.S. dollar to continue appreciating in value. But in recent days silver has rebounded – after hitting its lowest point in almost five years – to be trading at over $16 per ounce and I believ...

Swiss bank chief wants cartel to continue

November 24, 2014 at 10:13


The head of the SNB reiterated concerns that a popular vote on requiring the central bank to keep a fifth of its assets in gold would hinder its ability to conduct monetary policy. In text of a speech to be delivered Sunday, SNB Chairman Thomas Jordan said the initiative, known as “Save Our Swiss Gold,” would limit the central bank’s “room for maneuver.” for that read, manipulate markets to suit. That it would make it harder for the bank to intervene(manipulate) during crises and fulfill its mandate of price(manipulation) stability. “The initiative is both unnecessary and dangerous,” Mr. Jordan said in the speech. “It is unnecessary because, under the current moneta...

Solar powers record demand for silver

November 24, 2014 at 10:09


Back in the olden days, before the advent of digital cameras, photographers used a curious thing called film. Surely you remember having to feed a roll of the stuff into your analog camera. Then you’d take the roll to your local drug store and wait a week for it to be developed, only to discover that you had the lens cap on during the entirety of Cousin Ted’s birthday party. What some people don’t know about film is that it’s coated with a thin layer of silver chloride, silver bromide or silver iodide. Not only is silver essential for the production of film but it was also once necessary for the viewing of motion pictures. Movie screens were covered in paint embedded wit...

Dutch bring 120 tonnes of gold back to Amsterdam from New York

November 21, 2014 at 14:50


The Dutch central bank has secretly brought a large part of the national gold reserves being held in a secure depot in New York back to Amsterdam. In total, 120 tonnes of gold valued at €4bn has been brought back to the Netherlands by ship, Nos television said. The high security reparations for the move took months. The central bank decided to bring some of its gold reserves back to the Netherlands to ensure a better spread, the bank said in a statement. In addition, the bank hopes to boost consumer confidence by showing there is enough gold in the Netherlands to take the country through a new economic crisis. Now 31% of the Dutch gold reserves are in Amsterdam, the same ...

Is it good gold is so cheap? An overview

November 21, 2014 at 13:26


Did you know that a billionaire is predicting an economic collapse? No? Did you know that the Federal Reserve is printing so much money that you'll need a million dollars just to buy aquarium gravel? And did you know that gold is the only real form of money? If you do know all these things, you probably get much of your information from people who sell gold, all of whom will be happy to take your fake U.S. currency in exchange for gold. By and large, gold has been a lousy inflation hedge and, for the last three years at least, a lousy investment. But gold is cheap right now — or at least, cheaper than it has been — and so are the stocks of the companies that pull th...

Ukraine Gold Reserves Hit Six Year Low, Sold or Spirited Away?

November 21, 2014 at 13:09


Ukraine cut its gold reserves to the lowest in more than six years as the country’s foreign-currency holdings shrink amid conflict in its eastern region. The nation reduced bullion reserves by about 35 percent to 26.1 metric tons last month, data on the International Monetary Fund’s website showed. The 14.3-ton sale, valued at about $562.6 million based on October’s average price, took holdings to the lowest since February 2008. Ukraine’s holdings of foreign currencies and gold are shrinking as the fighting in Donetsk and Luhansk slows the economy and weakens the hryvnia. The country, which added about 14.9 tons of gold in the two years through April, sold the metal las...