Skulderna i världen har aldrig varit så höga som de är idag samtidigt som man trycker pengar för att hålla systemet igång. Guld och silver har varit en del av det monetära systemet under flera tusen år. De senaste dryga 40 åren har man dock valt att lämna dessa ädelmetaller utanför och det har medfört ökade skulder och ett ohållbart system.

Alasdair Macleod om veckan som gick för guld och silver

Publicerad 2014-11-28 14:54:27 i Ekonomi,

Alternatively, watching paint dry. That's how it has felt this week with gold's volatility slowing to a crawl ahead of Thanksgiving yesterday and the Swiss gold referendum on Monday.

However, Open Interest1 on Comex2 , has suddenly collapsed for both gold and silver, indicating something interesting is going on.

Gold Open interest 28112014

Silver Open Interest 28112014

At the same time, the gold forward rate in London (GOFO) has gone sharply negative to -0.4% as shown in the next chart, from the LBMA.

The chart covers the year so far, and it can be seen how the rate has fallen deep into negative territory over the last six weeks. It is now in the largest backwardation3 seen since 9th March 2001 when a sudden bullion shortage appeared to be rapidly resolved, presumably from the Bank of England's vaults (Britain was reducing her gold stock at that time). Before that in September 1999 GOFO had hit record negative territory, after which gold shot up by 20% in a week. In both these previous cases GOFO rates spiked deep into backwardation which was quickly reversed. Today there does not appear to be the liquidity from central banks or anywhere else to resolve the bullion shortage, so goodness knows how it will be resolved this time.

So how does this tie in with the collapse in open interest on Comex? We will have a better idea when we see the Commitment of Traders (COT)report later tonight, but subject to what the COT report reveals, it is most likely to be spread positions being closed, which could have become loss-making due to the unexpected surge in backwardation in the physical market. On 18th November, total spread contracts in gold were 104,445 contracts and in silver 40,580 contracts, which would fit this explanation. Furthermore, the effect on the market has been broadly neutral, which would not have been the case had naked bull or bear positions been liquidated.

Backwardations have been a feature of the physical gold market from time to time this year as the GOFO chart shows, but they have not been as persistent or extreme as they are today. If central banks have withdrawn as liquidity providers, we could be seeing early warning signs of more serious problems developing in the market which would be more difficult to resolve than in the past.

Meanwhile prices traded most of the week around the $1190-1200 level ahead of next Monday's Swiss referendum on gold, though the gold price dipped below this level yesterday afternoon and overnight on a sharp fall in oil prices in the wake of an OPEC meeting.

In other news Holland repatriated 122.5 tonnes of her gold from New York in a move that seems likely to upset Germany, which had booked its position at the head of the queue for gold from the Federal Reserve Bank of New York. And China's public took a further 52.48 tonnes last week, so no wonder GOFO rates are in such serious backwardation.GOFO 28112014


Sex anledningar för att äga guld under 2015

Publicerad 2014-11-27 09:41:47 i Ekonomi,

Fears that 'Dangerous' Switzerland Referendum Could Spark Gold Rush

Here are some reasons to be optimistic about gold’s prospects in 2015, according to analysts at RBC Capital Markets.

ETF holdings
Exchange-traded-fund liquidations are a major culprit for the weakness in gold prices as an estimated 33 million ounces have been sold in the past two years. That brought gold ETF holdings to a level not seen since prices were near US$1,000 an ounce in 2009. However, the pace of sales has slowed recently.

Central bank buying
Central banks purchased 93 tonnes of gold in the third quarter, bringing the year-to-date total to 335 tonnes, versus 324 tonnes in 2013. At the same time, recycling supply has dipped to 807.2 tonnes, the lowest level since 2007 and 35% below the 2009-2012 average.
“Scrap sales of gold have waned and the physical market has tightened,” RBC said.

Seasonal strength
Demand linked to India’s wedding season and Diwali has produced two consecutive months of 100-tonne-plus consumption. That strong demand is expected to continue as the calendar year winds down and Chinese New Year approaches.
RBC noted that spot market premiums have risen to US$18 per ounce in India and US$2 per ounce in China after sitting in flat or negative territory in recent months.

ECB actions
The European Central Bank plans to expand its balance sheet by as much as €1-trillion. With executive board member Yves Mersch commenting that gold buying could be part of the asset-purchase program, expectations and, therefore, demand may rise due to potential ECB investment in the yellow metal.

The one- to six-month forward curve has been in backwardation since mid-September. In other words, gold futures contracts are lower than the spot price.
Lower interest rates are a factor, but RBC noted that gold lease rates are what really drives backwardation.
“The rising lease rates indicate tightness in the physical gold market and lending rates tend to rise as holders of bullion become more risk averse and in many cases higher lease rates lead gold price rallies,” the analysts said.

Russia has accumulated approximately 150 tonnes of gold so far in 2014, exceeding its 78 tonnes of consumption in 2013 and 75 tonnes in 2012. RBC believes attempts to diversify the country’s reserve base with gold could lead to more uptake of domestic supply, which could total as much as 250 tonnes this year.

Guldets monetära väg

Publicerad 2014-11-25 15:15:22 i Ekonomi,

It all started with this...

Gold Lift 1

Then came this...

Gold-backed Dollar

But then he came along...

Nixon Gold

Which led to this...

Printing Press

And this...

Piles of Money

Here's where we'll be tomorrow...

China Money Gold


Bill Holter skriver om har någon gjort en corner hos COMEX

Publicerad 2014-11-25 13:32:54 i Ekonomi,

This coming Friday is the 1st notice day for both Dec. COMEX gold and silver contracts.  COMEX in my opinion has a potentially huge problem where a default in both contracts is a distinct possibility!  As of this past Friday, 61,763 contracts still open, this represents 308 million ounces of silver.  The COMEX claims a registered (deliverable) inventory of just under 65 million ounces.  With only four days left there are roughly 5 silver ounces contracted for every one ounce available!

The situation in gold has quietly become much worse than silver, there were 162,509 Dec. gold contracts open which represent over 16 million ounces of gold.  The “registered” (deliverable) category at the COMEX inventory shows only 868,910 available to deliver!  Do you see the problem here?  There are only 4 days left until this contract goes into the delivery process, yet there are 20 ounces contracted for each ounce available!  I have one other amusing thought for you, remember the 80 tons sold in 15 minutes last Wednesday?  This was almost 2.8 million ounces compared to a deliverable inventory of just 869,000 ounces, in my opinion, “FRAUDULENT” in capital letters!

Yes I understand, there are still four days left for the open interest to bleed down and roll out to the next contract month but we now stand in totally uncharted territory.  Never in the past has this much open interest been still outstanding with deliverable inventory as low as it is.  It is also astounding that total open interest could have risen to these levels while the price dropped.  For open interest to increase and the price to drop, the “initiation” to the opening of contracts has obviously been done by sellers.  This is exactly what I have been saying all along, the dropping price has been dictated by paper sales of COMEX contracts …but now there is a problem.  So much paper has been sold to dictate the price that the contracts outstanding simply dwarf the available metal to deliver.  Put another way, COMEX gold and silver look like they have been cornered!  Let me rephrase this, COMEX gold and silver are now “very cornerable.”  We will know shortly if this is true and “who” did the cornering.  I suspect we will find out that this has been a Chinese/Russian hand holding consortium and one that was carefully planned and done within legal bounds.  I think we will find out they in fact did play by the West’s rules and it was the “sellers” of nonexistent metal who fell into their own price fixing trap.  It has been a financial war, one that was declared by the West and looks to have been possibly won by the East.

To tie all of this up, let me say that I believe the very long anticipated “market corner” of precious metals may possibly and finally be at hand.  Contrary to what happened back in the late 1970′s with the Hunt brothers in silver, the current “corner” was actually facilitated by the sellers.  The Hunt’s in fact did set out to corner silver, I don’t believe the Chinese/Russian/Indian alliance initially set out to do this …they were “forced to.”

You see, we have been in a “financial war” for years, the U.S. has trod heavily on the rest of the world financially.  We settled our grotesque annual trade deficits by sending freely created dollars as payment.  In order to support the dollar and keep interest rates low, we have suppressed the prices of gold and silver.  Without low metals prices, none of the other markets could ever make any sense.  PE ratios could never be at the current levels without low interest rates, interest rates could never be at these low levels if gold and silver were shooting upward …so the rest of the world has played the only card they could to prevent a World War, a financial card.

Gold Wagers Gain as China Rate Reduction Stems Rout


Guldet är lika billigt idag som runt början på detta sekel

Publicerad 2014-11-24 13:35:03 i Ekonomi,

Graph #1: Gold Bubble 1980

Now let us look at the present picture of the gold market  since 2000 (graph #2) and compare it both to the ’70s bubble and to the  typical bubble model. If, and this is a big if, history repeats, then gold is  now in the Awareness Phase and, more specifically, at the end of a Bear Trap.  If the gold price is to follow like in the ’70s the same pattern, or something  close to it, then it looks not only possible that the price of gold will  reach US$5,000, but even exceed it and approach the $6,000 level. As for  when, if the ’70s’pattern repeats, even if not exactly in the same way, we  could expect the Mania Phase to start somewhere between 2015 and 2017 and  last until 2022-23.

Graph #2: Gold – Future Potential Bubble

Remember also that gold is not an industrial metal but  mostly a monetary metal. As such, if we compare it to the US monetary base as  shown in the graph below (graph #3), at an assumed gold ratio of 40% of the  monetary base, then the gold price should today be around US$5,000 while, at  a ratio of 100%, it should be over US$10,000.



Det är knappast ekonomi som drar börserna runt om i världen utan det är centralbankerna och det blir svårare att hålla börsbubblan uppblåst.

Publicerad 2014-11-24 12:25:00 i Ekonomi,

As central bank fear/panic pushes higher, the banks have unleashed a torrent of PR and monetary programs that have dragged stocks higher with every phony pronouncement and every new free money for financiers chumming of the stock market.

No wonder the feeding frenzy never stops--the central banks are clearly terrified of what will happen should they stop dumping monetary chum in the waters.

What is equally extraordinary is the abject failure of all the central banks' free money for financiers to move the needle of the real economy. Virtually every bright spot in the economy results not from organic growth but from the expansion of a new credit bubble: for example, subprime auto loans.

After tens of trillions of dollars in stimulus and trillions squandered on asset purchases to suppress interest rates and prop up the stock market, the real economies are drifting into recession or stagnation.

The central bank response to this abject failure? More free money for financiers.

Anyone who looks at central bankers speak can sense the fear behind their absurd bravado, and the dishonesty of their public confidence. They're not just afraid--they're in a panic.Every press conference and every announcement is supposed to express confidence, but what they really express is terror: terror that doing more of what failed spectacularly will not just stop working--it will trigger the collapse of the entire rotten, corrupt system of central banks and free money for financiers.



Fick Holland sitt guld från guldfonden GLD istället från FED i USA där det officiellt skall vara lagrat.

Publicerad 2014-11-24 12:16:09 i Ekonomi,


On March 21, GLD had 821 tonnes of gold.   Currently it has 720 tonnes.   Given what we know about the failure of the Fed to send Germany any gold other than 5 tonnes of miscellaneous scrap, and given that it appears as if Germany has abandoned its efforts to have any part of 300 tonnes of gold moved from NY to Germany (other than the 5 tonnes of crap), it is highly likely that the 100 tonnes removed from GLD since March has been moved to Amsterdam.  I’m sure the  balance was the gold airlifted by the U.S. from Ukraine.

The ONLY way gold is removed from GLD is if one of the Approved Participant bullion banks accumulated 100,000 share “baskets” and redeems the baskets for bars.  It’s the only way.  Even a big investor must transfer its shares to the bullion bank in order to execute the transaction.   And it says right in the Prospectus that the Trustee can deny the investor’s request for reasons that are not clear.


Alasdair Macleod om veckan som gick för guld och silver

Publicerad 2014-11-21 14:45:18 i Ekonomi,

Gold has had a volatile week, but rose from $1147 last Friday afternoon to a high of $1205 on Tuesday.

On Wednesday the price moved between down $25 on the latest opinion poll on the Swiss referendum, then recovered to $23 before falling again on the release of the Fed's FOMC minutes. However, despite these unsettling swings gold rose on the week by about $30 overall, making it two weeks in a row as shown in our first chart.

Gold Open Interest 21112014

Open interest on Comex also continued to increase, which is healthy because it indicates fresh buying instead of bear-closing (closing of existing short positions should lead to a contraction of open interest).

Having broken down through major support at the $1180-$1200 level which had held for eighteen months, one would expect gold to consolidate before attempting to break back up through it. If and when it does break convincingly upwards, gold will be sending a strongly positive technical signal.
Silver followed a similar pattern, and the corresponding supply level is at $17.

Silver Open Interest 21112014

There is little more to say about silver at this juncture, while there is so much going on in gold. This week the backwardation between physical spot gold and one month forward delivery in London has persisted at over 0.2%, which is extreme. Until the acute shortage of bullion is resolved, it is hard to see how the price of gold can go much lower.

There is little sign of this shortage being satisfied. China's public demand continues to absorb almost all global mine supply with Shanghai deliveries of 227 tonnes in October alone, and a further 106.5 tonnes in the first two weeks of November. Indian demand continues at a high level with 106.3 tonnes imported for October, about four times the shipments of a year earlier. These two countries accounted for 335 tonnes of bullion last month, while gold mine supply ex-China is only 200 tonnes per month. It is a fair assumption that all other Asian states are also seeing reasonable demand, partly because gold is the Asian family's "pension fund", and partly because prices are extremely attractive.

It's hardly surprising the physical market is so tight. The head of Russia's central bank, Elvira Nabiullina, in a statement to the Russian parliament said that the central bank had bought 150 tonnes of gold this year. It is a fair bet that oligarchs close to the government have noted this buying and may be accumulating bullion as well. And with a collapsing yen, the Japanese appetite must also be being encouraged.

The only official disposer of gold has been the hapless Ukrainian central bank, which reported this week that virtually all its gold, which was 42.3 tonnes at the end of last year, has simply vanished.

In economic news, last week's G20 meeting produced nothing of immediate interest with leaders promising to encourage economic growth of an extra 2%. The FOMC meeting also said little, only indicating a lack of concern about events outside America, which is understandable given that the US has a very large internal economy with relatively minor reliance on foreign trade.

However, economists are now revising their US growth expectations downwards, reflecting the polar vortex which has frozen and immobilised much of the country.

Råvarumarknaden signalerar helt klart en sämre ekonomisk utveckling och deflationen kommer att bli ett större problem än man tidigare anat.

Publicerad 2014-11-21 11:26:45 i Ekonomi,

Staying with the "market versus the economy" theme, the continuing decline in commodity prices is certainly worth noting. As shown in the chart below, the general trend of commodity prices has a fairly close relationship to overall economic growth.


This relationship is not surprising given that when an economy is growing, the demand for commodities to consume, manufacture or produce goods and services rises which cause prices to rise. However, the current decline in commodity prices suggests that the globally weak economic environment is a rising deflationary force.


Har vi startat en global nedgång i ekonomin som når sin botten under slutet av 2015.

Publicerad 2014-11-20 13:30:21 i Ekonomi,

Global Recession

In 1929, a businessman and economist by the name of Jerome Levy didn’t like what he saw in his analysis of corporate profits. He sold his stocks before the October crash.

Almost eight decades later, the consultancy company that bears his name declared “the next recession will be caused by the deflating housing bubble.” By February 2007, it predicted problems in the subprime-mortgage market would spread “to virtually all financial markets.” In October 2007, it saw imminent recession — the slump began two months later.

The Jerome Levy Forecasting Center, based in Mount Kisco, New York, and run by Jerome’s grandson David, is again more worried than its peers. Its half-dozen analysts attach a 65 percent probability of a worldwide recession forcing a contraction in the U.S. by the end of next year.

If you look at corporate profits and especially corporate profit margins, they’re one of the most cyclical and mean-reverting series in economics. Right now, we have corporate profits that are close to about 11% of GDP, but if you look at that series you will find that corporate profits as a share of GDP have always dropped back to about 5.5% or below in every single economic cycle including recent decades, including not only the financial crisis but 2002 and every other economic cycle we have been in.

Right now stocks as a multiple of last year’s expected earnings may look only modestly over valued or modestly richly valued. Really if you look at the measures of valuation that are most correlated to the returns that stocks deliver over time say over seven years or over the next 10 years the S&P 500 in our estimation is about double the level of valuation that would give investors a normal rate of return.

Sämre PMI i Kina och även i Europa.

Publicerad 2014-11-20 12:54:48 i Ekonomi,

For the 13th month in a row, according to Bloomberg data, China Manufacturing PMI missed expectations. Printing at a 6-month low of 50.0 (against expectations of 50.2), the most notable individual component was the slump in output to a contractionary 49.5 reading for the first time since May. New export orders (umm US decoupling?) also dropped. It seems after last month's idiocy (take a look at these charts for a good laugh), that Japan's Manufacturing PMI is also catching down to reality having missed expectations and dropped to 52.1.

Är botten nådd för guldaktierna

Publicerad 2014-11-20 12:46:30 i Ekonomi,

Let's talk about the life changing opportunity that those that are tied to the present are completely oblivious.  Gold stocks are now at the tail end of a 4-year bear market if you go by the XAU gold stock mining index.  Four year bear markets are typically brutal in gold stocks and this is one of the most brutal yet.  But we know from the chart below that due to the cyclical nature of markets in general and of the gold market in particular, that what we should expect next is a bull market.  And if its a bull market in gold stocks it should offer big gains.

High Yield marknaden i USA handlas på ungefär samma risknivå som före kraschen 2000 och 2008. Energisektorn ligger riktigt illa till där det kan bli stora förluster.

Publicerad 2014-11-19 12:18:07 i Ekonomi,

This pretty much sums up today’s fixed income world. And if past is prologue, soon to come will be a brutally rude awakening. Most of the following charts are from a long, very well-done cautionary article by Nottingham Advisors’ Lawrence Whistler:

Junk yield premiums over US Treasuries are back down to housing bubble levels:

Junk spreads 2014


So are default rates:

Junk default rates 2014

The supply of junk bonds is way higher than before the previous two market crashes:

Junk issuance 2014

As for what might cause the junk market to crack, one prime candidate is the oil industry. The shale boom has led a lot of energy companies to ramp up production using other people’s money, much of which is coming from junk bonds. Now, with oil down from $100/bbl to around $80, the nice fat coverage ratios on these bonds are looking disturbingly skinny. This chart shows the divergence between overall junk spreads and energy-sector junk spreads.

Junk energy bond spreads


Tillväxten saknas och det är buy backs av aktier som ökar vinsten. Detta håller inte över tid.

Publicerad 2014-11-18 12:42:00 i Ekonomi,

Topline revenue growth remains extremely weak since the end of the last recession. As shown in the chart below revenue per share has increased by a total of 32% from 2009 through the second quarter of 2014 while reported earnings per share has exploded by 261%. This has been due to the near record level of companies buying back shares to artificially boost profitability.

The problem with this activity, along with cost cutting, employment reductions and other measures to increase profitability, is that they are all finite in nature. Eventually, either revenue growth must accelerate or earnings are at risk of a significant disappointment.

As shown in the chart below, earnings have never attained the currently expected growth rate...ever.


Kinesiska fastighetsmarknaden under press

Publicerad 2014-11-18 12:23:33 i Ekonomi,

Dramatic downturn in Chinese home sales threatens economic growth as prices fall in 69 out of 70 cities

Posted on 18 November 2014 with no comments from readers

China’s new-home prices fell in all but one city monitored by the government last month as developers offered discounts to cut inventories. Real estate is the main driver of Chinese economic growth and this slowdown is depressing business activity across the board apart from exports.

Trycka pengar hjälper inte Japan

Publicerad 2014-11-17 11:46:00 i Ekonomi,

Japan får inte fart på ekonomin trots mycket kraftiga stimulanser med nytryckta pengar. Möjligen börjar marknaderna nu förstå att nytryckta pengar inte leder till ekonomisk framgång. Japan stimulerar nu som om USA skulle trycka ca 3 triljoner nya dollar per år. Är Japan det första landet som hamnar i hyper inflation och än värdelös valuta.

Alasdair Macleod om veckan som gick för guld och silver

Publicerad 2014-11-07 14:16:00 i Ekonomi,

The dollar continued its upward path against the major currencies this week, and gold and silver prices suffered accordingly.

The bears have maintained the upper hand, as shown in the following charts of Comex prices and Open Interest.

In both cases Open Interest has been rising, indicating a substantial and growing short position, though silver's fell sharply in heavy volume on Wednesday on technical grounds: it appears that someone rolled 6,000 contracts out of the December future into an option position. The other side of the precious metals trade is a strong dollar, strong equities and robust bond markets, which taken all together indicate that portfolio managers are universally bullish and ignoring risk. Time will tell if this Panglossian view is justified.

Silver has been particularly vulnerable, and the gold/silver ratio now stands at almost 75 times. This is not unprecedented but can be regarded as extreme. The result is retail demand for silver coins and bars has escalated, in the former case leaving the US Mint sold out of silver eagles. Demand for gold coins and small bars has also taken off with dealers in Germany and Austria reporting brisk business. Demand in China and India has also increased noticeably in recent weeks, and the Shanghai Gold Exchange reported this morning deliveries of 47.45 tonnes in the week ending 7th November, almost double the rate in July.

If Chinese and Indian citizens are increasing their purchases it is a fair bet that other Asians are as well. The big ETF, GLD, has lost only 28 tonnes since mid-October, hardly enough to make much difference, so it is no surprise that based on GOFO rates gold is now in high backwardation.

Global economic news this week has not been encouraging with growing evidence of slump conditions in Japan and developing in the Eurozone. Eurozone difficulties are affecting the UK, and the slide in the JPY, EUR and GBP against the US dollar confirms this diagnosis. At some stage, these economic difficulties will have an impact on the US economy, and without aggressive monetary action from the Fed it is hard to remain bullish of equities. Furthermore bonds are likely to see a surge in supply as government deficits widen again and corporations seek liquidity.

Put another way, financial markets today reflect very little risk, a situation that seems likely to change radically in the coming months. That being the case, there is likely to be a positive reassessment of gold and silver prices.

To summarise, today the headline story is the continuing bear-trend in precious metals fuelled by a strong dollar. This ignores the fact that demand for physical bullion is increasing significantly at these levels, and it is not dollar strength that prevails, but weakening foreign currencies driven by credit contraction, real or anticipated. Risk-off looks like being replaced by risk-on in the coming months.

Silver Open Interest 07112014

Gold Open Interest 07112014

Guld handlas nu med den mest negativa GOFO raten sen 2001

Publicerad 2014-11-07 10:45:32 i Ekonomi,

Fast forward to today, when as noted over the past week [24]there has been a massive shortage of precious metals - most notably silver which as of this moment is indefinitelyunavailable at the US Mint [25]- as a result of the tumble in the paper price, and following 8 days of sliding and negative 1 month GOFO rates, today the physical metal shortage surged, as can be seen by not only the first negative 6 month GOFO rate since last summer's much publicized gold shortage when China was gobbling up every piece of shiny yellow rock available for sale, but a 1 month GOFO of -0.1850%: [26]the most negative it has been since 2001!


Någon är nu mycket intresserad av att få ned silver och guldpriset. Stora sälj volymer när marknaden är som tunnast.

Publicerad 2014-11-05 12:46:00 i Ekonomi,

Gold volume is north of 55,000 contracts, with virtually all of it in the current front month, which is December---and that's a sure sign that it's all of the HFT variety, as there are virtually no roll-overs out of the December contract.  Ditto for silver, as the net volume there is 14,000 contracts.

You'll note that the [current] lows all occurred at exactly the same time, so this was obviously a co-ordinated attack---nothing free-market about this at all.

Here's the Kitco gold chart as of 2:41 a.m. EST.

Bill Holters kommentar om den extremt stora öppna balansen med långa kontrakt i silver.

Publicerad 2014-11-04 12:42:06 i Ekonomi,

As for the situation in silver, if I am correct and it is the Chinese who are record long the December contract, do the Chinese really believe they will receive silver?  Of course not, they can see the published inventories are not even close to sufficient, they may not even believe the published figures.  I still believe this position is only a switch they can flip when and if they wish or even the leverage as a threat to flip it.  We will find out soon enough but the open interest rising to such heights with the price dropping to such depths has never happened before in any market that I know of, something very very different is happening and it looks like December is the focal point!  We will see.
Silver Price vs Mint Silver Eagles Graph

Saxat från Putin’s tal förra veckan under en konferens i Sochi. Man skall beakta att under det senaste året har börsen, rubeln och oljan fallit ca 30%. Vad det leder till kan man inte veta

Publicerad 2014-11-04 12:18:00 i Ekonomi,

…Russia does not wish for the chaos to spread, does not want war, and has no intention of starting one. However, today Russia sees the outbreak of global war as almost inevitable, is prepared for it, and is continuing to prepare for it. Russia does not war, nor does she fear it…

 Russian air incursions are the worst that they have been since the height of the cold war between the Soviet Union and the United States.

Någon tar ut guld från JP Morgans lager

Publicerad 2014-11-03 09:54:47 i Ekonomi,

In just one week, JP Morgan lost 41% of its total gold inventories.  On October 22nd, JP Morgan held 983,694 oz of gold… and as of the last update on Thursday, October 30th, there were only 581.819 oz remaining.   This was a drain of 401,875 oz in a tad bit more than a week.

JP Morgan Total Gold Inventories


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Roger Lundberg

Har varit verksam inom den finansiella marknaden i över 35 år. Har därmed varit med om både upp och nedgångar inom olika marknader. Min bedömning är att vi närmar oss en ny härdsmälta på de ekonomiska marknaderna och vill därför med denna blogg dela med mig av min erfarenhet.

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