Haystack Q4 2012

English language haystack
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Obi-Wan
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Re: Haystack Q4 2012

Post by Obi-Wan » 13 Dec 2012, 13:26

Bancos y casas de cambio exportarán el oro que ya no pueden vender en el país
Link article

TranslationBanks and Currency Exchange Offices export gold that they can no longer sell in the country.

Desde la implementación del cepo cambiario, sólo se venden divisas del país de destino a turistas. Si bien el oro es considerado por la AFIP como una divisa, ningún país de destino habilita su compra. Por esa razón se paralizaron las ventas y ya se estudia regresarlo a Suiza o Estados Unidos
l impacto en la instrumentación del cepo cambiario sigue cobrando víctimas. A una caída considerable del volumen en las operaciones de compra-venta de moneda extranjera, las casas de cambio y las entidades financieras ahora también parecen haber resignado el negocio igualmente rentable –y oportunamente en alza– de la compra-venta de oro. Por esa razón ya están evaluando exportar los excedentes que ya no pueden vender.
Since the implementation of the foreign exchange trap, only currencies of the country of destiny are sold to tourists. Though the gold is considered by the AFIP as a currency, no country of destiny uses it as a currency. By that reason the sales were blocked and one is already studying to return it to
Switzerland or United States.
To a considerable fall of the volume in the foreign currency buying and selling operations, the houses of change and the financial companies now also seem to have resigned the likewise profitable business opportunely in of the buying and selling of gold. By that reason already they are evaluating to export the surpluses that no longer can sell.


Por otro lado se descarta que el Banco Central pueda llegar a comprar ese remanente. La entidad que conduce Mercedes Marcó del Pont es la máxima tenedora del metal precioso ya que cuenta con 62.000 kilos de oro, lo que representa entre el 6 y el 7% de las reservas, pero en ese banco central señalan que;las compras de oro se hacen por canales exclusivos para bancos centrales y resulta imposible desde el punto de vista legal comprarles el remanente a aquellas entidades locales que quieran venderlo.


On the other hand one must disregard that the Central Bank could come to purchase this remainder. The entity who manages Mercedes, Marco del Pont, is the largest holder of the precious metal, with 62,000 kilos of gold, which represents 6% to 7% of the (national) reserves, but that at the central bank they indicated that the purchases of gold would be made through exclusive channels of the central banks, which makes it impossible, from the legal point of view, to purchase the remaining gold from those entities which would want to sell it.
Patience. Use the force. Think.


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Rasta
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Re: Haystack Q4 2012

Post by Rasta » 13 Dec 2012, 14:03

Jim Rickards: the Fed is Racing to Create Inflation Before the US Economy Implodes!

Eventually there will be an awakening, a balancing of the scales and a bill to be paid, and for that I hold gold - Jim Sinclair

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Obi-Wan
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Re: Haystack Q4 2012

Post by Obi-Wan » 17 Dec 2012, 12:35

Didnit hear anything of this untill Jim Willie CB (it's from november 22th)

Call to bring Austrian gold back home from the UK
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There is heated debate in Austria after it was revealed that the country's National bank (OeNB) is storing its gold reserves in England.

In response to a parliamentary question the bank said that 224. 4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland and around 48.7 tonnes (around 17%) are in Austria itself.

The OeNB said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria's National bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.

The bank's governor Wolfgang Duchatczek revealed the statistics after a question by social Democrat MP Matznetter who wanted to know why Great Britain was regarded as the best place to store Austrian gold .

Duchatczek said: "The bank has always made it clear that our gold reserves are stored at the main gold trading centres."

Currently that would be London and Switzerland - specifically Basel, he said. The gold that the bank has in Austria itself is stored at the Austrian Mint in Vienna.
Patience. Use the force. Think.

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Obi-Wan
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Re: Haystack Q4 2012

Post by Obi-Wan » 17 Dec 2012, 12:44

According to Jim Willie CB the end of the petrodollar


Saudi King Abdullah rumoured to be 'clinically dead'

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Rumours are spreading that the King of Saudi Arabia is "clinically dead" following back surgery on Nov. 18. There are claims that medical staff in the Kingdom have said the organs of the 89-year-old monarch are no longer working.
Patience. Use the force. Think.

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Rasta
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Re: Haystack Q4 2012

Post by Rasta » 18 Dec 2012, 22:19

Eventually there will be an awakening, a balancing of the scales and a bill to be paid, and for that I hold gold - Jim Sinclair

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Spruitje
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Re: Haystack Q4 2012

Post by Spruitje » 18 Dec 2012, 22:41

Perhaps she's the only one in the UK who is not able to count. :roll:
Study while others are sleeping; work while others are loafing; prepare while others are playing; and dream while others are wishing.
- William Arthur Ward -

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Re: Haystack Q4 2012

Post by Indiana Jones » 18 Dec 2012, 22:58

Spruitje wrote:Perhaps she's the only one in the UK who is not able to count. :roll:
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Everything that needs to be said has already been said.
But since no one was listening, everything must be said again.

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Re: Haystack Q4 2012

Post by Rasta » 19 Dec 2012, 21:29

Reality check with John Williams: We're Going to be in a New Recession in 2013
Eventually there will be an awakening, a balancing of the scales and a bill to be paid, and for that I hold gold - Jim Sinclair

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Re: Haystack Q4 2012

Post by Obi-Wan » 20 Dec 2012, 13:23

Interesting chart from the Jim Willie CB newsletter.

Notice the discrispancy between the Comex price and the Shanghai price. Nearly a difference of $ 26,00. If you are loaded with money it is worthwhile to buy at the Comex, take delivery and sell it at the Shanghai Exchange.

This represents a gain of 1,5%. That's more than the FED and ECB are offering.

Ahh I wish a was loaded :mrgreen: :mrgreen: :mrgreen:

Image

Comment for JWCB source
Some points are important to understand in sequence.
1) The Gold arbitrage is a tool that China can now use against JPM, GSax, USFed, USGovt, USTBonds anytime they want to cause a systemic failure.
2) They do not have to sell USTBonds as most people believe, since they now have an alternative weapon of mass financial destruction in the arbitrage.
3) China is now the price setter for gold. They would not start trading gold in Shanghai unless very confident about its success.
4) This is another step in making the Chinese Yuan a reserve currency, toward enabling its free convertiblity into Gold in size.
Patience. Use the force. Think.

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Obi-Wan
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Re: Haystack Q4 2012

Post by Obi-Wan » 22 Dec 2012, 23:39

Maguire - Shocking $2.89 Premium For Physical Silver In China

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Today I looked at the opening premiums and there was a $2.89 disparity in silver. I’m not talking gold. When spot silver was trading in London at $29.61, silver actually traded at $32.50 (in Shanghai).


If you take an equivalent Comex contract, and I realize spot isn’t Comex, but if you take an equivalent 5,000 ounce Comex contract, that equates to a $14,430 premium per contract. I mean it’s ludicrous. There are reasons why you may or may not have a premium in Shanghai, but not to that extreme.


Shanghai (softened but) still closed at a $6,100 premium to equivalent Comex contracts. So what we’re saying here is that the divergence has now become ridiculous. I mean these high and low closing premiums literally illustrate the massive divergence between the paper market (and the physical market).


And, Eric, this is on an exchange (Shanghai) that within the next two years is actually going to become the world hub of physical gold and silver trading. It’s going to have its own fixes. So I think they (the manipulators) really pushed it a little too far today.

Patience. Use the force. Think.

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