Radio Show Newsletter
WORLD FINANCIAL REPORT ON RADIO NOVEMBER 20th 2015
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CHARTS OF THE WEEK-QUOTES-QUICK HITS
-CHART OF THE WEEK: Nomura, The Euro’s Parity With the Dollar Might Be Just Around the Corner. With the euro in free fall during the first quarter of 2015, Wall Street began to believe monetary policy divergence between the U.S. and the European Union would bring about something that hasn’t happened since 2002: equality between the euro and the dollar. Calls for so-called parity between the two currencies faded amid continued delays to interest rate liftoff, with monetary policymakers warning that the lofty dollar posed a downside risk to growth.
But over the past month, statements by policymakers in the U.S. and Europe have reinforced that the decoupling of these central banks could be imminent, reigniting projections of a euro at parity with the greenback. “Conditions for a test of parity may finally be falling into place,” writes Jens Nordvig, managing director of currency research at Nomura Securities. While Nomura has been negative on the euro since the U.S. dollar rally began to bloom in the second half of 2014, the analyst only recently started to warm to the idea that parity with the greenback could be in the cards. Read more here-http://bloom.bg/1Mnn2c6
-CHART OF THE WEEK: Frank Holmes, 5 currencies getting slammed by commodities. For more than a year now, commodity prices have been under pressure from the strong U.S. dollar and slowing global demand. This has made a huge dent in the balance sheet of many net exporters of resources, in turn weakening their currencies. This should come as a shock to no one, but what most people don’t realize is just how closely some currencies track certain commodities. Read more here-http://read.bi/1I1wwWr
-CHART OF THE WEEK: North Dakota’s Bakken Pumps Less Oil for First Time in Decade. The shale boom in North Dakota has softened to a whisper. The state’s Bakken oil region produced less oil in September than it did the previous year, the first time that’s happened in more than a decade. Output fell as low oil prices, exacerbated by the region’s remoteness, caused companies to scale back drilling operations and delay completing new wells. Read more here-http://bloom.bg/1H7lhRq
-CHART OF THE WEEK: Baltic Dry Shipping Index Drops to All-Time Low. The cost of shipping commodities fell to a record, amid signs that Chinese demand growth for iron ore and coal is slowing, hurting the industry’s biggest source of cargoes. The Baltic Dry Index, a measure of shipping rates for everything from coal to ore to grains, fell to 504 points on Thursday, the lowest data from the London-based Baltic Exchange going back to 1985. Among the causes of shipowners’ pain is slowing economic growth in China, which is translating into weakening demand for imported iron ore that’s used to make the steel. “The main issue is the lack of demand for iron ore from China,” Eirik Haavaldsen, a shipping analyst at Pareto Securities AS in Oslo, said by phone. “This market is looking like a disaster and the rates are a reflection of that. It is looking scary for the market and it doesn’t look like there is going to be any life in the market in the near term.” Read more here-http://bloom.bg/1QwEzlO
-CHART OF THE WEEK: The ugliest chart in the world just got worse. If you’re looking for a chart that illustrates a long-term, worldwide industrial slowdown, look no further than Caterpillar’s monthly sales figures. The industrial giant’s sales have now declined for 35 straight months, with October’s 16% decline coming in as the largest drop during this streak and the biggest monthly decline since February 2010. In October, the monthly slowdown was seen across regions and industries, with sales falling against the prior-year period in each of Caterpillar’s four global regions and three main industries.
The most pronounced slowdowns were in construction sales in Latin America, where sales fell 41% in October, and in resources industry sales basically mining and oil equipment which fell 37% in Asia. But as has been the case with Caterpillar for the past several years, news about Caterpillar is really seen as news about China. Back in September, Caterpillar cut 10,000 jobs just after announcing its monthly sales figures (which, of course, weren’t great), with the company citing a “convergence of challenging marketplace conditions.” Read more here-http://read.bi/215QCdJ
-CHART OF THE WEEK: US Thanksgiving dinner will cost you more this year. Thanksgiving is going to cost a bit more this year. The American Farm Bureau Federation’s annual inflation price survey of traditional Thanksgiving grub found that the average cost of this year’s dinner for ten is $50.11. That would be a $0.70 increase from last year’s average of $49.41. That’s just shy of 2% up from a year ago. Moreover, this marks the first time that the average cost of dinner totaled over $50. The cost of dinner has remained around $49 since 2011. The AFBF survey shows that several key foods that make up Thanksgiving saw price increases. Notably, the star of the show, the turkey, will cost more. According to their data, a 16-pound turkey costs about $23.04 this year, around $1.39 more than last year. Read more here-http://read.bi/1QwL3Bi
-“It’s going to be difficult for companies to engineer higher earnings without that stronger GDP growth rate. I don’t fault anyone for taking some money off the table here. The stock market is not cheap.” Tom Mangan of James Investment Research
-“Cutting immediately to the chase, we continue to believe that the U.S. equity market is in a late-stage top formation of the third speculative bubble in 15 years. On the basis of measures best correlated with actual subsequent S&P 500 total returns across history, equity valuations remain obscene. We fully expect a loss in the S&P 500 in the range of 40-55% over the completion of this cycle; an outcome that would be wholly run-of-the-mill given present market conditions, and would not even bring reliable measures of valuation materially below their longer-term historical norms.” John P. Hussman The Bubble Right in Front of Our Eyes November 16 2015
-“The world is caught up in an amazing array of new items. Every day we hear about some new invention that is changing the world as we know it. I wrote before that the age of retirement will be history, and new inventions will displace workers by the millions. To retire requires a large amount of savings, and the way the world is working now it’s becoming almost impossible to save. The end of capitalism will be due to the unbelievable amount of debt that is currently being created. This will create monster inflation that will destroy every currency. The only currency that cannot be destroyed is gold. When investors realize this, we’ll have the makings of the greatest bull market in gold ever seen.” Richard Russell
-“Of course the Fed will say that it is independent and will continuously jawbone that an election year doesn’t matter to them as to whether they will raise rates or not. But don’t believe it. Remember, central banks only tell you what they want you to hear. So the Fed has to act now or wait until after the November 2016 election. Gold buyers will of course recognize that a whole year provides the Fed with plenty of time to continue messing up the dollar and the US economy with its monetary experiments. And gold and silver are the ideal money to own in that environment.” James Turk
-“With what is really happening in the U.S. economy, I still don’t see a rate increase in December. Instead, I see additional worldwide QE in a futile attempt to save the financial system. Gold and silver prices could always be manipulated a bit lower, but physical gold and silver at these levels are an absolute bargain.” Egon von Greyerz
-“The greatest anxiety is not that money is made of paper but its lack of substance or store of value and the supply is elastic. That said, central banks, investors and Chinese grannies are buying gold as a safer bet than the dollar. For three thousand years, gold has retained its value. Gold’s value is derived from investors’ perception of what it is worth, which no country can control (over the long-term). Moreover, gold is a barometer of investor anxiety. To be sure, in a world of zero interest rates, the low yield on gold matters little, particularly, when interest rates in most countries are negative. Experience indicates that gold’s rise this summer shows investors are nervous, particularly when so much fear stalks the world.” Michael Pento
-Fed Inserted Language to Stress Potential for December Liftoff. Federal Reserve policy makers inserted language into their October statement to stress that “it may well become appropriate” to raise the benchmark lending rate in December and largely agreed that the pace of increases would be gradual, minutes of the meeting showed. “Members emphasized that this change was intended to convey the sense that, while no decision had been made, it may well become appropriate to initiate the normalization process at the next meeting,” said minutes of the FOMC’s Oct. 27-28 meeting, released Wednesday in Washington. A majority of Fed officials have signaled they expect to raise interest rates this year for the first time since 2006. That message was underscored when policy makers inserted a reference to the “next meeting” on Dec. 15-16 in their October statement, in connection with their assessment on when to act. Read more here-http://bloom.bg/1WZqPV4 and http://read.bi/1NE1DJt
-Jeff Gundlach: A December rate hike is a ‘no-go more likely than most people think.’ DoubleLine Capital co-founder Jeffrey Gundlach said on Sunday that the Federal Reserve may hesitate to raise rates given rocky economic and financial conditions, though the Paris attacks alone are unlikely to play a factor in next month’s decision. The influential money manager, recently warned that the U.S. Federal Reserve should not tighten monetary policy in December. Gundlach cited a number of asset classes that are signaling deteriorating conditions: The S&P Leveraged Loan Index, which is at a four-year low, the SPDR Barclays High Yield Bond Exchange-Traded Fund “very near a four-year low” and the CRB Commodity Index at a 13-year low. “You also have the Eurozone doubling down on stimulus. Fed raising rates? Really?” Read more here-http://read.bi/1Lne2jb and http://read.bi/1kHVPI8
-Yuan Set to Join IMF Basket in Step Toward Currency Big Leagues. China’s yuan is poised to enter the big leagues of global currencies, according to the judgment of the International Monetary Fund. IMF staff have recommended the yuan be included in the fund’s Special Drawing Rights reserve-currency basket, alongside the U.S. dollar, euro, pound and yen, IMF Managing Director Christine Lagarde said Friday. The staff nod makes approval by the fund’s board this month all but certain, as major IMF shareholders including the U.S. have said they will support inclusion if the yuan meets IMF criteria. It would be the first change in the SDR’s currency composition since 2001, when the euro replaced the German deutsche mark and French franc. Read more here-http://bloom.bg/1Oe4coa and http://read.bi/1MCKsIi
-Four Zeros Off Currency Prime Belarus for Economic Makeover. President Alexander Lukashenko’s third currency re-denomination in Belarus may be about more than doing away with the inconvenience of having to pay tens of thousands for a burger. Europe’s longest-serving leader is turning his sights on inflation by lopping off another four zeros off the ruble next year, bringing the face value of the new money to one hundred-millionth of what it was worth before the first move in 1994. With Lukashenko looking to raise capital from Western investors and financial institutions, the overhaul is also a nod to demands from the International Monetary Fund, which last week kicked off talks on a new loan with Belarus. Read more here-http://bloom.bg/1MmXvQa
-Japan Falls Into Recession for Second Time Under ‘Abenomics.’ Japan’s economy contracted in the third quarter as business investment fell, confirming what many economists had predicted: The nation fell into its second recession since Prime Minister Shinzo Abe took office in December 2012. Gross domestic product declined an annualized 0.8 percent in the three months ended Sept. 30, following a revised 0.7 percent drop in the second quarter, meeting the common definition of a recession. Economists had estimated a 0.2 percent decline for the third quarter. Read more here-http://bloom.bg/210oSai and http://read.bi/1MVAxg3
-Druckenmiller Among Top Managers Who Cut Back U.S. Stocks. Some of the world’s top hedge fund managers scaled back their U.S. stock investments last quarter as markets tumbled. The value of Stan Druckenmiller’s disclosed U.S.-listed equity holdings dropped 41 percent to $868 million, according to a filing from the billionaire’s family office. The listed holdings at Louis Bacon’s Moore Capital Management fell 39 percent to $1.65 billion, while at David Tepper’s Appaloosa Management, they dropped 30 percent to $2.82 billion. The Standard & Poor’s 500 Index is little changed in 2015 after slumping 6.9 percent during the third quarter as investors reacted to signs of a slowdown in China. Hedge fund managers had $1.5 trillion in U.S. stocks at the end of the third quarter, down from $1.7 trillion on June 30, according data compiled by Bloomberg based on filings. Read more here-http://bloom.bg/1WXNqBo
-Average house price up 8.3% to $454,976 in October. Strong market in Toronto and Vancouver skew national average, but prices down in five provinces. The average price of a Canadian home increased by more than eight per cent in the 12 months up to October and is now worth $454,976, the Canadian Real Estate Association said Monday. But as has been the case for a while, the national average is being skewed higher by red hot markets in Toronto and Vancouver.
If those two cities are stripped out, the average house sold for $339,059 and the year-over-year gain is reduced to 2.5 per cent. Beneath the headline, however, many housing market watchers see weakness. Sales in places heavily depending on the energy sector are “incredibly weak,” TD Bank economist Diana Petramala said, with sales down 36.2 per cent year-over-year in Calgary, 16.3 per cent in Edmonton, 12.3 per cent in Regina and 21.8 per cent in Saskatoon. “Home prices have also started to tumble in these markets, and were down the most in Calgary (down by 4.4 per cent) and Regina (down by 4.6 per cent),” Petramala said. Read more here-http://bit.ly/1H7zpKe
-Saudi Oil Minister Says OPEC With Others to Stabilize Market. Saudi Arabia is working with other OPEC members and producers from outside the group to stabilize the market, Saudi Oil Minister Ali al-Naimi said. The global economy is going through an unstable period, al-Naimi said. Crude demand is expected to rise by 1 million barrels a day every year in this decade, and the world requires more investments in oil to compensate for declining recovery rates, he said. The recovery rate for all the world’s oil fields is decreasing by about 4 million barrels a day, he said.
“Saudi Arabia is a very reliable supplier. We cooperate with OPEC and non-OPEC countries to stabilize the market,” al-Naimi said at a conference in Manama, Bahrain. “We need billions of dollars to continue exploration and producing oil and to invest in spare capacity to stabilize the market.” Threatened by surging output mainly from North America and Russia, the Organization of Petroleum Exporting Countries has been pumping above its target for 17 months as it seeks to take market share from higher-cost producers. Oil has tumbled since the middle of last year as U.S. stockpiles and production expanded, contributing with OPEC to global oversupply. Read more here-http://bloom.bg/1kI0J82
-Oil Theft Soars as Downturn Casts U.S. Roughnecks Out of Work. The moon was a waning crescent sliver Sept. 9 when a man emerged from an oil tanker, sidled up to a well outside Cotulla, Texas, and siphoned off almost 200 barrels. Then, he drove two hours to a town where he sold his load on the black market for $10 a barrel, about a quarter of what West Texas Intermediate currently fetches. Read more here-http://bloom.bg/1l3QwlN
-The guy who bought this $170 million Modigliani nude charged it to his AmEx card. Last week, a Modigliani nude was purchased for $170 million, the second-highest price ever received at auction for a painting. “Nu Couché” now trails only Picasso’s “Les femmes d’Alger (Version ‘O’),” which took the record in May when it sold for $179.4 million. But as tends to be the case, the story behind who bought the painting and why is more interesting. As Fusion’s Lauren LaCapra noted, this painting was bought with an American Express card. Why? To get the points. Why? So that the family of Chinese billionaire Liu Yiqian could continue flying for free. Smart. Read more here-http://read.bi/1l6ZzCu and http://read.bi/1MW5OE0
-This year’s El Niño will be one of the strongest on record. The current El Niño weather pattern, a phenomenon associated with extreme droughts, storms, and floods, is expected to strengthen before the end of the year and become one of the strongest on record, the UN weather agency said on Monday. The World Meteorological Organization said this El Niño was already “strong and mature” and the biggest in more than 15 years. Read more here-http://read.bi/1MClB7i
-Christie’s Magnificent Jewels Sale, Nov 10 2015, Geneva Switzerland. Diamond Auction Results Here-http://bit.ly/1MkcmL9
-Lot 409: THE LARGEST CUSHION-SHAPED FANCY VIVID PINK DIAMOND AT AUCTION. Set with a cushion-shaped fancy vivid pink diamond, weighing approximately 16.08 carats, within a diamond twin surround, to the pink diamond gallery and diamond-set hoop, ring size 6, mounted in platinum and gold. Accompanied by report no. 5101646581 dated 18 December 2014 from the GIA Gemological Institute of America stating that the diamond is Fancy Vivid Pink colour, VVS2 clarity, and a Diamond Classification Letter indicating that the diamond had been determined to be Type IIa. Estimate $23,000,000-$28,000,000. Price Realized $28,687,003. See more here-http://bit.ly/20ZNLD0
-Lot 391: A RARE COLOURED DIAMOND RING. Set with a fancy dark bluish gray cushion-shaped diamond, weighing approximately 25.00 carats, between diamond-set bifurcated shoulders, ring size 6½, mounted in gold. Accompanied by report no. 2173056346 dated 28 May 2015 from the GIA Gemological Institute of America stating that the diamond is Fancy Dark Bluish Gray colour. Estimate $1,200,000-$1,500,000. Price Realized $1,982,374. See more here-http://bit.ly/1QKjcwM
-Lot 386: A MAGNIFICENT DIAMOND RING. Set with a pear brilliant-cut diamond, weighing approximately 50.48 carats, to the plain hoop, ring size 6½, mounted in platinum. Accompanied by report no. 5171280733 dated 28 August 2015 from the GIA Gemological Institute of America stating that the diamond is D colour, Internally Flawless clarity, with Excellent polish and Excellent symmetry, and a Diamond Type Classification letter stating that the diamond has been determined to be Type IIa. Estimate Upon Request. Price Realized $7,882,559. See more here-http://bit.ly/1MTc9Me
-Lot 344: AN IMPORTANT COLOURED DIAMOND PENDANT. The fancy vivid yellow cushion-shaped diamond, weighing approximately 91.81 carats, within a four-claw mount, to the pavé-set diamond loop, suspended from a black silk cord necklace, 46.5 cm, mounted in gold. Accompanied by report no. 2173094772 dated 26 March 2015 from the GIA Gemological Institute of America stating that the diamond is Fancy Vivid Yellow colour, VS2 clarity. Estimate $4,000,000-$4,900,000. Price Realized $4,303,300. See more here-http://bit.ly/1Lk0PYg
-Lot 323: A DIAMOND RING, BY HARRY WINSTON. Set with a cut-cornered rectangular-cut diamond, weighing approximately 25.80 carats, between tapering baguette-cut diamond shoulders, ring size 3½. Signed Winston for Harry Winston. Accompanied by report no. 6173229537 dated 17 August 2015 from the GIA Gemological Institute of America stating that the diamond is D colour, VVS2 clarity; and a Diamond Type Classification letter stating that the diamond has been determined to be Type IIa. Estimate $2,500,000-$3,500,000. Price Realized $2,961,078. See more here-http://bit.ly/1j5FnzC
-Lot 388: AN IMPORTANT COLOURED DIAMOND RING. Set with a fancy brown-pink pear brilliant-cut diamond, weighing approximately 21.52 carats, to the baguette-cut diamond shoulders, ring size 6½, mounted in gold. Accompanied by report no. 2173247750 dated 23 July 2015 from the GIA Gemological Institute of America stating that the diamond is Fancy Brown-Pink colour, VVS2 clarity, and a Diamond Type Classification letter stating that the diamond has been determined to be Type IIa. Estimate $1,500,000-$2,000,000. Price Realized $1,323,247. See more here-http://bit.ly/1OdJ8yb
-Lot 267: A COLOURED DIAMOND AND TREATED COLOURED DIAMOND ‘TOI ET MOI’ RING. Set with a fancy pink round brilliant-cut diamond, weighing approximately 3.53 carats, and an artificially irradiated fancy intense green round brilliant-cut diamond, weighing approximately 3.78 carats, to the baguette-cut diamond openwork over-crossing surround and bifurcating shoulders, ring size 5½. Accompanied by report no. 6177127981 dated 29 April 2015 from the GIA Gemological Institute of America stating that the 3.53 carat diamond is Fancy Pink colour, VS1 clarity. Report no. 5172127997 dated 4 May 2015 from the GIA Gemological Institute of America stating that the 3.78 carat diamond is Fancy Intense Green colour, Artificially Irradiated, VS1 clarity. Estimate $250,000-$340,000. Price Realized $1,263,327. See more here-http://bit.ly/1H6NZ4Q
-Lot 341: A COLOURED DIAMOND AND DIAMOND RING. Set with a fancy vivid yellow oval brilliant-cut diamond, weighing approximately 9.28 carats, to the triangular-cut diamond shoulders, ring size 4¾, mounted in gold. Accompanied by report no. 6177170151 dated 21 May 2015 from the GIA Gemological Institute of America stating that the diamond is Fancy Vivid Yellow colour, VVS1 clarity. Estimate $590,000-$880,000. Price Realized $987,692. See more here-http://bit.ly/1MklTSx
-Lot 342: A COLOURED DIAMOND AND DIAMOND RING. Set with a fancy vivid yellow oval brilliant-cut diamond, weighing approximately 9.28 carats, to the triangular-cut diamond shoulders, ring size 4¾, mounted in gold. Accompanied by report no. 6177170151 dated 21 May 2015 from the GIA Gemological Institute of America stating that the diamond is Fancy Vivid Yellow colour, VVS1 clarity. Estimate $590,000-$880,000. Price Realized $987,692. See more here-http://bit.ly/20ZQv3i
-Lot 362: A DIAMOND AND COLOURED DIAMOND RING. Set with a fancy vivid orangy yellow cushion brilliant-cut diamond, weighing approximately 5.53 carats, between cushion-shaped diamond shoulders, ring size 6, mounted in platinum. Accompanied by report no. 2155882021 dated 27 January 2014 from the GIA Gemological Institute of America stating that the diamond is Fancy Vivid Orangy Yellow colour, Internally Flawless clarity. Estimate $450,000-$490,000. Price Realized $484,358. See more here-http://bit.ly/20ZQVGR
-Lot 303: A COLOURED DIAMOND AND DIAMOND RING. Set with a fancy intense yellow cut-cornered rectangular-cut diamond, weighing approximately 13.36 carats, between epaulet-shaped diamond shoulders, ring size 6, mounted in platinum and gold. Accompanied by report no. 2165909207 dated 9 January 2015 from the GIA Gemological Institute of America stating that the diamond is Fancy Intense Yellow colour, VS2 clarity. Estimate $300,000-$490,000. Price Realized $352,533. See more here-http://bit.ly/1OORcZg
-Lot 247: A COLOURED DIAMOND RING. Set with a fancy purplish-red oval-shaped diamond, weighing approximately 0.51 carat, to the pavé-set diamond surround and shoulders, ring size 5¾, mounted in platinum. Accompanied by report no. 2155567243 dated 26 July 2013 from the GIA Gemological Institute of America stating that the diamond is Fancy Purplish-Red colour, VS1 clarity. Estimate $120,000-$170,000. Price Realized $196,739. See more here-http://bit.ly/1X59CEc
-Lot 292: A COLOURED DIAMOND RING. Set with a fancy intense yellow marquise-cut diamond, weighing approximately 3.14 carats, to the circular-cut diamond surround, ring size 6½, with French assay marks for platinum and gold. Accompanied by report no. 1172232486 dated 13 July 2015 from the GIA Gemological Institute of America stating that the diamond is Fancy Intense Yellow colour, VVS2 clarity. Estimate $50,000-$70,000. Price Realized $56,176. See more here-http://bit.ly/1Pyp1xX
-Sotheby’s Magnificent Jewels and Noble Jewels Sale, Nov 11 2015, Geneva Switzerland. Diamond Auction Results Here-http://bit.ly/1QsOIjr
-Lot 513: An exceptional Fancy Vivid Blue diamond ring. The cushion-shaped fancy vivid blue diamond weighing 12.03 carats, mounted as a ring, size 471/2. Accompanied by GIA report no. 1162555606, stating that the diamond is Fancy Vivid Blue, Natural Colour, Internally Flawless, together with a Type IIb classification letter. The GIA report additionally accompanied by a separate monograph expressing the rarity and the characteristics of the stone. Estimate 34,083,378-53,516,883. Lot Sold 48,468,158 USD. See more here-http://bit.ly/1YfbZa6
-Lot 509: Superb fancy vivid purple-pink diamond ring. Set with a pear-shaped fancy vivid purple-pink diamond of exceptional colour weighing 8.24 carats, between pear-shaped diamond shoulders, size 52. Accompanied by GIA report no. 1172236883, stating that the diamond is Fancy Vivid Purple-Pink, Natural Colour, SI1 Clarity, Excellent Polish, together with a Type IIa classification letter. Estimate 12,108,569-15,945,440. Lot Sold 13,866,553 USD. See more here-http://bit.ly/1X5fgGs
-Lot 505: Property of Sir Sean Connery. Fancy orangy pink diamond pendant. The pear-shaped diamond suspending a briolette fancy orangy pink diamond weighing 15.20 carats, illustrated unmounted. Accompanied by GIA report no. 6177294872, stating that the diamond is Fancy Orangy Pink, Natural Colour, VS2 Clarity. Estimate 1,166,010-2,332,021. Lot Sold 4,044,162 USD. See more here-http://bit.ly/1MTksYp
-Lot 495: Fancy vivid yellow diamond ring. Set with a step-cut fancy vivid yellow diamond weighing 22.43 carats, between two similarly cut diamonds weighing 4.09 and 4.13 carats, size 53. Accompanied by GIA report no. 1176238839, stating that the central diamond is Fancy Vivid Yellow, Natural Colour, VS2 Clarity, and GIA report no. 5172238876 and no. 2175238872, stating that the side diamonds are both E Colour, VVS2 Clarity. Estimate 1,265,669-1,554,680. Lot Sold 2,581,168 USD. See more here-http://bit.ly/1SAHI1D
-Lot 507: Attractive fancy intense blue diamond ring. Set with a pear-shaped fancy intense blue diamond weighing 3.17 carats, framed with brilliant-cut diamonds of pink tint, the mount highlighted with brilliant-cut diamonds, size 51. Accompanied by GIA report no. 5171223455, stating that the diamond is Fancy Intense Blue, Natural Colour, VS2 Clarity. Please note that the diamonds of pink tint have not been tested for natural colour. Estimate 1,166,010-1,744,033. Lot Sold 2,521,373 USD. See more here-http://bit.ly/1SAIxYp
-Lot 484: Attractive fancy brownish orangy pink diamond ring. Set with a pear-shaped fancy brownish orangy pink diamond weighing 10.58 carats, size 501/2. Accompanied by GIA report no. 2165713918, stating that the diamond is Fancy Brownish Orangy Pink, Natural Colour, VS1 Clarity. Estimate 971,675-1,455,021. Lot Sold 2,162,600 USD. See more here-http://bit.ly/1SAJ2l8
-Lot 485: Fancy intense yellow diamond brooch. Of geometric design, the top set with a cushion-shaped fancy intense yellow diamond weighing 35.57 carats, the centre embellished with a step-cut fancy intense yellow diamond weighing 26.06 carats, the mount decorated with near colourless circular-cut and cushion-shaped diamonds. Accompanied by GIA report no. 2173291088 and no. 5171291168, stating that the diamonds weighing 26.06 and 35.57 carats are Fancy Intense Yellow, Natural Colour, SI1 and VS2 Clarity respectively. Estimate 971,675-1,455,021. Lot Sold 1,923,419 USD. See more here-http://bit.ly/1OdSg61
-Lot 471: Faint pink diamond ring. Set with a brilliant-cut faint pink diamond weighing 11.05 carats, size 491/2. Accompanied by GIA report no. 1176140485, stating that the diamond is Faint Pink, Natural Colour, VVS1 Clarity. Estimate 388,670-687,647. Lot Sold 1,325,465 USD. See more here-http://bit.ly/2101olH
-Lot 493: Pair of fancy intense yellow diamond ear clips, Harry Winston. Each set with a cut-cornered square modified brilliant-cut fancy intense yellow diamond weighing 18.32 and 18.55 carats respectively, and pear-shaped diamonds, signed Winston, maker’s mark. Accompanied by GIA report no. 5172252365 and no. 2175252348, stating that the diamonds are Fancy Intense Yellow, Natural Colour, VVS2 and VS2 Clarity respectively. Estimate 727,511-1,215,840. Lot Sold 1,325,465 USD. See more here-http://bit.ly/1YfjCgT
-Lot 346: Fancy brownish yellow diamond pendant. Set with an oval fancy brownish yellow diamond weighing 34.02 carats. Accompanied by GIA report no. 2175322685, stating that the diamond is Fancy Brownish Yellow, Natural Colour, SI2 Clarity. Estimate 244,165-338,841. Lot Sold 476,370 USD. See more here-http://bit.ly/1SARJvW
-Lot 496: Fancy yellow diamond brooch, mid 19th century. Collet-set with an old mine brilliant-cut fancy yellow diamond weighing 20.84 carats, framed with cushion-shaped diamonds. Accompanied by GIA report no. 1172294851, stating that the diamond is Fancy Yellow, Natural Colour, VS2 Clarity. Estimate 219,250-318,909. Lot Sold 464,411 USD. See more here-http://bit.ly/1SAS69F
-Lot 474: Fancy Yellow diamond ring. Set with a cut-cornered rectangular modified brilliant-cut fancy yellow diamond weighing 20.83 carats, between demi-lune diamonds, size 521/2. Accompanied by GIA report no. 11524548, stating that the diamond is Fancy Yellow, Natural Colour, VS1 Clarity. Estimate 293,994-488,329. Lot Sold 416,575 USD. See more here-http://bit.ly/1MzZrTt
-Lot 256: Fancy intense yellow diamond ring. Claw-set with a cut-cornered rectangular mixed-cut fancy intense yellow diamond weighing 12.25 carats, size 521/2, sizing beads. Accompanied by GIA report no. 2145673406, stating that the diamond is Fancy Intense Yellow, Natural Colour, VVS2 Clarity. Estimate 194,335-293,994. Lot Sold 296,984 USD. See more here-http://bit.ly/1j67m2j
-Lot 272: Fancy deep brown-yellow diamond ring. Set with a pear-shaped fancy deep brown-yellow diamond weighing 20.54 carats, size 52. Accompanied by GIA report no. 2155570342, stating that the diamond is Fancy Deep Brown-Yellow, Natural Colour, VVS1 Clarity. Estimate 194,335-293,994. Lot Sold 261,107 USD. See more here-http://bit.ly/1Mky2qG
-Lot 403: Fancy intense yellow diamond ring. The cut-cornered rectangular modified brilliant-cut fancy intense yellow diamond weighing 11.72 carats, set in a yellow gold mount, size 47, sizing band. Accompanied by GIA report no. 10271155, stating that the diamond is Fancy Intense Yellow, Natural Colour, VVS2 Clarity. Estimate 174,403-214,267. Lot Sold 242,919 USD. See more here-http://bit.ly/1j68eno
-247: Fancy light yellow diamond ring. Set with a pear-shaped fancy light yellow diamond weighing 11.83 carats, the shanks set with brilliant-cut diamonds, size 51, sizing band, three small diamonds deficient. Accompanied by GIA report no. 1176294844, stating that the diamond is Fancy Light Yellow, Natural Colour, SI1 Clarity. Estimate 58,799-87,700. Lot Sold 149,489 USD. See more here-http://bit.ly/1N9AIej
-277: Fancy yellow diamond ring, Cluev. Set with a cut-cornered square mixed-cut fancy yellow diamond weighing 11.73 carats, within a frame of marquise-shaped and brilliant-cut diamonds, size 52, signed Cluev, numbered, case by Cluev. Accompanied by GIA report no. 5151844506, stating that the diamond is Fancy Yellow, Natural Colour, VS1 Clarity. Estimate 117,598-214,267. Lot Sold 149,489 USD. See more here-http://bit.ly/1H7dP8J
-Lot 49: Diamond ring. Of toi et moi design, set with a modified rectangular brilliant-cut fancy intense yellow diamond weighing 3.18 carats and a cushion-shaped near colourless diamond weighing 3.40 carats, highlighted with circular-and single-cut diamonds, size 51. Accompanied by GIA report no. 5172355088, stating that the diamond is Fancy Intense Yellow, Natural Colour, SI1 Clarity. Estimate 18,935-29,898. Lot Sold 118,345 USD. See more here-http://bit.ly/1WXBteN
-Lot 427: Unmounted fancy yellow diamond. The modified square brilliant-cut fancy yellow diamond weighing 7.47 carats. Accompanied by GIA report no. 5172238850, stating that the diamond is Fancy Yellow, Natural Colour, VVS2 Clarity. Estimate 54,812-76,737. Lot Sold 82,219 USD. See more here-http://bit.ly/1N9BPdH
-Lot 36: Fancy yellow pendant-necklace, Cartier. The briolette fancy yellow diamond weighing 12.04 carats, on a fine chain set with brilliant-cut diamonds, length approximately 420mm, pendant and chain signed Cartier, numbered. Accompanied by GIA report no. 15290509, dated 20 October 2006, stating that the diamond is Fancy Yellow, Natural Colour, SI1 Clarity. Estimate 39,864- 58,799. Lot Sold 80,973 USD. See more here-http://bit.ly/1MkAehI
-Lot 155: Pair of fancy intense yellow diamond earrings. Each set with a cut-cornered rectangular modified brilliant-cut fancy intense yellow diamond weighing 3.41 and 3.52 carats, within borders of brilliant-cut diamonds, post and butterfly fittings. Accompanied by GIA report no. 2175269883 and no. 1172269987, stating that the diamonds weighing 3.41 and 3.52 carats are Fancy Intense Yellow, Natural Colour, VS2 and VVS2 Clarity. The second certificate together with a working diagram stating that the diamond may be internally flawless after minor repolishing. Estimate 68,765 -87,700. Lot Sold 80,973 USD. See more here-http://bit.ly/1LkhFpW
-Lot 33: Fancy vivid yellow diamond pendant. Set with a baguette diamond and an oval fancy vivid yellow diamond weighing 3.09 carats, additional chain measuring approximately 390mm. Accompanied by GIA report no. 1166075420, stating that the diamond is Fancy Vivid Yellow, Natural Colour, SI1 Clarity. Estimate 49,830-69,761. Lot Sold 62,287 USD. See more here-http://bit.ly/1H7jE6c
-Lot 205: Diamond ring, Bulgari. Of floral design, the centre set with a marquise-shaped fancy vivid yellow diamond weighing 0.99 carat, within a cluster of similarly cut, pear-shaped and brilliant-cut diamonds, size 47, sizing band, signed Bulgari. Accompanied by GIA report no. 1176355054, stating that the diamond is Fancy Vivid Yellow, Natural Colour, VS1 Clarity. Estimate 16,942- 22,922. Lot Sold 36,126 USD. See more here-http://bit.ly/1QKGWAG
-Lot 32: Fancy intense yellow diamond pendant. Set with an oval fancy intense yellow diamond weighing 1.77 carats, and brilliant-cut diamonds, French assay mark, additional chain measuring approximately 390mm. Accompanied by GIA report no. 2145481275, dated 29 February 2012, stating that the diamond is Fancy Intense Yellow, Natural Colour, VS1 Clarity. Estimate 11,959- 17,939. Lot Sold 23,669 USD. See more here-http://bit.ly/1ltoC3d
-Three Of The World’s Costliest Diamonds Now Belong To 7-Year-Old Josephine. We Tell You How. Honk Kong billionaire Joseph Lau has spent $69 million for a rare 12.03 carat liquid blue diamond. He has gifted the blue stone to his seven-year-old daughter Josephine. The diamond was also renamed ‘Blue Moon Of Josephine’. This comes just a day after the tycoon, affectionately known as Big Liu, spent a whopping $40.4 million over a 16.08 carat pink diamond for his daughter that he also renamed ‘Sweet Josephine’.
Six years back, he bought then 1-year-old Josephine her first major diamond; a 7.03-carat blue diamond for US$9.48 million. This diamond was renamed by him as the ‘Star of Josephine’. While you marvel at the luck that follows the young josephine, let us tell you that she is not the only lucky daughter of Joseph. Her elder half-sister, 14-year-old Zoe also got two amazing gifts last year. She was gifted with a 9.75-carat ‘Zoe Diamond'(US$32.6 million), and a ‘Zoe Red’ ruby (S$11.9 million). Big Liu surely knows his way into his daughters’ hearts and he knows the one universal truth that “Diamonds are a girl’s best friend”. Read more here-http://bit.ly/1OSR0Is
-Biggest Diamond in More Than a Century Unearthed in Botswana. A 1,111 carat gem-quality diamond, second in size only to the Cullinan diamond cut into the British Crown jewels, has been unearthed by Lucara Diamond Corp. in Botswana. The Type-IIa stone, just smaller than a tennis ball, is the largest diamond discovery for more than 100 years, according to Vancouver-based Lucara. It was recovered by machines at the south lobe of Karowe mine in central Botswana, the company said in a statement. Read more here-http://bloom.bg/1QwJy6d and http://read.bi/1MEth9e
-Jean-Baptiste Tavernier, a French merchant and adventurer who was best known for acquiring the ‘Tavernier Blue Diamond’ that he subsequently sold to Louis XIV (14), first made a reference to pink diamonds in the early 17th century. Tavernier mentioned a very large pink rough diamond weighing over 200 carats, shown to him by Moghuls in the Kingdom of Golconda in 1642. This diamond named ‘The Grand Table’ and valued at 600,000 rupees at the time, is still the largest pink diamond recorded to date. The French merchant also purchased two pale pink diamonds around 1668 and drew the pictures of the stones in his travel book.
Since the 17th century, the value of coloured diamonds has considerably increased. Fancy coloured diamonds are rarer than near colourless diamonds as their hues come from a disturbance during the formation process of the stone deep in the earth. For all coloured diamonds except pinks, the colour comes from trace elements that interfere during the formation of the crystal. A diamond is composed of pure carbon; it is the intrusion of another atom that causes the colour: nitrogen for yellows, boron for blues. Concerning the pink diamonds, the colour is a consequence of a distortion of the crystal structure of the stone.
Fancy coloured diamonds are rare in nature, but the intensity of the colour is also an important characteristic of the stone. The Gemological Institute of America grades fancy coloured diamonds as: Faint, Very Light, Light, Fancy Light, Fancy, Fancy Intense, Fancy Vivid. Fancy Vivid colours are the most sought-after. The amazing stone offered in this auction displays a very bright and deep fancy vivid purple-pink colour. Even in the category “Fancy Vivid”, one can find different levels of intensity; the saturation and hue of this stone are absolutely exceptional.
The current record price ever paid at auction for a diamond or any gemstone is ‘The Graff Pink’, a magnificent 24.76 carat Fancy Intense Pink diamond, which sold at Sotheby’s Geneva in November 2010 for $46.16 million. The current record price per carat for a fancy vivid pink diamond ($2,155,332) was set by a 5.00 carat diamond, sold in Hong Kong in January 2009. Last year, in October, Sotheby’s Hong Kong offered a 8.41 carat Fancy Vivid Purple-Pink diamond, which sold for $17,778,247, a world auction record price for a fancy vivid pink diamond. Sotheby’s
-CHART OF THE WEEK: Gold coin sales haven’t been this high since the financial crisis. Sales of US gold Eagle coins are going gangbusters. According to a new report from the World Gold Council, gold buyers saw an opportunity in the falling price. “US retail investment demand jumped to 32.7 tonnes, generating growth of more than 200% year-on-year,” the WGC observed. “This signaled both a level of interest in gold investment not seen since the global financial crisis, and a level of price awareness on a par with that of Indian and Chinese retail investors. Nowhere was this more clearly demonstrated than in the US, where the US Mint reported rocketing sales of gold Eagle coins.”
Gold is a peculiar asset. There isn’t much of it, and it has limited practical uses. It isn’t productive and it doesn’t pay a dividend. However, it is tied to old-world traditions in both the East and the West. And for some folks, gold is a currency. Some folks turn to gold as a safe haven during times of financial-market distress and volatility. “Demand for was the highest for more than five years: in volume terms, sales hit 397,000 oz.,” they added. “Demand for newly minted coins surged across all key product lines: sales across all denominations were many multiples of their long-term average levels. Secondary market activity was correspondingly weak as profit-taking slumped in favor of bargain hunting.” Read more here-http://read.bi/1HZ0RtZ and http://cnnmon.ie/1NEDRNi
-CHART OF THE WEEK: How investors are abandoning paper gold, in one chart. Gold has suffered a rough month, with prices dropping to levels last seen in February 2010. You can see just how much the metal has fallen out of favor by looking at the investor money rushing out of the SPDR Gold ETF GLD a popular way to get exposure to gold. The amount of money in GLD has dropped to its lowest level since January 2009, according to FactSet data. That’s shown in the chart below. Back then, the U.S. was in recession and U.S. stocks were still two months away from finding a bottom. Read more here-http://on.mktw.net/1jacqTg and http://bloom.bg/1O6Jhp5
-CHART OF THE WEEK: Daniel Sesay, Gold vs. Fiat Paper: Why It Is Time To Take Gold Seriously. It was not so long ago in 2001 that Gold was trading at $252/Oz. If only investors had the foresight then to be investing in Gold rather than ploughing those hard earned Dollars into the worlds gigantic property bubble that eventually burst spectacularly in 2008 leaving many investors broke. The average investor holding 1Kg of Gold would have made an astonishing 700% return in 10 years. It is no secret that the US and other Western nations have more debt than principal to pay off the debt, for short the debt is inextinguishable. The merry-go-round of more debt accumulation to pay off debt is inevitable. It is almost a certainty that the US Dollar will eventually lose its place as the currency of first reserve. This likely end will send us towards real money, Gold! Read more here-http://bit.ly/1MqcoBb
-Greg Hunter: Mike Maloney Interview, Bond Bust Will Be Biggest Crash in History. Precious metals expert Mike Maloney says we are experiencing a “rollercoaster crash.” Maloney explains, “The second half of the economic storm that started in 2007 and crashed in 2008, we’ve been in the eye of the hurricane from 2009 until today. The second half of this economic storm is about to start. I believe in 2016, we are going to see something happen, and 2017 will probably be pretty bad for the general economy. If we have a currency crisis, a recession, and this changing monetary system all together, it will be absolute chaos.”
Maloney says you can blame a lot of this wild ride on the Federal Reserve. Maloney contends, “We’re going into the Bernanke bust. The 2008 global financial crisis was of Alan Greenspan’s making. Ben Bernanke just reacted to it. It was caused by Alan Greenspan’s reaction to the crash of the NASDAQ. So, we had a crash of the stock market in 2000. Alan Greenspan over reacted and held interest rates down too long to try and get the stock market reflated and get it back up. He accidentally created a real estate bubble. The next crash was both stocks and real estate.
This time, it will be stocks, real estate and bonds. So, this is going to be the biggest crash in history. This bond market bubble is something that has been constantly inflated for the past 35 years. When it pops, it’s going to be devastating. A bond bubble bursting is deflationary.” Where does that leave gold and silver? Maloney says, “In the last great deflation, which was well studied, the Great Depression, gold rose 70%. If you owned gold, you ended up with two and a half times more purchasing power. One of the few assets that actually did well in the last great deflation was gold.” Watch and read more here-http://bit.ly/1j8s6q9
-Peter Schiff CEO of Euro Pacific Capital: Here’s why I’m bullish on gold. For those who really believe that the Fed will take the unlikely path of serially raising rates into a weakening economy during an election year, it would be instructive to look at the performance of gold the last time the Fed raised rates. Beginning in June 2004, Alan Greenspan raised rates by 25 basis points for 17 consecutive meetings. During that entire two-year period, gold rose almost continuously, rising 62 percent (from $390 to $630) by the time the Fed stopped tightening.
So it’s a myth that higher interest rates are automatically bearish for gold. To make a real impact on gold, we would need positive real interest rates, which would be rates higher than the rate of inflation. That is not going to happen anytime soon, as the U.S. economy is too highly indebted to afford rush rates. So the environment for gold should remain positive for quite some time. Based on the way that gold took off during the brief window in October when the markets did not expect a near term rate increase, gold could once again take off if markets believe that 25 basis points are all we are going to get.
Of course, the scenario is even better for gold if Janet Yellen does another Lucy Van Pelt, and once again yanks the football away from Charlie Brown just as he is about to kick it. If those buying the rumor never actually have the opportunity to sell the fact, the selloff will be that much more intense when the rumor is proven false. So the retreat of gold to the sub $1,100 range is really an unexpected gift for those who may have missed out on the entry level six weeks ago. Read more here-http://cnb.cx/214aHkA
-Four reasons one investor (Frank Holmes) thinks gold could jump this year. For many gold traders, the only story worth following is the one about the Federal Reserve and when it will increase the benchmark interest rate. Not so for Frank Holmes, a longtime mining fund manager who is chief executive of U.S. Global Investors and co-wrote the 2008 book “The Goldwatcher: Demystifying Gold Investing.” He currently co-manages the U.S. Global Investors Gold and Precious Metals Fund USERX. In an interview with MarketWatch, Holmes said four factors shrinking real interest rates in the U.S., a dip in the dollar that led to a so-called “death cross” formation, a jump in the global purchasing managers index and signs of increased demand from China suggest that gold could finish the year higher, perhaps as high as $1,350 an ounce, which would be about 25% above last Thursday’s close (Nov 12). Read more here-http://on.mktw.net/1Yj1r9W
-Frank Holmes: SWOT Analysis: Demand Surges on Low Third Quarter Gold Prices. Gold remained the strongest of the precious metals this past week, seemingly stuck in a narrow trading range for much of the week. Silver did a little worse, falling 3.52 percent, perhaps related to Bank of America warning that silver could hit $12 per ounce on weak industrial and investment demand. Low gold prices in the third quarter attracted bargain hunters, with U.S. buyers buying up far more coins and bars than they did in any other quarter over the past five years.
Demand surged by 207 percent from a year ago. Central banks and other institutions boosted gold purchases to the second-highest level on record in the third quarter as countries including China and Russia sought to diversify their foreign-exchange reserves. Net purchases were 175 metric tons, nearing the record 179.5 tons in the same quarter a year earlier, and up from 127.9 tons in the preceding three-month period. Further, China probably boosted central bank gold holdings yet again in October, raising them by about 14 metric tons. Read more here-http://bit.ly/1PCTMSf
-James Turk Interview: “This Has Never Happened Before In History.” Watch more here-http://bit.ly/1HbFGVt
Gold to silver ratio at 80 to 1 with gold at $2,000 the silver price would be $25.00
Gold to silver ratio at 70 to 1 with gold at $2,000 the silver price would be $28.57
Gold to silver ratio at 60 to 1 with gold at $2,000 the silver price would be $33.33
Gold to silver ratio at 50 to 1 with gold at $2,000 the silver price would be $40.00
Gold to silver ratio at 40 to 1 with gold at $2,000 the silver price would be $50.00
Gold to silver ratio at 30 to 1 with gold at $2,000 the silver price would be $66.67
Gold to silver ratio at 20 to 1 with gold at $2,000 the silver price would be $100.00
Gold to silver ratio at 15 to 1 with gold at $2,000 the silver price would be $133.33
-I’d like to focus on a familiar topic what the inevitable rally will look like, particularly in silver, whenever this extreme COMEX futures positioning is completed. As you know, this is where I will invoke my often-made, but-never-realized prediction that it could easily turn into the big silver move up. Perhaps “yet to be,” rather than “never realized” would be a better choice of words. I have some new reasons why we may be looking at a genuinely explosive silver rally soon, but let me first set the background for why we must see a silver explosion at some point. It has to do with the manipulation that has existed in silver for more than 30 years and continues through today. It is a historically proven and logical fact that all manipulations must come to an end.
The free law of supply and demand dictates that any artificial distortion of price must be overwhelmed in time. In what time, of course, is open to debate; but there can be no debate about the inevitable destruction of the artificial price regime of every manipulation. In addition to knowing that all price manipulations must end at some point, we also know that the end of every price manipulation must be dramatic to the point of being shocking sending prices suddenly in the opposite direction of the manipulation. Simply stated, if silver has been manipulated lower in price than the actual fundamentals dictate (as I contend), then when that manipulation is broken, prices must soar. It’s even gotten so specific that I have pinpointed in advance what will constitute an end to the COMEX silver manipulation no additional concentrated short selling by the largest commercial shorts, most definitely including JPMorgan.
As you know, since settling into the role of the prime silver price manipulator as a result of its takeover of Bear Stearns in 2008, JPMorgan has capped every silver rally since by adding to short positions. This alone should prove to the regulators that silver has been manipulated, but that’s a separate issue. What I’m talking about now is not whether JPMorgan has capped every price rally in silver over the past seven years, as that’s evident in the historical record; but what this crooked bank will do next. And to be perfectly frank, no one can know in advance (except the crooks at JPM). Silver analyst Ted Butler Nov 18 2015 via Ed Steer edsteergoldandsilver.com subscribe here-http://bit.ly/1fdAByN
-There was a continued drain in the holdings of the big gold ETF, GLD, [last] week of around 230,000 oz, following [the prior] week’s near 750,000 oz withdrawal. These reductions in GLD seem directly related to investor liquidation due to declining prices (as a result of the price rig job lower on the COMEX). Once again, the activity in SLV, the big silver ETF, seemed highly counterintuitive as consistently lower silver prices resulted in an increase this [past] week in silver metal holdings of nearly 1.5 million oz.
In just over two weeks of the most persistent daily price decline in gold and silver market history, the big gold ETF lost nearly 1 million oz of its holdings while the big silver ETF remained flat in holdings. I would contend what is most unusual is what occurred (or didn’t occur) in SLV and the most logical speculation revolves around silver deposits being made to further reduce the short position in SLV, as has occurred recently. I can’t see this being anything but bullish for silver and is among the many reasons I have been quick to get more than fully invested in silver these past two days.
Sales of American Eagles from the U.S. Mint continues to suggest a pickup in sales of Gold Eagles by the big buyer (I think JPM), now that gold prices have been rigged nearly $100 lower the past two and a half weeks. Sales of Silver Eagles are still pedal-to-the-metal with the Mint apparently selling as many as it can produce. I’m more than convinced JPMorgan is (still) the big buyer of Silver Eagles and it didn’t even pause in continuing to buy these coins despite knowing it was instrumental in silver’s recent $2 price smack down. Silver analyst Ted Butler Nov 14 2015 via Ed Steer edsteergoldandsilver.com subscribe here-http://bit.ly/1fdAByN
-In COMEX gold futures, the net commercial short was reduced by 53,100 contracts, to 71,900 contracts a simply massive reduction over the past two weeks of 94,000 contracts. I can’t look it up now, but that has to be a two week record. All three commercial categories did their musketeer routine as the Big 4 bought back more than 17,000 shorts, the ‘big 5 thru 8’ bought back over 13,000 and the raptors added more than 23,000 new longs. The term that comes to mind is massively collusive. The Managed Money technical funds provided nearly all of the selling in liquidating nearly 25,000 long contracts and adding more than 25,000 new shorts.
I was shocked at the low level of remaining managed money longs under 92,000 contracts, the lowest since 2008 (and $800 gold). The term that comes to mind is washed out, or nearly so, to the downside. Every single thing I just mentioned is powerfully bullish for gold prices. In COMEX silver futures, the total commercial net short position was reduced by 17,000 contracts to 50,100 contracts, or just under 251 million troy ounces. By commercial categories, it was more than interesting. The Big 4 bought back 4,800 short contracts and I think every single contract could be attributed to JPMorgan.
The raptors added 13,500 long contracts and the ‘Big 5 thru 8’ actually added 1,300 new shorts. With JPM buying back nearly 5,000 short contracts and the ‘Big 5 thru 8’ adding 1,300 shorts, my double-cross dreams come to mind. The Managed Money traders sold 22,569 silver contracts, again a truly massive amount, which included the liquidation of 5,611 longs and the addition of 16,958 new shorts. Considering the certain improvement since the Tuesday cutoff, this kid, anyway, got everything he wanted. Silver analyst Ted Butler Nov 16 2015 via Ed Steer edsteergoldandsilver.com subscribe here-http://bit.ly/1fdAByN
-“Silver prices will rise when the commercials are the least short and the managed money traders are the least long. Same as it always has been. A little more than two weeks ago, the setup between the commercials and managed money traders was structured not for a price rise, but a price decline. Now that we are well into the grip of a price decline that has continued uninterrupted since then, where do we stand now?
Well, we know there has been considerable improvement in the market structure in both COMEX gold and silver on this price decline because, quite frankly, this is why prices declined (so that the commercials could buy at cheaper prices). Are we done with the price drop? I don’t know, but I sense we may be close (although the final price drop can be dramatic). But my main point is that whenever this price rig job to the downside is complete, I would consider the silver market to be positioned for the big move. Yes, I know I’ve felt that way before, but I feel even more so currently.” Silver analyst Ted Butler Nov 11 2015 via Ed Steer edsteergoldandsilver.com subscribe here-http://bit.ly/1fdAByN
-“Friday’s COT report may be the most important in history. I say that because it may show a record improvement or level of commercial buying and managed money selling for any one reporting week in COMEX silver history. On the normal metrics that I follow, I would guess the commercials bought more than 20,000 net contracts of COMEX silver and 35,000 net contracts of gold. These changes would indicate we would likely have further to go to the downside in terms of managed money selling, but I think (hope) there may be an even larger improvement in silver.
I am speculating here, but please allow me to give the reasons why a bigger improvement may be in store. Say what you wish about the managed money technical fund traders, but from my experience they do have certain qualities, such as consistency and rigid money management principles. I think these technical funds are totally whacked out in not being able to see that the commercials are just jerking them around, but that’s a different matter. When it comes to trading consistency and money management disciplines these traders are fairly unemotional.
Where I can guess at “only” around 20,000 net contracts improvement in silver in the upcoming COT report (based upon trading volume, price movement, etc.), the simple fact is that with silver (and gold) prices now below every conceivable moving average and pressing on new historic lows, there is no possible technical explanation for why any technical fund would be long in any amount or wouldn’t be maximum short already. The only plausible explanation for why a technical fund wouldn’t be already fully sold out and positioned to the downside may be because the move lower has come too quickly (10 trading days) for the funds to fully position themselves in that time.” Silver analyst Ted Butler Nov 11 2015 via Ed Steer edsteergoldandsilver.com subscribe here-http://bit.ly/1fdAByN