Gold is not in a bubble, Turkey Swaps Gold for Iranian Gas, Gold and Silver Dropping

Egon von Greyerz: Gold is not in a bubble. Only 1% of world financial assets are in gold
Published Nov 28, 2012 on Goldbroker

During his brief visit to Australia, Egon von Greyerz, founder of Matterhorn Asset Management and member of's board, has clearly explained that the governments have already gone too far and that they can no longer do anything to correct their mistakes.

Egon von Greyerz said that it's not the gold price that is going up, but rather the fiat currencies that are constantly losing their purchasing power, as gold has maintained its purchasing power for the last 5,000 years. Only one per cent of world financial assets are in gold, so gold is nowhere near a buble.

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Are the Iranians Selling their Gas for an Asset (Gold) in a Bubble ?
Published Nov 26, 2012 on Goldbroker

Turkey has admitted last Friday (Nov.23, 2012) that the increase in its gold exportations is related in reality to the payment of gas imported from Iran.

Thus Iran gets around the Western countries- imposed sanctions regarding its nuclear program. Those sanctions aim to isolate Iran from the international banking system by preventing it from trading with its commercial partners.

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November 28th 2012 : Gold and Silver Dropping, Why ?
Published Nov 29, 2012 on Goldbroker

The prices of gold and silver have dropped severely today, November 28th 2012.

Gold dropped $26.60 in a single minute between 2h20 and 2h21 PM all the way down to $1,705 before gaining back a little.

A massive gold sell order of 7,800 contracts (24 tons of « paper » gold) was registered à 2h20. In less than 60 seconds, 35% of the daily volume was traded.

Silver dropped even more, to $32.83/oz, before rapidly bouncing back to close the day at $34.30/oz.

Such a huge drop in less than a minute, only one day after options have expired, is quite hard to explain in a so-called free market in which no one is interfering.

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Philippe Herlin : Is Dexia a Foretelling Catastrophy?
Published Nov 29, 2012 on Goldbroker

Bad news keep piling up in the Dexia affair... We already knew the existence of « bad banking » of close to 100 Billion euros, with heavy potential losses, that won’t be liquidated before... 2099.

But this impressive amount is already understated. The bank’s board of directors just published a document asking the shareholders (the governments of France, Belgium and Luxembourg) to subscribe to an increase in capital of 5.5 Billion euros, next December 21.

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Is the CME/COMEX Delivery Default on December Gold Contracts Pointing to a Widespread Default ?
Published Nov 27, 2012 on Goldbroker

The CME announced today a case of "force majeure" regarding one of its physical gold storage facilities, Mantra, Tordella & Brookes (MTB), managed for the COMEX, located in the southern part of New York City, in an area that was inundated during the storm known as Sandy.

MTB’s warehouses were holding 29,276 ounces of gold for the COMEX as of November 23, 2012.

A case of force majeure is a clause in a contract that authorizes the parties to renege on their obligations in extreme cases, in this case the non-delivery of physical gold due to a storm and water damages.

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Indians hoard 20k tonnes gold worth record $1.16 trn
Published Nov 27, 2012 on Financialexpress

Indian households have piled up as much as 20,000 tonnes of gold, worth $1.16 trillion, an historic high. This shows that the government’s efforts to trim overseas purchases of the idle asset by imposing an import duty and raising it in short intervals to reduce the current account deficit (CAD) haven’t yielded the desired results.

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