Precious Metals

India central bank introduces more policies to curb gold imports

"India's central bank announced more stringent measures for gold imports by banks in it's annual monetary statement. Analysts said the move is likely to impact country's gold imports this year. The central bank said banks will be allowed to import bullion on a consignment basis to meet only genuine needs of exporters of gold jewelry. RBI will issue detailed guidelines on gold imports by authorized banks by the end of this month after it sees banks also import gold on an unfixed price basis and loan basis, according to the central bank." Continue reading →

Continue ReadingIndia central bank introduces more policies to curb gold imports

Lying Swiss Bankers Have Trapped American Clients: “Sell Your Gold. Now.”

"Approximately five weeks ago, I was notified by my bank in Geneva that they would no longer be providing private banking services to clients in the United States and Canada. After looking at the options for the liquidation of a portfolio that consisted of about 80% physical gold bullion, I made the request to take physical possession. I have certificates for each bar purchased over a period of two years but was told this morning that they would not permit me to take physical delivery. I had previously been assured that physical delivery was possible but since they have decided to close out these accounts, my previous representative has left the bank." Continue reading →

Continue ReadingLying Swiss Bankers Have Trapped American Clients: “Sell Your Gold. Now.”

Arizona governor vetoes bill making gold legal tender

"Republican Gov. Jan Brewer vetoed a bill late Thursday that would have made Arizona the second state in the nation to recognize gold and silver as legal tender. Brewer said she shared concerns with the measure's proponents about a declining dollar, but she said the proposal was sloppily put together and did not address basic issues such as how transactions usingprecious metals would be taxed. Brewer said it was unclear whether the state would have to exempt income tax related to a transaction involving precious metals under Senate Bill 1439. She said it could give businesses that buy and sell collectable coins an unfair tax advantage." Continue reading →

Continue ReadingArizona governor vetoes bill making gold legal tender

Junior mining stocks see record insider buying

"Those looking for even more evidence that corporate executives are smelling bargains in the junior mining sector should consider this: Insider buying on the TMX Venture exchange is near a record high. INK Research’s Venture indicator is at 715 per cent today, just 20 percentage points below its record peak of 735 per cent set on Oct. 27, 2008. That means there are more than seven stocks listed on the exchange with insider buying for every one seeing selling. Such a high level of buying interest among officers and directors within their own businesses in the resource sector has correctly foreshadowed a recovery in share prices in the past." Continue reading →

Continue ReadingJunior mining stocks see record insider buying

China Goes Gold Crazy. Why Now?

"Mainland Chinese purchasers have been ferocious. First, they emptied stores in their own country. Caibai, Beijing’s largest gold merchant, had a queue 30 feet out the door on the morning of the 19th. 'So many people in line,' remarked a customer in Nanjing, where one person splashed out 2.9 million yuan on ten gold bars each weighing a kilogram. Retailers ran out of stock in Guangzhou. The China Gold Association reported that on the 15th and 16th retail sales of gold tripled across China. Daily sales soared to five times the usual level at one retail chain. As Chinese emptied the shelves in their own country, they also went south and swarmed shops in Hong Kong." Continue reading →

Continue ReadingChina Goes Gold Crazy. Why Now?

Buy Gold NOW

"The important thing to realize that if gold and silver were to see another leg down, we fully expect buying physical metals to get more difficult and expensive, not better. At this point, there is no evidence that supply is easing up. Even – or perhaps especially – at lower spot "paper gold" prices, it could become very difficult to get your hands on bullion. And you'll pay even higher premiums on items with the tightest supply. We don't care to predict how long delivery times could get. Don't be fooled by what happened in the futures market. If you wish you'd bought tech stocks in 1990 or real estate in 2000, you now have a moment like that in gold." Continue reading →

Continue ReadingBuy Gold NOW

Better “Safe Haven” – Switzerland or Canada?

"Not only is Switzerland a nation with an impossible terrain for armies, it has an army (mainly reserves) of over a million soldiers ready for action at any time in a well-trained state of readiness. Its complex of bridges and tunnels, which link it with all the different parts of Europe and allow its own people to travel through the nation, is mined with explosives that will make it impassable should it be invaded. As a result its refuge for capital is 300 years old and its banking industry 5 times the size of its own GDP stretching all over the world. It has been tried and tested in war and in peace like no other nation." Continue reading →

Continue ReadingBetter “Safe Haven” – Switzerland or Canada?

Swiss banking chief tries to quell clamor about gold

"Swiss National Bank President Thomas Jordan won't exclude increasing the central bank's gold holdings at some point and said most of its reserves are held domestically. More than 70 percent of the SNB's 1,040 tons of gold are held in Switzerland, with about 20 percent at the Bank of England and 10 percent at the Bank of Canada, he said, for the first time disclosing where the physical assets were stored. The SNB's gold holdings are the target of a popular initiative, which demands that at least 20 percent of the central bank's assets be in the form of gold. The measure would also block the sale of such holdings and require all SNB gold to be located in Switzerland." Continue reading →

Continue ReadingSwiss banking chief tries to quell clamor about gold

Connecticut: “No Guns, No Gold”

"You probably know about the gun control bill that was voted into law this month. Gun manufacturers are threatening to move out of the state. The story is here. The state is now about to shut down all coin stores. A bill to require complete record-keeping on all sales, including photos of every coin sold, and recording the ID of every buyer and seller, is about to be passed into law. The cost of complying will shut down the stores." Continue reading →

Continue ReadingConnecticut: “No Guns, No Gold”

American Eagle Gold Bullion Coin Sales Suspended; U.S. Inventory Depleted

"The U.S. Mint said it has suspended sales of its one-tenth ounce American Eagle gold bullion coins as surging demand after bullion's plunge to two-year lows depleted the government's inventory. Bottom line: The selling in gold that has occurred isn't coming from the general public. So far in April, the U.S. Mint has sold 175,000 ounces of American Eagle gold coins, putting it on track to challenge a high of 231,500 ounces set in December 2009. The buying by individuals in the wake of the curious decline seems to be global." Continue reading →

Continue ReadingAmerican Eagle Gold Bullion Coin Sales Suspended; U.S. Inventory Depleted