Market Sentiment shifting

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7 months 6 days ago #123969 by DearJohn
DearJohn replied the topic: Market Sentiment has shifted
The gold options market saw $1.75 million in block trades betting the precious metal could almost triple in more than a year, surpassing the record.

Around noon in New York, 5,000 lots for a gold option giving the holder the right to buy the precious metal at $4,000 an ounce in June 2021 changed hands. The bets were sold at $3.50 an ounce.

“It’s like 18-month term life insurance; what will the world look like if gold is at $4,000,” Tai Wong, the head of metals derivatives trading at BMO Capital Markets, said in an email. “They are hoping for a quick violent move,” he said, referring to the people who bought the call options.

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7 months 2 weeks ago #123908 by RonS
RonS replied the topic: Market Sentiment has shifted
A lot of fraud and manipulation investigations and charges going on with precious metals, perhaps we will not see a big take down in price from here

Another JPMorgan Chase & Co. official was charged in the U.S. probe of the bank’s precious metals trading operation.

Jeffrey Ruffo, a former JPMorgan executive director on the metals desk in New York who specialized in hedge fund sales, was charged with fraud conspiracy and racketeering conspiracy, according to a superseding indictment made public Friday in federal court in Chicago.

The allegations are part of a broader investigation of market spoofing that has now resulted in charges against six bank employees.

www.bloomberg.com/news/articles/2019-11-...er-trader-is-charged

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7 months 4 weeks ago #123813 by DearJohn
DearJohn replied the topic: Market Sentiment has shifted
Good article on gold seasonal strengths, we are coming into a strong period.

www.mining.com/web/gold-stocks-winter-ra...tocks-winter-rally-4

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8 months 4 days ago #123759 by GoldnBoy
GoldnBoy replied the topic: Market Sentiment has shifted
What will the Fed do today? Is it not 2PM they make the announcement

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8 months 5 days ago #123736 by Gambler
Gambler replied the topic: Market Sentiment has shifted
Central Banks have been buying gold for years, but now Germany started for first time in 21 years

news.goldcore.com/germany-and-turkey-inc...channel=tw-554498632

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8 months 1 week ago #123720 by RonS
RonS replied the topic: Market Sentiment has shifted
Here is a gold chart I used for Seeking alpha article, about the same as last week's one but progressing a bit further to break out of the wedge. With new QE, I expect to the upside.

Attachments:

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8 months 3 weeks ago #123650 by alexgreat
alexgreat replied the topic: Market Sentiment has shifted
In September, global gold-backed ETFs and similar products had US$3.9bn of net inflows across all regions, increasing their collective gold holdings by 75.2 tonnes(t) to 2,808t, the highest levels of all time. Holdings surpassed late 2012 levels, at which time the gold price was near US$1,700/oz, 18% higher than current levels. Notably, the gold-backed ETF landscape is vastly different than in 2012 when two-thirds of global holdings were concentrated in North America. Today, North American- and European-listed funds make up 52% and 44% of global holdings respectively, with the remainder coming from funds listed in Asia and other regions.

www.gold.org/goldhub/data/global-gold-ba...f-holdings-and-flows

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9 months 2 days ago #123627 by GoldnBoy
GoldnBoy replied the topic: Market Sentiment has shifted
After PMI data, looks like another 1/4 point cut in the cards

Dec comex gold back to 1500, it it can get above 1520 maybe correction is over

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9 months 2 weeks ago #123588 by Gambler
Gambler replied the topic: Market Sentiment has shifted
Fed decision day, another 1/4 expected. What will gold do? The big risk, if the Fed surprises and does not lower rates.. Stock mkt would take a big hit?

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9 months 2 weeks ago #123564 by RonS
RonS replied the topic: Market Sentiment has shifted
It is about time, something most of us knew for a long time. These manipulators should go to jail. It is useless fining them for fractions of the illegal profits they made.

Ten years of manipulation and it was probably longer, thousands of corrupt trades. As a investor in PM markets, it makes me puke and the same time angry

Here is a few chunks of the article found here

www.mining.com/web/jpmorgans-metals-desk...l-enterprise-us-says


U.S. prosecutors took an unusually aggressive turn in their investigation of price fixing at JPMorgan Chase & Co., describing its precious metals trading desk as a criminal enterprise operating inside the bank for nearly a decade.

The prosecutors charged the head of JPMorgan’s global metals trading operation and two others on Monday, accusing them of “conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity” — counts more commonly known as RICO charges.

The RICO language, rarely used in big bank cases, suggests that JPMorgan may face deeper legal jeopardy that goes beyond the several individuals who have already been prosecuted.

“Based on the fact that it was conduct that was widespread on the desk, it was engaged in in thousands of episodes over an eight-year period — that it is precisely the kind of conduct that the RICO statute is meant to punish,” Assistant Attorney General Brian Benczkowski told reporters.

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9 months 2 weeks ago #123524 by GoldnBoy
GoldnBoy replied the topic: Market Sentiment has shifted
JPMorgan Traders Charged by U.S. With Rigging Metals Deals

By Tom Schoenberg
Bloomberg News
Monday, September 16, 2019

Two current and one former precious metals traders at JPMorgan Chase & Co. have been charged with manipulating futures markets in what prosecutors described as a massive, multiyear racketeering conspiracy run out of the bank.

The U.S. Justice Department said today the three men ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum, and palladium. One of those indicted is Michael Nowak, 45, who ran JPMorgan's global precious metals desk. Nowak was placed on leave last month, a person familiar with the matter has said.

Their actions spanned eight years and involved thousands of unlawful trading sequences, the Justice Department said. The men were indicted on multiple fraud and conspiracy charges, including racketeering.

"These charges should leave no doubt that the Department is committed to prosecuting those who undermine the investing public's trust in the integrity of our commodities markets," Assistant Attorney General Brian Benczkowski said in a written statement.

www.bloomberg.com/news/articles/2019-09-...ng-futures-contracts

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9 months 3 weeks ago #123506 by lynnsa10
lynnsa10 replied the topic: Market Sentiment has shifted
One of the best interviews you will find

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