Banks On The Run

Sun, Feb 8, 2015 - 10:22pm

The latest CFTC Bank Participation Report brings the usual horrors and it confirms our "inherently unfair" thesis. However, there's also a bigger picture that gold investors everywhere need to consider.

Before we begin, the usual background:

  • The CFTC's Bank Participation Report is issued monthly from a survey taken at the Comex close on the first Tuesday of every month. The report summarizes the combined positions of the four largest U.S. banks (primarily JPM, MorganStanley, Citi, Goldman but occasionally others) and the twenty largest non-U.S. banks (Scotia, HSBC, DeutscheBank, UBS, Barclays and others).
  • These reports might be utter nonsense and complete falsifications. Just last year, JPMorgan was fined by the CFTC for "repeatedly submitting inaccurate reports relating to the required reporting of positions". See here:
  • I will leave it up to you, dear reader, to assign or withhold legitimacy to/from the data. My job is simply to report to you on what the data shows...and it's sickening.

    Ole Turd has written volumes over the past few weeks, describing the inherent unfairness of the Comex paper derivative market structure. (An example: Unlike other "markets", The Bullion Banks simply create new paper contracts whenever speculative demand increases. They do this to blunt momentum and stall price. Then, as price invariably retreats, The Banks use Spec liquidations to cover and withdraw these very same contracts.

    For example, during January's price rally of over $100, total Comex gold open interest rose from a low of 371,000 contracts to a high of 451,000. Now that price has fallen back $70, total Comex gold open interest has drawn back down to 403,000. Near round-trip in price, near round-trip in open interest, too. Neat trick, huh? It's good work if you can get it.

    We've documented this along the way by monitoring the daily open interest changes as well as the CFTC's weekly Commitment of Traders Report. Therefore, last Friday's Bank Participation Report was not surprising but it was grotesque, nonetheless.

    I'll save you the gory details this time of how the BPR has changed, month over month, for the past two years. I just wrote about this again last month and you can check it out here if you'd like:

    Instead, this time I'd simply like to focus on how the 24 banks have changed their positions over the past month and the past year. It's pretty remarkable stuff.

    A little over a month ago and with price at $1219, the January BPR survey was taken. When the report was released three days later, it looked like this:


    U.S. Banks 11,728 37,321 -25,593

    Non U.S. Banks 32,985 80,227 -47,242

    TOTAL 44,713 117,548 -72,835

    What this shows is that, as of January 5 2015, the combined position of the 24 largest banks in the world that trade paper gold was 72,835 contracts NET SHORT. That's 7,283,500 ounces or about 226 metric tonnes. It's interesting to note, of course, that the entire Comex gold vaulting system only holds 8,166,900 troy ounces (registered and eligible) or about 254 metric tonnes.

    Over the next four weeks, price and open interest both rose and by the time this most recent BPR survey was taken last Tuesday, gold was up $41 to $1260 and total OI was up 25,000 to 419,524 contracts. The report, released late last Friday showed this:


    U.S. Banks 9,163 65,901 -56,738

    Non U.S. Banks 20,009 96,264 -76,255

    TOTAL 29,172 162,165 -132,993

    As you can see, as of last Tuesday the 24 largest gold banks were now NET SHORT 132,993 Comex gold contracts. That's the equivalent of 13,299,300 troy ounces of paper gold or about 414 metric tonnes.

    More startling and in confirmation of our "inherent unfairness" storyline, over the past four weeks:

  • Price rose by $41 or 3.37%
  • Total Comex gold open interest rose by 25,503 contracts or 6.46%
  • The total 24 bank NET SHORT position rose by 60,158 contracts or 82.6%
  • Oh my goodness. Just typing those numbers makes me want to vomit. And to think that there are still Cartel Shills and Apologists out there that claim that "the banks are just making a market" and/or "hedging for miners". If you believe that, I've got an Idaho potato farm to sell you.

    Anyway, draw you own conclusions. If you'd like to persist in a belief that these "markets" are "free and fair", knock yourself out. As we end this month's exercise though, I'd like you to consider the implications of one more BPR survey data table. First, check out the data, itself:


    U.S. Banks 68,658 24,937 +43,721

    Non U.S. Banks 18,752 48,860 -30,108

    TOTAL 87,410 73,797 +13,613

    So, now you're wondering...when was this survey taken? And at what price and open interest? Well, I hope you're sitting down. I also hope that you haven't recently eaten.

    The data listed above was from the BPR survey taken exactly one year ago, on February 4, 2014. Price that evening was $1252 and total open interest was 368,279.

    Therefore, with price nearly unchanged YoY and with total open interest up by about 51,000 contracts, the 24 largest gold-trading banks have massaged their NET position by 146,606 contracts. A NET change of 14,660,600 troy ounces or 456 metric tonnes....






    And this is where I will leave you. Ponder that bit of information for a while. You might ask yourself..."Self, what in the world are The Banks so afraid of? Why would they go to such great lengths to keep price from rising? How is this even legal?"

    Those are certainly good questions to ask and I look forward to pondering the answers and addressing the implications in the days ahead.


    About the Author

    turd [at] tfmetalsreport [dot] com ()


    Feb 9, 2015 - 8:26am

    G20 needs to honor joint action in global economic revival

    by Xinhua writer Wu Xia

    BEIJING, Feb. 9 (Xinhua) -- The Group of 20 needs to honor its oath to joint action to revive the global economic development through coordination of monetary and fiscal policies, at a time when the current growth momentum in the global economy remains fragile.

    Central bank governors and finance ministers of the G20 countries have been closely following each other before they meet in Istanbul, Turkey this week to formally diagnose the world's economic malaise left over from the 2008 global economic crisis. Some have already taken action. No fewer than 17 countries joined a global wave of monetary easing to stimulate demand and counter deflationary pressures from tumbling oil prices.

    On the other side of the ledger, however, the United States looks set to raise interest rates some time this year, in efforts to boost a robust recovery from the global economic meltdown it triggered in 2008. The G20 came under the spotlight during that crisis, when it rolled out a global stimulus package to tackle the recession together. But it is now facing a more delicate task of joining hands in a world of uneven growth. The apparent divergence of major central bank policies could lead to financial and economic disruptions worldwide. Adverse ripple effects, such as capital flights, policy tensions and trade disputes, are looming over emerging markets, narrowing their room for domestic reforms.

    At a time of weak demand, monetary easing is often a useful policy tool. Yet for Europe, it is no cure-all. Structural problems in the labor market, fiscal policies, as well as coordination mechanisms within the European Union, can only be solved with substantive reforms step by step. Meanwhile, the depreciation of the euro as a result of the EU's quantitative easing program has sparked fears of competitive devaluations. The emergence of a beggar-thy-neighbor policy pattern cannot put the global economy on an more solid footing, but will only push it into an abyss of uncertainties.

    Feb 9, 2015 - 8:27am


    I read his bio yesterday. Great reading. He is not a politician but a scholar specialising in the world system as well as game theory. Finally we have someone in a position to do something that does not look like he can be bought. Let's hope it translates into action rather than political blackmail. Think about it, if you are a politician you by nature can be bought or at least brought back into the system. His game theory expertise is key.

    Feb 9, 2015 - 8:32am

    Munich meeting ends with Europe-U.S. clash over Ukraine

    MUNICH, Germany, Feb. 9 (Xinhua) -- The just-concluded Munich Security Conference underlined international security cooperation, yet divergences over the Ukraine crisis remain -- not only between the West and Russia, but also inside the Western camp.

    The meeting, which closed Sunday, saw Europe and the United States at odds over whether to offer arms to the Ukrainian government to support its battle against independence-seeking insurgents in the eastern part of the country. U.S. Vice President Joe Biden told the conference that Washington was ready to offer support to Kiev so that the war-torn country can defend itself.

    The U.S. proposal has drawn rebukes from Germany, its long-time European ally. "I am firmly convinced that this conflict cannot be solved by military means. This is why we have decided to concentrate on a diplomatic solution to this crisis," said Chancellor Angela Merkel, who had just returned from a trip to Russia together with French President Francois Hollande in a bid to broker a cease-fire in Ukraine. The German leader is due to start a visit to the United States on Monday to continue her diplomatic efforts.

    Different interests were behind divergences across the Atlantic, experts say. Tensions between the West and Russia have damaged the Russian economy. But at the same time, Europe is also affected. Gu Xuewu, director of the Center for Global Studies at Bonn University, has warned that to corner Russia would lead to a split of Europe. "A collapsed Russia does not meet the interests of Europe," he said.

    Participants noted that the past 12 months saw great changes in the security landscape of the world. "Over the past 12 months, numerous crises have developed into crucial challenges and threats to international peace and security in ways that many decision makers and analysts did not see it coming," said Wolfgang Ischinger, chairman of the Munich Security Conference, in a report titled "Collapsing Order, Reluctant Guardians."

    Feb 9, 2015 - 8:33am

    Putin will not accept ultimatums over Ukraine: Kremlin

    MOSCOW: Kremlin said on Monday that President Vladimir Putin would not tolerate any ultimatums over Ukraine after a report said Germany had given him until Wednesday to agree a peace plan or face new sanctions.

    "We've already said everything about the tone of the negotiations," Putin's spokesman Dmitry Peskov said on Russian radio. "No-one has ever spoken or can speak to the president in an ultimatum-like tone much as one would like to."

    Feb 9, 2015 - 8:36am

    Munich demonstrates new approach of US, EU towards Russia

    MOSCOW, February 9. /TASS/. Munich Security Conference demonstrated the new approach of US and European politicians towards Russia’s position, chairman of Federation Council’s International Affairs Committee Konstantin Kosachev wrote in his blog on Monday. They realized that dialogue is indispensable, Kosachev stressed.

    "Firstly, last year’s logic ‘we don’t agree with Russia and refuse to talk’ changed to at least ‘we don’t agree, but we must talk’. Secondly, the EU, unlike the US, rules out the possibility of supplying weapons to Ukraine. Consequently, if we ignore the public rhetoric, the Europeans in fact back Moscow’s political settlement plan rather than Kiev’s military scenario. Thirdly, we received news about continuing contacts between the leaders of Russia, Germany and France throughout the course of the Munich Conference. These contacts prove not on words, but in actions, that this new approach has no alternative. We will hope for the result," Kosachev wrote.

    Meetings with European and US parliamentarians on the sidelines of the Munich Conference give a chance for dialogue in such a format, Kosachev said. "I am convinced that the parliamentarian channel may be a very effective means in the Russian-US and Russian-European discussion of the Ukrainian crisis and other pressing issues [first of all, Iran and Syria]," he added.

    Feb 9, 2015 - 8:38am

    Oil price war inflicts collateral damage in Latin America

    LONDON, Feb 9 (Reuters) - Latin America's oil producers have become caught in the crossfire between OPEC and the North American shale drillers.

    The number of onshore rigs drilling for oil and gas in the region fell to just 272 in January, from 339 in July 2014, according to data published on Friday by oilfield services company Baker Hughes. In both absolute and percentage terms the slowdown in onshore drilling is worse than in any other area outside the United States ( The number of active land rigs has fallen sharply in OPEC members Ecuador (down by 46 percent) and Venezuela (21 percent) as well as non-OPEC Bolivia (60 percent), Colombia (18 percent) and Mexico (45 percent).

    The only country where there is no evidence of a slowdown in activity, so far, is Argentina, where the number of rigs operating has climbed steeply over the last three years and has remained stable in recent months. The Vaca Muerta shale in Argentina's Neuquen Basin is seen as one of the most promising shale plays outside the United States and has attracted strong interest from international oil companies. But across the rest of the region, oil and gas plays are more marginal, thanks to high costs, uncertain geology and the threat of fiscal renegotiation.

    Many of the international companies drilling in Latin America have been hit hard by the downturn in prices and are seeking to conserve cash by scaling back or abandoning speculative drilling programmes. National companies like Petroleos Mexicanos (Pemex) have announced big cuts to capital spending programmes. Even OPEC producers such as Petroleos de Venezuela (PDVSA) and Petroecuador are being forced to cut development drilling sharply as revenues plunge.

    Feb 9, 2015 - 8:40am

    OPEC says oil price drop hits other producers much quicker than

    LONDON, Feb 9 (Reuters) - OPEC sharply raised its forecast of demand for its own oil in 2015, saying the halving in prices since June would slow production in the United States and other countries much faster than previously thought.

    In a monthly report issued on Monday, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for the group's oil will average 29.21 million barrels per day (bpd) in 2015, up 430,000 bpd from its previous figure.

    OPEC slashed its forecast for the rate of growth in non-OPEC supply by 420,000 bpd from last month's report to 850,000 bpd, partly due to a slowdown in the U.S. shale boom and lower capital investments by energy firms. It argued lower prices will also boost consumption. "(Lower non-OPEC supply is) mainly due to announced capital expenditures cuts for 2015 on the part of international oil companies, as well as a decline in the number of active drilling rigs in the U.S. and Canada," it said. OPEC lowered its forecast of total U.S. oil supply in 2015 by 170,000 bpd, having already lowered it by 100,000 bpd last month. It also lowered its forecast for output in Russia by 70,000 bpd from last month and by a similar amount for Middle Eastern countries outside the group.

    Feb 9, 2015 - 8:41am

    UnionPay expand along the "belt and road"

    BEIJING, Feb. 9 (Xinhua) -- China's largest bank card brand, UnionPay has expanded in overseas markets especially in Central Asia, riding on the "belt and road" initiatives.

    UnionPay International said on Monday that it is improving its services and networks in Central Asian countries to support this national strategy. UnionPay debit and credit cards are now accepted by nearly 60 percent of ATMs and more than 40 percent of POS terminals in Kazakhstan after the first card was issued last November. These numbers will likely continue to rise in 2015.

    Kazakhstan is not the only country where UnionPay is doing well. the company is making inroads in ten Southeast Asian countries including Singapore, Malaysia and Thailand. UnionPay cards are also accepted by 70 percent of ATMs and nearly 90 percent of POS terminals in Pakistan. Its cards are now accepted in more than 150 countries and regions.

    Feb 9, 2015 - 8:43am

    Russian car sales sink 24 percent in January

    MOSCOW (AP) — The Russian car market, which was on the way to becoming Europe's largest just a few years ago, plunged 24 percent in January, reflecting the deep malaise of the Russian economy.

    The Association of European Businesses said in a statement Monday that the year-on-year drop in sales in Russia followed strong demand at the end of 2014, when customers were in a hurry to buy foreign cars before the prices rose.

    Among the biggest declines in sales is Opel, which went down 75 percent in Russia, and Citroen whose sales declined by 72 percent.

    Feb 9, 2015 - 8:45am

    Hungary's 2014 trade surplus at 6.5 bln euros

    BUDAPEST, Feb. 9 (Xinhua) -- Hungary's 2014 trade surplus amounted to 6.499 billion euros (7.35 billion U.S. dollars), according to statistics released by the Hungarian Central Statistical Office (KSH) on Monday.

    Exports rose by 3.9 percent and imports by 4.3 percent year-on-year in 2014, according to preliminary estimates made public by the KSH.

    Overall exports in 2014 were valued at 84.475 billion euros and imports reached 77.976 billion euros.

    Remember Hungary is one of those pariah states that does not believe in Central Bank autonomy.

    Feb 9, 2015 - 8:47am

    EU warns Greece: don't assume euro zone will accept your demands

    NAUEN, Germany/ATHENS (Reuters) - The European Union's chief executive warned Greeks on Monday not to expect the euro zone to bow to leftist Prime Minister Alexis Tsipras' demands in a growing confrontation over Athens' debt crisis.

    Tsipras laid out plans on Sunday to dismantle Greece's "cruel" austerity program, ruled out any extension of its 240 billion euro international bailout, which runs out at the end of this month, and vowed to seek reparations from Germany for World War Two. His uncompromising maiden policy speech to parliament spooked European financial markets and partners outside the euro area. British Prime Minister David Cameron chaired a special meeting with finance ministry and Bank of England officials on Monday to plan for a possible Greek exit from the euro zone, a Treasury source said.

    Ahead of a meeting of G20 finance ministers in Istanbul, the United States and Canada urged the EU and Greece to tone down the rhetoric over austerity and work for a compromise on the debt issue.

    Greek Finance Minister Yanis Varoufakis, who found scant support on a tour of European capitals last week for his plans to restructure Greece's debt, angered some euro zone partners by saying on Sunday the 19-nation single currency area would ultimately collapse if Greece were forced out. European Commission President Jean-Claude Juncker told reporters on a visit to Germany: "Greece should not assume that the overall mood has so changed that the euro zone will adopt Tsipras's government program unconditionally." The head of the EU's executive arm, who met the Greek leader in Brussels last week, said he did not expect a deal on the way forward with Greece at an EU summit on Thursday or a finance ministers' meeting of the euro zone on Wednesday.

    Feb 9, 2015 - 8:49am

    Moscow, Nicosia in talks on use of Cyprus seaports, airports by

    NICOSIA, February 9. /TASS/. Moscow and Nicosia are in negotiations on the possibility of using airports and seaports of Cyprus by Russian warplanes and warships in humanitarian operations and emergencies, President of the Republic of Cyprus Nicos Anastasiades told TASS in an exclusive interview on Monday ahead of his forthcoming visit to Russia.

    Airports and seaports of Cyprus may be available to Russian warplanes and ships in emergency situations and humanitarian operations, Anastasiades told TASS First Deputy Director General Mikhail Gusman. In fact, the two counties are updating their effective bilateral military agreement.

    According to some previous media reports, Russia allegedly intended to create military bases on Cyprus.

    Feb 9, 2015 - 8:53am

    Cyprus in spat with Britain over Russian use of military bases

    Greek Cyprus’ offer to allow Russia the use of air and navy bases on its territory has triggered a feud with Britain, which is concerned over Russian military activities amid the Ukraine crisis.

    The top British envoy to the island made a series of warnings to Greek Cyprus regarding the gas crisis in the eastern Mediterranean and the use of military bases by Russia during an interview with Greek daily Kathimerini, sparking reaction from Greek Cypriot leader Nicos Anastasiades. Greek Cyprus had announced the country is ready to host Russia at its aviation and naval bases, marking a split with its fellow EU members, which are in a deep conflict with Moscow over the Russian intervention in Ukraine, which led to a violent insurgency within the country.

    In his interview, British High Commissioner to Cyprus, Damian Roberick Todd, said the EU has a common and voted stance against Russia over the recent developments in Ukraine, urging the government to act according to this.

    Andreas Papandreou Airbase, which was constructed by the southern Cypriot government jointly with Greece, is presumed to be the base at issue. Both France and Israel have also demanded use of the facility. However, a draft military agreement approved by the Greek Cypriot cabinet last month included permission for Russian aircraft to land on the base.

    Feb 9, 2015 - 9:21am

    Gold Chartography 101 - The Case for Gold Ownership in Ten Chart

    "These charts summarize gold's impressive performance during the tumultuous first fourteen years of the 21st century. Investors fearing some future Black Monday, a general bank or currency collapse, a 1930s-style economic depression, or a sudden and virulent inflation took precautions by purchasing gold coins and bullion as a form of portfolio insurance. Gold Chartography 101 is a record of that past. At the same time, though, it could very well be a glimpse of the future.

    The same uncertainties that drove gold demand throughout the past decade in a half are still with us today. In fact some analysts believe that current global monetary policy is setting us up for another economic crisis far worse than the near full meltdown in 2007-2008. "Focusing all policy efforts on boosting inflation rather than on structural reforms to boost growth," says Paul Singer, the outspoken and highly respected hedge fund manager, "will potentially be seen in retrospect as one of the most inexplicably ridiculous mass delusions in the history of economic and monetary policy in the developed world." Mass delusion, it should be added, quite often precedes the black swan event.

    These specially customized charts are drawn with the first-time gold investor in mind. Though the river of gold market analysis runs wide and deep on the Internet, precious little of that content is devoted directly to the most basic rationale for gold ownership. Here we fill that void in chart form – a quick reference for the first-time investor."

    4 oz
    Feb 9, 2015 - 9:43am

    Love This Book!

    If you love History, need a gift for someone or just wanna think about something book I ever bought! George Washington's War: The Forging of a Revolutionary Leader and the American Presidency February 1, 2005 by Bruce Chadwick The American Revolution was won not on the battlefields, but in the mind of George Washington. A compulsively readable narrative and extensive history, George Washington's War illuminates how during the war's winter months the young general created a new model of leadership that became the model for the American presidency.

    Feb 9, 2015 - 9:48am

    All the news that is fit to read

    And you can find it all right here, every morning and throughout the day. Its not just good metals analysis that brings me here and makes the subscription worthwhile. Craig, your site here probably saves me a couple of hours per day because I don't search out stories from other websites and read them. What a bargain at $10 per month. It's right here! I stay more productive with my teaching and don't miss a thing. Thanks everyone, for all the contributions of article links, opinions, theories, and stories from the real world!


    Feb 9, 2015 - 9:50am

    Thanks, Doc

    Much appreciated. Have a great week!

    Feb 9, 2015 - 9:50am

    This week's JMB specials

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    With its renowned design, the 10 oz Sunshine Silver Bar is shipped brand new in its plastic case and has been produced with security features intact. The mints anti-counterfeit enhancements boast Mintmark SI technology, meaning that every bar has an engraving that is only visible through a specially designed Sunshine Minting Decoder Lens.

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    Good luck investing, and we look forward to servicing all of your precious metals needs.

    Kansascrude TF
    Feb 9, 2015 - 10:06am

    Turd can JB squeeze some generic movement nums from Sunshine

    We continue to be amazed at the number of Eagles and Maples sold however the generic silver ie rounds, bars, 90% sold remain a mystery. I emailed Sunshine trying to get some nums for SRSRocco on this but never even got a response. My guess is the number of oz. would further surprise us. I have bought all of these in the past few years while continuing to buy Eagles and Maples. Steve has also tried to get info from Apmex again crickets. Maybe JM can provide some info or at least enlighten us as why no one will spill the goods.

    Feb 9, 2015 - 10:18am

    @Beware of Greeks bearing gifts

    Metaphors are lovely. Maybe Turd is our Trojan Horse. Just sayin. . . .

    Feb 9, 2015 - 10:45am

    Merkel meets Obama today.

    Most important header in German news today. They are discussing the issue whether yes or no delivering weapons to Ukraine.

    All so laughable. Of course they will. Merkel is just a puppet for Woody. And Woody of course is a puppet of the US military industrial complex. They need to sell their weapons, of course they do. Business case for them.

    Question for Obama crew just is how to blame Putin for the failing peace talks or the failing cease fire of coming Wednesday. They will present us their answer shortly.

    Feb 9, 2015 - 12:14pm

    Turkey, Russia’s Gazprom survey new pipeline route

    Energy Minister Taner Yıldız and Gazprom CEO Alexey Miller took off from Istanbul and flew along the Black Sea coast, continuing as far as Ipsala on the Turkish-Greek border, to evaluate the possible entry points of the proposed pipeline. The two officials made it back to Istanbul by using a route over the Marmara Sea coastline to finish the four-hour flight.

    Yıldız said a research committee would file a report on the first assessments of the pipeline soon, possibly by Feb. 10. The committee would consist of Gazprom members and Turkey’s Petroleum Pipeline Corporation, BOTAŞ. “With the four-hour aerial tour, we had an opportunity to see how we can begin such a project in Thrace and explore the pipeline route,” he said. “We passed over some places two to three times as we tried to assess how we can work with environmental concerns in some agricultural areas, forests and wet lands,” he added.

    Yıldız also said the negotiation process for the pipeline involved discussions over the price of natural gas from Russia for Turkey. “Turkey is sensitive about negotiations on the price of natural gas as much as it is about the realization of the Turkish Stream pipeline,” he said. Yıldız added they had held a third meeting with the Gazprom committee over the gas price. “We are expecting to reach an agreement by next week,” he revealed.

    Maros Sefkovic, vice president of the European Commission’s Energy Union, had previously remarked the Turkish Stream may create legal and economic problems. In response, Yıldız said there were always threats and opportunities when big projects were involved. “We have those experiences from the Trans-Anatolian Pipeline, the Baku-Tbilisi-Ceyhan Pipeline and the Kirkuk-Yumurtalık Pipeline. These issues are multilateral, so it is normal to face some problems,” he said. “The important thing is: if you have the will to overcome those problems. Turkey’s political will and stability is strong enough to solve those problems,” he added.

    Feb 9, 2015 - 12:25pm

    Backlog of cargo ships could ease as longshoremen return to work

    The backlog of cargo ships in Puget Sound could ease as longshoremen go back to work.

    There are about 20 ships caught in the middle of a West Coast slowdown.

    When KIRO 7 talked to the group in charge of the terminals at the Port of Seattle, they said work is supposed to pick back up Monday morning, meaning several ships docked there can finally get moving again. Over the weekend, seven ships and their cargo sat stalled at the Port of Seattle as well as seven others at the Port of Tacoma.

    lakedweller2 DeaconBenjamin
    Feb 9, 2015 - 2:33pm


    I wonder what the back up of oil tankers are around the US Ports since Woody claims there is an oil glut and prices need to fall...Just recently Gartman was saying buy tanker stocks because of the surplus in oil needing to be stored on tankers. Meanwhile the tanker stocks fall with oil prices.

    I guess I need to know more about boats and docks.

    Apr 13, 2015 - 1:24pm

    Inequality for all !

    Must Watch!

    Inequality for all !

    Former secretary of labor under president Clinton, Robert Reich about the economic inequality. After 1978 wages became stagnant, people in the workforce had to work harder to make a living. Earning les and les while the 1% wel to do people only went richer and richer!

    Please see this documentary its wel worth your time!

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