JB-SFC June 24


If yesterday was Tuesday, then that means last night was another excellent edition of the John Batchelor Program with his guest, Princeton professor and Russia expert Stephen F. Cohen.

These weekly discussions have been so insightful, I feel like I'm taking a graduate course in Russian Studies. I did not have the time last night to listen live and I haven't had time yet today to preview and listen. Therefore, I'm posting this with no idea of what John and Steve discussed this week. I just know that based upon past performance, I expect positive results.

Please be sure to give this a thorough listen and for more information on the John Batchelor radio program, click here: https://johnbatchelorshow.com/



Jun 25, 2014 - 4:59pm



Jun 25, 2014 - 5:50pm


...well done! You have saved all our lives! If not indeed our very souls.

sierra skier
Jun 25, 2014 - 6:29pm


Good for now.

Jun 25, 2014 - 6:40pm


It definitely offers insights not generally available elsewhere.

bullion only
Jun 25, 2014 - 7:09pm

Pleading the 5th

Pleading the 5th on options expiration. We held up well.

bullion only
Jun 25, 2014 - 7:10pm

BTW B Pony

BTW B Pony has painted himself into a corner. A hero or a zero for the pony.

Dr. P. Metals bullion only
Jun 25, 2014 - 7:28pm


What is he predicting?

Jun 25, 2014 - 9:09pm

Harvey's Up! (TFMR)

Stephen Flood: Singapore is taking steps to become a major international trading hub for gold trading and logistics with the launch in September of a new 25 Kilo bar gold trading contract. With Asian demand set to remain strong into the future Singapore is capitalising on its recent successes spurred on by its removal in October 2012 of 7% good and services tax on gold, silver and platinum. Asia share of total global demand for gold jewellery, bars and coins jumped from 57% in 2010 to 63% in 2013. In fact there has been a steady and strong stream of exports from many European gold centres to Asia over the last 18 months with massive withdrawals seen in London, Geneva and Zurich. GoldCore have seen strong demand for storage in Singapore this year from clients across the spectrum. The global gold market this year is in a massive state of flux as traditional trading centres have begun to lose the faith of market participants. International banks have been caught time and time again exerting undue influence over major market benchmarks. From Libor Interest rates, to global currency trading, to gold market pricing mechanisms, powerful banks are now being further scrutinised over possible market manipulations.

Zero Hedge: Against a background of having lost control of all western border crossings, Iraqi officials are concerned that ISIS fighters are advancing on the Haditha Dam, the second-largest in Iraq. With militants pouring in from the north, the northeast and the northwest, The NY Times reports, army officers told employees to stay inside and to be prepared to open the dam’s floodgates if ordered to do so. “This will lead to the flooding of the town and villages and will harm you also,” warned one worried employee but this would not be the first time that the Iraqi government and ISIS have engaged in dam warfare, as the closure of the Falluja dam earlier in the year starved areas downstream in the provinces of Najaf and Diwaniya of water needed for crops. The situation is growing more grave asMaliki rejected calls for a caretaker government and has forced Iran’s hand to help. Senator Saxby Chambliss of Georgia noted “the Iranians are playing in a big way in Iraq.” Gen. Qassim Suleimani, the head of Iran’s paramilitary Quds Force, has visited Iraq at least twice to help Iraqi military advisers plot strategy. And Iran has deployed about a dozen other Quds Force officers to advise Iraqi commanders, and help mobilize more than 2,000 Shiite militiamen from southern Iraq, American officials said. Iranian transport planes have also been making two daily flights of military equipment and supplies to Baghdad — 70 tons per flight — for Iraqi security forces.

Harvey: GLD: Gold was unchanged at 785.02 tonnes. SLV: Silver lost 1.056 million oz and stands at 10,148.49 tonnes. All GOFO rates are positive, but they decreased today.

Koos Jansen (IGWT): Xu Luode, Chairman of the Shanghai Gold Exchange said “..the Chinese consumption demand of gold hit 2000 tons in 2013”. He also said, - The government and the government agencies are strongly supporting the gold market development in China generally and the Shanghai free trade zone specifically. - There’s a London fix for gold, there should also be a fix in China. - The free trade zone will open up the Chinese gold market internationally. Settlement will be in RMB but with the possibility to freely exchange to other currencies. Zhou Ming, General Manager of the precious metals department for ICBC said that The customers buy for ‘personal use’. It’s rare that anyone sells back. ICBC “can not meet the demand of the market” and that we will see “the price of derivatives delinking from the (physical) spot price”. He said that fluctuations will affect the pricing system in gold but that the market will retreat to the fundamental analysis of gold supply and demand to rebuild the current market structure.

Zero Hedge: Quietly behind the scenes, amid all the chaos of the Qingdao probe's contagion, copper has rallied modestly in the last seven days. That streak ended last night as thewarehousing concerns we noted spreading to the entire sector, combined with a collapse in Chinese copper imports (down 17% in May), and yet another default(China Ting holdings said said two borrowers defaulted on entrusted loans). So it seems that not only are the commodities missing, but so is the money...as the slow motion train wreck gathers pace (no matter what PMIs or minis stimulus do to evade the tightening) as China's money-market rates (at 5 month highs) suggest liquidity demand is very high (and desperate).

Tyler Durden: While news of high-ranking financial executive suicides in the west have become week to week news, the troubling trend has spread to Asia. A string of Chinese officials have killed themselves in recent months, with speculation linking many to a crackdown on graft. However, as SCMP reports, this weekend saw the head of China's largest copper producer 'fell to this death' from a hotel owned by his company with a state-run newspaper claiming the 52-year-old committed suicide (due to work pressures) following corruption allegations. The timing of Wei Jianghong, chairman of state-owned Tongling Nonferrous Metals Group, suicide appears catalyzed by the growing anxiety over the widespread implications of China's rehypothecation commodity-finance scandal. That leaves one question - what did he know that markets remain ignorant of for now?

Zero Hedge: the final Q1 GDP revision and it's a doozy: at -2.9%, far below the -1.8% expected and well below the -1.0% second revision, it is an absolute disaster, and is the worst print since Q1 2009. And while a bad GDP print was largely expected, the driver wasn't: personal consumption expenditures somehow crashed from 3.1% to just 1.0%, far below the 2.4% expected, meaning that all hope of a consumer recovery is dead.

GoldBroker.com: Bloomberg recently published an article on the discussions taking place concerning the establishment of a new « fix » on the silver price. The old « fix » will end on August 15, 2014, bringing potential consequences that I’ve already analysed. What is interesting in this Bloomberg article is not so much that discussions have taken place to determine a new way of fixing the price of silver, but rather the information about the scope of the silver market. The article states that the size of the global annual silver market is equal to $5 trillion. Bloomberg has always been a reliable source with their published data; thus it is interesting to compare the size of the silver market as announced by Bloomberg with the size of the physical silver market. And this is where things get interesting and really surprising… In a recent interview, David Morgan confirmed to me that the annual physical silver production is of roughly one billion ounces. With silver trading around $20 currently, this represents a $20 billion market for physical silver. So the size of the physical silver market is of $20 billion, whereas Bloomberg is mentioning $5 trillion. How can such a difference be explained?


Jun 25, 2014 - 9:11pm

Business as usual...

US prosecutors announce fraud charges against Barclays

Barclays logo

Fraud charges against Barclays in the US over the bank's "dark pool" trading operations have been announced by New York state prosecutors.

Dark pools allow banks' clients to trade large blocks of shares while keeping prices more private.

Prosecutors said Barclays gave clients "false statements" and misrepresented the kinds of investors that were using the dark pool.

Barclays said it is taking the allegations "very seriously".

New York Attorney General Schneiderman said: "The facts alleged in our complaint show that Barclays demonstrated a disturbing disregard for its investors in a systematic pattern of fraud and deceit."

"Barclays grew its dark pool by telling investors they were diving into safe waters. According to the lawsuit, Barclays' dark pool was full of predators - there at Barclays' invitation," he said.

The lawsuit said that Barclay's marketing material was misleading over the extent of high-frequency trading in its dark pool.

High-frequency traders use fast, sophisticated trading software and can make large profits on very small moves in share prices.

The lawsuit accused Barclays of telling investors trading was being closely monitored and "predatory" traders would be held accountable.

But in fact Barclays did not prohibit a single trader from operating in its dark pool, the lawsuit said.

In addition, the lawsuit alleges that Barclays operated its dark pool to favour high-frequency traders and "actively sought to attract them".

More: https://www.bbc.co.uk/news/business-27536127


Barclays said it is taking the allegations "very seriously".

Yeah, right.

Jun 25, 2014 - 9:41pm

the problem with this broadcast by John Batchelor

This commentary although very helpful and knowledgeable are ignoring that we are in a world economic crisis and the Ukraine is a big piece in this global conflict. The Ukraine is in a very desperate economic condition and the US is trying to exploit them economically and to bring Ukraine as a stream of revenue to support the dying economic Ponzi scheme economy. This level of analysis , in my view, is an essential one that is being ignored in this podcast. Also, the US has not a chance to even generate any excess gas that is exportable just more bs.

Spartacus Rex
Jun 25, 2014 - 11:03pm

Wow! Huge gold nugget found in Siberia...

is dubbed 'Devil's Ear' after being found during a full moon on Friday 13th

A huge nugget of gold, nicknamed the Devil's Ear because of its peculiar shape, was found by miners in Siberia on Friday 13th, as a full moon shone over Russia. Depending on its purity, it may be worth £180,000 ($300,000)


bullion only bullion only
Jun 26, 2014 - 3:46am

Bo Polyn for what it's worth

This chart indicates current breakout a fake . . .

Submitted by ancientmoney on June 25, 2014 - 9:49am.

Hat Tip!


This is from Bo Polny (Silverdoc site), who expects gold and silver to have a June 2014 high, then a drop back down to no lower than $1180 )by late August, it appears, which would be back at the downtrend line). After that, the trip to $2000 by end of 2014. I'd take it . . . lots of strong hands would capitulate and finally give up on PMs. Trolls would come out in droves.

GOLD 6_23 Chart

Urban Roman mfields111
Jun 26, 2014 - 11:08am

Ignoring the Economic Crisis


Maybe you can chalk it up to over specialization. But I think Batchelor and Cohen have a good grasp on what is going on, and this is valuable information.

When you look at it in the light of 'energy' (oil and gas) and in the light of geopolitics, it makes sense. They want to sow chaos, to restart the cold war, and to take Russia's resources, and those of its satellite countries.

The teeny tiny little problem with this is that they are asking half of Europe to freeze in the dark in order to accomplish the task.

Jun 26, 2014 - 6:50pm

Urban Roman

I don't disagree with you exactly, but the fact that Putin beat the West in the Syrian crisis, and before that in the Libyan and Egyptian embarrasements contributed to their precipitating the Ukrainian one. The need for gold, and the desperation for the west to find exploitative outlets to keep them going when everything else was failing were definitely precipitants for starting this also. In addition, the issue of who is behind this attack, ie Obama or the banker's etc who are managing him is a very definite contributing factor because they are showing a total disregard for the well being of the NATO alliance they are supposedly courting. Is this an accident...some would say it is not they are trying to provoke Russian intervention not to start a cold war but perhaps a shooting war (ie a nuclear war). It is the depth of the provocations and their obviousness which would suggest that the above consideration is a distint possibility. Paul Craig Roberts amongst many knowledgeable in this matter has written that is the case. Further it is clear that there are great divisions within the US itself about our conduct in this situation which in my estimation is seen in the US behavior of openly admitting through Victoria Nuland that they had been funding the insurgents and then looking like clowns by blaming Russia. This is the behavior of divided policy, conflict amongst different policy makers and all highly inflammatory towards Russia, our so called allies and the whole world . To describe that type of behavior as just trying to provoke the cold war and not anything more needs further explanation . Without these and other international issues like it being concurrently played out such as Putin's giant gas deal with China which almost directly resulted from the Ukraine crisis and China's siding with Putin, something they had never done publicy before again has a very large impact upon our understanding of the Ukraine situation. Is it possible that Ukraine is being used as a screen to divert world attention from the more crucial events occurring in the middle east? Highly likely but that also has to be considered at least in part to understand the Ukraine situation.

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