Ex-Deutsche Bank Trader Pleas Guilty to Fraud Charges in Connections with Precious Metals Market Manipulation.
Ethereum achieves 60% market cap vs. Bitcoin, Daily Ethereum trading value exceeds Bitcoin.
Russia To Develop a National Cryptocurrency.
India Settles on 3% GST on gold, lower than expected 5%.
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Top stories: Trump tweets “covfefe”, Kathy Gifford shown in photo with beheaded Donald Trump, Bill Maher utters N-Word on live TV, James Comey to testify, Hillary Clinton emerges blames everyone for her loss and MR. Met flips the bird to a fan, loses his job.
Top economic stories Deutsche Bank trader pleads guilty for fraud in connection with precious metals market manipulation. Trader will cooperate and provide evidence against co-defendants.
Distinguish this criminal case brought by the Justice Department and the Commodities Futures Trading Commission and the civil case that Deutsche Bank settled. Deutsche Banks’s alleged co-conspirators (other bullion banks) have not settled and Deutsche, as part of their settlement is working to provide evidence against them.
Also distinguish the criminal case against Deutsche Bank and the precious metals manipulation JP Morgan civil case.
In that case the Judge held that the “plaintiffs did not show that JP Morgan made “uneconomic bids” because they did not provide details on specific trades or names of the JP Morgan counterparties with whom the trades were conducted.” A showing of such details, however, may lead to a ruling in plaintiff’s favor.
In all the above cases if the banks are found guilty/liable it will be because the government/private plaintiffs will be able to show smoking gun evidence of intent.
Uneconomic trades/naked shorts themselves are not actionable evidence of manipulation
Rational: The business judgement rule, eg Time Warner etal
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Gold and silver.
Gold closed last week at $1266.40 an ounce and closed this week at $1279.00 + 0.99%
Silver closed last week at $17.31 an ounce and closed this week at $17.52 +1.2%
The gold and silver ratio ended the week at 73.24:1
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Tweets of the Week
Ethereum vs Bitcoin -Microsoft vs Netscape Redux?
Bitcoin’s Titanic Mentality?
From Bitcoin Jesus Roger Ver
from "Bitcoin Jesus"#study @michaeltg @burnrecording @TDLAVERGNE @daves_folly @MONETARY_MAYHEM https://t.co/1zfsFj4ijy
— Smaulgld (@Smaulgld) May 29, 2017
Anyone who runs a business using Bitcoin knows that the network is in serious trouble due to congestion. I'm sick of these daily emails: pic.twitter.com/rS1MCmtuPB
— Roger Ver (@rogerkver) March 1, 2017
Many Core devs say they like high fees and tx backlogs. They have no intention of solving this problem. They're breaking BTC's economic code https://t.co/A8Fon0zG80
— Roger Ver (@rogerkver) May 17, 2017
Prefered Z cash
Today I demoed Bitcoin & Zcash in @jaxx_io for a team at @CreditSuisse. They were much more interested in Zcash because the fees were lower.
— Roger Ver (@rogerkver) May 22, 2017
Ethereum begins trading on major Chinese Exchanges
"There are many aspects of Ethereum that could outperform bitcoin, such as scalability, cost, speed.” https://t.co/F8I9KzTQ2b
— Smaulgld (@Smaulgld) May 31, 2017
ETC did a hard fork to fix it now there is ETC classic- a programmer explains
Charts of the Week
Chinese Debt
China’s total debt (ex-financials) now tops 265% of GDP, marking a sharp rise from 140% in 2008. pic.twitter.com/yQtFH8JA5r
— IIF (@IIF) May 28, 2017
Here are the stories we wrote, followed or commented on.
May 29, 2017
Gold
Australian gold output slumps 8 percent in first quarter due to cyclone, rain
OneGram Launches $500 Million ICO for #Gold-Backed Digital Currency
May 30, 2017
Gold
Who is buying all the gold in India?
Hong Kong needs around-the-clock gold trading
De-Dollarization
Russia And Iran Sign Oil-For-Goods Barter Deal; Escape Petrodollar
Oil
Goldman Sachs Bought Venezuela’s State Oil Company’s Bonds Last Week
China expands Belt and Road to the Arctic
US Economic Data
Personal Spending 0.4%, Exp. 0.4%
Personal Income 0.4%, Exp. 0.4%
Core PCE 1.5%, Exp. 1.5%
Case Shiller 20 City Composite 5.9% Y/Y, Exp. 5.7%, Last 5.9%
Consumer Confidence 117.9, Exp. 119.5
Fed Chatter
DALLAS FED’S KAPLAN: I AM CONCERNED ABOUT THE RECENT ECONOMIC DATA: CNBC
KAPLAN SAYS SEES 2 MORE RATE HIKES THIS YEAR AND GROWTH AT 2% THIS YEAR
U.S. Mint Sales Update
U.S. Mint reported selling 200,000 American Silver Eagles and 500 American Gold Eagles today.
MTD American Silver Eagles sold 2,355,000 & American Gold Eagles sold 10,000
YTD American Silver Eagles sold 11,147,500/American Gold Eagles sold 137,000
The U.S. Mint reported selling 5,000 American Gold Buffalo coins.
MTD 5,000 sold
YTD 64,000 sold
The U.S. Mint sold 100 of the first America the Beautiful Coin of 2017 today – the Effigy Mounds National Monument coin. YTD Effigy Mounds ATB coins 21,200. The US Mint sold 0 Frederick Douglas National Historical Site ATB coins.
Total YTD ATB coin sales 26,200 Effigy Mounds National Monument coin and 20,000 Frederick Douglas National Historical Site ATB coins. Total 46,200
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May 31, 2017
From Smaulgld.com
SMAULGLD 2017 SILVER SUPPLY DEMAND REPORT NOW AVAILABLE!
Report Comes with Video Companion Series.
Tass talks of collapsing the dollar
US Economic Data
MBA Mortgage Applications -3.4%, Last 4.4%
Pending Home Sales -1.3% M/M, Exp. 0.5%; Down -5.4% Y/Y
Chicago PMI 55.2, Exp. 57.0, Last 58.3
Gold
Venezuela devaluation
Moody’s downgrades China, warns of fading financial strength as debt mounts BUT CHINA HAS GOLD-DOLLAR COLLAPSE ETC
Fed Minutes
June 1, 2017
Smaulgld
SILVER TO GOLD SALES RATIO SOARS IN MAY AT THE U.S. MINT
US Economic Data
Challenger May Job-Cut Announcements +71.4% Y/Y, to 51,682
Initial Claims 248K, Exp. 238K
ADP 253K, Exp. 180K (bu big cuts in auto/retail)
Markit US Mfg PMI 52.7, Exp. 52.5
ISM Mfg 54.9, Exp. 54.8
U.S. April Construction Spending Fell 1.4%; Est. Up 0.5%
Gold
Hedge Funds Pile Into Gold At Fastest Pace Since 2007
Russia – Topping up gold reserves not a priority
Silver
Fed Chatter
Fed’s Williams bullish on U.S. economy, sees total three rate hikes this year
June 2, 2017
From Smaulgld.com
CENTRAL BANK OF RUSSIA TO DEVELOP A NATIONAL CRYPTOCURRENCY
Gold and Silver Manipulation
Trader pleas guilty
Gold
Deutsche Bank Trader Admits To Rigging Precious Metals Markets
https://bloom.bg/2qOsw9b bloomberg
Silver
US Economic Data
May Payrolls 138K, Exp.180K
Revisions
March from 79K to 50K
April from 211K to 174K
Average Hourly Earnings 0.2%, Exp. 0.2%
June 3, 2017
India settles on 3% GST for gold -lower than the 5% expected.
Council to meet on Saturday to finalise GST rate on #gold http://economictimes.indiatimes.com/news/economy/policy/council-to-meet-on-saturday-to-finalise-gst-rate-on-gold/articleshow/58959803.cms
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Compare American Silver Eagles for sale at:
Golden Eagle Coins
SD Bullion
Money Metals Exchange
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You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
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SD Bullion
Money Metals Exchange
Compare American Silver Eagles for sale at:
Golden Eagle Coins
SD Bullion
Money Metals Exchange
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