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Discussion Topics -- January 28, 2013
German Gold Repatriation
Fiscal Cliff and Debt Ceiling
US Mint Shortages

(January 29, 2013 discussion) One month into the new year and some very interesting developments in the gold market.  Price-wise, gold has remained range bound, trading between $1630 and $1700. Earlier this month, Germany announced plans to repatriate a portion of their gold holdings stored in Paris and New York.  Hugo Chavez was largely marginalized for his push to bring back his gold last year.  Germany, on the other hand, claims the second largest individual gold holdings in the world and represents a decidedly different sentiment in their effort.  An interesting aspect of this story is that Germany has agreed to allow this transition to take place over the course of 8 years, which is a seemingly inordinate length of time, raising numerous questions ranging from the existence of the gold altogether to the complexity of the long standing gold leasing agreements.  In either event, it seems the 8 year buffer is meant to allow as much time as is possible to prevent a complete fracturing of the gold reserve system.  Some trends to watch will be whether or not other countries follow suit, and how much we come to learn about just who owns these gold reserves, and if there is sufficient metal to fulfill all the standing promises.  This could prove to be one of the biggest stories for the gold bull market is some time.  In other news, the US political picture remains as entertaining, yet ineffective as ever with the 'solution' to the fiscal cliff and the 'solution' to the debt ceiling debate.  As has been the case for some time now, no one seems willing to make any of the tough choices required to meaningfully alter our present trajectory.  Also discussed is the recent shortage of silver Eagles from the US mint. 39 Minutes, with Jonathan Kosares, Peter Grant and George Cooper.

Figure 1

Gold Graph

Figure 2

Debt Ceiling

Figure 3

10 year treasury

Figure 4

Fed Balance Sheet

Figure 5

US Debt Holders

Figure 6

Silver Spot

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