IPMI 2nd Annual Platinum Dinner

Stuart Varney

The Second Annual IPMI Dinner this past September in New York was a great success. Stuart Varney dazzled the audience with his wit and style. I had the pleasure of meeting him and he was genuinely a kind and humble man.

I wonder who will be presenting next year?

I don’t know but I hope not to miss out.

Guillermo Miguel Perez-Santalla

 

Rise and Fall of Silver as Currency

Rise and Fall of Silver as CurrencyMiguel Perez-Santalla

 

 

 

 

Miguel Perez-Santalla talked about the role of silver in the U.S. economy in the 19th century. He spoke about the changes in both U.S. and international markets that contributed to the shift from silver to gold as a monetary standard. The Museum of American Finance hosted this event

Click here to watch the video

Silver’s Struggle for Monetary Prominence

Silver’s Struggle for Monetary Prominence – IPMI

This coming Sunday in Orlando, Florida at the International Precious Metals Institute Conference I will be presenting on the history of how silver lost its place as money.

Silver

 

 

 

 

 

Below are the details:

IPMI’s 38th Annual Conference

June 7 – 10, 2014

JW Marriott Grande Lakes Resort

Orlando, Florida

Click here to make your conference reservation!

Sunday, June 8

10:10 a.m. Miguel Perez-Santalla,

Precious Metals Market Professional

Silver’s Struggle for Monetary Prominence

 

About the IPMI:

IPMI

The International Precious Metals Institute (IPMI) is the largest and most well-known association focused on precious metals in the world. IPMI is an international association of the precious metals community formed to provide a forum for the exchange of information and technology. IPMI seeks and promotes the efficient and environmentally sound use, reuse, and recycling of precious metals from both primary and secondary sources. IPMI conducts educational meetings and courses and serves as a primary resource for information worldwide. The IPMI recognizes excellence and achievement through awards to individuals and educational institutions.

One of our goals is to furnish timely technical, economic, environmental and educational information for the benefit of our members. In addition, IPMI provides the networking opportunities necessary for success in today’s global marketplace. Whatever your current profession, if your work involves precious metals, we invite you to become an IPMI member.

BenefitsIPMI offers its members a full range of benefits, including:

  • Precious Metals News, our newsletter
  • Our annual Members Directory
  • IPMI Buyers’ Guide to Precious Metals Products and Services, published annually
  • A comprehensive technical reference library
  • The opportunity to become active in regional chapters. New England, Central States and Metro New York chapters currently offer regular meetings and events.
  • IPMI website with an upcoming member’s only area containing valuable information for IPMI members.
  • Precious Metals; gold, silver, platinum, palladium, rhodium, ruthenium, iridium and osmium

In Memory of Diana Margaret Koppenaal

DianeDiana Margaret Koppenaal 1955-2014

Beloved member of the IPMI (International Precious Metals Institute)

Diana, We all miss you and ask for you to speak for us in the heavens.

Telephones can seem so cold

A distant voice may carry harm

Never so with this sweet soul

Her every word disabled all alarm

 

To take a moment

And have a chat

While doing business

For this or that

 

That conversation

Would bring a smile

Making your day bright

For a great while

 

All would want

A chance at that

To speak with her

A beautiful prance

 

Though the phone

Was often the only time

She made the effort

To share her mind

 

The IPMI

Was a great gift

At these events

Her soul gave all a lift

 

Her radiant smile

And joy filled presence

Made those close by

Feel effervescent

  

If you were asked

To dance

Oh, what a grace!

Her floating feet

Knew just the place

 

I was lucky

To have a dance one time

In my memory

It is enshrined

 

Now this angel

Has left us here

Still feeling her presence

Is ever near

 

IPMI of 2014

Without Diana

May seem

So mean

 

If we listen

The loving voice

She left in our hearts

You will hear her say

Enjoy we are not apart!

 

Jeffrey Christian – Gold, Silver, Market Realities and Expectations

CPM Group

Jeffrey Christian – Gold, Silver, Market Realities and Expectations

Miguel Perez-Santalla, Vice President of BullionVault is joined by Jeffrey Christian, Managing Director of the CPM Group, a commodities research advisory management firm. He is a precious metals market veteran with over thirty years of experience.  We will be discussing the market fundamentals in gold and silver, the gold and silver ratio, and the recent release of their Silver Year Book. If you want to know the fundamental facts and what direction the market may take you will want to listen to this show.

Jeffrey M. Christian is a prominent analyst and advisor on precious metals and commodities markets since the 1970’s, with work spanning precious metals, energy markets, base metals, agricultural markets, and economic analysis in general. Mr. Christian is considered one of the most knowledgeable experts on precious metals markets, commodities in general, and financial engineering using options for hedging and investing purposes. He is the author of Commodities Rising, 2006.

About Miguel Perez-Santalla

A passionate advocate for retail investors and a regular speaker at industry and media events, Miguel Perez-Santalla has more than 30 years’ experience in the precious metals business. He is a Vice President of BullionVault, the world’s largest precious metals exchange for gold and silver.

Click here to register for market news

Check Out Finance Podcasts at Blog Talk Radio with New York Markets Live on BlogTalkRadio

Jeffrey M Christian

Managing Partner of CPM Group

Jeffrey M. Christian is Managing Partner of CPM Group.

He has been a prominent analyst and advisor on precious metals and commodities markets since the 1970’s, with work spanning precious metals, energy markets, base metals, agricultural markets, and economic analysis in general. Mr. Christian is considered one of the most knowledgeable experts on precious metals markets, commodities in general, and financial engineering using options for hedging and investing purposes. He is the author of Commodities Rising, 2006.

He founded the company in 1986, spinning off the Commodities Research Group from Goldman, Sachs & Co and its commodities trading arm, J. Aron & Company.

He has advised many of the world’s largest corporations and institutional investors on managing their commodities price and market exposures, as well as providing advisory services to the World Bank, United Nations, International Monetary Fund, and numerous governments.

Silver 50 Dollars Final Visit: April 2011 Part 2

Silver 50 Dollars

Silver 50 Dollars 2011- Final Visit

SILVER’s photovoltaic use by the solar industry played a big part in the metal’s surge to $50 per ounce this week in April 2011. But while the PV industry’s role in creating what many investors saw as a silver shortage 3 years ago was far more talked about than true, solar did then play a very real part in the fundamental drop in demand which resulted from that spike.
In the three years since April 2011′s jump to $50 silver, the energy industry has significantly reduced the amount of silver needed for photovoltaic paste in solar panels. This “thrifting” means that a solar panel of the same dimension produced after 2011 contains significantly less silver than the older versions, up to 80% lessin some applications. Because the investment surge which drove prices higher fundamentally dented silver’s appeal to this major consumer industry. In fact, itdented silver’s use across those industrial applications which rely on it. Full-year 2012 demand from industry was, according to the Silver Institute’s data from Thomson Reuters GFMS, down by 7% from the peak of 500 million ounces in 2010.
In contrast for investors, it was the speed of the drop in silver prices following its $50 top of 3 years ago which drew so much ire. Some proceeded to persist with claims to US regulator the CFTC requesting investigations, even bringing a lawsuit against major bullion banks J.P.Morgan and HSBC alleging some kind of manipulation. Within the last twelve months both the CFTC and the 2nd US Circuit Court of Appeals in New York have found no indications of collusion or criminal abuse of the silver market by any parties. This was no surprise to industry experts. But the speed of silver’s plunge did surprise, and hurt, many investors and traders.

[Read more...]

Silver 50 Dollars: Three Years After the “Shortage”

 

Silver 50 Dollars: Three Years After the “Shortage”

April 2011 saw silver prices double from 6 months before. Why, and what happened next…?

SILVER PRICES hit $50 three years ago this week, writes Miguel Perez-Santalla at BullionVault.
Silver $50
It was on April 25, 2011 that silver traded $49.80 per ounce in the New York spot market. That means silver traded $50 somewhere. There was a lot of business going on at that time, but after holding above $49 for the rest of that week, silver prices began to retreat. Fast.

One of the factors that many traders were looking at was the Gold/Silver Ratio. Some believed that silver was much undervalued versus gold, and would recover its historical price parity of about 16 ounces of silver per ounce of gold.

So even though silver hadn’t been so expensive in terms of gold for 28 years, and even though Dollar prices had doubled inside 6 months, some traders felt the move wouldn’t be complete unless silver traded above the $50 price level it had hit in 1980.

The silver market environment of 2011′s run to $50 per ounce was, however, very different to that of 1980. The principal driver back then was the continued inflation in consumer prices, plus the attempt by Nelson Bunker Hunt and his partners to corner the silver market – an attempt eventually brought to an end by efforts of the Federal Reserve Bank and certain members of the Commodities Exchange.

Thirty years later the global economy again faced serious concerns. Not only was the US economy still reeling from the mortgage crisis and 2008 Lehman Brothers collapse. Now the Eurozone faced break-up as Greece, Ireland, Portugal, Italy and Spain all reported serious problems with their finances.

In the United States confidence in the economy continued at record lows. The news out of Europe only heightened concerns of another financial crisis. Then the Fed announced another round of Quantitative Easing beginning in November 2010. Silver coin sales by the US Mint hit a monthly record, surpassed only by early 2011′s surge in private-investor demand. Because this new QE meant printing more Dollars (or rather, their “electronic equivalent” as then Fed chair Ben Bernanke had said). So in the minds of many investors the Dollar was under the gun. Seeking safe-haven assets, likely to hold or grow their real value during a prolonged inflation, became of paramount importance. [Read more...]

JPMorgan, Silver and the market

US second court

On March 27th the 2nd U.S. Circuit Court of Appeals said that a lawsuit brought against JPMorgan for having allegedly violated federal antitrust and commodities laws during the years 2007 to 2010 in the silver market should be dismissed.

The lawsuit alleges that JPMorgan would make fake trades when the market volume was thin and they would put on huge positions that market conditions did not justify. There were 43 complaints brought in 2010 that were consolidated into one lawsuit claiming that accused banks had made off with hundreds of millions of dollars in illegal profits.

In the lawsuit it claimed there were bankers such as HSBC and JP Morgan that specifically were out to short the market and force the price lower. In 2011 HSBC was dropped from the case and it left JPMorgan as the main defendant.

In the minds of the public they do not realize that it is not in the bank’s interest to lower the price of silver as their profit margin on trading activity would be decreased. This logical thought was pushed aside for the aforementioned more sensational accusations. The simple reason a bank would take a short position would be because they believe the market price would go lower so that they can profit from the price move. [Read more...]

Frank Holmes, U.S. Global Investors on Investments

ME the Street February 2014Miguel Perez-Santalla, Vice President of BullionVault is joined by Frank Holmes the CEO and Chief Investment Officer of U.S. Global Investors. The discussion will center on the current market environment, Mining stocks and gold. Learn about investment strategies in the commodities driven markets that may benefit your portfolio.

Mr. Holmes purchased a controlling interest in U.S. Global Investors in 1989 and became the firm’s chief investment officer in 1999. The company’s funds have received numerous awards and honors. In 2006, Mr. Holmes was selected mining fund manager of the year by the Mining Journal. He is the co-author of “The Goldwatcher: Demystifying Gold Investing” and is also a regular commentator on the financial television networks CNBC, Bloomberg and Fox Business, and has been profiled by Fortune, Barron’s, The Financial Times and other publications.

About Miguel Perez-Santalla

A passionate advocate for retail investors and a regular speaker at industry and media events, Miguel Perez-Santalla has more than 30 years’ experience in the precious metals business. He is a Vice President of BullionVault, the world’s largest precious metals exchange for gold and silver.

Click here to register for market news

 

 

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Doing the Right Thing by Complying with Rules and Regulations

 ComplyingDoing the Right Thing

I was recently reading an article entitled “Regulators Size Up Wall Street, With Worry’ appearing in the New York Times on March 12, 2014.   In the article by Peter Eavis, the views of William C Dudley, the President of the Federal Reserve Bank of New York summarized as “There is evidence of deep-seated cultural and ethical failures at many large financial institutions,” caught my attention.

One only has to read the daily newspapers or watch the national news programs to learn of the constant troubles in which banks and financial institutions face regarding alleged involvement or lack of controls to prevent money laundering, terrorist financing, fraud on a massive scale, insider trading or manipulation of currency and commodity markets.   And one does have to ask the same question as does Mr. Dudley as to why this behavior is continuing and sometimes increasing in frequency. 

The underlying reason is of course the revenue and profit motive.  If the allegations are found to be true this activity is not only unethical or immoral but also totally illegal.  And, even when caught in these illegal activities and recently considerably high fines are levied, the banks are able to absorb these costs because their overall net revenue by far outweigh these liabilities.  In addition, not only can these costs be accepted but also commissions, salaries and bonuses for the relevant players, income earners and upper management are even increased.  

It is so easy to then want to speculate as to whether there are elements within the bank who apply an informal Risk Assessment methodology on deciding to pursue certain ‘risk-taking actions’ on a regulatory financial cost versus total profit potential.   If the total profit/revenue far outweighs the potential regulatory penalties then the course of action will be pursued.

The ultimate security provided to any bank seems to be “too big to fail” concept.   As explained in the article, this principle rests on the belief that some banks are so large that even if they got into a problem, the government would save them out of concern that a failure could cause great harm to the U.S economy.  

This concept not only gives this misguided security to the upper management or the Board of Directors but more importantly is probably believed by the involved parties within the financial institution to these alleged illegal or risky activities.  Thus a trader or supervisor knowing that the ultimate punishment cannot be applied then provides a rationale of non-deterrence.   It becomes so critical to eliminate this faulty concept so that ‘everyone’ in the bank – from upper to lower levels understands that their employer can be taken out of existence which in turn will affect their ability to make a living.  With this realization, it provides a sufficient motive for all parties to be on a high alert of ‘doing the right thing.’  And should the ‘right thing’ not be pursued by the related party, there are certainly others in the immediate department who would now have the motive for reporting such behavior internally or even to the outside regulatory authorities if need be.