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Today includes some bullion news that investors may find surprising—for example: the gold inside your phone might be funding drug gangs. That is one story that reads like a James Bond novel…we also travel to Russia for some news on the Russian Central Bank—did you know they have halted buying gold? You can get the details below, along with more precious metals news.
Let’s dig in…

Latest News
Why Gold Inside Your Phone Might Be Funding Drug Gangs
International investigators have determined that a Dubai-based trader called Kaloti was buying gold from criminal networks. The US Treasury was urged by law enforcement six years ago to warn the world that it was a "primary money laundering concern". But the warning was never given. As a result, Kaloti has continued to sell tons of gold to companies in the supply chains of Apple, General Motors, and Amazon, which use the precious metal in components. This has put firms and millions of consumers at risk of unwittingly funding criminal activity. The US Treasury did not respond to requests for comment. Kaloti's representatives said it "vehemently denied" it was knowingly involved in any crime or misconduct.
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Price
This Chart Shows Gold Losing Steam
Gold consolidation turned into sharp correction yesterday as everything linked to the dollar took a hit. Keeping in mind the Average True Range of gold is currently $28, a level that has not even been reached in the past two weeks, this was a sudden but sharp decline on gold. Technically it is also a key shift in sentiment. The consolidation between $1902/$2015 has been broken by an intraday drop to $1882. This may not has been sustained into the close, but there is a…
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International
Russian Central Bank Stops Buying Gold
In one of two recent columns, Lawrie Williams reports the Russian central bank released the details on their foreign exchange position at the end of August, and these records indicate the bank has not been buying gold for its reserves. This is not surprising since the cessation of gold purchases was announced earlier in the year. The RCB told us that April would be the final month of gold buying, for the time being. Russia has been known as the world’s largest known gold buyer, and they are arguably the world’s second largest gold producer by volume (just under Australia.) Russian gold miners have thus been forced to sell their product on the open market which has enabled gold to…
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Stock Market
Market Meltdown: What Does this Mean for the Future?
Prolific writer Lawrie Williams had another one of his insightful articles published on the 22nd of September—this one focusing on the stock market. Here is his opening paragraph: “The latest market shenanigans may even prove to be an opportunity for some. A huge smack-down in gold and silver, as well as equities, yesterday and today may well have provided an opening for bargain-hunting precious metals investors. This price drop may be a last gasp attempt to salvage something by the big short holders in silver, in particular, and in gold, who had been looking at financial disaster if precious metals prices had continued to rise. If some of these big short positions are now liquidated then that will emphasise the point.”

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Latest News
Less than 50% of the Gold Sent to Big Refiners Comes from Mines
The London Bullion Market Association studied the origins of bullion moving through the system in 2018, and their recently published data showed that less than half the gold processed by major refiners came from large industrial mines. The LBMA said refiners it accredits, which dominate the industry and supply the world’s biggest banks, jewelers, and manufacturers, processed 4,836 tons of gold in 2018 -- an amount worth around $300 billion at current prices. It said 2,127 tons came from large industrial mines, 26 tons was supplied by small and artisanal mines, and 2,683 tons was recycled gold such as jewelry, bars and coins returned to the market to be melted and refashioned. The study was part of… READ MORE
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Latest News
Gold Industry Needs Further Consolidation, Says Barrick’s Bristow
Barrick CEO Mark Bristow was speaking at the virtual Gold Forum Americas conference, and he told his audience that the gold industry still has a mismatch of assets in too many managers’ hands and is in need of further consolidation. Barrick did acknowledge the industry has come a long way, but the job is not yet finished. “The industry could be better served if we could reallocate some of the assets into the right place, with managements that have proven track records to deliver value,” Bristow said. READ MORE ([link removed])
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