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'Significant find' confirmed in Poland as speculation builds it could be lost Nazi train carrying gold - follow latest updates. SNIP--- 23.02 At a press conference Zygmunt Nowaczyk, deputy mayor of Walbrzych, said “the discovery was in the town’s district”. The Polish state treasure and culture ministry have been informed in case the find contained anything of value, Matthew Day reports. SNIP-- All we know for sure so far from today's developments is a press officer in the Polish town confirming a military train has been found and the Walbrzych's deputy mayor saying there was "formal information".

Treasure hunters have searched for it since the end of World War II, but it may have never existed in the first placeTw wo treasure hunters are claiming they have discovered a train full of Nazi gold and jewels hidden under a mountain in Poland. As much as it sounds like a movie plot, the lost train is a bit of a local legend around the city of Wroclaw. The story goes that towards the end of World War II, as the Soviet army marched on eastern Germany, a Nazi train loaded with gold, valuable art and jewels disappeared into...

Asian equities tumbled, the U.S. dollar retreated and industrial commodities from copper to oil slid to their weakest since 2009. "Gold is rising on market fears," said Howie Lee, analyst at Phillip Futures in Singapore. Lee said gold looks on track to rally to $1,200 an ounce, a level last seen in June. Gold rose to as much as $1,168.40 on Friday, its highest since July 7. It gained more than 4 percent last week, the most since mid-January. Fears of a China-led global economic slowdown drove Wall Street to its steepest one-day drop in nearly four years on Friday,...

MIAMI: Treasure hunters off Florida have found $4.5 million in gold coins from a Spanish ship that sunk during a hurricane in the 18th century , the sal vage company said on Wednesday. The ship 'Ten Galleons' traveling from Havana to Spain... "Over 350 gold coins, including 9 Royals were recovered on July 30 & 31 on the actual 300th anniversary of the wreck,"

A massive explosion at a warehouse in the northern Chinese port city of Tianjin killed seven people and sent a fireball ripping through the sky, state media reported Thursday. The blast, which could be felt kilometres (miles) away, was triggered when a shipment of explosives detonated in the container where it was being stored, according to the official Xinhua news agency.

Did you see what just happened? The devaluation of the yuan by China triggered the largest one day drop for that currency in the modern era. This caused other global currencies to crash relative to the U.S. dollar, the price of oil hit a six year low, and stock markets all over the world were rattled. The Dow fell 212 points on Tuesday, and Apple stock plummeted another 5 percent. As we hurtle toward the absolutely critical months of September and October, the unraveling of the global financial system is beginning to accelerate. At this point, it is not...

One month ago, when everyone suspected that the PBOC's dramatic, 57% jump in gold holdings after a 6 year silence, to a "record" 1658 tons would be a "one-and-done" event, meant to facilitate China's admission into the SDR, we disagreed. This is what we said: ... now that the seal has been finally broken after so many years, and since today's update indicates that Chinese gold numbers are clearly goal-seeked with a specific policy purpose - to boost confidence - we await for the PBOC to start leaking incremental gold holding data every month (and especially in months when...

Members of Sierra Vista’s Choson Martial Arts took part in the recent 4th Biennial Worldwide Tang Soo Do Family World Championships in Las Vegas. The event brought Tang Soo Do practitioners from 12 different countries: Aruba, Belgium, Chile, Germany, Great Britain, Greece, Malaysia, Netherlands, Poland, Republic of South Africa, Scotland and the USA. More than 600 competitors and masters participated in the world-class tournament. Team Choson, representing the US team, and brought home one gold medal, one silver and one bronze. This was their first ever competition at the international level, and medals were awarded in the forms and sparring...

Akin Oyedele August 10, 2015The pain is far from over for commodity prices. Gold, crude oil, copper, and aluminum have all had ugly plunges this year, especially in July. And as far as analysts at Macquarie see it, it's only going to get worse.In a note to clients on Monday, the firm writes that the plunge in prices is not just a story of oversupply in commodities but also an undersupply of the dollar. And so as dollars become more scarce, the dollar gets more expensive, meaning that on a gross basis, fewer dollars buy more commodities, making it hard...

Dominic Frisby, MoneyWeek August 7, 2015 How much gold does China have? The question won’t go away, because the answer is vital. The answer could define, in no uncertain terms, how important or irrelevant gold is in the modern world. Is gold obsolete, or does it still have a significant role to play?Today we consider that question, and look once again at China’s gold... Gold – useless shiny pet rock or the very essence of money? Some people argue that gold is just an inert, useless metal, good for little more than jewellery. Its role in finance is as obsolete...

Opinion: Why China probably has a lot more gold than it admits By David Marsh Published: July 20, 2015 11:48 a.m. ET Transparency on holdings linked to review by the IMF on joining the special drawing right China has lifted a veil over its gold holdings and confirmed its interest in providing more up-to-date reserves data by announcing a near 60% jump in its official bullion assets since 2009. /snip The PBoC said its gold reserves were 1,658 tons against 1,054 tons in April 2009, which was the last time China declared its gold holdings. In 2009 the reserves total...

Gold has been mauled this week as the commodity sank to a four-year low. But it may get a lot worse, according to economist Claude Erb, who said that his gold price forecast could see bullion tumble to $350 an ounce. Erb deserves to have his opinion taken seriously, as he was among the only analysts predicting a long-term bear market for gold back in 2012. Rather than sit smugly by as gold lost $500.00 in value since his prediction, Erb has gone on the offensive this week and said it could get much, much worse. He bases this prediction...

The deflationists argue that hugely accommodative monetary policy in the U.S., Japan (and nearly everywhere else in the world) has failed to produce real growth. Debt and obligations to social programs such as Medicare and pensions are so massive they can’t be paid. Therefore, according to deflation forecasters, they won’t be. Their predictions of default and accompanying bank failures, bankruptcies, and surging unemployment were bolstered by recent news out of Greece. Falling commodity prices and economic malaise have reemerged. They claim zero interest rate policy and quantitative easing merely delayed the inevitable for a bit. The inflation camp shares the...

When Eric Schmitt's metal detector got a hit about 15 feet below the ocean's surface, he didn't think much of it. Most of the time, the metal detectors uncover beer cans and lead fishing weights. But this time was different. This time, the treasure-hunter from Sanford struck gold, and a lot of it. Treasure-hunting Sanford family strikes gold-again Holidays are a lucky time for a treasure-hunting family from Sanford, Florida. Last year on Labor Day, the Schmitts made national news when they pulled several pieces of a solid gold chain - more than 60 feet in all - from the...

A little less than four years ago, the world looked like it was about to end and gold hit an all-time high of $1,895 an ounce. The United States had manufactured a debt crisis, and Europe hadn't been able to manufacture a solution to its actual debt crisis, so panicky investors sought safety... [snip] That didn't mean, though, that gold wasn't a good short-term investment. It was. Just not for the reason goldbugs thought. Now, the problem with gold is it doesn't pay any interest or dividends, but it does cost money to store. So you have to pay up...

China’s loss is India’s gain. International investors are pulling out of China and plowed $705 million into India since June 12, sending the Sensex Index 7% higher. But does India have any near-term catalysts? The buzz on Narendra Modi‘s landmark reform Goods & Taxes Bill is back. An important panel in the Upper House of the parliament, which Modi’s political party does not have majority in, already approved the GST bill. Now Modi just needs to get this bill passed in the Upper House. But worryingly, the monsoon session of the parliament, which opened on Tuesday and will end on...

On Friday, alongside China's announcement that it had bought over 600 tons of gold in "one month", the PBOC released another very important data point: its total foreign exchange reserves, which declined by $17.3 billion to $3,694 billion. We explained all of his on Friday in "China Dumps Record $143 Billion In US Treasurys In Three Months Via Belgium", and frankly we have been surprised that this extremely important topic has not gotten broader attention. Then, to our relief, first JPM noticed. This is what Nikolaos Panigirtzoglou, author of Flows and Liquidity had to say on the topic of China's...

Things are not so sweet for the sugar market. Prices have been tumbling and reached a six-year low on Monday on news that Brazil's cane growers are in for a bumper harvest. But while gold made the headlines, the dramatic fall in the sugar price was widely overlooked, despite closing down 4.4pc, compared with a 2.3pc slump in the price of bullion. Over the past year alone, sugar prices have fallen by a quarter. So why has everything turned sour? Bumper Harvest Monday's sharp price drop was driven by signs that Brazil, the world's biggest producer of sugar, is on...

BullionDirect, Inc. has filed a petition for Chapter 11 bankruptcy. The case is 15-10940-tmd in the U.S. Bankruptcy Court of the Western District of Texas (Austin). Noteworthy is that BullionDirect, Inc. now has only one direct, Dan Bensimon (President, Chief Restructuring Officer and Sole Director). I find this encouraging. It also only lists 11 unsecured creditors in the list of the 20 largest unsecured claims. This may be due to the fact that it is a Chapter 11 (e.g. Kitco's CCAA/bankruptcy filing did not include customers as creditors, as their storage customers did not appear on their balance sheet). But...

NEW DELHI: India is determined to ensure steady crude oil supplies from Iran and is even considering settling payments with gold in the short term before the two countries agree on a mutually accepted currency and a bank to clear the transactions."We have written a letter to NIOC (National Iranian Oil Company) asking it to suggest a bank where US sanctions are not applicable," a government official involved in the matter said requesting anonymity. Another official said India could settle crude oil import transaction using gold in the short term, while efforts to resolve the deadlock continue. An Indian delegation,...