Gold World News Flash |
- In The News Today
- Gold Hits Record Close at COMEX / Venezuela Demands Its Gold Back Stored at the Bank of England
- Is the SEC Covering Up Wall Street Crimes?
- Gold Stays as a Top Investment: Marc Faber
- Venezuela's Chavez to nationalize gold sector* Chavez prepares decree to nationalize sector
- Venezuela tells Bank of England to ship the gold backVenezuela Plans to Move Reserve Funds
- Dines - Mass Psychology Moving Towards Gold & Silver
- Gold Seeker Closing Report: Gold Sets a New Record Closing High
- As Chavez Pulls Venezuela's Gold From JP Morgan, Is The Great Scramble For Physical Starting?
- As Chavez Pulls Venezuela's Gold From JPM, is the Great Scramble For Physical About to Begin?
- Fund manager David Tice interviewed by James Turk
- Venezuela also wants gold back from Morgan, Barclays, Standard Chartered, and Scotia
- Marc Faber: Gold Stays as a Top Investment
- Multiplying by Zero
- The Benz Burners Arrive: Protests Come To Germany As Arsonists Burn Down "Fat Cat" Cars
- The Benz Burners Arrive: Protests Come To Germany As Arsonists Burn Down "Fat Cat" Cars
- Silver and Gold Prices Headed Higher - Closes Below $1,720 and $39 Would Gainsay That
- High Crimes At The SEC: Time To Fire and Prosecute Mary Shapiro
- COMEX Commercials and Swap Dealers Put Floor Under $37 Silver
- Gold - 4 Hour chart update and comments
- Gold and Silver Full Spectrum Dominance
- Taxed Into Oblivion
- Guest Post: Recent Gold Hedging Activity – a Warning Sign?
- Jim Willie, CB - Gold & Silver: Full Spectrum Dominance
- Miner Gold Resource Corp. starts treating gold and silver as money
- Martin A. Armstrong: BIG MONEY & THE ECONOMIC DEPRESSION
- Gold has become 'substitute currency,' Jean-Marie Eveillard tells King World News
- Now that CB’s are in panic-buy mode for Gold… Let’s not forget “Brown’s Bottom.” Back in 2009 we predicted that CB Gold ownership would be a contentious issue and that fiat money would crash and the world would adopt a new gold standard.
- Controlling the Populace Via the Children
- Doug Casey: We Are Exiting the Eye of the Storm
| Posted: 17 Aug 2011 06:15 PM PDT Jim Sinclair's Commentary Angel, like gold, continues to grow!
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| Gold Hits Record Close at COMEX / Venezuela Demands Its Gold Back Stored at the Bank of England Posted: 17 Aug 2011 05:03 PM PDT by Harvey Organ: Good evening Ladies and Gentlemen: The fun is about to start in the gold market as Venezuela has formally asked the Bank of England for its gold back that it deposited in England years ago. I will comment on this in the body of my commentary. Let us head over to the gold and silver comex and see how our precious metals fared today. Gold finished the comex session at $1791.20 up $8.80 and this is a record close. The price of silver finally made it back above 40 dollars as it finished the session at $40.35. The long battle in the silver price suppression has made a huge bottom for silver. I pointed out to you this week that silver is trading differently and the slow grind is playing havoc to our bankers. Read More @ HarveyOrgan.Blogspot.com
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| Is the SEC Covering Up Wall Street Crimes? Posted: 17 Aug 2011 04:52 PM PDT From Rolling Stone Magazine Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time the cops fail to make a case. No more Lifetime channel specials where the murderer is unveiled after police stumble upon past intrigues in [...] 
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| Gold Stays as a Top Investment: Marc Faber Posted: 17 Aug 2011 04:38 PM PDT by Muhammad Al Azhari, TheJakartaGlobe.com:
Another forty years on, the international investment adviser is telling investors to hold onto gold assets, in particular keeping physical gold stored in a safe deposit box outside the United States. A decade ago he advised investors to purchase gold when an ounce fetched more than $250. And he continues to recommend the precious metal as "disaster insurance policy" and "as a hedge against incompetent and dysfunctional governments" for diversified portfolios. Read More @ TheJakartaGlobe.com
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| Venezuela's Chavez to nationalize gold sector* Chavez prepares decree to nationalize sector Posted: 17 Aug 2011 04:32 PM PDT CARACAS, Aug 17 (Reuters) – Venezuelan President Hugo Chavez said on Wednesday he plans to nationalize the gold sector, including extraction and processing, and use the production to boost the country's international reserves. The socialist leader said he would carry out the nationalization through a decree to be issued in the coming days and called [...] 
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| Venezuela tells Bank of England to ship the gold backVenezuela Plans to Move Reserve Funds Posted: 17 Aug 2011 04:26 PM PDT The Wall Street Journal CARACAS — Venezuela plans to transfer billions of dollars in cash reserves from abroad to banks in Russia, China, and Brazil and tons of gold from European banks to its central bank vaults, according to documents reviewed Tuesday by The Wall Street Journal. The planned moves would include transferring $6.3 billion [...] 
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| Dines - Mass Psychology Moving Towards Gold & Silver Posted: 17 Aug 2011 04:25 PM PDT  With gold nearing the $1,800 level, today King World News interviewed James Dines of the Dines Letter who is legendary for his bull market calls in uranium, rare earths, gold, silver and more. When asked about the continued strength in gold Dines replied, "Gold is the only investment arena that's been up every single year for the last eleven years. It will become over-loved (at some point), it will be the mirror image of the hatred of 2001 and become overly-loved and almost become like a religion at which point we are selling out, at least we'll consider selling out.My last intermediate buy signal on gold was at at $919 on December 15th, 2008. It's already run up in that short period 94%. December of 2008 you might recall was when Lehman Brothers was going under and everybody was running for the windows. That's when you've got to buy, you've got to buy when there's blood in the streets, otherwise you are not going to make serious money."
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| Gold Seeker Closing Report: Gold Sets a New Record Closing High Posted: 17 Aug 2011 04:00 PM PDT Gold rose to as high as $1794.60 by about 5:30AM EST before it fell back to $1777.50 by late morning in New York, but it then rallied back higher in the last couple of hours of trade and ended with a gain of 0.44% at a new record closing high. Silver climbed to as high as $40.558 by about 10:30AM before it fell back to $39.72 in the next hour or so of trade, but it also rallied back higher into the close and ended with a gain of 1.21%.
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| As Chavez Pulls Venezuela's Gold From JP Morgan, Is The Great Scramble For Physical Starting? Posted: 17 Aug 2011 03:55 PM PDT Courtesy of ZeroHedge In addition to the nationalization of his gold insutry, Chavez earlier also announced that he would recover virtually all gold that Venezuela hold abroad, starting with 99 tons of gold at the Bank of England. As the WSJ reported earlier, "The Bank of England recently received a request from the Venezuelan government [...] 
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| As Chavez Pulls Venezuela's Gold From JPM, is the Great Scramble For Physical About to Begin? Posted: 17 Aug 2011 02:10 PM PDT [Ed note: Before reading this blurb from ZeroHedge, it's important for readers to recall Adrian Douglas' quantifiable research which essesntially proves that Bullion banks have issued at least 45 paper representations of gold for every 1 physical ounce in the vault. And this massive fractional bullion banking ratio doesn't even take any additional paper manipulation into consideration; the Comex, LBMA, bogus ETF's, etc. The 100 times paper figure cited by Zero Hedge in the article below is in step with Jeffrey Christian's brilliantly clumsy testimony before the CFTC in March, 2010 in which Christian admitted there's at least "100 times what there is". But SGTreport now believes the actual paper to physical silver and gold ratio is far higher than 100 to 1. And when this epic ponzi scheme finally collapses, the resulting prices for real, physical metals will defy mainstream paradigms and public comprehension. The question is, did Chavez just pull a cornerstone set of cards? ~SGT] by Tyler Durden, ZeroHedge:
In addition to the nationalization of his gold insutry, Chavez earlier also announced that he would recover virtually all gold that Venezuela hold abroad, starting with 99 tons of gold at the Bank of England. As the WSJ reported earlier, "The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter. A spokesman from the Bank of England declined to comment whether Venezuela had any gold on deposit at the bank." That's great, but not really a gamechanger. After all the BOE should have said gold. What could well be a gamechanger is that according to an update from Bloomberg, Venezuela has gold with, you guessed it, JP Morgan, Barclays, and Bank Of Nova Scotia. As most know, JPM is one of the 5 vault banks. The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because as today's CME update of metal depository statistics, JPM only has 338,303 ounces of registered gold in storage. Or roughly 10.6 tons. A modest deposit of this size would cause some serious white hair at JPM as the bank scrambles to find the replacement gold, which has already been pledged about 100 times across the various paper markets. Keep an eye on gold in the illiquid after hour market. The overdue scramble for delivery may be about to begin.
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| Fund manager David Tice interviewed by James Turk Posted: 17 Aug 2011 02:01 PM PDT 10p ET Wednesday, August 17, 2011 Dear Friend of GATA and Gold: Fund manager David Tice was interviewed by GoldMoney founder James Turk during GATA's Gold Rush 2011 conference in London, discussing the failure of Keynesian economics, the difference between real metal and "paper gold," the likelihood of another credit disaster, the prospects for gold shares, and a lot more. The interview is 25 minutes long and you can watch it at the GoldMoney Internet site here: http://www.goldmoney.com/video/tice-turk-interview.html?gmrefcode=gata CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Prophecy Platinum Reports 10.97 Million Ounces Inferred An independent resource report on the Wellgreen project in the Yukon Territory in Canada has just confirmed that it as one of the largest platinum group metals projects in Canada and one of the few outside South Africa, Prophecy Platinum Corp. Chairman John Lee says. The report, compliant with Canadian National Instrument 43-101, was written by geologist Todd McCracken of Wardrop Engineering Inc., a Tetra Tech company. It incorporated drill data from 701 diamond drill holes (182 surface and 519 underground) totaling more than 53,222 metres. Using a 0.4 percent nickel equivalent cutoff grade, the Wellgreen deposit now contains a total inferred resource of 289.2 million tonnes at an average grade of 0.53 g/t platinum, 0.42 g/t palladium, 0.23 g/t gold (1.18 g/t PGM and gold), 0.38 percent nickel, and 0.35 percent copper. Separately, the deposit also contains an indicated resource of 14.3 million tonnes at an average grade of 0.99 g/t platinum, 0.74 g/t palladium, 0.52 g/t gold (2.25 g/t PGM and gold), 0.69 percent nickel, and 0.69 percent copper. Prophecy Platinum Corp. trades on the Toronto Venture Exchange under the symbol NKL, on the pink sheets in the United States as PNIKD, and in Frankfurt as P94P. For the complete press release on the Wellgreen report, please visit: http://prophecyplat.com/news_2011_july14_prophecy_platinum_new_resource_... Join GATA here: Toronto Resource Investment Conference http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Golden Phoenix Q2 2011 Conference Call Posted at Company Internet Site The second quarter 2011 conference call of Golden Phoenix Minerals Inc. (GPXM) has been posted at the company Internet site for immediate playback. The call includes updates on the start of gold production at the company's Mineral Ridge gold project in Nevada, the letter of intent to acquire the Santa Rosa gold mine in Panama, and the company's due-diligence efforts to secure a senior stock exchange listing. The conference call is 18 minutes long and you download an mp3 of it here: http://www.goldenphoenix.us/audio/GPXMCC071211.mp3 Or play back the call here: http://goldenphoenix.us/conferencecalls/ Golden Phoenix is a U.S. mining company with international exposure to gold, silver, and strategic metals. The company's business model combines project generation and royalty mining that offers the potential for exploration upside, coupled with the backing of production and future royalty streams. View company videos here:
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| Venezuela also wants gold back from Morgan, Barclays, Standard Chartered, and Scotia Posted: 17 Aug 2011 01:12 PM PDT Chavez Preparing Government Takeover of Venezuela's Gold Mining Industry By Nathan Crooks and Corina Rodriguez Pons http://www.bloomberg.com/news/2011-08-17/chavez-preparing-government-tak... CARACAS -- Venezuelan President Hugo Chavez ordered his government to repatriate $11 billion in gold held in banks abroad to safeguard the country from the economic crisis and said he'll nationalize the local gold industry. Venezuela has about 211 tons of its 365 tons of gold reserves held abroad at institutions including the Bank of England, JPMorgan Chase & Co., Barclays Plc, Standard Chartered Plc, and the Bank of Nova Scotia, according to a government document. "We've held 99 tons of gold at the Bank of England since 1980. I agree with bringing that home," Chavez said today on state television. "It's a healthy decision." Chavez, who has said he wants to eliminate the "dictatorship" of the U.S. dollar, has called on Venezuela's central bank to diversify its $28.7 billion in reserves away from U.S. institutions. Some cash reserves, which total $6.3 billion, will be shifted into currencies from emerging markets, including China, Russia, Brazil, and India, central bank President Nelson Merentes said today at a news conference. ... Dispatch continues below ... ADVERTISEMENT Golden Phoenix Q2 2011 Conference Call Posted at Company Internet Site The second quarter 2011 conference call of Golden Phoenix Minerals Inc. (GPXM) has been posted at the company Internet site for immediate playback. The call includes updates on the start of gold production at the company's Mineral Ridge gold project in Nevada, the letter of intent to acquire the Santa Rosa gold mine in Panama, and the company's due-diligence efforts to secure a senior stock exchange listing. The conference call is 18 minutes long and you download an mp3 of it here: http://www.goldenphoenix.us/audio/GPXMCC071211.mp3 Or play back the call here: http://goldenphoenix.us/conferencecalls/ Golden Phoenix is a U.S. mining company with international exposure to gold, silver, and strategic metals. The company's business model combines project generation and royalty mining that offers the potential for exploration upside, coupled with the backing of production and future royalty streams. View company videos here: Earlier today Chavez said he plans to take control of the country's gold industry to halt illegal mining and boost reserves. The government is preparing a decree to stop illegal miners exploiting deposits of gold and coltan, an ore containing tantalum, used in mobile phones and video-game consoles, he said. Venezuela faces international arbitration over nationalized gold assets from three companies including Crystallex International Corp., a Canadian gold producer whose Las Cristinas mine was taken over by the government in February. Chavez has increased state control over the economy since 2006 by nationalizing companies in the oil, petrochemicals, cement, metal, mining, and telecommunications industries. "Venezuela has established its position as a brutal place to do business," Tom Winmill, who manages the Midas Fund in New York, said today in a telephone interview. "Whether it's a small cap like Crystallex or a large cap like Barrick or Anglo Gold, it doesn't really make any difference because no one is going to put another nickel into that country." The South American country, in an effort to boost stalled production and take advantage of rising prices, last year relaxed restrictions on gold exports to allow some companies and joint ventures with the government to send as much as 50 percent of their output abroad. Venezuela state gold producer Minerven has been shut for 15 days amid a strike, newspaper El Mundo reported today, citing company President Luis Herrera. "The area is run by the mafia," Chavez said of the gold industry today. "We're going to nationalize gold. We can't keep allowing them to take it away." Rusoro Mining Ltd., the only publicly traded gold miner still in Venezuela, is in talks with the government to increase gold exports, Chief Executive Officer Andre Agapov said today in a telephone interview. "We can sell gold in the local market, but we want to sell as much gold as possible at international prices," Agapov said. He said he didn't have any information on a possible nationalization. The company's stock fell 17 percent to 12.5 Canadian cents on the Toronto Stock Exchange today. It has fallen 69 percent this year. Venezuela produces 11 metric tons of gold a year, and illegal miners extract an additional 10 to 11 tons a year, Chavez said in May. Venezuela's National Guard seized control of the Las Cristinas mine, which has reserves of about 27 million ounces, in November 2001 from Canada's Vanessa Ventures. Venezuela's 365.8 metric tons of gold reserves makes it the 15th-largest holder of the precious metal in the world, according to an August report from the World Gold Council. Venezuela's gold holdings accounted for about 61 percent of the nation's international reserves, according to the report. Gold futures for December delivery rose $8.80, or 0.5 percent, to $1,793.80 an ounce on the Comex in New York. Prices touched a record $1,817.60 on Aug. 11. Join GATA here: Toronto Resource Investment Conference http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy Platinum Reports 10.97 Million Ounces Inferred An independent resource report on the Wellgreen project in the Yukon Territory in Canada has just confirmed that it as one of the largest platinum group metals projects in Canada and one of the few outside South Africa, Prophecy Platinum Corp. Chairman John Lee says. The report, compliant with Canadian National Instrument 43-101, was written by geologist Todd McCracken of Wardrop Engineering Inc., a Tetra Tech company. It incorporated drill data from 701 diamond drill holes (182 surface and 519 underground) totaling more than 53,222 metres. Using a 0.4 percent nickel equivalent cutoff grade, the Wellgreen deposit now contains a total inferred resource of 289.2 million tonnes at an average grade of 0.53 g/t platinum, 0.42 g/t palladium, 0.23 g/t gold (1.18 g/t PGM and gold), 0.38 percent nickel, and 0.35 percent copper. Separately, the deposit also contains an indicated resource of 14.3 million tonnes at an average grade of 0.99 g/t platinum, 0.74 g/t palladium, 0.52 g/t gold (2.25 g/t PGM and gold), 0.69 percent nickel, and 0.69 percent copper. Prophecy Platinum Corp. trades on the Toronto Venture Exchange under the symbol NKL, on the pink sheets in the United States as PNIKD, and in Frankfurt as P94P. For the complete press release on the Wellgreen report, please visit: http://prophecyplat.com/news_2011_july14_prophecy_platinum_new_resource_...
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| Marc Faber: Gold Stays as a Top Investment Posted: 17 Aug 2011 01:12 PM PDT Gold which is still far from record highs based on inflation, remains an important asset play, and any correction is a buying opportunity.
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| Posted: 17 Aug 2011 01:00 PM PDT Bill Bonner View the original article. August 17, 2011 10:24 AM Permanent zero. That's what Edward Harrison calls the Fed's new policy of guaranteeing ultra-low interest rates for the next 2 years. But first, let's look at what happened yesterday. Gold soared $21…again, setting a record. The Dow fell 76 points. Not much of a follow up to the bullish day on Monday. Maybe investors are catching on. Maybe they realize that we are in a 'zero stage" economy. Zero is a funny number. It is not a number at all. When you say there are 'zero' donuts on the table, how many are there? None at all. There are no donuts on the table. So how many is zero? And what happens when you add zeros together? Nothing. But when you multiply by zero something extraordinary happens…something becomes nothing. No kidding. Zero times 6 = 0. Zero times the entire federal deficit equals zero. Want to make something disappear? Multiply it by zero. And what happens when you multiply a Great Correction ...
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| The Benz Burners Arrive: Protests Come To Germany As Arsonists Burn Down "Fat Cat" Cars Posted: 17 Aug 2011 12:43 PM PDT Following the recent riots in the UK, it seemed there was only one safe bastion from the marauding bands of indignants, labor unions, and general hooligans: Germany. That is, alas, no more. During the past two days, German protests against globalization, read Germany's undertaking to trade export strength for a joint European currency and a bailed out Club Ded periphery, have begun manifesting themselves albeit with a twist. As Bloomberg reports, in the past two days, arsonists have set fire to 26 cars in Berlin, mainly Mercedes, BMW, and Audis, which brings the total number of torched cars to 138, more than double all of 2010. "The arsonists want to hit what they say are 'Fat Cats,'" Berlin police spokesman Michael Gassen said. A special unit is investigating the fires as political crimes after the police received letters claiming responsibility that derided globalization, gentrification and rising rents, he said." It appears that while the Arab Spring was started by the self-immolation of a fruit seller protesting more or less the same things, that level of self-sacrifice is strangely missing in Europe's (and maybe the world's) most prosperous, and entitled, nation. As such we doubt much if anything will come out of this, suffice to way that Joe LaVorgna will promptly raise his German GDP due to replacement costs associated with rebuilding the burnt down "fat cat" cars. Also, if this is the apex of protesting, we doubt that Italy and the rest of the insolvent PIIGS has much to worry about Germany pulling away the subsidized methadone IV drip.
From Bloomberg:
In Germany, it's hip to have flare:
Just wait until the perpetrators realize that they benefits have gone poof following a few years of an ongoing Germany-funded European rescue... Also, even in Berlin, it is all about location, location, location:
At least they don't call those Germans who protest against the generosity of globalization (with other people's money of course), terrorists. Yet. Update: it appears the situation is a little more serious than we thought. Courtesy of @Jacobmbr, here is a map of all the recent car infernos (via Brennende Autos)
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| The Benz Burners Arrive: Protests Come To Germany As Arsonists Burn Down "Fat Cat" Cars Posted: 17 Aug 2011 12:43 PM PDT
Following the recent riots in the UK, it seemed there was only one safe bastion from the marauding bands of indignants, labor unions, and general hooligans: Germany. That is, alas, no more. During the past two days, German protests against globalization, read Germany's undertaking to trade export strength for a joint European currency and a bailed out Club Ded periphery, have begun manifesting themselves albeit with a twist. As Bloomberg reports, in the past two days, arsonists have set fire to 26 cars in Berlin, mainly Mercedes, BMW, and Audis, which brings the total number of torched cars to 138, more than double all of 2010. "The arsonists want to hit what they say are 'Fat Cats,'" Berlin police spokesman Michael Gassen said. A special unit is investigating the fires as political crimes after the police received letters claiming responsibility that derided globalization, gentrification and rising rents, he said." It appears that while the Arab Spring was started by the self-immolation of a fruit seller protesting more or less the same things, that level of self-sacrifice is strangely missing in Europe's (and maybe the world's) most prosperous, and entitled, nation. As such we doubt much if anything will come out of this, suffice to way that Joe LaVorgna will promptly raise his German GDP due to replacement costs associated with rebuilding the burnt down "fat cat" cars. Also, if this is the apex of protesting, we doubt that Italy and the rest of the insolvent PIIGS has much to worry about Germany pulling away the subsidized methadone IV drip.
From Bloomberg:
In Germany, it's hip to have flare:
Just wait until the perpetrators realize that they benefits have gone poof following a few years of an ongoing Germany-funded European rescue... Also, even in Berlin, it is all about location, location, location:
At least they don't call those Germans who protest against the generosity of globalization (with other people's money of course), terrorists. Yet. Update: it appears the situation is a little more serious than we thought. Courtesy of @Jacobmbr, here is a map of all the recent car infernos (via Brennende Autos)
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| Silver and Gold Prices Headed Higher - Closes Below $1,720 and $39 Would Gainsay That Posted: 17 Aug 2011 12:22 PM PDT Gold Price Close Today : 1791.20 Change : 8.80 or 0.5% Silver Price Close Today : 40.350 Change : 0.529 or 1.3% Gold Silver Ratio Today : 44.39 Change : -0.369 or -0.8% Silver Gold Ratio Today : 0.02253 Change : 0.000186 or 0.8% Platinum Price Close Today : 1847.00 Change : 26.00 or 1.4% Palladium Price Close Today : 776.00 Change : 16.00 or 2.1% S&P 500 : 1,191.82 Change : -0.94 or -0.1% Dow In GOLD$ : $131.46 Change : $ (0.81) or -0.6% Dow in GOLD oz : 6.359 Change : -0.039 or -0.6% Dow in SILVER oz : 282.29 Change : -4.14 or -1.4% Dow Industrial : 11,390.57 Change : -15.36 or -0.1% US Dollar Index : 73.75 Change : -0.257 or -0.3% Let us delve first into PLATINUM and PALLADIUM before we come to the adult precious metals. The PLATINUM PRICE today reached its July peak ($1,823), which MIGHT be the first warning of a new rally. MIGHT because in June it peaked at $1,849.40 and at end-April $1,889.50. Contradicting higher prices is the 50 dma crossing under the 200 dma four days ago. Not hopeful, but since they are cruising along flatly together, maybe not fatal. Palladium's chart looks a lot the NASDAQ or the Dow. Hit a new high for the move at 850.20 on 1 August, then waterfalled like Niagara with ne'er a pause to 706. Today at 776, only $11 below the 200 dma (764.63). This market has more obstacles to overcome than a one-legged pole-vaulter. Bottom line is that as a harbinger of higher GOLD and SILVER PRICES, palladium is terrifying and platinum is ambiguous. Confused? Don't feel lonely. The GOLD PRICE made a second close above its previous close, and a 2-day close at a new high is a fairly safe signal of a breakout. I'd like to see it close above $1,800 tomorrow to confirm that, however. The GOLD PRICE has now done everything needful to breaking out in a new rally, EXCEPT posting a new intraday high. Today's intraday high was $1,794.55 while Comex closed nearly that high, up $8.80 to $1,791.20. Mercy! GOLD looks overextended, the MACD is high enough to give Arnold the Giant a haircut, and the RSI is way overbought. Still, as recent history has shown us, the gold price can remain overbought for a long time. I covered some little shorts (against inventory) in SILVER today. Just couldn't stand a breakout over 4000c, and Comex closed up 52.9c to 4035c. Ratio dropped a tee-tiny bit from 44.750 to 44.391. Really big hurdle for the SILVER PRICE is 4100c, then 4200c. SILVER now stands above its 200 dma (3428c), 50 dma (3765c), and even its 20 dma (3970c). Momentum plainly points up, and other indicators are nothing near overbought. Plenty of room for the SILVER PRICE to jump for the ceiling. Only caution is a little rising wedge building on the chart since 8 August, which might break out downside. However, in BULL markets these rising wedges sometimes break out upside, as the stock market painfully taught me in the last 1990s. BOTTOM LINE: SILVER and GOLD PRICES headed higher. Closes below $1,720 and 3900c would gainsay that. You wonder how people can go on believing in myths like "the efficiency of markets" when so many people stay on the wrong side of the market by clinging to their own myths and misconceptions. Still, they do. But that's no surprise. There are also lots of people who believe you can get justice in US courts. Stock investors are being punished soundly for their faith. Dow today dropped 15.36 (0.13%) to 11,390.57 and the S&P500 dropped 0.94 (0.08%) to 1,191.82. People stay in stocks although that chart is the worst since 1987's crash. No, it's worse, topped by a huge head and shoulders or Megaphone of Death, but whichever you choose will kill both optimism and hope. Fiddling around this 11,450 - 11,400 level harkens back to resistance from November 2011. The Death Cross where the 50 dma (now 12,074.83) drops below the 200 dma (11,996.38) is fast approaching. That will point momentum down beyond all quibble. STOCKS -- the Fokker Tri-plane of Investing Aeronautic Design. US Dollar index dropped to the lower limit before it breaks down, 73.753, down 25.7 basis points or 0.33%. Previous low was 72.82. If so, low before that was 73.42, and that probably would stop it. With all the fear scourging the world, hard to believe the US dollar is dropping. Whoa! What's that sulfur smell in the air? Could that be the Nice Government Men at work, holding down the dollar to help their beleaguered fellow-crooks in Europe? Good bet. The euro, beset by traitors, speculators, and the justly-distrustful, managed to gain 0.12% today and close at top of its range, 1.4427. As Queen Victoria, that noted wit, might quip, "We are not enthused." All of it reeks of sulfur. Euro needs to cross 1.4700 to get my attention, and best 1.4900 to engage my belief. This is all a show, staged by the mushroom farmers for us mushrooms. That buoyant Yen just can't be kept down. Today closed at what looks like a new all time high, 130.61c/Y100 (Y76.56 buys one US$). Funny thing is, nobody official wants it higher, but there it floats. Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com © 2011, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down. Whenever I write "Stay out of stocks" readers inevitably ask, "Do you mean precious metals mining stocks, too?" No, I don't. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. 
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| High Crimes At The SEC: Time To Fire and Prosecute Mary Shapiro Posted: 17 Aug 2011 12:10 PM PDT When the subject of how many files were destroyed came up, Storch answered: "18,000 MUIs destroyed, including Madoff." This isn't just about Rome burning burning while Nero fiddles or Obama riding a bus through Podunk, Iowa while his wife travels abroad with an entourage of friends on the Taxpayer dime. This is about criminal liability at the SEC and those responsible for enabling corrupt Wall Street enterprises and thieves like Madoff to operate without fear of prosecution. If Obama does not take leadership in this situation and really shake up the SEC, including getting rid of Mary Shapiro, he may well go down as the worst President in history. As one former SEC staffer describes it, the agency is now filled with so many Wall Street hotshots from oft-investigated banks that it has been "infected with the Goldman mindset from within." Matt Taibbi of Rolling Stone has published an excellent report detailing how an SEC whistleblower has exposed the SEC's practice of destroying all documents connected to any investigative inquiries about possible illegal activities on Wall Street. As it turns out, there is a long legacy of SEC officials who are hired away into lucrative positions at big Wall Street firms as a means to squash any potential investigations into fraud and corruption based on these inquiries: In at least one case, according to Flynn, investigators at the SEC found their desire to bring a case against an influential bank thwarted by senior officials in the enforcement division – whose director turned around and accepted a lucrative job from the very same bank they had been prevented from investigating.This SEC practice has been ongoing since 1993 and is in direct violation of a requirement that all SEC documents are to be maintained for 25 years and any disposition of this material is to be handled only by the National Archives and Records Administration. It is clear to anyone who reads this entire article that the lack of responsible, competent and ethical oversight by the SEC over Wall Street has played a significant role in the complete corruption of our banking and securities industry, leading up to the de facto systemic collapse of 2008. More significantly, it can now be argued that the SEC has been instrumental in the systemic failure that has cost the Taxpayers of this country trillions. By whitewashing the files of some of the nation's worst financial criminals, the SEC has kept an entire generation of federal investigators in the dark about past inquiries into insider trading, fraud and market manipulation against companies like Goldman Sachs, Deutsche Bank and AIG. With a few strokes of the keyboard, the evidence gathered during thousands of investigations – "18,000 ... including Madoff," as one high-ranking SEC official put it during a panicked meeting about the destruction – has apparently disappeared forever into the wormhole of history.Here's the link to the article and I would urge everyone to read it in its entirety and then send it around to as many people as you think will give a shit: LINK Senator Richard Grassley of Iowa is leading an investigation into this mess: LINK Unfortunately, like every other Congressional investigation into the corruption and fraud embedded in both Wall Street and the Government, I would bet big money that this will be a tool for Grassley to achieve some selfish political goal and then it will be swept into a sewer hole and disappear without any consequences for those who are guilty. This country is collapsing financially, economically, politically, socially and morally. I have been saying for several years that DC and Wall Street need to be burned to ground and then we need to take the Constitution and rebuild the Governmental center of the country as far from the east coast as possible. That not likely to be the case, just expect that it is going to get a lot worse in every respect... 
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| COMEX Commercials and Swap Dealers Put Floor Under $37 Silver Posted: 17 Aug 2011 10:53 AM PDT Got Gold Report Combined COMEX commercial traders and Swap Dealer net buying in part responsible for $37 silver support. HOUSTON – The CFTC commitments of traders (COT) report for last week showed that commercial traders covered or offset a considerable amount of their net short positioning in gold futures as we reported in these pages yesterday. The report also showed a similarly large ‘get-out’ by the commercial traders in silver, but that’s not the only thing analysts find interesting in the government reports covering the positioning of the largest metals futures traders. As we reported in our linked charts for Vultures (Got Gold Report Subscribers) on Sunday: As silver fell $3.25 or 8% Tuesday to Tuesday (the cutoff for COT data released each Friday), to close at $37.52 on the Cash Market, the collective net short positioning of the traders the CFTC classes as ‘commercial’ (LCNS) dropped by a very large 9,247 contracts or 2...
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| Gold - 4 Hour chart update and comments Posted: 17 Aug 2011 10:50 AM PDT [url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] The ability of gold to push past $1780 set the stage for its test of the $1,800 level. The two lines of technical resistance are noted on the price chart. As you can see, the initial approach to $1780 saw gold encounter some resistance from sellers trying to defend that level. After they were unsuccessful, they then retreated towards the $1800 level from which they are attemping to absorb the bids coming into the Comex gold pit. Technically, the gold market is now at a crossroads of sort for the short term price action. Volume has been shrinking as it nears $1800 which is not particularly a good sign for the bulls as it reflects hesitancy on their part to get too aggressive at this point. They will need to stand firm here to prevent the bears from getting emboldened. If the bulls can push price past $1800 and hold it above that level, they have a very real chance at moving back to the all t...
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| Gold and Silver Full Spectrum Dominance Posted: 17 Aug 2011 10:48 AM PDT by Jim Willie, GoldenJackass.com:
That must sound drastic and melodramatic, but just wait. Other calls of an insolvent US banking system, calls of a chronic housing bear market also once sounded extreme. They came true. So did $1000 gold and Canadian Dollar parity calls made in 2005. Again they came true. Dismissal of Green Shoots, Jobless Recovery, Exit Strategy, and No QE sounded bombastic and pedagogical, but they were also correct calls. In fact, very easy calls. The ruin of the USTreasury Bond debt security is a long drawn out process like a cancer victim. Weakness is followed by emaciation, then organ damage, circulatory problems, finally a bedridden state, and lastly the inevitable death. Analogies to each can be made with USTBonds nowadays, like the foreign central banks withdrawing from the process evident in low Indirect Bids, like dependence upon debt monetization. Read More @ MarketOracle.co.uk
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| Posted: 17 Aug 2011 10:44 AM PDT from The Economic Collapse Blog:
Read More @ TheEconomicCollapseBlog.com
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| Guest Post: Recent Gold Hedging Activity – a Warning Sign? Posted: 17 Aug 2011 10:08 AM PDT Submitted by Andrey Dahskov of Casey Research Recent Gold Hedging Activity – a Warning Sign? In the first quarter of 2011 (Q111), net gold hedging was reported by GFMS and Société Générale. A gold mining company may hedge its production on expectations of falling gold prices in order to lock in high prices and possibly avoid losses. As gold hits one nominal high after another, is such behavior a sign that the bull market in gold is over? To answer that question, we had a look into Boliden's (T.BLS) latest interim report. The GFMS study mentions that in Q111, Boliden was one of the most active hedgers; it was accountable for 58% of gross hedging activity during that period. Let's have a closer look at the company. Boliden is not a pure gold mining company. Gold is metal number three in Boliden's portfolio, after copper and zinc. In the second quarter of 2011, Boliden produced 158.5 million pounds of zinc and 45.2 million pounds of copper in concentrates. Gold production in Q211 amounted only to 35,062 ounces; silver, 1.9 million ounces. Boliden is a regular hedger. Under the current gold price environment, in the beginning of 2011 Boliden decided to increase its gold production. It plans to accomplish this by expanding operations at its Garpenberg zinc-copper-lead-gold-silver mine and by starting up a new mine, Kankberg, which would produce tellurium and gold. Both are located in Sweden. Boliden used hedging to insure its planned US$614 million (SEK3.9-billion) investment into Garpenberg and US$75 million (SEK475 million) investment into Kankberg. At Kankberg, it hedged all future tellurium production and 80 percent of the gold output. The company wants to leverage on the current high gold and tellurium prices to make sure Kankberg operations remain profitable. Boliden's case is quite understandable. Hedging has been the company's policy for quite a long time, and the need to insure two large new production initiatives resulted in an unusual amount of new contracts. While Boliden seems to continue committing a significant portion of its future sales in the form of forward contracts, about 60% of all deals at the end of the first quarter make use of a different vehicle: collar options. The collar-option strategy provides the seller with a balance of limited downside and more flexibility on the upside. The strategy in essence provides a trader (a mining company, in our case) with a price corridor for the contracts to fluctuate within. This is more flexible than setting up a fixed forward price. It is quite interesting to see what the current price corridor for future gold sales looks like, judging by the option positions held by gold hedgers. Have a look at the following table:
The numbers seem quite familiar. The "floors" remind one of some of the more conservative gold prices used in the current economic assessments of gold projects: US$940.35 is close to what Exeter Mines (T.XRC) used as the lowest gold price in its prefeasibility study on the company's monster Caspiche deposit (US$1,000). The highest "ceiling," US$2,622, is higher than most of the "best-case" mine scenarios, but is understandable as a gold price projection based on how the metal has been performing so far in 2011. In short, these numbers do not seem to reveal anything that we don't already know… the timing, however, is quite interesting. Timing is an important parameter in option pricing. As it turns out, on average the hedgers' contracts span over quite a short-term period. Quoting the GFMS report: While the industry as a whole appears to be less vehemently opposed to hedging than was the case a couple of years ago, we note that most hedging is still being undertaken over a short to medium time frame: little hedge cover extends beyond 2013. There are outliers, however; and Boliden is one of them. It is interesting to note that around half of [Boliden's] contracts are scheduled for delivery between 2014-2017; the longest dated contracts seen for quite some time, put in place to secure the long term viability of the Garpenberg expansion. As we see, the reasons behind the increase in hedging are understandable. There are no signs of a tectonic shift in producer attitudes towards gold. The most cautious ones take advantage of the metal's price increase, but their actions are largely company- and even project-specific. Hedging can be a good way to increase investor confidence in a mining project, to insure their investments, or to secure a bank loan. We do not see that positive net hedging in the first quarter is alarming – the economic problems bubbling to the surface now should provide a lot of reasons for the gold price to continue rising for quite some time. Finally, most of the global hedge book is comprised of recent contracts, the report says. They were entered into when gold hit nominal highs and some of the mining companies started acting protective of their future revenues.
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| Jim Willie, CB - Gold & Silver: Full Spectrum Dominance Posted: 17 Aug 2011 09:47 AM PDT Look for gold profits to move toward silver positions, lifting its price toward $50 in the coming several weeks.
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| Miner Gold Resource Corp. starts treating gold and silver as money Posted: 17 Aug 2011 09:34 AM PDT 5:30p ET Wednesday, August 17, 2011 Dear Friend of GATA and Gold: Mineweb's Lawrence Williams reports today that miner Gold Resource Corp. has begun minting its own gold and silver coins, is holding some of its cash balance in metal, and aims to pay dividends in metal as well. (There's another name to scratch off the Fed's Christmas party list.) Williams' story is headlined "Gold Miner Minting Its Own Gold and Silver Coins, Looking to Pay Dividends in Kind" and you can find it at Mineweb here: http://www.mineweb.com/mineweb/view/mineweb/en/page66?oid=133623&sn=Deta... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Lewis E. Lehrman on How to Solve the U.S. Debt Problem Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program. Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust. Lehrman says: Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust." To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: http://www.thegoldstandardnow.org/gata Join GATA here: Toronto Resource Investment Conference http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Company Press Release, October 27, 2010 VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include: -- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres. -- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres. -- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre. Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface. "The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest." For the company's full press release, please visit: http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf
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| Martin A. Armstrong: BIG MONEY & THE ECONOMIC DEPRESSION Posted: 17 Aug 2011 09:33 AM PDT The system is out of control and we are headed into a death spiral that leads nowhere you want to go. Gold will rise in value either way.
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| Gold has become 'substitute currency,' Jean-Marie Eveillard tells King World News Posted: 17 Aug 2011 09:23 AM PDT 5:20p ET Wednesday, August 17, 2011 Dear Friend of GATA and Gold: Jean-Marie Eveillard of the First Eagle Funds today tells King World News that gold has become more than a hedge against inflation -- a "substitute currency." (Looks like he's not going to get invited to Federal Reserve Chairman Ben Bernanke's Christmas party.) An excerpt from the interview has been posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/17_Ev... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Company Press Release, October 27, 2010 VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include: -- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres. -- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres. -- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre. Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface. "The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest." For the company's full press release, please visit: http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf Join GATA here: Toronto Resource Investment Conference http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Lewis E. Lehrman on How to Solve the U.S. Debt Problem Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program. Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust. To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: http://www.thegoldstandardnow.org/gata
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| Posted: 17 Aug 2011 09:23 AM PDT As Chavez Pulls Venezuela’s Gold From JP Morgan, Is The Great Scramble For Physical Starting? “The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back … Continue reading
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| Controlling the Populace Via the Children Posted: 17 Aug 2011 09:12 AM PDT Author: Vedran Vuk Synopsis: Doug Hornig highlights a deeply disturbing trend in the increasing efforts of U.S. law enforcement officers to control citizens. Vedran Vuk comments on the practice of hedging, and offers some interesting links. Dear Reader, After Andrey Dashkov's article last week on increased hedging in the gold industry, I promised to comment more on the theoretical background of hedging. Unfortunately, the market had other plans for my writing topics until now. Let's start with asking, "Why do companies hedge?" They do so to maintain predictable cash flows and to reduce risk. If a gold producer locks in gold prices at $1,700 per oz., it can guarantee a certain amount of revenue. Sure, maybe the price could go higher, but the downside is smaller as well. In a way, the company caps both its profit and loss. Guaranteed cash flows sound nice, but who d...
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| Doug Casey: We Are Exiting the Eye of the Storm Posted: 17 Aug 2011 09:12 AM PDT Author: Doug Casey Synopsis: Doug presents a compelling argument that the U.S. and global economies are about to be buffeted again, as social and political unrest continue to grow. L: So, Doug: London has suffered more damage from recent rioting than from anything else since the Blitzkrieg; the stock market had its most volatile week in years; gold shot well north of $1,800; and the U.S. government almost crashed into its debt ceiling. Smells like blood in the streets. What does a street fighting man like you make of all this? Doug: Well, it was about 40 years ago in 1971 [laughs] when I read Harry Browne's first book, How to Profit from the Coming Devaluation. In that book, Harry said that if gold went as high as $200, it would be a sign runaway inflation was coming, and readers might need their survivalist retreats, etc. He was actually right about everything he s...
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As a budding 25-year-old analyst at broker White Weld & Co. in New York City, Marc Faber compiled in his market commentary a list of stocks that might benefit from a possible devaluation of the dollar. A day later, on Aug. 15, 1971, US President Richard Nixon removed the dollar's peg to gold, and Faber's report proved prescient, elevating his status as the firm's currency expert. 
Gold and Silver have emerged in the last 12 months as the dominant asset group. They led the entire 2000 decade, still gathering disrespect. They do not require respect from the Wall Street and London crowd. They serve as effective protection during the slow motion crumbling process to the global monetary system. The sovereign bond crisis has circled the peripheral nations, rendered its wreckage, and is working toward the center where the USTBond and UKGilt reside (worried). Italy and Spain are squarely in the crosshairs for financial assaults, but France and the United States lie closer to the core of Western nation sacred debt territory, soon to become sacred burial grounds.
According to a whole host of polls and surveys, the American people are incredibly angry right now. The American people are hopping mad at the government, the American people are hopping mad about the economy and the American people are hopping mad about the direction that this country is headed. Never before in modern U.S. history have the American people been this angry. There is vast disagreement about what the solutions to our problems actually are, but what everyone can agree on is that the American people are absolutely seething with anger right now. The statistics that you are about to read are mind blowing. We used to be such a happy country. Once upon a time we were one of the happiest places on earth. But as the economy has fallen to pieces anger has been steadily growing. If something is not done to turn the economy around eventually this anger is going to erupt in frightening and unpredictable ways.| You are subscribed to email updates from Save Your ASSets First To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
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