Gold World News Flash |
- Silver at Risk of Revering Lower with Gold
- Gold Now Monstrously Overbought
- Gold $2000 and Silver $100 by Years End
- Gold, Silver SOAR, Gold Cartel In Shambles / PM Shares On The Move … Finally
- Hugo Chavez to reclaim his physical gold (however much of it may exist) from custodians such as JP Morgan and Bank of Nova Scotia. The implications of this move are substantial.
- Gotta Love Those Juniors
- Sponsor of Utah's gold and silver legislation interviewed by King World News
- Ben Davies - Why Gold Will Now Hit $2,100 Within Weeks
- In March of 2011 David Cameron ordered British police to seize the entire contents of nearly 7,000 safety deposit boxes from three vaults in London.
- Visualizing What $1.2 Trillion In Secret Fed Bailouts To The Banking Kleptocracy Looks Like
- The (Criminal) Wall Street Aristocracy Got $ 1.2 Trillion in Loans
- Why is George Soros Selling Gold and Buying Farmland?
- Guest Post: Print It And They Will Come
- Chinese Think Tank Implies America May Be Falsifying Its Accounting, Says US On Way To Default
- Ben Davies: Thanks to Venezuela, gold will hit $2,100 within weeks
- Gold Market Update
- Silver Market Update
- Silver and Gold Continue Friday's Run
- The Ratings Agencies, Part I: Experts or Charlatans?
- Greece Avoids Bank Run By Last Minute Bail Out Of Proton Bank
- Silver. Well, good morning to you, too!
- Photos: Oil At BP's Deepwater Horizon Gulf Spill Site
- Photos: Oil At BP's Deepwater Horizon Gulf Spill Site
- The Run on Physical is Near – Remember, WE Are the Modern Day Hunt Brothers
- [Saif al-Islam] Gaddafi has been detained
- Remember Silver?
- The Battle For Libya Is Almost Over... As Is The Battle For Its 144 Tons Of Gold
- Answering Your Questions: Record Low in Treasuries Gold Breaks Past $1,800
- Senator discloses confidential CFTC trading data from 2008
| Silver at Risk of Revering Lower with Gold Posted: 21 Aug 2011 07:28 PM PDT Although we have seen a quite strong rally by silver over the past week as expected, it is hard to reconcile the prospects for a continued rally in silver with the outlook for a substantial reaction by gold soon. This throws our wave count into question and opens up the risk of silver reversing back down from the upper trend channel return line shown on our 6-month chart that it hit on Friday when it enjoyed a strong up day, and also highlights the possibility that the action of the past several months is a bearish Rising Wedge that will be followed by renewed decline, although for this scenario to become a reality, the price would have to break down beneath the lower supporting trendline of tentative converging channel shown.
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| Gold Now Monstrously Overbought Posted: 21 Aug 2011 07:25 PM PDT In the last update, despite being extremely overbought, gold was expected to advance to even higher levels, for various reasons, principally the COT readings and the bullish volume pattern. We gave a target in the $1900 area, and that target was very nearly attained on Friday when gold hit $1881 intraday, before reacting back to close well well off its day's highs.
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| Gold $2000 and Silver $100 by Years End Posted: 21 Aug 2011 07:20 PM PDT Politicians should stick to what they’re good at, groveling for money to fund their next re-election campaign and making pompous speeches to stir up even more partisan bickering. What they should not do is stop making believe that they know anything about economics. If I bought Harvard University it would not qualify me to teach organic chemistry. Well the same is true of politicians. Just because you have a pleasant smile and a personality that does not completely turn every voter off does not make you qualified to speak about economics. Politicians should simply stick to what they’re good at and if anyone can figure out what they’re good at would you be kind enough to drop me a post and let me know.
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| Gold, Silver SOAR, Gold Cartel In Shambles / PM Shares On The Move … Finally Posted: 21 Aug 2011 05:30 PM PDT Le Metropole Café
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| Posted: 21 Aug 2011 05:14 PM PDT Things That Make You Go Hmmm…. Such As A Venezuelan Dictator Bringing Down The Global Gold Cartel
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| Posted: 21 Aug 2011 05:01 PM PDT Gold and silver have been pretty much the best things to own during the past few years. But the mining stocks…not so much. This is no secret, though why the miners are underperforming is a subject of debate. You hear about high energy prices (though oil is way down lately) and potential nationalizations (though most of the biggest mines are in relatively stable countries). But the most likely explanation is that there isn't one. Sometimes otherwise strong relationships diverge for a while and then snap back. Wondering why just gets in the way of exploiting the divergence. So the real question, assuming precious metals don't plunge from here, is which miners to load up on? Based on the chart below, it looks like the juniors win hands down:
The black line represents the McEwen Capital Junior Gold Index, a list of mostly Canadian exploration companies that have yet to start producing. This is generally the cheapest type of miner in terms of share price per ounce of metal in the ground, because until they start producing there's always a chance they won't. Once an explorer moves successfully into the producer category its valuation frequently pops. As you can see, these juniors have returned nada in the past three years, which is on a par with the Dow Jones Industrials — a pathetic showing for companies whose metal reserves are worth two or three times per ounce what they were in 2008. In a long-term bull market the explorers, in the aggregate, would be expected to outperform the underlying metals. So the upside potential is pretty obvious: If gold and silver hold their recent gains, lots of explorers will either be bought out for nice premiums or start producing and see their reserves revalued to twice or more their current levels.
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| Sponsor of Utah's gold and silver legislation interviewed by King World News Posted: 21 Aug 2011 04:41 PM PDT 12:43a ET Monday, August 22, 2011 Dear Friend of GATA and Gold (and Silver): King World News has interviewed Utah state Rep. Ken Ivory, sponsor of that state's recently enacted legislation recognizing gold and silver as legal tender. You can listen to the interview at King World News here: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/8/22_K... 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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| Ben Davies - Why Gold Will Now Hit $2,100 Within Weeks Posted: 21 Aug 2011 04:35 PM PDT  In this piece exclusively for the King World News blog, Ben Davies, CEO of Hinde Capital, gives KWN readers globally his take on why gold stands ready to launch higher. In Davies' brand new interview he revised his call on gold and stated that gold could hit $2,100 within weeks, rather than the end of December. In the piece below he explains the reasons why the price of gold will surge so quickly.
This posting includes an audio/video/photo media file: Download Now | ||||
| Posted: 21 Aug 2011 04:20 PM PDT British government begins stealing its peoples' bank deposits ahead of the global financial collapse.
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| Visualizing What $1.2 Trillion In Secret Fed Bailouts To The Banking Kleptocracy Looks Like Posted: 21 Aug 2011 03:07 PM PDT While Bloomberg has done a tremendous job of digging through 29,346 pages of FOIA data, its discovery is not at all surprising: that Wall Street's (not to mention the rest of the world's) biggest banks received a total of $1.2 trillion in previously secret Fed loans, in addition to the trillions in public backstops and loans from the US Treasury. As a reminder, "denominated in $1 bills, the $1.2 trillion would fill 539 Olympic-size swimming pools." The best summary of this ongoing collusion between the Fed and Wall Street, in which it once again for the nth time becomes clear that all the Fed cars about is making sure its banking masters are never impaired, is from the article itself: "Even as the firms asserted in news releases or earnings calls that they had ample cash, they drew Fed funding in secret, avoiding the stigma of weakness." And there you have it: everything that come out of Wall Street is and has always been a lie: either courtesy of 30 years of great interest rate moderation, in which only cheap money adds to banks' top and bottom lines, or due to the Fed making sure the same banks never suffer a dollar loss when central planning fails, such as it does increasingly often lately (and forget about 10(b)-5 violation charges coming from the corrupt regulators: after all they are all in bed together). That Morgan Stanley, Dexia and Citi are, and have been since 2008, dead men walking, is by now known to all financially literate readers: additional confirmation can be found in the Bloomberg article, which we won't paraphrase because it has all been said over and over. That said, Bloomberg has done a great visual interactive chart summary of who got what, when, how much, over peak and average metrics and so forth. We urge readers to play around with it (don't worry, it won't break the banks; and if it does the Fed will secretly bail them out again) and every time they consider putting money into our "solvent" financial system.
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| The (Criminal) Wall Street Aristocracy Got $ 1.2 Trillion in Loans Posted: 21 Aug 2011 02:05 PM PDT By Bradley Keoun and Phil Kuntz Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits. [Ed note: Yes, the very same Bank of America whose James Mahoney, Director of Public Policy for BoA, can be seen offering Rick Perry favors here:] By 2008, the housing market's collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret. Fed Chairman Ben S. Bernanke's unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.
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| Why is George Soros Selling Gold and Buying Farmland? Posted: 21 Aug 2011 01:48 PM PDT Food prices are skyrocketing all across the globe, and there's no end in sight. The United Nations says food inflation is currently at 30% a year, and the fast-eroding value of the dollar is causing food prices to appear even higher ... Read More...
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| Guest Post: Print It And They Will Come Posted: 21 Aug 2011 01:43 PM PDT From Peter Tchir of TF Market Advisors Print It And They Will Come I have to admit, I never understood Field of Dreams. I "get" why it was popular - a quasi-mythical figure who just "knows" things. Some good looking guys with enough sentimental moments to make women happy, and just enough baseball to make guys not cringe. But honestly, I never understood the movie. So, what does that have to do with printing money? I guess I just don't understand the fascination with it. Why is printing money the best solution? Why isn't trying to pick up the pieces after some defaults, a better solution than printing. With stock futures down again already, and Jackson Hole coming up, you know we will hear Wall Street (and anyone caught long) clamoring for the Fed and ECB to PRINT more money. It seems to be the only "solution" to the debt burden too many countries are facing. I agree that it is the only way to avoid some defaults and some pain. But is the cure worse than the problem? There will be problems if we let Greece default. It would drag down some banks, which would not be good - short term. But I remain convinced that in 10 years, economists will praise FDR's patience. They will talk about how waiting for the system to recalibrate was a difficult but important decision. Only once the system had "reset" would the policies work to create a great rebound. We will learn that throwing money out of a helicopter only gets the money caught in the blades, destroying most of it, and possibly damaging the helicopter. Those who felt Countrywide needed to be saved, or Bear Stearns had to be saved, will be vilified. Those that let Lehman go, will be questioned on why they didn't do a couple of things (guarantee swap lines, for example) but in the end, will be respected for their willingness to let excesses collapse, and let those that were prepared to prosper. Every time we come up with a new "solution" to our problems, we gravitate towards "unknown" unknowns. Maybe we should just take our medicine and try and deal with "known" unknowns. I don't know much about Rumsfeld, but that phrase resonates with me. We continue to put out new policies, attempt to solve problems, but only seem to create new ones, that are even bigger and more complex. The Fed can misuse words like transitory or unintended consequences as much as they want. But many of the "unintended" problems could have been (and were) foreseen. And even Dorothy couldn't just click her heels and wish bad things away as easily as Ben thinks he can make them disappear by uttering the word transitory. I had a boss once who explained the difference between a structurer and a structured trader. The structured trader would try and come up with a solution that left more risk, but the risk was quantifiable, and hedge-able. They were nervous and analyzed their positions daily and tried to constantly adjust to a changing world. The structurer would create a solution that solved most things that were likely to occur, but was left a few disaster scenarios in place. And the solution was unhedge-able. All you could do was own the risk, and hope for the best. The "structurers" were arrogant and were dismissive of anyone who questioned their idea, and somehow any rational argument about the potential downside was twisted, with a wave of the hand, a raising of the eyebrows, and a lightly uttered "hrmph" made it look as though you were arguing that leprechauns existed. All of the Central Bankers, IMF, and World Bank, "Chairman", "Managing Directors", "or Supreme Commanders" are structurers. So, we will get money printing. That to me, is dangerous, since we don't know what printing so much more money will do. It doesn't in any way, shape, or form address the root cause of the problem. It is hard to hedge (buy more gold?) and it potentially unleashes problems we haven't even contemplated. Hyper-inflation causes riots in countries where China bought land to produce food and gives them an excuse to enforce their rights by sending in troops? Maybe that is crazy, but in my defense, I am wearing my IG200 hat, not a tin foil hat. I am not sure what can or can't happen in a world where we decide that printing money is the best way out of our problems. So many bizarre things have come out of our alternative solutions, and few of them good, that we should spend more time thinking about accepting the default of the weak, and seeing what we can do with that. If Greece defaults and there is a run on weak sovereigns, stocks will go down. Things like gold will go up, though they may be held back by profit taking since so much else will get hurt. Basic soft-goods probably hold in, as people still need to eat. Steel and energy will go down, but maybe that isn't bad for most of the 6 billion in the world. We spend so much time worrying about the stock market (well, those of us not glued to American Idol, Jersey Shore, or Housewives of some city), but if QE2 showed us anything, it is that the wealth effect is exaggerated. The wealth effect impacts a small portion of society, and the companies they buy stuff at - tiffany's. The majority of people have very little invested in the market. Maybe their 401k's are invested in the market, but few people are so stupid to get excited that their measly 401k is up 20% when everything else points to reduced pensions, reduced health-care, and higher taxes in the future. I am short the market. I felt that we were not going to get any new support announced over the weekend and I believe Europe will struggle tomorrow. But at some point it will be time to cover. The voices of important, smart, powerful, and rich people, will drown out any objections the fringe may have and government will embark on a program of printing. In the short term, that will be positive for risk assets. In the long term, I suspect it will be disastrous. I continue to hope that some leaders have the conviction to try and stop the "pretend and extend" program now. It will be painful, but I think we could still pick up the pieces. The longer this goes on, the harder it will be to fix it. As an aside, if the dot-com bubble and Enron brought intense scrutiny on to Wall Street and to fortune 500 CEO's, shouldn't this crisis bring the same level of scrutiny on government? Shouldn't Sarbanes-Oxley be adapted to fit government? Maybe we should have access to their e-mails where they tell a colleague that there is no way we default, but that he (or she) is going to tell the press that the government might because it will scare the bejeezus out of their constituents and ensure that their next fundraiser is full of high paying donors. Or that next time someone writes in a private e-mail that they agree with a bill but think if they hold out a bit longer, they can get a little earmark in the next bill, the public should know.
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| Chinese Think Tank Implies America May Be Falsifying Its Accounting, Says US On Way To Default Posted: 21 Aug 2011 01:31 PM PDT Joe Biden came to China, saw, and failed to conquer the locals' ridicule. Punctuating just how "effective" Biden's visit to China was in order to "reassure that the US is solvent" (no seriously, that;s the name of the article) is a just released article in the Securities Times by Wang Tialong, member of Chinese think tank Center for International Economic Exchanges in which he went on to blatantly say that "The U.S. may be on its way to default on its debt despite the U.S. government's ability to print more money, a Chinese think tank researcher said Monday." Now this is nothing new in the escalating war of words between the two countries, although increasingly China appears to be attacking the primary loophole that defenders of the unsustainable US debt use, namely the fall back to the USD as a reserve currency. Wang went on further to implicitly accuse the US of fabricating economic data: "There is also no way to punish the issuer country if it falsifies its accounting and there is no way to restructure the issuer either, Wang said." Well, when China accuses the US of "falsifying accounting" you know you have hit rock bottom. From Dow Jones:
Slowly, surely, China is realizing that the endgame is nothing short of out of control debt inflation, which is precisely what having no way to "restructure the issuer" means. That plus sending the US to bankruptcy court may be somewhat problematic. It also means that Chinese holdings of US debt will be increasingly worthless, and its population increasingly stabby as the price of hogs resumes its record climb. The only alternative is for the CNY to float and for the Chinese, Russians and Germans to say enough to this broken economic model and launch a gold (and other hard asset) backed currency. The only question is when. h/t London Dude Trader
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| Ben Davies: Thanks to Venezuela, gold will hit $2,100 within weeks Posted: 21 Aug 2011 01:28 PM PDT 9:25p ET Sunday, August 21, 2011 Dear Friend of GATA and Gold: In an essay written exclusively tonight for King World News, Hinde Capital CEO Ben Davies accelerates his prediction for gold to break $2,000, on account of quickening recognition, prompted by Venezuela's repatriation of its gold reserve, that the Western fractional-reserve gold banking system is woefully exposed to a short squeeze. "This," Davies writes, "will get other governments, central banks, and financial institutions that hold their gold abroad to reconsider their gold holding locations. We could see further repatriation of gold home. Maybe the Europeans will ask for a return of their gold. Remember last time a European did that? August, 15, 1971, and Nixon's closing of the gold window were the response. And the rest is history." Davies' essay is headlined "Why old Will Now Hit $2,100 Within Weeks" and you can find it at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/22_Be... CHRIS POWELL, Secretary/Treasurer 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: 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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| Posted: 21 Aug 2011 01:25 PM PDT In the last update, despite being extremely overbought, gold was expected to advance to even higher levels, for various reasons, principally the COT readings and the bullish volume pattern. We gave a target in the $1900 area ... Read More...
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| Posted: 21 Aug 2011 01:08 PM PDT Although we have seen a quite strong rally by silver over the past week as expected, it is hard to reconcile the prospects for a continued rally in silver with the outlook for a substantial reaction by gold soon. Read More...
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| Silver and Gold Continue Friday's Run Posted: 21 Aug 2011 12:27 PM PDT | ||||
| The Ratings Agencies, Part I: Experts or Charlatans? Posted: 21 Aug 2011 12:24 PM PDT by Jeff Nielson, Bullion Bulls Canada:
I hate hypocrites. It's no secret. I've stated it on countless occasions in previous commentaries. Supposedly, the Western legal system (the literal "foundation" of our democracies) "hates hypocrites" as well. To be specific, supposedly our legal systems don't allow a group of people to call themselves "experts" when they are pocketing fat fees for their analysis/assessment of the quality of complex financial products; and then to say "Just kidding. We're not experts, and no one should base any financial decision on our opinions" once such "opinions" have been shown to be severely flawed. Then there is the United States of Crime. In the Land of Looting, we see the "double-standard" (i.e. blatant hypocrisy) enshrined as the highest ideal. On the one hand, cheap con-men (i.e. the privileged financial insiders in their expensive suits) can use the "rules of Justice" to hide behind – irrespective of how fraudulent/absurd are their legal defenses. On the other hand, the victims of these sleazy shysters discover that (one by one) all of our legal protections are nothing but illusory anachronisms, simply erased whenever they threaten the interests of those same financial criminals. There is no more blatant demonstration of "American Justice" at work than with respect to the fraudulent double-standard which has been invented for the sole benefit of the Wall Street crime syndicate, and their accomplices – the ratings agencies. Read More @ BullionBullsCanada.com
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| Greece Avoids Bank Run By Last Minute Bail Out Of Proton Bank Posted: 21 Aug 2011 11:32 AM PDT Alas, it is not a liquidity problem, it is a solvency problem. After delaying this realization for over two years, Greece, and Europe, are about to understand just how flawed "bailout" strategies that address the symptoms and not the cause, have been since the beginning of 2010. And while the world is engaged with the latest victim of the Bernanke-inspired, food-price inflation political upheaval better known as the Arab Spring, whose final stop is nothing less than Times Square, Greece quietly avoided the failure of smallish Proton bank (there is no FDIC backstop of failed banks in Greece), which would have resulted in a market wide panic, and a terminal bank run that would have toppled the Greek financial sector. Luckily, this was prevented in the last second courtesy of a capital injection in the last minute by the big 4 Greek banks. From the FT: "Greece's four largest banks agreed to take up a €50m convertible bond to help recapitalise Proton Bank, a small lender, the central bank announced this weekend, in what is being seen as an attempt to avert a run on the country's fragile banking system..."In this environment, it was essential to prevent Proton from collapsing and creating a mood of fear with unpredictable consequences," said one banker, explaining the rationale for the take-up of the Proton bond." In summary, Greece was lucky... this time around, they had enough cash to save the smallish lender. The next time around they will not be so lucky.
Also it appears that the recent substitution of Greek FinMin G-Pap with Venizelos will not be successful as there, unlike here, bailing out banks at any and all costs s generally frowned up.
For now it appears that contrary to some expectations of a new ECB announcement tonight, which would provide so much needed USD-denominated liquidity to local banks, one is not coming, which means that the same old Risk Off scramble will prevail as soon as Europe opens in a few hours. And one of these days the Greek bank that blows up will be just large enough to where even its bigger cousins will be unable to bail it out. h/t Mike
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| Silver. Well, good morning to you, too! Posted: 21 Aug 2011 11:20 AM PDT
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| Photos: Oil At BP's Deepwater Horizon Gulf Spill Site Posted: 21 Aug 2011 11:11 AM PDT By Washington's BlogBP Gulf Oil Spill: Leaking Again?I noted on Thursday that billion dollar verdict winner trial attorney Stuart Smith alleges that his contacts say BP's Deepwater Horizon oil well is leaking again. Smith notes today:
Gulf Restoration Network reports:
And see these videos and photos from Wings of Care. Giant Oil Production Ship Back In AreaAlso suspicious, a giant oil production ship is back at the scene of the oil spill. Smith reports:
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| Photos: Oil At BP's Deepwater Horizon Gulf Spill Site Posted: 21 Aug 2011 11:11 AM PDT
By Washington's BlogBP Gulf Oil Spill: Leaking Again?I noted on Thursday that billion dollar verdict winner trial attorney Stuart Smith alleges that his contacts say BP's Deepwater Horizon oil well is leaking again. Smith notes today:
Gulf Restoration Network reports:
And see these videos and photos from Wings of Care. Giant Oil Production Ship Back In AreaAlso suspicious, a giant oil production ship is back at the scene of the oil spill. Smith reports:
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| The Run on Physical is Near – Remember, WE Are the Modern Day Hunt Brothers Posted: 21 Aug 2011 11:03 AM PDT The silver story is simple. Silver is rare. Paper dollars are not. Most of the silver ever mined has been consumed and used up by industry. Monetary demand for silver is at historic lows. Demand for silver, as protection from inflation, is returning. This is a restoration of monetary demand, first, as a form of savings. Later, silver will be used as a unit of account, and finally, as a medium of exchange. You can buy silver now, or slave for it later. Best to buy now. – Jason Hommel Embrace Liberty, Buy Physical Silver and Destroy the Criminal Banks! We are The Modern Day Hunt Brothers
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| [Saif al-Islam] Gaddafi has been detained Posted: 21 Aug 2011 11:02 AM PDT Stacy Summary: The son is detained, not the father. No word on the gold. Apparently, there is already a new Constitution ready. Wonder if it has an Order 81? Gaddafi has been detained
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| Posted: 21 Aug 2011 10:52 AM PDT
Because the stealthy take over of Libya by its rebel forces is matched only by the stealth soaring of silver in the last two days. We wonder how long until the perfectly normal and completely SEC-uninvestigated May 1 silver sledgehammer formation repeats again, and when will we see another 5 silver margin hikes in the san of a few days?
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| The Battle For Libya Is Almost Over... As Is The Battle For Its 144 Tons Of Gold Posted: 21 Aug 2011 10:42 AM PDT Following a 6 month stalemate in which neither side had attained any advantage, it suddenly took just a few days for the Libyan rebel forces to steamroll unopposed into Tripoli. While we are confident that the political aftermath of this outcome will be very much comparable to what is happening in Egypt right now, many wonder why it is that the Libyan situation has progressed with such speed. Perhaps the answer can be found in the 143.8 tons of gold held by the Libyan Central Bank. Granted it is nowhere near close the 366 tons of gold that Venezuela supposedly has per the WGC, most of it likely held offshore and not being repatriated, the question of where the global gold cartel may find some of the much needed physical to satisfy Chavez' demands has been now answered. Of course we assume that said gold has not already departed Libya in direction Caracas over the past 6 months. Which, in retrospect, we probably should, as it would explain why gold is now at $1875 and rapidly rising.
and gold:
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| Answering Your Questions: Record Low in Treasuries Gold Breaks Past $1,800 Posted: 21 Aug 2011 08:15 AM PDT Record Low in Treasuries Gold Breaks Past $1,800 ...
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| Senator discloses confidential CFTC trading data from 2008 Posted: 21 Aug 2011 07:55 AM PDT Senator's Leak Sparks Commodities Debate By Greg Meyer http://www.ft.com/intl/cms/s/0/645a8228-caad-11e0-94d0-00144feabdc0.html A US senator's public release of confidential data on energy traders has sparked debate over how much should be disclosed about commodity markets, where positions are usually a closely guarded secret. Last week Bernie Sanders, a Vermont independent, leaked and later posted on his website lists of trading positions in oil, natural gas and other commodity markets as part of a campaign to force a clampdown on commodity speculation. The disclosures contained details from 2008, when crude oil was on the doorstep of a record $145 a barrel and the Commodity Futures Trading Commission had just begun surveying positions in the privately negotiated swaps market. Included on the list are Wall Street banks, trading houses, oil companies, and hedge funds. ... Dispatch continues below ... 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 "We believe all of this information should be transparent and open to the public," said a senior policy adviser to Mr Sanders. "Sunlight may be the best disinfectant. The problem is that this information is confidential in the first place." In US equity markets, investors must disclose large positions in individual stocks. But in futures markets, market participants submit information anonymously. The CFTC publishes weekly reports on commodity markets with holdings for categories such as swap dealers and hedge funds, but does not identify individual traders. "I think that the public, policymakers, and markets themselves would be better served if company-specific information was in the public domain," said Tyson Slocum of Public Citizen, a Washington watchdog. While barred from publicly naming traders, the CFTC is required to provide confidential information to Congress. People familiar with the matter said Mr Sanders' office obtained the confidential information after it was turned over to a committee in the US House of Representatives. The CFTC declined to comment. "Instances like these raise market participants' concerns over the government's ability to maintain strict confidentiality of regulatory information and customer trading information," said CME Group, the exchange operator. Next month the CFTC is set to begin gathering even more information on trading in previously unregulated commodity swaps. "The regulators have every right to know what each and every participant is doing in the market, but disclosing that information to other traders will have a severely negative effect on their ability to collect the information necessary to oversee the markets," said John Damgard of the Futures Industry Association. The data released by Mr Sanders showed that on June 30 2008 Wall Street banks such as Goldman Sachs, Morgan Stanley, and Barclays held the biggest positions in US crude oil, though their net positions were a mix of long and short positions. Front-month crude fell 21 cents that day. Other big reported oil traders included SemGroup, the Oklahoma oil pipeline company that went bankrupt the following month after $3 billion in oil trading losses. Hedge funds including Bridgewater and D.E. Shaw, as well as public pension funds, are also included on the list. Bankers said the list of energy market positions, isolated to benchmark contracts for crude, heating oil, gasoline, and natural gas, failed to capture swap contracts linked to more obscure delivery points that in some cases offset the value of their reported holdings. * * * CFTC Report Reveals Rampant Speculation in Oil Markets Press Release http://sanders.senate.gov/newsroom/news/?id=e802998a-8ee2-4808-9649-0d97... Sen. Bernie Sanders offered the following statement after having reviewed a list of speculative oil traders responsible for the 2008 spike in oil prices. This list was compiled by the U.S. Commodity Futures Trading Commission (CFTC). "This report clearly shows that in the summer of 2008 when gas prices spiked to more than $4 a gallon, Goldman Sachs, Morgan Stanley, and other speculators on Wall Street dominated the crude oil futures market causing tremendous damage to the entire economy," Sanders said. "The CFTC has kept this information hidden from the American public for nearly three years. That is an outrage. The American people have a right to know exactly who caused gas prices to skyrocket in 2008 and who is causing them to spike today. The CFTC claims they need more data to impose speculative position limits as required by Dodd-Frank. That is laughable. The American people need action to bring down gas and oil prices and they need it now, which is why I have introduced legislation with eight co-sponsors to do just that." On June 15, 2011 Sen. Sanders introduced a bill titled the "End Excessive Oil Speculation Now Act of 2011", which would force the Chairman of the CFTC to impose strict limits on the amount of oil speculators can trade in the commodity and futures markets. Excessive oil speculation is widely considered to have been a major contributor to high gas prices at the pump and unnecessary volatility in the oil commodities and futures markets. Sen. Sanders' bill currently has eight co-sponsors: Sens. Bill Nelson (D-Fla.), Richard Blumenthal (D-Conn.), Jeff Merkley (D-Ore.), Al Franken (D-Minn.), Sheldon Whitehouse (D-R.I.), Ben Cardin (D-MD), Barbara Mikulski (D-MD), and Jay Rockefeller (D-WV). "We have a responsibility to do everything we can to lower gas prices so that they reflect the fundamentals of supply and demand and bring needed relief to the American people," Sanders said. * * * To view the CFTC report cited above: http://www.gata.org/files/CFTCExhibits7and8.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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