Gold World News Flash |
- Nixon Isn’t The Only Reason The US Closed The Gold Window
- Gold Stocks and Silver: This Is It!
- DOW: Gold Ratio and the Secular Bear Market
- Lehrman, Macleod, Vieira, GATA secretary to speak at Oct. 20 CMRE dinner
- How high can gold go per troy ounce?
- A New Paradigm: “The Herd Mentality in the Chinese Gold Market is Very Strong”
- Gold unlikely to be sold to ease sovereign debt, Morgan Stanley economist says
- Gold Seeker Closing Report: Gold Drops $30 While Dow Gains 300
- Harvey Organ's Daily Gold & Silver Report
- Gold and Interest Rates: More than Joined at the Hip
- Gallup Poll finds Paul only 2 points behind Obama
- Time Monk Radio Network Interviews: Jim Rogers, parts 1-5
- The Gold Price Could Just as Well Rise Tomorrow as Fall - Better Brace for a Rough Ride, Though
- Japan Intervenes In FX Markets... Again; Hilarity Ensues
- Gold Rush: Crowded at the top
- Magazine highlights GATA's London conference; and Casey seminar on debt crisis
- Precious Metal Margin Warfare Jumps The Pacific, As Shanghai Hikes Gold Margins For Second Time ...
- And In The Category For Biggest Conspiracy Theory We Have....
- Matt Taibbi: “Is the SEC Covering Up Wall Street Crimes?” – The Interview
- Fed made State Street Bank profitable as money-fund middleman
- Chavez expects gold to be back in Venezuela in 'weeks'
- Kazakhstan, big gold producer, to keep its metal home starting Jan. 1
- Robin Griffiths: Important Price Targets to Look For in Gold
- Marc Faber: Global Gloom, Boom & Doom
- Big Raid on Gold and Silver with Options Expiry Friday / Lousy Richmond Fed Numbers
- Moody's Downgrades Japan From Aa2 To Aa3
- In The News Today
- Shanghai Gold Exchange does a hit and run on Andrew Maguire. Gold tanks; time to round up “The Usual Suspects.”
- Eric Sprott – Where's The Gold
- Wake Up America! 10 Very Obvious Reasons Why The Devastating U.S. Jobs Famine Is Going To Suck The Hope Right Out Of America
| Nixon Isn’t The Only Reason The US Closed The Gold Window Posted: 23 Aug 2011 05:48 PM PDT Mark J Lundeen [EMAIL="Mlundeen2@Comcast.net"]Mlundeen2@Comcast.net[/EMAIL] 24 Aug 2011 Recently I listened to Jim Rickards' 15 August 2011 interview on King World Radiowhere he addressed the US Treasury's termination of the US dollar gold peg in August 1971. It was frustrating to hear his portrayal of what happened. Mr. Rickards is very influential. For good reasons, his opinions are widely respected. So, when he focused on the obvious fact that it was Nixon who put an end to the Bretton Woods $35 paper dollar peg for each ounce of US Treasury gold, he omitted decades of monetary history prior to August 1971, as all commentators on this subject do. Sure, President Nixon stopped exchanging gold for paper dollars, but that is NOT the entire story, or even the main point we should be focusing on. What would that point be? Simple: gold held under armed guard by a monetary authority is no guarantee against more money being printed than can be backed by that gold. ...
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| Gold Stocks and Silver: This Is It! Posted: 23 Aug 2011 05:46 PM PDT Graceland Update
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| DOW: Gold Ratio and the Secular Bear Market Posted: 23 Aug 2011 05:42 PM PDT Gold Scents
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| Lehrman, Macleod, Vieira, GATA secretary to speak at Oct. 20 CMRE dinner Posted: 23 Aug 2011 05:22 PM PDT 1:24a ET Wednesday, August 24, 2011 Dear Friend of GATA and Gold: Industrialist, historian, economist, and philanthropist Lewis E. Lehrman, founder of the Lehrman Institute, sponsor of The Gold Standard Now project, will be among the speakers at the October 20 dinner meeting of the Committee for Monetary Research and Education in New York City. Joining Lehrman on the program will be a couple other GATA favorites: economist and former banker Alasdair Macleod, who spoke at GATA's Gold Rush 2011 conference in London this month, and monetary historian and GATA consultant Edwin Vieira. Your secretary/treasurer will be speaking too. You might have heard of Columbia University economics Professor Robert Mundell, who may still admit to having invented the euro, and celebrity investor Jim Rogers, who a few years ago was predicting that lead would gain in value much more than gold. They're on the program as well. As usual, the event will be held at the beautiful Union League Club, 38 East 37th St., just a few blocks south of Grand Central Station. Dinner and drinks there are lovely and worth the price of admission in themselves. Admission is $175 for CMRE members and spouses, $185 for everyone else. The event program has been posted here: http://www.gata.org/files/CMREAgenda-10-20-2011.doc A registration form is here: http://www.gata.org/files/CMREReservationsForm-10-20-2011.doc For more information, contact CMRE President Elizabeth Currier at cmre@bellsouth.net. Your secretary/treasurer would be glad to see some friends of GATA there. 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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| How high can gold go per troy ounce? Posted: 23 Aug 2011 05:13 PM PDT These are the results of an ongoing poll at the Wall Street Journal. The question is: How high can gold go per troy ounce? The responses are: 1. It's not topped out yet 960 votes 15.% 2. $2,000 1,202 votes 19.3% 3. $2,500 1,214 votes 21.1% 4. Higher 2,766 votes 44.3% Filed [...] 
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| A New Paradigm: “The Herd Mentality in the Chinese Gold Market is Very Strong” Posted: 23 Aug 2011 04:59 PM PDT
By Fu Tao and Sun Yanxia BEIJING ( Caixin Online ) — At 350 tons per year, China is the world's largest producer of gold. And yet China's statistics show that the country has been a net gold importer since the 1990s. Gold imports and exports have been tightly controlled by the People's Bank of China, though new avenues for investment have emerged in recent years. Marcus Grubb, the managing director of investment research and marketing for the World Gold Council (WGC), in June said that the world gold price had yet to fully internalize the additional demand that China's investors and consumers were bringing to the table. At the time, the WGC had just published figures that showed China's demand for gold surpassing that of India for the first time. This has led many to ask where China's gold market is headed next and to wonder how China's expanding gold imports might apply upward pressure to global gold prices… Chinese individuals' demand for gold mostly comes in the form of jewelry or bullion. WGC statistics show that jewelry purchases in China accounts for 142.9 tons and has increased by 21% year on year in 2010, and bullion purchases are at 90.9 tons, having increased 123%. China's total demand for gold has increased steadily, averaging a 14% increase every year since 2001, according to the WGC. When discussing the "China factor" in the gold market, it is important to remember that much gold buying in China is speculative in nature and prone to fluctuations. "The power of the herd mentality in the Chinese gold market is very strong among investors," said one gold market analyst.
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| Gold unlikely to be sold to ease sovereign debt, Morgan Stanley economist says Posted: 23 Aug 2011 04:55 PM PDT Central Banks to Retain Gold to Manage Debt in Crisis, Morgan Stanley Says By Glenys Sim http://www.bloomberg.com/news/2011-08-24/central-banks-seen-retaining-go... Central banks, net buyers of gold for the first time in a generation, are likely to retain their holdings even if they need to raise cash to counter an escalating debt crisis, according to Morgan Stanley. "Once they've sold, that's it, and buying back would be extremely expensive," said Peter Richardson, chief metals economist at Morgan Stanley Australia Ltd., who has studied metals markets for 20 years. "They would rather have the backing of a rising asset within their reserve portfolios than use it to reduce debt." Gold rallied to a record this week as rising government debt burdens and weakening currencies boosted demand for a haven. Central banks are the biggest gold holders, and Thailand, South Korea, Kazakhstan, Mexico, and Russia have added to reserves this year. The precious metal is the "currency of the world" amid the debt crisis, economist Dennis Gartman wrote Aug. 19. ... Dispatch continues below ... 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 "Under conditions of austerity we're going to see a further deterioration of debt," said Richardson in an interview yesterday. "Rising risk argues in favor of holding onto their gold reserves rather than selling them because they've got only one shot at selling." Immediate-delivery gold, which has rallied 30 percent this year, touched an all-time high of $1,913.50 per ounce yesterday. The metal may reach $2,000 by the yearend, according to the median forecast in a Bloomberg survey of 13 traders and analysts at a conference in Kovalam in South India on Aug. 20. "The European central banks won't sell their gold because while it may be a means to raise cash, it definitely won't be enough to settle their debts," said Duan Shihua, head of corporate services at Haitong Futures Co., China's largest brokerage by registered capital. "Besides, none of the central banks believes in the currencies of other countries." In 2010, central banks became net buyers for the first time in two decades, adding 87 tons in purchases by countries including Bolivia and Mauritius, according to World Gold Council data. In the second quarter of 2011, central-bank and government-institution buying rose almost fivefold to 69.4 tons, taking the first-half total to 192.3 tons, the council said last week. Central banks will remain net buyers this year, it said. Central banks have been "active buyers" of gold in recent months, Edel Tully, an analyst at UBS AG, wrote in a note to clients on Aug. 8. Central banks should also buy platinum as they boost gold holdings amid concern about the global economy, Citigroup Inc. said in a report the same day. In August 2009, central banks in Europe agreed to a third, five-year cap on gold sales. The European Central Bank and 18 others agreed to sell no more than a combined 400 tons a year through September 2014. Germany, Italy, France, the Netherlands, the European Central Bank, Portugal, Spain, and Austria are among the top 20 holders, according to council data. "Notwithstanding the worst sovereign-debt crisis, particularly in Europe, where there are very large, concentrated holdings of gold, the central-bank agreement has been striking by the fact that the only people who have been selling have been the IMF," said Richardson, referring to the Washington-based International Monetary Fund. The IMF sold 403.3 tons between October 2009 and December 2010 as part of a plan to shore up its finances and lend at reduced rates to low-income countries. More than half of that was acquired by central banks, according to the fund. The debt crisis in Europe which started in Greece has weakened currencies, hobbled economic growth and prompted downgrades of the credit ratings of Greece, Portugal and Ireland. The euro has strengthened against the currencies of 14 of 16 trading partners this year as the European Central Bank bought government bonds to ease financial market tensions. The Bank of Korea, which purchased 25 tons over a one-month period from June to July, said "holding gold helps reduce investment risks in terms of reserve management," according to a statement this month after the move was disclosed. 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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| Gold Seeker Closing Report: Gold Drops $30 While Dow Gains 300 Posted: 23 Aug 2011 04:00 PM PDT Gold climbed to a new record high of $1911.54 in afterhours access trade late yesterday before it fell to as low as $1849.19 by early afternoon in New York today and then bounced back higher in the last hour of trade, but it still ended with a loss of 1.59%. Silver rose to as high as $44.18 in late trade yesterday before it fell to as low as $41.995 in New York today and ended with a loss of 2.58%. Both are also falling even lower in today's afterhours access trade.
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| Harvey Organ's Daily Gold & Silver Report Posted: 23 Aug 2011 03:59 PM PDT Big Raid on Gold and Silver with options expiry Friday/Lousy Richmond Fed numbers
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| Gold and Interest Rates: More than Joined at the Hip Posted: 23 Aug 2011 03:57 PM PDT "Interest rates to remain at zero for the next two years." Those were the words of Fed Chair - Sir Benjamin of Bernanke last week. With inflation beginning to pick-up – the notion that rates would remain at zero for a prolonged period of time seems "paradoxical" to conventional economic thought. There have been other misunderstood 'paradoxes' in economics in modern times.
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| Gallup Poll finds Paul only 2 points behind Obama Posted: 23 Aug 2011 03:36 PM PDT Obama in Close Race Against Romney, Perry, Bachmann, Paul By Frank Newport PRINCETON, New Jersey -- President Barack Obama is closely matched against each of four possible Republican opponents when registered voters are asked whom they would support if the 2012 presidential election were held today. Mitt Romney leads Obama by two percentage points, 48 to 46 percent, Rick Perry and Obama are tied at 47 percent, and Obama edges out Ron Paul and Michele Bachmann by 2 and 4 points, respectively. For the complete poll report: http://www.gallup.com/poll/149114/Obama-Close-Race-Against-Romney-Perry-... ADVERTISEMENT Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project Company Press Release Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces results from its 2011 drilling program for its first completed hole on the Wellgreen Project in the Yukon Territory, Canada. Borehole WS11-184 encountered 472.6 meters of mineralization grading 0.43% The geology transitioned from blebby disseminated to net-textured to massive sulphide approaching the footwall contact grading 6.3% nickel, 1.7% copper, 2.7 grams per ton platinum, 1.6 grams per ton palladium, 0.17 grams per ton gold, and 3.4 grams per ton silver. The drilling zones and results are tabulated here, with more information: http://www.prophecyplat.com/news_2011_aug22_prophecy_platinum_wellgreen_... 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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| Time Monk Radio Network Interviews: Jim Rogers, parts 1-5 Posted: 23 Aug 2011 03:29 PM PDT An In-depth JIm Rogers interview at his interesting best, on Gold, Silver, Commodities, Agriculture & Currency Market, Banking Crises...
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| The Gold Price Could Just as Well Rise Tomorrow as Fall - Better Brace for a Rough Ride, Though Posted: 23 Aug 2011 03:11 PM PDT Gold Price Close Today : 1858.30 Change : (30.40) or -1.6% Silver Price Close Today : 42.281 Change : (1.040) or -2.4% Gold Silver Ratio Today : 43.95 Change : 0.353 or 0.8% Silver Gold Ratio Today : 0.02275 Change : -0.000184 or -0.8% Platinum Price Close Today : 1862.70 Change : -41.20 or -2.2% Palladium Price Close Today : 762.95 Change : -0.05 or 0.0% S&P 500 : 1,162.35 Change : 38.53 or 3.4% Dow In GOLD$ : $124.33 Change : $ 5.54 or 4.7% Dow in GOLD oz : 6.015 Change : 0.268 or 4.7% Dow in SILVER oz : 264.34 Change : 13.78 or 5.5% Dow Industrial : 11,176.76 Change : 322.11 or 3.0% US Dollar Index : 73.84 Change : -0.234 or -0.3% Sorry I missed y'all yesterday, but I went to speak for Campaign for Liberty in Memphis. They treated me with great courtesy, and only a few people fell asleep during my speech. I really had fun, saw a lot of old friends, and slipped out of Memphis without being arrested. Yesterday the GOLD PRICE hit another new all-time high, and today traded as high as $1,912.50 after hitting $1,918 yesterday. About 3 a.m. NY time the GOLD PRICE ran onto the shoals, dropping from $1,900 to $1,872 in an hour. Steadied out between $1,870 and $1,867 until New York opened, where gold's friends (or traders looking for a shorting opportunity) ran it nearly to $1,990, then let it drop about 11:00 all the way to $1,850. Comex closed down only $30.40 at $1,858.30, but in the aftermarket GOLD peeled off another $30 to $1,828.70. Our old friend the Key Reversal has now raised one of his two heads. Remember that what we saw today in gold -- a break to new high territory with a close lower than the day before -- is only the first head. To qualify as a genuine Key Reversal the GOLD PRICE must follow through tomorrow with a close lower than today's. That's likely after the long rise we've just come through, but no certainty. It's likely because GOLD has moved far above its 20 day moving average envelope, and that right universally marks a top. On the other hand, the tear that gold's been on together with lurching markets and that $2,090 Point and Figure chart target still hangs out there. The GOLD PRICE could just as well rise tomorrow as fall. Support at $1,820/$1,825 now becomes the pivot. If gold doesn't hold that line, it could drop to $1,720. If that doesn't hold, then the GOLD PRICE has a bigger correction in mind and we have to reckon with $1,650 or even $1,560. As yet, gold has given us no signal it will reach these levels, they are merely targets that hang at the horizon when we lift our eyes. The SILVER PRICE hit a high above 4410 yesterday, then rolled over and headed down. Opened in New York around 4275c, rose to 4380c by 11:00, then sank steadily. By Comex close silver had lost 104c to close at 4228.1c. In the aftermarket silver has sunk to 4185c, and clearly 4150c supports it here. The SILVER PRICE has also posted the first half of a key reversal. A close below 4100c will suck silver toward its 50 day moving average at 3813c. Once again I warn, I remind, a key reversal is not in place until BOTH parts appear. Better brace for a rough ride, though. Did y'all ever seen those black and white cartoons from the 1930s? Markets now reminder me of those cartoons, one where a huge crowd of people is milling around on the deck of an ocean liner. Suddenly, they all run to one side and the ship rolls over that way. Then they reverse and run to the other side of the ship and she rolls over in THAT direction. It's really comical. Thus today we saw the great ocean liner SS Stocks heel over nearly keel up, rising 322.11 points (2.97%) to 11,176.76. The SS S&P500 rolled with it, gaining 38.53 (3.43%) to 1,162.35. Most likely stocks have turned up for a brief while. Momentum indicators (RSI and MACD) appear to have turned up, and between 8 August and 19 August the Dow has made a pair of higher highs. (That also means that a close below 10,801, the 19th's intraday low, gainsays any rally.) No, nothing fundamental has changed, the passengers are merely running to the other side of the boat. None of them see the iceberg ahead. Stocks must climb a long ways merely to confirm they have turned up by crossing above their 20 day moving average (11,436 right now). 50 DMA and 200DMA are fractions of a point from making the Death Cross -- 50dma at 11,990.06 and 200 at 11,989.17. Death cross has mainly a an effect on morale, which stocks have very little of right now. Stocks -- the thin hulled liner plying the iceberg laden waters of the Northern Investment Ocean. The US dollar turns very slowly when it turns up. It's been seeking to claim that accomplishment since May, and wallows along still. Today the US dollar index cropped 23.4 basis points to 73.84, but this remains in its 73.4 - 75.5 trading range. Between 25 July and 18 August the dollar has made a double bottom at 73.40, so that should yield strong support now. The Euro rose 0.55% today to 1.4440 -- maybe because Dominique Strauss-Kahn found the charges against him dropped? As good a reason as any, since none other of substance materializes. Stinky euro is trading in a 1.4540 - 1.3950 range, floating like a man with his arms bound behind his back and a large anvil tied to his feet. Europe's troubles have not waved good-bye, and happy days are not here again. Over in Japan the Nice Government Men are going to have to take measures with the yen, or lose their place at the buffet in Basel next month when the central banks representatives meet at the BIS. Today the yen closed at 130.40c/Y100, up 0.22% (Y76.69/$). Yen's strong as a spoonful of wasabi, and no saké in sight. 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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| Japan Intervenes In FX Markets... Again; Hilarity Ensues Posted: 23 Aug 2011 02:55 PM PDT
Minutes ago we saw the following headlines flash, describing Japan's latest attempt to kill the Yen, following the earlier already failed attempt by Moody's which while probably being paid well for its downgrade of Japan, did not achieve its true purpose - to weaken the Yen:
What is highly entertaining, is that as Bloomberg's Michael McDonough shows, going forward we will need to measure the halflife of Japanese intervention not in days, not in hours, not even in minutes, but in actual ticks. Note: Japan wants this chart to go up.... not down.
Another amusing outcome: we now have the latest FX major: the USDJPYLOL And for those who actually care, Bloomberg has the skinny on this latest act of utter desperation:
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| Posted: 23 Aug 2011 02:03 PM PDT Some interesting trader talk....
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| Magazine highlights GATA's London conference; and Casey seminar on debt crisis Posted: 23 Aug 2011 01:54 PM PDT 9:49p ET Tuesday, August 23, 2011 Dear Friend of GATA and Gold: The Internet magazine DGC has just published a special issue based on GATA's Gold Rush 2011 conference in London. It looks great and you can find it here: http://issuu.com/dgcmagazine/docs/digital-gold-currency-gata-2011-specia... Meanwhile, our friends at Casey Research plan a free Internet video seminar titled "The American Debt Crisis" on Wednesday, September 14. Its speakers will include the firm's chairman, Doug Casey, as well as Managing Editor David Galland, CEO Olivier Garrett, Chief Economist Bud Conrad, and Senior Economist Terry Coxon. You can learn about and register for the seminar here: http://www.americandebtcrisis.com/?ppref=GTA420EA0811A 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: http://www.gata.org/node/16 ADVERTISEMENT Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project Company Press Release Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces results from its 2011 drilling program for its first completed hole on the Wellgreen Project in the Yukon Territory, Canada. Borehole WS11-184 encountered 472.6 meters of mineralization grading 0.43% The geology transitioned from blebby disseminated to net-textured to massive sulphide approaching the footwall contact grading 6.3% nickel, 1.7% copper, 2.7 grams per ton platinum, 1.6 grams per ton palladium, 0.17 grams per ton gold, and 3.4 grams per ton silver. The drilling zones and results are tabulated here, with more information: http://www.prophecyplat.com/news_2011_aug22_prophecy_platinum_wellgreen_...
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| Precious Metal Margin Warfare Jumps The Pacific, As Shanghai Hikes Gold Margins For Second Time ... Posted: 23 Aug 2011 01:39 PM PDT Wondering why gold dropped by almost $100 today?.................That said, to all those who have been looking for a dip in gold, here it is.
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| And In The Category For Biggest Conspiracy Theory We Have.... Posted: 23 Aug 2011 01:27 PM PDT
Two and a half years after consistently and methodically exposing one conspiracy after another (and by the way, once it is proven to be a fact, it is no longer a conspiracy), we were stunned to find that the biggest conspiracy theory is none other than... Zero Hedge. "Zero Hedge, for example, is one that lots of hedge funds look at, lots of money managers look at, and the guy that runs it has their ear. Now I'm not saying that he is not doing his own proprietary work, but, people like to plant stories in there. [cue ominous silence]." TA DUN DUN. Gee - one does learn something new every day. And now, back to planting malicious rumors and vile, incorrect stories of ponzi schemes, broken markets, deranged vacuum tubes, plundered tungsten bars, BLS data manipulation, collapsing Nielsen ratings, hyperinflationary obsessive-compulsive printing habits, global central planner intervention and what not. Also, to anyone who still doesn't get it, please send your dodecatuple secret "plant" stories to plant@zerohedge[.]com along with your payment made in physical gold Zimbabwean dollars, to be delivered to our paper street headquarters. We certainly would prefer it if the drop man is Bank of America's James Mahoney.
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| Matt Taibbi: “Is the SEC Covering Up Wall Street Crimes?” – The Interview Posted: 23 Aug 2011 01:25 PM PDT Send the link of this video to any of your friends and family who still don't get it. We are now living under a criminal system, with precious few checks or balances. There is no law which cannot be broken by the ruling Oligarchy – and until all Americans understand that, we are going to continue to be financially raped. This is exactly why we buy physical precious metals, real assets with no counter party risk. This unrecoverably corrupt system is headed directly for collapse.
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| Fed made State Street Bank profitable as money-fund middleman Posted: 23 Aug 2011 01:17 PM PDT By Christopher Condon http://www.bloomberg.com/news/2011-08-23/fed-made-state-street-profitabl... State Street Corp. (STT) and JPMorgan Chase & Co. (JPM) profited during the financial crisis by borrowing $200 billion almost risk-free from the Federal Reserve under a program intended to rescue money-market mutual funds. The Fed lent State Street a total of $89 billion to buy securities from the funds in 2008 and 2009 after the credit crisis triggered by the collapse of Lehman Brothers Holdings Inc., according to Fed data compiled by Bloomberg News from information released in response to Freedom of Information Act requests, related court orders, and an act of Congress. The central bank also guaranteed against losses on the short-term notes as long as they met eligibility guidelines. State Street, based in Boston, held the securities to maturity and collected a return of $75.6 million, according to regulatory filings. JPMorgan borrowed and bought $111 billion in securities under the same program, records show. While New York-based JPMorgan hasn't disclosed its profit from the transactions, it would have been about $93 million at the same rate of return State Street reported. ... 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 "The program was enacted without any bidding process and awarded on the basis of whoever was there at the moment," said Joseph R. Mason, a finance professor at Louisiana State University in Baton Rouge. While the banks' return may have been appropriate, the lack of competitive bids is troubling, Mason said. He noted that for State Street, JPMorgan, and other participants, "there was virtually no risk." The gains came from a Fed program with a complicated name and a simple concept: the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, or AMLF. It was designed to inject cash into money funds that faced increasing redemption pressures as global credit markets seized up after Lehman's Sept. 15, 2008, bankruptcy. State Street, JPMorgan Chase, and others acted as middlemen, collecting profit as they funneled the central bank's cash to the funds. AMLF was unique among Fed emergency programs that provided a peak of $1.2 trillion in crisis-era aid in that it offered private-sector intermediaries a chance for gains. The program opened six days after the Sept. 16, 2008, collapse of the $62.5 billion Reserve Primary Fund, which set off a stampede by investors from money funds. By helping other funds meet their redemptions, AMLF prevented additional failures that would have deepened the crisis, Fed officials say. The Fed used banks as middlemen under the $217 billion program because the central bank is prohibited from directly purchasing the securities the funds had to sell. It got around that rule without using intermediaries when it opened the Commercial Paper Funding Facility on Oct. 27, 2008. In that program, the Federal Reserve Bank of New York formed and funded a special-purpose vehicle to purchase short-term debt directly from issuers. The vehicle earned the central bank $6.1 billion in interest income over the life of the program, according to the Fed's Office of Inspector General. With AMLF, there was no time for creating a similar entity, and the central bank wanted to ensure that banks didn't hesitate to participate, said William Nelson, deputy director in the Fed Board's Division of Monetary Affairs. "We were responding to a national emergency at that point," Nelson said. "Had we implemented the program with less attractive terms, we would have risked falling short in our effort to stop the run on money-market mutual funds and seeing a far worse financial crisis." Nelson said the central bank earned "an appropriate return on all the loans." The AMLF program, which charged the central bank's discount rate on loans, produced $543 million in interest income, according to the Fed's inspector general. The rate varied from 2.25 percent when the program began to as low as 0.5 percent by January 2009. The last AMLF loan, given in May 2009, matured in August 2009. State Street worked closely with the Fed in setting up the program, Carolyn Cichon, a company spokeswoman, said in an e-mail. The bank was among AMLF's first participants "for our clients wishing to utilize the facility," she said. State Street is the third-largest U.S. custody bank. It keeps records, tracks performance, and provides other support services for institutional investors that include money-market funds. Its participation in AMLF explains why it ranked fifth on Bloomberg's list of biggest borrowers from multiple Fed programs, with a peak of $77.8 billion on Oct. 1, 2008. First was New York-based Morgan Stanley with peak borrowings of $107.3 billion. It was followed by Citigroup Inc. at $99.5 billion and Bank of America Corp. at $91.4 billion. While AMLF funds accounted for most of State Street's Fed borrowings during the financial crisis, the bank also tapped other emergency programs for liquidity. Its loans from the Term Auction Facility and the Commercial Paper Funding Facility peaked at a combined $18.5 billion on March 31, 2009, after the firm's excess liquidity plunged by 44 percent in the first three months of that year. State Street was hurt during the crisis both by losses on its own investments and on investments made for clients. The firm wrote down the value of its bond portfolio by $3.7 billion in May 2009. It also paid out at least $830 million in penalties to regulators and compensation to clients who lost money in funds that invested in mortgage-backed securities. State Street slashed its quarterly dividend in February 2008 to 1 cent a share from 24 cents. It remained at 1 cent until rising to 18 cents in March 2011. JPMorgan is the second-largest custody bank behind Bank of New York Mellon Corp. Howard Opinsky, a spokesman for JPMorgan, declined to comment. Its borrowings from AMLF peaked at $61.9 billion on Oct. 2, 2008, according to Fed data. The bank's overall borrowings from seven Fed programs peaked at $68.6 billion, ranking it eighth on Bloomberg's list of top borrowers. While BNY Mellon, Bank of America, Citigroup, SunTrust Banks Inc., and Credit Suisse Group AG also participated in the AMLF program, JPMorgan and State Street handled 92 percent of the debt purchases the program financed. David Skidmore, a Fed spokesman, said no banks that wished to participate in AMLF as intermediaries were turned away. JPMorgan used $17.6 billion, or 16 percent of the total it handled, to purchase debt from money funds run by its own money- management unit, JPMorgan Funds, according to Fed data. BNY Mellon used 89 percent of its $12.9 billion in loans to buy debt from money funds in its Dreyfus unit, the data show. Ron Gruendl, a spokesman for BNY Mellon in New York, declined to comment. AMLF opened for business after investors withdrew $230 billion from money funds in the four days after Lehman's failure. Their withdrawals were accelerated when losses on Lehman debt caused Reserve Primary to drop below $1 a share, an event known as "breaking the buck" that has proved fatal the two times it occurred. Other funds faced the prospect of having to sell assets at a loss to meet redemptions. Because such funds are the largest collective buyer in the commercial-paper market, their sudden liquidity squeeze also threatened the ability of U.S. companies to sell short-term debt. AMLF helped ease the crisis by lending banks the money to purchase the commercial paper at amortized cost -- the level at which the funds valued the notes -- from the funds that most needed cash. "AMLF was critical in restoring liquidity and confidence to the commercial-paper market," Brian Reid, chief economist of the Investment Company Institute, a Washington-based trade group for the funds industry, said in an e-mail. "Money-market funds turned from net sellers of commercial paper into net buyers after the Fed launched the program." Only asset-backed debt issued by a U.S.-based borrower with maturities shorter than 120 days for bank holding companies and 270 days for depository institutions was eligible for the program. The securities were also required to carry a rating of at least A1, P1 or F1, the highest ratings for short-term debt, without a "negative watch" designation. The debt could be purchased only from funds experiencing net redemptions exceeding 5 percent of assets in a single day, or 10 percent over 5 consecutive business days. James Nolan, head of supervision, regulation and credit at the Federal Reserve Bank of Boston, which administered AMLF, said the requirements created at least some risk for banks. Those that chose to participate operated under tight deadlines to ensure the paper they bought complied. They'd have borne any losses on non-qualifying debt, Nolan said. "We were asking them to do something their normal business doesn't require them to do, and to assume the risk of loss if they failed to comply with the program requirements," he said. Nathan Flanders, managing director of the fund and asset management ratings group at Fitch Ratings in New York, called the task of meeting the Fed's restrictions "straightforward." "It wasn't without cost, but it had more to do with operational instead of economic risk," he said. None of the debt purchased under the program suffered any losses. 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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| Chavez expects gold to be back in Venezuela in 'weeks' Posted: 23 Aug 2011 01:06 PM PDT Chavez Officially Nationalizes Venezuela's Gold Industry From Agence France-Presse http://www.google.com/hostednews/afp/article/ALeqM5g84hDUj7Fk7MVAlFViWGF... CARACAS -- Venezuelan President Hugo Chavez signed into law Tuesday the official nationalization of the country's gold mining industry and announced the impending arrival of the first shipment of repatriated gold. Chavez signed the "natural law that reserves the exploration and management of gold, as well as the connected activities, to the state" during a ministerial meeting broadcast by state media. "In order to reinforce national independence, economic independence ... I sign this national decree for gold," the Venezuelan president added. In December, Venezuelan lawmakers granted Chavez extraordinary legislative powers to govern the country by decree until the middle of next year. ... Dispatch continues below ... 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 During the ceremony Chavez brandished a gold bullion from the Central Bank of Venezuela's coffers, which holds 154 tons of gold, an amount worth $7.2 billion. Last week Chavez announced his intention to nationalize the country's gold sector in order to prevent "mafias" from exploiting Venezuela's natural resources. Illegal mining makes up 60 percent of local production in the gold sector. Major producers include the state-run Minerven, the Russian Rusoro, which mines gold in the southern Bolivar state, and Cuba's Geominsal, which carries out assessments, all in association with the state. Chavez also announced plans to repatriate 211.35 tons of gold from foreign countries. About 80 percent of the $11 billion worth of reserves are held in Britain, principally in the coffers of the Bank of England. "I believe that the first shipment will arrive in the following weeks," Chavez said Tuesday. The Venezuelan leader also announced that he expects to move some $6.2 billion in cash reserves from banks in Switzerland, Britain, France, and the United States to markets in "friendly" countries such as China, Russia, and Brazil. The leading oil exporter in South America, Venezuela has the 15th largest gold reserves in the world, with an estimated 365.8 tons, according to the World Gold Council. 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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| Kazakhstan, big gold producer, to keep its metal home starting Jan. 1 Posted: 23 Aug 2011 12:57 PM PDT It's not just Hugo Chavez and Venezuela. * * * Kazakhstan Gives Central Bank 'Priority Right' to Buy Gold By Nariman Gizitdinov http://www.bloomberg.com/news/2011-08-23/kazakhstan-gives-central-bank-p... ALMATY, Kazakhstan -- Kazakhstan's central bank plans to lock up domestic supplies of refined gold by using a "priority right" it received from the government to buy bullion designated for exports amid record prices for the metal. The National Bank of Kazakhstan plans to use the buying privilege "in full" after changes go into effect Jan. 1, the Almaty-based lender said in an e-mailed statement today. Central banks are expanding their gold reserves for the first time in a generation as bullion rises for an 11th consecutive year, the longest winning streak since at least 1920, as investors seek to diversify their holdings away from equities and some currencies. Venezuelan President Hugo Chavez last week ordered the central bank to repatriate $11 billion of gold reserves held in developed nations' institutions. ... Dispatch continues below ... ADVERTISEMENT Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project Company Press Release Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces results from its 2011 drilling program for its first completed hole on the Wellgreen Project in the Yukon Territory, Canada. Borehole WS11-184 encountered 472.6 meters of mineralization grading 0.43% The geology transitioned from blebby disseminated to net-textured to massive sulphide approaching the footwall contact grading 6.3% nickel, 1.7% copper, 2.7 grams per ton platinum, 1.6 grams per ton palladium, 0.17 grams per ton gold, and 3.4 grams per ton silver. The drilling zones and results are tabulated here, with more information: http://www.prophecyplat.com/news_2011_aug22_prophecy_platinum_wellgreen_... Kazakhstan's gold holdings were valued at $3.5 billion at the end of last month and accounted for about 9.5 percent of the nation's gross international reserves, central bank data show. The central bank may provide advance payments to Kazakh gold producers, becoming their "secure partner" in the coming years, according to the statement. The bank also asked the government to eliminate value-added tax incentives that spurred gold exports. Kazakh authorities are seeking to induce producers to use the existing capacity to refine gold and curtail exports of raw materials, the bank said. Glencore International AG's TOO Kazzinc is the only Kazakh company making gold ingots that meet international standards, the bank said. Government measures may allow Kazakhmys Plc, which produces gold bars only to Kazakh standards, to make ingots that meet international criteria, allowing the nation to refine all of its precious-metals output, according to the central bank. The Central Asian nation produced 21.4 million metric tons of gold in the first seven months, an increase of 48 percent from a year earlier, according to the state statistics agency. Refined gold accounted for about 45 percent of the total. 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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| Robin Griffiths: Important Price Targets to Look For in Gold Posted: 23 Aug 2011 12:56 PM PDT from King World News:
Robin Griffiths continues: Read More @ KingWorldNews.com
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| Marc Faber: Global Gloom, Boom & Doom Posted: 23 Aug 2011 12:38 PM PDT I think that everybody should have some gold if they want to own some cash because gold is the most honest form of cash people can own.
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| Big Raid on Gold and Silver with Options Expiry Friday / Lousy Richmond Fed Numbers Posted: 23 Aug 2011 12:33 PM PDT by Harvey Organ: Good evening Ladies and Gentlemen: The banking cartel decided it was time for a massive raid today as gold and silver were getting quite frothy and they had to cool the jets on these precious metals. This Friday is options expiry month for both silver and gold whereby all in the money options will be given a futures contract. In gold they will receive a Sept gold and in silver they will receive a September silver. It is the latter that worries the bankers as the in-the-money options in silver at a 42 strike price is considerable. The bankers will whack the price of silver below $42 so that the options become worthless. This has been their modus operandi for years. The price of gold fell by $39.10 to $1858.30 at comex closing time at 1:30 today. Silver fell in sympathy down $1.30 to $42.28. Let us head over to the comex and assess the damage. Read More @ HarveyOrgan.Blogspot.com
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| Moody's Downgrades Japan From Aa2 To Aa3 Posted: 23 Aug 2011 11:29 AM PDT
What was that word Freud used when you are a weak, pathetic, corrupt, powerless, piece of anacrhonistic filth and instead of doing the right thing (for fear of losing your job or worse), you lash out at a weaker and irrelevant substitute? Oh yes, projection. Moody's lowers Japan's government rating to Aa3; outlook stable The current government now forecasts a primary budget surplus (excluding interest payments on government liabilities) by 2020, versus the former Koizumi government's target of a budget surplus by 2012. Headline general government budget deficits will remain approximately at or above 7% of GDP through 2015, according to the Cabinet Office's "prudent" projection, well exceeding nominal GDP growth rates and thereby contributing to the inexorable rise in the debt-to-GDP ratio. Furthermore, throughout the global financial crisis, in the months after the March earthquake, and in recent days with renewed turmoil in global markets, JGBs continue to demonstrate exceptionally strong safe-haven features.
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| Posted: 23 Aug 2011 11:16 AM PDT Jim Sinclair's Commentary The following was posted August 11th as Gold passed $1764. Dear CIGAs, 1. Those holding gold to hedge the systemic risks of the Western financial world simply stay in your position. 2. Traders lighten up your positions as gold approaches the next two Angels. 3. No market fails to have reactions Continue reading In The News Today
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| Posted: 23 Aug 2011 10:30 AM PDT Precious Metal Margin Warfare Jumps The Pacific, As Shanghai Hikes Gold Margins For Second Time In A Month, Prepares To Crush Silver
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| Eric Sprott – Where's The Gold Posted: 23 Aug 2011 10:18 AM PDT
See full interview here.
This posting includes an audio/video/photo media file: Download Now | ||||||
| Posted: 23 Aug 2011 10:12 AM PDT from The Economic Collapse Blog:
Read More @ TheEconomicCollapseBlog.com
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With the gold market experiencing profit taking, today King World News interviewed one of the top strategists in the world, 40 year veteran Robin Griffiths of Cazenove. Cazenove is one of the oldest financial firms on the planet and is widely believed to be the appointed stockbroker to Her Majesty The Queen. When asked about the action in gold Griffiths replied, "The prime trend is obviously incredibly strongly upwards and that's going to persist for a very long time to come, however in the very short run it's overbought. It's deviated quite a long way above its rising trend line and also in the short run people are not usually good at sitting on big profits. So you're bound to see at some stage some profit-taking."
Do you have friends, neighbors and relatives that can't find work? Well, unfortunately the current U.S. jobs famine is about to get a whole lot worse. Right now there are approximately 13.9 million unemployed Americans. That does not count those that "are not looking for work". That does not count those that are working part-time jobs but that are desperate for full-time work. The truth is that we need tens of millions more full-time jobs in order to give one to everyone that wants one. Sadly, the long-term trends that have caused this mess continue to get worse. Unless truly dramatic changes are made, the U.S. economy is going to continue to bleed jobs and that is going to suck the hope right out of this country. It is time to wake up America! It is not a big mystery why we don't have enough jobs. But sadly, very few of our leaders are talking about the real issues.| 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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