Gold World News Flash

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• News That Matters
• UBS Down 9.6% As Unauthorized Trade Results In USD2bn Loss
• Soros Thinks The Unthinkable About Europe
• Special John Hathaway Report - Gold, Opportunity of a Lifetime
• A Declassified Jon Huntsman On China's Terror Of A Gold-Pegged Dollar
• Eric Sprott and David Baker: Gold stocks -- Ready, set. ...
• Retail Sales Reports Are Right for the Wrong Reason
• GoldMoney's Turk interviews gold market analyst John Brimelow at GATA's London conference
• Michael Pento - Here is Why We Will Return to a Gold Standard
• Gold Seeker Closing Report: Gold and Silver Fall Slightly While Stocks Gain
• Donald Trump Is Now Accepting Gold Bullion From Tenants
• A Declassified Jon Huntsman On China's Terror Of A Gold-Pegged Dollar
• Dumpster Diving?
• And So It Began
• John Hathaway: Gold, Opportunity of a Lifetime
• Shadow Banking Contagion Approaches As European Banks Sign Private Repo Agreements With US Counterparts
• Big commercial traders taking a stand against silver
• Trump fires dollar, takes gold bullion instead of cash for lease deposit
• Banks rush to lend gold to get dollar funding
• HSBC dropped from silver price suppression lawsuit
• Harvey Organ's: The Daily Gold & Silver Report
• Gold is Confidence in Money Systems
• Deposit Flight From European Banks Means Collateral Risk Piling Up at ECB
• Dissecting “Gold Is a Bubble”
• It's Not 2008, It Is 2007: Goldman Global Alpha Just Blew Up All Over Again
• End Game Approaches for Greek Crisis
• How Cheap are Gold Stocks?
• Robin Griffiths: Gold Will Become the Greatest Bubble
• The Raids Continue and the Banking Cartel Facing a Brick Wall / French Banks Downgraded
• ‘Perfect Storm’ of Global Banking and Sovereign Debt Crisis to Lead to Global Currency Crisis

News That Matters Posted: 14 Sep 2011 07:49 PM PDT   By thetrader.se Ft.com Several large corporate clients' of French banks are seeking financing from banks outside of Europe to avoid a funding gap if markets there close, says the WSJ, citing people familiar with the situation.http://ftalphaville.ft.com/thecut/2011/09/15/677761/french-bank-clients-...   Ernst & Young faces a fresh threat to its reputation after an Irish accounting regulator said it would hold a disciplinary hearing to examine E&Y's auditing of Anglo Irish Bank, a lender that had to be rescued by the Irish government in 2009, http://ftalphaville.ft.com/thecut/2011/09/15/677731/ey-faces-probe-on-an...   The Securities and Exchange Commission is further expanding a probe into collateralised debt obligations, including pressing for a $200m settlement with Citigroup, negotiating a settlement with Credit Suisse, http://ftalphaville.ft.com/thecut/2011/09/15/677716/sec-and-citi-in-cdo-...   Britain is to sue the European Central Bank for setting rules that allegedly handicap the City of London and would force one of the world's largest clearing houses to decamp operations to the euro area,http://ftalphaville.ft.com/thecut/2011/09/15/677681/britain-to-sue-ecb-o...   Covered bonds are not the universally safe assets that some investors think they are, rating agency Standard & Poor's has warned in a new report, says the FT. Many investors consider the bonds "super-safe" because, http://ftalphaville.ft.com/thecut/2011/09/15/677651/sp-report-urges-cove...   A US high-technology company that was once a star of the clean energy sector is suing Sinovel, China's largest wind turbine manufacturer, over alleged software theft, reports the FT. in one of the most acrimonious conflicts to break out between US and Chinese companies over the sensitive issue of intellectual property. The legal actions follow months of disputes American Superconductor,http://ftalphaville.ft.com/thecut/2011/09/15/677631/american-superconduc...   MF Global is laying off more than 30 per cent of its staff in equities trading and research in Europe and Asia, the FT reports. The US investment bank cited difficult market conditions, as well as its own continuing restructuring led by Jon Corzine, http://ftalphaville.ft.com/thecut/2011/09/15/677601/mf-global-to-cut-sta...   India's inflation rate accelerated to a 13-month high of 9.78 per cent in August, highlighting the dilemma facing policy-makers as they wrestle with the twin woes of rising inflation and slowing economic growth, http://ftalphaville.ft.com/thecut/2011/09/14/677566/indian-inflation-rat...   Chinese premier Wen Jiabao has outlined conditions that Europe must meet before China will increase support for debt-laden Europe in a sign of Beijing's reluctance to be cast as a saviour for the global economy. His top condition was the the long-standing demand that Europe recognise China as a full "market economy", a technical definition that would benefit Chinese companies involved in trade disputes. http://www.ft.com/cms/s/0/b234ad8a-de98-11e0-a228-00144feabdc0.html#axzz...   Italy's parliament has passed a vote on the government's €54bn austerity package after weeks of agonising over how to overcome the country's financial crisis. Silvio Berlusconi's centre-right government won the vote by 316 votes to 302. Later on Wednesday, the lower house is expected to pass a final vote on the measures, which aim to balance the budget by 2013. http://www.ft.com/intl/cms/s/0/ab4576ae-de15-11e0-a115-00144feabdc0.html...   Brazil had sprung the suggestion of the leading developing nations coming to the rescue of the eurozone on its fellow Bric countries, India's finance ministry said on Wednesday. R. Gopalan, secretary in the department of economic affairs at the Indian finance ministry, told the Financial Times that Brazil had "thrown" its proposal at the grouping only days before it is to meet in Washington on September 22. On Tuesday, Guido Mantega, Brazil's finance minister told reporters that officials from the leading emerging market economies would meet next week to discuss potential joint action to help the crisis-hit eurozone. http://www.ft.com/intl/cms/s/0/8059c3da-decb-11e0-a228-00144feabdc0.html...   Wsj.com Asian stock markets surged on Thursday as concerns about Greece's future eased slightly after Germany and France pledged to stand behind their commitments to keep the debt-laden nation in the euro-zone.  Japan's Nikkei Stock Average rose 1.9%, Australia's S&P/ASX 200 jumped 1.7%, South Korea's Kospi Composite gained 2.2% and New Zealand's NZX-50 added 0.6%. Dow Jones Industrial Average futures were up four points in screen trade. Bank stocks and cyclical plays rose across Seoul, Tokyo and Sydney as investors piled into recently beaten down stocks.http://online.wsj.com/article/SB1000142405311190406060457657146159653076...   German Chancellor Angela Merkel and French President Nicolas Sarkozy are convinced that Greece's future is within the euro zone, Mrs. Merkel's spokesman said after the two leaders held a three-way conference call with Greek Prime Minister George Papandreou. http://online.wsj.com/article/SB1000142405311190406060457657046425035802... Sitting on massive piles of cash and searching for investments that promise decent returns, U.S. banks have been doling out loans to companies with lower credit ratings. The loans are behind a drop in borrowing costs as corporations use cheap bank loans to pay off higher-yielding debt, as well as an increase in riskier leveraged buyouts by private-equity groups. While fears of a debt crisis in Europe and an economic slowdown in the U.S. sent many institutional investors bailing out of stock, bond and loan markets in August, bank loans to domestic corporations posted their largest monthly increase this year.http://online.wsj.com/article/SB1000142405311190410340457655910093430873...   The European Central Bank provided U.S. dollar loans to euro-zone banks for only the second time in six months and Spanish banks grew more dependent on the ECB for daily funding needs, intensifying fears that Europe's debt woes may generate a credit crisis and throw the euro bloc back into recession. http://online.wsj.com/article/SB1000142405311190392720457657047392348872...   The earnings outlook for American manufacturers, whose rebound propelled the U.S. recovery last year, is deteriorating as the global economy sputters. Big industrial companies generally haven't begun chopping their own forecasts, but analysts are starting to do it for them. The average Wall Street forecast for 2012 earnings growth by 35 industrial companies included in the Standard & Poor's 500-stock index stood at about 16% Wednesday, down from 19% as of June 30, according to FactSet Research Systems. http://online.wsj.com/article/SB1000142405311190449170457657090074214850...   Most bankers expect higher Chinese interest rates in the fourth quarter, while residents have strong inflation expectations, the People's Bank of China said on Thursday.  Results of the latest polls appear to reinforce the central bank's focus on fighting domestic inflation, despite mounting concerns over the health of the global economy. The central bank said these were among the key findings of three separate surveys of executives working at banks, as well as businessmen and urban residents during the third quarter. It said the surveys covered executives at about 3,000 bank headquarters and branches as well as 5,000 businessmen and 20,000 urban residents in 50 cities. http://online.wsj.com/article/SB1000142405311190406060457657166354838874...   Europe's financial crisis intensified Wednesday as banks moved to obtain more dollars for loans to their U.S. customers, and some nervous corporate clients began looking to banks outside the euro zone for loans. Tensions in the 17-nation euro zone are increasing despite attempts by central banks to pump badly needed dollars into the region, as U.S. sources have shrunk. On Wednesday, the European Central Bank said two banks had tapped it for $575 million, only the second time in six months the ECB has doled out dollar funding. The names of banks that tap the ECB are kept confidential.http://online.wsj.com/article/SB1000142405311190449170457657091347424297...   Marketwatch.com Crude-oil futures extended losses in electronic trading Thursday, as Europe's debt mess kept investors cautious, despite some encouraging assurances from leaders in the region.  Crude oil for October delivery dropped 29 cents, or 0.3%, to $88.61 a barrel on the New York Mercantile Exchange during Asian trading hours. The losses add to a 1.4% fall for crude in the North American session.http://www.marketwatch.com/story/oil-futures-extend-losses-in-asian-trad...   The number of default notices mailed to homeowners who were late on their mortgages soared in August to a nine-month high — the largest month-to-month increase in four years — and that helped push the rate of overall foreclosure filings higher last month, according to data released by RealtyTrac Inc. on Thursday. Foreclosure filings, which include those late-payment notices plus auction announcements and bank repossessions, rose 7% in August compared with July, hitting a total of 228,098 U.S. properties. But the filing rate fell 33% from a year earlier. http://www.marketwatch.com/story/foreclosure-filings-jump-7-in-august-fr...   Mounting concern over growth in India and globally is increasing pressure on the Reserve Bank of India to put its 18-month-long campaign to raise interest rates on hold Friday. This summer, a number of Asian central banks, including Malaysia's and South Korea's, paused their fight against inflation, while Brazil recently cut interest rates. But India's central bank has so far remained steadfast in its rate-tightening stance. Yet, "with significant headwinds to growth — domestic slowdown and global recession — and current drivers of inflation not really being very acquiescent to rate tightening, it would be prudent for the RBI to pause now," says Jay Shankar, chief economist at Religare Capital Markets. http://www.marketwatch.com/story/india-under-pressure-to-pause-rate-incr...   The price of U.S. goods at the wholesale level were unchanged in August as another decline in fuel costs offset an increase in food, the Labor Department reported Wednesday. The more closely followed core producer price index edged up 0.1% last month to mark the ninth straight increase. Core prices are viewed the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. Economists surveyed by MarketWatch had predicted no increase in overall producer prices and a 0.2% rise in the core rate. http://www.marketwatch.com/story/us-wholesale-prices-remain-flat-in-augu...   Retail sales were steady in August, as consumers spent more on essentials at gas stations and grocery stores, but less on cars, according to government data released Wednesday. The Commerce Department said U.S. retail and food services sales in August reached $389.5 billion, with the flat result the lowest growth since May. Excluding the volatile auto segment, sales rose 0.1%. Economists surveyed by MarketWatch had expected an increase of 0.3% for the overall number, as well as for the data excluding autos. http://www.marketwatch.com/story/august-retail-sales-unchanged-from-july...   Reuters.com World Bank President Robert Zoellick said on Wednesday the world had entered a new economic danger zone and Europe, Japan and the United States all needed to make hard decisions to avoid dragging down the global economy. "Unless Europe, Japan, and the United states can also face up to responsibilities they will drag down not only themselves, but the global economy," Zoellick said in speech at George Washington University. http://www.reuters.com/article/2011/09/15/us-worldbank-zoellick-idUSTRE7...   Moody's Investors Service cut the credit ratings of France's Credit Agricole SA and Societe Generale on Wednesday, citing their exposure to Greece's debt, a fresh blow to euro area leaders struggling to restore confidence in the region. The ratings agency left BNP Paribas on review for a ratings downgrade saying the bank's profitability and capital base provides adequate cushion to support its Greek, Portuguese and Irish exposure. http://www.reuters.com/article/2011/09/14/us-eurozone-idUSTRE78B24R20110...   Investors and traders are rethinking whether the U.S. Federal Reserve might reduce the interest it pays banks on their excess reserves as another tool to stimulate lending and to avert another recession. While Fed Chairman Ben Bernanke and other Fed officials have mentioned such a move as a policy option, investors and traders had placed a low probability that the U.S. central bank would use it because it risks cutting bank profitability and causing turmoil in money markets. http://www.reuters.com/article/2011/09/14/us-markets-bonds-outlook-idUST...   Bloomberg.com New Zealand 's central bank left interest rates unchanged and signaled no urgency to raise them until the global recovery strengthens, weakening the local currency it called overvalued. "The exchange rateis significantly penalizing some activity in the traded sector, hurting some New Zealand firms and that's a medium-term effect not a short-term effect," Governor Alan Bollard told reporters in Wellington today after leaving the official cash rate at 2.5 percent.

UBS Down 9.6% As Unauthorized Trade Results In USD2bn Loss Posted: 14 Sep 2011 07:08 PM PDT UBS has started European trading off on the wrong track. 'Astonishingly', coming clean to a USD2bn loss on the back of unauthorized trading. No details on whether this was selling Greek credit protection or buying Portuguese bonds (for the yield) but the Bloomberg headlines, UBS equity price crash, and the ES reaction are clear: *UBS SAYS TRADING LOSS OF $2 BLN                        :UBSN VX   *UBS CITES UNAUTHORIZED TRADE IN INVESTMENT BANK        :UBSN VX   *UBS SAYS MAY MAKE LOSS IN THIRD QUARTER BECAUSE OF TRADE   *UBS SAYS NO CLIENT POSITIONS AFFECTED                  :UBSN VX   *UBS SAYS MATTER IS STILL BEING INVESTIGATED            :UBSN VX   *UBS DROPS 9.2% IN ZURICH TRADING                       :UBSN VX (now 9.6%!!)   ...and ES, after ramping back up to VWAP out of nowhere, ripped back below it - almost 3 standard deviations in an instant. FX seems relatively stable (though Swissy is strengthening a little vs the USD and jumped 20 pips in EURCHF's channel) but oil is dropping relatively quickly. Credit spreads are not budging much - though off their earlier tights. Gold and Silver seem unaffected for now.   Senior Financials opened 8.5bps tighter but quickly snapped back around 5bps - trading 285bps now.

Soros Thinks The Unthinkable About Europe Posted: 14 Sep 2011 06:36 PM PDT In a lengthy, honest, and somewhat gloomy op-ed in The New York Review Of Books, George Soros follows a similar tack to our post yesterday with regard to the current crisis and its origins in and similarities to the 2007/8 subprime crisis in the US. He then steps into discussing possible resolutions and does what any and all Keynesian-clowns are unable to do - think the unthinkable in order to reach a tenable solution. In just four steps, he outlines how the unthinkable could be possible but critically (as we are well aware) explains the German-centric nature of any resolution (and the change of heart required to get there). A bona fide taxing-and-borrowing central treasury under a new treaty seems the approach-du-jour for Mr. Soros and while it may have merit as an 'unthinkable' idea, he ends with the threat that [his approach] "is the only way to forestall a possible financial meltdown and another Great Depression". The Start The euro crisis is a direct consequence of the crash of 2008. When Lehman Brothers failed, the entire financial system started to collapse and had to be put on artificial life support. This took the form of substituting the sovereign credit of governments for the bank and other credit that had collapsed. At a memorable meeting of European finance ministers in November 2008, they guaranteed that no other financial institutions that are important to the workings of the financial system would be allowed to fail, and their example was followed by the United States.   Angela Merkel then declared that the guarantee should be exercised by each European state individually, not by the European Union or the eurozone acting as a whole. This sowed the seeds of the euro crisis because it revealed and activated a hidden weakness in the construction of the euro: the lack of a common treasury. The crisis itself erupted more than a year later, in 2010.   The Current Risk premiums that must be paid to buy government bonds have increased, stocks have plummeted, led by bank stocks, and recently even the euro has broken out of its trading range on the downside. The volatility of markets is reminiscent of the crash of 2008.   Unfortunately the capacity of the financial authorities to take the measures necessary to contain the crisis has been severely restricted by the recent ruling of the German Constitutional Court. It appears that the authorities have reached the end of the road with their policy of "kicking the can down the road." Even if a catastrophe can be avoided, one thing is certain: the pressure to reduce deficits will push the eurozone into prolonged recession. This will have incalculable political consequences. The euro crisis could endanger the political cohesion of the European Union.   There is no escape from this gloomy scenario as long as the authorities persist in their current course. They could, however, change course. They could recognize that they have reached the end of the road and take a radically different approach. Instead of acquiescing in the absence of a solution and trying to buy time, they could look for a solution first and then find a path leading to it.   The unthinkable (and just four steps) To resolve a crisis in which the impossible becomes possible it is necessary to think about the unthinkable. To start with, it is imperative to prepare for the possibility of default and defection from the eurozone in the case of Greece, Portugal, and perhaps Ireland. To prevent a financial meltdown, four sets of measures would have to be taken.   First, bank deposits have to be protected. If a euro deposited in a Greek bank would be lost to the depositor, a euro deposited in an Italian bank would then be worth less than one in a German or Dutch bank and there would be a run on the banks of other deficit countries.   Second, some banks in the defaulting countries have to be kept functioning in order to keep the economy from breaking down.   Third, the European banking system would have to be recapitalized and put under European, as distinct from national, supervision.   Fourth, the government bonds of the other deficit countries would have to be protected from contagion. The last two requirements would apply even if no country defaults.   The Problem All this would cost money. Under existing arrangements no more money is to be found and no new arrangements are allowed by the German Constitutional Court decision without the authorization of the Bundestag.    [Any solution] would presuppose a radical change of heart, particularly in Germany. The German public still thinks that it has a choice about whether to support the euro or to abandon it. That is a mistake. The euro exists and the assets and liabilities of the financial system are so intermingled on the basis of a common currency that a breakdown of the euro would cause a meltdown beyond the capacity of the authorities to contain. The longer it takes for the German public to realize this, the heavier the price they and the rest of the world will have to pay. The Solution There is no alternative but to give birth to the missing ingredient: a European treasury with the power to tax and therefore to borrow. This would require a new treaty, transforming the EFSF into a full-fledged treasury. The Alternative ...a possible financial meltdown and another Great Depression.   Read the full article here.   While it does seem apparent that our European brethren are pricing (sovereign debt and the entire capital structures of European financials) for the kind of scenario that we, Jefferies, Bass, and now Soros are concerned with, US equity market participants remain calmly aloof to the unfolding quagmire - if only they could look back and consider how Lehman impacted the rest of the world.

Special John Hathaway Report - Gold, Opportunity of a Lifetime Posted: 14 Sep 2011 06:10 PM PDT With gold trading near the $1,800 level, King World News was given exclusive distribution rights for this rare and extraordinary piece with fifteen graphs by superstar John Hathaway of Tocqueville Asset Management L.P.. John is without question one of the most respected institutional minds in the world today regarding gold and his fund was recently awarded a coveted 5-star rating by Morningstar. This posting includes an audio/video/photo media file: Download Now

A Declassified Jon Huntsman On China's Terror Of A Gold-Pegged Dollar Posted: 14 Sep 2011 05:59 PM PDT Courtesy of ZeroHedge While last night's quid-pro-quo from Chinese officials will likely be remembered as the start of escalating trade wars, Wikileaks has uncovered a declassified cable from John Huntsman indicating China's clear understanding of the growing tension and comprehension of the ability of the US to entirely destroy it economically with one swipe of [...] This posting includes an audio/video/photo media file: Download Now

Eric Sprott and David Baker: Gold stocks -- Ready, set. ... Posted: 14 Sep 2011 04:37 PM PDT 12:35p ET Thursday, September 15, 2011 Dear Friend of GATA and Gold: In their latest market letter, Sprott Asset Management's Eric Sprott and David Baker try to explain why gold stocks have so badly underperformed gold itself -- and they note evidence that the situation is changing. Their analysis is headlined "Gold Stocks: Ready, Set. ..." and you can find it at AdvisorAnalyst.com here: http://advisoranalyst.com/glablog/2011/09/14/sprott-investment-outlook-s... CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ADVERTISEMENT Lewis E. Lehrman on How to Solve the U.S. Debt Problem Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program. Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust. Lehrman says: Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust." To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: http://www.thegoldstandardnow.org/gata Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel 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: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property 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

Retail Sales Reports Are Right for the Wrong Reason Posted: 14 Sep 2011 04:33 PM PDT Retail Sales Reports Are Right for the Wrong Reason Courtesy of Lee Adler of the Wall Street Examiner Bloomberg got it partly right when taking the gloomy view it reported that, "Retail sales in the U.S. unexpectedly stagnated in August as a lack of employment and limited income growth restrained demand, highlighting the risk the economy will stall." Marketwatch took the glass half full approach, saying, "Retail sales were steady in August, as consumers spent more on essentials at gas stations and grocery stores, but less on cars," while pointing out that the number missed expectations. "Excluding the volatile auto segment, sales rose 0.1%. Economists surveyed by MarketWatch had expected an increase of 0.3% for the overall number, as well as for the data excluding autos." It was pure happenstance that they got it mostly right. The reported numbers are seasonally smoothed, pure fiction. The raw, unsmoothed top-line data was much stronger. It's only when you drill down into the raw, unmanipulated data that the weakness is more apparent. On an actual basis retail sales rose 2.2% from July to August. August is normally an up month. Last year the gain was 0.2% and in 2009 it was 1.6%. Sales fell 0.2% in 2008 in the middle of the economic collapse. In 2006 and 2007, the last 2 years of the credit bubble, sales were up 3.75% and 4.2% respectively. The average gain for the 5 years from 2003 to 2007 was... wait for it... 2.2%. So today's report is right on trend for August. The year over year gain is a more robust 8.4%. That number got virtually no media play. It sure doesn't look like a recessionary number. However, much of that was due to the weak dollar in August 2011 versus August 2010. The dollar lost around 9% against major currencies over that span, attracting millions of shopping tourists to the US from around the world this summer. Much of the gain in sales was also due to inflation in gas prices and consumer staples. Stripping out inflation and gasoline station sales to get a clearer picture of the underlying trend is revealing, both in terms of what it tells us about the current state of the economy, and what it might mean for stock prices. Indexing the graph of not seasonally fictionalized total retail sales to the graph of real, inflation adjusted sales excluding gas stations, a much clearer picture of the trend emerges. Real sales ex gas rose by 2.45% in August. That's a solid gain. However, the year to year gain was only 3.2%, far less than the gain indicated by the top-line unadjusted figure. It was also less than the 12 month moving average of the year to year gain, which is currently closer to 5%. While still positive, sales growth momentum remains in a declining trend. If much of that growth is a result of Canadians, Europeans, Asians and South Americans flooding into the US to shop, the late August reversal in the dollar from weakening trend to sudden strength could choke off that flow of retail spending cash, if it persists. Furthermore, real sales ex gas are still down 6.8% from the August 2007 bubblenomics peak. Sales may be increasing, but calling it recovery is a stretch. Based on this data, the US conomy is still in a ditch. The annual growth rate in retail sales ex gas appears to have some usefulness as an early warning indicator for stock prices. A weakening trend in this indicator seems to be a good leading indicator. As long as the growth rate continues to weaken, stocks are likely to remain in a downtrend. When this indicator begins to steadily improve for a few months, stocks should follow. The bottom line is that there's not much new here. There's no reason for a market reaction of any consequence and nothing here that would cause the Fed to move off the dime and do any more than inconsequential Twisting at the FOMC circus next week. For more, try the Wall Street Examiner Professional Edition risk free for 30 days.

GoldMoney's Turk interviews gold market analyst John Brimelow at GATA's London conference Posted: 14 Sep 2011 04:05 PM PDT 12:03a ET Thursday, September 15, 2011 Dear Friend of GATA and Gold: Gold market analyst John Brimelow, who spoke at GATA's Gold Rush 2011 conference in London last month, was interviewed there by fellow speaker and GoldMoney founder James Turk and discussed gold demand from India, China, and the Middle East. In regard to the Swiss franc, which was devalued the other day, Brimelow remarks incisively that one's currency might better be held down by purchasing gold with it than simply by selling it. The interview is not quite 19 minutes long and you can find it at the GoldMoney Internet site here: http://www.goldmoney.com/video/brimelow-turk-interview.html CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property 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 Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel 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: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 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

Michael Pento - Here is Why We Will Return to a Gold Standard Posted: 14 Sep 2011 04:01 PM PDT With gold and silver still consolidating, today King World News interviewed Michael Pento, President of Pento Portfolio Strategies. When asked where the price of gold and the mining shares are headed Pento responded, "Investors have completely eschewed gold mining shares because of fear.  So what we need to do now is, yes, own gold, but don't overlook these gold mining shares who's margins are expanding at a rapid pace.  You look at the price of oil, which has contracted from the recent high of $114 per barrel all the way down to below $90 and you look at the actual physical price of the metal and gold is over $1,800 and it's going to $2,000." This posting includes an audio/video/photo media file: Download Now

Gold Seeker Closing Report: Gold and Silver Fall Slightly While Stocks Gain Posted: 14 Sep 2011 04:00 PM PDT Gold climbed $17.30 to $1844.70 in early Asian trade before it fell to see a $15.12 loss at as low as $1812.28 by early afternoon in New York, but it then bounced back higher in the last hour of trade and ended with a loss of just 0.22%. Silver rose to as high as $41.32 by about 7AM EST before it fell back to as low as $40.315 and ended with a loss of 1.63%.

Donald Trump Is Now Accepting Gold Bullion From Tenants Posted: 14 Sep 2011 03:55 PM PDT Forty Wall Street, a Trump-owned building, has a new tenant, precious-metals dealer Apmex. Instead of handing over $176,000 worth of fiat currency for a security deposit, Apmex is giving Trump three 32-ounce bars of gold. The company is promoting its product, obviously; the Donald is promoting his own product, too. (Himself. Also obviously.) Trump (who — obviously! — declined to reveal how much gold he himself owns) told The Wall Street Journal that "The economy is bad, and Obama's not protecting the dollar at all … If I do this, other people are going to start doing it, and maybe we'll see some changes." Obviously. Read the Source @ NYmag.com

A Declassified Jon Huntsman On China's Terror Of A Gold-Pegged Dollar Posted: 14 Sep 2011 03:55 PM PDT While last night's quid-pro-quo from Chinese officials will likely be remembered as the start of escalating trade wars, Wikileaks has uncovered a declassified cable from John Huntsman indicating China's clear understanding of the growing tension and comprehension of the ability of the US to entirely destroy it economically with one swipe of the Presidential pen via a massive devaluation of the USD or repegging to gold. Evidently, while we may be used to seeing Jon Huntsman spew truisms and political one liners, there was a time when he actually had something interesting to say: a. "Sino-U.S. 'trade war' is heating up again"   The Shanghai-based Shanghai Media Group (SMG) publication, China Business News (Diyi Caijing)(02/08)(pg A1): "The United States provoked a trade war again by imposing high anti-dumping duties on Chinese-made gift boxes and packaging ribbon.  This once again shows that 2010 is off to a difficult start for Sino-U.S. relations.  It also reflects that, because of the mid-term elections, Obama is eager to prove to the American voters that the U.S. Administration's China policy is tough so as to restore his declining support rate. Yao Jian, the Ministry of Commerce spokesperson, issued a statement on February 1, saying that following the financial crisis American trade protectionism has risen.  China has become the biggest victim of the U.S.'s abusive implementation of trade remedy measures. But more critically in terms of actions taken perhaps: b. "The United States no longer sits still; it frequently uses evil tricks to force China to buy U.S. bonds" The Shanghai-based Shanghai Media Group (SMG) publication, China Business News (Diyi Caijing)(02/08)(pg A7): "This time the quick change of the U.S. policy (toward China) has surprised quite a few people.  The U.S. has almost used all deterring means, besides military means, against China.  China must be clear on discovering what the U.S. goals are behind its tough stances against China.  In fact, a fierce competition between the currencies of big countries has just started.  A crucial move for the U.S. is to shift its crisis to other countries - by coercing China to buy U.S. treasury bonds with foreign exchange reserves and doing everything possible to prevent China's foreign reserve from buying gold.   The nature of such behavior is a rogue lawyer's behavior of 'ripping off both sides': taking advantage of cross-strait divergences, blackmailing the Taiwan people's wealth by selling arms to Taiwan, and meanwhile coercing China to buy U.S. treasury bonds with foreign exchange reserves and extorting wealth from the mainland's people. If we [China] use all of our foreign exchange reserves to buy U.S. Treasury bonds, then when someday the U.S. Federal Reserve suddenly announces that the original ten old U.S. dollars are now worth only one new U.S. dollar, and the new U.S. dollar is pegged to the gold - we will be dumbfounded.    Today when the United States is determined to beggar thy neighbor, shifting its crisis to China, the Chinese must be very clear what the key to victory is.  It is by no means to use new foreign exchange reserves to buy U.S. Treasury bonds.  The issues of Taiwan, Tibet, Xinjiang, trade and so on are all false tricks, while forcing China to buy U.S. bonds is the U.S.'s real intention."   And since this memo, Gold has risen 105% and the USD (measured by DXY) is unchanged - that is all.

Dumpster Diving? Posted: 14 Sep 2011 03:49 PM PDT from The Economic Collapse Blog: Have you ever thought about getting your food out of a trash can? Don't laugh. Dumpster diving has become a hot new trend in America. In fact, dumpster divers even have a trendy new name. They call themselves "freegans", and as the economy crumbles their numbers are multiplying. Many freegans consider dumpster diving to be a great way to save money on groceries. Others do it because they want to live more simply. Freegans that are concerned about the environment view dumpster diving as a great way to "recycle" and other politically-minded freegans consider dumpster diving to be a form of political protest. But whatever you want to call it, the reality is that thousands upon thousands of Americans will break out their boots, rubber gloves and flashlights and will be jumping into dumpsters looking for food once again tonight. So is this actually legal? Read More @ TheEconomicCollapseBlog.com

And So It Began Posted: 14 Sep 2011 03:40 PM PDT Three years ago tonight we were all watching a new world unfold. Many of us did not know how bad it would be, how close to utter collapse we would come, or three years later how little would have actually changed (besides the unemployment rate being 40% higher) What has changed is the confidence and trust we have in the Government, Politicians, and the United States as a whole. In a piece the Frank Rich wrote for NY Magazine for 9/11 he speculated that 9/11 may not have been the worst thing that happened to the United States in the last 10 years. That award may go to what happened in the fall of 2008: In retrospect, the most consequential event of the past ten years may not have been 9/11 or the Iraq War but the looting of the American economy by those in power in Washington and on Wall Street. This was happening in plain sight—or so we can now see from a distance. At the time, we were so caught up in Al ­Qaeda's external threat to America that we didn't pay proper attention to the more prosaic threats within.   Even as the middle class was promised a free ride, those at the top were awarded a free pass—not just with historically low tax rates that compounded America's rampant economic inequality but with lax supervision of their own fiscal misbehavior.   It is that America—the country where rampaging greed usurped the common good in wartime, the country that crashed just as Bush fled the White House—that we live in today. It has little or no resemblance to the generous and heroic America we glimpsed on 9/11 and the days that followed. Our economy and our politics are broken. When you watch these videos, remember that this crisis unfolded while Tim Geithner was the head of the FRBNY, and Ben Bernanke was the Federal Reserve Chairman, the former received a promotion, the latter kept his job and "saved the system". Remember that after getting trillions of dollars in aid the banks paid out record bonuses in 2010. Remember that to date, there has been no "perp walk" for anyone connected to his crisis including any member of the executive team of Lehman Brothers. Finally remember that despite all arguments to the contrary TARP (as was reconstituted in July of 2010 ($475Billion)) still has $237B net outstanding or 40% of total outflows. When "people" lament the lack of confidence or trust, in the system, one is amused by how short their memories really are. TBTF is the law of the land. As long as every policy decision, is run through the paradigm of "must not have Lehman 2.0", there will be no confidence. Without failure which is merely accountability there cannot be real success. Subverting the interests of the majority, in order to ensure the survival of not the financial system, but the BANKS that make up the financial system, will end up costing the United States the core of what made her a once great country, in a way no terrorist organization ever could. From September 14, 2008: The fall out from September 17, 2008:

John Hathaway: Gold, Opportunity of a Lifetime Posted: 14 Sep 2011 03:38 PM PDT from King World News: With gold trading near the $1,800 level, King World News was given exclusive distribution rights for this rare and extraordinary piece with fifteen graphs by superstar John Hathaway of Tocqueville Asset Management L.P.. John is without question one of the most respected institutional minds in the world today regarding gold and his fund was recently awarded a coveted 5-star rating by Morningstar. A Golden Mulligan by John Hathaway, Tocqueville Asset Management L.P. Read more @ KingWorldNews.com

Shadow Banking Contagion Approaches As European Banks Sign Private Repo Agreements With US Counterparts Posted: 14 Sep 2011 03:21 PM PDT In what is probably the riskiest escalation of the second credit crisis to date, IFR has released information that was until now speculated, but not confirmed, namely that European banks not only continue to make a mockery out of LiEbor by posting whatever rates they deem appropriate (for the simple reason they don't use interbank funding), while in the meantime going directly to US banks, using shadow, and hence completely unregulated conduits, in the form of private repo arrangements with "at least three of the five biggest US banks." Now where this is interesting is that as Zero Hedge disclosed three months ago, the bulk of the cash generated for the pendancy of QE2 went not to US banks, but to US-based branches of foreign banks. Which probably means that there is a roadblock to repatriating the US held cash (even in exchange for perfectly legitimate receivable debits). Because one would think that this is where the first source of cash for troubled banks would come from. Assuming it hasn't been repatriated already, or is not stuck in some IOER-GC carry trade that generates virtually no return (and when the Fed lowers IOER even more, absolutely no return). Alas this means that the 3M USD Libor which we update every day is substantially under-representing the true funding squeeze in Europe. Even worse, it means that US banks have lent us tens, if not hundreds of billions of cash, in exchange for collateral that could be virtually anything, and which collateral bypasses traditional Fed supervision. As a result, US banks can and will go hog wild in lending repo dollars (at big collateral haircuts but still) to European banks until everyone suddenly runs out of money, and the Fed realizes it has to not only fill traditional liquidity holes, but a massive shadow banking shortfall, precisely the stuff that none other than the Fed has been warning about over and over. Just like in 2008 when the big hit to the system came not from traditional sources of risk but perfectly innocuous and thus ignored money markets, so the same will happen this time, as the biggest crunch will come completely out of left field. It always does. From IFRE: US banks have become the unlikely saviours of their ailing European counterparts, signing private agreements to lend them billions of dollars in recent weeks after an exodus of nervous money market funds left many without ready access to short-term funding.   Agreements worth tens of billions of dollars have been signed in the last month alone, according to bankers directly involved, who added that senior management of firms on both sides of the transactions have been closely involved with hammering out deals.   French lenders are among those using such facilities, say bankers, although deals have also been struck with UK and other European firms. Loans have been made as repo agreements, with banks posting assets such as corporate loans and mortgage portfolios as collateral.   "We were able to use some of our assets to get long-term repos," said one board member at a French bank. "It was a move we made to monetise some of the assets we had on the balance sheet which were good, quality assets, and also to mitigate the withdrawal of money market funds."   ...   Paris-based Societe Generale said that it had struck US dollar repo deals equivalent to €6bn against a portfolio of commercial mortgage-backed securities and collateralised loans with maturities longer than six months. US bankers say other banks have struck similar deals in recent weeks to generate cash.   One source at BNP Paribas with knowledge of the situation said the bank was using US dollar repo markets for fixed income activity, but "not more than usual", though the bank acknowledged that its use of short-term US money market funds dropped by €10bn to €36bn since the end of July.   "Doing repo means you don't have to sell and don't have to take the loss on many of these assets upfront," said another banker at a US bank, who has signed off on such deals in recent weeks. "You can do it privately, so nobody needs to know, and spread losses over the lifetime of the assets."   ...   The fact that US banks are willing to increase their exposure to European firms – even if they insist on significant haircuts and conservative interest rates – demonstrates that they are happy dealing with such counterparties, at least for the moment. Yes: for the moment. Alas, when the moment ends, and said banks can no longer afford to lend out cash, and in fact need it, may we ask: who will provide this source of global bailout capital? Oh yes: Ben Bernanke of course, and who will be facing trillions of dollars in full loss exposure should central planning not be successful in patching up the second Great Financial Crisis? Why you, dear reader.

Big commercial traders taking a stand against silver Posted: 14 Sep 2011 03:10 PM PDT 11:10p ET Wednesday, September 14, 2011 Dear Friend of GATA and Gold (and Silver): Over at the Got Gold Report, Gene Arensberg says the big commercial traders are increasing their silver short positions, apparently trying to stop silver's advance over $40. You can find Arensberg's commentary here: http://www.gotgoldreport.com/2011/09/silver-commitments-of-traders-updat... CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ADVERTISEMENT Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project Company Press Release August 22, 2011 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% nickel equivalent from surface to the footwall contact. Within this larger swath of mineralization the hole encountered 49.5 meters of 1.27 grams per ton platinum group metals plus gold, 0.71% nickel, and 0.45% copper (or 1.11% nickel equivalent). 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 Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel 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: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Be Part of a Chance to Discover Multi-Million-Ounce Gold and Silver Deposits in Canada Northaven Resources Corp. (TSX-V:NTV) is advancing five gold and silver projects in highly prospective and politically stable British Columbia, Canada. Check out the exploration program on our Allco gold/silver project : -- A large (13,000 hectare) property, covering more than 15 square kilometers of a regional mineralized trend just 3km from a recently announced 1.2-million-ounce gold and 15-million-ounce silver deposit. -- The property hosts historic high-grade silver workings and many mineral showings as well as former mines at the property's northern and southern boundaries. -- A deep-penetrating airborne geophysics survey has just been completed on the entire property and neighboring deposits and its results are eagerly awaited. To learn more about the Allco property or Northaven's other gold and silver projects, please visit: http://www.northavenresources.com Or call Northaven CEO Allen Leschert at 604-696-3600.

Trump fires dollar, takes gold bullion instead of cash for lease deposit Posted: 14 Sep 2011 03:05 PM PDT Trump's New Gold Standard Instead of Cash, a Tenant Makes Deposit in Bullion; Tough on the Wallet By Robbie Whelan The Wall Street Journal Wednesday, September 14, 2011 http://online.wsj.com/article/SB1000142405311190353280457656907154188020... On Thursday, the newest tenant in Donald Trump's 40 Wall Street, a 70-story skyscraper in Manhattan's Financial District, will hand Mr. Trump a security deposit worth about $176,000. No money will change hands—just three 32-ounce bars of gold, each about the size of a television remote control. The occasion will mark the first time the Trump Organization has accepted 99.9% pure gold bullion, rather than cash, as a deposit on a commercial lease. The tenant, precious-metals dealer Apmex, will sign a 10-year lease for 40 Wall's 50th floor at a leasing rate of about $50 a square foot, according to Apmex Chief Executive Michael R. Haynes. The company is promoting the use of gold as a replacement for cash in some situations. ... Dispatch continues below ... ADVERTISEMENT Zacks Starts Coverage of Golden Phoenix with 'Outperform' Rating Friday, September 9, 2011 SPARKS, Nevada -- Golden Phoenix Minerals Inc. (OTC Bulletin Board: GPXM) announced today that Zacks Investment Research has initiated coverage of the company with a comprehensive report giving a rating of "outperform." The Zacks report provides information about the company's business model, its royalty mining growth strategy, recent acquisitions, drilling plans, and gold production. The report is available at the Golden Phoenix Internet site here: http://goldenphoenix.us/pdf/GPXM_InitiationReport.pdf Golden Phoenix Minerals Inc. is a Nevada-based mining company whose focus is royalty mining in the Americas. Golden Phoenix is committed to delivering shareholder value by identifying, acquiring, developing, and joint-venturing gold, silver, and strategic metal deposits. Golden Phoenix owns, has an interest in, or has entered agreements with respect to mineral properties in the United States, Canada, Panama, and Peru, including the company's 30 percent interest in the Mineral Ridge gold project near Silver Peak, Nevada. Please visit the Golden Phoenix Internet site here: http://goldenphoenix.us For the company's full announcement of the coverage by Zacks, please visit: http://goldenphoenix.us/press-release/zacks-investment-research-initiate... "Gold has been a valuable asset class for the last 10,000 years, but the world has drifted away from it," Mr. Haynes says. "I figured, Trump is a smart guy, and he'll realize that taking gold is a better idea than taking cash." Mr. Trump said he sees the deal as a repudiation of the Obama administration's economic policies, of which he has been a vocal critic. "It's a sad day when a large property owner starts accepting gold instead of the dollar," Mr. Trump said in an interview. "The economy is bad, and Obama's not protecting the dollar at all. ... If I do this, other people are going to start doing it, and maybe we'll see some changes." Mr. Trump said he has some gold in his personal portfolio, but declined to say how much. Thursday's transaction was something Apmex suggested, Mr. Trump said. * * * Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel 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: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org 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 August 22, 2011 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% nickel equivalent from surface to the footwall contact. Within this larger swath of mineralization the hole encountered 49.5 meters of 1.27 grams per ton platinum group metals plus gold, 0.71% nickel, and 0.45% copper (or 1.11% nickel equivalent). 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_...

Banks rush to lend gold to get dollar funding Posted: 14 Sep 2011 02:50 PM PDT Banks Use Gold to Get Dollar Funds By Jack Farchy Financial Times, London Wednesday, September 14, 2011 http://www.ft.com/intl/cms/s/0/9c5ec914-deed-11e0-9af3-00144feabdc0.html European banks are rushing to use their gold to access much-needed dollar funding, in the latest sign of the growing liquidity crunch for the continent's financial institutions. Gold dealers and analysts said that there had been a strong move to lend gold in the market in exchange for dollars in the past week, accelerating in recent days. The rush has pushed gold leasing rates -- the implied interest rate for lending gold in the market in exchange for dollars -- to record lows, according to Thomson Reuters data. The one-month gold leasing rate has plunged to a historic low of -0.48 per cent, suggesting that a bank lending gold for one month would have to pay to do so, at an annualised rate of 0.48 per cent. ... 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 Traders cautioned that few if any banks were likely to receive those rates, however, saying that they had been skewed by a widespread reluctance among bullion banks to take gold for dollars. Large bullion-dealing banks take gold on deposit from a range of customers such as investors, central banks, and other commercial banks. Although they often lend out some of that gold around the end of quarterly reporting periods in order to reduce their liabilities, the latest move is unusually dramatic and highlights the stresses in the dollar funding market, according to bankers. The banks do not, however, lend all their gold and some of it is held in accounts that preclude them for using it for trading. Edel Tully, precious metals strategist at UBS, wrote in a note to clients that the drop in lease rates suggested there was a lot of interest in exchanging gold for dollars. "Pressure on banks' balance sheets in the last couple of months is exacerbating the usual end-quarter balance sheet-specific action," she added. The cost for European banks to swap euros into dollars has jumped fivefold since June, hitting the highest levels since December 2008. The main reason for the spike is the demand for the US currency due to its growing status as a haven in the face of rising worries of an imminent Greek default that could spark a deeper sovereign debt crisis. Traders said that the large volume of lending was one reason gold prices had struggled to achieve upward momentum, despite growing concerns over the eurozone crisis. Spot bullion was trading at $1,818 a troy ounce on Wednesday, down 0.8 per cent on the day. It has fallen 5.3 per cent from a nominal record high of $1,920.30 last week, although traders say there has been strong demand from Asian buyers whenever prices fall below $1,800. "A sharp decline in lease rates over the past two days is theoretically bearish gold as holders seek to use bullion holdings to raise cash," said James Steel, precious metals analyst at HSBC, in a note to clients. "But it may also be a sign of distress which is supportive of gold." * * * Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel 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: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property 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

HSBC dropped from silver price suppression lawsuit Posted: 14 Sep 2011 02:40 PM PDT By Gregory Meyer Financial Times, London Wednesday, September 14, 2011 http://www.ft.com/intl/cms/s/0/3f44e1e4-dee5-11e0-9130-00144feabdc0.html HSBC has been dropped from a lawsuit accusing banks of suppressing silver prices after reaching a temporary standstill agreement with plaintiffs' attorneys. The London-based bank's removal leaves JPMorgan Chase as the lone defendant named in the case brought by dozens of silver investors and money managers. A vocal group of US silver investors maintains that bullion banks for years kept silver prices artificially low by holding massive short, or selling, positions in New York futures and options markets. Regulators twice found no evidence to support their claims. ... Dispatch continues below ... ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property 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 Commodity Futures Trading Commission in September 2008 disclosed that it was investigating misconduct in the silver market. The probe has not led to government charges. However, last October, CFTC commissioner Bart Chilton took the matter into his own hands, announcing that "there have been fraudulent efforts to persuade and deviously control" silver prices. Silver traders afterwards filed more than 40 lawsuits against HSBC and JPMorgan, based in part on the banks' historically large portfolios of precious metals derivatives. This week plaintiffs' attorneys consolidated the suits into a single complaint and sought class-action status in federal court. HSBC was omitted as a defendant in the amended complaint, made public on Wednesday, after entering into a "tolling agreement" with plaintiffs, the filing said. Such agreements extend the deadline for bringing lawsuits under US statute of limitations rules. "A potential defendant may sign a tolling agreement with a plaintiff either because there are settlement discussions between the parties, or because the plaintiff is reviewing whether or not that party should actually be sued in the case," said Peter Haveles, partner with law firm Kaye Scholer, who is not involved in the silver litigation. HSBC acknowledged that the complaint made reference to a tolling agreement but declined to comment on the suit. "We will continue to vigorously defend ourselves in this area through all proper legal channels," the bank said. The complaint alleged that JPMorgan, on various occasions between 2007 and 2010, manipulated silver markets with "large, uneconomic sales to depress prices." Plaintiffs said the bank intentionally drove silver futures lower "through large volume trades and 'spoof orders.'" By mid-2008, after JPMorgan had acquired the investment bank Bear Stearns, the value of its silver position increased at least $100 million for each $1 per ounce decline in silver futures prices, the complaint said. In August 2008, the plaintiffs alleged, JPMorgan used "massive selling power" to force traders of put options to cover their positions. JPMorgan said: "These allegations are entirely without merit and we intend to defend ourselves vigorously." * * * Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel 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: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 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

Harvey Organ's: The Daily Gold & Silver Report Posted: 14 Sep 2011 01:48 PM PDT The bankers are starting to realize that they are banging their heads against a brick silver wall.

Gold is Confidence in Money Systems Posted: 14 Sep 2011 01:00 PM PDT In 2000 gold stood at just below $300, and when the euro arrived it stood at just over €250. Confidence was nearly absolute in the U.S. dollar at the time and the currency the world's energy was priced in. The euro was about to be launched to replace currencies like the Deutschemark, the French Franc and the rest of Europe's currencies. Today and eleven years later, gold is standing six times higher than the level at the turn of the century, despite all attempts to keep it contained. Why?

Deposit Flight From European Banks Means Collateral Risk Piling Up at ECB Posted: 14 Sep 2011 12:59 PM PDT "People are moving deposits into safe goods such as gold ..."They're simply putting the money under the mattress to avoid taxes."

Dissecting “Gold Is a Bubble” Posted: 14 Sep 2011 12:34 PM PDT by Michael J. Kosares, MarketOracle.co.uk: Jonathan Kosares writes: Members of Wells Fargo's wealth management team released an article recently entitled, "The Gold Bubble," where it is claimed, in no uncertain terms, that gold is in a bubble. While I would not normally spend time rebutting an entity that would shock me far more if they actually put out a recommendation to buy gold, the subsequent readership this article has received (it was referenced in the business section of the Denver Post, for example) suggests it might be an entertaining, and perhaps useful exercise, to dissect their claims point by point to see what, if any, validity they carry. I also am of the impression that, as coverage on gold becomes increasingly mainstream, gold owners will also be faced with an increasing sum of articles of this type that seek to challenge their resolve. My hope is that this analysis will provide something of template of skepticism, that not everything you read, no matter how credible the source, is necessarily giving you the complete picture. In their introduction, Wells Fargo Wealth Management (WFWM) writes, Read More @ MarketOracle.co.uk

It's Not 2008, It Is 2007: Goldman Global Alpha Just Blew Up All Over Again Posted: 14 Sep 2011 12:25 PM PDT Those who have been around for more than one trading generation (which in the old days was 3-4 years, but in the current centrally-planned, vacuum tube-traded times, is more like 3-4 months), will distinctly recall that the first rumbling of the financial crisis started not with the bankruptcy of Lehman, or even the handoff of Bear (and its massive silver legacy short) to Jamie Dimon, but in August 2007, when days after the market hit its all time high, something went massively wrong in the quant market segment (nobody still knows what it was but many speculate that is was simply every algo being on the same side of the trade and trading out all at the same time following the blow up of the Bear Stearns hedge funds). What the first week of August 2007 was notable for, in addition to massive losses for such legendary quants as RenTec (very well described in Scott Patterson's book titled appropriately enough "The Quants"), was that for the first time ever, the infallible Goldman Sachs... fell. Specifically, its heretofore mythical Global Alpha quant fund, which had the mythical allure of a 33rd degree Freemason dinner, imploded, and crashed, forcing the end of a quant generation, and the beginning of the end of Goldman's aura of invincibility. As Bloomberg recalls those August 2007 days: "Goldman Sachs Group Inc.'s $8 billion Global Alpha hedge fund has fallen 26 percent so far this year, a decline that may prompt more investors to withdraw their money, according to people familiar with the fund...On June 26, Goldman said Eric Schwartz, co-head of asset management since 2003, would step down in the next few months and leave Peter Kraus in charge of the fund unit. Global Alpha decreased 8 percent during the last full week of July and was down 16 percent from the beginning of January through Aug. 3. There is an Aug. 15 deadline for Global Alpha investors who want to redeem money on Sept. 30." Well, the reason we bring all of this up, is because unlike what everyone claims, it is not 2008.... it is 2007 all over again. To wit: Goldman Global Alpha just blew up, for the second and probably last time. From Reuters: Katinka Domotorffy, the head of Goldman Sachs Group Inc's (GS.N) quantitative investment strategies group, will leave the bank at the end of the year, according to an internal memo, as one of its biggest hedge funds continues to suffer from weak performance.   Domotorffy is a Goldman veteran who joined the bank in 1998 as a portfolio manager and researcher.   She took on her most recent title as chief investment officer and head of QIS within the asset management division in 2009 when Mark Carhart and Raymond Iwanowski, co-founders of Goldman's prominent Global Alpha Fund hedge fund, retired.   The Global Alpha Fund is down 12 percent this year, according to sources familiar with the matter. If 2007 was any indication, and it was, every terminal event for Global Alpha is a harbinger of many, many bad things coming. What is just as ominous is that if Goldman's quant fund has now blown up, then there are tens if not hundreds of other quant funds, and otherwise, that are completely defunct and liquidating, but simply choose to keep quiet. As we predicted a month ago, the rot will very soon stink up the place, but little did we expect that it would start at the head. Look for many more such stunner announcements in the days to come, and also, since it is now 2007 all over again, it may just be the case that Goldman's dramatic S&P 500 target cut, just discussed, will actually come true much faster than anyone expects.

End Game Approaches for Greek Crisis Posted: 14 Sep 2011 12:23 PM PDT by William L. Watts, MarketWatch.com: German Chancellor Angela Merkel, French President Nicolas Sarkozy and Greek Prime Minister George Papandreou are slated to hold a conference call late Wednesday afternoon as Greece finds itself under pressure to implement further austerity measures in an effort to meet its deficit targets. But many economists fear policy makers have failed to grasp the imminent likelihood of a Greek default and the damage it could do. "The risk of a banking crisis is very real. I don't think policy makers have the luxury of time in getting ahead of this," said Neil Mackinnon, global macro strategist at VTB Capital in London. A default by Greece appears likely in a matter of days or weeks, he said, putting the onus on policy makers to come up with a mechanism similar to the Troubled Asset Relief Program, or TARP, put in place in the United States after the collapse of Lehman Brothers and the rescue of AIG. While European equities rebounded Tuesday and were on the rise Wednesday, credit markets continue to point to imminent default by Greece, strategists say. Read More @ MarketWatch.com

How Cheap are Gold Stocks? Posted: 14 Sep 2011 12:09 PM PDT HOUSTON -- From the Chart Book. We keep hearing that gold stocks are cheap compared to the price of gold. The talk that gold stocks are undervalued has been ramping up lately too. More and more analysts are coming to the same conclusion - that there has been a colossal disconnect between the price of gold and the price of gold producers.  Is it true?  Continued... In a word, yes.  It most certainly is true, and just below is a good argument to support the thesis.  The chart below is a 20-year ratio of the Philadelphia Gold and Silver Stocks Index (XAU) compared to gold metal.   (XAU compared to gold in USD, 20-years, monthly.  If the image is too small click on it for a larger version.) We think the chart pretty much speaks for itself. The fact is that compared to the price of gold, big cap gold stocks are almost as cheap as they were in the depths of the 2008 panic.  That is all for now, but there is more to come.

Robin Griffiths: Gold Will Become the Greatest Bubble Posted: 14 Sep 2011 12:07 PM PDT from King World News: With the gold market experiencing some 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. Griffiths had some extraordinary comments regarding gold during the interview. When asked about his recent trip to China and the speeches he gave in Hong Kong and Beijing, Griffiths responded, "When I went on to the subject of things like gold and was bullish about it, I got a standing ovation. So there is no doubt that it is a very popular investment idea in China and also, of course, in India. The Asians are likely to be the main buyers of gold in the remainder of this year." Robin Griffiths continues: Read More @ KingWorldNews.com

The Raids Continue and the Banking Cartel Facing a Brick Wall / French Banks Downgraded Posted: 14 Sep 2011 12:03 PM PDT by Harvey Organ: Good evening Ladies and Gentlemen: The world is now realizing that manipulation and control of the gold and silver price is mandatory by the bankers. I am afraid that they will continue to bash gold and silver until Greece implodes. Many are starting to question the obliteration of free markets. The price of gold was hit early in the session but rebounded nicely before comex closing time. Gold finished the comex session at $1823.50 for a loss of $3.30 and silver finished at $40.47 for a loss of 66 cents. The world continues to burn as Moody's has just downgraded two of the major French banks (discussed below). It seems that nobody is allowed to default as one default will bring everyone down. Let us head over to the gold comex and assess today's damage. Read More @ HarveyOrgan.Blogspot.com

‘Perfect Storm’ of Global Banking and Sovereign Debt Crisis to Lead to Global Currency Crisis Posted: 14 Sep 2011 12:00 PM PDT from GoldCore via GoldSeek.com: Gold is marginally lower in US dollars and is trading at USD 1,831.60, EUR 1,337.90 , GBP 1,160.50, JPY 140,722, AUD 1,792.60 and CHF 1,610.10 per ounce. Gold's London AM fix this morning was USD 1,829.00, EUR 1,339.33, GBP 1160.46 per ounce. Yesterday's AM fix was USD 1,806.00, EUR 1,326.38, GBP 1143.33 per ounce. Gold remains well bid above the $1,800/oz level as value buyers continue to diversify into safe haven bullion due to the real risk of contagion in Europe and globally. Normally gold's sell offs are swift and sharp with a series of consecutive daily down days seen. This is not happening and yesterday's rise suggests that gold may be bottoming after a brief correction. Technically, gold would need to close the week higher before the somewhat negative short term technical picture was negated. Read More @ GoldSeek.com

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