Gold World News Flash |
- Gold Cycle Review, The Next Gold Swing Trade Is
- 2008 or 1979 All Over Again?
- Cyclical Trash Time
- Silver Update 9/23/11: Load the Boat!
- THE D-WAVE BEGINS
- Guest Post: Forget Gold—What Matters Is Copper
- World is Edging Towards Global Depression, Give Collapse a Chance
- Dr Doom Roubini and Soros Say The U.S. Already in A Double Dip Recession
- Here We Go - This Is Why They Wanted To Annihilate The Metals This Week
- Why did Gold and Silver Crash? What will the Fed do Next?
- Hinde's Ben Davies tells King World News of central bank intervention against gold
- Peter Schiff - Gold & Silver Plunge Mirrors 2008, What’s Next?
- Haynes, Norcini examine gold's plunge at King World News
- Eurozone bailout scheme: Spend infinite money without democratic approval
- IS IT SAFE?
- There Will Never Be A “Good” Time For Greece To Default
- David Morgan’s Precious Metals Panic Report
- ASIAN BUYING WILL OVERWHELM MANIPULATION in PAPER MARKET & MORE – Ben Davies
- You can’t go faster than the speed of light – And other lies
- This Past Week in Gold
- Recalling 'King Dollar' Distortions
- The Best of the Week
- Asian Buying Will Overwhelm Manipulation in the Paper Gold & Silver Markets
- A Perspective On The Plunge In Gold and Silver
- Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure; Is Morgan Stanley Sitting On An FX Derivative Time Bomb?
- Gold Prices go South as dollar strengthens
- How to Prepare for When Money Dies
- Markets Panic, What's Happening?
- Explosive Moves in Gold, Silver, Oil, Dollar and Stocks, How to Catch The Next Move
| Gold Cycle Review, The Next Gold Swing Trade Is Posted: 24 Sep 2011 01:28 PM PDT The gold cycle as been working like clock work. Sure the peaks and troughs have got more interesting. We expect the next cycle bottom to be Dec - Jan, we hope a great set up for more accumulation of physical gold. Read More...
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| Posted: 24 Sep 2011 01:14 PM PDT If the pattern isn't broken soon, this could mean we are about to see 2008 all over again, and silver could drop another 50% from here ... Read More...
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| Posted: 24 Sep 2011 01:12 PM PDT Note: Have a significant muscle injury to one of my arms which makes typing most difficult, if not impossible. This post is basically a copy and paste from recent articles and emails with some additional insights. ------------------------------------------------------------ Am sure many were disappointed in the bearish tone of my 9/14/11 article "Hype vs Hope" which you will find here[COLOR=#e06666].[/COLOR] Key negative Points Were [LIST] [*] the Dollar is in a strong uptrend in both the daily and weekly time frames (possible target of 80+) [/LIST] [LIST] [*]there is also an issue of a significant gap in gold at the 1675 area that needs to be resolved. [/LIST] [LIST] [*]that the daily, weekly and monthly Pendulum SRA cycles were all in downtrends [/LIST] [LIST] [*]In addition, we now have a broken bearish flag in the XAU/Gold ratio which points to XAU 148 [/LIST] On August 27th, I complimented my trading buddy Trader Dan Norcini for his polite reluctance on KWN to endorse a prior ...
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| Silver Update 9/23/11: Load the Boat! Posted: 24 Sep 2011 12:03 PM PDT From BrotherJohnF predicted the dramatic fall in the silver prices. Filed under: BrotherJohnF, Buy Gold, Buy Silver, commodity futures trading, commodity trades, European banks, european market turmoil, gold bullion, gold currency, gold price, Silver coins, silver futures, Silver price manipulation, silver update, Trading silver and gold, trading strategies 
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| Posted: 24 Sep 2011 11:24 AM PDT It's taken much longer than I originally expected, but we now have confirmation that gold's D-Wave decline has begun. A D-Wave decline is a normal, regression to the mean, profit-taking event that occurs when gold gets too stretched above the mean. It is not a take down by an anti-gold cartel. Anyone with a modicum of common sense can look at the long-term chart of gold and tell that this is not a manipulated market. This is just a normal secular bull market, and it is acting exactly like a normal bull market acts.  Folks, these conspiracy theories are now bordering on the insane. I even heard the other day someone blame margin increases for the drop in gold. I guess they completely forgot that we've already had two margin increases in the last two months that had virtually no effect on gold.  Every bull market in history has its share of con men and scam artists. Think Bernie Madoff, Enron, WorldCom, etc. The gold manipulation nonsense is just one of the many scams that are going to hitch a ride on this bull. Actually it's one of the oldest scams in the book. You find a bull market, make a one-way bet on rising prices, tout these "to the moon" prices to suck in subscribers lured by the reward of gigantic financial gains, and then blame an invisible cartel every time a correction occurs that you don't foresee. It's a great way of not having to take responsibility when subscribers get caught in a normal corrective decline. Needless to say I don't play those kind of games. I try to get subscribers out ahead of intermediate declines. Yes, I'm usually a little early. I have the same problem with tops that every other human being in the world has. They are virtually impossible to call in real time. Subscribers to the SMT/Gold Scents newsletter have sidestepped all of this D-Wave decline and instead have been 100% invested in the dollar index. The only asset initiating a strong trend higher. Actually there is a fundamental reason for a D-Wave decline besides just a normal regression to the mean, profit-taking event. The dollar has now moved into the aggressive stage of the rally out of the three year cycle low. Deflation is starting to take hold in the world again. In a deflation defaulting debt collapses the money supply. There is a growing shortage of dollars in the world. That's the reason why the dollar index is rocketing higher. As the value of the dollar rises during this deflation it takes less and less of them to buy an ounce of gold. You can see this same process unfolded as the dollar rallied out of the 2008 three year cycle low.  On a much shorter timescale gold is now in the timing band for a daily cycle low. My best guess is that sometime over the next 1 to 2 weeks gold will move down to tag the 200 day moving average. That will trigger short covering and a very convincing snapback rally. However it's still too early for an intermediate degree bottom. There should be one more daily cycle down into November before the D-Wave puts in its final bottom.  I suspect the next daily cycle is going to be a volatile nightmare that will chew up bulls and bears alike before a final plunge down below the 200 day moving average somewhere between $1300-$1400. As all D-Wave declines have retraced at least 50 to 60% of the previous C-wave advance that would be a minimum target for the November bottom. At that point we should see a very powerful A-wave advance triggered by the extreme oversold conditions generated at the D-Wave bottom. More in the weekend report... For the next week I am going to open a special $5 trial subscription. You will have complete access to the premium website, archives, model portfolio, etc. You can sample the premium newsletter for a week. If you decide you like the content your subscription will automatically renew on October 1 as a yearly subscription. If you decide you don't want to continue the subscription just follow the directions on the home page of the website to cancel your subscription before October 1. Click here to go to the premium website then click on the subscribe link on the right-hand side of the page. You will see the special offer at the bottom of the subscription page.       
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| Guest Post: Forget Gold—What Matters Is Copper Posted: 24 Sep 2011 11:00 AM PDT Submitted by Gonzalo Lira Forget Gold—What Matters Is Copper People are freaking out that gold has fallen to $1,650, from its lofty highs above $1,800—they are freaking out something awful. "Gold has fallen 10%! The world is coming to an end!!!" I myself took a shellacking in gold— —but copper is what has me worried. Copper fell from $4.20 to $3.25—close to 25%—in about three weeks. Most of that tumble has happened in the last ten days, and what's worrisome is that, as I write these words over the weekend, there is every indication that copper will continue its free fall come Monday. From the numbers that I'm seeing—and from the historical fact that copper tends to fall roughly 40% from peak to trough during an American recession—there is every indication that copper could reach $2.67 in short order. And even bottom out below that—say at $2.20—before stabilizing around the $2.67 level. But we'll see. The price of copper is not the point of this discussion. The point of this discussion is what the price of copper means. What it means for monetary policy. We all know the old saying: "Copper is the only commodity with a Ph.D. in economics", or words to the effect. The ongoing price collapse of copper signals that the markets have collectively decided that there is going to be no resurgence of the global economies—at least not for the next 9 to 18 months. Up until now, the economic data that has been coming out over the last couple of weeks seemed to indicate that there's going to be a double-dip—but in my mind, this fall in the price of copper confirms this notion that the general economy is going down. And remember: Market sentiment can not only be a predictor of future economic performance, but its determinant. If today the markets feel that the economy is going to suck tomorrow, often that very sentiment is what makes the economy suck canal water. So if copper is falling like a mo-fo—which both signals and convinces the market that the economy is gonna suck—what does this mean for monetary policy? Prima facie, the fall in the price of copper is deflationary: Less demand means that the prices fall—meaning the dollar acquires purchasing power. What does it mean for monetary policy that copper has fallen so low? It means that Bernanke will carry out more "non-traditional" Federal Reserve stimulus. Ben Bernanke is famous for being terrified of deflation—and to his particular mindset, this is a reasonable fear. More to the point, Bernanke's deflation-phobia actually matters—because after all, he is the Chairman of the Federal Reserve. He controls U.S. monetary policy. Deflation is supposed to be bad because it shrinks an economy. (Personally, I am more afraid of inflation than deflation: The latter is self-correcting, while the former spirals out of control and into social chaos. But that's for some other post.) According to the deflationary world view, falling prices oblige producers to cut back on production—which means firing workers. These fired workers—husbanding their resources during their unemployment—spend less, further contracting demand, thus putting more downward pressure on prices, forcing more producers to cut back and fire even more workers, who thus spend less— —you get the picture: A "deflationary death spiral", in the Deflationistas' parlance. This is Bernanke's fear—and he will do anything to alleviate it. Notice: It's not that Bernanke will do anything to alleviate deflation—he will do anything to alleviate his fear of deflation. As copper prices continue to tumble, signaling further economic contraction, there is no question in my mind that Ben Bernanke and his Fools of the Fed will view this as evidence of looming dollar deflation. They will do everything to stop this looming deflation. But since the "traditional" Federal Reserve tools have been used up—that is, the Fed has its rate at zero, and for all intents and purposes all of its liquidity windows open—Bernanke will have no choice but to announce some new "non-traditional" liquidity injection scheme shortly. Thus I expect some Banana Republic money-printing scheme to be announced by the Bernankster before the end of the year—perhaps as early as this coming October. The fall in the price of copper—more than anything else—is what Benny and his Fools will be looking at, to justify this new scheme. And my bet is, this scheme they announce will be as big—and as controversial—as QE-II. I am giving my people at The Strategic Planning Group a detailed analysis of what has happened over the past week, and what we can expect to happen in the markets over the coming weeks. You'll have to pay to play for that. But insofar as my overall view of the situation is concerned, this is what I think: Bernanke will drive a schoolbus over small children, in order to prevent his notion of deflation from coming true. This fall in the price of copper is much more relevant to his course of action as Fed Chairman than the fall in the price of gold (which was just a combination of options expiration coming up, and gold positions being sold to cover losses in other asset classes). This dramatic fall in the price of copper signals that the markets do not believe reactivation is anywhere near eminent—not for at least 9 to 18 months. To the traditional twin Federal Reserve mandates of price stability and full employment, Bernanke has added a third mission: That of "growing the economy"—whatever it takes, however unorthodox or reckless the measures. Therefore, it is my estimation that very soon now—end of this year at the latest—we will have QE-infinity—and beyond!
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| World is Edging Towards Global Depression, Give Collapse a Chance Posted: 24 Sep 2011 09:54 AM PDT A big sell-off yesterday. The Dow down 283 points. The 10-year T-note yields only 1.87%. And the price of gold barely budged. In our opinion all three should be going down. Because the world is edging towards a global depression…
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| Dr Doom Roubini and Soros Say The U.S. Already in A Double Dip Recession Posted: 24 Sep 2011 09:30 AM PDT Dr. Doom Roubini has grown even more pessimistic since he put a 60% probability of a U.S. double dip in 2012 just about three weeks ago. Business Day reported that speaking at a press conference in Johannesburg on Sep. 20, Roubini now says, "The US is already in a recession although it will not admit it." and that the rest of the world would not be insulated from the effects of another global meltdown. (Clip Below)
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| Here We Go - This Is Why They Wanted To Annihilate The Metals This Week Posted: 24 Sep 2011 09:27 AM PDT G20 sources: all efforts behind the scenes (by G20 members) are now going into recapitalising banks, preparing economies for default. Zerohedge posted this. Here's the LINK So it sounds like Greece will be allowed to default and the bigger news regarding gold/silver is that the ECB is prepared to print plenty of money of keep the banking system from collapsing. Sort of like what happened here in 2008. That's why the LBMA raised margins on OTC gold forwards by substantial margin. They wanted to "flush" the market ahead of this. Ultimately this is uber-bullish for the metals. Don't let them shake you out of your positions. An even better move would be to man-up and buy even more Monday and save room to add more if they take it lower. I was actually told by a friend that some big news that would explain the metals hit would surface either this weekend or Monday/Tuesday. He wouldn't give me details over the phone. His remark on last week's action: "who cares where they take the metals on the downside, six months ago they could be double where they are now.... 
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| Why did Gold and Silver Crash? What will the Fed do Next? Posted: 24 Sep 2011 09:18 AM PDT Many people have asked me to comment on the plunge in gold and silver. First let's take a look at the wrong answer: Case Closed: CME Hikes Gold, Silver, Copper Margins And there you have it: CME just hiked gold margins by 21%, silver by 16% and copper by 18%. Mystery solved. Sorry Tyler, wrong answer.
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| Hinde's Ben Davies tells King World News of central bank intervention against gold Posted: 24 Sep 2011 07:05 AM PDT 3p ET Saturday, September 24, 2011 Dear Friend of GATA and Gold (and Silver): Hinde Capital CEO Ben Davies, who spoke at GATA's Gold Rush 2011 conference in London last month, today tells King World News that Western central bank intervention against gold has been obvious over the last week; that, as a result, metal is being shipped from West to East; that the intervention against gold is masking but not repairing the defects of the Western monetary system; and that whenever its price stabilizes there will be a great buying opportunity in gold. The interview is 15 minutes long and you can listen to it at King World News here: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/9/24_B... CHRIS POWELL, Secretary/Treasurer 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: For the company's full announcement of the coverage by Zacks, please visit: http://goldenphoenix.us/press-release/zacks-investment-research-initiate... While sticking to an unpopular plan to phase in limits over time as the agency gathers more data on the opaque $600 trillion over-the-counter derivatives market, the proposal shows regulators responding to concerns raised by the financial industry and Republicans. U.S. regulators are also wrestling with how much leeway to give banks in hedging their own risk under the so-called Volcker rules, Reuters has reported. "At least they're listening to the industry, because people were concerned that Chairman (Gary) Gensler wasn't," a derivatives lawyer told Reuters. The final rule would still snag large passive index funds, which critics have blamed for causing a massive run-up in oil prices in 2008 by buying and holding futures contracts without regard to market fundamentals. "They've completely shut the door on risk management exemptions" for dealers trading for large passive funds, said one lawyer briefed on the final draft. It would also still have a major impact for the CME Group Inc and IntercontinentalExchange. The two largest futures exchanges in the United States have fretted that strict limits could drive trading overseas. Surging food and oil prices this year renewed political pressure on the agency to crack down on speculators, blamed by some for high prices. "The draft final rule on position limits, as currently written, is extremely weak," said Sen. Bernie Sanders, a staunch critic of the CFTC. "At a time when the American people are experiencing extremely high oil and gas prices, this proposal will do little or nothing to lower prices and it will not eliminate, prevent or diminish excessive speculation as required by the Dodd-Frank Act," he said. The 238-page draft, dated September 19, could still be subject to changes. The five-member commission and its staff have been divided on how to craft the rule. It is uncertain whether the CFTC will vote on the rule at its October 4 meeting as had been previously expected, according to one CFTC official. "It remains a work in progress... and our commissioners haven't fully weighed in yet," said CFTC spokesman Steve Adamske, who declined to comment on the details late Wednesday night. One key change in the final draft relaxes some proposed requirements for some large commodities players that have ownership stakes in entities that hedge, deal and speculate. The CFTC had initially wanted to add or aggregate positions for entities that share common ownership, regardless of whether they share trading strategies and control. The agency now would allow some players to avoid aggregating all the different positions in various trading accounts, provided those accounts are independently controlled and the companies impose vigorous firewalls between their trading desks. The CFTC said it may enhance market liquidity for bona fide hedgers and promote efficient price discovery. "It would be good news if they are going to relax that, it didn't seem to have a lot of justification," Julie Winkler, a managing director of the CME, told Reuters on the sidelines of a commodities seminar in London. The CFTC said index funds would not be exempt. They would have to aggregate for positions in accounts or pools with identical trading strategies, including passively managed index funds. The CFTC's rule maintains its proposal to apply position limits to the "spot month" immediately, but phase in limits for non-spot months after collecting 12 months of swap data. Traders have argued there is no evidence speculators inflate prices, and say curbs could make prices more volatile by removing liquidity and sending business to overseas markets. CFTC's own economists have not found a causal link between speculation and price volatility. "These changes still don't address the overall question - how will this rule impact liquidity and price discovery in these markets?" asked Frank Lucas, chairman of the Agriculture Committee, which oversees the CFTC. "The CFTC simply doesn't have the data to answer that question, and it shouldn't move forward until it does," he said. Another important change the industry has been seeking revolves around so-called "class limits." Initially, the CFTC said it would apply the formula to exchange-traded futures, related over-the-counter swaps, and across both those classes combined -- meaning traders would not necessarily be able to offset a short position in the swaps market with a long position in futures, as many do. Banks objected, saying that dealers hedge by relying on over-the-counter derivatives that mimic performance of exchange-traded futures. They had complained the CFTC plan would create a very distorted view. The CFTC said it would relax the class limits so traders exceeding the futures limit can use opposing positions that fall underneath the swaps limit to reduce their overall net position. The CFTC added it will revisit the issue. "While class limits can be an effective tool to address undue market power in a particular segment of the derivatives market, the commission has determined that such limits should not be imposed without additional data and analysis," the draft says. The CFTC's plan applies to 28 commodities and for most markets would be based on a formula of 10 percent of the first 25,000 contracts of open interest, and 2.5 percent thereafter. The CFTC is poised to expand the definition of who can claim exemptions from the limits as "bona fide hedgers" -- traders who use the market to protect themselves from price risk, as opposed to speculating on market moves. The expanded definition responds to traders who said the original definition was so narrow that some genuine hedging activities would be interpreted as speculation. The CFTC kept a provision requiring traders to comply with limits on a intraday basis despite concerns from firms such as Barclays over the difficulties of complying and sharing information on a real-time basis. Join GATA here: 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:
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| Peter Schiff - Gold & Silver Plunge Mirrors 2008, What’s Next? Posted: 24 Sep 2011 07:04 AM PDT  With gold and silver prices declining along with global stock markets, today King World News interviewed Peter Schiff, CEO of Europacific Capital. When asked if the downdraft in the metals reminded him of 2008, Schiff replied, "Yeah it does, it is definitely reminiscent of that time period, lots of selling. I think emotional or forced selling is probably what's driving it. It's a sale as far as I'm concerned for people who want to buy, but it does show the dangers of using leverage."
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| Haynes, Norcini examine gold's plunge at King World News Posted: 24 Sep 2011 06:38 AM PDT 2:30p ET Saturday, September 24, 2011 Dear Friend of GATA and Gold (and Silver): The weekly precious metals market review at King World News finds Bill Haynes of CMI Gold & Silver trying to fend off bargain-hunting customers and futures market analyst Dan Norcini remarking that gold may have been sold so hard last week because it was just about the only asset where fund managers were still showing profits when other markets crashed. That is, Norcini says, gold's fall didn't have much to do with gold itself. Norcini thinks Asia will find lower gold prices very attractive. You can listen to the interviews at the King World News Internet site here: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/9/24_K... CHRIS POWELL, Secretary/Treasurer 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: For the company's full announcement of the coverage by Zacks, please visit: http://goldenphoenix.us/press-release/zacks-investment-research-initiate... Join GATA here: 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:
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| Eurozone bailout scheme: Spend infinite money without democratic approval Posted: 24 Sep 2011 06:05 AM PDT Multi-Trillion Plan to Save the Eurozone Being Prepared By Philip Aldrick and Jeremy Warner http://www.telegraph.co.uk/finance/financialcrisis/8786665/Multi-trillio... European officials are working on a grand plan to restore confidence in the single currency area that would involve a massive bank recapitalisation, giving the bailout fund several trillion euros of firepower, and a possible Greek default. German and French authorities have begun work on a three-pronged strategy behind the scenes amid escalating fears that the eurozone's sovereign debt crisis is spiralling out of control. Their aim is to build a "firebreak" around Greece, Portugal, and Ireland to prevent the crisis spreading to Italy and Spain, countries considered "too big to bail." According to sources, progress has been made at the G20 meeting in Washington, where global leaders piled pressure on the eurozone to fix its problems before plunging the world back into recession. In a G20 communique issued on Friday, the world's leading economies set themselves a six-week deadline to resolve the crisis -- to unveil a solution by the G20 summit in Cannes on November 4. ... 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 Sources said the plan would have to be released as a whole, as the elements would not work in isolation. First, Europe's banks would have to be recapitalised with many tens of billions of euros to reassure markets that a Greek or Portuguese default would not precipitate a systemic financial crisis. The recapitalisation plan would go much further than the E2.5 billion (L2.2 billion) required by regulators following the European bank stress tests in July and crucially would include the under-pressure French lenders. Officials are confident that some banks could raise the funds privately, but if they are unable they would either be recapitalised by the state or by the European Financial Stability Facility (EFSF) -- the eurozone's E440 billion bailout scheme. The second leg of the plan is to bolster the EFSF. Economists have estimated it would need about E2 trillion of firepower to meet Italy and Spain's financing needs in the event that the two countries were shut out of the markets. Officials are working on a way to leverage the EFSF through the European Central Bank to reach the target. The complex deal would see the EFSF provide a loss-bearing "equity" tranche of any bailout fund and the ECB the rest in protected "debt." If the EFSF bore the first 20 percent of any loss, the fund's warchest would effectively be bolstered to E2 trillion. If the EFSF bore the first 40 percent of any loss, the fund would be able to deploy E1 trillion. Using leverage in this way would allow governments substantially to increase the resources available to the EFSF without having to go back to national parliaments for approval, which in a number of eurozone countries would prove highly problematic. The arrangement is similar to the proposal made by US Treasury Secretary Tim Geithner to the eurozone at the September 16 EcoFin meeting in Poland. Gathering turmoil in financial markets has convinced Germany to begin work of some kind of variant of the US plan, despite having initially rejected the notion as unworkable as threatening to compromise ECB independence. The proposal would be hugely sensitive in Germany as its parliament has yet to ratify the July 21 agreement to allow the EFSF to inject capital into banks and buy the sovereign debt of countries not under a European Union and International Monetary Fund restructuring programme. The vote is due on September 29. As quid pro quo for an enhanced bailout, the Germans are understood to be demanding a managed default by Greece but for the country to remain within the eurozone. Under the plan, private-sector creditors would bear a loss of as much as 50 percent -- more than double the 21 percent proposal currently on the table. A new bailout programme would then be devised for Greece. Officials would hope the plan would stem the panic in the markets and stop bond vigilantes targeting Italy and Spain, which European and IMF figures believe should not be in any immediate distress but are in need of longer-term structural reform. Delegates at the IMF meeting in Washington claimed that there had been "a visible shift in pace and mood" to address sovereign debt problems, particularly in the eurozone. But George Osborne, the Chancellor, said today: "No one here has put forward a plan for that. Greece has got a programme and needs to implement it." Join GATA here: The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy Platinum 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% 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_...
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| Posted: 24 Sep 2011 05:38 AM PDT Very interesting chart from Chris Sheridan at Financial Sense. The historical chart patterns of silver predicted this week's plunge. He posted his chart on 9/6/11 anticipating the plunge. If history holds true, the bottom for silver is in. I bought more on Friday afternoon. I hope he is right, then I'll feel real smart, at [...]
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| There Will Never Be A “Good” Time For Greece To Default Posted: 24 Sep 2011 05:35 AM PDT By Peter Tchir of TF Market Advisors There Will Never Be a "Good" Time For Greece To Default I have been a proponent that Greece should default sooner rather than later for a long time. At first most people argued that Greece would never have to default. Now many people argue that Greece should default, but now isn't a good time. The argument goes that Europe needs time to prepare for the default or the risk of contagion is too high. My view is that Europe needs to let Greece default. Europe needs to abandon the existing perimeter and fall back to a more defensible position. Europe doesn't need to collapse, but it does need to retreat to a core, stronger position, where it can dig in its heels and defend itself. Battles are not lost because every soldier is killed, battles are lost when morale gets so low that the soldiers give up and flee for their lives. Wars are won when isolated, broken units, are captured or killed. I think Europe has to take the pain now, or risk further pain. My argument against "waiting for a better time" is that it may never come. Europe has squandered the last year. Europe was in much better shape to deal with a Greek default last year than they are now. Contagion was a concern back then in regards to Ireland and Portugal, now it is a reality. Only the darkest of the doom and gloom crowd believed that contagion could really spread to Spain and Italy, yet now that risk is palpable. Banks were more worried about fighting Dodd-Frank, and raising dividends, and creating almost record bonus pools, not trying to convince employees that the firm's are solvent.
Contagion in many ways has already hit. The EU stocks are down over 20% in the past 12 months in most cases. Germany has performed better than the rest, but that is a very large drop and the market in Europe as a whole are in a Bear Market. The U.K. with its proximity to Europe, and Japan with the earthquake are also lower, but the U.S. stock market has remained relatively unscathed (despite what you might be reading this weekend about how our sell-off is overdone). China and Brazil are experiencing some troubles in their own stock markets. In spite of the hype of the BRIC's coming to the rescue, they may be too busy taking care of themselves. It is worth noting that the EUR/USD exchange rate was 1.36 on September 30th last year, and is 1.35 now, so it is not all about exchange rates. The credit story is more bleak and stark. Credit has clearly picked the safe havens, the next Greece, and those in between. Italy and Spain are now trading almost where Portugal was a year ago. How much easier would it have been for Italy to withstand a Greek default when it's 5 year bonds were trading at Bunds + 134 instead of Bunds + 407. CDS has blown out across the board, including the allegedly cash rich China, but there is a "basis" swap element as the CDS trades in a currency different than what the country uses (ie, all Eurozone CDS trades in dollars). It is hard to look at the data and note with that the bold steps of letting Greece default, had been taken last year when countries were in better shape. It is also clear, that the contagion has occurred without a default. Portugal has clearly moved to the plagued group and Italy and Spain are trying to fight it off. Last September, the Eurozone and the U.S. had just posted 2nd quarter GDP growth of about 0.9%. This year, both the Eurozone and U.S. only had 0.2% growth in the 2nd quarter. At the risk of being ridiculed by proper economists, you cannot guarantee that GDP growth will be even worse or in contraction if we wait any longer for Greece to default. It also worth pointing out that at the time, the ECB was only an amateur at overpaying for bonds. It has since purchased even more bonds well above the current market price. All that purchasing power would be nice to have now, but it has been spent. They can always spend more, but the ECB would be much stronger if it wasn't sitting on such a big inventory of losing positions, that clearly did little to stem the crisis. What about the banks? Don't we need to wait so the banks can be stronger?
It doesn't take a rocket scientist to see that the banks squandered a year to improve their capital base. BAC wasn't selling cheap options to Warren Buffett when their stock was at 13. The SocGen CEO wasn't on TV trying to convince investors that they had no funding or capital problems when his stock was at 42. The banks are even worse off than most of the countries, but why should anyone assume that waiting will make it easier for them to digest a Greek default. To me, it seems that a lot has already been priced in and that the contagion is occurring whether we want it to or not, so we may as well let Greece default now and figure out how much has already been priced in and how to really stop the contagion from spreading to Italy and Spain and to banks that deserve to be saved. Let's just admit it is gangrene and that it has already spread farther than is safe, but it is still better to cut off an arm to save the body. If we keep waiting it may not be possible to save the patient. The patient is getting weaker by the day, and being blind to that is just as big and just as dangerous as letting Greece default now.
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| David Morgan’s Precious Metals Panic Report Posted: 24 Sep 2011 05:14 AM PDT from The Financial Survival Network:
David Morgan joins us on September 23, 2011, after the markets have shut down for the weekend, gold and silver having sustained their largest losses on record. He explains why paper has never and can never out precious metals. He believes there's very little additional risk to the downside as the bulls in the futures markets have been eliminated. But one never knows these things for certain, until after they've occurred. Remember, in investing, the only thing to fear is losing money. Click Here to Listen to the Interview
This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||
| ASIAN BUYING WILL OVERWHELM MANIPULATION in PAPER MARKET & MORE – Ben Davies Posted: 24 Sep 2011 03:53 AM PDT from KingWorldNews:
In a must-listen interview, Co-Founder & CEO of Hinde Capital visits with Eric King of King World News. Davies notes: "If you hold down the price of gold, you mask the debasement of the currency… And at some point down here in this recent sell off, and this is definitely a very aggressive selloff, at some point it will be the Asian demand over the next few weeks that will stymie this paper selling. And it IS paper selling." Listen Now @ KingWorldNews.com
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| You can’t go faster than the speed of light – And other lies Posted: 24 Sep 2011 02:56 AM PDT The folks at CERN (super collider in Switzerland/Italy) are scratching their heads this weekend. They observed something happening that simply can't be true. The scientists have measured neutrinos moving at a speed greater than the speed of light.
We shall see over the next few months whether the "anomaly" observed this week will be proven true. If it is proven, some basic building blocks of physics (E=MC^2) will come into question. Some other "Givens" that the modern economy/civilization rests on were also brought into question in the past week. Here's my list of those potential lies. Keynesian Economics always works. Lower interest rates are good for the economy. Deficit spending as a counter cyclical measure always brings the desired results. Low interest rates are good for the stock market. Gold is a safe haven. The Swiss Franc (and HK$) is a safe haven. Dividend stocks are a safe haven The Fed is an independent entity. Their decisions are free of political considerations. Countries don't go bankrupt. They just restructure their debts. The US government can invest in new technology without risk. HFT is a good thing as it increases liquidity during troubled market conditions. Advanced economies can function perfectly fine with debt levels above 100% of GDP. The US is pretty close to turning the corner and returning to sustainable economic growth. Extended unemployment benefits are good for the economy. The big global banks are all "Money good". There are no negative consequences resulting from artificially low interest rates. The "Buy and Hold" is a good investment strategy. The vast majority of pension funds are sound. They can easily earn the 8% compounded annual returns that are necessary to assure they can meet their obligations. Republicans and Democrats have learned an important lesson with the S&P downgrade. Their ideological differences will be put to the side for the good of the country. Increasing taxes is a viable solution to our problems. It's perfectly reasonable to push much-needed belt tightening off into the distant future. The "Markets" will accept the, "spend today but not tomorrow" policies and actually believe it. The US Treasury Secretary has significant influence in shaping economic policy in Europe. Market volatility is good for investors as it increases their opportunity to buy cheap assets. ZIRP is proving to be a valuable policy tool in offsetting the economic slowdown. Ben Bernanke actually can "Talk up" the market. The problems facing the USA are short-term in nature. There are no structural economic impediments that need to be addressed. Monetary and fiscal policies always work. The only possibility is that too little monetary and fiscal "Gas" is prescribed. There are a number of truly viable presidential candidates within the Republican party. Angela Merkel and Nicolas Sarkozy actually do understand what is going on in the financial sector of the EU. Their reluctance to act decisively is prudent policy. The BRIC's (especially China) will be immune from a decline in western economies. China has successfully converted its economy such that it is self-sustainable based exclusively on domestic demand. The times have never been brighter for the possibility of lasting peace in the Middle East. The Fed has many powerful and effective "Tools" available to achieve their desired objectives. Investing in ten-year treasury bonds is a good investment choice. The current yield of 1.8% is more than sufficient to offset the inflationary erosion of the principal invested. The Fed is not working lock step with the administration on economic issues. The Fed is staunchly independent. Any claims to the contrary by Republicans are just hogwash. The possibility of new high tech failures is remote. It's perfectly appropriate to fund star-ups with debt. Equity money is not required as bankruptcy is not a consideration. Cocktail party stocks like Netflicks and Molycorp should always be bought on the dips. The S&P will earn over $100/share in 2012. Stock multiples always have to move higher. There are no, repeat, no liquidity concerns at any of the large EU banks. That's just a fact, the heads of these banks have repeated said so. Bernanke is omnipotent. He has the means and the will to achieve lasting economic prosperity both in the USA and the world. There is a zero chance that the Fed's actions this week could lead to any systemic risks. Inflation is under control today and will be for at least the next five years. It is wise policy for the Fed to facilitate the debt issuance of the USA. More cheap debt is the solution, not the problem.
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| Posted: 24 Sep 2011 02:36 AM PDT Summary: Long term - on major buy signal. Short term - on sell signals. Risk management has prevented us from taking on new positions recently and kept us out of harm's way. Gold cycle is near a bottom and we shall wait for new buy signals. Read More...
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| Recalling 'King Dollar' Distortions Posted: 24 Sep 2011 02:26 AM PDT Much to the U.S. stock market's relief, our policymakers retain the capacity to continue stimulating. The Treasury will keep issuing, and the Fed will keep experimenting. And wouldn't it be ironic if this dynamic now works to ... Read More...
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| Posted: 24 Sep 2011 01:17 AM PDT Synopsis: Welcome to the weekend edition of Casey Daily Dispatch, a compilation of our favorite stories from the week for the time-stressed readers. Dear Reader, Welcome to the weekend edition of Casey Daily Dispatch, a compilation of our favorite stories from the week for the time-stressed readers. Of course, if you want to read all of the Daily Dispatches from the week, you may do so in the archives at CaseyResearch.com.
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Structure of India's Consumer Gold Demand | ||
Jewelry | Investment | |
| Q2 2011 | 56% | 43% |
| Q2 2010 | 66% | 33% |
| Full year 2010 | 76% | 24% |
| Full year 2009 | 77% | 23% |
| Source: World Gold Council | ||
If the gap between investment and jewelry demand continues narrowing, gold purchases for investment purposes could soon outdo the traditional consumer demand in India. That would have a significant impact on the market, potentially even reducing its seasonality.
Gold investment is not likely to become a total substitute to the traditional buying that is a part of Indian culture, but time will show if investment tools becoming available to the masses will facilitate a nationwide wave of new demand.
[You don't have to read a business or mining newspaper from each continent to keep up with shifting trends like this one. The Casey International Speculator team can be your eyes and ears worldwide, sifting through companies, politics, and trends to give you actionable advice on junior miners. A trial subscription is risk-free for three months – start kicking the tires today.]
The Future of Display Technology
By the Casey Research Technology Team
The basic technology involved in delivering information in visual format (i.e., display technology) remained essentially unchanged for decades. Up until about the year 2000, whether you wanted to watch Monday Night Football on your TV or play SimCity on your PC, chances are you depended on a cathode ray tube (CRT). But in addition to being big, bulky power guzzlers, CRTs may also be deleterious to your general health. So consumers called for a revolution… and they got one.
In recent years, computer and TV screens have been reinvented over and over again at a dizzying speed. They've been made huge enough to serve a stadium full of football fans, and shrunk to the width of a cellphone. They give you better, sharper, more natural pictures, and they're more energy efficient. Chances are you have at least one flat-panel TV in your house.
First came plasma display panels (PDPs), the patent for which actually dates back to 1939, and then liquid crystal displays (LCDs), which quickly kicked their predecessor aside and came to dominate the display landscape. But PDPs and LCDs were only the beginning. And while those technologies are still improving (with 3D plasma TVs and LED backlit LCDs – also with 3D capabilities), it might not be long before they go the way of CRTs. Today, new technologies are poised to leapfrog the current standard with the promise of even thinner, lighter, more mobile, and more energy-efficient displays.
Organic Light-Emitting Diodes – OLEDs
As the name indicates, OLEDs derive their luminescence from organic molecules. Typically, the individual diode (a form of solid-state semiconductor) consists of two organic layers – one conductive, one emissive – sandwiched between the cathode and anode, with the whole package printed onto a suitable substrate that keeps the thing from falling apart.
The diodes in OLEDs are vanishingly small, between 100 and 500 nanometers in thickness (a human hair is 50,000 to 100,000 nanometers thick). But there's a lot – red, green, and blue light sources – packed in there.
Originally, OLEDs were created using small organic molecules, and this required an expensive manufacturing process called vacuum deposition. Since the early '90s, large organic molecules have usually been used. With these, the layers can quickly and easily be sprayed onto the substrate, in rows or columns, by an inkjet-like printer.
The result is a screen that can be scaled down to a thickness of a few millimeters. You'll be able to hang it on your wall and barely know it's there… or even stick it in your pocket.
No joke. OLEDs' ability to use a wide variety of materials for the substrate means that we're no longer going to be constrained by the limitations of glass. A flexible plastic screen could quite literally be rolled up and transported anywhere. And the multi-thumbed can take heart: D
Asian Buying Will Overwhelm Manipulation in the Paper Gold & Silver Markets
Posted: 24 Sep 2011 01:11 AM PDT
A Perspective On The Plunge In Gold and Silver
Posted: 23 Sep 2011 11:08 PM PDT
Posted: 23 Sep 2011 10:23 PM PDT
The latest quarterly report from the Office Of the Currency Comptroller is out and as usual it presents in a crisp, clear and very much glaring format the fact that the top 4 banks in the US now account for a massively disproportionate amount of the derivative risk in the financial system. Specifically, of the $250 trillion in gross notional amount of derivative contracts outstanding (consisting of Interest Rate, FX, Equity Contracts, Commodity and CDS) among the Top 25 commercial banks (a number that swells to $333 trillion when looking at the Top 25 Bank Holding Companies), a mere 5 banks (and really 4) account for 95.9% of all derivative exposure (HSBC replaced Wells as the Top 5th bank, which at $3.9 trillion in derivative exposure is a distant place from #4 Goldman with $47.7 trillion). The top 4 banks: JPM with $78.1 trillion in exposure, Citi with $56 trillion, Bank of America with $53 trillion and Goldman with $48 trillion, account for 94.4% of total exposure. As historically has been the case, the bulk of consolidated exposure is in Interest Rate swaps ($204.6 trillion), followed by FX ($26.5TR), CDS ($15.2 trillion), and Equity and Commodity with $1.6 and $1.4 trillion, respectively. And that's your definition of Too Big To Fail right there: the biggest banks are not only getting bigger, but their risk exposure is now at a new all time high and up $5.3 trillion from Q1 as they have to risk ever more in the derivatives market to generate that incremental penny of return.
At this point the economist PhD readers will scream: "this is total BS - after all you have bilateral netting which eliminates net bank exposure almost entirely." True: that is precisely what the OCC will say too. As the chart below shows, according to the chief regulator of the derivative space in Q2 netting benefits amounted to an almost record 90.8% of gross exposure, so while seemingly massive, those XXX trillion numbers are really quite, quite small... Right?
...Wrong. The problem with bilateral netting is that it is based on one massively flawed assumption, namely that in an orderly collapse all derivative contracts will be honored by the issuing bank (in this case the company that has sold the protection, and which the buyer of protection hopes will offset the protection it in turn has sold). The best example of how the flaw behind bilateral netting almost destroyed the system is AIG: the insurance company was hours away from making trillions of derivative contracts worthless if it were to implode, leaving all those who had bought protection from the firm worthless, a contingency only Goldman hedged by buying protection on AIG. And while the argument can further be extended that in bankruptcy a perfectly netted bankrupt entity would make someone else who on claims they have written, this is not true, as the bankrupt estate will pursue 100 cent recovery on its claims even under Chapter 11, while claims the estate had written end up as General Unsecured Claims which as Lehman has demonstrated will collect 20 cents on the dollar if they are lucky.
The point of this detour being that if any of these four banks fails, the repercussions would be disastrous. And no, Frank Dodd's bank "resolution" provision would do absolutely nothing to prevent an epic systemic collapse.
...
Lastly, and tangentially on a topic that recently has gotten much prominent attention in the media, we present the exposure by product for the biggest commercial banks. Of particular note is that while virtually every single bank has a preponderance of its derivative exposure in the form of plain vanilla IR swaps (on average accounting for more than 80% of total), Morgan Stanley, and specifically its Utah-based commercial bank Morgan Stanley Bank NA, has almost exclusively all of its exposure tied in with the far riskier FX contracts, or 98.3% of the total $1.793 trillion. For a bank with no deposit buffer, and which has massive exposure to European banks regardless of how hard management and various other banks scramble to defend Morgan Stanley, the fact that it has such an abnormal amount of exposure (but, but, it is "bilaterally netted" we can just hear Dick Bove screaming on Monday) to the ridiculously volatile FX space should perhaps raise some further eyebrows...
Gold Prices go South as dollar strengthens
Posted: 23 Sep 2011 07:41 PM PDT
Analysts said investors sold gold to buy dollar on strengthening of the dollar. They noted a concern that a similar trend took place after the collapse of Lehman Brothers in 2008, a collapse that marked the beginning of the worst recession in living memory.Gold is a traditional safe haven in the dark economic conditions. It has become such a popular investment recently that gold investment companies have hired top American stars such as Beck to shill for their businesses.
Gold miners have again taken on the hills of California to seek their fortune that few find it. And in Utah, the Tea Party activists successfully pushed to get the gold to make the official currency of another in the fear of the dollar was worth the paper it is written.
"Gold was a pseudo-currency trader," said Stuart Rosenthal Factor advisers. "It was a vote of no confidence in the U.S. dollar," he said. Now retailers have changed their minds and are selling gold to buy dollars.
In the midst of an economic malaise, the gold bugs have enjoyed the ride. Old money for the first $ 1,000 an ounce in March 2008 and analysts have predicted that reach $ 2,000 next year. But gold has fallen to $ 80 and $ 1,742 an ounce in early trading Wednesday, down 4%. Price of silver too, which was similar to the boom, also collapsed.
With stock markets around the world decline, investors seem to be betting that the worst is yet to come. The price of oil – the product most closely linked to economic activity – has fallen recently, led to lower on concerns over slowing growth in developed economies like the U.S. and Western Europe. The price of copper, coffee and sugar all fell on Wednesday.
But falling gold prices attracted more people by surprise. "We saw a similar trend at the end of 2008, there were a lot of developments that you would have thought were pro-gold,"" said Neil Meader, research director of GFMS, a metals consulting firm. Instead, gold prices weakened. They were "overwhelmed by an avalanche to pay the debt," he said, means that investors are so frightened that they decided to take your money and run. If that means selling their gold, which is what they did.
Meader said the main reason for gold going down, this time, was that the dollar was rising. "The dollar and gold tend to be negatively correlated. Although we are far from out of the woods in the euro zone or the U.S., gold has suffered because the U.S. dollar strengthened. "
But gold can still come back, Meader said. He predicted that gold could be worth $ 2,000 an ounce within a year. Why the dollar has to weaken. It reached a maximum of eight months against the euro and strengthened against the pound
Gold has not fallen as hard as the stock market, said Rosenthal. "One day, the formula does not do," he said. "But it's hard to ignore."
How to Prepare for When Money Dies
Posted: 23 Sep 2011 07:28 PM PDT
Markets Panic, What's Happening?
Posted: 23 Sep 2011 07:18 PM PDT
Explosive Moves in Gold, Silver, Oil, Dollar and Stocks, How to Catch The Next Move
Posted: 23 Sep 2011 07:10 PM PDT
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