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- 10 Consumer Defensive Stocks Holding Strong Margins That Aren't Playing With Leverage
- Gold Investor Limbo
- Eric Sprott and David Baker: Gold stocks - Ready, set. ...
- It Is Time To Swap Your Gold Bars For Gold Equities Like Banro Corporation
- Donald Trump Accepts 96 Ounces of Gold as Payment for Real Estate Security Deposit
- Lehmans 3rd Anniversary Sees Gold 132% Higher, Eurozone Split Over "Collectivized Debt"
- 4 More Gold Stocks With Rock-Solid Fundamentals
- Gold Marginally Lower on Euro Debt Moves, Market looks forward to FOMC Meeting Next Week
- Central Banks to Lend US Dollars to Euro Zone Banks
- Daily PM Reports Websites
- Trump Accepts Gold as Money
- Why Smart People are Taking Gold Seriously
- Gartman – ‘Prepare to Short Silver’
- Three Reasons to Buy MS-64 Morgan Silver Dollars Now
- FED and Euro Central Banks boost Europe
- Why resource guru Sprott is now selling gold
- Porter Stansberry: A simple way to end the crisis
- An incredible gold prediction you should know about immediately
- WATCH – James Turk talks with Reg Howe
- WATCH – Banks Pour Money As Collapse Broods
- CAUTION IS WARRANTED
- Europe's banking system short of US dollars
- Silver Update
- Gold price capped by move to 'risk' trades
- German Political And Economic Matters Come To A Head In September
- Special John Hathaway Report: Gold, The Opportunity of a Lifetime
- HSBC dropped from silver price suppression lawsuit
- Donald Trump fires dollar, takes gold bullion instead of cash for lease deposit
- GoldMoney's Turk interviews gold market analyst John Brimelow at GATA's London conference
- Eric Sprott and David Baker: Gold stocks -- Ready, set, ...
| 10 Consumer Defensive Stocks Holding Strong Margins That Aren't Playing With Leverage Posted: 15 Sep 2011 05:12 AM PDT By Follow My Alpha: Financial leverage, which is also called the equity multiplier, shows a company's total assets per dollar of stockholders' equity. The higher this ratio is the more heavily a company is relying on debt to finance its assets. A company that uses a very high level of financial leverage can expect increased volatility due to its capital structure. The Net Profit Margin expresses how much of each dollar earned is left as a profit to the company. Companies that can expand their Net Margin over time are often considered to be favorable investments because this increased profitability should lead the stock price of the company higher. We ran a screen for Consumer Defensive companies that have low Financial Leverage (X<2). From this narrowed pool we then screened for companies that had a Net Profit Margin of at least 5% or higher. The Financial Leverage Ratio ranks the list from lowest to Complete Story » |
| Posted: 15 Sep 2011 05:12 AM PDT |
| Eric Sprott and David Baker: Gold stocks - Ready, set. ... Posted: 15 Sep 2011 05:04 AM PDT |
| It Is Time To Swap Your Gold Bars For Gold Equities Like Banro Corporation Posted: 15 Sep 2011 04:59 AM PDT By Devon Shire: A few weeks ago I wrote an article for Seeking Alpha discussing whether or not it might be an opportune time to short gold the commodity and go long a basket of gold producers. My thinking was that the stock prices of the gold producers had greatly lagged the increase in the commodity and that either the stock prices needed to move up or the commodity come back to Complete Story » |
| Donald Trump Accepts 96 Ounces of Gold as Payment for Real Estate Security Deposit Posted: 15 Sep 2011 04:59 AM PDT |
| Lehmans 3rd Anniversary Sees Gold 132% Higher, Eurozone Split Over "Collectivized Debt" Posted: 15 Sep 2011 04:55 AM PDT |
| 4 More Gold Stocks With Rock-Solid Fundamentals Posted: 15 Sep 2011 04:49 AM PDT By Joshua Hayes: In my first article on gold stocks, we saw that there are some great companies out there putting up some fantastic numbers thanks to the rise in the price of gold. There is no way I could have fit all of the stocks I wanted to discuss in that article alone. Therefore, we will go over the other four I wanted to add in the previous article, today. Let's start with a quick review of what I look for when going long. First, I look for the six to seven key characteristics that all of the greatest stocks over the past 130 years have possessed (this can be reviewed in the first article). Second, after identifying these leading stocks and their growing fundamentals, I then turn to the charts to tell me where I should enter my orders. The fundamentals are the most important ingredient to any great-performing stock, so Complete Story » |
| Gold Marginally Lower on Euro Debt Moves, Market looks forward to FOMC Meeting Next Week Posted: 15 Sep 2011 04:21 AM PDT |
| Central Banks to Lend US Dollars to Euro Zone Banks Posted: 15 Sep 2011 04:12 AM PDT Major central banks around the world will cooperate to offer three-month U.S. dollar loans to commercial banks in order to prevent money markets from freezing up because of Europe's sovereign debt crisis. The European Central Bank said on Thursday it would hold three fixed-rate operations between October and December to offer banks as many dollars as they needed, in order to ease any funding crunch in the year-end period... Read |
| Posted: 15 Sep 2011 02:49 AM PDT Anyone have any good PM sites/blogs they check daily for reports/forecasts/articles? This is the only one I know of: http://www.tfmetalsreport.com/ |
| Posted: 15 Sep 2011 02:21 AM PDT Another major turn in the acceptance of Gold. |
| Why Smart People are Taking Gold Seriously Posted: 15 Sep 2011 02:01 AM PDT Gold has more purchasing power than the U.S. dollar. |
| Gartman – ‘Prepare to Short Silver’ Posted: 15 Sep 2011 01:57 AM PDT HOUSTON -- Well known and highly respected newsletter writer Dennis Gartman (TheGartmanLetter.com) says in a note to clients this Thursday morning that the chart for short-term silver "looks rather archly bearish." He says that although he's not ready to "act," his interest in shorting silver has been "piqued." In support of that view, among other factors Gartman cites the gold/silver ratio, which looks like it has been rising of late to Mr. Gartman, apparently. Just below is a chart of the gold/silver ratio for reference. Continued… *** The long-term gold/silver ratio. If any of the images are too small click on them for a larger version. Here's a shorter term look at the important GSR ratio.
Our instinct says that the market for physical silver remains tight enough that it should be difficult for the GSR to rise very far above the old floor. Indeed, our attitude is that if the GSR rises very much above 50 ounces, it will be time to trade in some gold for silver … kind of like we used to do when the ratio rose above 70 ounces. We hold physical silver here at GGR, with currently no short term trades in play. Our attitude is ambivalent in the extreme in other words, but we would welcome the opportunity to add to our physical metal holdings on a dip of significance. Having said that we seem to remember that our friend Dennis is also of the general opinion that it is not usually a good idea to short a backwardated market. As of yesterday the December 2011 COMEX contract for silver closed at $40.533. The December 2012 contract at $40.51, a small backwardation of 2.3 cents. Silver for immediate delivery closed well above all the futures contracts by the way.
Looking at the SLV chart, we can see where Mr. Gartman might have gotten an impression that the current move higher for silver might be in trouble.
However, we can also see not one, not two, not three, but at least four potential zones where we would expect very staunch support to form not all that far below the current trading, all of which reside above $32 for SLV. As we write silver is trading in the high $39s, and is down about 85 cents on the day. Gold is also on defense, trading in the $1,780s. Our advice to the sage hedge fund operator and newsletter ace? "If taking a quick short on silver don't overstay the welcome..." |
| Three Reasons to Buy MS-64 Morgan Silver Dollars Now Posted: 15 Sep 2011 01:30 AM PDT For years we have been telling our clients that Silver is the undervalued precious metal. Even after Gold's 400 percent gains over the last 12 years, Silver proved the better investment, rising more than 500 percent during the same time period. At last week's Coin Expo in Long Beach, our Austin Buying Trust made an [...] |
| FED and Euro Central Banks boost Europe Posted: 15 Sep 2011 01:10 AM PDT Looks like the fiat pump is working very well in Europe. Snip: Quote: ECB to Lend Dollars to Euro-Area Banks The European Central Bank said it will lend dollars to euro-area banks in a series of three-month loans to ensure they have enough of the U.S. currency through the end of the year. The Frankfurt-based ECB said it will coordinate with the Federal Reserve and other central banks to conduct three dollar liquidity-providing operations with a maturity of approximately three months. The loans are in addition to the bank's regular seven-day dollar offerings and will be conducted as fixed-rate tenders with full allotment, the ECB said in a statement today. It will offer the loans on Oct. 12, Nov. 9 and Dec. 7. The euro jumped more than a cent against dollar after the announcement and traded at 1.3890 at 3:24 p.m. in Frankfurt. This was announced a few minutes before USA stocks began to trade. Before that, silver and gold were being driven down sharply, but both metals reversed to higher when the news broke. I used all my remaining cash to buy silver equities and top off at 100% long at the open this morning. |
| Why resource guru Sprott is now selling gold Posted: 15 Sep 2011 01:05 AM PDT From Zero Hedge: Last week, the HUI Gold Index marked a new all-time high as it surpassed 600. Recent gold equity investors were undoubtedly happy with this move. But for longer-term holders, the recent strength is actually somewhat disappointing. ... Something has changed recently, however. A new divergence has arisen in the precious metals equity market – a subtle, but plainly evident shift in recent daily performance. On Wednesday, August 10, for example, the Dow dropped 4% while gold stocks rallied 3%, for a delta of 7% on the day. That is significant outperformance, and not what we have come to expect on an equity market down day. Gold stocks, as represented by the HUI Index, also seem to be breaking away from their traditional correlation with the spot gold price. On August 29, spot gold dropped 2.16%, while the stocks fell by only 0.81%. On September 7, gold fell by 3.09%, while gold stocks rose by 0.33%. These small differences indicate a new trend forming. While gold’s daily volatility is expected to continue, we may be entering a new phase where... Read full article... More from Sprott: Report: Resource guru Sprott is dumping silver shares Resource guru Sprott: Silver could go higher than almost anyone believes Hedge fund guru Sprott: What a Greek default would mean for banks worldwide |
| Porter Stansberry: A simple way to end the crisis Posted: 15 Sep 2011 12:49 AM PDT From an interview in The Gold Report: The money supply increases naturally by exactly the amount of increases in productivity in a healthy economy, notes Stansberry & Associates Investment Research Founder Porter Stansberry. He doesn't have to point out that the economy isn't healthy, or that the money supply expands every time the printing presses run to bail out a failing business and bring on a new iteration of quantitative easing. The solution is a simple (albeit not necessarily easy) one, Porter tells us in this exclusive Gold Report interview: Return to the gold standard. That will happen, he says, when the people say, "Enough!" The Gold Report: You've written a lot about the gold standard recently, and an article in your S&A Digest argues that we should greatly prefer gold-backed money because it would limit the ability to increase the money supply. It goes on to point out that increasing the money supply essentially causes inflation. If regulations prohibited governments from expanding the money supply, would fiat currency be as good as the gold standard? Porter Stansberry: In theory, it could be. But in practice, that's never happened. I suspect that the market wouldn't have much faith in such rules, and they'd be abused eventually. During the Volcker and Greenspan Federal Reserve periods, from roughly 1981-2006, two central bankers created a de facto gold standard because they remained relatively consistent vis-`-vis money supply targets. Volcker absolutely targeted money supply, as did Greenspan up until about 1999. He moved away from that stance due to... Read full article... More from Porter Stansberry: Porter Stansberry: You must prepare for a crisis NOW Porter Stansberry: An update to my "End of America" warnings This could be the most important thing Porter Stansberry has ever written |
| An incredible gold prediction you should know about immediately Posted: 15 Sep 2011 12:45 AM PDT From Bloomberg: Gold has the potential to jump more than fivefold as the precious metal's price catches up with the surging amount of money in the U.S. economy, according to Dylan Grice, a global strategist at Societe Generale SA. The CHART OF THE DAY shows the price at which each U.S. dollar in the monetary base, compiled by the Federal Reserve, would have been backed by an ounce of gold for the past half century. International Monetary Fund data on the country's gold reserves were used in the calculation. Grice, based in London, identified this price as the metal's "fair value" yesterday in a report. Since June, it has exceeded $10,000 an ounce, as depicted in the chart's top panel. Gold for immediate delivery closed at $1,819.63 an ounce on the spot market yesterday. The bottom panel tracks the value of U.S. gold holdings, based on the spot price, as a percentage of the monetary base for the 50-year period. August's proportion was 18 percent of the $2.66 trillion in the economy. The latter figure was more than triple the amount three years earlier, reflecting efforts by the Fed to spur economic growth. "There is a demand for an honest currency," Grice wrote. "The last time honesty was perceived to be so scarce – in the 1970s gold mania – the dollar was over-backed by gold. If it happened then, why not again?" U.S. gold holdings peaked at 131 percent of the monetary base in January 1980, when spot gold climbed to $850 an ounce after a more than 14-fold advance in the preceding decade. The high equals about $2,330 an ounce in today's dollars, according to a Labor Department calculator. To contact the reporter on this story: David Wilson in New York at dwilson@bloomberg.net. To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net. More on gold: Gold alert: An alarming update from Europe Three terrible lies you need to know about gold Porter Stansberry: What every American needs to know about gold |
| WATCH – James Turk talks with Reg Howe Posted: 15 Sep 2011 12:44 AM PDT Reginald Howe, of http://www.goldensextant.com/, and James Turk, Director of the GoldMoney Foundation, talk about the constitutional definition of money and the legal precedent that until 1971 still defined the dollar as a weight of gold. They talk about Supreme Court precedents regarding the gold clause, which specified that debts be repaid in gold. They also talk about the legal tender cases over the Greenback dollars during the civil war. They comment on the lack of judicial review of Nixon's decision to close the gold window. Howe explains that it is extremely difficult to square the fiat dollar system with the plain language of the Constitution. They discuss Nixon's closing of the gold window and the debates over what would replace Bretton Woods. The main alternatives were gold revaluation or floating currency rates. They discuss how gold revaluation and dollar devaluation happened under Roosevelt. They explain how floating rates and fiat money were the only way to finance the welfare state. They talk about Fiat money inflation in France" by Andrew Dickson White and how it was written to argue for post-civil war gold resumption. They talk about the constitutional authority for legal tender. The states are limited to making gold and silver legal tender and the federal government can only coin money and define weights and measures. They talk about the Mexican silver dollar, or pieces of eight, which circulated in the US at the time of the Constitution. They also talk about Andrew Jackson's fight to abolish the Second Bank of the United States, the central bank of the time. This interview was recorded on August 6th 2011 in London. ~TVR |
| WATCH – Banks Pour Money As Collapse Broods Posted: 15 Sep 2011 12:12 AM PDT The debt crisis that brought the Euro to its knees began exactly three years ago – when the unthinkable happened. America's fourth biggest bank – Lehman Brothers – declared bankruptcy, igniting a world wide economic crisis that's still raging today. But have the lessons of that day really been learnt? Marina Portnaya reports. |
| Posted: 14 Sep 2011 11:45 PM PDT I realize that most people that come to this blog are bullish on gold. I myself am definitely bullish long-term. That being said warning signs are starting to build. Since gold is down this morning there's a good chance that the mining stocks are going to break the intermediate trend line today. The complete failure to follow through on the move above 600 is also concerning. Usually after an asset has tested an area three times the breakout occurs with strong follow-through.   Every D wave so far has retraced 50-62% of the preceding C-wave advance. If it turns out that $1923 was the top of the C-wave then we can expect a move back to the $1400 to $1500 level. Moreover as this would be a left translated intermediate cycle it should move below the prior intermediate low. Taking that into consideration it would be more likely that gold would decline to test the consolidation zone around $1400 before putting in a final D-wave bottom.  For those people holding gold or mining stocks your position size needs to be small enough that you don't do serious damage to your account if gold takes out $1705 as that would confirm that a D-wave decline has begun and probably still has another $300 to go before a final bottom.        This posting includes an audio/video/photo media file: Download Now |
| Europe's banking system short of US dollars Posted: 14 Sep 2011 11:00 PM PDT The US dollar has gained against the euro and other major currencies in recent weeks, which has caused the prices of precious metals to retreat slightly. One reason for the greenback's rising value ... |
| Posted: 14 Sep 2011 10:47 PM PDT  |
| Gold price capped by move to 'risk' trades Posted: 14 Sep 2011 09:45 PM PDT Renewed hope that key eurozone nations will agree to a new bailout for Greece encouraged gains on world stock markets yesterday, with German chancellor Angela Merkel and French president Nicolas ... |
| German Political And Economic Matters Come To A Head In September Posted: 14 Sep 2011 09:40 PM PDT Political and Economic Situations In Germany Are Replicating Old And Nasty History. "When the Nazis assumed German government, their most pressing economic matter was a national unemployment rate of approximately 30% at the start, Third Reich economic policies were the brainchildren of the economist Dr. Hjalmar Schacht, President of the Reichsbank (1933) and Minister of Economics (1934), who helped Reichskanzler Adolf Hitler implement Nazi redevelopment, reindustrialization, and rearmament of Germany; formerly, he had been Weimar Republic currency commissioner and Reichsbank president." "As Economics Minister, Schacht was one of few ministers who took advantage of the administrative freedom allowed by the removal of the Reichsmark from the gold standard—to maintain low interest rates, and high government deficits; the extensive, national public works, reducing the unemployment, were deficit-funded policy. The consequence of Economics Minister Schacht's administration was the extremely rapid unemployment-rate decline, the greatest of any country during the Great Depression. Eventually, this Keynesian economic policy was supplemented by the increased production demands of warfare, inflating military budgets, and increasing government spending; the 100,000-soldier Reichswehr expanded to millions, and renamed as the Wehrmacht in 1935." Editor: War time footing and investment is always the exit answer for depression. "Through staffing of most government positions with Nazi Party members, by 1935 the German national government and the Nazi Party had become virtually one and the same. By 1938, through the policy of Gleichschaltung, local and state governments lost all legislative power and answered administratively to Nazi Party leaders, known as Gauleiters, who governed Gaue and Reichsgaue. The Great Depression severely affected central Europe. The unemployment rate in Germany, Austria and Poland rose to 20% while output fell by -40%. By Novembe,r 1932 every European country had increased tariffs or introduced import quotas. Under the Dawes Plan the German economy boomed in the 1920s, paying reparations and increasing domestic production. Germany's economy retracted in 1929 when Congress discontinued the Dawes Plan loans. This was not just a problem for Germany. Europe received almost $8 billion USD in American credit between 1924 and 1930 in addition to other war time loans. Germany's Weimar Republic was hit hard by the depression as American loans to help rebuild the German economy now stopped. Unemployment soared, especially in larger cities. Repayment of the war reparations due by Germany were suspended in 1932 following the Lausanne Conference of 1932. By that time Germany had repaid 1/8 of the reparations. Falling prices and demand induced by the crisis created an additional problem in the central European banking system, where the financial system had particularly close relationships with business. In 1931 the Creditanstalt bank in Vienna collapsed, causing a financial panic across Europe." –Wikopedia text and photo         This posting includes an audio/video/photo media file: Download Now |
| Special John Hathaway Report: Gold, The Opportunity of a Lifetime Posted: 14 Sep 2011 09:14 PM PDT ¤ Yesterday in Gold and SilverGold's high price of the day came in early Far East trading...and began to sell off a bit. This lasted until London opened and the subsequent rally took it back to unchanged by 12 o'clock noon BST. Then it was basically all down hill from there...with every rally attempt, no matter how tiny, getting sold off. The low of the day came in the thinly-traded New York Access Market at 3:30 p.m. Eastern time. From there it recovered about fifteen bucks into the close...but still finished down about $13 on the day. Net volume was pretty light at around 160,000 contracts.
Silver's price path was virtually the same as gold's...with the high of the day coming at the silver fix in London...which was noon local time. Silver's low came at the close of Comex trading at 1:30 p.m. in New York. Net volume wasn't overly heavy at 35,000 contracts...and silver closed down 38 cents on the day.
The HUI spent all of the day in the red, but was recovering quite nicely as the trading day wore on. But starting around 3:00 p.m. Eastern, the shares began to sell off...and received an additional hit when the general equity markets sold off half an hour after that. The HUI finished down 1.82%. I'm sorry, but ino.com is having problems with their HUI chart again...and I couldn't find another one that I could cut and paste to stick in here. Hopefully they'll be back up later today. With the odd exception, most silver stocks finished in the red as well...and Nick Laird's Silver Sentiment Index finished down 1.61%
(Click on image to enlarge) For the second day in a row, there wasn't much activity in the CME's Daily Delivery Report, as only 6 gold and 17 silver contracts were posted for delivery on Friday. There were no changes reported in GLD on Wednesday...but an authorized participant deposited 973,832 troy ounces of silver in SLV. The U.S. Mint had a sales report yesterday. They sold 5,500 ounces of gold eagles...1,000 one-ounce 24K gold buffaloes...and a smallish 25,000 silver eagles. Month-to-date the mint has sold 24,500 ounces of gold eagles...5,000 one-ounce 24K gold buffaloes...and 926,000 silver eagles. The Comex-approved depositories reported receiving 595,613 ounces of silver on Tuesday...and shipped 349,675 ounces out the door. I didn't have any quote from silver analyst Ted Butler's weekend commentary in my Tuesday column, so I'll even things out by stealing two paragraphs from his mid-week column which came out yesterday. "Don't look for, or expect, legitimate supply/demand explanations for any silver sell-off. I can't say that there will never be a legitimate supply/demand explanation in the future, but I can tell you I have never found one yet in 30 years of close observation. The price has gone up in the broad sweep because of the force of supply and demand, but has only declined on crooked games in the paper markets. I realize that's an extreme view, but it is one on which I am convinced to my core. I further believe that if you come to accept this as a core belief as well, you will be doing yourself a favor. What it means is that you should come to expect, simultaneously, that silver has done and will do as well as it has in the past because of the real fundamentals, but that the crooks running the paper game will engineer sell-offs at will to shake (leveraged) paper silver holders out of their positions. If you think you can out smart them by short-term trading, you have my best wishes for success, but little in the way of my expectations. Faced with the reality of the opposing forces, my solution is holding on a fully paid for basis (with an occasional options fling). If anyone has a better approach, I'm all ears." "The most salient feature to the silver paper trading mechanism is that the short side of the derivatives equation is extremely concentrated, while the long side exhibits very little indication of concentration. In other words, the silver longs are diverse and unrelated to one another. This is the hallmark of a free market.. The short position is dominated by large financial institutions, led by JPMorgan, that are few in number but hold very large positions; the very definition of concentration. This is as far from a free market as it gets. Further, the shorts appear to act collusively, generally buying and selling in unison. Even the exchange mechanism, run by the CME Group, is closely related in mutual interests to the large shorts who dominate. Criminal enterprise is a measured description of this arrangement." Here's a chart that I 'borrowed' from yesterday's edition of Casey's Daily Dispatch. It's the U.S. Dollar Index Component Weights...and it requires no further explanation from me.
(Click on image to enlarge) I have a lot of high quality stories and interviews for you today...and I hope you can find to give them the attention they deserve, as my usual 'pit bull' editing procedure was of no help in this column. It's obvious to me that the bullion banks are in this market every time that things get too perky to the upside in either metal...and will smash the price every time that the opportunity presents itself. Donald Trump fires dollar, takes gold bullion instead of cash for lease deposit. Eric Sprott and David Baker: Gold stocks -- Ready, set... HSBC dropped from silver price suppression lawsuit. ¤ Critical ReadsSubscribeSoaring Poverty Casts Spotlight on 'Lost Decade'Another 2.6 million people slipped into poverty in the United States last year, the Census Bureau reported Tuesday, and the number of Americans living below the official poverty line, 46.2 million people, was the highest number in the 52 years the bureau has been publishing figures on it. And in new signs of distress among the middle class, median household incomes fell last year to levels last seen in 1996. I thank Russian reader 'Dmitry' for this story out of Tuesday's edition of The New York Times...and the link is here.  Foreclosure filings jump 7% in August from JulyThe 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. This marketwatch.com story, filed shortly after midnight, was sent to me by Florida reader Donna Badach...and the link is here.  Moody's downgrades SocGen, Credit AgricoleMoody's Investors Service on Wednesday downgraded French banks Credit Agricole SA and Société Générale SA as the credit-rating company also said it has become increasingly concerned about the funding and liquidity needs of the lenders. Moody's had said in June that it was considering downgrading France's top three listed banks because of their exposure to Greek debt and said Wednesday that it is still reviewing BNP Paribas SA. This is another marketwatch.com story from Florida reader Donna Badach...and the link is here.  Deposit Flight From European Banks Means Collateral Risk Piling Up at ECBEuropean banks are losing deposits as savers and money funds spooked by the region's debt crisis search for havens, a trend that could worsen economic and financial conditions. Retail and institutional deposits at Greek banks fell 19 percent in the past year and almost 40 percent at Irish lenders in 18 months. Meanwhile, European Union financial firms are lending less to one another and U.S. money-market funds have reduced their investments in German, French and Spanish banks. "All of this is symptomatic of a lot of fear in the European financial sector," said Kash Mansori, senior economist at Experis Finance in Charlotte, North Carolina. "It shows that even European banks don't trust each other anymore, so they're taking their money out of the EU system. This Bloomberg story from yesterday is well worth your time...and the link is here.  China states price for Italian rescueChina has called for major strategic concessions from Europe before agreeing to rescue the eurozone, chilling hopes for immediate purchases of Italian bonds. Premier Wen Jiabao said his country and will play its part to "prevent the further spread of the sovereign debt crisis," but warned that China will not sign a blank cheque for states that have failed to carry out full reform. "Countries must first put their own houses in order," he told the World Economic Forum in Dalian. Mr. Wen said he had spoken to José Manuel Barroso, the president of the European Commission, laying the conditions for Chinese intervention. This Ambrose Evans-Pritchard offering from yesterday's edition of The Telegraph is linked here. This story...and the Bloomberg story above...came from a GATA release yesterday.  Berlin Rift on Debt Crisis: Merkel Muzzling Coalition Critics to Gain TimeGerman Chancellor Angela Merkel has tried to bring her coalition partners back in line following rogue comments on a possible Greek bankruptcy and exit from the euro zone. She is desperate to restore calm in her ranks to avoid exacerbating the crisis and to gain time to prepare for worst-case scenarios. These days, when Angela Merkel and Nicolas Sarkozy issue a joint statement, it usually means that the debt crisis has fallen into a state of greatest possible uncertainty. It's when the German chancellor and the French president feel compelled to call for quiet and discipline. The message to be expected at these times is that the euro is safe, the Greeks have understood what must be done and that everything is under control -- even if nothing really is. This extremely well written story from the German website derspiegel.de yesterday, is very much worth the read. It's Roy Stephens first offering of the day...and the link is here.  EU Commission to put eurobonds on the tableEuropean Commission chief Jose Manuel Barroso has said he will propose options for the introduction of joint bonds for the 17-nation eurozone, saying that tighter fiscal integration is the only way to overcome the current debt crisis. European shares and the euro rose on Wednesday after the head of the European Commission said it would soon present options for the introduction of euro area bonds, a development investors saw as a positive despite German opposition to the idea. This Reuters story was posted over at the france24.com website yesterday...and is another Roy Stephens offering as well. The link is here. HSBC dropped from silver price suppression lawsuit Posted: 14 Sep 2011 09:14 PM PDT  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. Here's another subscriber-protected story from yesterday's edition of the Financial Times. It's also posted as a GATA release, but I thank Washington state reader S.A. for being the first one through the door with it. The link is here. |
| Donald Trump fires dollar, takes gold bullion instead of cash for lease deposit Posted: 14 Sep 2011 09:14 PM PDT  Donald Trump's flirtation with a presidential run is over, but he's still making stunt-jabs at Obama. The latest: he's accepting Apmex's deposit for Trump office space in the form of "three 32-ounce bars of gold." These are, of course, kilo bars. The Business Insider story from yesterday was sent to me by reader 'David in California'...and the link is here. |
| GoldMoney's Turk interviews gold market analyst John Brimelow at GATA's London conference Posted: 14 Sep 2011 09:14 PM PDT  I can pretty much guarantee that you haven't heard the name John Brimelow too often, if at all. But don't let that fact influence your thinking for one minute. John has been a gold analyst long before most of us could spell the word. Here's Chris Powell's introduction... "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." |
| Eric Sprott and David Baker: Gold stocks -- Ready, set, ... Posted: 14 Sep 2011 09:14 PM PDT  In the September issue of their Markets at a Glance newsletter, 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. As I've mentioned many times over the last three weeks, there are some very deep pockets buying up cheap gold and silver shares by the railroad car full...and this fact has obviously not gone unnoticed over at Sprott. As a matter of fact, I pointed out this very thing to Eric in a phone conversation we had last week...not knowing, of course, that there was an article in the works about this very thing. |
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