saveyourassetsfirst3 |
- Gold Seeker Closing Report: Gold and Silver Close Mixed Before Fed; Fall After
- Speculating On The Big Banks
- Sprott Insiders Are Selling PSLV And So Should You
- Please Sell Your Treasury Bonds, China
- HUI Takes Second Shot at Breakout
- Gold Vaults Running Out of Space!
- Denver Gold SHow presentations
- Could Helicopter Ben Be Losing His Faith?
- RT – Currency Killers: Dollar & Euro Going Down
- Sept 21, 1931 : The End of the Gold Standard
- Gold Focuses on FOMC Meeting as IMF Report Paints Sombre Picture for World Economy
- Gold Goes Preppy
- Eight reasons to avoid buying gold right now...
- Two Charts, One Big Opportunity for Gold Investors
- Gold and Silver Investment Summit
- Swiss right-wing party wants legal ban on SNB gold sales
- THE NEXT SELLING WAVE IS ABOUT TO BEGIN
- WGC expects Chinese gold demand to rise by 10% in 2011
- Markets awaiting Bernanke’s comments
- European Credit Crisis And Falling Global Shares Pressure Crude Oil
- As Gold Price Suppression Grows More Brazen, Maybe Asia Will Defeat It
- Maple Leaf silver coins seeing record demand
- Asia will take whatever gold the West sells, London trader tells King World News
- Switzerland Launches Referendum To Stop SNB Lunacy, Save Swiss Gold
- BrotherJohnF – Silver Update – “Holding” – 9.21.11
- WATCH: James Turk talks with Barbara Lips
- Barbara Lips at GATA Gold Rush 2011
- Brien Lundin: Long-Term Resource Investing Tips
- Indian Rupee vs. Silver
- Welcome to the New York Fed Gold Vaults
| Gold Seeker Closing Report: Gold and Silver Close Mixed Before Fed; Fall After Posted: 21 Sep 2011 07:13 AM PDT Gold climbed $10.25 to $1816.35 in Asia before it fell back to $1785.50 by about 10:30AM EST, but it then rallied back higher in the last few hours of trade and ended with a loss of just 0.08%. Silver fell to as low as $39.825 in late morning New York trade before it also rallied back higher midday and ended near its late session high of $40.588 with a gain of 0.87%. Both metals are falling in afterhours access trade following the fed's statement. |
| Posted: 21 Sep 2011 06:38 AM PDT By Karl Denninger: Well now Moody's has gone and done it. They just hit BAC, C and WFC with downgrades, saying that the government is "more likely" to allow a large bank to fail if they get in trouble. This belies the truth, which is that the government doesn't have the capacity to bail out a trillion-dollar boondoggle any more. There's no way to get another TARP through Congress and there's no back-door way to fund it either. So Moody's is correct, in a round-about sort of fashion. Let's not conflate desire with capacity, eh? The entire banking sector took an instant dive on that, with BAC now down more than 5% and Wells, which was up, back to even. Bank of America's insular, CEO-blowing board needs to do some firing in the executive suite. May I suggest a Howitzer for the means of that "firing"? Frankly I'm not sure it matters at Complete Story » |
| Sprott Insiders Are Selling PSLV And So Should You Posted: 21 Sep 2011 05:53 AM PDT By Todd Johnson: SummaryShareholders should sell Sprott Physical Silver Trust (PSLV) because of the high premium to net asset value. Eric Sprott, FCA, is the Chief Executive Officer; Chief Investment Officer; Senior Portfolio Manager of Sprott Asset Management LP. Mr. Sprott provides notable metal and energy conference calls, his press releases, and his precious metal views. Sprott Asset Management has always been respected for its views of how to negate the United States fiat currency issues. Phone Call to Sprott for Insider Selling ExplanationOn September 21st, I called and spoke to Carolyn at Sprott, phone number (888) 362-7172. I asked why there was so much insider selling of Sprott Physical Silver Trust (PSLV). Carolyn advised me that Sprott Asset Management, and perhaps Eric Sprott, were selling because of Sprott Physical Silver Trust's (PSLV) 20% premium to net asset value. I have provided a few of the recent and dated insider selling Complete Story » |
| Please Sell Your Treasury Bonds, China Posted: 21 Sep 2011 05:49 AM PDT  By David Merkel: This will be a short post. I am not worried about China selling its US Treasury bonds for several reasons:
I think the threat of the Chinese Government to sell US Treasuries is empty. They can't do it without hurting themselves significantly. Options:
Complete Story » |
| HUI Takes Second Shot at Breakout Posted: 21 Sep 2011 04:29 AM PDT HOUSTON – Don't look now but the HUI is taking a second shot at a sure-enough breakout to the upside as we write near lunch (Texas time) on September 21. That's with gold and silver trading either side of flat and the Big Markets holding their collective breath, waiting on word from the FOMC. The chart just below tells the tale.
Continued… The action on the smaller, less liquid and more speculative miners and explorers we love to 'game' here at Got Gold Report is less exciting. That is not to suggest that the HUI is all that exciting, yet, but is certainly is an island of strength in a sea of weakness lately. Just below is a quick look at the Market Vectors Junior Gold Miners Index or GDXJ for comparison.
Protracted buyer's strike negative liquidity events wear people down and wear them out. Over the years we have observed that long periods of uncertainty such as the one we are in presently are much better times for accumulating promising resource companies than they are for taking profits on the ones already in inventory. As long as uncertainty rules we really cannot expect the smaller junior miners to outperform, but if the HUI continues to show strength and if the world doesn't get another exogenous shock, we ought to see that second graph beginning to challenge its obvious resistance too. We'll see soon enough. |
| Gold Vaults Running Out of Space! Posted: 21 Sep 2011 04:06 AM PDT by Brittany Stepniak: Other banks are doing just the same. Barclays Capital is adding an entirely new vault. Deutsche Bank AG and The Brink's Co. are contemplating making more room for gold bullion as well. For the first time in eight years, the 112-year-old Perth Mint refinery is also considering expansions, anticipating gold demand to continue its rise for quite some time. In this most recent 11-year rally prices have increased SEVENFOLD. Read more at WeathWire.com |
| Denver Gold SHow presentations Posted: 21 Sep 2011 03:40 AM PDT The Denver Gold Show is a private conference for industry executives, hotshot hedge fund managers and other insiders I'm not sure but I think this is the first time the conference presentationss have been made public. Lots of great info about the top 50 or so PM miners from around the world Enjoy. http://www.denvergold.org/gold-forum...cast-day3.html |
| Could Helicopter Ben Be Losing His Faith? Posted: 21 Sep 2011 03:23 AM PDT There can be no doubt that the B.S. Bernanke floundering for ideas in September 2011 is a far different creature than the High Priest of Keynesian economics who assumed the position of Chairman of the Federal Reserve in February, 2006. That "B.S. Bernanke" was a supremely confident zealot of his faith. "I have a Printing Press," he would proclaim to the world (at 30 second intervals), "And with this Printing Press I have the power to create Inflation at my command. And, lo and behold, with this Inflation I can destroy the value of any/every currency – and thus prevent Satan from afflicting us with his Depression." High Priest Bernanke was unflinching in his faith, and when a mere two years into his tenure he (and his predecessor) had led (misled?) the U.S. economy to the brink of an unprecedented economic collapse, the High Priest demonstrated he would not hesitate to use his mighty Printing Press. Again and again and again, Bernanke's Printing Press barfed billions of U.S. dollars into the U.S. (and global economy). And the High Priest proved that he was correct (or at least partially correct) with his previous proclamations. B.S. Bernanke could (and did) create Inflation, usurping more and more of the dwindling value of the U.S. dollar with each fresh round of money-printing. His ability to create Inflation was unquestioned. Confronted with his own past "successes", we are left with many obvious questions. Why is High Priest Bernanke no longer willing to use his Printing Press at any and every opportunity? Has the High Priest simply lost his "faith"? Today, B.S. Bernanke confronts the same "demon" which has sapped the faith of countless zealots before him. His previous "blind faith" in Keynes and the Power of the Printing Press has given way to doubt. This can be obviously demonstrated simply by reading the media's script for the current meeting of the Federal Reserve. Hopes for a new infusion of money-printing are being squelched. What "action" can we expect from the High Priest and his minions now that use of the Printing Press is apparently forbidden? We are told to pin our hopes on the euphemism dubbed "Operation Twist". Does this involve some new "secret weapon" – similar in power to the mighty Printing Press itself? Hardly. Operation Twist is nothing but a monetary band-aid aimed at temporarily reducing interest rates on U.S. 10-year Treasuries. Are the current rates on U.S. 10-year Treasuries at historic highs? No, current rates are already the lowest (and most reckless) in history. Is anyone suggesting that a tiny reduction in the interest rates on 10-year Treasuries will do anything to stimulate the U.S. economy? No. Then why is this what is being "predicted"? Because B.S. Bernanke needs to pretend to be doing something – now that his omnipotent Printing Press has (seemingly) lost its potency. How could the High Priest have ever arrived at this juncture? Why has B.S. Bernanke apparently lost his faith? Today (belatedly) the High Priest is finally re-examining his own dogma. Specifically, he (and many other Keynesian zealots) are being forced to confront the failure of that dogma. Not only did Bernanke use his mighty Printing Press, but he used it to an excessive degree never before contemplated in history. And still his Printing Press has failed him. |
| RT – Currency Killers: Dollar & Euro Going Down Posted: 21 Sep 2011 02:49 AM PDT An international team of debt inspectors has decided it will return to Greece next week to check on the country's progress in reaching its budget goals. Athens hopes this will help win the release of the latest emergency loans. Greek authorities want to convince the debt inspectors they could meet strict budget targets as the country desperately needs the next 8 billion euro bail-out package. Without the money, the country could default within weeks. However no decision will be made until October. The IMF warned Europe and the United States risk falling back into recession, unless lawmakers act quickly. Also underscoring the region's difficulties was a credit rating downgrade of Italy by Standard & Poor's. Financial analyst Michael Mross believes the constant downgrades are only putting pressure on the world economy.
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| Sept 21, 1931 : The End of the Gold Standard Posted: 21 Sep 2011 02:00 AM PDT econ.iastate |
| Gold Focuses on FOMC Meeting as IMF Report Paints Sombre Picture for World Economy Posted: 21 Sep 2011 01:55 AM PDT |
| Posted: 21 Sep 2011 01:51 AM PDT |
| Eight reasons to avoid buying gold right now... Posted: 21 Sep 2011 01:29 AM PDT From The Daily Capitalist: I'm beginning to get a lot of "uh-oh" thoughts about gold's price. In no special order, here are some of the reasons: 1. "Dr. Copper" is stinking up the joint. Copper set a 2011 low today. Its price is unchanged from spring 2007, when gold was only around $650 per ounce. With copper looking weak and potentially crashable should China's construction boom turn to bust, the divergence between copper's multi-year performance and that of gold concerns me now. 2. Bloomberg reports deflationary price pressures in Hong Kong in Hong Kong Developers Set to Accelerate Sales: Hong Kong developers may have to accelerate sales of new housing projects even as buying sentiment wanes amid the global equity rout and as the city intensifies efforts to curb property prices... It sounds to me as though the great Chinese/Hong Kong real estate machine may be set to go the way of all real estate booms. This is gold-bearish. The Chinese know how to sell gold as well as buy it, and there are lots of them who like to buy cheap. 3. Investment houses have started... Read full article... More on gold: 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 |
| Two Charts, One Big Opportunity for Gold Investors Posted: 21 Sep 2011 01:10 AM PDT Gold investors have plenty of reasons to be cautious...but big reasons to be optimistic too... |
| Gold and Silver Investment Summit Posted: 21 Sep 2011 01:09 AM PDT The Gold and Silver Investment Summit is an annual conference that features presentations from junior exploration and emerging gold and silver producing companies and expert keynote speakers on the ... |
| Swiss right-wing party wants legal ban on SNB gold sales Posted: 21 Sep 2011 12:24 AM PDT Swiss right-wing party wants legal ban on SNB gold sales The right-wing Swiss People's Party has put forward a proposal, dubbed "Save our Swiss Gold", aimed at preventing the country's central bank from selling its gold reserves. Author: By Catherine Bosley (Reuters) Posted: Wednesday , 21 Sep 2011 ZURICH (Reuters) - Members of the right-wing Swiss People's Party (SVP) want a law to prevent the country's central bank -- currently struggling to tame a super-strong Swiss franc -- from selling its gold reserves, according to a proposal published on Tuesday. The proposal, dubbed "Save our Swiss Gold", would be put to a referendum if it won enough initial support. It would not only ban the Swiss National Bank from selling its gold reserves, but would also force it to hold at least 20 percent of its assets in gold, the text published in an official register said. Switzerland has sold no gold since August 2008, according to figures from the International Monetary Fund. At the end of 2010, the SNB's gold holdings were valued at 43.3 billion francs -- about 16 percent of its total assets of 274 billion Swiss francs (currently $310 billion). Referendums are central to Switzerland's political system of direct democracy, and have been held on topics ranging from health insurance to smoking bans. Interest in the SNB's balance sheet has intensified with the sharp appreciation of the franc, which has absorbed policymakers on and off since the 2008 financial crisis heightened the currency's attractions as a traditional safe haven. The SNB's latest move was to announce a cap on the Swiss franc against the euro on Sep. 6, pledging unlimited currency interventions if needed, as the franc's strength threatened the competitiveness of Swiss exports and the tourist industry. SVP leading light Christoph Blocher had previously called on Chairman Philipp Hildebrand to resign after the SNB ran up its biggest annual loss ever in 2010 because its euro holdings, accumulated during interventions in 2009-10, sank in value in Swiss franc terms. The initiative states the SNB's gold would have to be stored in Switzerland. Swiss newspaper Neue Zuercher Zeitung quoted the text of a speech by SVP parliamentarian Ulrich Schluer who said the Swiss public was being robbed of its "wealth", with gold reserves a symbol of "each person's hard work, inventive talent, pioneer spirit, motivation and economic power." Schluer is backing the measure along with SVP members Luzi Stamm and Oskar Freysinger. In 2009 the party spearheaded a referendum in which voters approved a ban on building new minarets. The initiators of the gold proposal will now have 18 months to collect the 100,000 signatures required to call a referendum. Switzerland is a signatory of the third Central Bank Gold Agreement, which runs from Sept 2009 to Sept 2014. Under the agreement gold sales from signatory central banks will not exceed 2,000 tonnes, or 400 tonnes in any one year of the deal. ($1 = 0.885 Swiss Francs) http://www.mineweb.com/mineweb/view/...ail&id=110649 |
| THE NEXT SELLING WAVE IS ABOUT TO BEGIN Posted: 21 Sep 2011 12:11 AM PDT As many of you already know I expected the dollar index to put in a major three year cycle low sometime this year. The normal timing band would have been for a bottom in the spring. The recent breakout and move to new highs has confirmed that the May bottom did in fact mark the three year cycle low. As expected that also marked the top of the cyclical bull market in stocks.  Interest rates aren't the reason why people are not borrowing.With continued high unemployment There simply isn't enough demand for businesses to expand their operations. The American consumer is so deeply in debt that he can't service it. Unfortunately, we can't print money like the US government so it doesn't help us to go deeper into debt. The US consumer will not be borrowing money any time soon. The bottom line is operation twist will be a miserable failure just like QE1and QE2. The stock market, and gold are now moving into the timing band for the next daily cycle low (selling event). The only question now is whether the announcement of operation Twist this afternoon will initiate a short term knee-jerk reaction higher, or whether the market will immediately continue to sell off into that next cycle low that is due to bottom sometime in the next 11 days.   As you can see in the chart below gold began to struggle just as soon as the aggressive stage of the dollar rally began.  As the stock market moves down into the next daily cycle low and the selling pressure intensifies, this should drive the dollar index much higher. It remains to be seen if gold can reverse this pattern of weakness in the face of dollar strength, especially since the dollar will almost certainly be rallying violently during the intense selling pressure that is coming in the stock market. All we can do now is wait to see what the initial reaction to operation Twist will be this afternoon. Will there be a temporary knee-jerk rally that quickly fails, or will the market just continue down after yesterdays reversal?        This posting includes an audio/video/photo media file: Download Now |
| WGC expects Chinese gold demand to rise by 10% in 2011 Posted: 20 Sep 2011 11:45 PM PDT Chinese gold demand will probably rise by another 10% this year, the World Gold Council (WGC) said on Monday. Chinese people are buying precious metals in order to protect their savings and wealth ... |
| Markets awaiting Bernanke’s comments Posted: 20 Sep 2011 10:30 PM PDT Gold and silver futures regained ground yesterday, with the front-month Comex contracts for both metals settling at $1,806.60 and $40.08 respectively - gains of 1.7% and 2.5%. Owners of gold ... |
| European Credit Crisis And Falling Global Shares Pressure Crude Oil Posted: 20 Sep 2011 09:50 PM PDT Oil prices recover during next our shares rally with supported currencies and major inflation. Our crude oil forecast is $117-$120 as a year-end, 2011 high. Goldman says $130. Spot crude price finished a five wave retreat and based at $84 support and resistance. September started rallies during last two years of 2009 and 2010. Last High $90.23. "Oil in New York Tumbles to One-Week Low on European Debt Crisis Concern." "Crude oil in New York fell to the lowest level in more than a week as speculation that the European debt crisis is spreading pressured the euro and equities. Prices declined as much as 3.8 percent as European stocks declined to the lowest level since July, 2009 on concern that the region's debt crisis will derail the economic recovery. The Euro weakened against the dollar for a sixth day, curbing commodities' appeal as an alternative investment. "All markets, including crude, continue to get rattled by this European situation and a sense that there's certainly no silver bullet on the immediate horizon to help this economy," said John Kilduff, a partner at Again Capital LLC, a New York- based hedge fund that focuses on energy. "We're going to see these sell-offs hit us with regularity." "If the dollar falters, that will help oil," said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London, who correctly predicted Brent wouldn't go higher than $120 this summer. "In spite of the dire state of western economies, I think demand in China and other emerging nations, the potential for hurricane shut-ins and unrest in the Middle East means prices will go back up." Oil volume in electronic trading on the Nymex was 353,917 contracts as of 12:44 p.m. in New York. Volume totaled 574,816 contracts September 2, 16% below the average of the past three months. Open interest was 1.52 million contracts." -Margot Habiby 9-6-11 Bloomberg.net Crude oil is a leading indicator for all futures due to larger market size and use of the products. Oil futures are $89.48 mid-day on Thursday, 9-8-11 This posting includes an audio/video/photo media file: Download Now |
| As Gold Price Suppression Grows More Brazen, Maybe Asia Will Defeat It Posted: 20 Sep 2011 09:43 PM PDT ¤ Yesterday in Gold and SilverWell, the Far East low I reported in this column yesterday proved to be the absolute low of the day on Tuesday. The gold price rallied about $25 off that low, but then got sold off about fifteen minutes before the Comex open. Then, like Monday, at precisely 9:30 a.m. the gold price rallied smartly...and within an hour was up around the $1,805 spot mark, where it pretty much stayed for the rest of the day. Gold closed up $26.40...and net volume was around the 163,000 contract mark.
It was pretty much the same with silver. After the Tuesday low price, which occurred in Far East trading about an hour before London opened, the silver price rose until 9:00 a.m. BST. Then silver got sold off...with the subsequent rally beginning shortly after 9:00 a.m. Eastern time. in New York...and shortly before the open of the U.S. equity markets. The subsequent rally took gold up about $1.10 off its New York low by 11:00 a.m. Eastern...and from there it got sold off in a long, slow decline into the close of trading in the New York Access market at 5:15 p.m. Eastern time. Silver closed up a rather unremarkable nine cents. Net volume was around 41,000 contracts.
The gold stocks started in negative territory, but that state of affairs only lasted minutes, as the stocks were up about 4% within an hour...and were up about 5% by 2:00 p.m. But then they, along with the general equity markets, began to slide into the close of trading...however, the HUI finished up a very respectable 3.13% on the day, as the Dow barely finished in positive territory.
Despite the less than impressive performance of the metal itself, most of the silver shares finished in positive territory...and Nick Laird's Silver Sentiment Index closed up a smallish 0.60%
(Click on image to enlarge) The CME Daily Delivery Report showed only five gold contracts were posted for delivery tomorrow...and that was all. A very tiny 9,734 ounces were add to GLD yesterday. I have no idea what that was about, maybe it was an adjustment. Over at SLV there was a significant reduction, as an authorized participant cashed in their shares and withdrew 1,119,798 troy ounces. There was a smallish sales report from the U.S. Mint yesterday, as they sold another 125,000 silver eagles. There was lots of activity over at Comex-approved depositories on Monday. They received 1,277,802 ounces of silver...and reported shipping 730,180 ounces out the door. The link to that action is here. Yesterday was the 20th of the month...and that always means that The Central Bank of the Russian Federation updates their website for the previous month...and reports their gold purchases for that month. In August, they purchased another 200,000 ounces, bringing their total reported stash up to 27.2 million ounces. Here's Nick Laird's wonderful graph that shows it all.
(Click on image to enlarge) While on the subject of Nick Laird's wonderful graphs...here are two new ones that he just sent me while I was in the process of putting today's column together. There are two charts...one for gold one for silver...and both cover the period from 1970 to 2011-to-date. Here's the gold graph. The top chart shows the percentage change in the gold price every year...and the lower one shows the U.S. dollar change in price every year.
(Click on image to enlarge) Here's the silver chart...and it reads the same.
(Click on image to enlarge) As you can see, there is no sign of a bubble, as it has been a very orderly rise in price...so far. Both charts are worthy of your time...and the 'click to enlarge' feature works perfectly for these, as they are pretty big charts. We are over $100 from the record high in gold...and we're already knocking on the door of the old record high in the gold stocks. Gold inclusion as Tier 1 asset would be huge: LBMA. Bullion vaults run out of space on gold rally. Demand for real metal astonishes participants at LBMA conference. Maple Leaf silver coins seeing record demand. ¤ Critical ReadsSubscribeUS investigates insider trading prior to S&P credit rating downgradeUS authorities are said to be seeking information from hedge funds as they investigate possible insider trading just hours before America's credit rating was cut. Financial regulator the Securities and Exchange Commission (SEC) is reported to have sent subpoenas to a number of firms and is focused on trades that bet on a fall in US stock markets. The SEC is said to be working on the investigation with the Financial Industry Regulatory Authority, which examines the millions of trades made on Wall Street each day. Roy Stephens sent me this story that was posted late last night in The Telegraph...and the link is here.  Eight Offshore Banks Under Grand Jury Investigation Over Taxes, U.S. SaysEight offshore banks are under federal grand jury investigation for facilitating tax evasion by U.S. citizens as part of a probe the Justice Department said has dealt "fabled Swiss bank secrecy a devastating blow." The department disclosed the probes on a section of its website detailing the Tax Division's Offshore Compliance Initiative. In 2009, prosecutors charged UBS AG, the largest Swiss bank, with aiding tax evasion by U.S. clients. UBS avoided prosecution by paying $780 million, admitting it fostered tax evasion, and giving the U.S. Internal Revenue Service data on more than 250 accounts. It later turned over data on another 4,450 accounts. If there's anything in here that might apply to you, dear reader...I urge you to take the time to run through it. I thank Washington state reader S.A. for sending this Bloomberg story along...and the link is here.  Lloyd's insurer sues Saudi Arabia for 'funding 9/11 attacks'A Lloyd's insurance syndicate has begun a landmark legal case against Saudi Arabia, accusing the kingdom of indirectly funding al-Qa'ida and demanding the repayment of £136m it paid out to victims of the 9/11 attacks. The Brighton-based Lloyd's 3500 syndicate, which paid $215m compensation to companies and individuals involved, alleges that the oil-rich Middle Eastern superpower bears primary responsibility for the atrocity because al-Qa'ida was supported by banks and charities acting as "agents and alter egos" for the Saudi state. Well, if I were Lloyd's, that's not the country I'd be suing. Anyway, I thank reader Ken Metcalfe for sending me this story out of The Independent on Monday...and the link is here.  Debt Downgrade: Berlusconi Furious at Standard & Poor's RatingFor months, Italy has been struggling to convince international financial markets that it was doing all it could to reduce sovereign debt and push through necessary labor market reforms. Late on Monday, it became apparent that there is more work to be done. In an afternoon announcement in New York, the ratings agency Standard & Poor's indicated it was downgrading Italy's credit rating by one notch due to what it described as limited prospects for growth in the country. More damning, the research note released by S&P head David Beers also pointed to instability within Prime Minister Silvio Berlusconi's governing coalition. This is Roy Stephens second offering of the day...and it's a posting from the German website spiegel.de. The link is here.  Resenting Greece: Slovakia Threatens Euro Rescue PackageHaving suffered painful, self-imposed economic reforms, Slovakia doesn't see why it should help bail out euro-zone partners like Greece. Prime Minister Iveta Radicova is trying to talk her country into solidarity, but has become increasingly isolated in her position. The government under the Prime Minister Iveta Radicova has turned the population against itself. Despite an impressive economic record, the country is still Europe's second poorest and in some regions one in three people are unemployed. The government leader has adopted a tough cost-cutting plan and can hardly dare asking for more from her people. But that's exactly what she must do: Slovakia is obligated to contribute some €7.7 billion ($10.9 billion) to the euro-rescue fund. It's a hefty sum for the formerly communist country with a mere 5.4 million inhabitants. At the moment it is highly unlikely that Radicova can rally a parliamentary majority to support the plan. I thought I knew something about Slovakia, but this story was an eye-opener for me. It's another Roy Stephens offering, of course...and this one was also posted over at spiegel.de yesterday. I consider it a must read...and the link is here.  What Comes After 'Europe'? - The Wall Street JournalWhat is now happening in Europe isn't so much a crisis as it is an exposure: a Madoff-type event rather than a Lehman one. The shock is that it's a shock. Greece was never going to be bailed out and will, sooner or later, default. The banks holding Greek debt will, sooner or later, be recapitalized. The recapitalization will be borne by German taxpayers, and it will bring them—sooner rather than later—to the outer limit of their forbearance. The Chinese will not ride to the rescue: They know not to throw good money after bad. And then Italy will go Greek. Europe's crisis will lap on U.S. shores, and America's economic woes will lap on Europe's—a two-way tsunami. This is not a particularly long op-ed piece...but I consider it well worth your time. It showed up posted in the clear over at The Wall Street Journal on Monday. I thank Washington state reader S.A. for sharing it with us...and the link is here.  Debt crisis: EU 'refusing to recognise China as a market economy'China has signalled that the West must do more to recognise it as a market economy if Europe wants further help in fixing its debt crisis. Beijing's warning comes as Spain, Portugal, Greece and Italy have all turned to the Asian superpower as a potential buyer of their debt. Already the biggest foreign creditor to the US, the still strong economic growth enjoyed by China may hand it extra sway in trade negotiations with Europe. The Chinese government wants the European Union to recognise China as a full market economy under World Trade Organisation (WTO) rules, which would remove many restrictions for Chinese companies. This is another story from The Telegraph late last night...and it's another Roy Stephens offering as well. The link is here. |
| Maple Leaf silver coins seeing record demand Posted: 20 Sep 2011 09:43 PM PDT  The Royal Canadian Mint is on track to raise sales of its silver bullion coins by around 30 percent to 25 million ounces this year and to match last year's record gold sales of around 1 million ounces, an executive from the Mint said. "In silver, we are 30 percent ahead of where we were last year," he said. "We finished last year with 18 million ounces of silver (sales). We are looking at increasing those sales by about 30 percent to the end of this year, to around 25 million ounces." |
| Asia will take whatever gold the West sells, London trader tells King World News Posted: 20 Sep 2011 09:43 PM PDT  The London trader source for King World News reports that Western suppression of the gold futures price is building big premiums on Asian gold and setting up bigger moves of gold from West to East. The trader says: "There are massive orders for tonnage of gold, incredible amounts between $1,715 and $1,760. This has the effect of putting a physical floor under the price of gold. I stole the headline...and the intro...from a GATA release...and the link to the KWN blog is here. |
| Switzerland Launches Referendum To Stop SNB Lunacy, Save Swiss Gold Posted: 20 Sep 2011 09:43 PM PDT  According to an article in Swiss newspaper NZZ, the SVP party [Swiss People's Party], launched a referendum to "protect" the 1,000 tonnes of gold owned by the Swiss National Bank [SNB]. Their aim is to: 1] make it unconstitutional to sell gold and, b] force the SNB to hold 20% of its assets in gold [currently 16%] The SVP said the sale of 1,500 of the SNB's 2,500 tonnes of gold was regrettable, especially given the Swiss population had no say in this. For the referendum to be launched the action committee needs to collect 100,000 signatures from supporters of the measure. They have until March 20, 2013 to do so. |
| BrotherJohnF – Silver Update – “Holding” – 9.21.11 Posted: 20 Sep 2011 08:05 PM PDT Brother John on ProShares Ultra Silver AGQ, SLV and more: |
| WATCH: James Turk talks with Barbara Lips Posted: 20 Sep 2011 08:04 PM PDT From GATA Gold Rush 2011: |
| Barbara Lips at GATA Gold Rush 2011 Posted: 20 Sep 2011 07:30 PM PDT Barbara Lips, of the Lips Institute, talks to the GoldMoney Foundation about Ferdinand Lips, his views on sound money and his book Gold Wars.She also explains the work of the Lips Institute in the ... |
| Brien Lundin: Long-Term Resource Investing Tips Posted: 20 Sep 2011 07:00 PM PDT Downgrades for U.S. debt, austerity programs across Europe and political uncertainty all point to a continued uptrend in gold prices according to Brien Lundin, publisher and editor of Gold... Visit the aureport.com for more information and for a free newsletter |
| Posted: 20 Sep 2011 05:02 PM PDT Investors shouldn't forget one of the best sources of demand for silver and gold—India. Gold was always a historically important commodity in India, where it's seen as a store of wealth. Silver, on the other hand, rose mostly as a necessary "poor man's" entry into precious metals, which have risen far faster than wages in most of the emerging market economies. |
| Welcome to the New York Fed Gold Vaults Posted: 20 Sep 2011 05:00 PM PDT New york Fed |
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