saveyourassetsfirst3 |
- 10 Large Cap Commodity Stocks With Bullish Momentum
- Can You Do Better Than GDX In The Gold Mining Space?
- David Einhorn's Actions Confirm That Gold Miners Are Cheap Relative To The Price Of Gold
- Fun contest for today - How much is it worth?
- Another version of the stump speech on gold price suppression
- Geopolitical Risk in Middle East and China, Currency and Trade War Risk Supporting Gold
- WATCH: Rick Rule talks with Stefan Molyneux
- How you could save a life and win $30,000
- Forex Review: Euro Currency Death Watch
- Gold markets sending mixed signals
- Bad news on the counterfeit coin front
- LISTEN: Does Gold Rise or Fall in a Deflation?
- WATCH: Thorsten Polleit talks with James Turk
- BrotherJohnF: Silver Update – “Peak Silver”
- Low-Volume-Panic-Spike Examples – Riverstone and Northern Tiger
- Former Presidential Adviser Lindsey Expects Return to Gold
- Gold is not in a Bubble: It’s on its way to $10,000 an ounce
- China installs gold vending machine, plans 2,000 more
- Beware the Myth of Gold Hedges
- Gold Eclipses Cocaine as Rebels Tap Mines
- Another version of the 'stump speech' on gold price suppression
- Silver Treasure, Worth $18 Million, Found in North Atlantic
- Banks are toast, trillions more in bailouts coming, Embry tells King World News
- South African trader is persuaded of central bank intervention against gold
- ECB "Could Print Euros" to Fund Own Bailout, Euro Collapse "Could Destroy Global Financial System"
- Financial Crash Ahead????
- Gold & Silver Market Morning, October 12, 2011
- Bob Chapman: Gold, Silver, Manipulation, More..
- Russian grain export cuts add to inflationary pressures
- Peak Gold, Easier to Model than Peak Oil? - Part I
| 10 Large Cap Commodity Stocks With Bullish Momentum Posted: 12 Oct 2011 05:08 AM PDT By Rash Menaria: The following is a list of ten large cap commodity stocks which are showing bullish momentum off-late and have gained over 20% in last one week.
My favorite company in the above list is Arcelor Mittal. Arcelor Mittal is a global steel producer. Arcelor Mittal produces a range of finished and semi-finished products. Arcelor Mittal produces flat products, including sheet and plate, long products, including bars, rods and structural shapes, and stainless Complete Story » | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Can You Do Better Than GDX In The Gold Mining Space? Posted: 12 Oct 2011 04:28 AM PDT By CommodityHQ: By Eric Dutram Commodity investors should rejoice over the recent growth in the ETF industry, as a number of new products have hit the markets in recent months offering a wide range of ways to target the commodity space. These new ETFs allow investors to slice and dice the market into very granular segments with funds targeting everything from rare earth metals to farming. This expansion should be welcomed news as it greatly helps investors to diversify away company specific risk while still maintaining exposure to a very granular slice of the commodity market. Despite this innovation, a vast majority of assets remain in some of the mainstays in the industry, most notably in the gold space with the Market Vectors Gold Miners ETF (GDX). The fund is a behemoth in the commodity ETF space as it has close to $7.5 billion in assets and trades roughly 15 million shares Complete Story » | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| David Einhorn's Actions Confirm That Gold Miners Are Cheap Relative To The Price Of Gold Posted: 12 Oct 2011 04:22 AM PDT By Devon Shire: I've always thought that investing in the gold sector was a bit beyond my pay grade so to speak. I just think predicting the future price of gold belongs firmly in my "too hard" pile." Jim Grant recently eloquently explained why he is still bullish on gold:
And that explanation makes sense to me, but my concern is how do I know when faith in the institution of managed Complete Story » | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fun contest for today - How much is it worth? Posted: 12 Oct 2011 02:30 AM PDT This snip is in http://www.caseyresearch.com/gsd/home today. Since this page will be replaced with a different page tomorrow, so it will not be possible to click it to enlarge after today, I took a screenshot of the large image and posted it below. Contest 1: How much would this much gold cost? Sorry, but I don't have a better guess than you do. Contest 2: How can a dealer put this much gold in his shop window, and then protect it to keep it from being stolen? Could these be pretty fakes instead of the real stuff? Attachment 11702 Attachment 11703 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Another version of the stump speech on gold price suppression Posted: 12 Oct 2011 02:21 AM PDT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geopolitical Risk in Middle East and China, Currency and Trade War Risk Supporting Gold Posted: 12 Oct 2011 01:49 AM PDT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| WATCH: Rick Rule talks with Stefan Molyneux Posted: 12 Oct 2011 01:42 AM PDT Conversations with Casey host Stefan Molyneux sits down with Founder of Global Resource Investments, Rick Rule at the recent Casey Research Summit, "When Money Dies" in Phoenix, Arizona. ~TVR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How you could save a life and win $30,000 Posted: 12 Oct 2011 01:11 AM PDT From Bloomberg: When Amit Gupta told his friends a few weeks ago that he had acute leukemia and needed a bone-marrow transplant, the word spread quickly. Gupta, the 32-year-old founder of the do-it-yourself photography site Photojojo and the collaborative-working community Jelly, is not only beloved by his friends. (“One of the nicest, most genuine, most creative people you could ever meet,” is a typical encomium.) He’s something of an Internet sensation, with more than 14,000 Twitter followers. And he’s a former intern for Seth Godin, the best-selling author and marketing guru. Gupta now has his own high-stakes marketing problem: how to persuade enough people to swab their cheeks and send in a genetic test kit to the national bone-marrow registry in hopes of finding a match for him. Unlike blood or even kidney donations, the blood stem cells taken from marrow (“bone-marrow donation” is technically a misnomer) require an extremely close genetic match. Otherwise when some of the transplanted cells develop into white blood cells they will react to the rest of the patient’s body as if it were foreign tissue, triggering a serious, and potentially fatal, immune reaction. Gupta’s supporters say that because he is of South Asian descent, the odds of a match from the 9.5 million records on file at the U.S. registry is just 1 in 20,000. When they heard his plight, Gupta’s tech-community friends immediately rallied to encourage more people to take the swab test. “We’re going to destroy those odds,” blogged his friend Tony Bacigalupo, who helped organize a New York swab party on Oct. 14. (India doesn’t have a registry, but people there can fill out a form at amitguptaneedsyou.com.) Twitter filled up with posts about how @superamit needed help. Godin, however, wasn’t impressed. What he saw, he told me in an e-mail, was “a lot of digital handshaking” that amounted to “a feel-good waste.” Tweets alone wouldn’t get Gupta a transplant. Godin wanted to create a sense of urgency. So he wrote a post on his own blog offering to pay $10,000 to anyone who... Read full article... More Cruxallaneous: The "End of America" is beginning in California What to do if you're the victim of a home invasion Gold MANIA: Why we could be on the brink of the biggest bubble in history | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Review: Euro Currency Death Watch Posted: 12 Oct 2011 01:08 AM PDT
But what kind of zombie life will this be? That's the question. The euro can't truly "die"- the European Central Bank can support it indefinitely. I want to be the first person to point out the current situation with the euro can go on forever. The ECB purchases sovereign debt from the problem countries when it appears they will have failed auctions, and it can do this for as long as necessary. This situation angers Germany and the other northern European countries. It's uncomfortable for the ECB. But still, the process of purchasing debt from the problem countries can continue. There are no technical or legal hurdles to prevent the European Central Bank from purchasing unlimited amounts of the sovereign debt of Greece and Portugal. I ask: who can force the ECB to stop its purchases? As far as I can tell, there is no country that can prevent the ECB from purchasing as much debt as it chooses. Unfortunately, this does not mean smooth sailing ahead for the euro. The Germans hate the fact the ECB can step in at any time and save the day – even though it's probably preventing the largest banking crisis the world has ever seen. Even worse, every time the ECB does this, it makes other countries wonder why they aren't getting this help for their own debt? If Greece is getting support for their debt, why shouldn't Slovakia – or even Finland?
The actions of the ECB aren't limited by any current legal restrictions. But this doesn't mean that the ECB actions don't change the politics. And this is a massive, underappreciated risk for the euro. At any time – even after a deal is signed and approved– any country could unilaterally push the euro into a new crisis through the political and legal process. Interview With a Trading Legend 30-Year audited track record with 41.6% compounded annual returns. How did he do it?? Get your FREE download of the interview here. Good News Points Out the Achilles Heel of the Euro On Monday, we saw evidence of how the euro could come to ruin, even though the news was positive. Monday, October 10, 2011, Angela Merkel of Germany announced that the current rescue program has support from Germany. On this news, the euro rallied over 250 points, up past 1.3600. This is the biggest gain by the euro against the U.S. dollar in over a year. From Bloomberg:
All of this gain was due to political statement – and it was widespread knowledge before the announcement. Still, this political statement caused the euro to gain nearly 2%. The political process is driving the economic outcome of the largest currency on the planet. This is a huge possible failure point. Political arguments have a way of becoming legal challenges. Why Not Just More Money? The German High Court Says "Nein!" The euro had a scare a few months back that is more important than people realize. The German high court was asked to give a decision on the legality of Germany participating in the bailout process for Greece. The final decision affirmed the legality of all of the prior actions. However, the ruling says any new funding request has to be approved by the German Parliament. If you've wondered why the Europeans don't just allocate more money, the German High court ruling is the reason why.The best way to sooth the markets right now would be to expand the amount of money available to the problem countries – and have this money be fully backed by the German and French governments. But this can't happen, because the request would have to go past the German Parliament. What is happening is the current fund – the European Financial Stability Fund (EFSF) – is being leveraged to create more loans with the same amount of funding. The EFSF program was not expanded with increased funding. Instead the existing funding will be enhanced by leveraging the lending of the countries. The reason for this is because any requests for new funds would have to go through the German Parliament – and getting these funds is far from certain. The enhancement is leveraging the same money already allocated by German and other countries and doesn't require Germany to go infront of the German parliament to ask for more borrowing. Most of the commentary on the euro situation is about the new enhanced EFSF program. But the implications of the decision by the German High court are far more disturbing. It shows that actions and decisions at the euro level must be run through the legal system of the individual countries to be implemented. Legal decisions at the high court level are nearly always influenced by political concerns in that country. We only need to look to U.S. Supreme court verdicts to see how the interpretation of the law changes in response to political concerns. The outcome of the case in Germany isn't the point. The point is that Germany almost blew up the entire euro agreement due to legal restrictions and political considerations. Every country now has an obvious way to disrupt the EFSF bailouts, even after the deal is signed.  EFSF Is Not Funded – Will Funding Be Subject to Politics at Home? The EFSF is a fund committed to bailing out Greece, Portugal, and any other countries that are having problems selling their sovereign debt on the open market. This fund has already been used for Greece, Ireland, and Portugal. But very importantly, the EFSF isn't just a pile of money, waiting to be used. The EFSF is not funded until countries make requests on the fund. The fund itself requires member countries to pony up funds on an as needed basis – so as countries request aid, the money will flow into the fund, and then get disbursed to the problems countries. The process takes weeks. You can see the problem with this setup. Political events could cause countries like Finland, Slovakia, and even France and Germany to change their minds about funding when the requests for funds hit. This happened today – Slovakia has voted against approving the enhancement of the EFSF. Any country could bring legal challenges over specific funding to their high courts as the requests are made. This shows just how vulnerable the process is to the political process in Europe. If the recession gets worse, the politics could become much, much less willing to fund the EFSF. There could easily be a string of challenges to the EFSF – just when the EFSF needs funds to bailout countries around Europe. Legal challenges – like the legal challenge we saw in Germany – could easily crop up in 6 or 12 months, as actual requests for funding come into the EFSF. This could delay the disbursement of funds to the problem countries. This would force them to rely on the European Central Bank – as they are doing right now – with all of the problems and constant worry associated with this arrangement. So this is why I keep a death watch on the euro – there are simply so many ways for individual countries to throw a wrench into the works even after deals are signed. The future funding for the enhanced EFSF is not guaranteed, even if the deal is passed by the members in the next few weeks. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold markets sending mixed signals Posted: 12 Oct 2011 01:00 AM PDT Gold markets are currently sending mixed signals. While hedge fund managers and other investors were drastically reducing their bets on further price gains in the yellow metal on futures and options ... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bad news on the counterfeit coin front Posted: 11 Oct 2011 11:59 PM PDT Found this youtube posted on another PM site. It contains bad news, an alloy called german silver, made from nickle, tin and copper, has exactly the same density as silver. This means a fake made from german silver and plated with real silver will be absolutely correct in both dimensions and weight. Don't know about whether it rings but you would have to destructively test the coin to know if it were real. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LISTEN: Does Gold Rise or Fall in a Deflation? Posted: 11 Oct 2011 10:31 PM PDT From Mcalvany Weekly Commentary:
Much more @ McalvanyWeeklyCommentary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| WATCH: Thorsten Polleit talks with James Turk Posted: 11 Oct 2011 10:25 PM PDT Thorsten Polleit of thorstenpolleit.com , and James Turk, Director of the GoldMoney Foundation, talk about the Austrian school of economics and the Austrian Theory of the Business Cycle (ABCT). The also discuss the role of fractional reserve banking. Thorsten recommends Murray Rothbard's "The Mystery of Banking". They talk about the degree of confidence in fiat currencies and the possibility of a flight from currency. They talk about some possible solutions put forward by Murray Rothbard and Ludwig von Mises. They talk about the possibility of changing minds before it's too late. Thorsten is sceptical that enough people will change their minds in time, but he insists that it is still worth it to educate people in the teachings of the Austrian school. He talks about the Ludwig von Mises Institute and how it is very difficult to learn about the Austrian school in Europe, with most people learning about it outside university, even in Vienna. They talk about Mises' book "Human Action", Rothbard's "What has the Government done to our Money" and "The Mystery of Banking". Thorsten explains that there are only three ways out of debt: write it down, inflate or grow out of it. They are both sceptical that it will be possible to grow out of it this time and therefore expect money printing and inflation to be chosen by governments, despite the horrible consequences of inflation. They comment the ECB's debt purchases and the dangerous consequences of this decision, how it is against its own rules and how it bodes ill for the future of the euro. This interview was recorded on October 1st 2011 in Vienna, Austria. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BrotherJohnF: Silver Update – “Peak Silver” Posted: 11 Oct 2011 09:57 PM PDT Brother John discusses Peak Silver and the technicals as of 10.11.11.
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| Low-Volume-Panic-Spike Examples – Riverstone and Northern Tiger Posted: 11 Oct 2011 09:34 PM PDT HOUSTON – One of the strategies we love to 'game' here at Got Gold Report is a low volume panic spike or LVPS. When our Faves get clocked in very large percentages, but the volume is not there to "confirm" it, we view that as a a particularly good time to pounce, usually. Especially if the LVPS takes the trading down into a previously chosen target zone, such as one of our "op boxes" or "panic targets" in our Vulture Bargain Charts. We share about 30 of our tracking charts with Vultures (Got Gold Report subscribers) in our password protected subscriber pages. We are constantly making changes to our notations on those charts, adding new annotations as events and the trading unfold. Continued... When we speak in terms of an LVPS event, it is important to understand that we usually only mention them in the context of issues that we actually want to take a position in or add to our existing position. There is a good deal more to it than just a large percentage move on tiny volume and we recently shared with Vultures a Special Vulture Bargain Update along those lines, but for today we thought we would share a pretty good example of a short-term LVPS graphically. A picture really is worth a thousand words.
Note, please that following that LVPS event RVS has enjoyed a "V" shaped recovery, back up to above where the short-term LVPS event started. At least so far it has. It is as is should be in other words. Interestingly, we don't prefer to use an hourly graph to look for LVPS trades, but we do use the short term graphs when we want to confirm what we believe intuitively might be underway short-term in real time. Actually LVPS events are best discovered and tracked in weekly charts. We believe they are more reliable in the longer term graphs. Just below is an example of an LVPS event we believe has been underway for nine weeks as a prime example.
By now everyone gets the gist of the idea, or should. Big moves that are not "confirmed" by big volume are suspect and we think they are more likely than not to be reversed in the fullness of time. We cannot know how long it will take, but we cannot let that impede our opportunity, or at least the opportunity we believe might be there. Just below is a more typical weekly chart with an ongoing LVPS event which, depending on events and news looking ahead, may have just found overwhelming support (OS) following a sure-enough LVPS event.
Vultures are already familiar with NTR.V as it is our Vulture Bargain #7. First, note that NTR has been cast overboard by enough holders that it has fallen as much as a big 76% in just nine weeks. Believe it or not, that is not all that unusual for companies that are predominantly explorers in this very harsh market. Notice also that the huge plunge just since August has been on what we would have to describe as slightly elevated, but unremarkable volume, so NTR.V qualifies as a sure-enough LVPS event. The way we figure it here at Got Gold Report, if the market just doesn't want explorers right now, and is willing to chunk them out baby-with-bathwater style, well, then what do you think our attitude is? Yep, you guessed it. There is nothing wrong with NTR except a super-negative-liquidity sucker punch in our humble opinion. We are and have been ravenous for Norther Tiger in this gift-of-the-Gods super sell-down. (Especially the last week of September and the first week of October.) Vultures want what others don't when the market is just about giving them away. We believe NTR.V has a good-as-any shot at making a major discovery with their huge land assemblage in the Yukon and, although we cannot know how long we just "signed up for" as a large-size (for us) speculator with NTR, we do know that we will be on board for as long as it takes. And now it will be with a meaningful position. Right, wrong, win or lose, we are grateful for the market-driven very cheap share inventory and we like the action.
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| Former Presidential Adviser Lindsey Expects Return to Gold Posted: 11 Oct 2011 09:20 PM PDT ¤ Yesterday in Gold and SilverAs you can see from the Kitco chart below, gold had small two rallies during early Far East trading...and both got sold off before they could develop any legs. The high for Tuesday came shortly after 10:00 a.m. Hong Kong time. Shortly after London open...and for no reason I could fathom...someone sold the gold price down about twenty bucks, with the low of the day coming at precisely 10:00 a.m. in London trading. From that low, the price recovered a bit...but didn't do much for the rest of the day...trading in a ten dollar price range between $1,660 and $1,670 spot. Gold closed the electronic trading session in New York at $1,663.20 spot...down $12.70...and volume [around 100,000 contracts] was on the lighter side once again, but a bit heavier than Monday, which was very light.
Silver's high on Tuesday came at precisely 10:00 a.m. Hong Kong time...and it was pretty much all down hill from there. The low came either at the noon silver fix in London [7:00 a.m. Eastern time]...or shortly after Comex trading began in New York. From the New York low, which came at 8:50 a.m. Eastern, silver rallied quite strongly. But it was obvious, at least to me, that as the rally progressed, it ran into stronger and stronger not-for-profit selling pressure...but managed to close up a dime from Friday at $32.14 spot. Net volume was pretty light at 30,000 contracts...but that was up about 35% from Monday's volume.
It was rather a strange day for the gold stocks, as they weren't exactly in sync with what the bullion price was doing during the first couple of hours of trading...and despite the fact that gold was down on the day, the HUI managed to close in the green...up a magnificent 0.08%. I'm not complaining, as considering the price action, it could have been much worse.
Despite the not-for-profit sellers running roughshod over the silver price during the New York trading session, Nick Laird's Silver Sentiment Index finished in the black again yesterday...up 1.44%. The junior silver producers on the Toronto Venture Exchange were on fire yesterday, as they played catch-up when the TSX reopened after the Monday holiday.
(Click on image to enlarge) The CME's Daily Delivery Report showed that 72 gold, along with 5 silver contracts, were posted for delivery tomorrow. In gold, the short/issuer that delivered was the Bank of Nova Scotia, with all 72 contracts...the biggest long/receiver/stopper was the Bank of Nova Scotia. The link to the Issuers and Stoppers Report is here. There was no activity reported in either GLD and SLV yesterday...and, for the second day running, the U.S. Mint did not report any sales. Over at Switzerland's Zürcher Kantonalbank for the week ending October 7th, they reported adding 106,740 ounces of gold...and a very chunky [for them] 844,118 ounces of silver. As usual, I thank reader Carl Loeb for these numbers. These funds have been adding gold and silver at a torrid pace for the last six weeks, as it's obvious that the euro is being turned into hard assets at a pretty good clip. Monday's action over at the Comex-approved depositories is barely worth the effort to write about, as they received 1,978 ounces of silver...and shipped 64,479 troy ounces of the stuff out the door. Here's a nifty bit of eye candy that was sent to me by Australian reader Randall Gallimore...and here's the e-mail that went with it..."Just got back from a family holiday in China, fantastic time. Thought you would enjoy this happy snap from the window of a gold dealer in downtown Shanghai [next to a Starbucks where we were taking a coffee break]. Cheers. Randall We all thank you for this, Randall...and the 'click to enlarge feature' is worth the trip with this photo. Unless I'm totally out to lunch, those are mostly kilo bars. Try not to drool on your keyboard.
(Click on image to enlarge) Despite my best efforts, I have a fair number of stories again today...so the final edit, as it always is, is up to you. The next rally in silver may be instigated by the bullion banks themselves, as they drive up the price of both metals in order to get the small commercial trader to sell out their long positions to them. Gold Eclipses Cocaine as Rebels Tap Mines. Beware the Myth of Gold Hedges. Another silver treasure, worth $18 million, found in North Atlantic. China plans for 2,000 more gold vending machines. ¤ Critical ReadsSubscribeRegulators to Set Forth Volcker RuleThe outlines of the Volcker Rule, one of the flagship provisions of the sweeping financial regulatory overhaul passed last year, will begin to take shape this week as regulators propose rules to limit the ability of most banks and Wall Street firms to use their own funds to buy and sell stocks, corporate bonds and derivatives. The proposed rules would allow firms to do so in areas where regulators believe healthy markets would not exist without Wall Street's own trading, including the markets for government bonds, commodities and foreign currencies. And some otherwise-forbidden bets would be allowed only if they are used as a hedge, to keep a Wall Street firm from losing money on a transaction made to accommodate a customer's trading. What b.s. this is. This means that the rigging of the commodity markets by the big commercial U.S. banks will be allowed to continue. This story was from the Monday edition of The New York Times...and I thank reader Phil Barlett for sending it along. The link is here.  N.Y. faces 10,000 Wall St. cuts through 2012The securities industry in New York City faces likely job cuts of nearly 10,000 through 2012 as Wall Street banks cope with lower trading revenue, new regulations restricting their activities, and bruised stock prices, according to a new report. I thank Florida reader Donna Badach for sending me this marketwatch.com story yesterday...and the link is here.  Occupy Wall Street protests gain momentum across USProtesters campaigning against corporate greed take their demands for reform of the financial system to cities across America. "I'm extremely angry that Wall Street is taking over Main Street America. It's absolutely ridiculous that a company as large as GE pays no taxes ... people are without healthcare, without jobs. This is ridiculous," said one student on the march in Boston. In Columbus, Ohio a protester who identified herself as a veteran said she had volunteered for military service "to protect the United States of America not the corporations of America." This story [and video] from yesterday's edition of The Telegraph is Roy Stephens first offering of the day...and the link is here.  Jim Rickards Audio Interview on King World NewsIn my Saturday column I posted a blog with Jim Rickards...and Eric informed me that the audio interview wouldn't be available until Sunday. I would have posted this yesterday, but this column was already stuffed to the gills. Here's the KWN interview now...and, in my opinion, it's a must listen. The headline reads "People should be arrested & gold headed to $2,000"...and the link is here.  Slovakia rejects enhanced bail-out fund, government fallsSlovakia's lawmakers have rejected a revamp of the eurozone's European Financial Stability Facility (EFSF) rescue fund in a crunch vote that also toppled the country's centre-right government which had staked its future on the motion. Only 55 of 124 lawmakers present in the room voted in favour, while nine were against and 60 did not vote, effectively blocking the fund and toppling the four-party coalition cabinet of Prime Minister Iveta Radicova. The country's leaders said earlier they would try to pass the EFSF revamp in a repeated vote with support from the opposition, but no date has been fixed for that vote yet. This must read story from late last night in The Telegraph is another Roy Stephens offering...and the link is here.  Slovakia's rebel isn't a nationalist: he's the hero of all discontented EuropeansEuropean leaders fear that Slovakia's attempt to block the new bail-out fund is as dangerous as David's stand against Goliath. But it's not just the difference in size and power that's the worry - it's that Slovakia's rebel might have "right" on his side. Slovakia's hero is Richard Sulik, head of the Freedom and Solidarity Party (SaS) the junior partner in a four-party coalition. Mr. Sulik has articulated the dismay of many that in Greece, Slovakians are faced with a country that bent the rules, rather than sacrificed, to gain entry - and now are demanding their luxuries are maintained by others. This is another article from The Telegraph [courtesy of Roy S.]...and it, too, is well worth your time. The link is here.  Wallooning debtsBelgium's bill for bailing out Dexia could be much higher than meets the eye. After a weekend of frantic negotiations, Brussels is to pay 4 billion euros to take the Belgian assets of the vanquished lender into public ownership. If that was it, the direct costs to the state would be only 1 percent of GDP. But there are many questions left unanswered after Dexia was stripped for parts on the weekend. There are only a handful of paragraphs in this article posted over at the breakingviews.com website...and it's definitely worth the read. This is Phil Barlett's second offering of the day...and the link is here.  Gold is not in a Bubble: It’s on its way to $10,000 an ounce Posted: 11 Oct 2011 09:20 PM PDT  At least so says Nick Barisheff in an article published in the October edition of Resource World Magazine. Nick Barisheff is the President and CEO of Bullion Management Group. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| China installs gold vending machine, plans 2,000 more Posted: 11 Oct 2011 09:20 PM PDT  With plans to roll out 2,000 more throughout the country, the Beijing Agricultural Commercial Bank officially installed its first gold ATM during the Chinese National day holiday. The machines are operated jointly by Beijing Agricultural Commercial Bank and a gold trading German firm. Plans call for installing more of them in secure locations and in private clubs at banks and at landmark buildings in large cities across the Asian country. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beware the Myth of Gold Hedges Posted: 11 Oct 2011 09:20 PM PDT  Here is an excellent short essay by Christopher Barker from The Motley Fool website. For whatever reason, I could not cut and paste from this story, so you'll just have to take my word that it's an absolute must read by any gold investor...especially those that are new to the gold investment world. And it's an excellent refresher on gold hedging by those of us who have been around for the last ten or fifteen years. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold Eclipses Cocaine as Rebels Tap Mines Posted: 11 Oct 2011 09:20 PM PDT  Columbia, the world's largest cocaine producer, said illegal gold mining is becoming the "next major threat" to security as government efforts to crack down on drug crops prompt rebels to seek new revenue sources. Unlike cocaine, gold can easily be sold into the economy and be used to finance terrorist groups, Mines and Energy Minister Mauricio Cardenas said in an interview. This Bloomberg story was sent to me in the wee hours of this morning by Russian reader Alex Lvov, for which I thank him...and the link is here. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Another version of the 'stump speech' on gold price suppression Posted: 11 Oct 2011 09:20 PM PDT  GATA's secretary treasurer has been giving numerous speeches in both Hong Kong and London during the last month. On the weekend, Chris gave this speech to a group of high-powered investors in London...with a reporter from the Financial Times in the audience. Powell's preamble is extensive...and I'll let him carry the ball from here. This GATA release is certainly a must read...and the link is here. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silver Treasure, Worth $18 Million, Found in North Atlantic Posted: 11 Oct 2011 09:20 PM PDT  For the second time in as many months, a torpedoed ship carrying silver has been discovered. Last month, Odyssey announced its discovery of the British steamship Gairsoppa off Ireland and estimated its cargo at up to 240 tons of silver — a trove worth more than $200 million. The Gairsoppa was torpedoed in 1941. This time it's the WWI British steamship Mantola sunk by a German torpedo, sending the vessel and its cargo of an estimated 20 tons of silver to the seabed more than a mile down. The story circulating on the Internet that Jamie Dimon and Blythe Masters are heading up the salvage operations on both ships is patently false...tee hee! | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Banks are toast, trillions more in bailouts coming, Embry tells King World News Posted: 11 Oct 2011 09:20 PM PDT  Sprott Asset Management's John Embry told King World News yesterday that the nationalization of Dexia shows that the European banking system is toast, that trillions more of fiat currency are on their way to bail out the rest of the insolvent world, that all markets are being manipulated now, and that gold and silver investors should not be demoralized out of their positions. I thank Chris Powell for providing the introduction to this KWN blog...and the link is here. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South African trader is persuaded of central bank intervention against gold Posted: 11 Oct 2011 09:20 PM PDT  Writing for MineWeb, David Levenstein of Lakeshore Trading in Rivonia, South Africa, has been persuaded by the attack on gold amid the Swiss franc's devaluation that central banks are intervening surreptitiously to push the metal's price down. Levenstein writes: "With regard to the recent selloff in gold, I am absolutely certain that there is a great deal of truth to the commentaries that suggest that this selloff was engineered by central banks and their agents the bullion banks in an attempt to thwart the upward momentum in gold and thus take the spotlight away from the yellow metal. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ECB "Could Print Euros" to Fund Own Bailout, Euro Collapse "Could Destroy Global Financial System" Posted: 11 Oct 2011 09:01 PM PDT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 11 Oct 2011 09:00 PM PDT Phoenix Capital Research is convinced that a financial crash is coming and that the recent market rally is merely short-covering. Frankly, no one knows what is going to happen, but the following points they cite are hardly comforting: 1) Europe's banking system faces potential systemic collapse: the insolvency issues are beyond PIIGS' debt at this [...] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold & Silver Market Morning, October 12, 2011 Posted: 11 Oct 2011 09:00 PM PDT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bob Chapman: Gold, Silver, Manipulation, More.. Posted: 11 Oct 2011 08:50 PM PDT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Russian grain export cuts add to inflationary pressures Posted: 11 Oct 2011 08:15 PM PDT Gold and silver prices remained stable yesterday - though given the volatility that has affected these markets in recent weeks, those interested in the long-term health of the bull markets in ... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peak Gold, Easier to Model than Peak Oil? - Part I Posted: 11 Oct 2011 08:00 PM PDT The Oil Drum |
When and how will the Euro currency die? The Euro is like a very sick patient with many possible ways to pass – but due to modern technology, we can keep the euro technically alive forever.
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