Gold World News Flash |
- Crude Oil to Refocus on EU Debt Crisis, Gold Following Dollar’s Lead
- James Turk: gold price will go above $11,000
- Gold Seeker Closing Report: Gold and Silver Fall Over 2% and 6%
- Brink's Adds Over 1.1 Million Ounces of Silver to Vaults Wednesday
- 35 Facts About The Gutting Of America’s Industrial Might That Should Make You Very Angry
- Interview with David Morgan: “MF Global Collapse Extremely Bullish for Bullion”
- 1 Through 30 – The Coming U.S. Financial Crisis By The Numbers
- Do Recent Gold & Silver Correlation/Return Comparisons With S&P 500 Refute Their Safe Haven Status?
- The Situation Developing With Comex Silver Could Get Interesting…
- The CRISIS Quickens
- Mike Krieger Exposes The Three Card Monti
- Gold Price Dropped $54 Today 3% Closing at $1,719.80, Bull Market Has Years To Run
- European Bonds Rise in Yield / Another Gold and Silver Raid
- European Bailout Fund For Greek Money Laundering And Fraud
- $50 Billion? Try $5 Trillion
- Not Your Father's Gold Market
- ETF’s are not physical.
- Buy! Buy! Buy!
- Central bank gold purchases soar
- Probe points to MF Global's misuse of segregated customer funds
- Brodsky on deleveraging, Celente on crooked markets at King World News
- The New Retirement Normal: The Average American Must Work For Two Extra Years After Death
- Gold Breaks Recent Low – Targets Channel Support
- Central banks made their largest purchases of gold in decades in the third quarter
- Risk-Assets Collapse As Knife-Catchers Are Nowhere To Be Found
- LGMR: Investors "Hedging Against Fiat Currency Devaluation" with Gold, France Calls for ECB Solution, "That Won't Happen" says Germany
- Gold Daily And Silver Weekly Charts
- Transcript of Chris Waltzek’s Interview with Gerald Celente: MF Global and Much More
- Fear, Fear and more Fear
| Crude Oil to Refocus on EU Debt Crisis, Gold Following Dollar’s Lead Posted: 17 Nov 2011 05:56 PM PST courtesy of DailyFX.com November 17, 2011 10:40 PM Crude oil prices appear to have re-coupled with risk appetite trends, putting the focus back on the EU debt crisis, while gold continues to take cues from the US Dollar. Talking Points [LIST] [*] Crude Oil Sinks as Prices Refocus on EU-Driven Risk Aversion [*] Gold Still Following Dollar’s Lead but Fed-Speak Also in Focus [/LIST] WTI Crude Oil (NY Close): $98.82 // -3.77 // -3.67% Yesterday’s one-off push above the $100/barrel figure after Canada’s Enbridge Inc said it will begin to pump inventory out of the Cushing, Oklahoma delivery point didn’t prove lasting, with risk trends swiftly taking over anew and sinking the WTI contract as EU-centered sovereign stress continues to weigh on sentiment. Looking ahead, all eyes are on commentary from ECB President Mario Draghi and German Bundesbank President Jens Weidmann, with traders looking for guidance on the evolution of the central bank...
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| James Turk: gold price will go above $11,000 Posted: 17 Nov 2011 05:43 PM PST GoldMoney
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| Gold Seeker Closing Report: Gold and Silver Fall Over 2% and 6% Posted: 17 Nov 2011 04:00 PM PST Gold saw slight gains in Asia, but it then fell throughout most of trade in London and New York and ended near its early afternoon low of $1711.13 with a loss of 2.54%. Silver slumped to as low as $31.054 and ended with a loss of 6.41%.
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| Brink's Adds Over 1.1 Million Ounces of Silver to Vaults Wednesday Posted: 17 Nov 2011 03:22 PM PST from Silver Doctors: Yesterday, we reported JP Morgan's tripling of registered silver inventories overnight with a 1.1 million adjustment of eligible silver into registered. We have another massive silver movement to report from today's COMEX inventory update- this time a 1.2 million deposit into Brink's eligible vaults. For those with the belief that eligible silver COMEX inventories are meaningless and only registered inventories are worth monitoring, yesterday's action by JP Morgan enforces The Doc's belief that when the rats are cornered and are in desperate need of phyzz, eligible owners will be strong armed into converting their eligible phyzz into registered in order to continue the game a little longer. Read More @ SilverDoctors.Blogspot.com
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| 35 Facts About The Gutting Of America’s Industrial Might That Should Make You Very Angry Posted: 17 Nov 2011 03:10 PM PST from The Economic Collapse Blog:
Read More @ TheEconomicCollapseBlog.com
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| Interview with David Morgan: “MF Global Collapse Extremely Bullish for Bullion” Posted: 17 Nov 2011 03:04 PM PST |
| 1 Through 30 – The Coming U.S. Financial Crisis By The Numbers Posted: 17 Nov 2011 03:00 PM PST from End of The American Dream:
Read More @ EndOfTheAmericanDream.com
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| Posted: 17 Nov 2011 02:51 PM PST The past few years have seen the development of the notion that GLD and SLV represent uncorrelated plays on the market, making them safe haven bets for your portfolio. Looking at historical trends (aside from 2011), [however,] one would have to go back to 2007 to find a year where these two metals weren't highly correlated to the S&P 500. For all of 2011, both ETFs have featured low correlation, but as recent trading weeks have shown, old habits die hard, as the two ETFs have fallen back into a highly correlated trend. [Let's take a look at the particulars.]* Words: 672 So says Jared Cummans ([url]http://commodityhq.com[/url]) in edited excerpts from an article* which Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!) and www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) has further edited ([ ]), abridged (…) and reformatted (some sub-titles and bold/italics emphases) below for the sake of clarity and brevity to ensure a fast and e...
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| The Situation Developing With Comex Silver Could Get Interesting… Posted: 17 Nov 2011 02:37 PM PST by Dave in Denver, Truth In Gold:
The volatility in silver trading is ramping up this week and with good reason: JP Morgan (this name keeps popping up in connection with fraud and corruption – just coincidence I guess – it's a good thing JP Morgan has an ex-director in the White House advising Obama daily in order to make sure JP Morgan receives proper treatment from the authorities) – JPM is hopelessly short Comex silver futures and by the explicit admission of one of the CFTC directors, JP Morgan manipulates the silver market illegally. Interestingly, JP Morgan recently decided to make itself one of the Comex custodians for Comex silver and opened up a vault for that purpose. The Comex inventory of gold and silver is reported on a daily basis and breaks out the inventory between "eligible," which is metal being "safekept" at the Comex by investors who have taken delivery, and "registered," which is the metal that has been certified by the Comex to meet its delivery standards and is being held for the purposes of delivery. Yesterday, in a move which raised eyebrows throughout the precious metals trading community, JP Morgan moved 1.1 million ounces of silver from the the "eligible" bin and into the "registered" bin. This amount represents nearly 50% of JPM's "eligible" silver. (Please note: this commentary will not address questions about the verifiability and validity of the reported Comex inventory of gold and silver, as there have been many questions raised about this, it is not audited independently and, as we have seen with MF Global, et al, Wall Street tends to invent its own accounting standards). Read More @ TruthInGold.Blogspot.com
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| Posted: 17 Nov 2011 01:28 PM PST from Fabian4Liberty: In this video I cover recent signs that point to a financial collapse being near. From Gerald Celente's gold account being stolen to the Italian bank runs, the world we are living in today is going through significant changes that will impact us all. Thanks for watching and check my out on twitter and facebook.
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| Mike Krieger Exposes The Three Card Monti Posted: 17 Nov 2011 12:38 PM PST Submitted by Mike Krieger of KAM LP
We are grateful to the Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subjected to the lights of publicity during those years. But, the world is now more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries. – David Rockefeller The interests behind the Bush Administration, such as the CFR, The Trilateral Commission -- founded by Brzezinski for David Rockefeller -- and the Bilderberger Group, have prepared for and are now moving to implement open world dictatorship within the next five years. They are not fighting against terrorists. They are fighting against citizens. – Dr. Johannes B. Koeppl Chancellor Angela Merkel said that Germany is ready to cede some sovereignty to strengthen the euro area and restore confidence in the common currency…"Germany sees the need in this context to show the markets and the world public that the euro will remain together, that the euro must be defended, but also that we are prepared to give up a little bit of national sovereignty," Merkel said. Germany wants a strong EU and a euro "of 17 member states that is just as strong and inspires confidence on international markets." – Bloomberg article November 16, 2011 http://www.bloomberg.com/news/2011-11-16/merkel-says-germany-ready-to-ce... Three Card Monti Just like the con (confidence) game Three Card Monte through which people have been swindled out of their hard earned money in alleyways and street corners all over the world for half a millennium, the previously sovereign nations of Greece and Italy have now officially been placed into the receivership of "technocratic governments" and are now in the final phase of their looting. It truly is sad to watch these proud nations whose histories form the very core of Western civilization be taken down one by one but what is even more nauseating is watching the corporate media pundits, Wall Street analysts and financial experts cheer the news because it is ostensibly "good for markets." First of all, it doesn't take a genius to see that the people that screw up the most get promoted and advanced in the Western world's current political/economic structure. The primary reason for this is that there is a very serious agenda of TPTB and that consists on using crisis to consolidate power in a one-world government, headed by a global central bank that issues a global fiat currency. People have been saying this on the fringe for decades and have been called conspiracy theorists the whole time but if you look at how things are progressing today you'd have to be asleep to not notice that the guys in charge are completely and totally determined to bring this sick, twisted dream into place. That is why the agenda moves forward despite the repeated, desperate cries of the citizenry for them to stop. Let's take a look at Mario Monti, the "soft" dictator that has been thrust upon the people of Italy by TPTB. He is a member of the Bilderberg Group, he is the European Chairman of the Trilateral Commission (a think tank founded by David Rockefeller in 1973, see quote at the top) and is international advisor to none other than Goldman Sachs. This guy was put into place by design. Anyone in Italy that thinks they achieved a victory in by ridding themselves of Berlusconi you better think again. You just got the biggest insider, crony financial terrorist around put in charge of your country without having a say in it. Even for someone like me that expects these things, I am amazed by how badly Italy was just screwed. Speaking of the unreported coup that just happened in Italy I will let my friend Jared Dillian of the Daily Dirtnap add his two cents. From his piece today: So I read recently that Italy wasn't going to have elections because of "market crisis" or something like that, and I am the last guy who should be writing about this, since I know very little about political systems in any European country, for example, how can you just announce or not announce an election? Aren't these things on a schedule? So already I don't know what I am talking about. But I am worried about Greece and Italy that have chosen not to have elections to choose their leaders, I am actually quite concerned about that. You can't use "market crisis" as an excuse to not hold elections. Even if elections take time and are messy and (most importantly) don't produce the desired result, it is a part of gosh darn democracy, and if they are going to suspend elections for this, then they can suspend elections for anything. Like, say, pretend Mario Monti is a closet dictator and they just put a guy in there who is never going to hold another election again. So this is a bad precedent. This is way worse than a bad precedent but well said my friend. Oh and another thing. If you are looking at the gold market and wondering why it is so weak stop wondering. In my opinion, all you have to look at is Mario "three card" Monti (credit to Gerald Celente for that name). If I were anyone in Italy that cared I would be checking the gold in the vault every single day. I have zero doubt that Monti is letting the country's treasure out the back door by the ton in the name of "global stability" and ECB bond purchases. The backroom deals that are happening right now at the expense of the people of Italy have got to be completely off the charts. As I have said many times before, the reason Europe doesn't announce a solution is because there is no solution. They also know that the minute they announce massive monetization gold and silver will go no offer and the gig will be up. This is also why the FED hasn't announced QE3 despite their desire to do so. So the strategy is to announce nothing, sell sovereign gold behind the scenes and perform all sorts of market manipulations behind closed doors. While the sheep in most nations will be completely unaware until way after the looting is over and then they are left with chaos and then a real dictator, the leaders of nations of China, Russia and others know exactly what is happening and will happily take Italy's gold (and whatever Greece hasn't already sold without telling anyone). I love how leaders keep coming out with stuff like "we need to stop freedom of speech and we need to manipulate markets and we need to take your sovereignty away to create confidence." The worst part is people actually fall for this crap! On what planet does robbing someone, taking their freedom away and saying you and your children will be slaves forever inspire confidence? Germany How do you say "sucker" in German? No seriously, I want to know. I mean how about the quote from Merkel at the top. I mean did David Rockefeller write that speech for her. I love how politicians are now openly out there offering their countries sovereignty in the name of 50 up points in the S&P500. I seriously hope the Germans are buying Three Card Monti's gold for their sake. After all, as Jim Rickards has stated they will never see an ounce of whatever gold they were stupid enough to store in NY. That's all I have to say about the Germans. Ditch the periphery (and that includes you France) or go down with the ship. Gute Nacht. Banana Ben Bernanke is superman didn't you know? Oh and on the side he prevents all economic downturns from ever happening in a single bound. It's true. Didn't you hear about the speech he gave in from of the military in Texas (what a sad joke). Yep, he was quoted as saying the following: "I'm not a believer in the Old Testament theory of business cycles. I think that if we can help people, we need to help people." Wait, let's do that again. "I'm not a believer in the Old Testament theory of business cycles. I think that if we can help people, we need to help people." Good lord this man is a maniac and he is in charge of global monetary policy and the world's reserve currency. Good luck to you if you don't own gold. As My Friend Tony Greer (if you aren't getting his emails you'd better start) Likes to Say…Time to Hit the Links! The Postal Service just lost $5 billion for the year. Did you know they employ 670,000 people? http://news.yahoo.com/postal-loses-5-1-billion-fiscal-2011-232706243.htm... Jon Stewart destroys the criminal bankster/political hack Corzine in one great clip. http://nation.foxnews.com/jon-corzine/2011/11/09/jon-stewart-makes-mince... Finally for the biggest joke of the day….U.S. banks. This article is a gem. It talks about how the big financial institutions don't break out CDS exposure by region because it might scare people. How about this line. "As of Sept. 30, JPMorgan said it had sold $3.13 trillion of credit-derivative protection and purchased $3.07 trillion." All good I guess! No one loses. I DO know what the word for this in English is. PONZI. http://www.bloomberg.com/news/2011-11-16/jpmorgan-joins-goldman-keeping-... Peace and wisdom, Mike
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| Gold Price Dropped $54 Today 3% Closing at $1,719.80, Bull Market Has Years To Run Posted: 17 Nov 2011 12:19 PM PST Gold Price Close Today : 1719.80 Change : (54.00) or -3.0% Silver Price Close Today : 3149.3 Change : (232.1) cents or -6.9% Gold Silver Ratio Today : 54.609 Change : 2.151 or 4.1% Silver Gold Ratio Today : 0.01831 Change : -0.000751 or -3.9% Platinum Price Close Today : 1583.70 Change : -47.10 or -2.9% Palladium Price Close Today : 608.50 Change : -44.75 or -6.9% S&P 500 : 1,216.13 Change : -11.11 or -0.9% Dow In GOLD$ : $141.48 Change : $ 2.75 or 2.0% Dow in GOLD oz : 6.844 Change : 0.133 or 2.0% Dow in SILVER oz : 373.76 Change : 21.67 or 6.2% Dow Industrial : 11,770.73 Change : -134.86 or -1.1% US Dollar Index : 78.30 Change : 0.279 or 0.4% The GOLD PRICE dropped through $1,755 at 7:00 A.M. New York time, and fell clean to $1,740, where it held on manfully until the NY market opened. It dipped, climbed over $1,740, but once it went below again, never recovered. About 12:00 it sank quickly to $1,711.92. GOLD PRICE dropped $54 today, 3%, to close $1,719.80. Gold has now smashed support at $1,750, and sunk nearly to $1,705 support. Lest you lash me, I warned y'all on Monday that if gold broke $1,775 it could drop $75 - $100. I've been waiting and waiting for this, ever since September -- this final leg of gold's down move. I have not a clue whether it will stop at $1,675, $1,535-1,550, or drop to $1,460. Between here and there stands an uptrend at about $1,675 today, and there's a good chance it might catch there. And it's mere wild speculation on my part, but if I were in charge of the NGM facing a 9-month pregnant financial crisis in Europe, I'd be slapping both the dollar and gold for all I was worth. Bottom line of this meditation is: buy gold. Don't fool around and get greedy, trying to squeeze out a few dollars. Buy some at $1,705, buy more at $1,680, and if it falls more, keep on averaging down. What's the logic? You are watching right now the LAST bargain basement gold decline, in the midst of an unfolding world wide financial and monetary crisis. Nothing is being done to ward off that crisis, the debt cannot be paid but the banks own the governments so governments keep bailing them out, and at last it will all blow up, taking all the world's phony fiat currencies with it. Only thing left standing will be gold, silver, and productive assets. You are watching an epochal watershed, so don't sit there on your hands and end up having to tell your grandchildren, "You know, I could have bought gold back when it was $1,720, but I was too timid and trusted the dollar too much." NOTE HERE FOR SWAPPERS: If you swapped silver for gold in the spring at any GOLD SILVER RATIO of 42 or lower, you can gain almost 30% in silver ounces by swapping back into gold now with the ratio above 54.5. This does not apply to swappers waiting for a 57.5:1 ratio -- those may abide patiently still. The SILVER PRICE lost 232.1c or 6.9% to close at 3149.3c. Real killer came for silver when it fell below 3350c. slipped and slid from there to 3250c, then dead at noon dove for the bottom, hitting 3088c. Thereafter it bobbed up, driven by short covering no doubt. Tis now trading at 3167c, and respectable crowds of buyers came in, driving up the premium on US 90% some. Future for SILVER is not even as clear as that for GOLD, because she is so much more volatile than gold. This much is clear. Silver broke down through its uptrend line, and fell roughly from 3400 to 3100c. 3200c is smashed, so 3000c is the next support. Sure, it's possible silver could trade back to 2000c, but I don't think it will. 2800c maybe, even 2600c, but I can't see it lower. As with GOLD, we have been waiting for this last "wash out the last of the weak hands" drop so if you don't take advantage of it, it's your fault. Yep, I know the smarmy saying about not trying to catch a falling knife, but these SILVER plunges take place so fast, and rebound so quickly, that knife comment awes me not. If you had bought silver on the last such plunge, at 2615c, you'd be sitting on nice gains today. Yes, silver will probably drop farther, but there's another saying that applies here: you snooze, you lose. You delay, it gets away. NOW HEAR THIS: you are watching a normal and usual correction in an ongoing gold and silver bull market. This bull has years yet to run, and from here we are not looking for a double, but a quadruple or better. Everybody who called today -- and a lot of people called today -- asked the same question, "What happened to gold and silver?" Oddly enough, I don't know, other than to say that's what technical analysis is all about, drawing out support and trend lines so that you know that if a market dips or rises beyond a certain point, it will fall or rise suddenly much further. I don't pay much mind to all the rumors and speculations. For me, the chart hides all that information inside itself. But to make y'all happy, I went and looked, and felt like one of those goofy TV people who always wants a neat cause and effect to dish up to his naïve audience so they can go to bed thinking they know what's going on. Fact is, they don't know, and I don't know. Markets is people, therefore mysterious because humans are mysterious. Women are even more mysterious, if you're a man. In December I will have been married 44 years, and I still love my wife so much it's embarrassing, but she remains a mystery to me. Don't ever try to explain mystery. Anyhow, I went and looked for news stories that might suggest some catalyst (not cause! Inflation and the bank solvency crisis are the ultimate cause!) for this drop. I looked at the US dollar index, but it was only up 27.9 basis points, which didn't seem to show any panicked flight into the dollar. Looked also at the US Treasury not 30 year yield which would have jumped up (bond would have risen) if bunches of people were buying bonds as a way to buy dollars. Nope, it sank a little today. And the euro didn't drop, but was flat. Since stocks, gold, and silver all fell, I reckon that the panic started in stocks, which were hovering above support at 11,950 already, and once they broke panic infected other markets as well. Break in stocks came about noon, and in gold and silver, when they violated support levels. In detail, it looked like this: The Dow had support at 11,900 or so, dropped through that ans lost 134.86 points (1.13%) to close at 11,770.73. S&P500 lost 11.11 (1.52%) and closed at 1,216.13. Let me explain: around that 11,900 lay the uptrend line, which was the bottom of an even- sided triangle. Those equivocal triangles can resolve with a breakout up or down. This one broke out down. Back away from the chart a little. Look up above where the 200 dma stands at 11,975. Above, I said. Dow, locked in a BEAR (down) primary market, traded UP to the 200 day, barely pierced it, then fell back below it. If this were a Tarzan movie, you would not only hear the drums in the background, you would not only see the safari bearers throwing away their burdens and running off into the jungle, you would not only hear the lead bearer tell the Englishman, "Bad juju, bwana!" but you would also see the bearers disappearing feet first into the jungle as snares caught their feet and you would see poisoned arrows whizzing around the Englishman's head. The stock safari is in big trouble, Tarzan has left the escarpment, and the Wazuzus are closing in, ready for supper. US dollar index continues to rise. Last two days on the five day chart bears strongly the suspicious fingerprints of the Nice Government Men, stopping the market cold at 78.4. They won't be able to hold it there, and once it breaks thru twill run like a scalded dog. Already today it broke out upside from an even-sided triangle abuilding since 1 October. If we measure that triangle and guess that the dollar will move about the height of the triangle from the point where it breaks out, target works out to 83.12, a price not seen since August 2010. Euro and the yen were flat today. Yen is trying to rise, euro is trying to sink beneath the waves to Davy Jones' locker. Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com © 2011, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. 
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| European Bonds Rise in Yield / Another Gold and Silver Raid Posted: 17 Nov 2011 12:04 PM PST by Harvey Organ: Good evening Ladies and Gentlemen: The world today experienced a frozen liquidity squeeze as bankers refuse to loan any money to other bankers. The USA provided emergency swap relief as the global meltdown continues. The bankers are now trying desperately to obtain whatever physical they can and thus they raid the paper comex. The price of gold fell by 53.20 dollars to $1720.60 Silver also fell victim to the raid dropping by 2.32 dollars to 31.49. Let us head over to the comex and assess the damage. The total open interest at the gold comex fell by 2000 contracts to rest tonight at 468,305. Since OI is always 1 day back, I must wait until tomorrow to see how many gold leaves left the gold tree. The front options expiry month of November mysteriously saw its OI rise 17 contracts from 56 to 73 even though we had 30 delivery notices yesterday. We must have gained 47 contracts or 4700 oz of gold standing. The big delivery month of December saw its OI fall from 226,106 to 211,893 as we had considerable rollovers. The estimated volume at the gold comex today was 229,630. The confirmed volume yesterday, registered 207,631. Read More @ HarveyOrgan.Blogspot.com
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| European Bailout Fund For Greek Money Laundering And Fraud Posted: 17 Nov 2011 11:51 AM PST Wolf Richter www.testosteronepit.com The ink wasn't even dry yet on the European bailout fund, the EFSF when it paid $1.3 billion to bail out Proton Bank in Greece. Turns out, Proton had siphoned off $1 billion in a scheme of fraud, embezzlement, money laundering, and offshore front companies, according to the Süddeutsche Zeitung. And then a bomb exploded. The bomb, fabricated of dynamite, demolished four cars in front of a building in Halandri, a suburb of Athens. Not a coincidence: in the building lived a senior employee of the Bank of Greece, whose meticulous investigation of Proton Bank had exposed the massive criminal scheme. According to the police, the bomb was intended as a warning to those who attempt to shed light on these kinds of machinations. Founded in 2001 as an investment bank, Proton Bank expanded rapidly, was listed on the Athens stock exchange in 2005, and was then acquired by private equity funds. In 2006, Proton acquired Omega Bank. In 2008, Piraeus Bank acquired 31% of Proton. In late 2009, a guy named Lavrentis Lavrentiadis bought that 31% stake from Piraeus Bank. As Proton's largest shareholder, he became its president. He also had interests in pharmaceuticals and the media and was the majority owner and president of Neochimiki, a manufacturer of detergents headquartered in Athens. By March 2011, he'd sold down his stake to 15% as the value of the stock collapsed. Chairman of the board was former US Ambassador Daniel Speckhard. Ever the active under-40 entrepreneur, Lavrentiadis and some partners also founded a financial institution in Lichtenstein, Lamda Privatbank AG, which they capitalized with 25 million Swiss franks. He was its first client and majority owner, according to Schweizer Banken Info. Lamda, which began operating in November 2010, attempts to inspire confidence today on its sparse website: "We manage your portfolio with competence and a strong sense of responsibility as we know your lifetime achievements are behind your assets." Lavrentiadis is one of the main suspects of the Proton investigation. On October 10, the Greek Finance Ministry, on advise from the Greek Central Bank, took over and recapitalized Proton Bank with €900 million ($1.3 billion) from the Financial Stabilization Fund, which is part of the EFSF. However, the Bank of Greece had been investigating Proton for some time and was compiling a report of several hundred pages that contained a plethora of details, tables, and lists of suspicious transactions with offshore front companies. While their names were evocative—Gold Valley, Blue Island, Bayland, or Beauty Works—their owners remained elusive. And its credit committee approved €357 million in high-risk loans to newly formed companies, such as Rovinvest or Cyprus Properties, and to offshore companies, though the bank had little or no information on them. Exactly the kind of machinations and capital transfers that contributed to the current crisis in Greece. And the timing was symptomatic: while Proton's euros left the country for greener pastures, Greece was already getting bailed out. And when Proton's scheme collapsed, it too got bailed out. Now the money is gone. The ministry of finance will split the bank into a New Proton Bank that will continue to do business with existing capital. The rest will be liquidated. The Greek government will try to go after the assets of Lavrentiadis and his six coconspirators, insofar as their assets are still in Greece. Meanwhile, Lavrentiadis counterattacked, accusing the Greek government of violating the constitution by taking over his very favorite financial institution without first listening to him. The whole affair raises the question why a Greek bank that engaged in criminal activity should get bailed out by international taxpayers, including those in the US (via the US contribution to the IMF). Particularly galling: the Greek government knew of the criminal activity before it asked for the bailout funds. Another line item on a long list of financial institutions whose reprehensible activities took the taxpayers to the cleaners. And then, the US government forked over another $13.8 billion.... Bailing out Zombies, Again. Wolf Richter www.testosteronepit.com
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| Posted: 17 Nov 2011 11:11 AM PST November 17, 2011 [LIST] [*]Fitch’s “$50 billion” call sends markets reeling... what if traders paid any heed to a $5 trillion threat? [*]National debt surpasses $15 trillion... Fed surpasses China as biggest debt holder: Our call on the “supercommittee” negotiations [*]Why oil could easily hold the line on $100 a barrel — both near and long term [*]7 out of 10 sons of gazillionaires agree: Nepotism pays [*]Readers join the “rabble”... slam U.S. customs... question the propriety of our “booksafe” gold storage... and more! [/LIST] We woke up this morning with a question running through our minds. What if no one showed up for work today at the New York Stock Exchange, and the day’s activity was taken over by all the high-frequency trading robots? It’s not an entirely academic way to start your day. High-frequency trading (HFT) accounts for 50-70% of New York Stock Exchange (NYSE) volum...
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| Posted: 17 Nov 2011 11:03 AM PST by Adrian Ash BullionVault Thursday, 17 November 2011 From TTT to KFC and onto a very different gold investment market again... SO THIS isn't your father's bull market in gold, and it certainly isn't your grandfather's. Where gold amid the Great Depression was all about three T's – teeth, trinkets and terror – it had morphed by the end of the 1970s into a finger-lickin' combination of Krugerrands, futures, and those "certificates of confiscation" that were government bonds paying way less than inflation. This saw gold coins pour into Europe from South Africa, while US investors geared up their gains (and subsequent losses) on gold derivatives. By the end, and with gold prices more than 20 times higher inside a decade, the supply of gold coming back to market – from all those old teeth and trinkets – swamped new demand. The slow death of inflation, killed by double-digit interest rates, also killed gold. What was gold for if no-one could afford to buy jewelry b...
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| Posted: 17 Nov 2011 10:15 AM PST Gerald Celente – MF Global…What about Gold ETF GLD & HSBC?
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| Posted: 17 Nov 2011 10:14 AM PST Paul Brodsky – Gold Trading at 80% Discount to Intrinsic Value Michael Pento on Full-Blown Bond Market Crisis in 2012 & Gold
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| Central bank gold purchases soar Posted: 17 Nov 2011 10:04 AM PST By Rhiannon Hoyle http://online.wsj.com/article/SB1000142405297020361140457704365239638348... LONDON -- Total central-bank gold purchases in the third quarter more than doubled from the second quarter and were almost seven times higher than a year earlier as countries continued to diversify reserves, according to a World Gold Council report. At 148.4 metric tons, gold buying among central banks was at the highest since the sector became a net buyer of the precious metal in the second quarter of 2009, according to the quarterly report. Central banks and other official institutions, by comparison, had bought 66.5 tons of gold in the second quarter and 22.6 tons in the third quarter of 2010. ... Dispatch continues below ... ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Company Press Release, October 27, 2010 VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include: -- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres. -- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres. -- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre. Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface. "The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest." For the company's full press release, please visit: http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf "Central-bank buying was a highlight of the quarter. Statistics this year have been remarkable," Marcus Grubb, managing director of investment at the gold council, said in an interview. The report included a significant number of purchases that hadn't been reported publicly and whose buyers couldn't be identified due to confidentiality restrictions, the council said. "This large number is a surprise," said UBS analyst Edel Tully, who said her own tally of net purchases reported through the World Gold Council and International Monetary Fund totaled just 20.2 tons for the quarter. "This information is very bullish. And no doubt the market will be busy speculating on the identity of such buyers." The World Gold Council, an industry association representing 22 gold miners, attributed the acceleration in central-bank demand to concerns over the credit-worthiness of Western governments, as sovereign-debt troubles remained in the spotlight. "While one can account for some of the purchases—from Thailand, Bolivia, Russia, etc. -- there is an unaccounted amount out there. A clue probably lies in the fact that a lot of buying has been from central banks that have been in surplus, [in regions] like Asia, Central Asian, and Latin America," said Mr. Grubb, who expects the unknown buyers likely will be made public in coming months. Central-bank purchases by developing countries have been increasing in recent years as those nations diversify holdings, partly because of rising foreign-exchange reserves through export-led growth but also, more recently, as a reaction to the sovereign-debt crises affecting traditional reserve currencies like the U.S. dollar. Before 2009, however, central banks had been net sellers of gold bullion for about two decades. The central bank of Russia, a regular buyer from its domestic market, continued its long-term program of gold accumulation during the three-month period. Its third-quarter gold purchases amounted to 15 tons, taking its total holdings to about 852 tons, the council said. Still, the association said while a number of countries continued to buy gold, "a slew of new entrants emerged wishing to bolster their gold holdings in order to diversify their reserves." In Bolivia, gold reserves rose by 14 tons, while Thailand also stepped up its buying, adding 25 tons to its holdings. Last month, metals consultancy GFMS forecast central banks could buy nearly 500 tons of gold this year. According to the World Gold Council's figures, the sector purchased 348.7 tons of the metal in the first three quarters of the year. "This is an incredible number when you compare to last year. If buying continues at this pace, I wouldn't rule out 400 to 500 tons [of gold being purchased by central banks] this year," Mr. Grubb said. The WGC said it expects growth in central-bank gold demand to continue into 2012. Front-month gold for November delivery fell $54, or 3%, to $1,719.80 a troy ounce, on the Comex division of the New York Mercantile Exchange on Thursday. Join GATA here: Vancouver Resource Investment Conference http://cambridgehouse.com/conference-details/vancouver-resource-investme... California Investment Conference http://cambridgehouse.com/conference-details/california-investment-confe... Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy Platinum Drills 120.9 Meters Company Press Release VANCOUVER, British Columbia, Canada -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) has announced the drill results received from its 2011 drilling Wellgreen platinum group elements, nickel, and copper project in the Yukon Territory. Borehole WS11-188 encountered 457 meters of mineralization grading 0.47% nickel equivalent (including 0.72 grams per ton platinum, paladium, and gold) from surface to the footwall contact. Within this larger swath of mineralization, the hole encountered a high-grade section of 17.8 meters of 3.14 grams per ton platinum, palladium, and gold, 1.03% nickel, and 0.74% copper (1.77% nickel equivalent). The hole was drilled completely outside of current resource boundaries, between the East Zone resource and the West Zone resource that was reported in the company's press release no July 14, 2011. The high-grade intercept located between the two resources not only demonstrates that the East and West Zone resource form a single, geologically contiguous body but also indicates that the higher-grade material in the East Zone continues to the west and at depth at Wellgreen. For drill result tables and maps, please see the company's full press release here: http://www.prophecyplat.com/news_2011_sep26_prophecy_platinum_wellgreen_...
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| Probe points to MF Global's misuse of segregated customer funds Posted: 17 Nov 2011 09:56 AM PST Now we know what the "MF" stands for: a nickname for Jon Corzine. * * * By Scott Patterson http://online.wsj.com/article/SB1000142405297020451720457704448115471017... Regulators have unearthed more details about MF Global Holdings Inc.'s activities in the days before its bankruptcy filing that suggest the securities firm shifted hundreds of millions of dollars in customer funds to its own brokerage accounts, according to people familiar with the matter. MF Global's internal records indicate that the company moved segregated customer funds in transactions as large as hundreds of millions of dollars at a time, these people said. The money was transferred out of the unit that houses the assets of futures-trading customers and went into the accounts of MF Global's brokerage, people familiar with the situation said. Such moves could violate regulations stipulating that commodities brokers can't mix customer funds with brokerage funds. Brokerage funds often are used to back proprietary-trading positions. ... Dispatch continues below ... ADVERTISEMENT For Continuous Wealth Creation, the Hera Research Newsletter The life cycles of companies that produce natural resources allow investors to allocate assets among companies at different stages of development and to profit from transitions between stages. Based on natural resource company life cycles, the Hera Research Newsletter maximizes profits through deep, fundamental analysis at each stage of development and by moving gains back to earlier-stage companies in a continuous wealth-creation process. Hera Research covers a pipeline of high-quality natural resource companies at different stages of development. The companies span discovery and production of gold, silver, and platinum group metals, select base metals, oil and gas, green energy, agriculture, rare earth elements, uranium, and more. Discover the unique value of the Hera Research Newsletter by visiting: http://www.heraresearch.com/newsletter.html Or call Ron Hera at 360-339-8541x101. MF Global officials are still working to piece together what happened in the last days before the Oct. 31 bankruptcy filing. It is common practice among futures brokers to maintain a buffer of firm capital in customer segregated accounts to protect against possible customer losses. However, MF Global officials believe it was acceptable to use that buffer when needed for the company's own purposes, people familiar with the matter said. Still, it appears increasingly likely to regulators from their investigation so far that MF Global burned through all of its capital buffer during the week before the bankruptcy filing, and then started tapping customer funds, according to people familiar with the matter. Whether that occurred intentionally or by mistake in the confusion of the securities firm's moves to stave off bankruptcy isn't clear. But the money, estimated at about $600 million, still is missing and might never be recovered. Commodity Futures Trading Commissioner Scott O'Malia said in a statement this week that it "appears that MF Global failed this fundamental responsibility" to not commingle customer and proprietary funds. A lawyer for MF Global said the firm and its employees are cooperating with regulatory probes and that "any characterization at this point of what occurred at MF Global is premature and inappropriate." Join GATA here: Vancouver Resource Investment Conference http://cambridgehouse.com/conference-details/vancouver-resource-investme... California Investment Conference http://cambridgehouse.com/conference-details/california-investment-confe... Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Golden Phoenix Signs Definitive Agreement to Acquire and Reopen Santa Rosa Gold Mine in Panama Company Press Release SPARKS, Nevada -- Golden Phoenix Minerals Inc. (OTC Bulletin Board: GPXM) has signed a definitive agreement to acquire a 60 percent interest, with an option to buy an additional 20 percent interest, in the Santa Rosa gold mine in Panama, now owned by Silver Global S.A., a Panamanian corporation. Santa Rosa produced more than 100,000 ounces of gold from 1996 to 1998 before being closed in part to low gold prices, which are now more than five times higher. Golden Phoenix intends to acquire its initial 60 percent interest in Santa Rosa by acquiring 60 percent of the share capital of a recently created company under the name Golden Phoenix Panama S.A., formed to hold and operate the mine. Tom Klein, CEO of Golden Phoenix says: "The agreement establishes a solid framework from which we can advance Mina Santa Rosa to production-ready status." For Golden Phoenix's complete statement, please visit: http://goldenphoenix.us/press-release/golden-phoenix-signs-definitive-ac...
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| Brodsky on deleveraging, Celente on crooked markets at King World News Posted: 17 Nov 2011 09:43 AM PST 5:40p ET Thursday, November 17, 2011 Dear Friend of GATA and Gold: Over at King World News, fund manager Paul Brodsky warns against confusing deleveraging in the markets with deflation in price levels: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/11/17_P... And trends analyst Gerald Celente concludes that the markets are crooked, in light of the collapse of MF Global, which cheated him out of his account, and the conflict of interest in gold-shorter HSBC's custodianship of the gold of exchange-traded fund GLD: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/11/17_G... Followers of GATA could tell Celente that crooked markets are a very old trend. Even so, we welcome him aboard the S.S. Tinfoil Hat! CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Golden Phoenix Completes Operating Agreement Golden Phoenix Minerals Inc. (GPXM) has entered a joint venture operating agreement with Silver Global S.A., a Panamanian corporation, governing the operational and management aspects of their new joint venture company, Golden Phoenix Panama S.A., a Panamanian corporation formed to hold and operate the Santa Rosa gold mine in Canazas, Panama, and explore the mine's adjacent property. Golden Phoenix will be manager of the joint venture company. Silver Global will handle all social programs, political and community relations, and human resource matters for the joint venture company in Panama. Golden Phoenix and Silver Global also have agreed to work together on all future acquisitions within Panama and to bring such new opportunities to the joint venture company. Golden Phoenix will be earning in to a 60 percent interest (and potentially an 80 percent interest) in the Santa Rosa mine. Upon signing the joint venture agreement and completing the corresponding acquisition payment, Golden Phoenix will earn an initial 15 percent interest in the joint venture company. Tom Klein, CEO of Golden Phoenix, says the agreement "creates a solid foundation for the development and planned re-opening of Mina Santa Rosa." For Golden Phoenix's full statement on the joint venture operating agreement, please visit: http://goldenphoenix.us/press-release/golden-phoenix-completes-joint-ven... Join GATA here: Vancouver Resource Investment Conference http://cambridgehouse.com/conference-details/vancouver-resource-investme... California Investment Conference http://cambridgehouse.com/conference-details/california-investment-confe... Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT For Continuous Wealth Creation, the Hera Research Newsletter The life cycles of companies that produce natural resources allow investors to allocate assets among companies at different stages of development and to profit from transitions between stages. Based on natural resource company life cycles, the Hera Research Newsletter maximizes profits through deep, fundamental analysis at each stage of development and by moving gains back to earlier-stage companies in a continuous wealth-creation process. Hera Research covers a pipeline of high-quality natural resource companies at different stages of development. The companies span discovery and production of gold, silver, and platinum group metals, select base metals, oil and gas, green energy, agriculture, rare earth elements, uranium, and more. Discover the unique value of the Hera Research Newsletter by visiting: http://www.heraresearch.com/newsletter.html Or call Ron Hera at 360-339-8541x101.
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| The New Retirement Normal: The Average American Must Work For Two Extra Years After Death Posted: 17 Nov 2011 09:31 AM PST While Italy is bickering over just how inhumane it is to raise the retirement age by 2 years in a 15 year span (which works out to a whopping 48 days per year) and will likely lead to mass riots and bloodshed in Rome before the idea is ultimately scrapped, things in America's own back yard, the country that now that the EFSF is finished will have no choice but to come to Europe's rescue via the IMF, are looking horrendous to quite horrendous. In fact when it comes to retirement, 80 is, we are sad to say, the new 65, at least according to Wells Fargo. And with average life expectancy in the US peaking at 78.1, it means that the typical American will have to work for an additional 2 years after death to pay for not only not having any retirement savings (thank you Bernanke ZIRP and VIX>30 stock market), but to make sure Europeans have theirs. You think we jest? Nope.
It's still not too late to jump on the board the Ponzient Express:
Obviously prepare to work for at least 20 or so years after death if one wishes to go long Netflix and short GMCR. As for the math: oops.
And the key one blinder being that if America agrees to fund the IMF's bailout of Europe, which make no mistake is coming any day now, not only will future generations of Americans be China's debt slaves in perpetuity or at least until China makes the fatal mistake it can do whatever insanity it wishes just because its currency has "reserve" status and MMT said so, but the existing one will have to find a way to work efficiently in a rather zombified condition, or else get bitten by Robert Pattinson and live forever, if with a slight bias toward SPF 100,000,000 tanning lotion.
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| Gold Breaks Recent Low – Targets Channel Support Posted: 17 Nov 2011 09:31 AM PST courtesy of DailyFX.com November 17, 2011 08:26 AM 300 Minute Bars Prepared by Jamie Saettele, CMT Gold has slowly crawled higher for nearly 2 months but has yet to retrace the entire September decline. As long as the channel holds, respect the potential for a continuation of what started in September (sharp declines). Gold has dropped below 1735 thus triggering a bearish bias. Latest Video Other TA Articles...
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| Central banks made their largest purchases of gold in decades in the third quarter Posted: 17 Nov 2011 08:51 AM PST Central banks said to be buying the dips in gold
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| Risk-Assets Collapse As Knife-Catchers Are Nowhere To Be Found Posted: 17 Nov 2011 08:39 AM PST Unlike yesterday's close, which was led by stocks and not sustained by broad risk assets, today's notable dive in ES was fully backed and supported by credit, commodity, FX carry, rates, and spreads. Volumes dried up as the afternoon progressed as we suspect machines were turned off on the vol regime shifts and real 'value-investing' money was patently absent - now Bill Miller has left the building. HYG underperformed and was first to move as we sold off just after lunch (on what we suspect was the transparency of the USD funding difficulties we discussed). Liquidations, thanks to CME margin moves, did not help and dragged commodities hugely lower - even as the dollar (and EUR) ended almost unchanged from yesterday's afternoon close.
CONTEXT provides a quick-and-dirty way to understand how a broad basket of risk assets is behaving relative to US equity markets. The orange oval from yesterday shows risk in general did not partake of the sell-off but as today wore on, broad risk assets were absolutely in line with the weakness in equities and suggest a far more widespread derisking sentiment. [UPDATE: The last 2 or 3 minutes saw a modest pullback in TSY yields and the 2s10s30s butterfly which helped CONTEXT pull off the lows and ES quickly scrambled 7pts on heavy volume. ES is still a little expensive to CONTEXT though as ES closed] Nowhere is that seemingly liquidation-driven angst more evident today than in commodities markets. Silver down almost 9% for the week (though off its intraday lows) as global-growth-indicator Oil has given up all the week's gains to end the day unch on the week (which is what we said was going to have to happen to sustain a correlation-driven sell-off in stocks). The dollar (DXY) is around 1.8% stringer on the week and so Oil now is the only commodity outperforming as Gold decoupled from it this afternoon.
Credit and Equity markets have converged in the short-term - though we note that medium-term HY still infers an S&P around 1180 (given today's cross-asset levels).
Financials did not lead this market lower - though several of the majors had awful days. Materials and Energy were the worst performers and a small late day cover rally helped some look a little better than otherwise.
All-in-all, it appears equity markets are continuing to catch up (at the sector and index level) to credit's perspective and the correlation-monkeys were pulled by this weakness as every risk asset was under pressure. There is still more room for stocks to go to catch up to credit's view of the world and for once, little ex-equities to support it. The clarion call for the ECB's bazooka will be loud this evening. Charts: Bloomberg
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| Posted: 17 Nov 2011 08:29 AM PST London Gold Market Report from Ben Traynor BullionVault Thursday 17 November, 08:30 EST Investors "Hedging Against Fiat Currency Devaluation" with Gold, France Calls for ECB Solution, "That Won't Happen" says Germany SPOT MARKET gold bullion prices fell to $1741 per ounce Wednesday lunchtime in London – 2.6% down for the week so far – while stocks, commodities and government bonds also sold off as tensions grew between France and Germany. As yields on French, Italian and Spanish government debt spiked, leaders of the Eurozone's two largest nations were in disagreement over how best to solve the crisis. Silver prices fell to $32.83 per ounce – a 5.5% drop for the week – while on the currency markets the Euro held steady against the Dollar at around $1.34. Since the start of the week, however, the Euro has dropped over 2% against the US currency. "The technical picture [for gold] looks weak," says one Hong Kong gold bullion dealer. "The US Dollar is strong and there doe...
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| Gold Daily And Silver Weekly Charts Posted: 17 Nov 2011 08:21 AM PST |
| Transcript of Chris Waltzek’s Interview with Gerald Celente: MF Global and Much More Posted: 17 Nov 2011 08:05 AM PST Well, I'm so glad you're back with us at GoldSeek.com Radio for another Gold Nugget segment. Today's special guest, Gerald Celente, from The Trends Research Institute. Well, in recent weeks, the MF Global scandal caught many investors off guard and reports indicate that over 100,000 investors will lose most, if not all, of their account value with virtually no warning. My next special guest says his funds evaporated with the rest. Gerald Celente is Director of The Trent Research Institute. Welcome back, sir.
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| Posted: 17 Nov 2011 07:40 AM PST [url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] European woes are rising and as they rise, more and more it seems as if the level of FEAR is rising alongside of it. The cost of insuring FRench, Italian, Portuguese, and Belgium bonds hit record highs today. The ECB was said to be a buyer of Italian bonds today (no one else seems to want them). I think it does not take much in the way of insight to realize that after the collapse of MF Global (they insanely leveraged their buys of European sovereign debt to asinine levels and raided their customer monies in an effort to cover their staggering losses), there is no market for European sovereign debt. Investors are looking at the huge sums of this debt on the books of the European banks (and that on the books of US based banks as well) and are suddenly realizing that there is no one to sell this stuff to besides the big Central Banks. Many are fearing that a collapse of those big banks is coming ...
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Did you know that an average of 23 manufacturing facilities were shut down every single day in the United States last year? As World War II ended, the United States emerged as the greatest industrial power that the world has ever seen. But now America's industrial might is being gutted like a fish and both political parties seem totally unconcerned. Yes, we will always need trading relationships that are fair and balanced with other countries that have economic systems that are similar to our own. However, the truth is that most of our trading relationships are neither "fair" nor balanced. For example, China manipulates currency rates so that Chinese products are much cheaper than they should be, they brazenly steal our technology and we let them get away with it, they deeply subsidize their most important industries and they exploit their citizens by allowing them to be paid slave labor wages. How in the world does that resemble the "free market" at work? Predatory nations such as China do everything that they can to distort the free market. So why in the world would any rational economist ever recommend that we should keep trading with other countries that are cheating us blind? After you read the facts in this article about the gutting of America's industrial might, hopefully you will get very angry. We need the American people to start getting very upset about these very important issues.
The United States is drowning in a sea of red ink from coast to coast and most Americans have absolutely no idea what is about to happen. Hopefully you have started to prepare for the coming U.S. financial crisis. If not, hopefully this article will be a wake up call for you. Right now, governments all over Europe are on the verge of financial implosion. Most Americans aren't paying much attention to that, but they should be, because what is happening to Greece and Italy right now will eventually be happening here. Just recently, the U.S. national debt passed the 15 trillion dollar mark. State and local government debt is also at record levels. Tens of millions of American families are in debt up to their eyeballs, and millions more Americans fell into poverty last year. Meanwhile, the "too big to fail" banks just keep getting larger and the Federal Reserve continues to inflate the debt bubble. At some point this debt bubble is going to burst, and when it does it is going to unleash financial hell all over America.
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