saveyourassetsfirst3 |
- Silver Is Ready, Are You?
- Gold Is Nothing But a Metaphor for Fear
- Silver, Molycorp, Greece and Greenspan
- The 2012 Dragon finishes
- 10 Undervalued Large Cap Stocks
- Want to Avoid Blowing Up Like Paulson? Don't Forget Buffett's 2 Rules
- Top forecasters see gold at record by spring.
- One of the world's best-performing gold stocks could be getting even better
- Nathan Lewis QandA (Part 2 of 2)
- WATCH: John Hathaway talks with David Galland
- Gold ready to attack prior highs in the 1900’s
- Gold price recoups losses as Italy’s woes grow
- What You Need to Know About Gold Suppression
- Gold & Silver Market Morning, November 2, 2011
- What A JP Morgan “Mistake” Will Do To The Price of Silver
- Links 11/2/11
- LISTEN: Don't Watch Gold's Price Each Day
- Einhorn Bets Gold Mining Companies Will Beat Bullion
- One or Two Year End Game for Money Printing: Bill Fleckenstein
- October Surprise: Can Gold Be The Panama Canal Treaty Of 2012?
- BrotherJohnF: Silver Update – “Shiny Object”
- LISTEN: Bob Quartermain on Gold & Silver
- Bullish Momentum Building in Gold and Silver
- Silver price surge means bigger profits for mining companies
- Brodsky, Fleckenstein at King, and Benko notes support for gold standard
- Gold Wars
- Hubris Watch: US Bank CEO Sniffs About Breaking Rules When His Bank Has Huge Trustee Liability
- Lost Gold and Buried Loot in northern California
- Gold in early modern history
- European Debt – Who’s Going to Pay?
| Posted: 02 Nov 2011 05:02 AM PDT From Hubert Moolman:
I wrote the following: "The current pattern on the silver chart is in fact a highly bullish pattern. It is consistent with that which forms right before price goes parabolic. However, this type of pattern is also similar to that which forms just before we have a severe decline. That, I believe, is the reason why opinion is always divided before one sees a huge rise in price." Based on my Fractal analysis, I made the case for silver rising, therefore, choosing the "green path". It appears that silver has now confirmed its intention to follow that green path. Below, is the updated chart:
On the chart, I have highlighted a possible flag, which could have a target in the $70 area, should it break out in the $40 dollar area. I said before that the current pattern on the silver chart is an extremely bullish pattern. It is no ordinary flag. It is a pattern that often appears before a good goes parabolic. Provided that the silver price can breach the relevant resistance over the next couple of weeks, it will increase dramatically over the next couple of months. This pattern on the silver chart has me convinced that silver will rise even faster than a lot of silver bulls are expecting. Let me give you an example of what is likely to come next, after this pattern. Below, is a comparison of the current pattern on the silver chart, and a similar pattern that was on the gold chart in 2007:
The gold chart is the top one. I have marked similar points (1 to 5), on both charts, to illustrate how the patterns are similar. Note, that the silver pattern is a much larger pattern (time-wise). I have also indicated where I think we are currently, on the silver chart, compared to the gold chart. It is important to understand that these patterns cannot be randomly compared. One has to determine whether the context in which they exist, are similar. I deal with this in more detail, in my special Fractal Analysis reports. Also, most importantly, the fundamentals should also tell the same story, within context. So, what happened next on the gold chart, and therefore, by extrapolation, what is likely to happen next on the silver chart? Below, is the gold chart, illustrating what happened after the formation of the pattern.
The gold price rose significantly over the following couple of months, making all-time highs. If you measure the price distance between the low, and point 2, you will find that the gold price went three times that distance, higher than point 2. If silver emulates that, it should go to $140 (30*3 + 50) as a minimum. Due to the nature of silver, it is likely to better gold's performance. In any case, the point is not to calculate a target here, but to show you how potentially bullish the pattern on the silver chart is. If you would like to get more of this type of analysis for gold, silver and gold & silver mining stocks, you can subscribe to my premium service. I have also recently finished a Gold Mining Report that covers the XAU, HUI and the GDX as well as a long-term Gold Fractal Report. For more details see my website. Warm regards and God bless, Hubert More @ hubertmoolman.wordpress.com |
| Gold Is Nothing But a Metaphor for Fear Posted: 02 Nov 2011 04:55 AM PDT
Dominant Social Theme: Gold is dangerous. It's just dangerous, man. Let's get rid of it. Free-Market Analysis: Every month or two with the consistency of an alarm clock, some fellow on Wall Street or in the US government will come out with a statement suggesting that the gold is in a "dangerous" bubble or that people will be "harmed" if they purchase it. It's surely a dominant social theme – that gold is a fiercesome and deadly commodity. In fact, the powers-that-be HATE gold-as-money and will do anything they can to rid the middle classes of its possession. The idea that anybody can go into his or her backyard and dig up MONEY is a real problem. The bottom line, of course, is that NO ONE should have access to money if it doesn't come via elite-approved channels. You can make money in public schools, educating children into oblivion. You can make money on Wall Street, raping widows and orphans. You can make money in government, murdering tens of thousands in undeclared wars, incarcerating millions in quasi-private jails and terrifying hundreds of millions. You can make money in medicine, jabbing people with deadly vaccines. You can make money in sports, lulling the people to sleep. You can make money growing foodstuffs that will somehow be reconstituted with additives into poisonous concoctions. Anything that people make money at has to conform to the elite agenda – which is increasingly a one-world genocidal one – because the elites have over the past century organized the world in this fashion. Whether you agree with it or not, if you want to make money you have to agree to "their" agenda. Read More @ TheDailyBell.com |
| Silver, Molycorp, Greece and Greenspan Posted: 02 Nov 2011 04:04 AM PDT Investing Advice |
| Posted: 02 Nov 2011 03:31 AM PDT Just came from a coin show, they were showing off large 2012 Perth Dragons. Gold 10oz and 1 kilo. I noticed the sanded finish areas were not even, they were even but what I mean when you slant them under a bright light you get a strobing effect (the color looks like it has soap residue). The guy at the show says they are a new finish from the mint, I kinda think they are Chinese fakes. My logic is that the same size coins Rabbiyts, Tigers dnt have that effect. Anyone have/seen a large Gold Dragon coin and can confirm that its a genuine article? |
| 10 Undervalued Large Cap Stocks Posted: 02 Nov 2011 03:05 AM PDT By Follow My Alpha: While the global perception relative to the economy keeps on jumping back and forth between the brink of real growth and a double dip we still think opportunity is out there. Now where is it? Honestly, we think it's right in front of the investment community's face in the large cap space. Right now, based on cheap price-multiple valuations some of the "big and clunky" large cap names are offering plenty of potential opportunity by posting impressive profitability for shareholders despite economic headwinds. The Net Margin is a profitability metric that illustrates, by percentage, how of every dollar earned gets turned into a bottom line profit. This is just one of many profitability metrics used by investors and analysts to get a better picture of what the firm is being left with at the end of the day. Generally, a firm that can expand its net profit margins over a Complete Story » |
| Want to Avoid Blowing Up Like Paulson? Don't Forget Buffett's 2 Rules Posted: 02 Nov 2011 02:59 AM PDT By Charles Lewis Sizemore: It's been a rough year for John Paulson. According to the Financial Times, Mr. Paulson's flagship Advantage Plus fund was down 47% for the year (see article). The unleveraged version of the fund — ostensibly more conservative — was down by "only" a third. I'll refrain from kicking Mr. Paulson while he's down. The market gods tend to smite the arrogant, and everyone makes the occasional bad trade. Everyone. Yes, even demigods like Warren Buffett, and we'll get to him a little later. The problem, as Mr. Paulson is no doubt painfully aware, is that it is hard to recover from a loss of nearly 50%. In order to get back to break even you have to double your money, and that's not particularly easy to do in a short period of time. Take a look at Figure 1. This chart shows the subsequent gains that you'd have to earn Complete Story » |
| Top forecasters see gold at record by spring. Posted: 02 Nov 2011 01:59 AM PDT From Bloomberg financial today is this article on near term gold prices (link) Silver isn't covered but it's a safe bet that it would be carried along. Here is the intro paragraph from the article: The most accurate forecasters say gold will rebound from its biggest monthly plunge since 2008 and reach a record by March because economic growth is stagnating and Europe's debt crisis is unresolved. Futures traded in New York may rise 13 percent to $1,950 an ounce by the end of the first quarter, according to the median of estimates compiled by Bloomberg. The predictions are from eight of the top 10 analysts tracked by Bloomberg over the past eight quarters. Two declined to give forecasts. |
| One of the world's best-performing gold stocks could be getting even better Posted: 02 Nov 2011 01:26 AM PDT From Mineweb: Seabridge Gold (TSX: SEA) said chances were its Courageous Lake gold deposit in the Northwest Territories would grow in size and improve in grade based on drilling results from a $16 million exploration program. The deposit already boasts sizeable resources with 90 million tonnes @ 2.34 g/t gold in the measured and indicated categories, equating with some 6.7 million ounces gold in contained metal, as well as 63 million tonnes @ 2.24 g/t Au in inferred resources. Rudi Fronk, Seabridge president and CEO, said in a prepared statement that he expected measured and indicated resources to get "a significant increase" and for gold grades to see "a substantial improvement." Driving the prognostication on resource improvement are drilling results which show better than usual grades at Courageous Lake. The latest batch of drilling results include broad near surface intercepts with strong gold grades, including... Read full article... More on gold stocks: These gold mining stocks could lead the next rally Casey Research: Gold mining stocks are dramatically undervalued An answer to the question every gold stock investor is wondering now |
| Nathan Lewis QandA (Part 2 of 2) Posted: 02 Nov 2011 01:15 AM PDT Click here to read Part 1 of GoldMoney's interview with Nathan Lewis, author of Gold: The Once and Future Money, and host of the website NewWorldEconomics.What economic trends are likely to dominate ... |
| WATCH: John Hathaway talks with David Galland Posted: 02 Nov 2011 12:35 AM PDT At the Casey Research/Sprott Summit When Money Dies John Hathaway Senior Managing Director of Tocqueville Asset Management spoke with David Galland Managing Director of Casey Research about gold investments and his outlook for the near-future market overall. John Hathaway suggests, "We Have a Welfare Democracy". ~TVr |
| Gold ready to attack prior highs in the 1900’s Posted: 02 Nov 2011 12:12 AM PDT David Banister- www.MarketTrendForecast.com It's been several weeks since I've written about Gold and we have had a wild ride since the 1910-1920 highs in August. At the time as we approached I forecasted a major correction was nigh and we were shorting the rise from 1862-1910 prior to a huge $208 drop that took place over just a few days. We covered our short at $1725 and then Gold rallied back to a double top at $1920 and then fell back to $1531. That pullback to $1531 qualifies as a Fibonacci retracement of the 34 month rally from $681 to $1920, and would also qualify for a price low for a 4th major wave correction that I discussed in prior forecasts. My initial targets for the Gold pullback were $1480-$1520 if the $1650 area was violated. Most recently we have seen Gold run up to 1681 which is another Fibonacci resistance zone a few times and then back off to the low $1600's. With the recent push over $1681, we can now confirm the 4th wave is over at $1531 lows and that the 5th wave is likely in the very early stages, but beginning to build steam. I will say that we want to make sure the 1650-1680's areas are defended by Gold on any pullbacks in order for this forecast to remain valid. During this 5th wave up, eventually we should see the $2380 ranges in Gold, but it will not take place overnight. In the next few months I am looking for Gold to attack the $1900 range, possibly even by year end, and then in 2012 attacking the $2000 plus ranges. With all of the Macro events in Europe changing on an almost daily basis, the whipsaws in both the precious metals and equities markets are difficult to forecast and trade for most investors. However, Gold has been moving in defined Fibonacci and wave patterns for ten years now, and has about three years left in a 13 year bull cycle if I'm right. Below is the updated weekly chart of Gold. You can see prior low's as they related to oversold indicators, and where we just came off the 1531 lows and its Fibonacci pivot along with the oversold indicators below. Look for Gold to attack 1775 first, then 1800, 1840, then 1900 in the coming 6-10 weeks or so.
You can get 3-5 updates a week on Gold, SP500, and Silver by visiting www.MarketTrendForecast.com |
| Gold price recoups losses as Italy’s woes grow Posted: 01 Nov 2011 11:00 PM PDT There was further pandemonium in the markets yesterday, as traders came to terms with Greece's referendum decision, and the fact that Italy appears to be on the brink of a serious financial ... |
| What You Need to Know About Gold Suppression Posted: 01 Nov 2011 10:00 PM PDT From KWN: James Turk continues: Continue reading @ King World News |
| Gold & Silver Market Morning, November 2, 2011 Posted: 01 Nov 2011 10:00 PM PDT |
| What A JP Morgan “Mistake” Will Do To The Price of Silver Posted: 01 Nov 2011 09:59 PM PDT by Bix Weir, RoadToRoota.com: So as we sit here pondering the myriad of Global Monetary Implosions happening as we speak one thing always seems to come back to the forefront.. What happens to the price of SILVER if JP Morgan is caught up in all this mayhem and goes down? Zerohedge.com just posted a very plausible scenario where the CDS's that are imploding in Europe could easily destroy the top 5 US banks that trade 97% of these toxic derivatives. http://www.zerohedge.com/news/how-us-banks-are-lying-about-their-european-exposure-or-how-bilateral-netting-ends-bang-not-whi Clearly JP Morgan is in the cross-hairs of the current derivative implosions…but what does that mean for SILVER? A LOT! I believe that JPM is the ONLY large seller of silver left on the COMEX and LBM. They are also in charge of the "silver short hot potato" that has destroyed many companies that tried to control the silver bull including Bear Stearns, AIG, Drexal Burnham and more going back decades. No one in their right mind would take the short side of silver unless they had to defend "the system" which is precisely what JPM is trying to do. So while JPM fights to keep the price of silver down with massive derivative shorts their multi-trillion dollar CDS book is blowing up! JPM is on the edge of the cliff and will drag everyone to the depths of the abyss as they go down. Remember…if JPM is destroyed then there will be NO SELLERS left in the silver pits. NOT ONE SELLER!
NONE!
Very soon we will know the REAL "Fair Market Value" of silver and you can bet it will start with 4 DIGITS! The end game is upon us so stock up on all the physical silver you can and trade every single electronic blip and every scrap of paper money for SOMETHING REAL…. LIKE SILVER!!! May the Road you choose be the Right Road – Bix Visit Bix's Site @ RoadToRoota.com |
| Posted: 01 Nov 2011 09:58 PM PDT WikiLeaks founder Julian Assange loses appeal against extradition to Sweden Washington Post Fracking 'likely cause' of quakes BBC Greece explodes, Italy ticks MacroBusiness Big Banks Betting on the Euro Kent Willard "Politics: The Beginning and the End of the Euro" Mark Thoma Greece Stands by Referendum Wall Street Journal "Crisis in the Eurozone" LBJ School of Public Affairs. See here for webcast. Live streams starting at 8:30 AM Central Time today and tomorrow. Consent Needed for Debt Repayments Michael Hudson, Credit Writedowns Creditors can huff but they need debtors Martin Wolf, Financial Times Worry Builds for Deficit-Panel Deal Wall Street Journal Exclusive: Romney Family Investment Group Partnered With Alleged Perpetrators Of $8 Billion Ponzi Scheme ThinkProgress (hat tip reader furzy mouse) Cain Accuser Got a Year's Salary in Severance Pay New York Times (hat tip reader furzy mouse) St Paul's protests: Archbishop of Canterbury calls for tax on bankers Telegraph Time for us to challenge the idols of high finance Rowan Williams, Financial Times. This is the lead op ed in the Financial Times. Why we don't see anything comparable from US religious leaders? Mayor 1% joins the Limbaugh chorus Digby (hat tip reader Carol B) Biometric Door Locks and Bulletproof Windows: How Occupy Wall Street Is Scaring the Heck out of the 1% Alternet (hat tip reader furzy mouse) The Looming Occupy Foreclosures Movement Dave Dayen, FireDogLake (hat tip reader Carol B) In Corzine Comeback, Big Risks and Steep Fall New York Times MFing Global TFMetals (hat tip reader Ted L). The bit about Corzine being sent by Goldman to do in competitors is a bit hard to swallow, but most of the rest of the post is useful and likely valid. I used Lind Waldock briefly, and all the people at O'Connor who traded futures swore by them. They were very professional. Sad. All MF Global Funds Accounted For Bloomberg. Who paid for this headline? The story actually says the MF Global lawyer gave an optimistic reading, but the regulators are still digging. Contrast with: MF Global's Collapse Draws FBI Interest Wall Street Journal. Administration Favors Settling With Banks on Criminal Actions They're STILL Engaged In Dave Dayen, FireDogLake LPS: Foreclosures delinquent an average of 624 days Housing Wire. Per Adam Levitin, about seven or eight month of that is keeping borrowers in a "sweatbox" to maximize fee extraction. In addition, reports are rife that banks are keeping borrowers in homes in area where the inventory in already high (ie the home won't sell quickly) so they are liable for property taxes. In Retreat, Bank of America Cancels Debit Card Fee New York Times A vicious cycle in the used-car business and Investors place big bets on Buy Here Pay Here used-car dealers Los Angeles Times (hat tip Dave Dayen) Antidote du jour:
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| LISTEN: Don't Watch Gold's Price Each Day Posted: 01 Nov 2011 09:52 PM PDT From McAlvany Weekly Commentary: A Look At This Week's Show:
Much more @ McAlvanyWeeklyCommentary |
| Einhorn Bets Gold Mining Companies Will Beat Bullion Posted: 01 Nov 2011 09:03 PM PDT ¤ Yesterday in Gold and SilverThe gold price made a smallish rally attempt in early Far East trading during their Tuesday morning, but that came to an end shortly before 11:00 a.m. Hong Kong time...and by the time that London opened at 8:00 a.m. BST...3:00 a.m. Eastern...the gold price was basically back to its New York closing price on Monday afternoon. This despite the fact that the dollar was in melt-up mode. As I stated in 'The Wrap' yesterday, the bullion banks weren't going to be happy with the fact that gold and silver weren't going down as the dollar was going ballistic...and they would show up sooner or later to give it a shove. Well, that shove started right at the London open...and you can count the six tiny sell-offs for yourself on the Kitco chart below...with the low of the day [$1,680.60 spot] coming during Comex trading at 9:10 a.m. Eastern time. From there, a very spirited rally [short covering?] began which took the gold price back above the $1,700 mark in very short order...but then a not-for-profit seller showed up [or the buyer disappeared] shortly after 10:30 a.m...and once the seller went to lunch just a few minutes after 12 o'clock noon in New York, the gold price rallied to its New York high at 2:30 p.m. Eastern time in the New York Access Market. It traded flat from there into the close of electronic trading at 5:15 p.m. After getting smoked for about thirty-five bucks [two percent] from Monday's close, the gold price actually finished in the black, closing at $1,790.90 spot, up $4.80 on the day. Net volume wasn't overly heavy...only 161,000 contracts.
Silver's price path was about the same as gold's, with the only significant [but very predictable] difference between it and gold, was the fact that silver was not allowed to rally back into positive territory...and was not even allowed back above the $33.50 spot mark no matter how many attempts it made. From its New York close on Monday, to its intraday low [$32.06 spot] shortly before 9:00 a.m. in New York on Tuesday morning, silver was clocked for $2.18...a hair under 6.4%...but 'only' closed down 79 cents on the day at $33.45 spot, a little more than two percent. Not surprisingly, silver's net volume was a very chunky 45,000 contracts, virtually double its Monday volume.
Here's the 3-day dollar chart. Like yesterday, the Japanese intervention in the yen on Sunday night is the stand-out feature on the very left of this graph. The dollar closed Monday afternoon at 76.5 cents...and had gained another full cent by 8:50 a.m. Eastern time on Tuesday morning...which just happened to coincide with the absolute lows in the silver and gold prices. But you can see from the gold and silver chart above, that the metals didn't seriously start to decline until they were given several shoves to get the ball rolling down the hill shortly after the London open. So to say that the gold and silver prices were a reverse image of the dollar movement yesterday is a gross exaggeration. In the end...'day boyz' had to beat it to death to make it fit...and it only partially fits at best, as it certainly doesn't explain the huge rally in both metals the occurred after the lows in New York yesterday morning...as the dollar did practically nothing after the top was in. But as I said previously, it could have been short covering, which is always independent from what the dollar is doing. Even then, they needed a not-for-profit seller to keep it under control between 10:30 a.m. and 12 o'clock noon Eastern time.
Needless to say, with gold just coming off its low a half hour before the equity market opened, the stocks gapped down, but went into rally mode right from the outset...and once the not-for-profit seller in gold and silver disappeared minutes after 12 noon in New York, the gold shares rallied sharply and were actually in positive territory before getting sold off a hair into the close at 4:00 p.m. Eastern. The HUI finished down a tiny 0.30%...which, considering the fact that general equity markets got creamed, is a big win in my books.
Despite the fact that silver never even came close to closing in positive territory, the stocks themselves performed admirably well...at least most of them did. There was obviously a big buyer supporting the precious metal shares despite the price action in the general equity markets. Nick Laird's Silver Sentiment Index only closed down 1.74%...another big win.
(Click on image to enlarge) The CME's Daily Delivery Report showed that 74 gold, along with 4 silver contracts, were posted for delivery on Thursday. Nothing much to see here. There were no reported changes in GLD yesterday but, surprisingly enough, SLV added 535,211 troy ounces of silver despite the fact that the silver price was down big yesterday...and the day before. There was another big surprise from this week's report from Switzerland's Zürcher Kantonalbank, as the big withdrawals in gold [213,209 troy ounces] and silver [6,173,934 troy ounces] they reported two weeks ago were reversed with their report yesterday. Obviously there had been a bookkeeping error. Not only did they reverse those numbers, they also added 75,431 ounces of gold and another 516,341 ounces of silver last week as well. The European buyers have been adding gold and silver to ZKB's precious metal ETFs with a vengeance over the last couple of months. I wonder why? I thank Carl Loeb for providing this data. The U.S. Mint had a smallish sales report for the first day of November. They sold 4,500 ounces of gold eagles...500 one-ounce 24K gold buffaloes...and 25,000 silver eagles. But that's not all the silver the U.S. Mint used in October. They also used 48,980 ounces in the America the Beautiful 5-ounce coin...31,097 ounce in proof eagles...and 1,507 uncirculated eagle 1-ounce coin. That adds up to 81,584 troy ounce of silver. Year-to-date the mint has used 2,989,169 ounces of silver in those three items...so it was obvious that October was a horrible sales month. Reader Ron Copley of Carmel, Indiana...the reader that kindly provides this information to us on a monthly basis...had this to say as well. "Also in October, the Mint sold out its entire run of 25th Anniversary 5-coin Silver Eagle sets. All 100,000 sets - 500,000 ounces - sold out within approximately 5 hours of their initial offering on the Mint's website. In the secondary market, the sets are already fetching substantial premiums over the Mint's price." So there's another 3.4 million ounces of silver that the mint has used on top of the 36.5 million ounces used in the regular silver eagle program so far this year. There was a lot of activity at the Comex-approved the warehouse on the last day of October. They reported receiving a very large 1,840,487 troy ounces of silver...and shipped 308,850 ounce out the door. The link to that action, which is worth the look, is here. Silver analyst Ted Butler gave me the OK to steal one more paragraph from his weekend commentary...and here it is. "We sold off dramatically [in the third week of September] because the commercial crooks, operating primarily on the exchanges owned by the CME Group, artificially rigged prices lower [in the middle of the night and at other thinly-traded times] to set off stops below key technical moving averages in order to force leveraged longs and other speculators to sell so that the commercials could buy. This wasn't confined to silver, although price rigs are invariably more extreme in silver, as many markets were affected. Within barely more than a week, copper just rallied more than 70 cents (20%) after having fallen almost a dollar in the September smash. I can assure you that no negative or positive fundamental supply/demand development was responsible for the copper price volatility. As was the case in other commodities, the cause of volatility was paper dealings on the NYMEX/COMEX. This is all verified by changes in positions as detailed in CFTC data in the Commitment of Traders Report (COT). It is shameful that federal regulators stand by while a few large commercial traders, led by JPMorgan, have hijacked the commodity markets with their paper trading control. Just don't fall for any stories suggesting legitimate changes in real supply and demand are behind the unusual price movements, as those stories are a crock." [This sounds suspiciously like what happened on Monday and Tuesday of this week. - Ed] This hoard of ancient gold coins in the photograph below, was probably buried by a British nobleman during a time of war. He would have intended to return and retrieve his wealth when hostilities were over.
(Click on image to enlarge) I have the usual number of stories today...but a lot of them have to do with the referendum in Greece that their Prime Minister called late Monday night...and I ran that story in this column yesterday. What a wailing and gnashing of teeth that brought the moment Europe woke up yesterday morning. The bullion banks are famous for withholding COT volume data when it suits them...and most of what happened yesterday may fall into that category. We'll see. Why John Paulson Says There's No Gold Bubble. October Surprise: Can Gold Be The Panama Canal Treaty Of 2012? Reporting error: Switzerland's Zürcher Kantonalbank reverses huge gold and silver withdrawals of two weeks ago. ¤ Critical ReadsSubscribeUS Plans To Issue $846 Billion In Treasurys In The Next 6 Months, 35% More Than Previous YearSince obviously nobody in charge has learned anything at all, and all the old school games will continue until they no longer can, and demand for US paper, already plunging at the international level, disappears [aside from the Fed of course: the Fed will always be a happy last ditch monetizer of one-ply US paper], here is the Treasury's just released schedule for bond issuance for Fiscal Q1 [Oct-Dec 2011]. This zerohedge.com piece was sent to me by Washington State reader S.A...and the link is here.  Greece announces a euro referendum – hark what discord followsI wish I could convey the sheer writhing horror that George Papandreou's referendum proposal has provoked in Brussels. Eurocrats instinctively dislike referendums. They feel that their work is too important and complicated to be vulnerable to the prejudices of hoi polloi (or, to be truly pretentious about it, vulnerable to the των πολλων prejudices – for once, the Greek phrase seems apposite). A referendum at any time would be regarded by European leaders as irresponsible. But a referendum when the euro is teetering on the brink is seen as the height of ingratitude, selfishness and recklessness. Eurocrats believe they understand Papandreou's game: by putting the terms of the bailout to the electorate, he hopes to wring better terms from them. But they know, too, that people have a tendency to ignore their leaders' advice and vote against Brussels. Yep, the "New World Order" crowd in Brussels were not amused. I thank Roy Stephens for this story that was posted in The Telegraph late Monday night...and the link is here.  Fresh Trouble for Euro: EU Shocked and Furious at Greek Referendum PlanGreece has stunned Europe by calling a referendum on the bailout plan agreed to by EU leaders last week. The move throws efforts to rescue the euro into doubt and heralds weeks of market turbulence ahead of the vote. A Finnish minister said Greece will in effect be voting on whether to remain in the euro. This story, posted first thing yesterday morning on the German website spiegel.de yesterday, is Roy Stephens second offering of the day...and the link is here.  Revenge of the Sovereign NationGreece's astonishing decision to call a referendum – "a supreme act of democracy and of patriotism", in the words of premier George Papandreou – has more or less killed last week's EU summit deal. The markets cannot wait three months to find out the result, and nor is China going to lend much money to the EFSF bail-out fund until this is cleared up. The whole edifice is already at risk of crumbling. Société Générale is down 15pc this morning. The FTSE MIB index in Milan has crashed 7pc. Italian bond spreads have jumped to 450 basis points. Unless the European Central Bank step in very soon and on a massive scale to shore up Italy, the game is up. We will have a spectacular smash-up. This is Ambrose Evans-Pritchard at the top of his game over at The Telegraph...and this commentary is a must read. This is Roy's third offering in a row, for which I thank him. The link is here.  Greece crisis: Papandreou's referendum is a gamble too farThe referendum announced on Monday by the Greek prime minister, George Papandreou, is probably the final bell before Greece defaults and quits the euro. Assuming it is not withdrawn amid all |
| One or Two Year End Game for Money Printing: Bill Fleckenstein Posted: 01 Nov 2011 09:03 PM PDT  With stocks tanking and gold and silver consolidate recent gains, today King World News interviewed Bill Fleckenstein, President of Fleckenstein Capital to get his take on where we are headed from here. When asked about the action in the metals, Fleckenstein responded, "First of all gold was down in dollar terms but it was up in terms of many other foreign currencies. Sometimes people will say how can gold be down given what's going on, a lot of chaos. So if somebody has to liquidate their account because it's related to MF Global or some other problem related to losses in another market, when there is this much chaos on any one day, what a market does on any one day doesn't tell you that much." |
| October Surprise: Can Gold Be The Panama Canal Treaty Of 2012? Posted: 01 Nov 2011 09:03 PM PDT  Ralph Benko of The Gold Standard Now Project takes note of a Rasmussen poll that finds strong support in the United States for returning to a gold standard to curtail the power of political and financial elites. And we thought that most Americans didn't even know how to spell "G-O-L-D," just "Cash for Gold." This 2-page article appeared in Forbes on Monday. I thank Chris Powell for wordsmithing the introduction...and reader Phil Barlett for bringing the story to my attention. It's worth the read...and the link is here. |
| BrotherJohnF: Silver Update – “Shiny Object” Posted: 01 Nov 2011 08:35 PM PDT Brother John's discusses silver and recent interventions in the 11.1.11 Silver Update. ~TVR |
| LISTEN: Bob Quartermain on Gold & Silver Posted: 01 Nov 2011 08:33 PM PDT
Bob Quartermain: Gold, Silver and his new company, Pretivm Resources Jim is pleased to be joined by legendary mining executive Bob Quartermain this week. After 25 years at the helm of Silver Standard, Bob has taken on a new challenge as CEO of Pretivm Resources, an exploration company with massive gold reserves in British Columbia, among the largest undeveloped gold resources in the world. Much More @ FinancialSense.com |
| Bullish Momentum Building in Gold and Silver Posted: 01 Nov 2011 06:25 PM PDT Sk Options Trading |
| Silver price surge means bigger profits for mining companies Posted: 01 Nov 2011 06:18 PM PDT |
| Brodsky, Fleckenstein at King, and Benko notes support for gold standard Posted: 01 Nov 2011 06:04 PM PDT |
| Posted: 01 Nov 2011 06:00 PM PDT |
| Hubris Watch: US Bank CEO Sniffs About Breaking Rules When His Bank Has Huge Trustee Liability Posted: 01 Nov 2011 05:53 PM PDT One of the benefits of the Occupy movement is that it is flushing out some particularly egregious behavior among the top 1%. A writer for the Minneapolis CityPages managed to worm his way into a presentation to the annual meeting of the Minnesota Chamber of Commerce by US Bank's CEO, Richard Davis. Even though Occupy Minnesota was protesting outside, Davis chose to ignore them. His speech made clear that the business community does not care about long-term self interest, let alone social responsibility. Housing and the foreclosure crisis were absent from the 2012 legislative priorities. But tax reform, which is code for shifting even more of the cost of government on to the small fry? Yeah, that's a big deal. Davis' apparent lone comment on the public ire against the banks was dismissive:
Davis' arrogance no doubt seems justified, since only rulebreakers who aren't in the corporate elite club, like Bernie Madoff, have been brought to justice. And he stole from rich people, which made him a prime target. By contrast, US Bank on Davis' watch, is a recidivist rulebreaker, but he clearly regards that as a matter of no import. (Davis was US Bank's president starting in October 2004, was promoted to CEO in December 2006, and became chairman in December 2007). US Bank is one of the four biggest securitization trustees, along with Bank of New York, Deutsche Bank, and Wells Fargo. That, sports fans, means his bank has massive liability on mortgage backed securitizations. We discussed this issue recently as far as Bank of New York is concerned. The same logic applies to US Bank:
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| Lost Gold and Buried Loot in northern California Posted: 01 Nov 2011 05:47 PM PDT Geocities |
| Posted: 01 Nov 2011 05:30 PM PDT Goldipedia |
| European Debt – Who’s Going to Pay? Posted: 01 Nov 2011 04:54 PM PDT What's happening to 2011? It's disappearing... Yesterday was warm and sunny in this part of the world. Today, it is raining and gloomy. This is All Saints day. After the mass, we'll go over to the cemetery to put chrysanthemums on a family grave. Why chrysanthemums? We don't know. But everyone does it. The graveyard will be as busy as a subway station today. Investors seem to have turned gloomy too. The Dow lost 276 points yesterday. Gold fell $22. What's behind it? Maybe this had something to do with it. From the Telegraph:
China has stressed it will not be a "saviour" to Europe as President Hu Jintao embarks on an official visit to the continent that will take in this Thursday's crucial G20 summit in Cannes. Darned. Maybe the European rescue is not quite the done deal they thought it was. Europe's heads of state said they would begin to commence to start putting together a plan to sort out the debt mess. That's not the same as actually sorting it out. And it leaves out the essential bit of information — who's going to pay? You'll notice that Europe's envoy also paid a visit on the Japanese. That's where this story becomes clear...and funny. Asking Japan for a loan is like asking a starving man for a piece of chocolate cake. Japan already has more government debt than anyone. Its public debt- to-GDP ratio is up to 230%. Meanwhile, pressure is mounting on poor Silvio Berlusconi. Forget the Bunga-Bunga parties. Forget the underage prostitutes. Silvio's problem is in the bond market, where yields on the 10-year note rose to 6.1% yesterday. Almost all the developed nations have so much debt they can't think about paying it back. They only worry about keeping up with the interest and refinancing costs. Japan only gets away with its debt burden because inflation and interest rates are both zero. It doesn't cost anything to carry the debt. But imagine that you have debt of 230% of GDP...and imagine that you have 6% interest. You can do the math. You're paying 14% of GDP...just to keep up with the interest payments on money you spent years ago. In the US, that would be more than 30% of the entire federal budget. It would be 2/3rds of all tax revenues. It would be a disaster, in other words.... ..it would also not happen. Because bond investors aren't stupid. They would see immediately that they weren't going to get their money back. They would sell bonds...forcing up interest rates even higher...and causing a meltdown of the whole system. That's the thing about debt. Somebody always pays. If not the debtor, as planned, then the creditor must pay. Or the taxpayer. Debt never disappears. It represents resources that have been borrowed from the future. And the future never forgets. The future is a Shylock...always demanding its pound of flesh at the most inconvenient moment. Here in France, there was a skit on TV that made its way to YouTube. It shows a cartoon character who looks for all the world like Barack Obama going up to an ATM machine. He puts in his card. But he finds he cannot get any money. So, he goes to the Bank of China to get a loan. The Chinese banker, who bears a remarkable resemblance to China's premier Hu Jintao makes the loan. But the Chinese want their pound of flesh too. In the next scene, Obama and French president Nicolas Sarkozy are both carrying a dragon in a Chinese New Year's parade. And yet, China has more than $3 trillion in savings. It is the rising star...the young, growing power. Like the US in the early 20th century, it is the nation to which the tired, old countries of the developed world look to finance their mistakes. America financed Britain and France in WWI. But it did so for good reason — the money it lent was largely used to buy supplies from the US. Same thing in WWII. Lending money was a good business decision. After the wars were over, the US wanted its pound of flesh too. Trouble was, the debtors didn't have a pound left. Similar Posts:
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Of course the global market for silver will shut down before the EXCHANGES are exposed as the corrupt entities that they are. Watch for claims of "FORCE MAJEURE" to be used in their defense.
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