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- LISTEN: Ronald-Peter Stoeferle on 10K Gold
- LISTEN: CME Floor Trader Tres Knippa
- LISTEN: Jim Rogers on Gold & Silver
- Crowds Greet Venezuela's Gold as it Begins Trickling Home
- Roubini criticizes Rickards' book without bothering to read it
- Despite inflation, Europe and U.S. will monetize debt, Davies tells KWN
- Why a German downgrade is the next logical step in the euro crisis
- Standing Up to Tyranny: The Roads To War And Economic Collapse
- Italian bonds reach 7.26% yield/record levels for Belgium and Spanish bonds/raid on gold and silver
- 17 Quotes on the Global Financial Collapse
- Commodities Forecasts Mixed On Several Factors
- By the Numbers for the Week Ending November 25
- New Reserve Currency & Roubini Behind the Scenes
- The Battle of the Euro Bond
- Venezuela Gets First Shipment Of Its Own Physical Gold Today
- What is The Pan Asia Gold Exchange?
- Russia Adds 20 Tonnes of Gold in October Alone
- Germany: All Mouth And No Trousers?
- Record Gold Hoard Spurs Bullish Bets
- BrotherJohnF: Silver Update – “Finished”
- houston coin show report
- Nick Barisheff: “$10K Gold Sooner Than You Think”
- LISTEN: Interview with Jason Reid
- Black Friday Violence Worse Than Ever As American Consumers Fight Over Deals Like Crazed Animals
- Currency Wars - Russia Officially Adds 19.5 Tonnes of Gold Reserves in October Alone
| LISTEN: Ronald-Peter Stoeferle on 10K Gold Posted: 26 Nov 2011 03:40 AM PST from TekoaDaSilva: TekoaDaSilva talks with Ronald-Peter Stoeferle. Stoeferle: "$10,000oz. Gold wouldn't surprise me." ~TVR |
| LISTEN: CME Floor Trader Tres Knippa Posted: 26 Nov 2011 03:36 AM PST from TekoaDaSilva: Part One Part Two ~TVR |
| LISTEN: Jim Rogers on Gold & Silver Posted: 26 Nov 2011 03:28 AM PST Jim Rogers: "In A Sudden Crises Gold & Silver May be All People Can Think of" ~TVR |
| Crowds Greet Venezuela's Gold as it Begins Trickling Home Posted: 26 Nov 2011 12:39 AM PST ¤ Yesterday in Gold and SilverThe gold price didn't do much of anything until shortly after 1:00 p.m. Hong Kong time early in their Friday afternoon. Then a seller of sorts showed up...and minutes before 9:00 a.m. in London, gold got hit...and by 9:30 local time, the low was in for the day. From there, the gold price meandered until shortly after the Comex open. Then a rally of some substance began. This lasted until the gold price got up to the $1,700 spot mark...and then a not-for-profit seller sold it down about twenty bucks into the close of Comex trading. Gold, which was in positive territory by 10:30 a.m...closed down $14.50 on the day at $1,680.30 spot. The high tick was $1,699.00 spot. Gross volume was very heavy...and a lot of it was the last of the roll-overs of the December contract.
Silver' price pattern was very similar to gold's. The big spike up at 9:00 a.m. in New York saw silver jump more than 60 cents in just a few minutes, before a willing seller showed up. Silver's New York high of the day was $31.89 spot...and up a few pennies from Thursday's close...but, by the close of Comex trading, the not-for-profit seller had sold it down for a loss of 89 cents... about three percent. Silver closed at $30.98 spot. Gross volume was very heavy...and net volume was very light...if the CME's numbers are to believed.
Friday was the last day for the big traders to get out of their December positions if they weren't standing for delivery. That's why gross volumes were very high. Most of the volume was spreads and roll-overs...which is trading that really doesn't affect the price all that much. Only the net volume does that. The dollar gained about 70 basis points from the start of trading in the Far East on Friday morning...until the absolute top...which came about 1:00 p.m. Eastern time. But between 8:30 a.m. and 10:15 a.m. Eastern time, the dollar dipped about 35 basis points, before recovering all that loss and a tad more by the 1:00 p.m. high dollar tick. This was a change of about 0.45%. The big rise, followed by the big fall in both gold and silver prices in New York, occurred during that smallish dip and rise in the dollar...but the price moves were out of all proportion to the percentage change in the dollar.
The gold stocks were in positive territory during most of the morning, but once it became clear that the gold price was not going to recover, the stocks headed south. The HUI closed down another 1.32%. The ino.com website is obviously having big problems with their HUI chart once again...so I've 'borrowed' this one from Kitco until things return to normal over at INO.
Considering the fact that silver took another pounding yesterday, the stocks performed rather well. Nick Laird's Silver Sentiment Index closed down a tiny 0.43%.
(Click on image to enlarge) The CME's Daily Delivery Report showed that 7 gold and only 6 silver contracts were posted for delivery on Monday. The November delivery month only has a couple of more days to run. First Day Notice data for December will be posted on the CME's website on Tuesday night. Neither GLD nor SLV had a report yesterday. It was a different story over at the U.S. Mint. They reported selling 12,000 ounces of gold eagles...2,000 one-ounce 24K gold buffaloes...along with 100,000 silver eagles. Month-to-date they have sold 36,000 ounces of gold eagles...8,000 one-ounce 24K gold buffaloes...and 984,000 silver eagles. It's been a very slow month. It was another busy day over at the Comex-approved depositories on Wednesday. They reported receiving 2,395,835 troy ounces of silver...and only shipped out 3,034 ounces of the stuff. All the silver was received by Scotia Mocatta...and the link to that action is here. Because of the holiday-shortened trading week, there was no Commitment of Traders Report yesterday. It will be posted on Monday afternoon at 3:30 p.m. Eastern time, sharp. Too bad.
(Click on image to enlarge) Since it's Saturday, I get to empty my in-box into today's column, so you can pick and choose. I don't know exactly when or how it will all end, but I do know one thing for sure, is that will all end very badly when that time does arrive. Record Gold Hoard Spurs Bullish Bets. Australia's Gold Symposium: November 14th and 15th. Standing Up to Tyranny: The Roads To War And Economic Collapse ¤ Critical ReadsSubscribeRon Paul's Fed ChairmanIt would be a shame were this election season to go by without at least one newspaper commenting on Congressman Ron Paul's vow that were he elected president the person he'd nominate to be chairman of the Federal Reserve is James Grant. This happened on Fox News, where it was noted that Dr. Paul's call for the abolition of the Fed wouldn't start right away. So who, he was asked by journalist Stephen Hayes, would be his pick for Fed chairman? "Hmmmm," the congressman replied. "Probably Jim Grant." Adds he: "He's an Austrian economist, he has experience on Wall Street, he's brilliant, he's a good historian. He would quit printing money." This very short editorial appeared in the November 21st edition of The New York Sun...and I thank reader Jack Anderson for sending it along. The link is here.  Global Sovereign Credit Default Swap PricesWe highlight the current 5-year CDS (credit default swap) prices for the sovereign debt of 44 countries. The list is sorted by the least to most risky countries, and we also include the year-to-date change for each country. As shown, Norway currently has the lowest default risk, followed closely behind by the USA. Switzerland, Finland, Sweden and Australia are the only other countries with CDS prices that are lower than 100 basis points. At the bottom of the list is Greece, which has astronomical default risk. Portugal, Argentina and Venezuela rank 2nd, 3rd and 4th worst and all have CDS prices of more than 1,000 basis points. This short commentary includes an excellent chart that's well worth spending a few minutes on. This piece was posted over at the seekingalpha.com website yesterday...and I thank Australian reader Wesley Legrand for sharing it with us. The link is here.  Standing Up to Tyranny: The Roads To War And Economic CollapseHere's a short essay by Paul Craig Roberts that was posted over at counterpunch.org on Wednesday...and there's not a thing in it that surprises me. As a Canadian, it's sad to watch what America has become since its greatness in the 1950s and early 1960s. G. Edward Griffin was right about everything...and if you haven't read his book "Creature From Jekyll Island"...it's still not too late to do so. The link to this must read piece by Roberts is linked here...and I thank Roy Stephens for his first offering of the day.  Global slowdown triggers China factory strikesThousands of workers have downed tools from the factory hotspot in the east of Guangdong province, to sports and electronics plants to the south and west. The social tension comes as manufacturing orders are slowing in China in the wake of slowing external demand from trade partners hit by the eurozone debt crisis. "We are willing to work but you must also pay us enough to survive, even during the financial crisis we didn't see pressure like this," factory workers told Reuters. Although factory strikes are relatively frequent in China, the current raft of action comes amid growing tension about the deteriorating global economic backdrop and tighter domestic credit conditions. This short Reuters piece found a home over at The Telegraph yesterday morning. It's a very short must read...and, as usual, I thank Roy Stephens for bringing it to our attention. The link is here.  Moody's cuts Hungary's bonds to junkMoody's slashed Hungary's government bond rating to "junk" late yesterday, citing high debt levels, weak growth prospects and uncertainty about its ability to meet fiscal goals, in what the government called part of "financial attacks" against the country. Moody's cut Hungary's government bond rating by one notch to Ba1, below investment-grade, with a negative outlook hours after rival Standard & Poor's held fire on a flagged downgrade on news of Budapest's planned talks on getting international aid. This story was posted over at the irishtimes.com website yesterday...and I thank Roy Stephens once again. The link is here.  Standard & Poor's downgrade puts Belgium in the spotlightThe English translation of this story [and its associated headline] showed up over at the economicsnewspaper.com website yesterday...and it leaves something to be desired. I've cleaned up both the headline...and the three paragraphs below...but the rest of the article is more than a little rough around the edges. Belgium, one of the countries of the eurozone, suffered pressure after Italy and Spain, has been downgraded from 'AA +' to 'AA' by Standard & Poor's. [The] return demanded by Belgian 10-year bond's has soared from 3.6% to 5.8%. Thus, the risk premium against the German 'bund' is now around 360 basis points. Already partially nationalized, the Franco-Belgian bank Dexia may need more support with public money, according to the rating agency. This is another offering courtesy of Roy Stephens...and the link to this very short read is here.  Bond market hammers Italy, Spain ponders outside helpItaly's borrowing costs soared to their highest levels since Rome joined the euro on Friday, piling pressure on the newly installed government of Mario Monti at the end of a week in which the euro zone crisis tainted even safe haven Germany. A punishing bond sale, in which Italy was forced to pay a record 6.5 percent for six months paper, came after a disastrous German bond auction earlier in the week and the leaders of France, Germany and Italy fa |
| Roubini criticizes Rickards' book without bothering to read it Posted: 26 Nov 2011 12:39 AM PST  An interview with geopolitical analyst James G. Rickards at King World News last night illustrates the sort of dilemma GATA has experienced many times in its 12 years. Rickards recounts how this week he was denounced by celebrity economist Nouriel Roubini for failing to acknowledge in his new book, "Currency Wars," something Rickards indeed does acknowledge in the book -- that the gold standard had something to do with the Great Depression. Chris has a lot more to say in this GATA release from yesterday evening. It's a must read...as is the KWN blog that's imbedded...and the link is here. |
| Despite inflation, Europe and U.S. will monetize debt, Davies tells KWN Posted: 26 Nov 2011 12:39 AM PST  King World News interviewed Hinde Capital CEO Ben Davies just after the Gold Symposium in Sydney, Australia, this month and found him impressed by the rise of inflation there and around the world but still predicting that the European Central Bank and Federal Reserve will undertake new rounds of debt monetization. I borrowed the introduction from a GATA release...and the link to this longish KWN audio interview is here, but it's definitely worth your time. |
| Why a German downgrade is the next logical step in the euro crisis Posted: 26 Nov 2011 12:39 AM PST  If someone suddenly says "Grunderkrach" to you today in an animated state, they're not hurling abuse with an obscure Germanism, no matter what it might sound like. Instead they're more likely to be students of German history eager to share their latest conclusions with you about what the late nineteenth century can teach us. I'm indebted to Strategy Economics for nudging my own memory in this field. Grunderkrach or "Founders crash" hit Germany in 1873 after the collapse of the then powerful Vienna Stock Exchange and led to the Long Depression which, until the 1930s, was known as the Great Depression but lost the title to the years following the 1929 Wall Street crash. |
| Standing Up to Tyranny: The Roads To War And Economic Collapse Posted: 26 Nov 2011 12:39 AM PST  Here's a short essay by Paul Craig Roberts that was posted over at counterpunch.org on Wednesday...and there's not a thing in it that surprises me. As a Canadian, it's sad to watch what America has become since its greatness in the 1950s and early 1960s. G. Edward Griffin was right about everything...and if you haven't read his book "Creature From Jekyll Island"...it's still not too late to do so. |
| Italian bonds reach 7.26% yield/record levels for Belgium and Spanish bonds/raid on gold and silver Posted: 25 Nov 2011 11:32 PM PST |
| 17 Quotes on the Global Financial Collapse Posted: 25 Nov 2011 10:19 PM PST It is easy to be branded a Cassandra when one has nothing but negative forecasts. So be it, it is what I see and believe. Both as a defensive measure and as an offensive one in this battle having support helps. It is more palatable to be wrong in a distinguished crowd than as a [...] |
| Commodities Forecasts Mixed On Several Factors Posted: 25 Nov 2011 08:08 PM PST We say grain reserves for corn and soybeans are over-reported in USA. Corn, especially, will demand more planted acres in 2012 if it's expected to keep-up with demand as La Nina continues to mess-up weather. "Goldman Sachs Forecasts: Energy commodities will climb almost +19% in the next 12 months, and industrial metals will advance +26% Goldman said. Precious metals will increase +5%, livestock will rise almost +11% and agriculture will drop -5.1% Copper will be at $9,500 a metric ton in London in a year and London oil will be at $125 a barrel, the bank said. Goldman held its price forecasts for industrial metals and raised its estimates from an October 4 report for New York and London oil, gasoline, gold and live cattle. It cut its outlook for wheat, soybeans, cotton and sugar." -Claudia Carpenter, 11-14-11 Bloomberg.net Russian Growth Accelerated in Third Quarter for First Time Since Last Year. Russia's economic growth accelerated in the third quarter for the first time since last year as companies stepped-up investment and bank lending buoyed consumer spending. "Gross domestic product expanded +4.8% from a year earlier, the fastest pace since the second quarter of 2010, after increasing +3.4% in the previous three months, the Federal Statistics Service said in an e-mailed statement today. The median estimate in a Bloomberg survey of 14 economists was +5%. The Economy Ministry estimated it at +5.1%" T"he world's largest energy exporter is counting on domestic consumption to balance shrinking demand abroad as Europe fights to staunch a debt crisis. Prime Minister Vladimir Putin, who will run for president next year, is seeking annual growth of between 65 and 7% and turn the economy into one of the world's five largest." "Economic activity has picked up strength from earlier in the year," Ivan Tchakarov, chief economist for Renaissance Capital in Moscow, said today by e-mail. "Overall, this is broadly positive, but not very surprising print given the low base from last year when the economy felt the full brunt of the summer drought." "Loan growth may reach 30 percent this year, Deputy Economy Minister Andrei Klepach said on October 25, above the central bank forecast of 24%. "Growth in consumption and retail lending is continuing," Julia Tsepliaeva, head of research at BNP Paribas SA in Moscow, said November 11. "If somebody told me at the start of the year that we'll have a +30% annual increase in credit growth, I would have never believed that. Now that figure no longer seems improbable." (Editor: We see Russian inflation increasing like the rest of the world.) "Agriculture also made a "substantial contribution" to growth last quarter, according to Tsepliaeva." "Russian farmers harvested 95 million metric tons of grain as of October 25, according to the Agriculture Ministry. That's about 50% more than in the same period of 2010 and bolsters the industry following the country's worst drought in at least a half century last year." (Editor: This is mostly wheat that dropped prices). "Urals crude, Russia's chief export blend, declined for the second straight quarter, losing -8.2% in the July- September period. Russia depends on crude and natural gas for about 40% of budget revenue." (Editor: Natural gas sales and prices will be soft on over-supply for this winter and probably into 2012. "The economy will match its pre-crisis level by the end of this year, taking twice as long to recover compared with the 1998 crisis that followed the government's default, according to Renaissance Capital. Russia's economy grew at an average annual rate of 7% during Putin's presidency from 2000-2008 before plunging -7.8% in 2009. The government forecasts a +4.1% expansion this year, slipping to 3.7% in 2012." -Alena Chechel 11-14-11 Moscow Bloomberg.net         This posting includes an audio/video/photo media file: Download Now |
| By the Numbers for the Week Ending November 25 Posted: 25 Nov 2011 12:29 PM PST HOUSTON -- Just below is this week's closing table for the week ending November 25, 2011.
Commitments of traders (COT) data from the Commodity Futures Trading Commission (CFTC) is delayed until Monday, November 28 this week due to the Thanksgiving Day Holiday. Vultures, (Got Gold Report Subscribers) please note that partial updates to our linked technical charts should be completed by the usual time on Sunday (18:00 ET). Our notations on the COT data are obviously delayed until Monday evening or Tuesday. That is all for now, but there is more to come. |
| New Reserve Currency & Roubini Behind the Scenes Posted: 25 Nov 2011 10:49 AM PST from King World News:
Continue Reading @ KingWorldNews.com |
| Posted: 25 Nov 2011 10:45 AM PST by Jeff Nielson, Bullion Bulls Canada:
In a recent, previous four-part series; I described in detail the " economic rape" of Europe, via the fraudulent manipulation of its debt markets by Wall Street's economic terrorists. To date, the primary weapon-of-choice for these terrorists are credit default swaps. What is critically important as we watch the debt markets of Europe destroyed one-by-one is precisely that: this method of destroying these nations' debt markets must currently be conducted individually, since they each have their own separate debt market. Apparently the Wall Street terrorists consider this to be too much work, as a few months ago they came up with a "better idea": the Euro Bond. The principal here is very simple. If European nations merge their debt markets in this manner, then what Wall Street has done first to Greece, and then Ireland, Portugal, Spain, Italy, and now France; will be done to all Euro nations simultaneously – including Germany. For those who still don't understand this process, the mechanics are equally simple. Read More @ BullionBullsCanada.com |
| Venezuela Gets First Shipment Of Its Own Physical Gold Today Posted: 25 Nov 2011 10:42 AM PST Seismic Monetary Shift: Venezuela Gets First Shipment Of Its Own Physical Gold Today from ZeroHedge.com:
Back in August, the news that Venezuela ruler Hugo Chavez had decided to repatirate his gold from London vaults made headlines and was one of the key catalysts sending gold to its all time highs north of $1900/oz. Since then the story died down with no updates. Until today: Bloomberg has reported that Venezuela will receive the first shipment of gold reserves being repatriated from U.S., Canadian and European banks today. "Chavez, speaking on state television, said that the bars will be escorted to vaults in Venezuela's central bank by the military after arriving by air to the South American country. The gold that was over there in England will soon be arriving, said Chavez. The opposition says that I'll put the gold in the presidential palace or give it away to Cuba or something. This gold is going back to where it should have never left — to the Central Bank of Venezuela. Chavez, a former paratrooper and self-professed socialist, in August ordered the central bank to repatriate $11 billion of gold as a safeguard against volatility in financial markets." Will Chavez demonstrate phenomenal foresight having collected his gold just months ahead of Europe falling into the abyss of a toxic debt spiral or were his worries unfounded? It remains to be seen. However, he will probably sleep sounder knowing that his gold is no longer in the vaults of the LBMA, HSBC, or several hundred feet under the New York Fed. That is, of course, if the "presidential palace or Cuba or something" ends up having real 999 gold, and not just several blocks of Tungsten with a pretty plating on top. Original Source @ ZeroHedge.com |
| What is The Pan Asia Gold Exchange? Posted: 25 Nov 2011 10:39 AM PST by Vincent Le, GoldMoney.com:
Picture the 240 million retail banking customers of the massive Agricultural Bank of China having the ability to buy physical gold from the comfort of their own home online, on a dime. One can imagine what impact that would have on the price of gold, especially considering the cultural acceptance of gold in China, a country which also happens to be the world's largest producer and consumer of gold. The World Gold Council estimates that the total amount of gold ever mined on planet Earth to the end of 2009 was approximately 165,000 tonnes. If every ABC customer bought just an ounce of gold, that would equal 7,500 tonnes, or five per cent of the world's above ground gold supply. Read More @ GoldMoney.com |
| Russia Adds 20 Tonnes of Gold in October Alone Posted: 25 Nov 2011 10:38 AM PST Currency Wars – Russia Officially Adds 19.5 Tonnes of Gold Reserves in October Alone from GoldCore:
Gold is trading at USD 1,680.50, EUR 1,268.60, GBP 1,084.30, CHF 1,554.30, JPY 130,130 and RUB 53,210 per ounce. Gold's London AM fix this morning was USD 1,676.00, GBP 1,084.02, and EUR 1,263.86 per ounce. Yesterday's AM fix was USD 1,699.00, GBP 1,094.72, and EUR 1,270.38 per ounce. Gold is marginally lower in all currencies today. A myriad of financial and economic risks are supporting the yellow metal at these levels. Market participants continue to be surprised by gold's continuing weakness and some are even questioning gold's safe haven status. However, the fundamentals of broad based global physical demand remain very sound as evidenced by the central bank gold buying data today. Read More @ GoldCore.com |
| Germany: All Mouth And No Trousers? Posted: 25 Nov 2011 10:36 AM PST from GoldMoney.com:
As Bloomberg states, Germany's commitments to the PIIGS (Portugal, Ireland, Italy, Greece and Spain) amount to "buying a first-class ticket on the Titanic." This would be OK if Germany really was the economic powerhouse that the media has claimed it to be in recent months; but as Der Spiegelpoints out, more people are starting to question whether or not Germany is strong enough economically to shoulder the burden of subsidising the public-sector profligacy of other eurozone economies. Read More @ GoldMoney.com |
| Record Gold Hoard Spurs Bullish Bets Posted: 25 Nov 2011 10:32 AM PST by Nicholas Larkin, Bloomberg.com:
Gold traders are more bullish after investors accumulated the biggest-ever hoard of the metal, with Europe's deepening debt crisis driving them to protect their wealth with this year's second-best performing commodity. Eighteen of 26 surveyed by Bloomberg expect bullion to rise next week. Holdings in exchange-traded products backed by gold reached a record 2,350.8 metric tons on Nov. 23, now valued at $127.1 billion, according to data compiled by Bloomberg. Hedge funds and other speculators increased their net-long position, or bets on higher prices, for four weeks, the longest stretch since March, Commodity Futures Trading Commission data show. Almost $12 trillion was wiped off the value of global equities since May on mounting concern about slower global growth, driving investors to what are perceived as the safest assets. Yields on Treasuries fell to a near-record low and gold is heading for an 11th consecutive annual gain. Bullion beat every other member of the Standard & Poor's GSCI gauge of 24 commodities this year except for gasoil. Read More @ Bloomberg.com |
| BrotherJohnF: Silver Update – “Finished” Posted: 25 Nov 2011 09:40 AM PST BJF: "We have a breakdown in the rule of law and I think it's all because of silver, bet against CME Group." From BrotherJohnF: Got Physical ? ~TVR |
| Posted: 25 Nov 2011 09:09 AM PST just got back from the pasadena coin club show about 30-40 tables mostly collector slabbed stuff junk silver available - 95% of spot was best price i saw. i bought 70 half dollars for 22x spot before i saw the better deal no libertads, very few modern commems, very few maple leafs silver rounds $33, eagles $35 on guy was selling the san fran eagles for $51 (ms-69). is this a deal? i passed. that new set of eagles = $895 hat tip to irons -- there were old guys at every station rifling through the pennies :smile: |
| Nick Barisheff: “$10K Gold Sooner Than You Think” Posted: 25 Nov 2011 07:34 AM PST
Nick Barisheff: Paper Markets Creating Precious Metals Gyrations Nick Barisheff, CEO at Bullion Management Group Inc. sees the paper markets creating opportunities for precious metals investors. Nick also believes that $10,000 gold is coming sooner than you think. Much More @ FinancialSense.com |
| LISTEN: Interview with Jason Reid Posted: 25 Nov 2011 07:22 AM PST
Jason Reid: Up and coming gold producer Jim Puplava is pleased to begin a special series on "Up and Coming Producers" with Gold Resource Corporation, a low-cost gold producer that is projected to double production in the next 12 months, and pays a growing monthly dividend. Much More @ FinancialSense.com |
| Black Friday Violence Worse Than Ever As American Consumers Fight Over Deals Like Crazed Animals Posted: 25 Nov 2011 06:47 AM PST 
Most Americans would agree that there is a tremendous amount of selfishness and greed on Wall Street, but as the videos posted below demonstrate, there is also a tremendous amount of selfishness and greed on "Main Street" as well. This year, Black Friday violence included robberies, gunfire and shootings, but the most shocking incidents actually happened inside the big retail stores. For example, as merchandise was being unveiled on Black Friday night at a Wal-Mart in the Los Angeles area, one woman actualy pulled out pepper spray and sprayed it at other customers that were gathered around her. Did she do this because she felt threatened? No, according to the Los Angeles Times, authorities say that the woman was just seeking a "competitive" edge. It is being reported that at least 20 people were affected by the pepper spray. The pepper spray incident just added to the wild and frenzied atmosphere inside that Wal-Mart last night. The following is how the Los Angeles Times described the scene....
Pepper spray was used at a Wal-Mart on the other side of the country as well. Over in Kinston, North Carolina an off-duty police officer used pepper spray as an unruly shopper was being subdued. Approximately 20 people (including some children) were affected by the pepper spray. Most Americans are not really concerned over the fact that this country is rapidly heading into the toilet, but they sure will get worked up into a frenzy over some good deals. Just check out the following video that was filmed in California. In the video, a huge crowd can be seen storming the entrance of Urban Outfitters in the Thousand Oaks Mall on Black Friday night.... There are lots of other crazy videos of Black Friday madness on YouTube today as well. Just check out some of the following examples.... *In Fresno, California law enforcement authorities were barely able to keep a stampede at the entrance of one store from turning into a riot. *In this next video, you can see people going absolutely crazy over memory cards at about the 1:20 mark. *On Black Friday night, American consumers will riot over just about anything. For example, there was a huge panic over Tupperware at one Wall-Mart last night. *Of course electronics is probably the hottest category in most stores on Black Friday night. In some areas, the fighting over video games became incredibly intense. *Some of the worst Black Friday rioting goes on inside Wal-Marts. Just check out this shocking video of what happens inside a Wal-Mart on Black Friday night. *Also, what happened last night at a Wal-mart Supercenter in Greenville, North Carolina, was nothing short of idiotic. If this is how the American people will act just to save a few bucks on cheap plastic crap made in foreign countries, how are they going to act when the economy collapses? If Americans will literally fight each other over saving 20 bucks, what is going to happen someday when millions of them don't know where their next meal is going to come from? Thankfully the economy is still in good enough shape that most Americans can participate in these orgies of consumerism. But the reality is that the global financial system is in a massive amount of trouble, and it looks like we could be on the verge of another global financial collapse. Do the American people have enough character to be able to deal with a full-blown economic depression? In a recent article entitled "22 Signs That The Thin Veneer Of Civilization That We All Take For Granted Is Starting To Disappear", I commented on the declining character of the American people....
Over the past several decades, the biggest debt bubble in the history of the world has enabled us to enjoy unprecedented prosperity. But it has been a "false prosperity", and it is frightening to think about what America is going to look like when the good times finally end. The other thing that is really disturbing about Black Friday is the fact that the vast majority of the products that Americans are fighting over are made overseas. As I pointed out recently, 23 manufacturing facilities were shut down every single day in the United States last year. Since 2001, the U.S. has lost a total of more than 56,000 manufacturing facilities. This country is bleeding jobs, bleeding businesses and bleeding wealth at a pace that is nearly impossible to fully grasp. We are becoming poorer as a nation every single day, and yet Americans are seemingly more enamored with consumerism than ever before. Most Americans could not care less about where something was made. The only thing that matters to them is how cheap it is. It doesn't matter to them that a record-setting 2.6 million Americans slipped into poverty last year or that there are 10 percent fewer middle class jobs in America today than there were a decade ago. We have become a nation that is so self-centered that it is hard to find the words to describe it. Rather than caring about what is good for America, most of us only care about what is good for ourselves. The madness that we see every Black Friday is just one more sign that our society is coming apart at the seams. America has become a nation that is absolutely saturated with greed. Unfortunately, all of that greed is going to make the hard economic times that are coming much, much more painful. |
| Currency Wars - Russia Officially Adds 19.5 Tonnes of Gold Reserves in October Alone Posted: 25 Nov 2011 03:16 AM PST Gold is trading at USD 1,680.50, EUR 1,268.60, GBP 1,084.30, CHF 1,554.30, JPY 130,130 and RUB 53,210 per ounce. Gold's London AM fix this morning was USD 1,676.00, GBP 1,084.02, and EUR 1,263.86 per ounce. Yesterday's AM fix was USD 1,699.00, GBP 1,094.72, and EUR 1,270.38 per ounce... Read |
With markets on the move and twitter wars on the rise, today King World News interviewed KWN resident expert Jim Rickards, senior managing director at Tangent Capital Markets. When asked about his Twitter war with Nouriel Roubini, which revolved around Rickards' advocating a gold standard, Rickards stated, "Yes, Eric, it was a really crazy state of affairs. I was just sitting at my desk last Sunday night, minding my own business, doing a little research, and here comes this tweet from Nouriel Roubini and he more or less throws down the gauntlet. He says, 'Why is Jim Rickards advocating a gold standard in his book "Currency Wars?" Doesn't he know that it caused the Great Depression?' I'm thinking, what is that?"
China's Yunnan Province, the southernmost tip of China, is often referred to as the "gateway to Southeast Asia," sharing borders with Vietnam, Laos, Burma, and Tibet. After virtually two millennia as a commercial and agricultural hub, this strategically-located province and its new development have been receiving little attention in the mainstream Western financial world that is currently focused on their own fiscal calamities.
US markets are closed for the Thanksgiving holiday, and while American investors gorge themselves on turkey, their counterparts in Asia and Europe are digesting the implications of Germany's failure on Wednesday to attract enough bids for its sovereign debt. On this score, 
From Jim Puplava and 
From Jim Puplava and 
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