Gold World News Flash |
- Silver Update
- Why You Should Invest in These Three “Super Currencies” of Tomorrow ? and How
- Is Gold Backwardation Now Permanent?
- Will It Ever Correct?
- Kevin Michael Grace and J.S. Kim on gold market manipulation
- The Gold Bubble Debate And The Flash Crash In Gold
- James Turk: Mining stocks -- still on the runway
- Silver Update 3/1/12 Bullion Banks
- UK's Top Gold Fund Manager: ‘I Would Buy Gold At Almost Any Price'
- Why the Silver and Gold Price Slam?
- 10.7 Percent: Unemployment In Europe Is Worse Than It Was At The Peak Of The Last Recession
- IS GOLD A BUBBLE?
- Infographic: Is Gold A Bubble?
- Brazil declares new 'currency war' against foreign devaluations
- 9/11 Commissioner and Co-Chair of Congressional Inquiry into 9/11 Say in Sworn Declarations that Saudi Government Linked to 9/11
- Sharps Pixley's Norman blames gold smashing on single seller 'out for effect'
- As Spirits Soar, Two Bubbles Worth Watching
- Gold smashing was a central bank operation, Salinas Price says
- From a technical standpoint, the chart shows what Comex May Silver must do before we assume that the trauma from Wednesday’s shock-and-awe selloff has mostly worn off.
- The Gold Price Rose $11.20 to $1,721.10 if you Don't Buy Silver or Gold you are Effectively Buying US Dollars or Euros or Yen
- Central Bank Bubble Blowers and the Rehypothecation Inflation-Nation
- Dollar Going Out With A Whimper, Not A Bang - So Far
- "Speculation" in Absence of Physical Demand Blamed for Gold's 5%
- Dollar Going Out With A Whimper, Not A Bang — So Far
- Gold Fractal Projection of $3,500 into Mid 2012 Remains Intact!
- Triple Lutz Report–The Leap Day Metals Massacre–Episode 165
- Kingsgate Consolidated Profits Soar as CEO Sees Good Value in Silver
- Hecla Mining Announces Record Revenues, Resources and Reserves
- Keeping the Faith After Gold's Plunge
- Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2%
| Posted: 01 Mar 2012 06:58 PM PST
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| Why You Should Invest in These Three “Super Currencies” of Tomorrow ? and How Posted: 01 Mar 2012 06:24 PM PST There is a trio of currencies that you must include in your portfolio today*because they operate on an entirely different playing field than the U.S. dollar and the euro*and, as such, are set to undergo huge revaluations in the coming months. Without further ado… Words: 855 *So says Karim Rahemtulla ([url]www.wallstreetdaily.com[/url])*in edited excerpts from an article* which Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has further edited below for length and clarity – see Editor’s Note at the bottom of the page. (This paragraph must be included in any article re-posting to avoid copyright infringement.) Rahemtulla goes on to say, in part: The U.S. dollar and the euro, in addition to being in slow-growth economies, are*saddled with debilitating debts and are the victims of an enormous increase in money supply which will result is serious inflation and the devaluation of both currencies in the coming years. [The 3 "super currencies' are, in no p...
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| Is Gold Backwardation Now Permanent? Posted: 01 Mar 2012 06:00 PM PST Casey Research
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| Posted: 01 Mar 2012 05:55 PM PST Gold Scents
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| Kevin Michael Grace and J.S. Kim on gold market manipulation Posted: 01 Mar 2012 05:07 PM PST 1a ET Friday, March 2, 2012 Dear Friend of GATA and Gold: Kevin Michael Grace of Resource Clips and J.S. Kim of SmartKnowledgeU and the Underground Investor comment incisively on this week's manipulation of the gold market. Grace's commentary is headlined "Auguries -- The Great and Powerful Oz" and it's posted at Resource Clips here: http://resourceclips.com/2012/03/01/auguries-%e2%80%94-the-great-and-pow... Kim's commentary is headlined "SmartKnowledgeU Discusses Gold and Silver Manipulation on the Keiser Report" and it's posted at the Underground Investor here: http://www.theundergroundinvestor.com/2012/03/smartknowledgeu-discusses-... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Sona Discovers Potential High-Grade Gold Mineralization From a Company Press Release VANCOUVER, British Columbia -- With its latest surface diamond drilling program at its 100-percent-owned, formerly producing Blackdome gold mine in southern British Columbia, Sona Resources Corp. has discovered a potentially high-grade gold-mineralized area, with one hole intersecting 13.6 grams of gold in 1.5 meters of core drilling. "We intersected a promising new mineralized zone, and we feel optimistic about the assay results," says Sona's president and CEO, John P. Thompson. "We have undertaken an aggressive exploration program that has tested a number of target zones. Our discovery of this new gold-bearing structure is significant, and it represents a positive development for the company." Sona aims to bring its permitted Blackdome mill back into production over the next year and a half, at a rate of 200 tonnes per day, with feed from the formerly producing Blackdome mine and the nearby Elizabeth gold deposit property. A positive preliminary economic assessment by Micon International Ltd., based on a gold price of $950 per ounce over eight years, has estimated a cash cost of $208 per tonne milled, or $686 per gold ounce recovered. For the company's complete press release, please visit: http://www.sonaresources.com/_resources/news/SONA_NR18_2011-opt.pdf Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html 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 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 Coal (TSX: PCY) Wins Positive Feasibility Study Company Press Release VANCOUVER, British Columbia, Canada -- Prophecy Coal Corp. (TSX: PCY, OTCQX: PRPCF, Frankfurt: 1P2) has received a positive feasibility study for the company's 600-megawatt Chandgana Mine-Mouth Power Project in central Mongolia. The report was independently prepared by Ralf Thomsen, project manager at Steag, a German firm specializing in the planning, financing, construction, and operation of highly efficient thermal power plants for fossil fuels. The study covers technical specifications, deployment, and financial analysis of a 4x150-mw thermal power plant to be built adjacent to Prophecy's Chandgana Tal coal deposit, which contains 140 million tonnes of measured coal. Last year the power plant received a construction license and the coal deposit received a mining license. Engineering, procurement, and construction management selection and project financing discussion have begun and are expected to be concluded this year. Construction is planned to start in April 2013, with the first 150-mw unit being commissioned in October 2015 and subsequent units to start in April 2016, October 2016, and April 2017. With proper maintenance the project will have 30 years of commercial operation. For the complete statement from the company, including maps and charts, please visit: http://www.prophecycoal.com/news_2011_jan17_prophecy_receives_power_plan...
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| The Gold Bubble Debate And The Flash Crash In Gold Posted: 01 Mar 2012 03:53 PM PST The "flash crash" in gold that occurred on Wednesday seemed to have as much logic behind it as the infamous stock market flash crash of May 6, 2010 when the Dow Jones quickly plunged 1,000 points for no particular reason. Yesterday's extraordinary price action in the precious metals has again resulted in mainstream press speculation [...]
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| James Turk: Mining stocks -- still on the runway Posted: 01 Mar 2012 03:33 PM PST 11:30p ET Thursday, March 1, 2012 Dear Friend of GATA and Gold: Will gold mining stocks ever catch up with bullion prices? GoldMoney founder, Free Gold Money Report editor, and GATA consultant James Turk writes tonight that the current underperformance of the shares is lasting longer than previous periods of underperformance. In any case Turk continues to see the shares as undervalued and he expects rising earnings to lift them up. His commentary is headlined "Mining Stocks -- Still on the Runway" and it's posted at the Free Gold Money Report Internet site here: http://www.fgmr.com/mining-stocks-still-on-the-runway.html CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Prophecy Coal (TSX: PCY) Wins Positive Feasibility Study Company Press Release VANCOUVER, British Columbia, Canada -- Prophecy Coal Corp. (TSX: PCY, OTCQX: PRPCF, Frankfurt: 1P2) has received a positive feasibility study for the company's 600-megawatt Chandgana Mine-Mouth Power Project in central Mongolia. The report was independently prepared by Ralf Thomsen, project manager at Steag, a German firm specializing in the planning, financing, construction, and operation of highly efficient thermal power plants for fossil fuels. The study covers technical specifications, deployment, and financial analysis of a 4x150-mw thermal power plant to be built adjacent to Prophecy's Chandgana Tal coal deposit, which contains 140 million tonnes of measured coal. Last year the power plant received a construction license and the coal deposit received a mining license. Engineering, procurement, and construction management selection and project financing discussion have begun and are expected to be concluded this year. Construction is planned to start in April 2013, with the first 150-mw unit being commissioned in October 2015 and subsequent units to start in April 2016, October 2016, and April 2017. With proper maintenance the project will have 30 years of commercial operation. For the complete statement from the company, including maps and charts, please visit: http://www.prophecycoal.com/news_2011_jan17_prophecy_receives_power_plan... Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html 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 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 Sona Discovers Potential High-Grade Gold Mineralization From a Company Press Release VANCOUVER, British Columbia -- With its latest surface diamond drilling program at its 100-percent-owned, formerly producing Blackdome gold mine in southern British Columbia, Sona Resources Corp. has discovered a potentially high-grade gold-mineralized area, with one hole intersecting 13.6 grams of gold in 1.5 meters of core drilling. "We intersected a promising new mineralized zone, and we feel optimistic about the assay results," says Sona's president and CEO, John P. Thompson. "We have undertaken an aggressive exploration program that has tested a number of target zones. Our discovery of this new gold-bearing structure is significant, and it represents a positive development for the company." Sona aims to bring its permitted Blackdome mill back into production over the next year and a half, at a rate of 200 tonnes per day, with feed from the formerly producing Blackdome mine and the nearby Elizabeth gold deposit property. A positive preliminary economic assessment by Micon International Ltd., based on a gold price of $950 per ounce over eight years, has estimated a cash cost of $208 per tonne milled, or $686 per gold ounce recovered. For the company's complete press release, please visit: http://www.sonaresources.com/_resources/news/SONA_NR18_2011-opt.pdf
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| Silver Update 3/1/12 Bullion Banks Posted: 01 Mar 2012 03:24 PM PST |
| UK's Top Gold Fund Manager: ‘I Would Buy Gold At Almost Any Price' Posted: 01 Mar 2012 02:27 PM PST Leading gold fund manager Evy Hambro on why he doesn't expect the bullion price to fall. by Emma Wall, Telegraph.co.uk:
The best performing commodities manager tells us the gold rally is far from over.
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| Why the Silver and Gold Price Slam? Posted: 01 Mar 2012 02:18 PM PST from WealthCycles:
After news from both institutions, impacts yielded excellent opportunities for precious metals investors looking to get the most "bang for their buck." Early in the day yesterday, the tone was set by the outcome of the European Central Bank's (ECB) "Long-Term Refinancing Operation" (LTRO). While most mainstream media voices would tell you that LTRO is simply a rock-bottom interest rate, three-year loan, rather than money-printing, in reality, there is no reason or expectation that these loans must be (or could possibly be) paid back in three years. The "loans" can simply be extended at will. The ECB conjures the loan funds out of thin air; the currency is not there otherwise.
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| 10.7 Percent: Unemployment In Europe Is Worse Than It Was At The Peak Of The Last Recession Posted: 01 Mar 2012 02:15 PM PST from The Economic Collapse Blog:
The unemployment rate in the eurozone is now 10.7 percent. That is the highest the unemployment rate has been since the introduction of the euro. The unemployment rate in the eurozone never got any higher than 10.2 percent during the last recession. This is very troubling news. It was just recently announced that the eurozone has entered another recession, and already the unemployment rate is hitting new record highs. So how bad are things going to get in the months to come? The truth is that the problems for Europe are just starting. The European sovereign debt crisis continues to get worse, and another major global financial crisis is going to be here way too soon. The EU as a whole has a larger population, a larger banking system and more Fortune 500 companies than the United States does. When the financial system of Europe crashes, the entire world is going to feel it. Some of the unemployment numbers coming out of Europe are absolutely staggering. Read More @ TheEconomicCollapseBlog.com
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| Posted: 01 Mar 2012 02:11 PM PST
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| Infographic: Is Gold A Bubble? Posted: 01 Mar 2012 01:44 PM PST Yes, another infographic, and yes, another answer (always the same) on whether gold is a bubble. Courtesy of bullioninternational.com
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| Brazil declares new 'currency war' against foreign devaluations Posted: 01 Mar 2012 01:20 PM PST By Samantha Pearson http://www.ft.com/intl/cms/s/0/76d1d4d0-63d0-11e1-8762-00144feabdc0.html SAO PAULO, Brazil -- Brazil has declared a fresh "currency war" on the United States and Europe, extending a tax on foreign borrowings and threatening further capital controls in an effort to protect the country's struggling manufacturers. Guido Mantega, the finance minister who was the first to use the controversial term in 2010, said the government would not "sit by passively" as developed nations continue to pursue expansionary monetary policies at the expense of Brazil. "When the real appreciates, it reduces our competitiveness. Exports are more expensive, imports are cheaper, and it creates unfair competition for businesses in Brazil," he said on Thursday after announcing changes to the so-called IOF tax. ... Dispatch continues below ... ADVERTISEMENT A Rare Opportunity with Collectible Gold Coins Sovereign debt problems in the United States as well as Europe will worsen this year. The mainstream financial media may never report about the likely inflationary consequences of bailouts and "quantitative easing," nor are they likely ever to recommend tangible assets for financial protection. But at Swiss America Trading Corp. we believe that it is no longer a luxury to own gold and silver coins but rather a necessity. At the moment the public is showing little interest in Double Eagle U.S. $20 gold coins, so the price premiums above the intrinsic melt values (.9675 ounce of gold in each coin) are historically low. The ratio of price to bullion content for these coins has been 2:1 but today it is only about 1.25:1. This is a real opportunity. So give us a call or e-mail and we will be glad to discuss the potential of these coins and how to use a ratio strategy to increase your gold ounces without money out of pocket. In the January edition of his Early Warning Report, Richard Maybury writes: "As they are inherently in very limited supply, I believe that high-quality numismatics will become tulips, eventually rising a thousand percent or more in real terms, when money velocity goes into mid-second stage. In late stage, who knows -- 2,000 percent? 3,000?" All inquiries will receive without charge (while supplies last) our latest book, "The Inflation Deception," as well as our newsletter "Real Money Perspectives." -- Tim Murphy, trmurphy@swissamerica.com -- Fred Goldstein, figoldstein@swissamerica.com Telephone: 1-800-289-2646 Swiss America Trading Corp., 15018 North Tatum Blvd., Phoenix, AZ 85032 In a presidential decree, the government extended the existing 6 per cent financial transactions tax on overseas loans maturing in up to three years. Previously the levy was applied only to loans with maturities of under two years. President Dilma Rousseff later weighed in on the debate, vowing to defend Brazilian industry and stop developed countries' policies from causing the "cannibalisation" of emerging markets. The move comes as Brazil's central bank also steps up direct intervention in the market, selling dollars and offering derivatives called reverse currency swaps to curb the real's near 9 per cent surge against the U.S. dollar this year. Brazil was one of the first emerging markets to speak out against the loose monetary policy of richer nations in the wake of the financial crisis, which it blamed for directing a flood of hot money to the country and overvaluing the real. Although the crisis in the eurozone eased pressure on Brazil's currency late last year, a flurry of debt issuance this year has made the real one of the biggest gainers of 2012. Countries from Colombia to Thailand have also followed suit with their own currency measures, and even the International Monetary Fund was seen to tacitly endorse the use of capital controls last April, giving Brazil's government further ammunition. These currency intervention practices "were always just in reserve but today they are even recommended by the IMF," Mr Mantega said on Thursday. "The IMF didn't think this way and then they started to think this way mainly after Brazil introduced intervention measures which have been successful." However, analysts doubt that such short-term measures will be enough to significantly change the direction of Brazil's currency. "There is nothing they can do to really prevent the real from appreciating; they can just delay it from appreciating," said Italo Lombardi, Latin America economist at Standard Chartered. He added that Thursday's measure would also have little effect because the average maturity of Brazilian bond placements abroad is much longer than three years. After the announcement on Thursday, the real actually strengthened in midday trade to around 1.71 per dollar. Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html 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 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 Free Month Subscription to Market Force Analysis for GATA Supporters Market Force Analysis is a unique, patent-pending approach to commodity market analysis. An algorithm has been developed to extract supply and demand weightings from futures market data. The difference between supply and demand is the market imbalance that is called "market force," so named because it is what drives price. It brings clarity to past market action and predicts market trends. Because it is derived from accurate futures market data it is not subject to the errors inherent in macro-level estimates of supply and demand. Learn more here: https://marketforceanalysis.com/About_MFA.html Market Force Analysis focuses on short-term (15 days) and medium-term price predictions to help both short-term traders and long-term investors understand market moves and benefit from the generated prediction of prices. To read subscriber comments that show how much the service is appreciated, visit: https://marketforceanalysis.com/Testimonials.html The MFA service has been pioneered by market analyst and Gold Anti-Trust Action board member and researcher Adrian Douglas. The Market Force Analysis premium service provides: -- A bi-weekly report. -- Access to the MFA hot list of junior mining stocks derived from analysis of more than 800 mining stocks. The MFA hot list consistently outperforms well-known mining share indices like the HUI, GDX, and GDXJ. -- E-mail alerts about actionable trades. -- E-mail updates with important information. To obtain your 1-month free trial subscription to the Market Force Analysis letter, e-mail info@marketforceanalysis.com and put "MFA Free Trial" in the subject field.
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| Posted: 01 Mar 2012 01:08 PM PST Two former senators – one a 9/11 Commissioner, the other the co-chair of the joint Congressional inquiry into 9/11 – state in sworn declarations that the Saudi government backed the 9/11 attack. The New York Times reports:
As we noted last year:
The Times continues:
As we’ve repeatedly noted:
Indeed, while everyone remembers the false allegations about Iraqi weapons of mass destruction, most forget that the other primary justification for the war was the false linkage between Iraq and 9/11. The failure to really investigate 9/11 led us into a disastrous war … which has virtually bankrupted our country. Unfortunately, the endless wars in the Middle East and North Africa are about oil, not national security (and see this). So we have idiots like MSNBC talking head Joe Scarborough saying that – even if the Saudi government backed the 9/11 attacks – Saudi oil is too important to do anything about it:
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| Sharps Pixley's Norman blames gold smashing on single seller 'out for effect' Posted: 01 Mar 2012 12:31 PM PST 8:25p Thursday, March 1, 2012 Dear Friend of GATA and Gold: In his gold market commentary today Ross Norman, proprietor of the London bullion broker Sharps Pixley Ltd. and founder of TheBullionDesk.com, joins those who attribute gold's smashdown yesterday to a single source who was "out for effect." Norman writes: "A reported 31-tonne sell order on the Chicago Mercantile Exchange rocked gold, which saw prices collapse from a high of $1,790 in London hours to $1,703 during New York trading, followed by a further dip to the low of $1,687 in out-of-hours electronic trading. ... Ordinarily if a seller wanted to get the best price for his metal he would seek to finesse the selling over time, hunting out liquidity (finding people who are the other side of his sell order) and thereby ensure he gets the best possible profit. This seller was clearly simply out for effect." Norman's commentary is headlined "Gold Fall Creates a Fantastic Window of Opportunity for Potential Buyers" and it's posted at the Sharps Pixley Internet site here: http://www.sharpspixley.com/comment/gold-fall-creates-a-fantastic-window... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Free Month Subscription to Market Force Analysis for GATA Supporters Market Force Analysis is a unique, patent-pending approach to commodity market analysis. An algorithm has been developed to extract supply and demand weightings from futures market data. The difference between supply and demand is the market imbalance that is called "market force," so named because it is what drives price. It brings clarity to past market action and predicts market trends. Because it is derived from accurate futures market data it is not subject to the errors inherent in macro-level estimates of supply and demand. Learn more here: https://marketforceanalysis.com/About_MFA.html Market Force Analysis focuses on short-term (15 days) and medium-term price predictions to help both short-term traders and long-term investors understand market moves and benefit from the generated prediction of prices. To read subscriber comments that show how much the service is appreciated, visit: https://marketforceanalysis.com/Testimonials.html The MFA service has been pioneered by market analyst and Gold Anti-Trust Action board member and researcher Adrian Douglas. The Market Force Analysis premium service provides: -- A bi-weekly report. -- Access to the MFA hot list of junior mining stocks derived from analysis of more than 800 mining stocks. The MFA hot list consistently outperforms well-known mining share indices like the HUI, GDX, and GDXJ. -- E-mail alerts about actionable trades. -- E-mail updates with important information. To obtain your 1-month free trial subscription to the Market Force Analysis letter, e-mail info@marketforceanalysis.com and put "MFA Free Trial" in the subject field. Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html 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 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 A Rare Opportunity with Collectible Gold Coins Sovereign debt problems in the United States as well as Europe will worsen this year. The mainstream financial media may never report about the likely inflationary consequences of bailouts and "quantitative easing," nor are they likely ever to recommend tangible assets for financial protection. But at Swiss America Trading Corp. we believe that it is no longer a luxury to own gold and silver coins but rather a necessity. At the moment the public is showing little interest in Double Eagle U.S. $20 gold coins, so the price premiums above the intrinsic melt values (.9675 ounce of gold in each coin) are historically low. The ratio of price to bullion content for these coins has been 2:1 but today it is only about 1.25:1. This is a real opportunity. So give us a call or e-mail and we will be glad to discuss the potential of these coins and how to use a ratio strategy to increase your gold ounces without money out of pocket. In the January edition of his Early Warning Report, Richard Maybury writes: "As they are inherently in very limited supply, I believe that high-quality numismatics will become tulips, eventually rising a thousand percent or more in real terms, when money velocity goes into mid-second stage. In late stage, who knows -- 2,000 percent? 3,000?" All inquiries will receive without charge (while supplies last) our latest book, "The Inflation Deception," as well as our newsletter "Real Money Perspectives." -- Tim Murphy, trmurphy@swissamerica.com -- Fred Goldstein, figoldstein@swissamerica.com Telephone: 1-800-289-2646 Swiss America Trading Corp., 15018 North Tatum Blvd., Phoenix, AZ 85032
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| As Spirits Soar, Two Bubbles Worth Watching Posted: 01 Mar 2012 12:09 PM PST And now for something off the beaten path. As the title implies, while the rest of the world is transfixed on the usual bubble candidates in traditional asset classes, two of the bubbles currently brewing well beneath the radar are a second derivative on the uber-wealthy class in China and Hong Kong, which appears to have a very disproprionate impact on spending patterns for ultra luxury goods, in this case cognac and Swiss watches. Not only that, but investing in these up and coming bubbles has some useful externalities: one can drink cognac, while a Swiss watch can be melted into its constituent gold or platinum once the inevitable hyperinflation finally hits. Alternatively, as these are some of the most marginal products available, any changes in consumption patterns here will be the first indication that the Asian party is ending...
Source: Goldman
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| Gold smashing was a central bank operation, Salinas Price says Posted: 01 Mar 2012 11:26 AM PST 7:25p ET Thursday, March 1, 2012 Dear Friend of GATA and Gold (and Silver): Hugo Salinas Price, president of the Mexican Civic Association for Silver, tells King World News tonight that yesterday's smashing of the gold price was a central bank operation that should not deter anyone from continuing to acquire the monetary metals. Salinas Price says: "If I saw the price declining little by little, day after day, that would be a worrisome signal. That would mean the market is not eager to acquire more gold or silver, but that's not the case. ... When I see that kind of collapse in gold, I know it's not the natural market doing that. Nobody getting rid of their gold and silver is going to dispose of it in that manner. They are going to do it little by little. This seller was definitely not interested in losses. What they were interested in was suppressing the price." The interview is excerpted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/1_Bil... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Golden Phoenix Discusses Royalty Mining Growth Strategy Golden Phoenix Minerals Inc. has discussed its royalty mining growth strategy on the Fox Business Network program "21st Century Business" with host Jackie Bales. Golden Phoenix's director of corporate communications, Robert Ian, told how the company narrows its focus to project generation and future royalty streams. He explained why Golden Phoenix believes it's better to own joint-venture interests in several producing mines instead of full exposure to just one project. "21st Century Business" has been airing for 15 years. Previous hosts have included Gen. Alexander Haig, Gen.l Norman Schwarzkopf, and Secretary of Defense Caspar Weinberger. Golden Phoenix appeared as paid programming on this broadcast. To view the program with Golden Phoenix, please visit Golden Phoenix's Internet site here: http://goldenphoenix.us/fox-business-network/ Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html 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 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 Be Part of a Chance to Discover Northaven Resources Corp. (TSX-V:NTV) is advancing five gold and silver projects in highly prospective and politically stable British Columbia, Canada. Check out the exploration program on our Allco gold/silver project : -- A large (13,000 hectare) property, covering more than 15 square kilometers of a regional mineralized trend just 3km from a recently announced 1.2-million-ounce gold and 15-million-ounce silver deposit. -- The property hosts historic high-grade silver workings and many mineral showings as well as former mines at the property's northern and southern boundaries. -- A deep-penetrating airborne geophysics survey has just been completed on the entire property and neighboring deposits and its results are eagerly awaited. To learn more about the Allco property or Northaven's other gold and silver projects, please visit: http://www.northavenresources.com Or call Northaven CEO Allen Leschert at 604-696-3600.
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| Posted: 01 Mar 2012 10:59 AM PST Gold, Silver Appear Unintimidated Precious metals appear to be recovering nicely after Wednesday's punitive selloff. Although we initially assumed it might take a few weeks for gold and silver to build a base for the next moon shot, yesterday's price … Continue reading
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| Posted: 01 Mar 2012 10:59 AM PST Gold Price Close Today : 1721.10 Change : 11.20 or 0.66% Silver Price Close Today : 3561.10 Change : 102.8 cents or 2.97% Gold Silver Ratio Today : 48.331 Change : -1.113 or -2.25% Silver Gold Ratio Today : 0.02069 Change : 0.000466 or 2.30% Platinum Price Close Today : 1698.20 Change : 29.50 or 1.77% Palladium Price Close Today : 713.10 Change : 9.00 or 1.28% S&P 500 : 1,374.09 Change : 8.41 or 0.62% Dow In GOLD$ : $155.30 Change : $ (0.66) or -0.42% Dow in GOLD oz : 7.513 Change : -0.032 or -0.42% Dow in SILVER oz : 363.10 Change : -9.98 or -2.67% Dow Industrial : 12,930.30 Change : 28.23 or 0.22% US Dollar Index : 78.79 Change : 0.051 or 0.06% All right, I know y'all are all curious about the silver and GOLD PRICE. They bounced back today like a fine prizefighter. The GOLD PRICE rose $11.20 to $1,721.10 and silver rose 3%, 102.8c, to 3561.1c, after falling 6.8% yesterday. Is it the end of the world? Mercy, NO! Is it the end of the world when T.J. Maxx runs a sale? My wife doesn't think so, and that's what the market is offering you right now on silver and gold. I will admit that yesterday's $77.10 drop might give anybody cause to reach for his wastebasket and a short puke, but think about it. That's a 4.3% drop, 4 pennies out of a dollar, and not many of y'all would stoop down to pick up four pennies. At its lowest yesterday the GOLD PRICE hit $1,696. What does that mean? Well, that support under $1,705 didn't give. Next, it closed yesterday at $1,709.90, ABOVE the $1,705 crucial support. Today it bounced up to the next support level, $1,725, and closed at at $1721.1 Now y'all think. Y'all were all happy as a fat rat in the city dump while gold was rising from $1,523 to $1,787, so why get riled when it drops back to $1,710? The up 5 steps, back one step is the normal growth process. As long as GOLD holds about $1,696, it will not drop lower. Now let's talk about that, because I say stuff like that all the time. What am I leaving out? That if you buy here, you are risking that it WON'T hold $1,696. But if you keep waiting until you are 100% certain gold is rising, you'll sit there watching the whole bull market, and miss it. Besides, the risk you sit is greater than the risk you run. If you don't buy silver or gold, you are effectively buying US dollars or euros or yen. You really want to hold those? SILVER gained nearly 3% today, 102.8c, which salved yesterday's 255.7c loss (owch.) Looking at the chart, yesterday merely took silver down for a final kiss good buy to its 300 day moving average. Today it bounce up above that 3482c mark. Yesterday's fall satisfied a 38% correction. That could be enough. If silver falls 50% of its foregoing rise, it would hit 3200c. Testifying against much more falling is that downtrend line from the August high, which yesterday nearly touched. Another final kiss good-bye? Long and short here is that yesterday's fall was catalyzed by the Bernancubus remarks, but both metals were due for a correction. The Bernancubus just helped us get it all done in one day. Yesterday offered a perfect example how central banks destabilize markets. That goof Bernanke mumbled around before congress and suggested he might not print more money. When are folks going to learn this is all propaganda? Brakes! Gas! Brakes! Gas! He's just driving the sheep into the direction he wants them to go. In the end, I'll warrant y'all, he WILL inflate, because he hath no weapon besides. The whole institutional set-up breathes and eats inflation, and without it the system dies and apparatchiki like the redoubtable Mr. Bernanke become supernumerary and worthless. This issue differs somewhat from the manipulation- of-silver-and-gold issue. Do the Fed and the government manipulate silver and gold, not to mention stocks? Of COURSE they do, but NEVER successfully over the long term. Witness: their gold manipulations since 1996 have successfully kept gold, then at $252, down to $1,721.10 today, only a 6.83-fold increase. However, when a market is ready to correct, a little push further by the government (as we saw yesterday) is liable to work a big, but short-lived and temporary, effect. Anyhow, Bernanke's intervention no more caused the drop in silver and gold than germs cause disease. A weakness in the immune system causes disease, and the germs take advantage of it. That germ Bernanke saw silver and gold with a weak immune system, and took advantage of it. Now that we have all that straightened out, let's talk about pleasanter things, or at least, more rational. Stocks keep on struggling along in the same trading range, burning up buying power and getting all gussied up for a sizeable fall. Dow today gained a magnificent 0.22 %, 28.23 points, to 12,980.30. S&P500 climbed 8.41, 0.62%, to 1,374.09. Stocks have no direction and they've traded out a fatal rising wedge -- not a recipe for success and higher prices. But don't believe me -- what am I, a natural born fool from Tennessee, next to the geniuses of Wall Street and Washington? Why, I couldn't come up to Comrade Bernanke's shoe soles, intellectually speaking. Physically, of course, I'm a head or so taller. I'd say "better looking", too, but that's like shooting carp in a rain barrel -- with a hand grenade. The dollar's 7/10% gain yesterday-- 54.1 basis points -- nailed a tent stake into the euro's head. It dropped 1.14%, huge move for a currency. Today it ended at 1.3316, down another 0.12%. Chart begs to say that the euro's rally reached its 50% correction level and ran out of gas, and is about to begin diving again. 20 day moving average stands nearby at 1.3245. If the euro tries to cross that bridge, it will find no bridge, only a gulf. Yen fell, too, yesterday, but only to prove a double bottom at 123c/Y100 (Y81.30/US$1). Rose slightly today, 0.07%, to 123.28c (Y81.12). Wow. Trying to pick the best paper currency is like trying to pick the World's Most Likeable Dictator. Tough choice. Anyway, the scrofulous dollar gained 5.1 basis points today to close at 78.788. Dollar has escaped that gravity that was pulling it earthward and built new support above 78.60. Whether it can pierce 79 is another question. Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com © 2012, 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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| Central Bank Bubble Blowers and the Rehypothecation Inflation-Nation Posted: 01 Mar 2012 10:57 AM PST from CapitalAccount: Federal Reserve Chairman Ben Bernanke was on Capitol Hill today delivering his report card, talking economic forecasts and headwinds while defending the Fed's "accommodative monetary policy." Speaking of report cards, we look at how even the failing marks of central bankers and other economic decision makers get glossed over by the mainstream media and ultimately forgotten by the public. Top on our list, of course, is CNBC which is basically a PR machine for the big banks on wall street, let's not forget. Is it this PR machine what has allowed even former Fed Chairman Alan Greenspan to emerge from the financial crisis relatively unscathed after he largely contributed to it with his reckless interest rate policies and serial bubble blowing that earned him the nickname Alan "Bubbles" Greenspan? We interview Danny Schechter, the news dissector (also author and filmmaker), to get his take on this. He bumped into Alan Greenspan recently, and wrote an article on the Rand Man and his legacy as deregulator in chief. Meanwhile, Greek credit default swaps will not pay out…again! What's going on here? Last time we had a major credit event, it led to the collapse and then zombification of AIG as a conduit for bailing out the likes of Goldman Sachs, JP Morgan, Deutsche Bank, etc. Are the issuers on the hook this time around, and this is just the ISDA working on behalf of them against the speculator hedge funds and other people with net short positions in sovereign debt? Pimco's Bill Gross likened the ISDA's decision to a flood protection insurance policy that failed to pay out in the event of a flood. Is this failure to trigger CDS because decision makers are really worried about another AIG-type market paralyzing counter party risk scare? Or is it about protecting the vested interests of CDS writers this time around? And regardless of how you take your leverage, we delve further into one more way that the shadow banking system gets around capital requirements and liquidity restraints by using something called rehypothecation. We break it down in word-of-the-day. Hypothecation occurs whenever a borrower (for example, a bank or financial merchant) pledge collateral to secure a debt. The borrower retains ownership of the collateral, but it is controlled by the creditor in that he has the right to seize possession if the borrower defaults. A common example is when someone enters into a mortgage agreement with a bank. In this case, the mortgagee lives in the house, which remains collateral for the bank until the mortgage is finally paid off. Now, rehypothecation is simply the hypothecation of collateral that has ALREADY been hypothecated. This occurs principally in the financial markets, where a bank or other broker-dealer reuses the collateral pledged by its clients as collateral for its own borrowing. In the US, rehypothecation of collateral by broker-dealers is limited to 140% of the loan amount to a client under Rule 15c3-3 of the SEC. So what then is churning? Well, churning is the process of rehypoethecating something that has already been rehypothecated! Sounds nuts right? Well, it's really nothing other than a form of fractional reserve lending, except you aren't using depots but instead, you are using hypothecated collateral. It's kind of like me going into your safety deposit box and borrowing the money from the box and lending it out to someone else, who then re-lends it to someone else and so on. The only difference is that the cash in the box has not been posted as collateral. And as another meeting of EU leaders commences over the eurozone crisis, do you ever wonder what policymakers are really doing in the never-ending string of debt crisis meetings? We've got the Sudoku photo evidence to show you. We also tackle the question of bonuses, and if it's really fair to grab the Schiff Brothers (peter schiff and andrew schiff) as examples for excessive profit taking on wall street. After all, they don't have access to the Fed's discount window, and their firm, Euro Pacific Capital, is certainly not too big to fail.
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| Dollar Going Out With A Whimper, Not A Bang - So Far Posted: 01 Mar 2012 10:28 AM PST Last year the US ran a $272 billion trade deficit with China, which means we sent the Chinese that many extra dollars in return for the clothes, toys and iPhones they sent us. This lopsided relationship has been in place ... Read More...
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| "Speculation" in Absence of Physical Demand Blamed for Gold's 5% Posted: 01 Mar 2012 10:03 AM PST PRECIOUS METALS rallied in Asian and early London trade Thursday morning, with gold futures at one point recovering more than a third of yesterday's sharp $100-per-ounce decline as global stock markets also rose. Broad commodity markets rose, but the single Euro currency slipped to fresh 1-week lows as European banks received the €529 billion in 3-year loans they requested from the European Central Bank's LTRO program yesterday.
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| Dollar Going Out With A Whimper, Not A Bang — So Far Posted: 01 Mar 2012 09:17 AM PST Last year the US ran a $272 billion trade deficit with China, which means we sent the Chinese that many extra dollars in return for the clothes, toys and iPhones they sent us. This lopsided relationship has been in place for a long time, allowing (or requiring) China to accumulate about $1.7 trillion dollars of various kinds of US paper. From China's perspective, this is a good deal in the short run but potentially a bad one longer-term. And lately the world has been wondering what they would do with all this low-yielding, rapidly-depreciating currency. The worst case scenario had them reacting to US deficits and debt monetization by converting their dollars into real assets at pretty much any price, sending the value of the dollar through the floor and igniting a currency crisis or hyperinflation. Optimists dismissed the above as unlikely, since traders would see the change in strategy coming and front-run China by dumping dollars immediately, decimating the value of China's remaining reserves. So the only option for China — and Japan, Saudi Arabia and other big trade surplus countries — is to keep playing the game by accumulating dollars in order to protect the value of their current reserves. But there's a lot of policy room between unrestrained accumulation and complete abandonment of the dollar. A surplus country can, for instance, keep accepting dollars but convert a growing share of them into other currencies or hard assets, over time lessening the dollar's relative importance. This, it turns out, is exactly what China has been doing:
Some Thoughts But it's not just euro-bonds that China is accumulating. They've been buying gold (only admitting it after the fact), and farmland and mines in Africa and Latin America. So the quality of their portfolio is rising as it shifts towards hard rather than financial assets. As the article also notes, China's scaling back of its dollar holdings in relative terms hasn't caused the dollar to tank because the rest of the world is so troubled that money is flowing into dollars by default. This is probably temporary. Either the rest of the world gets its act together and begins to look safe again or the US is sucked into the maelstrom of a eurozone implosion or Middle East war or whatever. Or our ongoing debt binge finally gets the scrutiny it deserves and even in an unsafe world the US is discovered to be fundamentally unsound. So for surplus countries the dollar's recent exchange rate stability is a great chance to sell into strength and accelerate their diversification programs. Next year's numbers will probably show another big shift out of dollars. Why does it matter what China or any other country does with dollars the US has already created and spent? Because the foreign exchange markets are where the dollar's value is determined, and the numbers are now huge. There are maybe $3 trillion in the vaults of just a handful of countries, all of whom want to protect their investment and none of whom trusts the US to do it for them. If China is seen as easing itself out of dollars without adverse consequence, then the other big dollar holders will be tempted to follow suit. The result: a growing number of sellers, which will eventually send the dollar down at an accelerating rate, which will cause the remaining dollar holders to panic and head for the exits. Trillions of dollars being converted to hard assets or euros and yen (or Mexican pesos or Brazilian real) all at once is a currency crisis that the Fed won't be able to stop.
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| Gold Fractal Projection of $3,500 into Mid 2012 Remains Intact! Posted: 01 Mar 2012 08:53 AM PST As we have discussed in a previous article, our Fractal Model suggests the wave for Gold in US Dollars will sweep up into the $3500 to $3600 area into the mid-year time-frame. The leading edge of that time-frame begins in May and extends out for a few months. A potential for Gold to spike to a $3900 extended fib level exists. Like all parabolic moves in Gold, the late stages create the biggest price movements. Personally, I would be happy with a huge Gold run up to the $3200 level.
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| Triple Lutz Report–The Leap Day Metals Massacre–Episode 165 Posted: 01 Mar 2012 08:34 AM PST If you bought a lot of precious metals on February 28, 2012, then Leap Day was your nightmare come true. Gold down over $80 per ounce and Silver down over $2. However, today is a new day, and they're both up. While it may take a while for them to achieve new highs, they are quickly going through technical resistance points, and it could happen a lot faster than any of the "experts" believe possible. The key is to accumulate precious metals over time, never make big one-time purchases, unless you can do so at extremely attractive terms and prices. Slow and steady is the way to win the precious metals price race. At times you'll be averaging up and at others you'll be averaging down. But, you won't be experiencing the buyer's remorse that occurs after one of these dramatic pullbacks. Remember, the price only matters when you're buying. Because, if you're like most precious metals investors, you won't be selling until much later and at much more advantageous prices. Or you may never sell, because gold and silver will be the only currencies accepted universally. Either way, if the time comes to start selling your metals hoard, you'll be purchasing stocks and real estate that are yielding 30 percent per year or more. So turn down the talking heads at CNBC, pop open a beer, and utter some prayers of thanks. Please fill out the subscription box on KerryLutz.com to receive your free Financial Survival Toolkit.
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| Kingsgate Consolidated Profits Soar as CEO Sees Good Value in Silver Posted: 01 Mar 2012 08:30 AM PST Australian based mining company Kingsgate Consolidated Ltd. (OTC:KSKGY and ASX:KCN) reported its latest half year results for 2011 on Wednesday, February 22nd. The firm's net profits attributable to members grew by a whopping 192 percent to $33.988 million for the half-year period that concluded on December 31st of 2011 compared with the $11.581 million result seen for the same period of 2010. The firm's directors declared a 10 cent dividend to reward shareholders of record as of March 6th, 2012, payable on March 21st. Kingsgate Operates Chatree and Challenger Gold Mines Kingsgate is the second largest publically traded mining company in Australia, and it operates the low cost Chatree gold mine in central Thailand and the Challenger underground gold mine in in Southern Australia. The firm estimated that its gold production at those locations for the upcoming half year period would be on the order of 115,000 to 125,000 ounces at Chatree and 95,000 to 105,000 ounces...
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| Hecla Mining Announces Record Revenues, Resources and Reserves Posted: 01 Mar 2012 08:29 AM PST February 22nd, 2012 By Dr. Jeffrey Lewis Hecla Mining Co. (NYSE: HL), the largest primary silver producer in the United States, announced its fourth quarter and full year earnings results on Tuesday, February 21st, showing record yearly revenue of $477.6 million for the 12 month period ending on December 31st of 2011. In addition, the mining concern showed net income for the year of $150.6 million, which represents earnings of $0.54 per share, and it reported a gross profit of $265 million. For its fourth quarter, Hecla showed net income of $18.4 million that amounts to diluted earnings after adjustments of $0.06 per share. Although the consensus estimate among market analysts had been for a slightly higher result of $0.07 earnings per share, according to a survey performed by Zacks Investment Research, the stock market responded positively to the earnings news. Hecla's shares traded higher at the open after Tuesday's announcement, rallying from the $5.02 lev...
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| Keeping the Faith After Gold's Plunge Posted: 01 Mar 2012 08:28 AM PST March 1, 2012 [LIST] [*]The day the Dow dropped 650 points — which it didn't... but gold did... therein lies the Leap Day lesson... [*]Chris Mayer on a beaten-down sector...and spectacular growth... headlines be damned! [*]What's behind a shifting rare-earth landscape? Mr. King eyes profits... [*]Monitoring inflation "Fed-style"... 24/7 medical diagnostics in your pocket... a $5 million lawsuit over a half-tank of gas (and how you're gonna pay)... and more! [/LIST] Imagine if the Dow had dropped 650 points yesterday. It would have been the lead story on every newscast and website. It would have trumped the uprising in Syria, the presidential race, even Justin Bieber's 18th birthday. In percentage terms, gold fell an equivalent amount yesterday... and outside of the sliver of the population that pays attention to such things, no one noticed. The fact hardly anyone's paying attention makes a huge difference. We'll come back to that momentarily... From a h...
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| Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2% Posted: 01 Mar 2012 08:26 AM PST Gold rebounded about 2% in Asia from yesterday's nearly $100 loss before it fell back to $1702.63 by a little before 9AM EST, but it then climbed to as high as $1726.00 in New York and ended with a gain of 1.41%. Silver rose to as high as $35.637 and ended with a gain of 2.7%.
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Gold has emerged as one of the few winners from the financial crisis. Turbulence across markets globally and returns of next to nothing on cash over the past two years saw investors pour money into bullion. As a result, the gold price soared and Evy Hambro's BlackRock Gold & General fund saw inflows of nearly £1.5bn in the past 24 months alone, bolstering the fund to £3.4bn.
To understand the mid-day sell in precious metals on February 29, one must look at the actions of the two most important institutions for short- and medium-term financial planning, the world's two largest banks, the Federal Reserve Bank and the European Central Bank.
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