Gold World News Flash |
- Meltdown - The Global Financial Crisis?
- Eric Sprott - What Happened in Gold & Silver is Stunning
- By the Numbers for the Week Ending March 2
- Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 3% on the Week
- Silver: History Repeating
- Gold Far From Bubble Phase: Marc Faber
- Eric Sprott: What Happened in Gold & Silver is Stunning
- How to Put Yourself on the Gold Standard
- Where is Greece’s Gold?
- GLD Metal Holdings Within Two Percent of Pinnacle
- Gold vs. Silver: Which is the Best Investment?
- BREITBART’S Footage Shows Obama ‘Palling Around’ With Terrorists
- MUST READ: What Really Happened This Week in Gold and Silver
- Mickey Fulp’s Monthly Market Wrap – 03-02-2012
- Metals smashed to disguise monetary irresponsibility, Sprott tells KWN
- If The Guilty (Mortgage Mafia) Are Never Punished, Housing Will Never Recover
- The Gold Price Gave Back $12.30 to Close at $1,708.80 Offering You Reduced Prices so Buy While You Can
- Gold Chart comments
- Marc Faber: Gold Far From Bubble Phase
- Silver Update 3/1/12 Bullion Banks
- Silver price action ‘remarkable’
- Gold and Silver Disaggregated COT Report (DCOT) for March 2
- Gold’s Role in the Future World Economy
- A Closer Look At This Week's Intervention In the Metals Markets
- Gold Dinar, Silver Dirham
- Former Goldman, JP Morgan Banker Warns Hedge Funds To Accept Coercive Greek Exchange Or Else
- Mickey Fulp’s Monthly Market Wrap–03-02-2012
- Commercials went really short in silver at $33, Arensberg reports
- The Broken Pension Promise
| Meltdown - The Global Financial Crisis? Posted: 02 Mar 2012 04:32 PM PST  The global financial crisis (GFC) or global economic crisis is commonly believed to have begun in July 2007 with the credit crunch, when a loss of confidence by US investors in the value of sub-prime mortgages caused a liquidity crisis. This, in turn, resulted in the US Federal Bank injecting a large amount of capital into financial markets. By September 2008, the crisis had worsened as stock markets around the globe crashed and became highly volatile. Consumer confidence hit rock bottom as everyone tightened their belts in fear of what could lie ahead.The sub-prime crisis and housing bubble The housing market in the United States suffered greatly as many home owners who had taken out sub-prime loans found they were unable to meet their mortgage repayments. As the value of homes plummeted, the borrowers found themselves with negative equity. With a large number of borrowers defaulting on loans, banks were faced with a situation where the repossessed house and land was worth less on today's market than the bank had loaned out originally. The banks had a liquidity crisis on their hands, and giving and obtaining loans became increasingly difficult as the fallout from the sub-prime lending bubble burst. This is commonly referred to as the credit crunch. Read more....... 
This posting includes an audio/video/photo media file: Download Now |
| Eric Sprott - What Happened in Gold & Silver is Stunning Posted: 02 Mar 2012 04:04 PM PST  Today billionaire Eric Sprott told King World News that a staggering 500 million ounces of paper silver traded hands during the takedown in the metals this week. Eric Sprott, Chairman of Sprott Asset Management, had this to say about what took place the day of the plunge in gold and silver: "I can only imagine it's the same forces that for the last twelve years have been at work in the gold market, trying to keep the volatility very large on the downside. As you are aware, we hardly ever get days when you get an intraday $100 rise in gold. When we look back at what happened (on Wednesday) we saw huge sell orders in gold and silver."
This posting includes an audio/video/photo media file: Download Now |
| By the Numbers for the Week Ending March 2 Posted: 02 Mar 2012 04:03 PM PST SOUTH TEXAS -- Just below is this week's closing table.
That is all for now, but there is more to come.
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| Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 3% on the Week Posted: 02 Mar 2012 04:00 PM PST Gold saw slight gains in early Asian trade, but it then chopped back lower in London and New York and ended with a loss of 0.18%. Silver slipped to as low as $34.34 and ended with a loss of 1.98%.
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| Posted: 02 Mar 2012 03:50 PM PST |
| Gold Far From Bubble Phase: Marc Faber Posted: 02 Mar 2012 03:48 PM PST from TheAUReport.com:
The Gold Report: After Standard & Poor's (S&P) downgraded a cluster of Eurozone countries in January, you came out saying that downgrades should have been even deeper, depending on the country's credit-worthiness. S&P did give below-investment-grade ratings to Portugal and Cyprus—BB and BB+, respectively—but you indicated that some of these countries warrant CCC ratings. Do you anticipate additional downgrades? Marc Faber: If you accounted for the unfunded liabilities of most European countries, as well as the U.S., the quality of the government debt would be significantly lower. In other words, yes, I do expect to see more and more downgrades over time.
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| Eric Sprott: What Happened in Gold & Silver is Stunning Posted: 02 Mar 2012 03:44 PM PST from King World News:
Eric Sprott continues: Read More @ KingWorldNews.com
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| How to Put Yourself on the Gold Standard Posted: 02 Mar 2012 03:40 PM PST by Peter Schiff, EuroPac.net via GoldSeek.com:
Nearly all economists who actually influence policy continue to regard gold as a failed and obsolete relic. Much as the automobile supplanted the horse and buggy, these economists see the "elasticity" of fiat paper money as a major improvement over the inflexibility of the gold standard. But what they see as progress has been, in reality, a major step backward.
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| Posted: 02 Mar 2012 03:38 PM PST by Alasdair Macleod, GoldMoney.com:
Bear in mind that these central banks sort to end any monetary role for gold after the Bretton Woods system fell apart in the early 1970s. More recently, as signatories to the three consecutive Central Bank Gold Agreements, they have perhaps seen gold as a source of funds as well. But those were "happier times" for them, when progressively greater central planning and increased regulation went unchallenged by the markets. But now that monetary authorities are facing increasing criticism, the central banks' strategy towards gold today must logically be completely different: either gold is an asset whose value has to be maximised as collateral, or it has to be held on to as a "last resort" asset. Vested interests have fundamentally altered with the change in circumstances now forced upon eurozone governments.
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| GLD Metal Holdings Within Two Percent of Pinnacle Posted: 02 Mar 2012 03:07 PM PST SPDR Gold Shares (NYSE:GLD), the largest gold ETF, reported it held 1,293.68 tonnes of LBMA approved good delivery gold bars, held for the trust by a custodian in London. That is up 9.07 tonnes from one week ago, and up about 39.1 tonnes so far this year. Continued... Gold ended 2011 at $1,566 in London and closed Friday, March 2 at $1,711.96 on the Cash Market in New York, up $145.96 for the year or about 9.3%. GLD gold holdings as of Friday were within 26.76 tonnes (2%) of the all time high of 1,320.44 tonnes last set June 30, 2010.
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| Gold vs. Silver: Which is the Best Investment? Posted: 02 Mar 2012 02:51 PM PST Is there a case for holding both gold and silver? Despite the intuitive case, the empirical evidence since*SLV’s*inception suggests investors may not be sufficiently compensated for pairing silver with gold. [I came to that conclusion by back-testing the performance of each using a variety of analytical approaches. Read on.] Words: 645 * So says Mark Motive ([url]www.planbeconomics.com[/url]) in edited excerpts from an article* posted on Seeking Alpha 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.)Motive*goes on to say, in part: * My initial reaction was to simply say “yes” because gold and silver possess very different investment characteristics: [LIST] [*]Gold is a monetary asset, with supply and demand determined primarily by the condition...
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| BREITBART’S Footage Shows Obama ‘Palling Around’ With Terrorists Posted: 02 Mar 2012 02:26 PM PST Obama's Weather Underground friends wanted Communist dictatorship set up in America: by Paul Joseph Watson, InfoWars.com: The footage that Andrew Breitbart planned to release just hours after his untimely death would have proven hugely damaging to President Obama's re-election hopes, because it shows Obama fraternizing with Weather Underground terrorists whose goal it was to set up a Communist dictatorship inside the United States. According to former FBI agent Larry Grathwohl, who was assigned to infiltrate the Weather Underground's Central Committee, the organization run by Bill Ayers carried out bombings targeting the Pentagon, the State Department, as well as police stations and federal buildings, in an attempt to cause the United States government to collapse and open the door for Cuban, North Vietnamese, Chinese and Russian troops to occupy the country.
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| MUST READ: What Really Happened This Week in Gold and Silver Posted: 02 Mar 2012 01:37 PM PST from Across The Street: Hard to believe, but CNBC and the World's chartologists missed a very important point: In the last three days JP Morgan's house account has taken possession of 3 times more physical silver than it did in all of 2011 (626 contracts, or 3.1 million t oz.) bringing their 2012 total to 1,058. The last time the Morgue took delivery of this much silver was September, 2010 at around $20.55 (it's almost like they knew QE2 was coming – more on that later). On Tuesday, when silver shot up more than 4%, the CMEgroup initially issued blank trading reports, as in "!!!! NO DATA !!!!", but eventually published this:
Read More @ AcrossTheStreetNet.Wordpress.com
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| Mickey Fulp’s Monthly Market Wrap – 03-02-2012 Posted: 02 Mar 2012 01:00 PM PST from The Financial Survival Network:
Natural Gas took it on the chin, while the flaming oil rally eased off in the last couple of days. Due to Iranian tensions and Middle East uncertainties, rumors of oil at $150 per barrel could certainly put a damper on the world financial markets. However, at the present time, it's full steam ahead. Eventually, all parties end. This one will too, but while it's going on, you should make the most of it. Don't forget platinum's price is getting very close to gold's and all things considered, it will probably pass it shortly. Click Here to Listen to the Podcast
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| Metals smashed to disguise monetary irresponsibility, Sprott tells KWN Posted: 02 Mar 2012 12:48 PM PST 8:45p ET Friday, March 2, 2012 Dear Friend of GATA and Gold: Interviewed by King World News, Sprott Asset Management CEO Eric Sprott shakes his head at this week's counterintuitive action in the paper gold and silver markets. Sprott says, "The authorities don't want a linkage between monetary irresponsibility and the price of precious metals going up." The interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/3_Eri... 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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| If The Guilty (Mortgage Mafia) Are Never Punished, Housing Will Never Recover Posted: 02 Mar 2012 11:51 AM PST If The Guilty (Mortgage Mafia) Are Never Punished, Housing Will Never RecoverAnd The Rent IS Too Damn High Courtesy of Lee Adler of the Wall Street Examiner The following is the executive summary of the Wall Street Examiner Professional Edition Housing Update. The complete report with illustrative charts and analysis is available to subscribers here. Housing data continues to be mixed. Lagging closed sales data shows prices still declining. However, the most current sales data represents January closings, which were mostly sales that went under contract in November 2011. That tells us nothing about the current market. Real time listings data, which over time has correlated well with subsequently reported sales data, is actually up on a year over year basis. The supply side of the law of supply and demand is working. There's less supply offered at these low levels and seller asking prices have firmed up because of that. But the demand side is still broken in spite of an apparent increase in buyer "willingness."
Most demand markers remain extremely weak. The number of buyers may have increased, but huge numbers of sales are falling through because of problems with financing. Appraisers, unwilling and unable to see prices leveling out, continue to apply downward time adjustments resulting in one third of contracts blowing up. The willingness to buy is there, but the ability to finance is not. At the same time, a high percentage of sales being all cash suggests that many buyers are sensing intrinsic value in some markets. Unfortunately for the market, value and price isn't the same thing. Demand depends largely on employment. While there are hints that the employment picture may be improving, it has not improved enough to cause a sustained increase in demand that would lead to a sustained rise in house prices. The supply of existing houses on the market has been radically reduced, while builders continue to build. They got a boost in January with a surge in new home demand. It appears that the dead in the water new house market may have turned a corner of sorts, but it's not clear yet whether a sustained uptrend will follow. Sales as measured by the Commerce Department are barely above record lows. Based on the current NAHB builder survey, February sales data should show a substantial increase. Inventories of existing homes are way down, and that has helped inventory to sales ratios based on contracts, but one third of those contracts are blowing up due to low appraisals and credit rejections on other grounds. Appraisers applying downward time adjustments to comparable sales exacerbates a problem that might no longer exist if it were not for the low appraisals. It's a chicken and egg problem. Appraisers won't stop adjusting comparable sales down in price until the price downtrend stops, and the downtrend won't stop until appraisers stop using negative time adjustments. So while there appears to be an increase in the willingness of buyers to buy, there's no increase in effective demand, or the ability to close the sale, and hence no real improvement in the supply demand imbalance in spite of sharp reductions in supply. One half of the problem, that of oversupply, is well on the way to being solved. The problem of financing deals so that they can close is not. The same mortgage lenders who caused the problem in the first place by being too easy for too long, are now exacerbating the problem by being too tight. Their stupidity and short-sighted self dealing are boundless, in the end only harming the market they are supposed to facilitate in the due course of the conduct of their business. A little honesty would have gone a long way. Unfortunately, that's a non existent quality among the big mortgage banks. They're crooks, and they continue to screw the system as they seek to cover their crimes. The only way out of what is in its essence a criminal morass is to punish the guilty. The only solution is to put a few thousand of the industry's top players in jail. That's not happening, and it's not going to happen. Until there's punishment of bad behavior, the bad behavior will only be reinforced. While lenders ironically screw the system by now rejecting deals that they should make, the shadow inventory problem grows like a cancer in the mortgage and banking criminal enterprises. As I have discussed in the past, and have reposted below, it is less of a direct problem for the housing market. A growing portion of that shadow inventory has become, or is in the process of becoming, non marketable. To the market, the shadow inventory boogieman is just that, a boogieman, not a real threat. But to the criminal enterprise itself, it constantly siphons off its lifeblood, and limits the ability of the mortgage mafiosi to skim and divert fictitious profits into their own pockets. Ultimately, if people lose confidence and the financial system implodes, then it's game over and prices will collapse again. For purposes of this analysis, I will assume that that's not going to happen. As long as the Fed and foreign central banks keep their criminal crony zombie banks on life support they can bleed off the losses over a generation or two and the land of make believe will persist. It will never prosper, but it will persist, while those running the scam continue to stuff their pockets. A real bottom in prices and the beginnings of a housing recovery will require a sustained increase in effective demand coupled with continued reductions in supply. The supply reductions are happening in a real and material way. There are indications of some increase in demand, including large percentages of cash sales and a surge in contracts signed in January, as well as possibly the beginnings of increasing employment. But these seeds of demand growth have to be cultivated and harvested as closed sales, and it's not clear when or if the dysfunctional criminal banking system will ever be able to fully perform that function. So while there is probably less risk in housing now due to supply reductions that's a long way from being in a sustained recovery. That requires consistent effective demand, which is being broadly stifled by the massive effort in the industry and in government to sustain the criminal enterprise. As for the financial system itself, it will remain under pressure for as long as it takes to recognize the reduced value of housing collateral, a process which, in spite of 5 years of declining prices, hasn't even begun. I've long estimated that the collateral value loss is in the vicinity of 30% nationally, and a report out today from CoreLogic more or less verified that. That there will be more foreclosures, and that the banking system will remain a dysfunctional, disreputable cesspool are givens. As long as that's the case there will be a ceiling on how far prices can rise, even with wave after wave of malfeasant central bank money printing.
Get regular updates the machinations of the Fed, Treasury, Primary Dealers and foreign central banks in the US market, in the Fed Report in the Professional Edition, Money Liquidity, and Real Estate Package. Click this link to try WSE's Professional Edition risk free for 30 days!
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| Posted: 02 Mar 2012 11:38 AM PST Gold Price Close Today : 1,708.80 Gold Price Close 24-Feb : 1,775.10 Change : -66.30 or -3.7% Silver Price Close Today : 3448.1 Silver Price Close 24-Feb : 3533.8 Change : -85.70 or -2.4% Gold Silver Ratio Today : 49.558 Gold Silver Ratio 24-Feb : 50.232 Change : -0.67 or -1.3% Silver Gold Ratio : 0.02018 Silver Gold Ratio 24-Feb : 0.01991 Change : 0.00027 or 1.4% Dow in Gold Dollars : $ 156.99 Dow in Gold Dollars 24-Feb : $ 151.19 Change : $ 5.80 or 3.8% Dow in Gold Ounces : 7.595 Dow in Gold Ounces 24-Feb : 7.314 Change : 0.28 or 3.8% Dow in Silver Ounces : 376.37 Dow in Silver Ounces 24-Feb : 367.39 Change : 8.98 or 2.4% Dow Industrial : 12,977.57 Dow Industrial 24-Feb : 12,982.95 Change : -5.38 or 0.0% S&P 500 : 1,369.63 S&P 500 24-Feb : 1,365.74 Change : 3.89 or 0.3% US Dollar Index : 79.432 US Dollar Index 24-Feb : 78.308 Change : 1.124 or 1.4% Platinum Price Close Today : 1,696.30 Platinum Price Close 24-Feb : 1,712.80 Change : -16.50 or -1.0% Palladium Price Close Today : 716.20 Palladium Price Close 24-Feb : 711.35 Change : 4.85 or 0.7% After yesterday's strong recovery, the silver and GOLD PRICE fainted today. Silver lost 113c to shutter Comex at 3448.1c. Gold gave back $12.30 to $1,708.80. The GOLD PRICE has fallen back below its crucial 150 DMA (now $1,714.56) with its $1,708.80 close today. Down beneath the 40 DMA at $1,685.45 ought to act as a safety net should it fall further. Weak as today was, odds remain with gold since it showed itself so strong this week. However, a close below $1,696 shatters that. If this plays out as corrections usually do, gold will climb to about $1,750, then plunge once again, either to $1,696 or a little lower. That will take 3 weeks or more to play out., The SILVER PRICE has also fallen through its 300 DMA (now 3484c) with today's 3448.1 close. This is not unusual when silver is recovering from a fall through its 300 DMA, judging from history. It can dance back and forth over the 300 DMA before it finally leaves it behind. On silver's side is the chart that reveals silver has only fallen to the downtrend line (from August) that it broke through in February. This this move could be nothing more than a final kiss good-bye before silver takes off. If that's true, then silver won't fall much further. If not true, then it could hit 3200c. Market is offering you silver and GOLD at reduced prices. Better buy while you can. This will have to be short because tornados are touching down all around us and have already ravaged north Alabama not far away. Go home tonight and hug your wife or husband and children and all those you love, and tell them you are glad they are alive so you get to enjoy their company. My wife Susan got locked in WalMart jail. That's right, they had a "Code Black" and locked down the whole place, herded everybody to the back of the store, and locked it down because of the weather. I thought I was going to have to get a habeas corpus to get her out. In spite of the Bernancubus Surprise this week that whacked silver and gold on the head with a ball peen hammer, they didn't finish the week so badly, down 2.4% for silver and 3.7% for gold. Stocks have enjoyed all the ups and down of a flatiron this week, platinum and palladium went sideways-ish, while the dollar roared -- well, as much as a little mouse-burp gully-dirt-sorry paper currency created out of thin air and the imagination of central bankers can roar, which ain't too loud. Up 1.4%, but it caught all those euro and yen fans from behind. Today the dollar added another 64.3 basis points to the 54.1 it gained on Wednesday. Closed over 79 at 79.432, a huge jump clean through the 20 day moving average (78.95) and nearly to the 50 DMA (79.67). Still, the dollar won't convince folks it's serious until it clears 80.12. Euro dropped 0.9% To 1.3198, and has clearly failed at the 50% correction level (about 1.3400). Yen brought the big surprise today by crashing AGAIN, to a new low. Closed 122.23c/Y100 (Y81.81/US$1), down 0.88%. As oversold as it is, it may fall further. Central banks are doing a dance, and the Bernancubus Surprise was the opening music. They're trying to re-arrange something, but I don't quite see it yet. Since the whole world money supply might as well be one big balloon, maybe they are just shifting the attention from one to the other, the way the fellow with the three walnut shells and a pea distracts your attention. Stocks are going nowhere, and you might as well accept the news. Dow today went sideways to lower with a puking-sick chart all day long. Down 2.73 to close at 12,977.57. S&P had a WORSE day, losing 4.46 (0.32%) to 1,369.63. Next week will bring pain, suffering, weeping, wailing, and gnashing of teeth for stocks. Y'all enjoy your weekend! Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com 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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| Posted: 02 Mar 2012 11:34 AM PST [url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] The Daily Chart is pretty clear as to the larger resistance and support levels. Those remain the same as they had been previous to the strong upside moves on Monday and Tuesday of this week. The sell off was contained on the downside by the same level support that has held for over a month now. Value buyers continue to surface near and just below the $1700 level. Reports of very strong increases in physical offtake are surfacing out of Asia on such dips in price. This buying is not of the nature that it chases prices higher; that requires the momentum crowd (hedge funds in particular) many of which were run out of their long positions on Wednesday's rout. For that crowd to come back in, gold will need a return TO AND THROUGH the $1750 level. Last week I posted a weekly chart detailing the BULLISH FLAG OR PENNANT FORMATION which had developed. I also gave a price projection based on that patt...
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| Marc Faber: Gold Far From Bubble Phase Posted: 02 Mar 2012 11:15 AM PST Investors should buy a little bit of physical gold every month & put it aside without concerns of corrections. I would start buying some right away...
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| Silver Update 3/1/12 Bullion Banks Posted: 02 Mar 2012 11:02 AM PST
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| Silver price action ‘remarkable’ Posted: 02 Mar 2012 11:00 AM PST Supernova in the sense of rarity." This technical action again provides good support for the view that silver is at the start of the kind of price breakout
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| Gold and Silver Disaggregated COT Report (DCOT) for March 2 Posted: 02 Mar 2012 10:58 AM PST This week's Commodity Futures Trading Commission (CFTC) disaggregated commitments of traders (DCOT) report reflects stepped up "opposition" to the advances in the prices for gold and silver as of Tuesday, one day before the very large snap correction on Wednesday, which loped a net $87 off the price of gold and knocked silver for $2.25 in a single New York session. All of the trader's positions are calculated net of spreading contracts as of the Tuesday disaggregated COT report.
As a reminder, the linked charts for gold, silver, mining shares indexes and important ratios are located in the subscriber pages. In addition Vultures have access anytime to all 30-something Vulture Bargain (VB) and Vulture Bargain Candidates of Interest (VBCI) tracking charts – the small resource-related companies that we attempt to game here at Got Gold Report. Continue to look for new commentary often.
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| Gold’s Role in the Future World Economy Posted: 02 Mar 2012 10:54 AM PST If gold is so unimportant, why then does the US hold over 8000 tons of it as well as thousands of tons more of other countries' gold...
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| A Closer Look At This Week's Intervention In the Metals Markets Posted: 02 Mar 2012 10:31 AM PST |
| Posted: 02 Mar 2012 10:23 AM PST
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| Former Goldman, JP Morgan Banker Warns Hedge Funds To Accept Coercive Greek Exchange Or Else Posted: 02 Mar 2012 10:21 AM PST In the neverending saga that is the Greek exchange offer we have a new and very important player: the head of the Greek debt management agency, Petros Christodoulou, who is now actively threatening any Greek hold outs hedge funds against doing what is in their LPs' best interests (suing Greece and the EU and holding out for par recoveries - as discussed here), and suing Greece by using not only the now trite and idiotic Mutual Assured Destruction clause which only those stuck in 2008 believe is remotely credible, but by advising hedge funds (which are actively forming ad hoc hold out committees as we speak, just as we predicted 6 weeks ago) that "there is just no money for holdouts...We are prepared for legal challenges but the risk here is that people are trying to be too smart." Oh, so now if one does what is in their interest, and dare hold out against collectivist fascist interests, they are "trying to be smart." We wonder if Mr. Christodoulou learned such brute force negotiating tactics at one of his former employers: JP Morgan or Goldman That's right - as we wrote over two years ago, the man who is now negotiating for Greece's and Europe's life (because a failed PSI will not only trigger CDS, more importantly it will result in an out of control default of Greece and likely its exist from the Euro and the Eurozone - two things that Germany would be delighted to see) is a former employee of the two companies that just so happens are the co-chairmen of the US Treasury Borriwng Advisory Committee, or as we have also called it before, "The Supercommittee That Really Runs America." Is the pattern finally emerging?
Also as said here countless times before, the hedge funds certainly have the upper hand in the standoff with Greece, if only they successfully collectivize and form a hold out stake. Guess what: that's precisely what they are doing, using Bingham McCutchen (if any readers have a Greek bond stashed somewhere, whether it is Greek or UK-law, and wish to prevent this travesty from happening, reach out to Bingham and join the hold out group).
Needless to say, the TBAC crony is not happy at the prospect of an out of control default collapse of the system unless the hedge fund hold outs aren't bribed to comply.
Uh sorry Pet, it's not about what seems fair to your crony accomplices. It's what makes the most money. And the best strategy right now is for hedge funds to build up pair trades (buy CDS and bonds) going into the PSI and just say no, knowing very well that they have all the power in the world if more than 25% of hedge funds announce they refuse to participate in the coercive PSI. Just as we have been saying for months. And incidentally, here is a modest suggestion for Germany: if you want to hate someone, hate Goldman Sachs. After all, Goldman is the firm that spawned not only Mario Draghi who as we wrote yesterday is now the most hated man in Germany, but also this Greek pawn whose only job now is to do everything in his power to keep Greece part of the Union - something that well over 60% of Germans do not want. And as a reminder, it was also Goldman who allowed Greece to reach to its catastrophic debt load in the first place by coming up with clever ways to disguise its debt. Yup: if there is anyone who can play not both, but all three side of the game (including be the referee) it's Goldman.
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| Mickey Fulp’s Monthly Market Wrap–03-02-2012 Posted: 02 Mar 2012 10:13 AM PST Mickey Fulp, the Mercenary Geologist, took time out today to review a number of stock and commodity indexes and their relative performances for the entire month of February 2012. While gold was down slightly, most other markets performed well. No doubt the ever increasing supply of fresh fiat currency has been feeding the rally. Even with the world wide economic slow down, the demand for commodities has held steady around the world. Natural Gas took it on the chin, while the flaming oil rally eased off in the last couple of days. Due to Iranian tensions and Middle East uncertainties, rumors of oil at $150 per barrel could certainly put a damper on the world financial markets. However, at the present time, it's full steam ahead. Eventually, all parties end. This one will too, but while it's going on, you should make the most of it. Don't forget platinum's price is getting very close to gold's and all things considered, it will probably pass it shortly. Please fill out the subscription box on KerryLutz.com to receive your free Financial Survival Toolkit.
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| Commercials went really short in silver at $33, Arensberg reports Posted: 02 Mar 2012 09:57 AM PST 5:53p ET Friday, March 2, 2012 Dear Friend of GATA and Gold (and Silver): Gene Arensberg says at the Got Gold Report tonight that the large commercial traders in silver are now shorter than they have been since last September and that they really piled into their short positions as silver rose past $33. Arensberg's commentary is posted at the Got Gold Report's Internet site here: http://www.gotgoldreport.com/2012/03/comex-large-commercials-step-up-opp... 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: 02 Mar 2012 09:47 AM PST March 2, 2012 [LIST] [*]Whither the defined-benefit pension? How low interest rates, the "fraudclosure" scandal and one bloated dinosaur of a company are conspiring to wreck your retirement [*]In search of a mystery seller: Separating the signals from the noise after gold's beat-down [*]Take that, Warren Buffett: How gold really can generate an income stream [*]Spanish town looks to collect revenue from a few of its... best buds [*]The economic fever-chill cycle... a query about ETFs... Ron Paul raises his silver shield... and more! [/LIST] If you thought the Fed's penchant for low interest rates were a bear because you can't get a decent return on a bank CD, think about this: The typical pension plan of an S&P 1500 company can meet only 75% of its obligations as of year-end 2011 — a post-World War II low. In 2010, the funded ratio was still 81%. Put together all the S&P 1500 companies, and they're staring at a $484 billion aggregate pension deficit. Big...
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With more than 40 years as an economist to his credit and claiming gold as the "biggest position in my life," Gloom Boom & Doom Report Publisher Marc Faber assures us that gold is nowhere near a bubble phase, but cautions that corrections of 40% are not unusual in a bull market. At the end of March, Faber will share his secrets for surviving corrections at the World MoneyShow in Vancouver. In advance of that appearance, he sat down with The Gold Report for this exclusive interview where he discusses his bias for portfolio diversification in terms of geographies as well as asset classes. 
Today billionaire Eric Sprott told King World News that a staggering 500 million ounces of paper silver traded hands during the takedown in the metals this week. Eric Sprott, Chairman of Sprott Asset Management, had this to say about what took place the day of the plunge in gold and silver: "I can only imagine it's the same forces that for the last twelve years have been at work in the gold market, trying to keep the volatility very large on the downside. As you are aware, we hardly ever get days when you get an intraday $100 rise in gold. When we look back at what happened (on Wednesday) we saw huge sell orders in gold and silver."
While you may agree with me that the world desperately needs the gold standard, you may be equally convinced that the day global leaders embrace it is still a long way off. Fortunately, regular people no longer have to wait for the leadership to come to their senses. It is now possible for individuals to establish a personal gold standard using the world's first Gold Debit Card. The service, offered by my company Euro Pacific International Bank, allows users to save in gold but spend in local currency.
Recently there have been reports that if Greece defaults on the new bail-out package, creditors will be entitled to seize her gold. Whether or not this is true, it raises one big question: given the severe financial and economic crisis in Europe, what is the current collective attitude of the eurozone central banks to gold?
Mickey Fulp, the Mercenary Geologist, took time out today to review a number of stock and commodity indexes and their relative performances for the entire month of February 2012. While gold was down slightly, most other markets performed well. No doubt the ever increasing supply of fresh fiat currency has been feeding the rally. Even with the world wide economic slow down, the demand for commodities has held steady around the world.
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