Gold World News Flash |
- Question:
- Physical Silver Buying
- Risk-Off Initial Reaction To PSI Deal
- My Favorite Candidate for the "Next Switzerland"
- Leeb - Warren Buffett Desperate & Policymakers Scared to Death
- Central Banks Concerned Gold Will Go Ballistic, Currencies, QE & More
- Gold Seeker Closing Report: Gold and Silver Gain About 1%
- Gold Support at 1690
- Silver Proving Its Mettle in 2012
- The Stranger Beside You - Spouses And ETFs
- The Fed’s Newest Trick
- Silver Update: 3/8/12 Viewer Questions 2
- In The News Today
- March 8th- Another MRM sample- INVN up 8.5% one day
- LIBOR Fraud Signals Beginning-of-the-End For Banksters
- Central banks squelch gold to protect QE, Sinclair tells King World News
- German newspaper faults secrecy around Germany’s gold in New York
- Greek bailout will crash, gold ‘correction’ is over anyway, von Greyerz says
- Silver smashdown costing shorts a lot of metal, KWN’s London trader says
- Pat Heller: Liberty Dollar’s von Not Haus did nothing wrong or unusual
- US Infantry Soldier Dollar Sales Surge as 5 Ounce Silver Coins Retreat
- Draghi Says Inflation to Exceed 2% in 2012
- Why a Greek Debt Deal Won’t End the Greek Saga
- Humans: New and Improved
- Super Mario Draghi Says “Ball Is Now In The Banks' Court,” As He Prints Over 1 Trillion Euros
- ROT & DECAY – AMERICAN STYLE
- Greek Bonds, Dexia Trash, French Postal Service, & Profit
- US Budget Deficit Hits All Time High In February
- China Accumulating Silver And Gold On Dips / Switzerland Also Wants To Repatriate Gold / Gold And Silver Rise
- Gold Facing Brisk Headwinds
| Posted: 08 Mar 2012 06:02 PM PST What usually happens to silver after a weekly shooting star hanging man retracement the following week?
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| Posted: 08 Mar 2012 06:02 PM PST While dumb American and Canadians for that matter, fulfill dreams of becoming mermaids, the Chinese just bought the fucking dip.
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| Risk-Off Initial Reaction To PSI Deal Posted: 08 Mar 2012 05:26 PM PST Broadly speaking markets are derisking post the PSI deal announcements. Treasuries are 1-2bps lower in yields, EURUSD is down 35pips or so under 1.3230 (and JPY is rallying as carry is unwound), ES has dropped -5pts, Gold and Silver are sliding modestly, and WTI is off its peak but remains over $107. EURUSD is under 1.3230...
Aggregating risk assets into a broad proxy, we see CONTEXT leading US equity futures lower at the moment...
Charts: Bloomberg and Capital Context
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| My Favorite Candidate for the "Next Switzerland" Posted: 08 Mar 2012 05:17 PM PST By Dr. Steve Sjuggerud Thursday, March 8, 2012 Even the heads of billion-dollar banks are catching on to my "Next Switzerland" idea… Yesterday, I was looking at North Florida real estate with EverBank founder Frank Trotter. "Hey Steve, I've got to apologize to you," he told me. "I gave a speech this morning to the World Affairs Council. I told them about your 'Next Switzerland' idea. But I forgot to attribute you. Sorry about that!" I told him, "No worries, Frank. I'm glad to get the word out on one of the world's last 'safe havens'"… For decades, investors put their money in Switzerland's currency, for safety. Switzerland's currency used to be considered the world's strongest, with a significant gold backing. But in recent years, Switzerland has been selling its gold. And last year, Switzerland announced it would purposely weaken its currency… It promised to print as much money necessary to weaken the Swiss franc versus the euro. It...
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| Leeb - Warren Buffett Desperate & Policymakers Scared to Death Posted: 08 Mar 2012 05:12 PM PST  Today acclaimed money manager Stephen Leeb told King World News what the Fed is doing right now is unethical. Leeb also said Warren Buffett is desperate and policymakers are scared to death. Leeb is Chairman & Chief Investment Officer of Leeb Capital Management. Here is what he had to say: "There's really only one currency in this world and that's gold, period. You're going to need gold, eventually, to buy oil, to buy food, to buy real estate. Just those three (assets), if you look at the dollars that are now transacted in all energy, food and real estate, you come up with a number like $36 trillion a year."
This posting includes an audio/video/photo media file: Download Now |
| Central Banks Concerned Gold Will Go Ballistic, Currencies, QE & More Posted: 08 Mar 2012 04:41 PM PST Dear CIGAs, Eric King of KingWorldNews.com has been kind enough to interview me once again on the up to the minute details of what is happening in the Gold market. Please click the link below to listen to the interview. Click here to listen to the interview…
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| Gold Seeker Closing Report: Gold and Silver Gain About 1% Posted: 08 Mar 2012 04:00 PM PST Gold climbed over 1% to $1703.57 in early London trade before it fell back to $1689.40 at about 10AM EST, but it then rallied back higher for most of the rest of trade and ended near its late session high of $1703.72 with a gain of 0.91%. Silver rose to $34.145 before it slipped back to $33.37, but it also rallied back higher in late trade and ended with a gain of 1.35%.
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| Posted: 08 Mar 2012 03:57 PM PST courtesy of DailyFX.com March 07, 2012 04:36 PM 60 Minute Bars Prepared by Jamie Saettele, CMT At this point, gold’s decline from 1790.55 is in 3 waves, which is corrective. The advance from 1663.29 has the underpinnings of an impulse (5 waves). The implications are for corrective weakness before another run higher. Support is 1690 (roughly). Strength from the current level would test 1726. Bottom Line (next 5 days) – sideways / higher?...
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| Silver Proving Its Mettle in 2012 Posted: 08 Mar 2012 03:23 PM PST from Finance.Yahoo.com: WASHINGTON, DC – -(Marketwire-03/08/12) – Sturdy investment demand has pushed the silver price up 20 percent in the first ten weeks of 2012, outperforming platinum, palladium and gold during the period. Investors are increasingly acquiring silver in many forms. Globally, silver-based exchange-traded-funds (ETFs) account for 586 million ounces (Moz) of silver, up from 576 Moz at the end of 2011. Demand for physical silver bars is also strong. According to several precious metals dealers silver bar sales continue to be brisk. Moreover, investor demand on the Commodity Mercantile Exchange (a division of the CME Group) has been strong this year. As of February 28, net long silver positions, which are the difference between total long positions and total short positions, had increased by more than two-fold from end-2011. If investors are net long they are bullish on prices and expect further price strength. Total net long positions on February 28 were at their highest level since September 13, 2011.
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| The Stranger Beside You - Spouses And ETFs Posted: 08 Mar 2012 03:15 PM PST ETF fund flows have been a uniformly positive source of capital into U.S. risk markets in 2012. Looking a little deeper at the decidedly 'risk-on' flows, Nic Colas (of Convergex Group) notes perhaps their most provocative feature has been their high degree of net concentration. When you look at the entire "ETF Ecosystem" of listed funds, just 6 funds represent all the net gains in assets over the past month ($5.4 billion in net inflows) – LQD, HYG and JNK in fixed income, VWO in emerging markets, VXX in risk, and GLD in commodities. With 1,433 different ETFs listed on U.S. markets now, Colas likens the comprehension of the $1.2 trillion in AUM across these ETFs to how well you know your spouse as we know ETF flows are important (just like a wedding anniversary date or what day the trash is picked up at home) but with their still-evolving proliferation it seems a daunting task to keep tabs on them.
The Stranger Beside You – Spouses and ETFs Summary: ETF fund flows have been a uniformly positive source of capital into U.S. risk markets in 2012: $39 billion of new cash overall, with equities up $20 billion and fixed income flows at +$13 billion. Commodity ETFs make up most of the balance, with $5 billion in new capital thus far in 2012. Looking a little deeper at the flows, perhaps their most provocative feature has been their high degree of net concentration. When you look at the entire "ETF Ecosystem" of listed funds, just 6 funds represent all the net gains in assets over the past month ($5.4 billion in net inflows) – LQD, HYG and JNK in fixed income, VWO in emerging markets, VXX in risk, and GLD in commodities. Over the year to date, 35 funds (out of 1,433 in total) represent all the new "Net" monies. The direction of this marginal capital is "Risk On," if by degrees. Fixed income is still the largest chunk, at 29%, followed by foreign equity (28%) and domestic equity (17%). Other winners include Commodities (+6%) and Leveraged Products (+4%).
How well do you know your spouse or significant other? Could you pass one of those U.S. Immigration and Naturalization Service interviews, where the government seeks to confirm that you are 'Really' married, rather than getting paid to help a non-citizen stay in the country? Courtesy of an article from The New York Times a few years back, here is a sample of actual questions asked during live interviews by an INS official:
Of course, even genuinely married couples have their memory lapses. Men who forget anniversaries or that they've already given something as a present before. Women who forget…. Well, they must forget something. The point is that familiarity may not necessarily breed contempt as much as a somnambulant partial memory. That's something like I think many market observers treat the world of Exchange Traded Funds – we know they are important to understanding capital flows, but with their still-evolving proliferation it seems a daunting task to keep tabs on them. There are, after all, some 1,433 different ETFs listed on U.S. markets, with 64 new ones (net) introduced in 2012 alone. As of Wednesday's close, ETFs had $1.2 trillion in assets under management, with net inflows of $39 billion to date in 2012. Thus far in the year, total AUM is actually up $115 billion with the generally positive performance of capital markets.
That inflows number is what gets the most attention, in that it is a useful proxy for where capital is moving at any given time. ETFs have been the most constant source of new money – notably into U.S. stocks – for several years, especially as compared to mutual funds. Consider that thus far in 2012, mutual fund managers have seen $22 billion in outflows from domestic equity mutual fund products, only partially offset by $4 billion of fresh capital into foreign equity funds. Compare that with the $20 billion of new money into equity ETFs thus far for 2012, and it is easy to see that ETFs are adding to available capital at a faster rate than mutual funds are shrinking that same pool of money. But the problem of proliferation when it comes to analyzing ETF money flows persists for market observers, especially as the industry continues to answer investor demand with new products. How do we think about the spate of recently announced volatility-target funds, such as iShares MSCI Emerging Markets Minimum Volatility Index Fund (symbol EEMV, just to call out one product that fits this new approach)? Or Index IQ's plans to launch a physical diamond fund? Or the recent successes in asset gathering for the ProShares and VelocityShares and iPath volatility products. You get the idea – it is easy to feel like a forgetful spouse rushing to buy an anniversary present.
There is a "Brute force" way to look at fund flows, and it centers on the fact that a fairly narrow band of ETFs actually get the bulk of the marginal capital flows at any time. For example, take a look at the money flows for the last month in ETF land. Literally hundreds of funds gained assets, and almost as many lost some capital. But if you look at the $5.4 billion of fresh capital that made its way into ETFs in the last 30 days, you can summarize where that money went with six funds. Here are some details:
So there you are – with six names you can tell the tale of the tape in the last month. Even at low interest rates, there is still ample demand for corporate debt. Investors still feel plenty of apprehension even four months into the most recent up move from the October lows – cue the gold and VIX investments. And emerging markets, with their higher betas, get the nod as well. Risk on, as the saying goes, with a side of risk hedges.
This same approach works for the year-to-date, with 35 funds essentially capturing all the marginal capital added through ETFs (that $39 billion we mentioned earlier). We've included several tables and charts, with data courtesy of www.xtf.com (an excellent resource for all things ETF-related), to highlight the following points:
All in all, this brief analysis points to more of a pause in investor sentiment rather than the opening for a more full-blown correction in the coming weeks. ETF buyers – who are both retail and institutional players at the end of the day – aren't really pulling in their horns just yet. And yes, these flows also represent demand from hedge funds to provide short positions, so I wouldn't paint higher asset levels as uniformly bullish. But there is no denying that ETF fund flows continue their steady drip-drip-drip higher, on the back of better overall capital markets performance.
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| Posted: 08 Mar 2012 03:10 PM PST by Jeffrey Tucker, Whiskey and Gun Powder:
Every few months since the great meltdown of 2008, there's been some announcement that appears in the financial press about the latest fancy-pants move that the Fed will undertake to save the day. These guys aren't just printing money! They are engaged in amazingly technical maneuvers that mere mortals can't fathom. The catchphrases are multiplying: quantitative easing, Operation Twist, sterilized QE, ZIRP (zero interest rate policy) and now reverse repo. Stay tuned for other amazing tricks. They could pull out the camel clutch, the bite of the dragon, the hammerlock, the bridging chickenwing, the gorilla press, the octopus hold, the sunset flip, the inverted figure-four three-quarter leglock and finally, if they really get desperate, the Tree of Woe. Read More @ WhiskeyAndGunPowder.com
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| Silver Update: 3/8/12 Viewer Questions 2 Posted: 08 Mar 2012 02:59 PM PST |
| Posted: 08 Mar 2012 02:08 PM PST My Dear Friends, It seems almost to have come out of nowhere because gold is defying the interventionists and loud naysayers. I was asked earlier this week by a dear friend if I thought gold could be at or above $1735 this week. My answer then was that this number was a stretch. Well Continue reading In The News Today
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| March 8th- Another MRM sample- INVN up 8.5% one day Posted: 08 Mar 2012 01:21 PM PST By David Banister, Active Trading Partners Over at our ATP service, our partners benefit from our proprietary model I developed for 3x ETF trading back in 2008. It took me a long time to re-develop this to work with individual stocks on a consistent basis, and we rolled it out in November of 2011. Here again below is another sample of a real-time ATP Alert to buy INVN stock at 15.25 in pre-market on March 7th. The stock was giving Momentum Reversal Signals over 1 day, 3 day, and weekly time bands that I incorporate. In the rare case where all 3 time bands are giving us a reversal buy signal, we go long if we like the fundamentals of the company. Therefore, the timing is crucial to buy during that reversal signal before all the traders jump in and push the shares higher. Typically we are buying when everyone else is selling, so the method is counter-intuitive. MRM stands for Momentum Reversal Method, which is basically buying low and selling high. The timing system also gives us very good top signals so we are selling when everyone is buying, and buying when everyone is selling. Below is this weeks MRM signal buy at ATP we used and we have an 8.5% gain same day and are long into the close on INVN. You see, the MRM charting method also tells me price objectives in advance, allowing us to know when to take profits or to keep riding. Consider joining us and being part of this revolutionary system for investors and traders alike. Many of our positions we hold for several weeks, some for several days. It's only about $8 per day, less than the cost of one round trip trade.
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| LIBOR Fraud Signals Beginning-of-the-End For Banksters Posted: 08 Mar 2012 01:19 PM PST By Jeff Nielson, Bullion Bulls Canada Precious metals investors are understandably frustrated after the latest in a series of bankster ambushes on the gold and silver markets. It is part of the illusory nature of time that "change" is almost always imperceptible – until some major change is almost complete. Thus many market participants may have formed the conclusion (with seeming justification) that "things will never change" when it comes to the Western financial crime syndicate. Such people couldn't be more wrong. While I share their frustration, I have not come close to succumbing to their sense of hopelessness. My own sense of certainty is formed from one part logic, and one part observation. Logic tells us that the massive, criminal, paper Empire of the Wall Street Vampires must come tumbling down. The reason is simple: all crime syndicates ultimately destroy themselves. They are undone by their own baser instincts – primarily greed. While some readers may have considered it mere rhetoric, I have continually maintained that "all Evil is self-destructive" as an elementary aspect of human behavior. By its very nature, Evil represents an instant-gratification mentality. It is a fact of history that when humans work cooperatively that we all benefit to the maximum degree. Thus the origin of all evil is the obsession of a (fortunately) small minority of individuals with obtaining more for themselves, now. And here we see the fatal flaw in the evil psyche: it is always, unfailingly short-sighted. Evil actors, by their very nature, are incapable of considering anything other than what produces the best result for themselves today. We can illustrate the inevitable self-destructive quality of short-sightedness in many ways. Chess provides a simple, yet eternal example of this doctrine. One can have the most brilliant mind, and be capable of devising the most effective strategies. However, until such an individual developed the capacity to analyze a game of chess by seeing several moves ahead, such a player would be consistently and inevitably defeated by any chess-player of even modest ability – who had developed the capacity to look ahead. In less abstract terms, we need only look to the Crash of '08 as a classic example of the self-destructive quality of short-sighted thinking. As I've mentioned before, market sheep have been conditioned by the propaganda-machine to be entirely focused on short-term micro-indicators of our economy, and to never pay any heed to "big picture" representations, precisely because it leaves them so completely vulnerable to manipulation. The result of the entire "herd" in our markets being conditioned to short-sightedness? They were all "surprised" when the U.S. housing-bubble burst – the largest and most blatantly fraudulent asset-bubble in the history of humanity (at that time). However, the truly remarkable aspect of the Crash of '08 is that the banksters who created all of the asset-bubbles, and scams, and who orchestrated the "crash" itself through deliberately cannibalizing Lehman Brothers managed to also be "surprised" by these events. This is what has necessitated more than $15 trillion in hand-outs to this crime syndicate so far (and counting). Obviously it is taking the flaw of short-sightedness to an absurd extreme when scammers can actually be "surprised" by the consequences of their own scam. However this absurd extreme in short-sightedness is simply commensurate with the absurd extreme in the greed of this class of parasite. And so we now see the banksters on the verge of completing their own self-destruction. While it would be extremely difficult to attempt to narrow-down the endless litany of banker fraud to three pivotal events, I will endeavour to do so – as each event illustrates a different aspect of the inadvertent suicide committed by these evil actors. In just the last few months we have seen the banksters systematically shredding what little "integrity" they are perceived to possess by the brainwashed masses who have allowed their crime-spree to continue this long. The first of these events was the plundering of customer cash from MF Global accounts. While there were various outrageous aspects to this enormous crime (including the near-complete indifference of so-called "regulators"), the perception it left in the minds of the general public can be summed up very succinctly. The bankers steal. More articles from Bullion Bulls Canada….
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| Central banks squelch gold to protect QE, Sinclair tells King World News Posted: 08 Mar 2012 01:12 PM PST GATA 4:45p ET Thursday, March 8, 2012 Dear Friend of GATA and Gold: King World News today has a wonderful interview with gold trader and mining entrepreneur Jim Sinclair, who says central banks are restraining the gold price so it won't expose "quantitative easing" quite so much. Sinclair adds that the increasing number of mechanisms being established for bypassing the U.S. dollar in trade settlement foreshadow the dollar's decline. A summary of the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/8_Jim… CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Prophecy Platinum (TSXV: NKL) and Ursa Major Minerals Company Press Release VANCOUVER, British Columbia, Canada — Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) and Ursa Major Minerals Inc. have signed a binding letter of agreement for a business combination through a proposed all-share transaction. In doing so Prophecy and Ursa have acted at arm's length and the transaction has been negotiated at arm's length. Prophecy will issue one common share in exchange for every 25 outstanding common shares of Ursa. Ursa options and warrants will be exchanged for options and warrants of Prophecy on an agreed schedule. Prophecy's offer represents a value of about $0.15 per each common share of Ursa based on Prophecy's share price of $3.70 as at March 1, representing a premium of 130 percent to Ursa's March 1 closing price of $0.065. Prophecy is to subscribe for $1 million common shares of Ursa by way of private placement financing at $0.06 per share, subject to regulatory approval. Upon placement completion, John Lee and Greg Hall, current Prophecy directors, will be appointed to Ursa's board. Prophecy thus will become a mid-tier resource company with a robust and – The fully permitted open-pit Shakespeare PGM-Ni-Cu mine close to Sudbury, Ontario, infrastructure with near-term production capabilities. – The flagship Wellgreen (Yukon) PGM-Ni-Cu project with more than 10 million ounces of Pt-Pd-Au inferred resource. Drilling is under way and a preliminary economic assessment study is pending. – Manitoba's Lynn Lake Ni-Cu project with more than 262 million pounds Ni and 138 million pounds Cu measured and indicated. For the complete announcement, please visit Prophecy Platinum's Internet site here: http://www.prophecyplat.com/news_2012_mar02_prophecy_platinum_ursa_major… 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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| German newspaper faults secrecy around Germany’s gold in New York Posted: 08 Mar 2012 01:12 PM PST GATA 3,401 Tonnes of Gold: By Ralf Schuler http://www.bild.de/geld/wirtschaft/edelmetalle-gold/bild-beim-gold-schat… NEW YORK — It's the most valuable treasure we Germans have: 3,401 tonnes of pure gold — about 1,800 euros for each of us. Absolutely disaster-proof, divided between high-security vaults in Frankfurt, Paris, London, and New York. And the German Federal Bank (Bundesbank) isn't looking after it! The incredible gold scandal! On the 19th of November 2011, BILD magazine reported that the German Federal Bank last looked at our gold reserves in New York in 2007, and has thereby even alarmed the Federal Audit Office. (Inquiries are ongoing.) A clear breach of the law, leading accountancy lawyer Prof. Jorg Baetge told BILD. "A tally of the ingots has to be made at least every three years." The Federal Bank hasn't done that. … Dispatch continues below …
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Sloppiness with tangible consequences: The gold reserves (currently worth about 147 billion euros) make up the "considerable" portion (says Baetge) of more than 17 percent of the Federal Bank's annual accounts. Are the Federal Bank's annual accounts for recent years therefore wrong? Alarmed by the BILD report, the Christian Democratic Union (CDU) member of parliament and expert on international politics Philipp Missfelder wanted to know more. Involved in talks at the United Nations in New York, Missfelder wants to check the part of the German gold reserves stored there at the Federal Reserve Bank. According to the BILD report, he is demanding the list of gold ingots from the president of the German Federal Bank, Jens Weidmann. Missfelder told BILD: "I was shocked. First they said there is no list. Then there were lists, but they were secret. Then they told me that inquiries endanger the trust between the German Federal Bank and the U.S. Federal Reserve." When the German Federal Bank found out about the BILD investigation into German state gold, its head of communications, Michael Best even tried to block the journalist's visit and the coverage in BILD: "Against this background I ask you to understand that the German Federal Bank cannot further support your request for a visit." What does the Federal Bank want to hide? … BILD on site Number 33 Liberty St., Downtown Manhattan. It goes down five floors below ground. "E-level." Plain floors, humming ventilation, gigantic steel doors. And 7,000 tonnes of gold! More than in the legendary Fort Knox. It is the largest gold storage vault in the world. But where is the German gold? Jack Gutt of the staff of the vice president of the U.S. Federal Reserve, said: "It is in some of these 122 steel-lattice compartments. I cannot say more than that." How many ingots? Everything is secret. No photos! Only this much: the German gold is somewhere in the latticed chambers here in the New York vault. BILD wants to see it: no way! It will only be shown to the German Federal Bank. These site inspections are your job, Mr. German Federal Bank Chief! How does one recognise the German gold? Jack Gutt to BILD: "There are lists of all the ingots. Each ingot has a number, a stamp indicating the purity of the gold and a seal. The German gold reserves can therefore be counted according to law." In the German parliament the pressure is growing. Missfelder told BILD: "It cannot be the case that for German gold assets the accounting laws are obvioulsy being violated. I demand a transparent stock check." 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. 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| Greek bailout will crash, gold ‘correction’ is over anyway, von Greyerz says Posted: 08 Mar 2012 01:12 PM PST GATA 12:52p ET Thursday, March 8, 2012 Dear Friend of GATA and Gold: Fund manager Egon von Greyerz tells King World News today that the perpetually imminent bailout for Greece will collapse eventually and require trillions more in euro money printing to insulate banks against all unpayable European debt. He expects hyperinflation as a result and in any case thinks the "correction" in gold and silver is over. An excerpt from the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/8_Gre… 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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| Silver smashdown costing shorts a lot of metal, KWN’s London trader says Posted: 08 Mar 2012 01:12 PM PST GATA 12:15a ET Wednesday, March 7, 2012 Dear Friend of GATA and Gold: The King World News London metals trader reports tonight that, as with gold, silver — the metal, not the paper — has been massively accumulated on the latest smashdown in the paper market. He says: "The Chinese are doing the exact same thing in the silver market that they are doing in the gold market — massive accumulation on dips. … The local traders in silver are short and nervous. Everyone is short silver and so that market can move violently higher when it turns." The interview is posted at the King World News blog here: CHRIS POWELL, Secretary/Treasurer 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.
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 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/
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| Pat Heller: Liberty Dollar’s von Not Haus did nothing wrong or unusual Posted: 08 Mar 2012 01:12 PM PST GATA 12:07a ET Thursday, March 8, 2012 Dear Friend of GATA and Gold: Patrick A. Heller, proprietor of Liberty Coin Service in Lansing, Michigan, has written a brilliant letter, full of specific details of U.S. monetary history, to U.S. District Judge Richard L. Voorhees of the Western District of North Carolina in support of leniency in sentencing of Liberty Dollar founder Bernard von Not Haus, whose conviction a year ago on a charge resembling counterfeiting seems to many of us to be a gross injustice. Heller notes that private currency using the word "dollar" long has circulated and continues to circulate without penalty in the United States, and that von Not Haus never represented his currency as issue of the U.S. government. Heller's letter is posted at Numismaster here: http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=248… If you're inclined to join Heller in urging the judge to be lenient with von Not Haus, here's the judge's address: U.S. District Judge Richard L. Voorhees That the judge has delayed sentencing so long may imply that he is reconsidering the important issues raised by the von Not Haus case, cited in the appeal brief filed by GATA: http://www.gata.org/files/GATAAmicusBriefLibertyDollar-06-01-2011.pdf Other commentary on those issues is here: CHRIS POWELL, Secretary/Treasurer 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 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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| US Infantry Soldier Dollar Sales Surge as 5 Ounce Silver Coins Retreat Posted: 08 Mar 2012 01:11 PM PST Weekly United States Mint sales numbers were certainly a mixed pot. Demand catapulted for the commemorative Infantry Soldier Silver Dollars and the Defenders of Freedom Set while sales retreated for the suspended America the Beautiful 5 Ounce Silver Uncirculated Coins and the 2011-W Uncirculated Silver Eagle. As for silver sets, only one slowed. With fewer [...]
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| Draghi Says Inflation to Exceed 2% in 2012 Posted: 08 Mar 2012 01:08 PM PST
Bloomberg.com European Central Bank President Mario Draghi said inflation will probably breach the bank's 2 percent limit this year and signaled the worst of the sovereign debt crisis may be over even as the economy stalls. "Inflation rates are now likely to stay above 2 percent in 2012, with upside risks prevailing," Draghi said in Frankfurt today after the ECB kept its benchmark interest rate at a record-low 1 percent. While risks to the economic outlook remain on the downside, "the risk environment has improved enormously," he said. "We see many signs of returning confidence in the euro." Draghi's comments are "certainly hawkish," said James Nixon, an economist at Societe Generale SA in London. "Basically, the ECB is confident that the crisis has been averted and the focus is now back on inflation." The debt crisis is damping growth across the euro region and making banks reluctant to lend. Having flooded the banking sector with more than 1 trillion euros ($1.31 trillion) to avert a credit crunch, the ECB is now confronted with an oil-price increase that's propping up inflation at a time when at least six of the 17 euro nations are in recession. The euro rose on Draghi's inflation comments before retreating to trade little changed at $1.3235 as of 3:30 p.m. in Frankfurt. ECB ProjectionsDraghi said the ECB's latest economic projections show inflation averaging 2.4 percent in 2012, up from a December forecast of 2 percent. They show the economy may contract 0.1 percent, down from the previous forecast for 0.3 percent growth. Latest data "confirm signs of a stabilization in the euro- area economy," though the outlook "is still subject to downside risks," Draghi said. "Looking ahead, we expect the euro-area economy to recover gradually in the course of this year." Growth will accelerate to 1.1 percent in 2013 and inflation will slow to 1.6 percent, according to the ECB's projections. "Risks to projected HICP inflation rates in the coming years are seen to be still broadly balanced, with upside risks in the near term mainly stemming from higher-than-expected oil prices and indirect tax increases," Draghi said. "However, downside risks continue to exist owing to weaker than expected developments in economic activity." With widening economic divergences making it harder for the ECB to set a common monetary policy, its response may be to do nothing. It will keep rates on hold at least through the third quarter of 2013, the median forecast in a Bloomberg survey shows. Policy makers didn't discuss changing interest rates at their meeting today, Draghi said. "We expect the ECB to keep interest rates on hold for the foreseeable future," said Nick Kounis, head of macro research at ABN Amro NV in Amsterdam. The ECB is signaling that "it has done enough," he said.
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| Why a Greek Debt Deal Won’t End the Greek Saga Posted: 08 Mar 2012 01:08 PM PST
CNBC.com For months, the situation in Greece has dominated European markets for days on end as a new deadline approaches. The latest is Thursday evening's deadline for enough of the troubled country's private sector creditors to accept the bond swap offer that's a key part of its latest bailout. Those private sector creditors have until 3 p.m. New York time (8 p.m. GMT) on Thursday to decide whether to accept the deal. The Greek government is expected to announce the full tally on how many creditors accepted the offer at 1 a.m. New York time Friday (6 a.m. GMT). If the deal is passed, a temporary sigh of relief is likely from markets – but Greece will not move far from the markets' agenda. The next big date will be the Greek elections, expected in early May, according to Thanos Vamvakidis, head of European G10 currency strategy, BofA Merrill Lynch Global Research. Even if a private-sector debt deal is passed, "the market will get very concerned about the Greek elections," he told CNBC Thursday. Latest polls – described by Vamvakidis as "scary" – suggest that the two main political parties, left-wing Pasok, which won the last election, and conservative New Democracy, currently command less than 40 percent of the vote between them. Greece is currently being ruled by a technocratic government, headed by Lucas Papademos, after Pasok leader George Papandreou stepped down last year. While both Pasok and New Democracy have given written evidence of their commitment to Greece's second bailout deal, which imposes stringent austerity measures on a country already battling with recession and 20 percent unemployment, parties further removed from the political center have not. That raises the possibility, Vamvakidis said, that a new government may rise to power by promising to renegotiate the unpopular austerity package. "The best case scenario is a very weak coalition government which will be very vulnerable after any difficult vote," Vamvakidis said. "They might not agree on a government and need another election. You could have the scenario where leftist parties form a coalition." The potential for Greece to default on its debt repayments – and possibly even leave the single currency – could be raised by a new government, analysts believe. "We continue to think Greece may default further down the line and perhaps leave the euro too, triggering fresh upheaval in the financial markets," analysts at Capital Economics wrote in a research note. "The outcome of upcoming elections in Greece could be a particularly important 'flash' point if it prompts whoever is then in charge to renegotiate the terms of the second bail-out." The bailout money that's been given to Greece by the International Monetary Fund, European Central Bank and European Commission–while essential to servicing Greece's debt–is not going into any economic stimulus for the country's ailing economy. "A lot of this is money in, money out. Greeks see it being whipped past their nose to other foreigners," Nick Carn, founder of Carn Macro Advisors, told CNBC. And while the wrangling between Greece and its creditors continue, the plight of the Greek people continues. Many of those with money are moving it out of the country. Greece has also failed so far to attract foreign investment, unlike fellow bailout nation Ireland, which has seen a boost to its employment rate. "To a large extent, the recession is getting deeper because of uncertainty about the end game," Vamvakidis said. "In the best case scenario, the [private sector debt deal] just buys time."
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| Posted: 08 Mar 2012 12:53 PM PST March 8, 2012 [LIST] [*]Humans who can will themselves to evolve... A 14-year-old who achieves a nuclear reaction... other tales of scientific achievement... with staggering wealth to match... [*]A good way to go broke in the private sector: James Grant, Jeffrey Tucker on the Fed's latest follies [*]The emerging economy now bigger than Britain's... And the trend it portends [*]Oil stays right where we want it... The confluence of zombies and student debt... More reader suggestions on keeping your gold from prying eyes... And more! [/LIST] "Homo evolutis," he calls it. "This new species," reads a profile of the man in Wired, "will be able, or already is able, to regenerate limbs, extend its life span and control its environment in ways considered impossible a decade ago." Juan Enriquez, venture capitalist and map connoisseur, helped assemble the private-sector financing for the visionary Craig Venter's efforts to map the human genome at the start of the 21...
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| Posted: 08 Mar 2012 12:27 PM PST from CapitalAccount: Welcome to Capital Account. It's another "D-Day" for Greece. Seriously? How can you have so many d-day's when you've supposedly already won the war like 2 years ago? Meanwhile, the president of the ECB "Super" Mario Draghi is defending the ECB's trash to cash program today, otherwise known as 3-year LTRO. Really Draghi? Because your former colleague at the ECB is out saying that the central bank's balance sheet is gigantic and the quality is alarming. We'll decode more of this eurozone news during our interview with founder of Credit Writedowns, Edward Harrison. And the gold rush continues…at least the rush to account for all the gold. We told you german lawmakers are auditing the central bank's gold. Now, reportedly, members of parliament in switzerland want the swiss people to be able to vote to keep the country's gold physically in the country and forbid the central bank from selling any more of its reserves. Why? Could it be because gold is the "nuclear option" in the currency wars? And speaking of China and the rest of the BRICS, they want alternatives to the US dollar besides the euro as a way to conduct trade and to make investments. Aiming to move that along and internationalize its currency, China reportedly is planning extended renminbi loans to other BRICS nations. Other countries in the developing currency block are planning to do the same. We'll talk about what this means with our guest Edward Harrison during the show.
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| ROT & DECAY – AMERICAN STYLE Posted: 08 Mar 2012 12:27 PM PST I thought it might be challenging finding enough pictures of dead or dying malls to make this post worthwhile. To my chagrin, it was as easy as taking a credit card from a baby. After completing this post I'm more convinced than ever that a retail collapse tsunami is headed our way. There are so [...]
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| Greek Bonds, Dexia Trash, French Postal Service, & Profit Posted: 08 Mar 2012 12:19 PM PST Wolf Richter www.testosteronepit.com Two freaks—Greek bonds and bailout-queen Dexia—wormed their way into another earnings announcement today, this one by the French postal service. Nevertheless, La Poste made a profit and is going to pay a dividend to its owner, the French government. It has its share of strategic problems and government interference, much like the United States Postal Service, but only the USPS is run by 535 clueless micromanagers in Washington. The USPS is a big business with $64 billion in sales last year, and a loss of $10.6 billion, counting the retiree health benefits that it deferred to 2012. In the first quarter this year, it had a loss of $3.3 billion. Revenues were down 1.1%, not bad. But volume was down 6%. So it needs to get its costs in line—but as its quarterly report points out, “the return to financial stability requires legislation....” Requires legislation. Even decisions normally made by middle management—such as product pricing, delivery schedules, location of retail outlets and distributions centers—have to be approved by Congress whose 535 agendas are focused on reelection and bringing home the bacon, and not on turning the Postal Service into a real business. And the situation is dire. The Postal Service announced that it might default on its health benefit pre-payments this year and that it might run out of cash. Not exactly the kind of Wall Street hype investors drool over. So the French postal service announced its earnings today. Not only did La Poste, which includes the retail bank, Banque Postale, make money, but it also dressed up its numbers in Wall Street hype. How refreshing! It had €21.3 billion in revenues in 2011, up 1.2%, with an “adjusted income” of—drum roll—€931 million, up 20.1%. It then posted a less “adjusted income” of €661 million, up 22.9%. And finally, well, it posted a net income of €478 million, down 13.1%. Higher postage and new services along with package delivery and express mail made up for a 3% decline in mail volume. Everything in its report had a positive twist. Why can’t the USPS dress up its announcements like that? I'd suggest $1 billion in “adjusted income”; and after accounting adjustments, write-offs, and other charges, a net loss of $3.3 billion. We’d take the $1 billion and run with it. If the USPS ever wants to become a real American corporation, it will have to learn how to properly present its financials. Doom and gloom don’t inspire confidence. How come a French government-owned enterprise can speak our language better than we can? La Poste is being privatized at a snail’s pace and against popular resistance. In 2010, it became a corporation with the state as the sole stockholder. The sale of a 2.99% stake is back on the table. Expect some strikes along the way. Its subsidiary, Banque Postale, has over 11 million clients with bank accounts, out of a total population of 65 million! It recently added consumer credit and insurance products to its offerings, thus becoming more like its publically traded sisters. And, like them, it had loaded up on a secure investment, Greek bonds. So it announced that it would participate in the Greek debt swap. And it wrote down its Greek bond holdings by €241 million. For more on the Greek debacle, read.... “The Bottomless Barrel,” As Germans Say. And then, tucked into the report, is bailout queen Dexia, the Franco-Belgian mega-bank that collapsed and was bailed out in 2008 only to re-collapse and get re-bailed out in 2011. Among its many reckless acts, it had sold structured loans to French municipalities and communities that had no clue what they were getting into. These loans were based on the Swiss franc. When the franc skyrocketed, interest on these loans skyrocketed as well. Towns and communities could no longer pay. And voilà, toxic subprime à la française. With €25 billion in loss guarantees from the taxpayer, the Banque Postale and the Caisse des Dépôts (France's state-owned investment bank) took on these toxic loans. They will regroup them into a joint venture owned 65% by the former and 35% by the latter. Dexia inflicted much more treacherous wounds on the tiny Kingdom of Belgium which guaranteed its debt, nationalized subsidiaries, and bailed out the rest of the financial sector. Exposure: €162 billion—41% of GDP! And it’s turning into a nightmare as Dexia announced monumental losses. But finally there is some resistance against these endless bailouts. Read.... Belgians Get Cold Feet As Bailout Queen Dexia Drags Them Toward Abyss.
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| US Budget Deficit Hits All Time High In February Posted: 08 Mar 2012 11:20 AM PST For a global economy that is "improving" we sure are getting a whole lot of records in the won't direction in the last two days. Yesterday it was Japan which printed a record current account deficit (yes, the most indebted country in the world was once upon a time supposed to export its way out of debt). Today, we learn that in February the US will report its largest budget deficit in history, as the Keynesian floodgates open full bore, and as Zero Hedge has noted repeatedly, tax revenues just refuse to come in at anything close to the pace of accelerated spending, forcing the US to borrow 54 cents for every dollar it spends (not the often cited 42 cent number which does not take into account tax refunds - see here). We would comment more on this, but frankly the chart speaks for itself. And now that the US has to fund an additional $100 billion due to the taxcut extension this means that things are only going to get worse, fast.
And a longer term chart which is also self-explanatory... and quite sustainable
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| Posted: 08 Mar 2012 11:06 AM PST by Harvey Organ: Gold closed up today by $14.80 with silver participating as well rising by 19 cents to $33.73. Late tonight we should hear from the PSI but judging from Greek bond trading, a CAC looks likely and a credit default swap will be triggered. However the default swap should go off quite orderly. Tomorrow is the non-farm payrolls and we should expect the normal banker shenanigans as they usually raid surrounding this event. Let us head over to the comex and assess trading today. Read More @ HarveyOrgan.Blogspot.com
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| Posted: 08 Mar 2012 10:15 AM PST Yes, you read that right: "Gold Facing Brisk Headwinds". After spending 51 weeks on a buy signal, our gold model has issued a sell signal. Our gold model has been bullish for approximately 90 out of the past 100 weeks. Read More...
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The money masters at the Federal Reserve have done a splendid job, haven't they? Well, no, and all the more reason to End the Fed, in the legendary slogan of Ron Paul.
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