Gold World News Flash |
- By the Numbers for the Week Ending March 9
- Gold Seeker Weekly Wrap-Up: Gold and Silver End Near Unchanged on the Week
- Greece Has Defaulted – Which Country In Europe Is Next?
- Silver Update: 3/9/12 Golden Jackass
- Now, Sterilized QE?
- Greek 'credit event' cost will be so much higher, Sinclair tells King World News
- Chris Martenson Interviews Robert Mish: Front-Line Evidence That We are Nowhere Near a Gold Bubble
- Gold Charts and some comments
- If the Gold Price Breaches $1,730 on Monday it Has Bottomed and I will Buy with Both Hands
- Gerald Celente: Nightmare “Schemed” To Cover Up America Collapse
- Gold and Silver Disaggregated COT Report (DCOT) for March 9
- Time to Accumulate Gold and Silver
- ZERO-to-SEXY
- Big traders' gold short-covering is largest in 5 years, GGR says
- Gold much undervalued, First Eagle's Eveillard tells King World News
- “The increase in the size of the balance sheets of the top five central banks in the world, over the past three years, amounts to the equivalent of 70% of the gold ever mined in the past 3,000 years.”
- Short Greek Bonds vs Long Apple: No Contest
- Greece deal triggers $3 billion in default swaps, ISDA says
- Handicapping the Collapse
- COMEX Commercial Traders Strongly Reduce Gold Shorts
- Gold's Inflation Problem
- See Something, Say Nothing
- Eveillard - All Hell May Break Loose & Gold is Way Undervalued
- Gold Daily and Silver Weekly Charts - Metals Bears Stuffed - ISDA Declares Credit Event
- $3,000 Gold in 2012 Not As Far-Fetched As You Would Think : John Ing
- Armageddon and Opportunity at the Same Time
- COT Gold, Silver and US Dollar Index Report - March 9, 2012
- The Daily Market Report
| By the Numbers for the Week Ending March 9 Posted: 09 Mar 2012 04:07 PM PST HOUSTON -- Just below is this week's closing table. If the image is too small click on it for a larger version. That is all for now, but there is more to come.
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| Gold Seeker Weekly Wrap-Up: Gold and Silver End Near Unchanged on the Week Posted: 09 Mar 2012 04:00 PM PST Gold edged up to $1706.18 in Asia before it fell to $1680.47 by a little after 9AM EST, but it then rose to a new session high of $1714.10 in New York and ended with a gain of 0.67%. Silver slipped to $33.22 before it also rallied back higher and ended near its early afternoon high of $34.36 with a gain of 1.09%.
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| Greece Has Defaulted – Which Country In Europe Is Next? Posted: 09 Mar 2012 03:40 PM PST from The Economic Collapse Blog:
Read More @ TheEconomicCollapseBlog.com
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| Silver Update: 3/9/12 Golden Jackass Posted: 09 Mar 2012 03:09 PM PST |
| Posted: 09 Mar 2012 02:31 PM PST And if a weak euro lends support to a resurgent U.S. currency, what does this mean for global risk markets that over years have become reliant on ongoing dollar devaluation? Read More...
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| Greek 'credit event' cost will be so much higher, Sinclair tells King World News Posted: 09 Mar 2012 11:05 AM PST 7:06p ET Friday, March 9, 2012 Dear Friend of GATA and Gold: Trader and mining entrepreneur Jim Sinclair tells King World News tonight that the Greek "credit event" will cost much more than the official figure of $3.5 billion in credit default swaps, probably in the trillions. He suspects that it could require the rescue of eight international banks, with enormous inflationary consequences. An excerpt from the interview is posted at the King World News blog here: CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Sona Discovers Potential High-Grade Gold Mineralization From a Company Press Release VANCOUVER, British Columbia -- With its latest surface diamond drilling program at its 100-percent-owned, formerly producing Blackdome gold mine in southern British Columbia, Sona Resources Corp. has discovered a potentially high-grade gold-mineralized area, with one hole intersecting 13.6 grams of gold in 1.5 meters of core drilling. "We intersected a promising new mineralized zone, and we feel optimistic about the assay results," says Sona's president and CEO, John P. Thompson. "We have undertaken an aggressive exploration program that has tested a number of target zones. Our discovery of this new gold-bearing structure is significant, and it represents a positive development for the company." Sona aims to bring its permitted Blackdome mill back into production over the next year and a half, at a rate of 200 tonnes per day, with feed from the formerly producing Blackdome mine and the nearby Elizabeth gold deposit property. A positive preliminary economic assessment by Micon International Ltd., based on a gold price of $950 per ounce over eight years, has estimated a cash cost of $208 per tonne milled, or $686 per gold ounce recovered. For the company's complete press release, please visit: http://www.sonaresources.com/_resources/news/SONA_NR18_2011-opt.pdf Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy 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...
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| Chris Martenson Interviews Robert Mish: Front-Line Evidence That We are Nowhere Near a Gold Bubble Posted: 09 Mar 2012 10:54 AM PST Submitted by Chris Martenson Robert Mish: Front-Line Evidence That We are Nowhere Near a Gold Bubble
Instead, he sees a US populace largely unappreciative of holding precious metal as a store of wealth, and engaged in a slow process of dis-hording their gold and silver to eager foreign buyers who are more than happy to take the bullion back to their shores. In terms of where we are on the gold mania spectrum, he sees us at a "2" out of 10. But he foresees a very rude awakening ahead as the populace eventually wakes up to the increasing damage our over-debted global economy is doing to the purchasing power of world currencies. Because when the general investor finally realizes the protection the precious metals offer against currency debasement, much of the retail supply will already be out of the system in very tight hands, and largely overseas. Moreover, when supply gets tight, there will be more challenges to obtaining physical bullion during a buying mania than there were during the last one in 1980. There are many fewer local sources to exchange bullion these days as much of that business is now transacted by online vendors dependent mail delivery to ship product, which are more vulnerable to supply chain disruptions. And be sure you're aware of how the form you hold your bullion in will affect the price you get during a buying frenzy, when refining capacity is overwhelmed. You may find you gold or silver sells at a hefty discount because it's not in a preferred format for trade. On What A True Gold Mania Looks Like
On Today's Typical Seller
On Today's Typical Buyer
On The Importance of Physical Form
Click the play button below to listen to Chris' interview with Robert Mish (runtime 28m:19s): iTunes: Play/Download/Subscribe to the Podcast Download/Play the Podcast (mp3) Or click here to read the full transcript.
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| Posted: 09 Mar 2012 10:50 AM PST [url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] Extreme volatility was the name of the game (ONCE AGAIN) in the gold market in today's session as it was reacting to all manner of crosscurrents. First there was the payrolls or "jobs" report which took the market lower only to be met with news of the rating agency Fitch's downgrade of Greece to "restricted default" which seem to send the shorts into quite a frenzy in their efforts to cover and get out. Their buying took the market up off the lows bringing it back to unchanged on the session at which point fresh money came into the market keeping the price in the plus column for the remainder of trading. The result was that gold ended the day higher by nearly $13. What is more significant is that the bulls were able to close out the week on a positive note after what amounted to a horrendous start to the week. Not only that, but price managed to recapture the psychologically significant "17"...
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| If the Gold Price Breaches $1,730 on Monday it Has Bottomed and I will Buy with Both Hands Posted: 09 Mar 2012 10:35 AM PST Gold Price Close Today : 1,710.90 Gold Price Close 2-Mar : 1,708.80 Change : 2.10 or 0.1% Silver Price Close Today : 3417.5 Silver Price Close 2-Mar : 3448.1 Change : -30.60 or -0.9% Gold Silver Ratio Today : 50.063 Gold Silver Ratio 2-Mar : 49.558 Change : 0.51 or 1.0% Silver Gold Ratio : 0.01997 Silver Gold Ratio 2-Mar : 0.02018 Change : -0.00020 or -1.0% Dow in Gold Dollars : $ 156.13 Dow in Gold Dollars 2-Mar : $ 156.99 Change : $ (0.86) or -0.6% Dow in Gold Ounces : 7.553 Dow in Gold Ounces 2-Mar : 7.595 Change : -0.04 or -0.6% Dow in Silver Ounces : 378.11 Dow in Silver Ounces 2-Mar : 376.37 Change : 1.74 or 0.5% Dow Industrial : 12,922.02 Dow Industrial 2-Mar : 12,977.57 Change : -55.55 or -0.4% S&P 500 : 1,370.87 S&P 500 2-Mar : 1,369.63 Change : 1.24 or 0.1% US Dollar Index : 80.003 US Dollar Index 2-Mar : 79.432 Change : 0.571 or 0.7% Platinum Price Close Today : 1,689.25 Platinum Price Close 2-Mar : 1,696.30 Change : -7.05 or -0.4% Palladium Price Close Today : 711.25 Palladium Price Close 2-Mar : 716.20 Change : -4.95 or -0.7% The GOLD PRICE has climbed to the $1,705 - $1,715 region where it fell through support and went to visit $1,665. Time to fish or cut bait. Gold stopped just short of its critical 150 DMA ($1,716.23). If it fails here, gold must do further penance wallowing below $1,700. On the other hand, if it breaches $1,725 - $1,730 on Monday, where 'twill meet the downtrend line from the September high, I would confess it hath bottomed and buy with both hands. On Comex today the GOLD PRICE gained $12.80, closing at $1,710.90. In any event, I can't see it falling much below $1,625, but next week will speedily instruct us. SILVER PRICE lodged beneath 3450c resistance and spun wheels and spit mud today, but couldn't rise above 3438. Comex spot month silver ended at 3417.5c, up 38.6c. GOLD/SILVER RATIO dropped from 50.256 yesterday to 50.063. Silver's crucial 300 DMA awaits, but higher still, at 3490c. Silver touched but could not penetrate its 20 DMA today. Trend in force remains in force until violated. Right now silver's trend is down, and it needs to close above 3460c to gainsay that. There we are, stuck in the limbo between picking a bottom and waiting for a breakout. Next week will clear the crystal ball. For all this week's excitement and the metals' stumbling, the scoreboard didn't change much, except for the US dollar index. Even that doesn't look to be a great advance, but considering what it recovered from, it looked good. Y'all try to twist your minds around this. Greece announced that for this present bond recall deal, 86% of creditors subject to Greek law and 69% of international bondholders agreed to accept a 74% haircut. Yet today the International Swaps and Derivatives Association (ISDA), the derivatives industry group who decides whether a default has occurred and thus triggered payoff for holders of Credit Default Swaps, said that a Greek default had occurred, triggering $3 billion of default insurance. Why? The Greek government used a collective action clause to force the rest of the investors to take the same deal. Three billion sounds like a lot, but 'taint nothing like paying off the CDS on all the debt that was re-scheduled. Markets never blinked over the ISDA's decision. It only further illustrates that the whole "bail out" benefits only the banks, and not Greece. None of that bail out money will perch in Greece, but will all fly clean through to the banks. Now Spain, having witnessed the savage pain dealt out to Greece, is saying it won't take those austerity measures. I know the Europeans keep kicking these cans down the road, but one of these days, maybe this year, that can will turn out to be a land mine with 40 or 50 lb. of C4. The financial and government system has now become nothing more than one vast criminal enterprise bent on harvesting all the rest of the world that belongs not to the Elite. They have made themselves the enemies of all honest men of good will. For now they have their way, sucking the world's blood, but it will not end well for them. As the Greeks used to say, the wheels of justice grind slow, but they grind exceeding fine. Keep grinding. After Tuesday's killing nose dive from 12,970 to 12,740, the Dow laboriously climbed back to a high today at 12,968 and closed up 14.08 big points (0.11%) at 12,922.02. Tuesday's break fell out of a lethal rising wedge. Balance of the week's recovery only form a double top, making the gravitational outcome -- toward earth's core -- more sure and certain. S&P500 will accompany the Dow. It gained 4.96 today (0.36%) to end at 1,370.87. Stocks -- headed for new discoveries beneath the earth's crust. US DOLLAR resolved a harrowing two day correction by shooting straight skyward today and closing above the morale-boosting 80 level at 80.003, up 86.4 or 1.11%, gigantical for a currency move. IF the buck can clear 80.12, 'twill shoot for 82. The ever lively Japanese Yen today proved that you cannot possibly expect too little from any fiat currency. Even though the Yen has been waterfalling like Iguazu since 1 February, from 131.52c to 121.29c today (down 7.8%), today demonstrated it hath not stopped yet. Lost 1.07% more today. NGM in Europe and US are gonna get real mad at the Japanese NGM if they don't alter the yen's trajectory. On 9 March 1861 the Confederate Congress authorized bills in denominations of $50, $100, $500, and $1,000. That wasn't a good omen for their unwillingness to inflate. In fact both North and South fought the war on inflation, but the South began with less specie so inflated more. It wasn't until the closing acts of the War that Confederate currency began its worst losses. Y'all enjoy your weekend! Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com © 2012, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. 
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| Gerald Celente: Nightmare “Schemed” To Cover Up America Collapse Posted: 09 Mar 2012 10:31 AM PST from ETFDailyNews.com:
"I've been in this business now since 1980, and I'm always marveled at the schemes undreamed of that they come up with," Celente told GoldSeek Radio host Chris Waltzek. "So, when things should collapse, they often don't, because they come up with another scheme. So, here's the scheme undreamed of that I believe is going to be America's worst nightmare, and that's war with Iran.
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| Gold and Silver Disaggregated COT Report (DCOT) for March 9 Posted: 09 Mar 2012 09:59 AM PST HOUSTON -- This week's Commodity Futures Trading Commission (CFTC) disaggregated commitments of traders (DCOT) report shows a remarkable amount of short covering by traders who are normally considered traditional hedgers – in both gold and silver futures. In the DCOT table below a net short position shows as a negative figure in red. A net long position shows in black. In the Change column, a negative number indicates either an increase to an existing net short position or a reduction of a net long position. A black figure in the Change column indicates an increase to an existing long position or a reduction of an existing net short position. The way to think of it is that black figures in the Change column are traders getting "longer" and red figures are traders getting less long or shorter. All of the trader's positions are calculated net of spreading contracts as of the Tuesday disaggregated COT report.
We note that in a week where gold was hammered for more than $100 and silver almost $4.00 that the traders normally associated with the sell or hedging side of the paper metals markets were very strong net buyers. Indeed, the traders the CFTC classes as Producer, Merchant, Processor or User (PMs), the category that includes the largest gold dealers and bullion banks, used the drop in the price of gold to cover or offset a whopping 32,677 futures contracts (16.2%,equivalent to 3,267,700 ounces). That is the largest "hedger get-out" of gold futures short bets by the PMs since August 12, 2008 when they covered or offset a giant 42,638 net short contracts in one week then. Clearly the Big Hedgers of the COMEX took advantage of the harsh sell down for the metals to "get smaller" in their net short positioning – a lot smaller. Vultures, (Got Gold Report Subscribers) please note that updates to our linked technical charts, including our comments about the COT reports and the week's technical changes, should be completed by the usual time on Sunday evening (around 18:00 ET). 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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| Time to Accumulate Gold and Silver Posted: 09 Mar 2012 09:54 AM PST by Jeff Clark, Casey Research:
Do you own enough gold and silver for what lies ahead? If 10% of your total investable assets (i.e., excluding equity in your primary residence) aren't held in various forms of gold and silver, we at Casey Research think your portfolio is at risk. After speaking at the Cambridge House conference last month and talking with many attendees, I came away convinced that most investors fall into one of two categories: those that hold an abundance of gold and silver (which tends to be physical forms only), and those with little or none. While both groups need to diversify, I'm a little more concerned about the second group. Here's why. Regardless of what you think will happen over the remainder of this decade, one thing seems virtually certain: the value of paper money will be affected, perhaps dramatically. Even if the economy slips into deflation, the deflation wouldn't last long. A panicked Fed would print to the max and set off a wild rise in prices. This is why we're convinced currency dilution will not only continue but accelerate.
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| Posted: 09 Mar 2012 09:10 AM PST Well, if you look at our short-term mark-to-market performance for the month of February, you would at first glance conclude that from its perspective, Gold was not very sexy at all. Read More...
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| Big traders' gold short-covering is largest in 5 years, GGR says Posted: 09 Mar 2012 09:01 AM PST 4:56p ET Friday, March 9, 2012 Dear Friend of GATA and Gold: A flash from Gene Arensberg at the Got Gold Report says the big commercial traders in gold and silver used the recent plunge in prices to cover a lot of their short positions. Arensberg writes that the short-covering by the big traders in gold was the largest in almost five years. The flash is posted at the Got Gold Report here: http://www.gotgoldreport.com/2012/03/comex-commercial-traders-strongly-r... 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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| Gold much undervalued, First Eagle's Eveillard tells King World News Posted: 09 Mar 2012 08:52 AM PST 4:50p ET Friday, March 9, 2012 Dear Friend of GATA and Gold: First Eagle's gold guy, Jean-Marie Eveillard, today tells King World News that gold is very much undervalued amid the worldwide money printing and financial turmoil. His comments would be even more interesting if he mused about how this undervaluation has come about and how it is sustained. Oh, well ... an excerpt from the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/9_Eve... 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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| Posted: 09 Mar 2012 08:47 AM PST Eveillard – All Hell May Break Loose & Gold is Way Undervalued
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| Short Greek Bonds vs Long Apple: No Contest Posted: 09 Mar 2012 08:43 AM PST One may be surprised to learn that in the past 6 months NASDApple is not the best performing "asset class." Sure, it has generated a respectable 43% return since last September when the Greek 1 Year bond crossed a 100% yield for the first time ever (or a cash price of 54). That was also the time when many were saying to buy Greek bonds as there was no chance the yield could tumble much further (probably the same ones who said to buy AAPL). As it turns out, now that the saga of Greece is officially over, and its existing debt is being "retired" at a final price of about 19 cents of par, here is the final tally: shorting Greek bonds since September 2011 has generated 63%, while being long Apple returned 43%. And that's with virtually every hedge fund and their mother entering the Apple hedge fund hotel. So yes - sometimes going against the conventional groupthink does generate the best results. Now if only one could short the "new" Greek bonds at par, the return would be 80% in a millisecond as the bonds will break for trading under 20 cents.
There's more. All the banks that buy New "Fresh Start" Greek bonds at under 20 cents will be able to immediately turn around and repo them to the ECB. What cash equivalent will they get in return? Why just ask Jens Weidmann: he will be delighted to tell you. In other words, the ECB is about to provide another €25+ billion handout to Europe's insolvent banks, or an instantaneous 400% return, once again courtesy of the Greek "default" smokescreen, where the grand prize of course is the full confiscation of the Greek 100+ tons of gold.
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| Greece deal triggers $3 billion in default swaps, ISDA says Posted: 09 Mar 2012 08:38 AM PST By Abigail Moses http://www.bloomberg.com/news/2012-03-09/greek-debt-deal-might-trigger-3... Greece's use of collective action clauses forcing investors to take losses under its debt restructuring triggers payouts on $3 billion of default insurance, the International Swaps & Derivatives Association said. A total 4,323 credit-default swap contracts may now be settled after ISDA's determinations committee ruled the use of CACs is a restructuring credit event, according to a statement distributed today by Business Wire. Before the ruling, Greek swaps rose to a record $7.68 million in advance and $100,000 annually to insure $10 million of debt for five years. Swaps traders will hold an "expedited" auction March 19 to "maximize" the number of bonds that can be used to set payout amounts on the contracts, New York-based ISDA said on the committee's website today. Auctions, which set a recovery value on the underlying bonds, typically are held about a month after credit events are triggered. A swaps trigger "raises the question of which country is next and which banks are most exposed," Hank Calenti, a bank analysts at Societe Generale SA in London, wrote in a note. "Less than six months ago we had the head of the ECB exhorting that there must be no credit event on Greece," he wrote. A settlement may bolster confidence in the $257 billion government-debt insurance market after Greece's restructuring tested the viability of default swaps as a hedge. Greece reached its target for participation in the debt restructuring after using CACs to force the hand of holdouts, with investors in 95.7 percent of the bonds taking part. ... Dispatch continues below ... 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To view the program with Golden Phoenix, please visit Golden Phoenix's Internet site here: http://goldenphoenix.us/fox-business-network/ Policy makers including former European Central Bank President Jean-Claude Trichet opposed payouts on Greek credit-default swaps on concern traders would be encouraged to bet against failing nations and worsen the region's debt crisis. "It's important to keep investor confidence in this instrument as it will affect the ability of sovereigns to issue bonds," according to Alessandro Giansanti, a senior rates strategist at ING Groep NV in Amsterdam, who said the decision will "restore confidence" in the market. "If you want to attract investor demand, you have to offer them an instrument that will allow them to hedge exposure, and CDS is the best instrument for that." While policy makers had hoped to achieve debt sustainability in Europe's most indebted nations without triggering default swaps, political determination to avoid the stigma of a credit event waned as Greece struggled to meet the terms of its bailout. Standard & Poor's downgraded the nation to selective default on Feb. 27 after the government retroactively inserted CACs into bond terms. "I've been surprised throughout at the strong desire not to trigger CDS," said Elisabeth Afseth, a fixed income analyst at Investec Bank Plc in London. "This should be good for anyone seeking protection elsewhere, such as Spain or Italy." Credit-default swaps on Greece now cover $3.16 billion of debt, down from about $6 billion last year, according to the Depository Trust & Clearing Corp. That compares with a swaps settlement of $5.2 billion on Lehman Brothers Holdings Inc. in 2008. While there were concerns at that time about a daisy chain of losses if counterparties failed to meet their commitments, the settlement of swaps guaranteeing debt of Lehman, as well as Fannie Mae and Freddie Mac, were "orderly" and caused no major disruptions for the market, according to regulators. Swaps on western European governments can pay out on a credit event triggered by failure to pay, restructuring, or a moratorium on payments. A restructuring event can be caused by a reduction in principal or interest, postponement, or deferral of payments or a change in the ranking or currency of obligations, according to ISDA rules. Any of these changes must result from deterioration in creditworthiness, apply to multiple investors, and be binding on all holders. The determinations committee which decides whether a credit event has occurred consists of representatives from 15 dealers and investors. The group, which includes Deutsche Bank AG (DBK), Pacific Investment Management Co. and Morgan Stanley, rules after a request is made by a market participant. In a restructuring credit event investors have the right to choose whether to settle their default swap contracts. 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. 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| Posted: 09 Mar 2012 08:35 AM PST by Jim Willie CB March 9, 2012 home: Golden Jackass website subscribe: Hat Trick Letter Jim Willie CB, editor of the "HAT TRICK LETTER" Use the above link to subscribe to the paid research reports, which include coverage of critically important factors at work during the ongoing panicky attempt to sustain an unsustainable system burdened by numerous imbalances aggravated by global village forces. An historically unprecedented mess has been created by compromised central bankers and inept economic advisors, whose interference has irreversibly altered and damaged the world financial system, urgently pushed after the removed anchor of money to gold. Analysis features Gold, Crude Oil, USDollar, Treasury bonds, and inter-market dynamics with the US Economy and US Federal Reserve monetary policy. Scattered diverse and almost uniformly unfavorable and dangerous events are unfolding, as the global economy and financial structure undergoes...
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| COMEX Commercial Traders Strongly Reduce Gold Shorts Posted: 09 Mar 2012 08:26 AM PST HOUSTON -- As we expected, traders classed by the Commodity Futures Trading Commission (CFTC) as "commercial" in the combined commitments of traders report for COMEX gold futures (the legacy COT report), covered or offset a very large amount of their net short positioning according to data supplied by the CFTC. The COT report was released today (Friday) at 15:30 ET for large trader positioning as of the close on Tuesday, March 6. According to the CFTC COMEX commercial traders reduced their combined collective net short positioning (LCNS) for gold futures by 45,143 contracts or 18.4% to show 200,208 contracts net short. Gold declined $109.85 or 6.2% for the Tuesday to Tuesday period.
This is the largest one-week reduction in commercial net short positioning for the legacy COT report since July 31, 2007, when the commercial net short position declined by 48,958 contracts in one week. COMEX commercial traders also very strongly reduced the LCNS for silver futures from 44,953 to 35,796 contracts net short, a reduction of 8,797 lots or 19.7% for the one week reporting period. Silver fell a big $3.99 or 10.8% for the period, closing Tuesday at $32.90. Just over $1.00 of the decline occured on COT reporting Tuesday. Silver has inched higher each day since then. Apparently "the commercials" took advantage of the very large downdrafts for gold and silver last Tuesday to get the heck out of a meaningful amount of their downside bets for gold and silver futures. We will have much more about the COT for subscribers in our linked technical charts by the usual time on Sunday (by 18:00 ET).
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| Posted: 09 Mar 2012 08:10 AM PST Everybody's fretting about inflation. Central bankers say there's too little, or will be (just you wait). Lesser mortals feel there's way more than the official numbers let on. And finance professionals think there's ... Read More...
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| Posted: 09 Mar 2012 08:10 AM PST Synopsis: The signs that the US is turning into a fascist state are numerous and unmistakable – ignore them at your own peril. Dear Readers, One of the more noxious platitudes foisted upon the public by our increasingly Orwellian government is "See Something, Say Something." This saying, of course, differs in no material way from the sort of propaganda utilized in all the fascist states that have come before. While this notion of spying on fellow citizens hasn't yet resulted in the active enlistment of a Stasi-like network of sharp-eyed matrons and meddlesome old coots embedded in apartment buildings and on each city block to dutifully report goings-on to the authorities "for national security," can that be far behind? But that's not what has gotten sand under my saddle this week. No, what has irked me to the point of distraction – not to mention triggering some angry mutterings as I stomp around the house – could be considered the exact opposite of that trite trope. What I'm referring to is the modus operandi of Americans today to see something but say nothing. More specifically, this week the US government made it clear that they effectively have decided to adopt a new and very dangerous interpretation of one of the core principles of the US Constitution, and apparently nobody cares. I am referring to a presentation earlier this week by United States Atty. Gen. Eric Holder at Northwestern University's law school. Reading from prepared remarks – meaning his words were not a flub-up – Holder explained the rationale the government is now using when ordering the killings of American citizens. And I quote... Some have argued that the President is required to get permission from a federal court before taking action against a United States citizen who is a senior operational leader of al Qaeda or associated forces. This is simply not accurate. "Due process" and "judicial process" are not one and the same, particularly when it comes to national security. The Constitution guarantees due process, not judicial process. It is important when reading this sort of thing to separate the inconsequential historical anecdotes – the "here and now" elements of no lasting importance – from the language related to setting long-term precedence. To assist you in that regard, I will now repeat Holder's statement, with the anecdotal elements redacted. Some have argued that the President is required to get permission from a federal court before taking action against a United States citizen who is a senior operational leader of al Qaeda or associated forces. This is simply not accurate. "Due process" and "judicial process" are not one and the same, particularly when it comes to national security. The Constitution guarantees due process, not judicial process. Simply put, what the administration is now claiming as standard operating policy is that it can formulate certain procedures on an ad-hoc basis and call it "due process." Provided their functionaries follow that process, the government is free to do virtually anything, in this instance, kill citizens. Note also that Holder doesn't make a distinction between targeting US citizens here versus abroad. This is a blanket statement. When I initially read Holder's remarks, I was sure there would be a massive outpouring of popular indignation, outrage even. And I confess to hoping that maybe, just maybe, this would be the final straw to get the citizenry off their couches to put an end to this long step down the path of fascism. But there was barely a peep. No cries for Holder's resignation, or for Obama's impeachment, either of which would have been entirely appropriate in a nation where the citizenry hadn't already been cowed. It was also telling that even though Holder's declaration of the administration's coup against the constitution was delivered at a law school, the audience didn't rise to their feet in shock but rather waited politely for him to conclude his remarks before rewarding him the obligatory applause. Given that these were students of the law and so should know better, I can only conclude that even though they saw something – in this case the ungloved hand of fascism – they decided to say nothing. That could be, perhaps, because of another law recently passed by Congress with an overwhelming 388-3 majority. I refer, of course, to the Federal Restricted Buildings and Grounds Improvement Act of 2011, otherwise known as the Trespass Bill. John Whitehead of the Rutherford Institute writes intelligently on the bill. Some snippets… emphasis mine. The Trespass Bill (the Federal Restricted Buildings and Grounds Improvement Act of 2011) creates a roving "bubble" zone or perimeter around select government officials and dignitaries (anyone protected by the Secret Service), as well as any building or grounds "restricted in conjunction with an event designated as a special event of national significance." Current law makes it illegal to enter or remain in an area where certain government officials (more particularly, those with Secret Service protection) will be visiting temporarily if and only if the person knows it's illegal to enter the restricted area but does so anyway. The bill expands current law to make it a crime to enter or remain in an area where an official is visiting even if the person does not know it's illegal to be in that area and has no reason to suspect it's illegal. In other words, you can be minding your own business some place when a member of the elite enters, and his or her mere presence sucks you into their federally protected "bubble" where a single false move, intentional or otherwise, can end up very badly. You can read the full article here. There is, as I always try to point out, much nuance in all of this. But stepping back to view the larger picture reveals what Holder's remarks so clearly confirm – the nation has now crossed the line separating a constitutional democracy from a fascist state. On flying into JFK last weekend and watching a friend's middle-aged wife separated from her children in order to go through a pat-down by one of dozens of TSA personnel, most of whom were standing around in groups chatting collegially (maybe about their phat compensation), I felt compelled to turn to my own kids and say, "I hope that someday your generation will forgive our generation for leaving the world in this condition for you." Of course, I am not alone in seeing the signs of fascism cropping up on an almost daily basis. But at this point the masses are literally too scared to say something, other than perhaps in quiet whispers behind closed doors. Even when the level of fascist control over society is as blatant as was in evidence earlier this week when a group of very average citizens gathered to peacefully protest a new law passed by the state of Virginia requiring women to submit to a government-mandated ultrasound before being allowed to have an abortion. Fellow Casey editor and Virginia resident Doug Hornig reports on the action… "What happened here is that there was a protest against the bill at the state capitol, which of course is off limits for such actions. A SWAT team moved in with full riot gear – there was a long line of them decked out with opaque visors, tasers, batons, rifles, dogs, etc. Deployed against about 500 middle-aged women and aging hippie guys. Now there's a threat to the public order. This is one chilling video. If you want to cut to the chase, forward to about the eight-minute mark..." Note that the state police standing watch over this very pedestrian and entirely constitutional exercise of free speech were armed with machine guns, once again a clear indication of just how far the nation's controlling classes – federal, state and local – have goose-stepped onto the path of fascism. Sadly, with Pandora's box kicked wide open by 9/11, feeding into the natural tendencies of the praetorian class to exercise its might, there is no painless way to go back. Rather, you have to expect that things will only get worse, especially if there is another "event" that gives the authorities license to put into action all of the clampdown plans implemented since 9/11. Which brings me to an article by technology specialist and ex-military officer Pete Kofod, whose articles dissecting the nature of fascism and the growing praetorian class we have previously published. As an aside, over the last half a year or so, Pete took some time away from his busy schedule as the owner of a company specializing in cloud computing solutions to create a truly unique five-day training program to help individuals and executives harden their lives against modern threats. More on that course in a moment, but first Pete's article.
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| Eveillard - All Hell May Break Loose & Gold is Way Undervalued Posted: 09 Mar 2012 08:08 AM PST  Today legendary value investor, Jean-Marie Eveillard told King World News all hell could break loose and gold is nowhere near fair value. Eveillard, who oversees $50 billion at First Eagle Funds, had this to say about the situation, "I think they bought some time, not so much because of what happened with the Greek bonds but because the head of the ECB decided to lend the commercial banks whatever they needed. This happened in December and again in February and it totaled over on trillion euros."
This posting includes an audio/video/photo media file: Download Now |
| Gold Daily and Silver Weekly Charts - Metals Bears Stuffed - ISDA Declares Credit Event Posted: 09 Mar 2012 08:03 AM PST |
| $3,000 Gold in 2012 Not As Far-Fetched As You Would Think : John Ing Posted: 09 Mar 2012 08:02 AM PST Interviewed by Jim Puplava of the financial sense... [[ This is a content summary only. Visit my website http://goldbasics.blogspot.com for full Content ]] 
This posting includes an audio/video/photo media file: Download Now |
| Armageddon and Opportunity at the Same Time Posted: 09 Mar 2012 07:50 AM PST March 9, 2012 [LIST] [*]J'accuse! Reader calls out The 5 for "doublespeak"... We reconcile "financial armageddon" with breakthroughs that "will rescue the economy" [*]Chris Mayer on "one of the best things you can do with your money right now" [*]Not just a town in upstate New York: Byron King on "one of the keys to the re-industrialization of the U.S. Rust Belt" [*]More opportunities from our editors: A 6.8% yield from an unloved sector... and a breakthrough treatment for the most-widespread disease you've never heard of [*]Breaking down the unemployment numbers... the impact of solar flares on stocks... a likely happy ending to our "mock trade"... and more! [/LIST] "Let me recap your report," a reader proposes, helpfully kicking off today's episode of The 5 Min. Forecast. "At the top, I am told that the U.S. is destined for financial armageddon (as you shout in every edition). I should convert everything I own to gold and store that gold overseas for protectio...
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| COT Gold, Silver and US Dollar Index Report - March 9, 2012 Posted: 09 Mar 2012 07:34 AM PST COT Gold, Silver and US Dollar Index Report - March 9, 2012
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| Posted: 09 Mar 2012 06:20 AM PST Gold Recoups This Week's Losses
However, these intraday losses were short-lived as news that Fitch downgraded Greece to "selective default" and reports of an Israeli airstrike in Gaza sparked a rebound that saw gold set new highs for the day and threaten the high for the week at 1716.48. A close above the 100-day moving average (1695.66), and more so a higher close on the week (above 1710.50), would offer encouragement to longs for the week ahead. Such action into the close would also likely discourage shorts. Despite reports of 95% participation in the Greek bond swaps, the euro tumbled back to its low for the week, just below 1.3100 versus the dollar. The Greek cabinet approved activation of the collective action clauses and Fitch downgraded Greece to selective default status. Meanwhile, in the grey market for the new bonds, it appears that the actual haircut for the private bondholders will be closer to 78%. Yields have surged from the get-go with new 2% bonds maturing in Feb 2023 being bid at 19.7% on repayment worries. Basically, the new bonds aren't even out yet and already there's ample skepticism about Greece's ability to pay on them. Such skepticism is well founded with news that the Greek economy contracted more than expected at the end of last year. The Hellenic Statistical Authority reported today that Q4 GDP fell by 7.5%, rather than the 7% that was initially estimated. Here in America we've started seeing some downward revisions to GDP for this year that are primarily being driven by a surging trade deficit. The January trade deficit jumped to a three year high of $52.6 bln on rising costs for imported energy and food products. At the same time, European demand for our exports fell as their economy teeters on the brink of a new recession. The weaker economic prospects for the US may have prompted the Fed to spur renewed speculation this week about additional quantitative measures. If the Fed does indeed launch a QE3 down the road, the gold market is likely to react in the same way it did to QE1, QE2 and Operation Twist, by pushing relentlessly higher. When you consider the absolute explosion in the balance sheets of the Fed's peers — the ECB, BoE, BoJ, among others — it's reasonable to view gold as being on sale at these prices.
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Well, it is official. The restructuring deal between Greece and private investors has been pushed through and the International Swaps and Derivatives Association has ruled that this is a credit event which will trigger credit-default swap contracts. The ISDA is saying that there are approximately 
Robert Mish has been a precious metals dealer for nearly 50 years and knows what a gold bubble mania looks like. We are nowhere near that stage, in his opinion.
Dominique de Kevelioc de Bailleul: Trends Research Institute founder Gerald Celente predicts that a war with Iran is scheduled to cover up the next leg down to the financial collapse of the U.S. and political upheaval a collapse engenders.
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