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- Analyzing Monday's Noteworthy Insider Buys And Sells
- Why This Option Strategy Makes Sense On Freeport-McMoRan
- Chart Outlook And Where Material Stocks Are Headed Next
- Finding The Silver Lining In These 4 Falling Stocks
- Keryx's Pre-Decision Run-Up Is In Full Effect
- Family's $340,000 in (PAPER) gold lost
- Analyzing Monday's Noteworthy Insider Buys And Sells In Healthcare And Technology
- HAS THE CORRECTION FINALLY BEGUN?
- Chinese bank leased 63 tonnes of gold in 2011
- Howard and Warren Buffett on gold
- The Bull Run Is Over? Analysts Predict Gold Will Plunge Below $1000
- Frank Holmes and Dominic Frisby talk about China, oil and the gold price
- Playing the Gold, Silver Equities Selloff: Stephen Taylor
- Bullion at 6-Week Low on ‘Sovereign Decision’ of Spain Ignores EU
- Australian gold production drops in 2011
- Unsusual silver charts could be warning of a stock market selloff
- Why there's no need to worry about a dividend stock bubble
- One more reason to expect the Fed to keep the printing presses running
- Opportunity Knocks — A Note on Recent Gold-Price Action
- David Rosenberg: "The Best Currency May Be Physical Gold"
- Gold correction may not be over yet, but definitely no gold bubble: Faber
- Alasdair Macleod: Where is Greece's gold?
- Situation 'desperate' for central banks, Turk tells King World News
- Last week's smash persuades MineWeb's Williams of gold market manipulation
- Gold & Silver Market Morning, March 6 2012
- Spring Commodity Rallies Underway. Big Inflation Ahead
- Dominic Frisby: We’ll See “Silly” Gold Numbers
- Gold Breakout Round the Corner
- The US Dollar & Oil Hold Clues about the Future
- Andy Hoffman: Gold and SIlver Update
| Analyzing Monday's Noteworthy Insider Buys And Sells Posted: 06 Mar 2012 05:15 AM PST By Ganaxi Small Cap Movers: We present here two noteworthy buys and seven noteworthy sells from Monday's (March 5th, 2012) SEC Form 4 (insider trading) filings (ex-healthcare and technology sectors that are covered in a separate article, hyperlinked to above), as part of our daily and weekly coverage of insider trades. These were selected by a review of over 480 separate transactions in over 280 different companies filed by insiders on Monday. The filings are noteworthy based on the dollar amount sold, the number of insiders buying or selling, and based on whether the overall buying or selling represents a strong pick-up based on historical buying and selling in the stock (for more info on how to interpret insider trades, please refer to the end of this article): Zions Bancorp (ZION): ZION is a multi-bank holding company that provides various banking and related products and services in the U.S. with almost 500 branches in Utah Complete Story » |
| Why This Option Strategy Makes Sense On Freeport-McMoRan Posted: 06 Mar 2012 04:57 AM PST By Bret Jensen: The market feels like it is at an inflection point. Personally, I believe the next leg is down for myriad reasons. However, I attend to take advantage of any pullback with the cash I have kept on hand for the occasion. One strategy I employed at times like these, especially on high beta stocks in the energy and commodities sector is out of money bull put spreads. I find it is a prudent way to take advantage of the increased volatility that happens during downdrafts while providing a lucrative premium capture strategy and/or a much lower entry point for stocks I like long term. At the start of the market today, I used this option strategy on Freeport-McMoran (FCX). Option Strategy: Sell the August 35 puts and buy the August 30 puts via a bull market put spread for a net credit of $1.40. Scenario 1: Freeport-McMoran holds at least Complete Story » |
| Chart Outlook And Where Material Stocks Are Headed Next Posted: 06 Mar 2012 04:46 AM PST By SPY) 5-Day Chart Boeing (BA) 5 Day Chart Apple (AAPL) 5-Day Chart Daily Data: Materials Select Sector SPDR (XLB) Material stocks have been in the news recently. Fast Money contributor Abigail Doolittle talked about XLB on March 1, mentioning that the ETF looked bearish. The founder of Peak Theories Research is looking for a confirmation price at $36.40 before she thinks it could hit $35. Abigail went further to suggest that a close on Freeport-McMoRan (FCX) at $42 would be followed by a breakdown to $35. After reading this article from fast money, my attention was drawn to the Feb-Apr option expiration performance of XLB and its top 10 holdings - Dupont (DD), Monsanto (MON), Praxair (PX), Newmont Mining (NEM), Dow Chemical (DOW), Ecolab (ECL), Air Products & Chemicals (APD), Mosaic (MOS), and Nucor Complete Story » |
| Finding The Silver Lining In These 4 Falling Stocks Posted: 06 Mar 2012 04:42 AM PST By Kevin Quon: Watching a stock fall can be a stressful time for investors. It can also be a period of caution for those standing on the sidelines. But for those who equate the company's health to its share price, it's important to remember that the market capitalization is not always the most accurate portrayal of a company's value. As it stands, the market value is but an expression of the sentiment that ideally incorporates the full picture of the company's past performance along with its future prospects. For those trying to identify an overreaction in a falling stock, one basic strategy is to piece together the company's problem and contrast it's severity against the justifications of the price decline. In some cases, one might be surprised to find silver linings for the rainy storm clouds that seem to be gathering over the company's performance. In themselves, such upside quirks might merit further Complete Story » |
| Keryx's Pre-Decision Run-Up Is In Full Effect Posted: 06 Mar 2012 04:38 AM PST By VFC: Shares of Keryx Biopharmaceuticals (KERX) have been in the spotlight since late last year, when investors started taking notice of the company's expected release of Phase III trial results for the cancer treatment Perifisone, partnered with AEterna Zentaris (AEZS). This week KERX shares blew past the five dollar mark, before closing just under that mark, on huge volume as an article on Seeking Alpha proclaimed that Perifisone approval is all but a "done deal," a comment that sparked some headline wars from other media outlets that are not so convinced an approval is imminent. It's not unusual for share prices of companies in the biotech and pharmaceutical sectors to move higher in anticipation of expected FDA decisions, but it's always a good move - in my opinion - to take advantage of such spikes by selling a few trading shares into such runs in case the decision does not turn Complete Story » |
| Family's $340,000 in (PAPER) gold lost Posted: 06 Mar 2012 04:32 AM PST SIGH. Anyone that would buy into paper metal investments after reading this, frankly, deserves what comes after. Snip: ''A family with more than $340,000 invested with a gold bullion trader say they have been told by its owner they won't be getting it back. The Serious Fraud Office received two calls about Bullion Buyer website yesterday and SFO chief executive Adam Feeley said the complaints were "being looked into as a matter of priority". The bullion investment company has an office in the Vero building in downtown Auckland and is run by Grace Holdings NZ Ltd, whose sole director is Robert Kairua. The website has advertised heavily on television and radio and calls itself "New Zealand's trusted name in bullion trading". Christchurch woman Rose Fraser and her children John and Lela invested US$285,000 ($341,700) in leveraged options with the firm. This meant they bought gold and borrowed against that investment to buy more, hoping the profits from its sale would be more than the interest payable. John Fraser also ordered $85,000 worth of silver bullion from the company and spent months waiting for it to arrive. His father, former TVNZ journalist Brent Fraser, said he called Mr Kairua yesterday and was eventually told the money or silver would not be handed over.'' You can read the rest of the tragedy here: http://www.nzherald.co.nz/business/n...ectid=10784326 R. |
| Analyzing Monday's Noteworthy Insider Buys And Sells In Healthcare And Technology Posted: 06 Mar 2012 04:17 AM PST By Ganaxi Small Cap Movers: We present here two noteworthy buys and 12 noteworthy sells in the healthcare and technology sectors from Monday's (March 5th, 2012) SEC Form 4 (insider trading) filings, as part of our daily and weekly coverage of insider trades. These were selected by a review of over 480 separate transactions in over 280 different companies filed by insiders on Monday. The filings are noteworthy based on the dollar amount sold, the number of insiders buying or selling, and based on whether the overall buying or selling represents a strong pick-up based on historical buying and selling in the stock (for more info on how to interpret insider trades, please refer to the end of this article): Fusion-IO Inc. (FIO): FIO is engaged in the development, marketing and sale of storage memory platforms for data centralization in the U.S. Its platforms enhance the processing capabilities within a datacenter by relocating process-critical or Complete Story » |
| HAS THE CORRECTION FINALLY BEGUN? Posted: 06 Mar 2012 04:16 AM PST Today is a classic example of why I have been warning traders not to push the long side of the stock market. When these creeper trends finally break they often generate a crash or semi crash type of profit-taking event. The last 2 1/2 months were a classic example of why I have been warning traders not to short the stock market. These creeper trends can go on much longer than many people expect and shorts just end up getting whipsawed out multiple times until they're so shell shocked that they can't hold on when they finally do catch the top. All in all the correct strategy was to remain in cash until the profit-taking event occurred and then buy as close to the bottom as possible. If I had to guess I would say this will probably turn into a two step down affair followed by a two-month volatile consolidation as the dollar rally progresses. You might recall in my last post I mentioned that the dollar would need to get on the upside of an intermediate cycle before stocks had any realistic chance of correcting. I outlined the conditions that would confirm that the dollar had formed an intermediate cycle low. Those conditions have now been met and it appears that the stock market is ready to deliver the much anticipated profit-taking event.  During this period gold should drift generally downward over the next couple of months as the dollar rallies.  There will be plenty of false rallies (just like last Thursday) to sucker traders back in. But I really doubt gold will put in a lasting bottom until the dollar's intermediate cycle tops. Barring a public announcement of QE3, that is unlikely to happen until sentiment reaches extremes again. That almost always requires a move to new highs and usually takes a minimum of one and a half to two months to generate that kind of bullish sentiment. As I have been warning traders for months the dollar's rally out of its three year cycle low almost certainly isn't done yet. The rally out of a three year cycle low usually lasts at least a year, and that's the norm in a secular bear market. Since the three year cycle low bottomed in May of 2011 it's unlikely that we would see a final top until at least May of this year. And since the three year cycle low in 2011 held above the three year cycle low that occurred in 2008, there is even a case to be made that the dollar has now entered a secular bull market.  This would imply that despite Bernanke's best efforts the forces of deflation may be overwhelming the central bank's efforts to reflate. However I'm confident that if 10 trillion isn't enough Bernanke will not hesitate to print 50 trillion. I have little doubt that no matter how this progresses it is going to end in a massive inflationary currency crisis.        This posting includes an audio/video/photo media file: Download Now |
| Chinese bank leased 63 tonnes of gold in 2011 Posted: 06 Mar 2012 03:02 AM PST |
| Howard and Warren Buffett on gold Posted: 06 Mar 2012 03:00 AM PST Sons often rebel against their fathers, but what accounts for the difference between Howard Buffett's view of gold, and that of his son - the famed investor Warren Buffett? While the ... |
| The Bull Run Is Over? Analysts Predict Gold Will Plunge Below $1000 Posted: 06 Mar 2012 02:47 AM PST Shtfplan |
| Frank Holmes and Dominic Frisby talk about China, oil and the gold price Posted: 06 Mar 2012 02:15 AM PST In this podcast, Frank Holmes, CEO and chief investment officer of US Global Investors, and the GoldMoney Foundation's Dominic Frisby talk about China, the gold price and oil. Holmes points out that ... This posting includes an audio/video/photo media file: Download Now |
| Playing the Gold, Silver Equities Selloff: Stephen Taylor Posted: 06 Mar 2012 01:49 AM PST |
| Bullion at 6-Week Low on ‘Sovereign Decision’ of Spain Ignores EU Posted: 06 Mar 2012 01:48 AM PST Gold bullion prices fell to a six-week low of $1,682 per ounce Tuesday lunchtime in London – a 1.8% drop on Friday's close – as stocks, commodities and the euro continued recent losses and uncertainty hung over recent European agreements. |
| Australian gold production drops in 2011 Posted: 06 Mar 2012 12:57 AM PST Goldmoney |
| Unsusual silver charts could be warning of a stock market selloff Posted: 06 Mar 2012 12:38 AM PST From Market Anthropology: One of the greatest challenges in reading a market cycle or comparative trading environment is estimating timeframes of a pivot. And although many traders will discount an analog's utility on that challenge alone, I continue to find merit in having a kinetic blueprint of how a comparative market reacted during like conditions. ... [C]onsidering the approaching and increasingly ambiguous implications of a Greek default and the market's unbridled appetite for risk in front of it, I wanted to take another look at the silver:gold ratio over the past year and contrast it to its closest comparative environment (both based on proportion, pattern, momentum and macro environment) - 1998. For those that don't remember, 1998 was characterized by effervescent momentum in the first half of the year, followed by Russia's sovereign debt default and the bailout of Long Term Capital Management in the fall. I initially started looking at this analog last year when silver was moving toward a parabolic blowoff during the broad momentum frenzy that characterized much of the early months of 2011. It further became incorporated in my daily analysis as the tail risks associated with Europe's considerable sovereign debt and liquidity issues roiled the capital markets and revealed themselves in the back half of 2011. Generally speaking (and why the ratio has relevance), commodity market weakness and volatility presages equity market volatility. And considering silver is... Read full article (with charts)... More on stocks: Why silver could hold the key to the market's next big move Breakout alert: Two large-cap stocks to put on your radar immediately Top trader: Apple is now showing the "telltale signs" of a parabolic top |
| Why there's no need to worry about a dividend stock bubble Posted: 06 Mar 2012 12:37 AM PST From Dividend Growth Stocks: For the last 12-18 months dividend stocks have been on an upward spiral. Their ascent was propelled by low interest rates and the mass-media, infamous for stalking the next great fad. Following the well-worn script, the media cheerleaders are slowly swapping their pom-poms for darts as they assume their next roles as naysayers. Recently, the news has devolved from 'everyone should own dividend stocks' to 'watch out, dividend stocks are in a bubble.' For the astute investor, one must first ponder the question: 'is it even possible for a dividend stock bubble to exist?' Let's explore this question... Read full article... More on dividend stocks: These companies will raise their dividends in March This beaten-up gold stock just approved a BIG dividend increase This World Dominating Dividend Grower could be starting a BIG long-term move |
| One more reason to expect the Fed to keep the printing presses running Posted: 06 Mar 2012 12:24 AM PST From Economic Policy Journal: Joe Nelson makes this observation in the comments: The LA Times is out with this story about rising student loan default rates. The article is here. I mention it because buried at the bottom is this rather telling anecdote about Bernanke's... Read full article... More on inflation: Ron Paul BLASTS Ben Bernanke: You killed the dollar Top currency fund manager: A "disastrous inflationary fire" is coming Inflation expert Williams issues a new warning on Federal Reserve money printing |
| Opportunity Knocks — A Note on Recent Gold-Price Action Posted: 05 Mar 2012 09:52 PM PST This past week's dramatic gold-price action - with the metal falling some 5.8% from a Wednesday high of $1,790 an ounce to a low of $1,687 - does nothing to dissuade us from our super-bullish long-term view of gold-price prospects. |
| David Rosenberg: "The Best Currency May Be Physical Gold" Posted: 05 Mar 2012 09:26 PM PST ¤ Yesterday in Gold and SilverThe gold price hit its high just minutes after 8:00 a.m. in Tokyo on their Monday morning...and by the time that London opened, the gold price was down a couple of bucks from Friday's New York close. Then the serious selling began...and by shortly before 10:00 a.m. GMT, gold was down another fifteen bucks. From there it traded sideways until shortly after 12:00 o'clock noon local time in London. The subsequent rally just about got gold back to Friday's closing price...but shortly before the equity markets opened in New York, another not-for-profit seller spiked the gold price down to its Monday low of $1,692.80 spot. The gold price recovered back above the $1,700 price level before the close of electronic trading at 5:15 p.m. Eastern time. Gold closed at $1,706.40 spot...down $4.60 on the day. Net volume [a lot of which was of the HFT variety] was pretty heavy at 147,000 contracts.
Silver followed virtually the same path as gold right up until 11:30 a.m. in New York. From there, silver really got it in the neck. During the next hour and forty-five minutes, silver got sold down to its low of the day [$33.44 spot] about fifteen minutes before the close of Comex trading at 1:30 p.m. Eastern. From that low, silver gained back 56 cents...and closed the trading day at precisely $34.00 spot, down 73 cents on the day. Net volume was pretty chunky at 46,000 contracts.
Platinum got hit pretty hard as well. It closed down 2.01%...and silver closed down 2.10%...both gold and palladium finished down less than a percent each. The dollar index did almost nothing from its Monday morning open in the Far East on Monday...and just eye-balling the chart, I'd say that the index closed down about 10 basis points after trading mostly flat all day.
The gold stocks gapped down at the open...and despite the up and down gyrations of the gold price that followed, the stocks continued to decline in a mostly linear fashion until about 2:45 p.m. Eastern...and then rallied a bit into the close. The HUI finished down 1.96% on the day.
Of course it almost goes without saying that the silver stocks did poorly...and Nick Laird's Silver Sentiment Index got hit by 3.18%.
(Click on image to enlarge) It was relatively quiet on the delivery front yesterday. The CME's Daily Delivery Report showed that 5 gold and 105 silver contracts were posted for delivery on Wednesday. In silver it was "déjà vu all over again" as Jefferies was the big short/issuer with all 105 contracts...and JPMorgan was the largest of the long/stoppers with 87 contracts. The link to the Issuers and Stoppers Report is here. Ted Butler and I both agreed that what the GLD and SLV ETFs showed on Monday would be the acid test for last Wednesday's crucifixion in both these metals. Would there finally be big withdrawals...or not? Well, GLD showed unchanged...and I had to triple check the SLV numbers, as they showed that an authorized participant deposited 1,360,080 troy ounces of silver. That was the second addition to SLV since last Wednesday's take-down. I was ecstatic, as unchanged was the best I was hoping for! This proves beyond a shadow of a doubt...if any further proof were required...that last week's Leap Year Massacre was a 100% paper affair on the Comex...and had zero to do with actual physical supply and demand. And you safely bet that the CME, CFTC...and the mining companies you own shares in, will not lift a finger to stop this "crime in progress". Of course, the odd silver company has taken baby steps in that direction...and another one that took it's first step yesterday was First Majestic Silver. They reported in their 2011 financial statements that they "Invested US$10 million into Sprott Physical Silver Trust, "US:PSLV", after year end." A noble start, to be sure, but they...and all the rest of them...have to do more, and the sooner the better. What management and the board of directors forget sometimes is that those companies they run don't belong to them...they belong to us. There was a small sales report from the U.S. Mint yesterday, as they reported selling 3,000 one-ounce 24K gold buffaloes...and 180,000 silver eagles. The month-to-date sales are not worth posting. The Comex-approved depositories reported that 622,535 troy ounces of silver were deposited on Friday...and only 26,466 ounces were shipped out the door. The link to that action is here. I've stolen a couple of paragraphs from silver analyst Ted Butler's weekend column to his paying subscribers...and they're definitely worth reading... "The big news this past week was the price drubbing on Wednesday on the highest volume seen in quite some time. At intraday extremes, the price of gold fell by more than $100 and silver by more than $3. I don't want to spend much time describing how this was a manipulative move lower; orchestrated by the commercials on the COMEX, because it was so obvious that was the case. The manipulative price smash that day had its origins in the recent buildup in the total commercial short position over the past two months, as I have tried to chronicle on a continuing basis. Given the growth of the COMEX commercial short positions in gold and silver, I hope no one was completely surprised by the deliberate takedown. You have every right to be outraged, as this represents a clear violation of US commodity law, but that is different than being completely surprised. In fact, I am encouraged by the general reaction to the sell-off, as many more observers and commentators see the mechanics of the COMEX manipulation than ever before. That certainly doesn't make the sting of temporary loss instantly vanish, but it bodes well for the future. Importantly, the high volume sell-off on Wednesday has improved the market structure greatly." "There was extraordinarily high trading volume in each ETF on Wednesday, so maybe there is yet to be some metal withdrawn from each; but usually such withdrawals would be made by now (in keeping with the requirements of the prospectus). My sense is that there was additional short covering in the shares of both ETFs, in keeping with recent trends and that might explain why no metal was removed in both GLD and SLV. If true, that's bullish. My main point is that last week's action proves again that the COMEX paper market is dictating prices to the world of real metal, as clear a violation of commodity law as is possible. Please forgive me for repeating this to you so frequently, as I know that you "get it." Unfortunately, it is the regulators who don't appear to get it, no matter how clear it should be to them." I've got a couple of charts for you now. The first one is courtesy of Nick Laird over at sharelynx.com...and really doesn't need much of an introduction. But what it shows for February is that, in dollar terms, silver eagles outsold gold eagles once again.
(Click on image to enlarge) If you're a "peak oil" groupie...here's a table of numbers that Australian reader Wesley Legrand sent me yesterday. If this doesn't scare the hell out of you, nothing will.
As is normal for a Tuesday column, I have lots of stories for you today...and quite a few of them fall into the must read/listen category. I hope you have time for them all. I had to triple check the SLV numbers, as they showed that an authorized participant deposited 1,360,080 troy ounces of silver. Last week's smash persuades MineWeb's Williams of gold market manipulation. Alasdair Macleod: Where is Greece's gold? Situation 'desperate' for central banks: James Turk. ¤ Critical ReadsSubscribeFair Game: 0.2% Interest? You Bet We'll Complain - Gretchen MorgensonSTOP your bellyaching. That was the message delivered last Thursday to Americans who today make almost nothing on the savings in their bank accounts. It came from Sarah Bloom Raskin, an insider at the Federal Reserve. Ms. Raskin, one of the governors on the Fed board, made the usual disclaimer that her comments reflected her own thinking. But Fed watchers said her remarks probably mirrored views inside the central bank. The issue — as anyone looking for income-producing investments knows — is that the Fed drove down interest rates to almost zero to shore up big banks and an economy that those banks helped drive off a cliff. Now savers, who did nothing to create the financial crisis, are being punished. This story was posted in The New York Times on Saturday...and is worth reading. It showed up in a GATA release on the weekend...and that's where I stole it from. The link is here.  CFTC's Sommers 'Deeply Concerned' That Coordination Absent on Swaps RulesThe inability of U.S. regulators to agree on guidelines for the international reach of the Dodd- Frank Act may disrupt the $708 trillion global swaps market, said Jill E. Sommers, a Republican member of the Commodity Futures Trading Commission. "I'm deeply concerned that there has not been adequate coordination" with the U.S. Securities and Exchange Commission and non-U.S. regulators, she said today in a speech at an Institute of International Bankers conference in Washington. "Of even greater concern to me is that the commission appears to be considering a piecemeal approach," she said of the CFTC. Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Morgan Stanley (MS) have argued that the Dodd-Frank proposal threatens to hurt the competitiveness of Wall Street banks compared with their non-U.S. rivals. Michel Barnier, the European Union financial markets commissioner, has urged U.S. regulators to better coordinate Dodd-Frank rules with counterparts in other nations that are also writing new regulations following the 2008 credit crisis. This story was posted on the Bloomberg website yesterday afternoon...and I thank Washington state reader S.A. for sending it along. The link is here.  Holder explains threat that would call for killing without trialAttorney General Eric H. Holder Jr. asserted on Monday that it is lawful for the government to kill American citizens if officials deem them to be operational leaders of Al Qaeda who are planning attacks on the United States and if capturing them alive is not feasible. "Given the nature of how terrorists act and where they tend to hide, it may not always be feasible to capture a United States citizen terrorist who presents an imminent threat of violent attack," Mr. Holder said in a speech at Northwestern University's law school. "In that case, our government has the clear authority to defend the United States with lethal force." While Mr. Holder is not the first administration official to address the targeted killing of citizens — the Pentagon's general counsel, Jeh Johnson, did so last month at Yale Law School, for example — it was notable for the nation's top law enforcement official to declare that it is constitutional for the government to kill citizens without any judicial review under certain circumstances. Mr. Holder's remarks about the targeted killing of United States citizens were a centerpiece of a speech describing legal principles behind the Obama administration's counterterrorism policies. The 'thought police' at The New York Times has the changed the title from what it was above, to a somewhat more friendly "U.S. Law May Allow Killings, Holder says". Casey Research's own Dave Galland, who had read the article earlier in the day, had this to say about it..."due process" is pretty much whatever the U.S. government decides it should be. If Holder is not fired...and Obama does not lose the election over this, then we have entered the last phase of the advent of the totalitarian state. Seriously." I thank Washington state reader S.A. for his second contribution in a row...and the link is here.  The Roman Empire and the Power of Money: Bob FitzwilsonThere have been many analogies drawn between the United States and Rome. We think that to be historically inaccurate. The new Roman equivalent is a strip of discontinuous land stretching roughly from Charlotte, North Carolina to New York City on the Eastern coast of the Continental United States. Rome in the days of the Republic was a city-state, not an empire. Their army was comprised of citizen-soldiers, called to duty in times of peril. The afterglow of their system of government can be seen incorporated into the founding documents of the United States such as the Constitution, particularly the checks and balances. The Romans biggest fear was a dictator, although they ironically allowed for one when there was extreme danger. In the early days of the Empire, Emperor Nero created a particularly nasty estate tax. He was rumored to have burned down wooden Rome to replace it in his own image and one made of marble. As he ran out of money, he raided the temples and the churches. He still needed more, so he created the Roman version of Legalzoom.com. He required everyone to write a simple will leaving wealth to him. An epidemic of "premature" deaths ensued, particularly those with large sums of wealth. These "proscriptions" might sound familiar to some taxpayers in the current era. This short, must read blog, was posted over at the King World News website yesterday...and the link is Gold correction may not be over yet, but definitely no gold bubble: Faber Posted: 05 Mar 2012 09:26 PM PST Here is a rather lengthy interview with Marc Faber that's posted over at the mineweb.com. In it, Marc says that "The big rally into Sept. 6, 2011, took the gold price to $1,922/ounce (oz) and then it dropped until the end of the year, touching $1,522/oz on Dec. 29. It has rallied, and is now above $1,700 again, but I don't think the correction is entirely over. Corrections of 40% are nothing unusual in a bull market." |
| Alasdair Macleod: Where is Greece's gold? Posted: 05 Mar 2012 09:26 PM PST  Writing for GoldMoney, economist and former banker Alasdair Macleod finds in speculation about the disposition of Greece's gold reserve a reminder that the gold may not even exist if it is stored outside the country with other central banks or the Bank for International Settlements, which may have dumped it into their fractional-reserve gold banking systems. Macleod writes: |
| Situation 'desperate' for central banks, Turk tells King World News Posted: 05 Mar 2012 09:26 PM PST  Central bank intervention against gold last week aimed to get control of a "desperate" situation amid monetary debasement, GoldMoney founder and GATA consultant James Turk told King World News yesterday. Turk says there have been many such interventions in recent years and this one won't succeed any longer than the others did. I thank Chris Powell for providing this introduction as well...and the James Turk blog is posted over at the KWN website. The link is here. |
| Last week's smash persuades MineWeb's Williams of gold market manipulation Posted: 05 Mar 2012 09:26 PM PST  MineWeb's Lawrence Williams writes that gold market manipulation was proven by last week's smash-down of gold by the dumping of paper gold, futures contracts. Williams' commentary is headlined "Sentiment Hit Hard by Big Gold Selloff -- Could Be More Falls to Come". This is another story that I found in a GATA release yesterday...and I thank Chris Powell for writing the introduction for me. It's posted over at the mineweb.com...and is an absolute must read. The link is here. |
| Gold & Silver Market Morning, March 6 2012 Posted: 05 Mar 2012 09:00 PM PST |
| Spring Commodity Rallies Underway. Big Inflation Ahead Posted: 05 Mar 2012 08:49 PM PST "Soybean prices rose 6.2% in February as dry weather threatened crops in Brazil and Argentine boosting demand for US crops. With the Euro firming on positive Greek bailout news, the US Dollar goes weaker. This drives commodity prices higher across the board. The past weekend crude oil was up smartly in response. "Hedge funds increased commodity bets to the highest in almost five months on signs that a rescue plan for Greece and faster U.S. growth will buoy demand as supplies shrink for everything from soybeans to copper." "Money managers boosted net-long position across 18 U.S. futures and options by +2.9% to 956,313 contracts in the week ended February 14, the most since September 20… Soybean wagers jumped 29% to a five-month high. Silver holdings rose for a seventh straight week, the longest advance in almost three years." "The Standard & Poor's GSCI Spot Index of 24 commodities reached a six-month high on February 17 as Euro-area leaders expressed confidence that an agreement on a Greek bailout can be reached. Reports last week on U.S. housing and manufacturing beat analysts' forecasts, and claims for jobless benefits dropped to a four-year low. Investments in raw-material futures have jumped +13% this year, exchange data show. Sixteen of the raw materials tracked by S&P advanced last week, led by cocoa's +8.5% gain. Natural gas climbed +8.4, and cattle prices rose +3.2%, touching a record. Supplies of copper will trail demand by 376,000 metric tons this year, Barclays Capital said on February 16. Consumption will outpace production for tin and palladium, the bank said. Copper for three-month delivery in London gained +0.8% to $8,237.75 a ton. Shortages are also forecast for soybeans, coffee and cocoa, Rabobank International said in its outlook report from January. Gold and precious-metals inflows totaled $102 million, said Cameron Brandt, the director of the research firm." "People are thinking that there are signs that the economy is improving, but that is because of central bank interventions," said Stanley Crouch, who helps oversee $2 billion as chief investment officer at New York-based Aegis Capital Corp. "The underlying fundamentals are very weak. The credit-bubble impact will be worldwide." "Wagers on higher crude-oil prices jumped 14% to 233,889 contracts, the government said. That's the highest since May. Futures in New York climbed to nine-month high on February 17 as improving growth prospects bolstered the outlook for fuel demand. The commodity has also gained on concern that shipments will be disrupted by tension between Iran and the West over the country's nuclear program. -Debarati Roy New York 2-20-12 Bloomberg.net Editor: Iran export oil is going to China. Gasoline goes to $5 in the USA this year. This posting includes an audio/video/photo media file: Download Now |
| Dominic Frisby: We’ll See “Silly” Gold Numbers Posted: 05 Mar 2012 08:32 PM PST Dominic Frisby, of "Frisby's Bulls and Bears" and regular contributor to MoneyWeek, joins Kitco News from the PDAC 2012 in Toronto to provide a recap of his message at this year's PDAC, and why he believes "we're in a period of consolidation". For Kitco News, Daniela Cambone reports. Mar. 5, 2012. ~TVR |
| Gold Breakout Round the Corner Posted: 05 Mar 2012 08:29 PM PST Price Could Hit $3000: Dollar Doomsayers by Jijo Jacob, IBTimes.com:
The latest gold sell-off was sparked by Fed chairman Ben Bernanke's suggestion that another round of monetary easing, or Quantitative Easing-3, was not on the cards. It's no secret that gold's super cycle rally in the past two years was mainly fueled by the quantitative easing, or the Fed's decision to flood the market with dollars. If more of the cheap currency was not about to hit the turf again, gold investors would pull back indeed. In an atmosphere of monetary tightening, there is obviously no fuel to fire up a metals breakout. Read More @ IBTimes.com |
| The US Dollar & Oil Hold Clues about the Future Posted: 05 Mar 2012 08:28 PM PST The past few months have been a difficult environment for anyone who was bearish. The next few months may prove to be difficult for everyone regardless of directional bias. |
| Andy Hoffman: Gold and SIlver Update Posted: 05 Mar 2012 08:12 PM PST
"Ranting" Andy joins us again this week to reassure you the Leap Day violation on gold and silver was as blatant of an attack as you could possible see in the paper markets. Andy reiterates that short term charts are meaningless, and he explains what we're seeing today is simply follow-through operation. The 200-day moving average of the precious metals, gold and silver, has been very consistent over the past eleven years; these are commodities that have rarely been under their 200-day moving average. Effectively, Da Boyz are not only painting the charts, they are trying to take your money! They are manipulating the charts to make the market look like its behaving in a way that it's really not. The long term chart patterns speak for themselves! Much more @ KerryLutz.com or @ 347.460.LUTZ |
To talk bullish on gold looks like a risky proposition at the moment — last Wednesday, gold saw one of the most brutal routs in a year when it tumbled five percent. It indeed recovered 1.5 percent the next day, broadly symbolizing the roller-coaster ride of bullion in recent times.
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