saveyourassetsfirst3 |
- Is Extremism In The Defense Of The Gold Standard An Economic Vice?
- Gold's Fundamentals Shining Again - Time To Cover Shorts
- Copper-Bottomed Fake Tungsten Gold
- Friday Options Recap
- Gold Price Manipulation Report
- 2 Profitable, Dirt Cheap Gold Miners To Consider
- Jobless Claims Disappoint
- Gary Gibson: Spread the Wealth Around
- EndlessMountain: Silver Daily 3.30.12
- Analyzing Thursday's Noteworthy Insider Trades
- 2012 Silver To $70++
- Will India Stop Buying Gold?
- Bob Chapman - Gold Radio Cafe March 29 2012
- Silver Nano Trees Developed
- Argonaut Gold Announces 2011 Revenue of $105 Million and Net Income of $26 Million
- Vince Lanci on Gold
- Gonzalo Lira: Dollar No Longer Reserve Currency
- Profit and Protection from Two Mega Trends
- Gold & Silver Prices Hold Above Important Support
- Will Government Confiscate all Gold and Silver under National Defense Resourse Prepar
- Commodities Firm to End Up Quarter
- SmartKnowledgeU: The World's Greatest Magic Trick
- Precious Metals – Silver, Gold, Gold Miner Stocks On The Rise?
- Precious Metals Up as Currency Devaluation Continues
- Gold & Silver Being Bought Up By Billionaires
- Gold Poised to Gain 6% for Q1, Beating Some Indices
- Is Gold Hustling for a Move?
- Humbled Gold Miners Sweeten Pie to Entice Investors
- Three King World News Blogs
- Gold and silver prices holding above important support
| Is Extremism In The Defense Of The Gold Standard An Economic Vice? Posted: 30 Mar 2012 06:45 AM PDT By James Picerno: It's human nature to emphasize the points that advance your claims while minimizing the facts that undermine it. We all do it in some degree, and sometimes for practical reasons, such as brevity. But there are limits to cherry picking the facts. At some point your credibility suffers if you go too far and slice your reasoning too thin. Yet that's a risk that advocates for reviving the gold standard don't seem to understand. When you listen to the arguments in favor of tying the nation's monetary policy to gold, the associated claims for why this is reasonable are often presented as airtight. One example that I hear frequently is the claim that the gold standard's application in U.S. history was virtually flawless in promoting economic growth. The implication: any one who questions a policy that genuflects to a certain shiny, malleable metal is either uninformed, inebriated, or part of Complete Story » | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold's Fundamentals Shining Again - Time To Cover Shorts Posted: 30 Mar 2012 06:35 AM PDT By Investment Directions: For the reasons described in "Gold, Silver At A Crossroads" and "Time To Buy Or Sell Gold?" I shorted gold and silver when their prices broke on February 29. I used equal allocations of the "inverse" (short position) ETFs, ProShares UltraShort Gold (GLL) and ProShares UltraShort Silver (ZSL). My expectation was that there would be a short-term test of gold's and silver's recent lows. Therefore, with my positions in place, I put in sell limit orders. However... Gold's fundamentals could now be in rebuilding stage Goldman Sachs just announced gold looks to be an attractive investment - not a long-term position, but a good bullish trade. Goldman believes the Fed's extended easy money policy with low interest rates provides the fundamental support for owning gold (something that had been deteriorating). Therefore, I sold my positions (11.3% gain, with 6.1% from GLL and 16.5% from ZSL). Adding to the fundamental support Complete Story » | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper-Bottomed Fake Tungsten Gold Posted: 30 Mar 2012 06:29 AM PDT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Mar 2012 06:28 AM PDT By Frederic Ruffy: Stock market averages are rangebound and volumes have been light, as many of the "pros" have already squared the books after a strong first quarter and are now sidelined until the start of the second. The day's economic news was decidedly mixed and had little market impact. While Personal Spending rose .8 percent in February and .2 percent less than expected, incomes increased by just .2 percent and .1 percent less than expected. Chicago PMI fell to 62.2 in March, from 64 and below expectations of 63. But the UofMichigan Consumer Sentiment Index finished the month at 76.2, from 74.3 and better than the 74.3 that was expected. Meanwhile, major averages drifted lower in Hong Kong and Tokyo, but 1 percent gains were seen across the Eurozone. Crude oil is trying to battle back from days of big losses and was recently up 64 cents to $103.42 per barrel. Gold Complete Story » | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold Price Manipulation Report Posted: 30 Mar 2012 06:27 AM PDT
from ibtimes.com: Some industry experts believe the gold price has been artificially suppressed due to its strong impact on interest rates and government bond values, leaving many gold equities "significantly" undervalued. One such expert is Bill Murphy, chairman of the Gold Anti-Trust Action Committee (GATA). "It's been an ongoing maneuver especially of late," Murphy told the International Business Times. "There has never been an asset class that's been going up 12 years in a row." Murphy believes the price of gold has been "artificially low for the past 12 years" as it has been manipulated by bullion trading banks, central banks with large gold holdings and the U.S. government. "This gold cartel only allows gold to advance so much in a year," Murphy said. "When you own gold, you're fighting every central bank in the world," geopolitical analyst James G. Rickards told CNBC during a September 2009 interview. Keep on reading @ ibtimes.com | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2 Profitable, Dirt Cheap Gold Miners To Consider Posted: 30 Mar 2012 06:21 AM PDT By Simit Patel: As investors the challenge is always to distinguish between price and value, while being patient for any difference between the two to align. From this perspective, I often start my stock research by looking at stocks that are cheap, and then seeing if they are undervalued and thus worth buying, or if they are appropriately priced and worth ignoring. Here are two stocks I recently came across that are gold miners, in production, have positive earnings, have a market capitalization of at least $100 million, and a P/E ratio of under 10. I generally find any stock that can meet those criteria to at least be worth taking a look at. Avion Gold (AVGCF.PK): Avion comes in with a market cap of just under $500 million and a P/E ratio of 9.61. Its book value is reported at $261 million, putting its price Complete Story » | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Mar 2012 06:16 AM PDT By David Silver: Jobless claims came in at a four-year low this week, but still the market was trading lower as expectations were again not met. It is interesting to read some commentaries following the announcement this morning about a stalling in the recovery and many people not seeing "the robust recovery we had been expecting." I really am curious what they have seen in the economy that would cause expectations to take a "robust recovery" into account. The following chart shows the trend for initial jobless claims and the four-week moving average. The trend continues to point down, which is good for the economy, but there are still many questions about the strength of the overall economy. Europe continues to be a train wreck, I was actually in Spain last week and was shocked at the lack of construction or signs of business growth. Back to America, also released Complete Story » | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gary Gibson: Spread the Wealth Around Posted: 30 Mar 2012 06:15 AM PDT
Gary Gibson of WhiskeyandGunPowder.com is thinking about spreading the wealth. No, not giving it away to undeserving parasites who pray upon the producing class. But rather, diversifying his assets to other countries around the globe. This could mean buying real estate in South America, putting gold and silver beyond the reach of greedy bureaucrats, or other measures aimed at ensuring the financial crisis doesn't take you down with it. Gary's concerned about creeping totalitarianism, and the extent the government will go to finance its burgeoning operations. Government is like an injured wild animal that's been cornered. It will stop at nothing to ensure its survival. So, as always, it's best to be prepared and to keep your options open. Much more @ KerryLutz.com or @ 347.460.LUTZ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EndlessMountain: Silver Daily 3.30.12 Posted: 30 Mar 2012 06:14 AM PDT from endlessmountain: ~TVR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Analyzing Thursday's Noteworthy Insider Trades Posted: 30 Mar 2012 06:10 AM PDT By Ganaxi Small Cap Movers: We present here noteworthy insider trades (ex-healthcare sector, that was analyzed in a separate article) from Thursday's (March 29th, 2012) over 315 separate SEC Form 4 (insider trading) filings, as part of our daily and weekly coverage of insider trades. 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): Limited Brands Inc. (LTD): LTD, probably best known by its brands Victoria's Secret and Bath & Body Works, it operates as a specialty retailer of women's intimate and other apparel, beauty, and personal care products and accessories, operating over 2,600 specialty stores in the U.S., and also selling its merchandise via more than 680 Complete Story » | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Mar 2012 05:50 AM PDT
from BeforeItsNews.com: Around this point in the fractal cycle in the late 70's, Gold busted out of its channel to rise sharply higher, along with Silver. Silver's channel top will lie up around $68 to $70 over the coming months which we believe will be reached in 2012. The next higher angled resistance bands for Silver run from $112 to $115, and then up at the $123 area. By the end of the Silver Bull, we expect to see Silver reach $500+. Dollar Devaluation Drives The Fractal Relationships Keep on reading @ BeforeItsNews.com | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Mar 2012 04:25 AM PDT
by Jeff Clark We've read mixed reports about how lofty gold and silver prices are affecting demand in India. One month we're told demand is up, and the next it's supposedly down. I'm not suggesting that official reports are inaccurate, but it is admittedly confusing and doesn't help us understand the real trend in the country. Why should we care about the gold market in India? Well, let's face it; the nation is one of the biggest consumers of the metal, a major driver that can give us hints about demand and investment trends, along with what to perhaps eventually expect here in North America. But reading third-party reports about India is very different than getting information firsthand from a credible source in the country. I wanted to get to the bottom of what's really going on in India by talking to a reputable bullion dealer who could give me the inside scoop, an up-to-the-moment dispatch from the front lines, as it were. So I did just that. Ashish and Rashmi Sand own Savio Jewellery (Savio means "shine" in Italian), a design studio and jewelry factory in Jaipur, India. They've received many design and manufacturing awards since starting their business six years ago, winning five awards in just the past six months. They source gold from bullion agents in Jaipur, who in turn obtain it from dealers in Hong Kong, Dubai, Mumbai, and Delhi. They have industry contacts, friends, and relatives that span the globe, from the US and UK to Asia and Australia. If anybody knows what's happening in the physical gold and silver bullion markets and the Indian jewelry market, it's them. Keep on reading @ CaseyResearch.com | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bob Chapman - Gold Radio Cafe March 29 2012 Posted: 30 Mar 2012 04:11 AM PDT Bob Chapman - Gold Radio Cafe March 29 2012 : the Canadian stock market is the... [[ This is a content summary only. Visit my blog http://www.bobchapman.blogspot.com for the full Story ]] This posting includes an audio/video/photo media file: Download Now | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Mar 2012 03:43 AM PDT
from MarketOracle.co.uk: Silver paste is used as a highly efficient conductor of electricity in the vast majority of crystalline silicon photovoltaic cells, which are the most prevalent form of solar cell used to generate solar power. Solar cell manufacture uses as much as 12 percent of the global silver supply on an annual basis. Solar cell manufacture has grown substantially recently. In addition, competition among makers of this clean energy product has increased notably over the last few years, largely due to a remarkable expansion in China, where over 700 companies now make solar energy panels. Keep on reading @ MarketOracle.co.uk | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Argonaut Gold Announces 2011 Revenue of $105 Million and Net Income of $26 Million Posted: 30 Mar 2012 03:40 AM PDT Argonaut Gold Inc. is pleased to announce its financial and operating results for the fourth quarter and year ended December 31, 2011. All dollar amounts are expressed in United States dollars unless otherwise specified.
This press release should be read in conjunction with the Company's audited Consolidated Financial Statements for the year‐ended December 31, 2011 and associated Management's Discussion and Analysis ("MD&A") which are available from the Company's website, www.argonautgoldinc.com, in the "Investors" section under "Financial Filings", and under the Company's profile on SEDAR at www.sedar.com.
Financial Results – Fourth Quarter 2011 During the fourth quarter of 2011, revenue was $34.6 million from gold sales of 20,468 ounces. Gross profit was $16.7 million for the quarter. Cash cost per gold ounce for units sold was $679. (Cash cost per gold ounce for units sold is a non-IFRS measure, see note below). During the quarter, profit from operations was $15.0 million. Net income for the quarter was $9.1 million, or $0.10 per basic share. Financial Results – Year End 2011 For the year ended December 31, 2011, revenue was $104.6 million from gold sales of 66,521 ounces. Gross profit was $50.3 million for the year. Cash cost per gold ounce for units sold was $622 (compared to $728 for the same period in 2010). For the full year, profit from operations was $43.2 million. Net income for the year was $26.3 million, or $0.30 per basic share. CEO Commentary Mr. Pete Dougherty, Argonaut's President and CEO states: "2011 was a milestone year for Argonaut Gold. We achieved our stated production goal of 72,000 ounces at the El Castillo mine. Our acquisition of Pediment Gold in January 2011 added two significant properties to our portfolio, La Colorada and San Antonio. Our overall gold resource has increased from 2.0 million to 6.5 million ounces through the acquisition and through additional exploration results." In discussing the outlook for 2012, Mr. Dougherty added; "Initiatives planned for 2012 provide the framework for increasing future production. At El Castillo, we will be adding to the mining fleet and adding a conveying and stacking system to enhance production. We have announced La Colorada is in limited production, reprocessing existing leach pad material. Once construction of the gold processing plant and refinery are completed and the Phase II permits are received, we will start to ramp up gold production further at La Colorada. The new processing plant at La Colorada will have a designed capacity to handle gold production from all three of the Company's Mexican projects." Forecasted gold production for 2012 is 75-80,000 ounces at El Castillo and an additional 13-17,000 ounces from La Colorada. In 2012, the Company has announced exploration drill programs totaling 32,500 metres for El Castillo, La Colorada, San Antonio and La Fortuna. "The lowest cost ounces we will ever find are the ones that lie within the properties we already own", Mr. Dougherty added. "We remain committed to exploration as we look to grow the Company"
Summary of Production Results: Total tonnes mined increased by 14% for the fourth quarter 2011 over fourth quarter 2010 and 44% year over year. The total of ounces loaded to the pads decreased slightly in the fourth quarter of 2011 due to mining of lower grade material. There were 30,162 ounces placed on the pad in the fourth quarter of 2011, representing a 3% decrease from the fourth quarter of 2010. Year over year, there was a 28% increase in ounces of gold loaded to the pad. Gold production of 19,698 ounces in the fourth quarter of 2011 was an 8% increase compared to the fourth quarter of 2010. Production in 2011 of 72,049 ounces was a 40% increase over 2010 full year production. The strip ratio of waste to ore dropped in the fourth quarter to 0.87 compared to the fourth quarter of 2010 of 0.91. The strip ratio for the year ended December 31, 2011 was 0.80 compared to 2010 of 1.06. Looking Forward – 2012: El Castillo Objectives $8-10 million capex program
La Colorada Objectives $15-20 million capex program
San Antonio Objectives $3-4 million capex program
La Fortuna Objectives
Non-IFRS Measures The Company included the non-IFRS measure "Cash cost per gold ounce for units sold" in this press release to supplement its financial statements which are presented in accordance with International Financial Reporting Standards ("IFRS"). Cash cost per gold ounce for units sold is equal to cost of sales less silver sales divided by gold ounces sold. The Company believes that this measure provides investors with an improved ability to evaluate the performance of the Company. Non-IFRS measures do not have any standardised meaning prescribed under IFRS. Therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please see the MD&A for full disclosure on non-IFRS measures. Technical Information and Mineral Properties Reports The technical information contained in this document has been prepared under supervision of, and reviewed and approved by Mr. Thomas H. Burkhart, Argonaut's Vice President of Exploration, and a qualified person as defined by NI 43-101. For further information on the Company's properties please see the reports as listed below on the Company's website or on www.sedar.com.
About Argonaut Gold Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the La Colorada Mine in the State of Sonora, Mexico, the advanced exploration stage San Antonio project in the State of Baja California Sur, Mexico, and several exploration stage projects, all of which are located in Mexico. Creating Value Beyond Gold Cautionary Note Regarding Forward-looking Statements This press release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the proposed transaction and the business, operations and financial performance and condition of Argonaut Gold Inc. ("Argonaut"). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and mine life of the various mineral projects of Argonaut; synergies and financial impact of completed acquisitions; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, silver; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, variations in ore grade or recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated. Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this presentation. Contact Information Argonaut Gold Inc.
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| Posted: 30 Mar 2012 03:32 AM PDT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gonzalo Lira: Dollar No Longer Reserve Currency Posted: 30 Mar 2012 03:13 AM PDT The BRICS Summit is being held in India. On the docket this year, a pretty unified front when it came to the subject of military intervention from Iran to Syria the group is vehemently opposed to outside military involvement of any kind. We'll discuss this as well as the role of BRICS in decisions regarding the global economy with Economic Analyst Gonzalo Lira. ~TVR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Profit and Protection from Two Mega Trends Posted: 30 Mar 2012 02:59 AM PDT "Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens….while the process impoverishes many, it actually enriches some …Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." John Maynard Keynes, The Economic Consequences of the Peace, 1919 Ironic it is to focus on Keynes' most Profound Insight when much of the Responsibility for the ongoing Currency Debauching which facilitates Today's Economic and Financial Crises is properly his. Indeed, the Inflation which Implementation of his Economic Policies is causing is increasingly confiscating the Wealth of businesses and citizens. The U.S. Dollar has lost over 95% of its Purchasing Power since The Fed's founding in 1913 and its purchasing Power continues to be degraded. That Increasing Monetary (and thus ultimately, Price) Inflation is one Primary Megatrend with which all of us, worldwide must increasingly cope. We address that challenge here. Consider first the Magnitude of the Monetary Inflation. Deutsche Bank reports that as of the end of March, 2012 the combined Balance Sheets of the four largest Central Banks will top $9 Trillion, whereas five years ago those balance sheets totaled "only" $3.5 Trillion. That means $4.5 Trillion of "Hot" Money pumped into the Economy by those four banks alone in just five years. No wonder Food and Energy Price Inflation is increasing. And no wonder the Fed-led Cartel* is redoubling its efforts to suppress the prices of Gold and Silver, the Ultimate Indicators of Inflation. The Cartel also suppresses Prices of Gold and Silver because the increasingly widespread recognition that they are Money, delegitimizes the Cartel's Treasury Securities and Fiat Currencies. Cartel Precious Metals Price Suppression Attacks are becoming more frequent, because the Price Takedowns are becoming ever more difficult to sustain. Beginning with the Price Takedown attack of November 9, 2010 it was 173 days until the next attack (5/1/11), and only 128 days until the next attack (9/6/11), and only 93 days until the next attack (12/8/11) and only 57 days until the next attack (2/3/12), and only 26 days until the Famous February 29, 2012 "Leap Year" attack. Notice that it is becoming harder and harder for the Cartel to sustain its Takedowns. *We encourage those who doubt the scope and power of Overt and Covert Interventions by a Fed-led Cartel of Key Central Bankers and Favored Financial Institutions to read Deepcaster's December, 2009, Special Alert containing a summary overview of Intervention entitled "Forecasts and December, 2009 Special Alert: Profiting From The Cartel's Dark Interventions - III" and Deepcaster's July, 2010 Letter entitled "Profit from a Weakening Cartel; Buy Reco; Forecasts: Gold, Silver, Equities, Crude Oil, U.S. Dollar & U.S. T-Notes & T-Bonds" in the 'Alerts Cache' and 'Latest Letter' Cache at www.deepcaster.com. Also consider the substantial evidence collected by the Gold AntiTrust Action Committee at www.gata.org, including testimony before the CFTC, for information on precious metals price manipulation. Virtually all of the evidence for Intervention has been gleaned from publicly available records. Deepcaster's profitable recommendations displayed at www.deepcaster.com have been facilitated by attention to these "Interventionals." Attention to The Interventionals facilitated Deepcaster's recommending five short positions prior to the Fall, 2008 Market Crash all of which were subsequently liquidated profitably. No wonder Massive Head and Shoulders Patterns for both Gold and Silver are nearly complete (Deepcaster forecasts Timing and Targets for these impending Moves, and makes Recos aimed at profiting from them in his latest Alerts, and April Letter). But the CB's Massive Monetary Inflation helps only the Mega Banks (and them only temporarily) and not most Businesses, Workers, or the Economy, because the resulting price Inflation (Cf. Gasoline and Food) dampens Wages and slows the Economy. In the U.S, for example, Official Figures indicate 23 Million Unemployed or Underemployed. The Real Number is somewhere North of 30 Million unemployed (about 22%) and the Real Inflation rate is 10.5% per shadowstats.com. QE hurts citizens around the World. And we are already seeing it in the Real Numbers. Consider the U.S. for example: Shadowstats.com calculates Key Statistics the way they were calculated in the 1980s and 1990s before Official Data Manipulation began in earnest. Consider Bogus Official Numbers vs. Real Numbers (per Shadowstats.com) Annual U.S. Consumer Price Inflation reported March 16, 2012 2.87% / 10.45% U.S. Unemployment reported March 9, 2012 8.3% / 22.4% U.S. GDP Annual Growth/Decline reported February 29, 2012 1.62% / -2.70% U.S. M3 reported March 17, 2012 (Month of February, Y.O.Y.) No Official Report / 3.92% (e) And Official Source Disinformation continues; consider Shadowstats comments on the January 6, 2012 release of U.S. Employment data: "The reported seasonally-adjusted 200,000 jobs surge in December 2011 payrolls included a false, seasonally-adjusted gain of roughly 42,000 in the "Couriers and Messengers" category. That gain was an artifact of the seasonal-adjustment process and will remove itself in the January 2012 numbers. "The problem is that this 42,000 gain is part of a seasonal pattern that fully reverses itself each January…" "December Payroll Seasonal-Adjustment Problem" www.shadowstats.com, John Williams, 1/6/12 Indeed, Q.E. helps almost no one but the Mega-Banks. And, an important related consequence of Q.E. creates another Megatrend. As the CB's pump ever more hot money into the system, Price Inflation takes off. (The U.S. e.g. is already at 10.45%.) Price Inflation Pressures Company Sales and Earnings and lowers or annihilates Workers Discretionary Income. Businesses lay off workers and/or do not hire and they are pressured to hire lower wage workers. Dean of the Financial Newsletter Writers, Richard Russell, outlines the consequences (which are ultimately the result of QE). "Among people who have not been able to find a job in over a year (in some cases three years), the situation is distressing and actually very scary. About 34,000 people enter this situation every month. They are willing to do almost any kind of work, but there are no jobs. The fact is that foreign workers are taking their jobs. They are highly educated and willing to work for a fraction of workers in the United States. My view: living standards will have to come down in the US if we are ever to get anywhere near full employment." Richard Russell, 2/24/12 Indeed, Canada, the United States and most of the Eurozone have become Mass Immigration Magnets. Of course, Mass Immigration is a net (after subtracting taxes immigrants pay) cost to Taxpayers, many businesses and most Workers, since they pick up the Education, Health Care and other Expenses of the New Arrivals (Contra Russell: the majority of Immigrants to the U.S. are low-skilled with an average 4th Grade Education and thus impose a net multi-billion dollar cost on businesses and other Taxpayers.) As many Investors-citizens of the Eurozone, U.S. and Canada are increasingly realizing neither the Massive Q.E. nor Mass Immigration Mega Trends are in their Interest, but rather in the interests of a few Mega-Bankers, and a few businesses which Privatize Profits from cheap low-skilled labor, but Commonize Costs for their education, health care, etc. Are these two Mega Trends reversible? Surely. (The non-profit www.carryingcapacity.org advocates Solution for both of them.) The Eurozone and other Sovereign Debtor countries could adopt and impose an "Icelandic" Solution to the problem of Excessive Sovereign Debt, and would likely already be on the road to recovery, as is Iceland. And the Citizens of the Eurozone, U.S. and other Debtor Nations could dramatically reduce Immigration (allowing in only a few highly skilled workers) thus reducing the social while Economic Costs and increasing employment opportunities. However, since both Mega Trends, Mass Q.E. and Mass Immigration are ongoing, until or if they are reversed, they must be addressed. Indeed, Deepcaster provides opportunities to Profit from Mass Q.E. (See Notes below.) In sum, in order to Profit and Protect, one must stay abreast of these two Key Mega Trends. Best regards, Deepcaster, March 29, 2012 Note 1: Bernanke's comments this past Monday to the effect that The Fed was still open to Monetary Easing propelled the Equities Markets into Paroxysms of Bullishness. Similarly, Gold (and Silver) jumped on Massive Buying (early on Gold was up $23 in 50 minutes!) But there is Evidence that much of the Gold Buying was by Central Banks, many of which are in an Accumulation Mode. But these Central Bank purchases can also be used for a Massive Surprise Sales Action to take down the Price once again. Which Action will it be? Deepcaster forecasts which Action it is likely to be and offers Recommendations on how to Profit in his latest Alert – "Warning! Action Impending; Forecasts: Gold, Silver, Equities, Crude Oil, U.S. Dollar/Euro, U.S. T-Notes, T- Bonds, & Interest Rates" just posted in 'Alerts Cache' on deepcaster.com. And regarding these Forecasts see Deepcaster's Specific Buy Recommendations referred to in Notes 2 and 3 below. Note 2: We have just issued a Forecast for Imminent Turning Points in two Key Sectors. And we make a Buy Recommendation aimed at profiting from one of them. We expect these two Major Turning Points will have Substantial Ripple Effects in Other Key Sectors as well and we forecast these in our recent Alert – "The Set-Up Before the Storm; Forecasts: Gold, Silver, Equities, Crude Oil, U.S. Dollar/Euro, U.S. T-Notes, T- Bonds, & Interest Rates" in the 'Alerts Cache' at deepcaster.com. Note 3: Recent developments in the Economy and Markets are creating an Extraordinary Opportunity in one sector NOW. We expect this Opportunity to last only a few days, at most. The Foundation of this Opportunity is the Massive QE which has been and is being injected into the Economy via The Fed (with QE1, 2 and 3, Operation Twist, and recently the $1 Trillion provided to Eurozone Banks via a Swaps deal with the ECB) and the $1 Trillion ECB LTRO Injections into some 800 banks. We see this as once-in-a-Decade Investment Opportunity which we describe in our recent Alert, "Extraordinary Opportunity NOW & Buy Reco!; Forecasts; Gold, Silver, Equities, Crude Oil, U.S. Dollar/Euro, U.S. T-Notes, T-Bonds, & Interest Rates" just posted in "Alerts Cache" on deepcaster.com. In this Alert, we also identify a launching Takedown in another Sector and reiterate that one way to achieve profit and protection from the Vagaries of The Equities Markets is to Buy Stocks whose total Return (Gain plus Yield) is higher than Real Inflation (10.5% in the U.S., e.g., per shadowstats.com) Deepcaster High Yield Portfolio has that Goal. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold & Silver Prices Hold Above Important Support Posted: 30 Mar 2012 02:14 AM PDT from goldmoney.com
Gold and silver are holding above important support levels, despite selling pressure yesterday. The gold price moved back above $1,660 this morning, after flirting with $1,650. The silver price sunk below $32 briefly yesterday afternoon – hurt indirectly by talk from the US, Britain and France about releasing petroleum reserves, thus temporarily lowering oil prices – but has moved back above support at $32. James Turk discusses the significance of this price action in his latest King World News Interview. Though the gold market has been struggling for direction in recent weeks, this price action in combination with increased chatter about "QE3" in America and Spain's debt problems may help the bulls. Though there have been times in recent years – notably during the spring of 2010 – when gold performed well during periods of EURUSD weakness, a lot will depend on how the dollar performs. The Dollar Index has again fallen below 79.00 in trading this morning, and is struggling to maintain the kind of upward momentum seen at the end of last year, when euro fears were dominant. Further dollar weakness will encourage gold buying. Keep on reading @ goldmoney.com | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Will Government Confiscate all Gold and Silver under National Defense Resourse Prepar Posted: 30 Mar 2012 01:06 AM PDT Will Government Confiscate all Gold and Silver under National Defense Resourse Preparedness? We have been hearing about the controversy of Obama latest executive order for the last couple of weeks. We all know the President has giving himself the authority to confiscate everything in the name of national security. We all know Obama is Wall Street's bitch. Obama has been aiding and abetting the robber barons looting the nation. Under this executive order singed in the dark of night when we least expected it, that has many people very concerned. Will he use this executive order to pull off the biggest heist of the 21st century? To speak hypothetically of a possible scenario that I would not put past Obama to try to pull. We can see again that the government is going to run out of money. This time congress is less reluctant to give in to the President's wishes this time around. The dollar might fully collapse at a time they did not plan for in their timetable. It can be a fabricated crisis. Congress can refuse to raise the debt ceiling this time due to public pressure. Anything the President perceives as a national emergency, or does he need the money to fund the wars. He can enact the powers of these executive orders to go after anything. We can see a phony crisis being concocted to go after the American's people gold, maybe even silver. He will order people like back when FDR was President to seize all safety deposit boxes and demand American to turn in their gold and silver coins, jewelry and would not surprise me if that be a couple's wedding rings now required to be surrendered this time around. This is why people should by safes for their homes and bolt them to the floor and empty their safety deposit boxes over everything. My solution is empty my safety deposit box; take everything valuable out of the box. Even that classic Barbie doll you might collected.I would buy a cheap can of gold spray paint from the dollar store. I would get a bunch of rocks and spray paint them gold. Then I would fill the safety deposit box with these gold painted rocks. Our valuable stocks, bonds, gold and silver are not safe anymore in a bank's safety deposit boxes. It safer in a safe in your home next to a Winchester 12 gauge shotgun placed nearby. The last time the American people's gold was stolen by the Bankers was back in 1933 through FDR's executive order to make holding gold illegal. Can this latest executive order be used to loot what is left of the nation? It would not surprise me at all if he did. Obama has stooped to an all time low in so any ways. However, if the government tries to confiscate the gold for the bankers using a phony reason the government needs to stay running or funding for the wars.I know he is going to have a hard going after the guns, he is surely going to have a hard time going after the gold this time around if the people still well armed. Do you agree? Fool America back in 1933, Shame on them, Try to fool us gain with the same scam. I don't think so. http://lonestarwatchdog.blogspot.com...-gold-and.html | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commodities Firm to End Up Quarter Posted: 30 Mar 2012 12:49 AM PDT Spot dealings opened with a bid-side quoted at $1,667 in gold and at $32.50 in silver. While there is still scope for attempts at taking out overhead resistance near $1,680 and $1,704 in gold (with a possible $1,730 end-target) the going has been anything but smooth. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SmartKnowledgeU: The World's Greatest Magic Trick Posted: 29 Mar 2012 11:59 PM PDT Part one of a two-part discussion about how Central Bankers have pulled off the World's Greatest Magic Trick by convincing people everywhere that Gold & Silver are NOT real money and that their bogus,counterfeit fiat currency is real money. from smartknowledgeu: ~TVR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Precious Metals – Silver, Gold, Gold Miner Stocks On The Rise? Posted: 29 Mar 2012 11:34 PM PDT The past couple months investors have been focusing on the equities market. And rightly so with stocks running higher and higher. Unfortunately most money managers and hedge funds are under performing or negative for the first quarter simply because of the way prices have advanced. New money has not been able to get involved unless some serious trading rules have been bent/broken (buying into an overbought market and chasing prices higher). This type of market is when aggressive/novice traders make a killing cause they cannot do anything wrong, but 9 times out of 10 that money is given back once the market starts trading sideways or reverses. While everyone is currently focusing on stocks, its important to research areas of the market which are out of favor. The sector I like at the moment is precious metals. Gold and silver have been under pressure for several months falling out of the spot light which they once held for so long. After reviewing the charts it looks as though gold, silver and gold miner stocks are set to move higher for a few weeks or longer. Below are the charts of gold and silver charts. Each candle stick is 4 hours allowing us to look back 1-2 months while still being able to see all the intraday price action (pivot highs, pivot lows, volume spikes and price patterns). The 4 hour chart is one time frame most traders overlook but from my experience I find it to be the best one for spotting day trades, momentum trades and swing trades which pack a powerful and quick punch. As you can see below with the annotated charts gold, silver and gold miner stocks are setting up for higher prices over the next 2-3 weeks. That being said we may see a couple days of weakness first before they start moving up again. 4 Hour Momentum Chart of Gold:
4 Hour Momentum Chart of Silver:
Daily Chart of Gold Miner Stocks:Gold miner stocks have been under performing precious metals for over a year already. Looking at the daily chart we are starting to see signs that gold miner stocks could move up sharply at the trade down at support, oversold and with price/volume action signaling a possible bottom.
Daily Chart of US Dollar Index:The US Dollar index has formed a possible large Head & Shoulders pattern meaning the dollar could fall sharply any day. The size of this chart pattern indicates that if the dollar breaks down below its support neckline the we should expect the dollar to fall for 2-3 weeks before finding support.
Precious Metals Conclusion:Looking forward 2-3 weeks precious metals seem to be setting up for higher prices as we go into earning season and May. Overall the market is close to a top so it could be a bumpy ride as the market works on forming a top in April. Chris Vermeulen | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Precious Metals Up as Currency Devaluation Continues Posted: 29 Mar 2012 10:58 PM PDT Gold traded sideways in Asia prior to seeing a slight climb to $1,665.55/oz. in late Asian trading and is now trading in Europe near $1,662.65/oz. Gold has been trading in a tight box around $1,660/oz. today, as euro-zone finance ministers meet in Copenhagen. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold & Silver Being Bought Up By Billionaires Posted: 29 Mar 2012 10:55 PM PDT Precious metals are being bought up by millionaires and billionaires! | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold Poised to Gain 6% for Q1, Beating Some Indices Posted: 29 Mar 2012 10:27 PM PDT Comex gold futures look likely to end the week unchanged at around $1,662 despite a peak-to-trough sell-off of $52 during the week. The dollar index at 78.9 also looks to be down just about 0.6% for the week as of Asia opening on Friday. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 29 Mar 2012 10:16 PM PDT Future volatility in the gold price was something that some investors were calling for at the beginning of 2011, and volatility we got. This most psychological of markets, has endured all sorts of emotional squeezes, take downs and Buffett's now regular wise cracks. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Humbled Gold Miners Sweeten Pie to Entice Investors Posted: 29 Mar 2012 09:16 PM PDT ¤ Yesterday in Gold and SilverI sort of felt like Bill Murray in the movie Groundhog Day yesterday...as Thursday was pretty much a carbon copy of what happened on Wednesday and Tuesday. The only difference on Wednesday was that the kick in the teeth for gold and silver during the Comex trading session came at noon rather than around 10 a.m. Eastern time. The gold price traded within five bucks of the $1,660 spot price level until 10:30 a.m. in New York. Then, in the space of an hour, about seventeen bucks was carved off the price. The low price tick of $1,644.30 spot came about 11:35 a.m...and from there gained back almost all of its losses of the prior 24-hour time period. The gold price closed at $1,661.40 spot...down seventy cents from Thursday. Yesterday was the last day of the trading month in the March contract. Gross volume was immense...and even net volume was pretty decent at around 130,000 contracts.
As usual, the silver price was more 'volatile'. When the rug got pulled on silver at 10:30 a.m. in New York, the low price tick checked in at $31.56 spot...and silver's low was less than five minutes after the rug got pulled. From there it traded sideways until just before lunchtime. Then a rally of some substance developed that ran out of steam around 3:30 p.m. Eastern time in electronic trading. The silver price closed just off its high at $32.26 spot, up 22 cents on the day. Net volume, as it has been all week, was pretty light...around 28,000 contracts.
The dollar index from Thursday looked identical to the dollar index on Wednesday...losing 15 basis points, gaining 40 basis points...and then losing 25 basis points to close virtually unchanged for the second day running. And as I said in Wednesday's column: "Nothing to see here, folks...please move along." But, as I pointed as well in yesterday's column, the dollar had little to do with the price activity in the precious metals on Wednesday...and it didn't yesterday, either. All of the activity, as it always is, was strictly a Comex paper affair.
The gold stocks opened a tad lower at the start of trading at 9:30 a.m. Eastern time...and then continued lower...with the HUI's nadir coming just minutes after 12 o'clock noon in New York. I found that rather surprising considering that gold's low price tick came about half an hour before that. Normally their lows are virtually simultaneous. From that low tick, the gold stocks worked their way slowly higher...and then caught a real bid with less than half an hour to go in the trading day...and actually closed in slightly positive territory. The HUI finished up 0.23% on the day...which is better than the alternative.
Most of the silver stocks that make up Nick Laird's Silver Sentiment Index finished in positive territory yesterday...and it closed up a very respectable 1.62%.
(Click on image to enlarge) The CME's Daily Delivery Report had First Day Notice numbers posted as expected. In gold there 231 contracts posted for delivery on Monday. The biggest short/issuer was the Bank of Nova Scotia with 230 contracts. There were multiple long/stoppers...JPMorgan with 95 and UBS with 53...stood for delivery on over half of them. In silver there were 155 contracts posted for delivery on Monday. Jefferies was the biggest short/issuer with 103 contracts, followed by JPMorgan with the other fifty-two. The Bank of Nova Scotia was the long/stopper on all 155 contracts. The Issuers and Stoppers Report is worth a look...and the link is here. I had one of my readers stop by the store yesterday...and he was asking me questions about the above report. While we were talking, it suddenly dawned on me that I hadn't mentioned something that Ted Butler had pointed out to me years ago...and that I had long since forgotten about. On Monday, when all the contracts listed in the Daily Delivery Report above are finally delivered, the equivalent number of long and short positions in the Comex futures market are extinguished...and open interest falls. So, as of the end of the Monday trading day, gold open interest will fall by 231 contracts...and silver's total open interest will decline by 155 contracts...as all the shorts have fulfilled their obligations to all the long contract holders. It's strictly a mechanical process. There were no reported changes in GLD yesterday...but over at SLV an authorized participant added 971,132 troy ounces of silver. There was a very small sales report from the U.S. Mint yesterday. They sold another 2,000 ounces of gold eagles...and 30,000 silver eagles. The Comex-approved depositories showed that 594,576 troy ounces of silver were taken into inventory on Wednesday...all of it into Brink's, Inc. There was also a transfer of 605,601 troy ounces out of Scotia Mocatta and into JPMorgan's warehouse. The link to all of that activity is here. Here's a chart that Roy Stephens sent me yesterday. Apparently it was a bad day for European banks on Thursday, as the STOXX 600 Bank Price Index fell 2.7%. Two of the worst were both Italian banks, with Unicredit and Banca Popolare di Milano Scarl down 6% and 10% respectively.
Chartist Nick Laird lives in the tropical part of Australia...far up on the east coast...and is quite a photographer. Here's his photograph of a thumb-sized Yellow Bellied Sunbird [Nectorinia jugularis] drinking from a Mistletoe flower. If you look up in the top right hand corner you'll also see a Rhinoceros Beetle that's almost the same size as the bird.
I've tried to cut down today's list of stories to a more reasonable number, so I hope you have time for most of them. As you can tell, JPMorgan et al took one more chunk out of gold and silver yesterday. India's gold jewelers strike for 12th day. MineWeb notes new Mylchreest report on gold price manipulation. Canada's one-cent solution: scrap the penny. ¤ Critical ReadsSubscribeDavid Zervos Explains How We'll Pay For 'The Greatest Monetary Policy Experiment Of All Time'Jefferies credit 'guru' David Zervos was on Bloomberg TV yesterday and, in part, here's what he had to say... Although people freak out about central bank leverage, there really is no limit to what an entity that prints its own money can do. But it's inevitable that we will pay for all this easing, most likely through inflation on the back end. What he basically says is that the world's central banks are kicking the can down the road...and will deal with the inflation issue when it surfaces. The link to the 6:20 minute video...plus the rest of the text...was posted over at the businessinsider.com website yesterday. I thank Roy Stephens for sending it along...and the link to this must watch video is here.  A Civilization on Edge: Amid Debt Crisis, Athens Falls ApartAs Greece struggles to master its devastating debt problem, decades of mismanagement have taken their toll on the country's once-proud capital. Athens has degenerated into a hotbed of chaos and crime, where tensions between Greeks and immigrants have led to attacks on foreigners by the far-right. The area around Patission Street used to be one of the most upscale parts of Athens. Maria Callas lived there, but that was a long time ago. Today there is a shoe store on the street that sells patent leather ballerina shoes from China for €5 ($7) and sneakers for €8. The columned structure of the National Archaeological Museum, which houses the largest collection of art from Greek antiquity, is also on Patission Street. A section of Aristotle Street frequented by prostitutes, who are getting ever-younger, is only 50 meters (165 feet) from the museum. The Greeks may have come to terms with the fact that the luster of antiquity is long gone. But the notion that Athens, a once-proud city, has now become synonymous with political failure and mismanagement is difficult to take. The consequences of decades of mismanagement are most glaringly evident in the center of the Greek capital. This spiegel.de story was posted on their website on Wednesday...and I thank Roy for sharing it with us. It's a depressing read...and the link is here.  The pain in Spain may not be enoughWhat will eurozone leaders do to Luis de Guindos this time? Last time Spain's finance minister met with fellow finance ministers, a photographer snapped him being throttled by Jean Claude Juncker, the head of the eurogroup. That was because he and Spain's prime minister Mariano Rajoy had demanded Brussels relax the austerity targets for their struggling nation. Just a few weeks on, de Guindos is heading to Friday's meeting in Copenhagen amid fears that Spain needs a Greek-style bail-out. Rajoy succeeded in getting Spain's budget targets for 2012 relaxed from 4.4pc of GDP to 5.3pc. His officials told Brussels that their target of 5.8pc would be "suicidal"; Rajoy said it was a "sovereign decision, made by Spain". Rajoy's victory served as a warning flare to markets, but it delighted Spaniards. But on Thursday it counted for nothing: as the new regime prepared to unveil its first Budget on Friday, Spain was brought to it knees by protests. The demonstrations rattled the markets and pushed Spain's shares down and borrowing costs up. Nothing has changed...and the PIIGS are still toast. Not even the proposed $1 Trillion dollar firewall will save them. This story was posted in yesterday evening's edition of The Telegraph...and is another Roy Stephens offering. The link is here.  General strike hits Spain: A Picture ExposéSpain's unions staged a 24-hour general strike on Thursday in anger over labour reforms, austerity measures and soaring unemployment. This is another Roy Stephens offering from yesterday's Telegraph...and the link to all the photos is here.  EU to extend 'big bazooka' EFSF bail-out fund at Copenhagen meetingA draft agreement prepared for the finance ministers' meetings reveals a plan to retain the €240bn (£200bn) rump of the European Financial Stability Fund (EFSF) until next year. The move boosts the available bail-out funds to €740bn from this summer but falls far short of the €1 trillion firewall that international leaders have been calling for. It marks a concession from Germany but is unlikely to stem fears over the advancing debt crisis, particularly in Spain. This story was posted late yesterday evening on the telegraph.co.uk website...and I thank Roy Stephens once again for sending it along. This one is a must read...and the link is here.  Two Stories from the Tehran TimesThe first is headline "BRICs nations recognize Iran's right to peaceful use of nuclear energy"...and the second is entitled "Risks of attack on Iran would be 'incalculable', Germany says". Both are worth running through...and, once again, both are Roy Stephens contributions.  Report says Israel to use Azeri airbasesIsrael has access to airbases in Azerbaijan near Iran's northern border to use in a military strike against Iran's nuclear sites, sources told a U.S. magazine. Unnamed senior diplomats and military intelligence officials were interviewed in the Foreign Policy magazine report, "Israel's Secret Staging Ground," published Wednesday. "The Israelis have bought an airfield…and the airfield is called Azerbaijan," a senior administration official was quoted as saying. The Azeri military has four abandoned Soviet-era airfields that would potentially be available to Israel and four air bases for their own aircraft, the report says, quoting details from Military Balance 2011 from the International Institute for Strategic Studies in London. This UPI story was filed from Washington yesterday morning...and is Roy's second-last offering in today's column. The link is here.  China's Power Struggle: Is a Dangerous Divide Opening Between Beijing Leaders?For weeks, China's communist leaders have been embroiled in a bitter power struggle that could jeopardize a carefully planned transition in the national leadership and the course charted by more moderate reformers. Although the state has tried to keep the feuding under wraps, the Internet is awash with rumors -- including those of a possible coup. The rest of the world, alarmed by reports from bloggers, also looked to China with concern. The country has enjoyed enviable successes for the last three decades. It has become the world's second-largest economy, it now has the largest foreign currency reserves (about $3.2 trillion, or €2.4 trillion) and it controls the most dynamic growth market in the world -- and one that German industries are increasingly dependent on. Some Western businesspeople have even come to believe tha | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 29 Mar 2012 09:16 PM PDT  The first is with Dan Norcini...and it's headlined Trading "Extremely Violent" & Will end in "Disaster". The second one is with James Turk...and it's entitled "Quiet Gold Market Masks Important Development". And lastly is this blog featuring Rob Arnott. It's headlined "Arnott & Buf | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold and silver prices holding above important support Posted: 29 Mar 2012 09:15 PM PDT Gold and silver are holding above important support levels, despite selling pressure yesterday. The gold price moved back above $1,660 this morning, after flirting with $1,650. The silver ... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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