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Thursday, April 19, 2012

Gold World News Flash

Gold World News Flash

Fearful, Anti-Social Cash Hoarding

Posted: 18 Apr 2012 06:00 PM PDT

Bullion Vault


Silver Update 4/18/12 Trickle Done

Posted: 18 Apr 2012 04:23 PM PDT

3.1 M Ounces of Silver Withdrawn from Brink’s Tuesday, JPM Reports Paper Deposit as ‘Silver’

Posted: 18 Apr 2012 04:19 PM PDT

from Silver Doctors:

Brink's reported a massive 3.1 million ounce silver withdrawal from the customer inventory Tuesday, and our friends at JPMorgan reported a deposit of 720,000 ounces.

The farce continues:

JP Morgan again made a mockery of the COMEX physical inventory update by reporting Tuesday's deposit of exactly 720,000.000 ounces. The statistical likelihood of 720 one-thousand ounce bars adding up to exactly 720k ounces…to 3 decimal places is roughly the same as the likelihood of the sun rising in the Western sky on 4/19.
This means the 'deposit' reported by JP Morgan is merely a paper shuffling of 'silver' inventory around as the cartel is now desperate to keep the charade going a little longer.
COMEX WAREHOUSE SILVER INVENTORY UPDATE 4/18/12

Read More @ SilverDoctors.com

Gold at Risk of Sharp Decline

Posted: 18 Apr 2012 04:14 PM PDT

courtesy of DailyFX.com April 18, 2012 02:09 PM Daily Bars Prepared by Jamie Saettele, CMT “Price is testing a long term trendline that extends off of the 2008, 2010, and December 2011 lows. A break of such a well-defined trendline would signal a significant shift. The downside is favored below the April high of 1683.35.” A short term bear flag appears complete and price is pressured by the 20 day average. Bottom Line (next 5 days) – lower...


SBSS 22. Look How Far Silver Has Come

Posted: 18 Apr 2012 04:14 PM PDT

The Euro Could Collapse Causing Panic Warns IMF

Posted: 18 Apr 2012 04:11 PM PDT

Gold Seeker Closing Report: Gold and Silver Fall Slightly

Posted: 18 Apr 2012 04:00 PM PDT

Gold edged up to $1654.28 in Asia before it fell back to $1637.78 at about 9AM EST, but it then bounced back higher in New York and ended with a loss of just 0.66%. Silver slipped to as low as $31.35 before it also rallied back higher in late trade and ended with a loss of 0.41%.


Cambodia, Once Secret, Is Now Open for Business

Posted: 18 Apr 2012 01:03 PM PDT

Resource investors are always looking for the next untapped region and Richard Stanger thinks he has found it. President and founder of the Cambodian Association of Mining and Exploration Companies, Stanger has been working to get the word out about Cambodia, a growing, stable country with the right geology for some big discoveries. In this exclusive interview with The Gold Report, Stanger gives an insider's view of the secrets to investing in Cambodia and explains why he's expecting a land rush.


Unsinkable Silver Investments? World Mints Unveil Centenary Titanic Coins

Posted: 18 Apr 2012 11:51 AM PDT

The sinking of the Titanic has captured the imagination of people since the tragedy struck on the night of the 14th April 1912. The centenary of the disaster is being marked around the world and particularly in the UK and North America which were deeply affected by the tragedy. Victims of the disaster came from [...]


“I purchased my physical silver at $45.88/oz”

Posted: 18 Apr 2012 11:40 AM PDT

An interesting extract from Jim's Mailbox. Mr. Sinclair, I am writing you because I think you are the real deal in the precious metal markets. I am in my mid sixties and got into silver almost one year ago. I made a big mistake and purchased my physical silver at $45.88/oz. It was for me [...]


This posting includes an audio/video/photo media file: Download Now

Guest Post: How Far To The Wall?

Posted: 18 Apr 2012 11:15 AM PDT

Submitted by Terry Coxon of Casey Research

How Far to the Wall?

Decades of manipulation by the Federal Reserve (through its creation of paper money) and by Congress (through its taxing and spending) have pushed the US economy into a circumstance that can't be sustained but from which there is no graceful exit.

With few exceptions, all of the noble souls who chose a career in "public service" and who've advanced to be voting members of Congress are committed to chronic deficits, though they deny it. For political purposes, deficits work. The people whose wishes come true through the spending side of the deficit are happy and vote to reelect. The people on the borrowing side of the deficit aren't complaining, since they willingly buy the Treasury bonds and Treasury bills that fund the deficit. And taxpayers generally tolerate deficits as a lesser evil than a tax hike.

Deficits are politically convenient for a second reason. They can take a little of the sting out of a recession. That effect is transient, and it's not strong – more like weak tea than Red Bull. But it can be enough to help a struggling politician get past the next election.

Yes, sometimes there's a big turnover in the personnel, such as with the 2010 election, when a platoon of self-styled anti-deficit commandoes parachuted into Congress. As soon as they had taken their seats, they began offering proposals to deal with the government's trillion-dollar revenue shortfall. But none of the proposals were serious. They were merely tokens intended to make politicians wearing anti-deficit uniforms look less ridiculous. Cut a ginormous $2 billion out of this program and a great big $500 million out of that program. Reduce spending by half a trillion dollars... over ten years. Balance the budget to the penny, but later. No one proposed anything close to dealing with the deficit now.

So stay up as late as you like on election night to see who wins, but the deficits aren't going to stop anytime soon. The debt mountain will keep growing. The part of it the government acknowledges is now approaching $16 trillion, which is more than the country's gross domestic product for a year. Obviously, the debt can't keep growing faster than the economy forever, but the people in charge do seem determined to find out just how far they can push things.

Inflation as Savior

At some point, personal and institutional portfolios will be glutted with Treasury securities, and the government will be forced to pay higher and higher rates to induce investors to take more of the paper – and the accelerating interest cost will make the deficits that much bigger. When that happens, the problem will be feeding on itself. The only way for the politicians to buy time will be through price inflation, to reduce the real burden of the debt, and whether they admit it or not, inflation is what they will be praying for.

The Federal Reserve will hear their prayer. It is 100% committed to protecting the value of the dollar, except when it is debasing the dollar in an effort to cure a recession or prevent a depression. It's been doing that important work since 1971, when the dollar slipped the leash of the gold standard. With every downturn in the economy, the Fed speeds up the creation of new cash. Each time, the economy does seem to recover, but the economic distortions that caused the recession are allowed to linger to one degree or another. They accumulate like the grotesqueries in the picture of Dorian Gray and predispose the economy to further and deeper slowdowns.

For the last three years, the Fed has been performing an additional service to help keep the system going. Whether or not you believe that suppressing interest rates with newly conjured dollars stimulates the economy in a healthy way, the practice certainly makes it easier for the Treasury to sell bonds to cover its deficit. And as total debt grows, the Fed will be biased more and more toward printing in order to retard any rise in interest rates. In short, the cost of postponing the bankruptcy of a government engaged in nonstop deficit spending will be progressively higher rates of inflation. There is no inherent stopping point in the process short of hyperinflation and the destruction of the currency.

Will it actually go that far? My guess is that it won't, but that's a guess about politics, not about economics. At some point, perhaps at an inflation rate of 30% or 40%, the turmoil that comes with runaway inflation will become so painful that the public will accept, and the politicians will find it wise to deliver, a balanced budget and a return to a stable currency. But even a year or two of such high inflation rates, while not a Weimar experience, would be a calamity. Most people's savings would be destroyed. Most businesses would be badly damaged, and most investment portfolios would be ruined. It would be like the economy hitting a wall.

But when will the economy reach the wall toward which it is headed? Not soon, I believe, but in the meantime there will be plenty of excitement.

The twin motors driving the economy toward the wall are deficits and money printing. Let's take them in turn and try to foresee their pace.

Danger Zone

When federal debt recently overtook a year's worth of gross domestic product, the US government crossed over into the zone at which, by historical experience, governments can get caught in a debt trap. High debt raises doubt about creditworthiness; doubt raises borrowing costs; higher borrowing costs add to deficits and day by day to the total debt burden; growing debt increases doubt about credit worthiness. Once in the cycle, it is hard to escape.

But Debt = GDP is not a formula for certain doom. It's possible to spend some time in a bad neighborhood without getting shot. Japan's ratio of government debt to GDP, to cite an extreme example, is over 230%. Perhaps the Japanese government is living on borrowed time as well as on borrowed money, but it is still able to find buyers for its debt at low yields.

The US may outdo Japan's ratio before hitting the wall. The capital markets will tolerate an especially high debt-to-GDP ratio for the US for a simple reason – it's safer than most other places. It doesn't get invaded, it doesn't get blown up in wars, it doesn't have revolutions and it hasn't destroyed its currency recently. Still, there is a limit to what the capital markets will tolerate.

How rapidly the US ratio of debt to GDP will grow depends on a list of barely-guessables, including how long the recovery from the recent recession drags on, the time elapsed until the next recession and the level of the public's actual tolerance for deficits. Assuming that the recent level of deficits continues indefinitely, it would take on the order of ten years for the US debt-to-GDP ratio to get where Japan's is now, which would bring us near 2022. After that, the safety factor still should buy the government a few years more.

That adds up to a long time to wait for the end of the world. Fortunately for the impatient, there is the Federal Reserve, and what the Fed will be doing, what the effects will be and when they will be felt all can be anticipated with a bit more clarity than the doings of Congress, although it remains guesswork.

Approaching the Wall

The M1 money supply has grown by 52% since the Federal Reserve opened the spigot in October of 2008. That alone is reason to believe that the current recovery, though painfully slow, is real. It has been held to a snail's pace by the fear of deflation that so many people learned in 2009. Fear of deflation is a reason to hold on to cash, but as 2009 becomes more distant, that fear is waning, and the holders of that 52% are becoming more and more disposed to think of it as excess cash that should be spent on something. That feeds the recovery.

Given the slow pace, it should be perhaps two years until the economy seems more or less normal, but the excess cash will still be at work. Give it one more year, and price inflation will emerge as a noticeable complaint. Then the Federal Reserve will let interest rates rise, but only slowly at first. By the time it tightens in earnest, price inflation will be approaching double-digit rates. It will look like the 1970s. And despite all the statistics it publishes, the Fed will only be feeling its way in the dark, since there is no reliable, real-time indicator of how much excess cash there is in the system. So inflation will keep rising, and the Fed will keep tightening until it produces a rerun of 2008-2009, with crashing investment markets announcing a new recession.

But there will be two important differences vis-à-vis 2008-2009. First, it will be happening with the US government far deeper in debt than it was when the last recession began. In the tightening phase, the government's interest expense will move above $1 trillion per year, and the budget deficit will jump to new record highs. Second, it will be happening with the rate of price inflation already at a troubling level. Another round of the monetary therapy the Fed applied to cure the last recession would push price inflation to levels beyond those reached in the 1970s. They'll do it anyway.

This gets us to 2016 or 2017 with the system in turmoil but still functioning. No wall yet, and there will be room for at least one more cycle of reflation. But it will be a fast cycle, since in an environment of already high inflation, people will be quick to spend the newly created cash. That means a quick recovery from the 2017 recession and a catapult into the 20% plus range for price inflation. Then the wall may be in sight.

In the Meantime

Did you hear about the 60-meter-wide rock? Asteroid 2012 DA14, with the kinetic energy of a thermonuclear bomb, is headed toward us. In February of next year, its approach path, as recently estimated, will bring it to within 17,000 miles of the Earth. What I haven't seen mentioned in any of the reports is that the closer an orbiting body is expected to get to the Earth, the less precise and reliable the estimates of its path become. Its path may veer this way or veer that way. And in astronomical terms, 17,000 miles is very, very close – closer than most man-made satellites. So it's not just the economy we need to anticipate.

The Gold Price Gave Back $11.50 to Close at $1,638.80 Watch $1,638.24 Tomorrow as it Shouldn't Cross that Line

Posted: 18 Apr 2012 10:37 AM PDT

Gold Price Close Today : 1638.80
Change : (11.50) or -0.70%

Silver Price Close Today : 3147.80
Change : 18.70 cents or -0.59%

Gold Silver Ratio Today : 52.062
Change : -0.056 or -0.11%

Silver Gold Ratio Today : 0.01921
Change : 0.000021 or 0.11%

Platinum Price Close Today : 1576.60
Change : -5.20 or -0.33%

Palladium Price Close Today : 657.40
Change : -5.60 or -0.84%

S&P 500 : 1,385.14
Change : -5.64 or -0.41%

Dow In GOLD$ : $164.40
Change : $ 0.13 or 0.08%

Dow in GOLD oz : 7.953
Change : 0.006 or 0.08%

Dow in SILVER oz : 414.03
Change : -0.17 or -0.04%

Dow Industrial : 13,032.75
Change : -82.79 or -0.63%

US Dollar Index : 79.59
Change : 0.055 or 0.07%

Today GOLD PRICE gave back $11.50 to shutter Comex at $1,638.80. GOLD PRICE defended its $1,638.24 low thrice, then pulled up and away a bit. Watch that $1,638.24 tomorrow, because gold shouldn't cross that line if it does intend to rise soon.

I try not to allow myself to see things on charts that aren't there, and force myself to see what is there. So I will report that the 5 day gold chart shows a flattish (that makes one suspect it) upside down head and shoulders in gold. Think of the neckline about $1,656, with a left shoulder on Monday, a head in that sudden down-spike on Tuesday, and a right shoulder today. If it is an upside down Hands, it targets another sprint for $1,675.

Mercy, this narrowing trading range is wearing me out. Here soon silver and gold will break through in a stout move, but can't tell yet which way that will be. And of course, there's always Europe with its looming financial crisis that might burst forth any time, changing everything -- but which way, for which metal? In 2008, investors dumped everything, stocks, gold, silver, in favor of dollars, but back in the summer they were dumping euros and dollars for gold. Which way will they jump this time?

Heavens above, I don't think like they do. If I was running the world, most of the people running it now would be in jail, a lot of those in jail would be turned loose, everybody would be good looking, and nobody would sweat much. Like I say, I just don't think like the public.

The SILVER PRICE had another tight-lipped day, giving us no clue what's on its mind. It sank 18.7c to 3147.8c Oh, it's left a little scoopy pattern on the 5 day chart since the weekend, but that doesn't tell you anything. It must hold 3120c or 'twill sink like your algebra average after the teacher caught you reading formulas off your palm during a test. Low today came at 3134c, and I really wouldn't like silver even to draw nigh that number tomorrow.

One thing I did notice on the longer term silver chart that causes the heart to leap: I believe silver has traced out a bullish falling wedge pattern. If so, it might possible fall to the bottom boundary, now about 3000c, then blast right back up. Wedges, remember, point the OPPOSITE direction to their breakout, so falling wedges break out upwards.

It's springtime in Tennessee, and I'm fretting to be outside. That doesn't make watching a taxing, vexing sideways market any easier. Still, y'all know that eventually the silver and GOLD PRICE will resolve this the only way they can in a bull market: by rallying much, much higher.

On the Internet today I read, "The Eurozone could break up and trigger a 'full-blown panic in financial markets and depositor flight' and a global economic slump to rival the Great Depression, the IMF warned yesterday."

Setting aside for the nonce the IMF's need to toot the crisis horn in order to boost its own powers, let us calmly digest this statement. The IMF opines that the still-unaddressed European sovereign debt (and related bank insolvency) crisis could trigger a financial market panic like 2008's in the US "and depositor flight." I reckon that means depositors would try to withdraw their money from banks, an old-fashioned bank run.

Well, lots of luck, Depositors, cause there ain't no money in them banks. Naw, I don't mean that they are loaded to the gills with bad paper, although that's true, too, but literally, there ain't no money there, not even paper money. Banks keep only a tiny bit of cash on hand. Back in 1998 there was only $1,177.54 per head circulating in the whole US.

Latest (3/12, from St. Louis Fed) reading for Federal Reserve Currency issued is $1,033.1 billions. 75% or more of that circulates overseas, so for 313,387,357 Americans, that leaves in circulation $824.14 per red-white-and-blue pate.

And I'll bet sitting here not 10% of y'all have as much as $1,000 in cash (green paper money) on you now or at home, although most of you spend more than $3,000 a month just to stay dry and fed. And to make sure y'all don't wise up and try to get your hands on some pictures of dead presidents, the US government treats dealing in cash or even holding it above certain amounts as a crime.

As I said, Depositors, in the event of a bank run, y'all stand the same change of getting cash that a three-legged June bug stands at a Rhode Island Red chicken convention on a hungry day.

All that constitutes yet another sound reason to get your hands on always reliable US 90% silver coin and gold coin.

I warn y'all, the sun is shining, the wild flox and wild azaleas and tulip poplars are blooming, and my mind is not on staying in this office. But here goes.

Dollar index today moved a bare 5.5 points to 79.585, leaving the dollar's intent still unclear, although with a bias to the upside that can only be contradicted by a close below 79.2. Euro ended down 0.05% at $1,3119, still trending down. Yen stumbled and tumbled today, closing down 0.49% to 123.07c (y81.25/US$1). Chart shows that's below the 50 dma (123.38) but it also gapped down, leaving behind what might be an "island reversal." That occurs when a market rallies, gaps up, trades sideways, then gaps down again, leaving a little island behind. It's a right deadly and reliable reversal pattern.

STOCKS showed what they were made of today, falling back to support just above 13,000. Dow closed down 82.79 (0.63%) at 13,032.75; S&P500 lost 5.64 (0.41%) to 1,385.14. For the Dow, that's below the 20 day moving average (13,057) which means the Dow isn't getting any traction here for higher prices.

But then, I can say that because I don't work for the yankee government, the Fed, or Wall Street.

And the legitimate government agents never did get their assault rifles.

Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger
The-MoneyChanger.com
888-218-9226
10:00am-5:00pm CST, Monday-Friday

© 2012, The Moneychanger. May not be republished in any form, including electronically, without our express permission.

To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down.

WARNING AND DISCLAIMER. Be advised and warned:

Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures.

NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps.

NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced.

NOR do I recommend buying gold and silver on margin or with debt.

What DO I recommend? Physical gold and silver coins and bars in your own hands.

One final warning: NEVER insert a 747 Jumbo Jet up your nose.

Michael Hudson: Debt: The Politics and Economics of Restructuring

Posted: 18 Apr 2012 10:33 AM PDT

Michael Hudson: Debt: The Politics and Economics of Restructuring

Intro by Ilene 

(Updated, originally posted at Phil's Stock World)

In the video below, Michael Hudson discusses how damaging "austerity" really is. It wastes labor and production, and leads to economic shrinkage. In the last 30 years, there's been a persistent widening of wealth disparity, an enormous redistribution of wealth between creditors and debtors. In the U.S., the top 1% have doubled their share of returns of wealth (interest, dividends, rent and capital gains).  

PROBLEM: The winners will push economies into Depressions rather than give up their gains. They will continue "business as usual." The creditors will not write down debt. Instead, they embrace the notion of "austerity." 

But austerity makes debts harder to pay. A shrinking economy has less tax revenue, and this exacerbates the budget deficit and leads to calls to cut back spending. Cutting back spending drains money from the economy, adding a tax drain to the debt drain. If you repay debt, the money doesn't get used to buy goods and services, markets shrink, and a declining spiral results. Without writing down the debt, the debt overhead and imposed austerity will shrink economies and polarize nations even further between debtors and creditors.

The choice:  Write down debts or suffer a chronic, severe recession. There's no way to recover while the debt overhead remains in place. 

That all debts can be repaid is an illusion.

Michael asserts that our economic models are quite flawed. In the U.S. 40% of the American labor budget goes to housing, about 15% goes to wage withholding for Social Security and medical care; other debt services (credit cards, student loans) is about 10%, and other taxes (income, sales) are about 10 to 15%. Of the take-home budgets of American workers, 75% is spent on non- goods and services. Only 25% is available for spending in the market. U.S. labor cannot compete with labor in economies that are less financialized, that have lower housing costs, where the government picks up infrastructure costs, and where the government basically has a lower cost structure.  

The problem is POLITICAL. There's NO fair solution that everyone gains on.

We cannot grow our way out of debt with a debt burden as enormous as it is today. Someone has to lose. In the U.S. the banks are blocking a solution. Michael argues that under today's conditions in the U.S., we are robbing the 99% to pay the 1%. That is the political setting.

And that political setting is supported by a large portion of our population in terms of power and voice. Just read the comments to Bruce Krasting's "A Different Buffett Rule - One That Would Work" (posted at ZH) to see the strong reactions against Bruce's idea of taking some extra tax money from the richest folks to provide benefits to disabled people with devastating diseases - people qualifying for the Compassionate Allowance program of Social Security Disability.

The negative reaction seems to be based on the premise that the very rich fairly earned all their money, the poor are lazy, and the evil government should get out of the way.

But the system as it is operating now is stacked against the lower 99%; the playing field is hardly level.

And how is that? The government that dictates taxes also provides the framework, the laws and regulations governing our political, economic and financial systems. It created a system of crony capitalism that has enabled the 1+%ers to get to where they are and stay there. (I think the problem is at level higher than the top 1%, so I write 1%+.)

Charles Hugh Smith just posted an excellent piece that explores the tensions between the need for a central government and the corruption of that government in Crony Capitalism and the Expansive Central State:

"Crony capitalism arises when an expansive Central State dominates the economy. The Central State can then protect crony-capitalist perquisites, cartels, quasi-monopolies and financialization skimming operations of the sort which now dominate the U.S. economy's primary profit centers.

.

"If we step back, the larger context is the purpose and role of establishing a State to protect its citizens from foreign and domestic predation and exploitation.

.

"The Central State is granted the sole power of coercion by its membership (citizenry) to protect the membership from the predation of individuals, concentrations of wealth and other subgroups seeking monopoly. They grant the State this extraordinary power to insure that no subgroup or individual can gain enough power to dominate the entire membership for their private gain and to protect freedom of faith, movement, expression, enterprise and association.

.

"Granting this power to the State creates a risk that the State itself may become predatory, supplanting the parasitic elements it was designed to limit..." (This excerpt was drawn from Resistance, Revolution, Liberation: A Model for Positive Change)

The government provides the freedom and assistance (deregulation, failure to enforce laws, bills that help perpetuate quasi-monopolies) that enable the top 1%+ to continue accumulating more and more of the country's total wealth. It is also charged with keeping those at the top safe from the rage brewing at the bottom.

Within this context, the reality of the situation today, it makes perfect sense to take back some income (interest, dividends, rent, capital gains) from the wealthiest to help others who can't work to simply live. 

As Phil observed in $105,637 for Me, $80 for You!: 

"Isn't this economy FANTASTIC?

.

"It sure is for those of us in the top 1% (1.4M) - people earning over $352,000 in annual income. We made $105,637 more Dollars in 2010 than we did in 2009 – thanks in large part to the Fed's fantastic policy of printing more and more money, which lets us borrow cheaply or invest with leverage in inflating equity as the Dollar collapses. 

.

"Sure the Dollar collapsing hurts everyone – but an extra $105,637 keeps us ahead of inflation, right? 

.

"I'm still jealous of course, as the top .01% (14,000 people) – who earn an average of $23.8M, were able to add another $4.2M to their annual incomes in 2010. That's 52,500 TIMES the average $80 increase earned by the bottom 99%. (Chart above: source Thomas Piketty and Emmanuel Saez, NY Times.)

.

"That's right, somehow, the riff-raff in the bottom 99% managed to grab 7% of the Nation's total increase in income – clearly Congress needs to make immediate changes to prevent this travesty from happening again! 

.

"Steve Rattner has a different opinion:  'The only way to redress the income imbalance is by implementing policies that are oriented toward reversing the forces that caused it. That means letting the Bush tax cuts expire for the wealthy and adding money to some of the programs that House Republicans seek to cut. Allowing this disparity to continue is both bad economic policy and bad social policy. We owe those at the bottom a fairer shot at moving up.'...

.

"Of course things seem fine if you are in the top 1%... and that means – very simply – less for the bottom 99%. When do we have the ideal amount? When we have 100% and the bottom 99% has zero? We already have 25% and in 2010 we captured 56% of the income gains, so our disproportionate share is, indeed, growing even more disproportionate every year...

.

"The top 1% have their own top 1%... the bottom 99% of the top 1% also got screwed, capturing just 1/3 of the gains for 1.4M while the top 14,000 took 66% of the pie. 

.

"Just like in 1927, the stock market is roaring as the rich get richer and trickle their increased earnings into stocks and commodities, with commodities being the most fun as rich people get to buy things they don't need..."

The structure of our economy needs to be taken down and rebuilt. This not just a problem of debt but a problem of theory. 

 

Michael Hudson: Debt: The Politics and Economics of Restructuring

Courtesy of Jesse's Cafe Americain

I have been watching the presentations from the New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. 

Here is Michael Hudson's talk on Debt and Restructuring from April 13, 2012

 

 

Compulsive Hoarding is an affliction, an illness

Posted: 18 Apr 2012 10:06 AM PDT

Submitted by Adrian Ash | BullionVault Just because you hoard money or Gold Bullion, doesn't mean you're sick or wrong… - It disables the sufferer and those around them, presenting a health hazard as stuff piles up and the home turns into a trash can. "Hoarding and anxiety go hand-in-hand," says one struggling survivor. "For many people, [...]


This posting includes an audio/video/photo media file: Download Now

Nigel Farage: There Are Going to Be Serious Banking Collapses

Posted: 18 Apr 2012 09:43 AM PDT

from KingWorldNews:

With escalating fears regarding the stability of the eurozone, today King World News interviewed former LBMA commodities broker and trader and current MEP Nigel Farage to get his take on the situation. Farage had some very interesting comments regarding the Italians moving large quantities of gold to Switzerland, but when KWN asked about the chaos in Europe, Farage stated, "Well, so far, from all of the European officials and from the new IMF branch office in Washington, we've had unanimity that there was no prospect, at any stage, of the euro being under threat."

Nigel Farage Continues @ KingWorldNews.com

Charles Nenner See's $2500 Gold Coming

Posted: 18 Apr 2012 09:39 AM PDT

Charles Nenner is now calling for $2500/oz gold within 12-18 months. At the end of March he figured mid April would be a bottom and good entry point. He also see's silver blowing thru $50 in a similar timeframe.

See article here.

Priceless Precious Metals vs Worthless Dollars

Posted: 18 Apr 2012 09:28 AM PDT

by Andy Hoffman, MilesFranklin.com:

In my role as Precious Metal information communicator, I am asked dozens of questions each week, which over the course of a year accumulates to the thousands. My writings tend to focus on a handful of vital sub-topics, which in turn are molded from the aforementioned questions. Many RANT topics are devoted to such issues, as is this one.

Some of the most common questions I am asked are the following:

1. Why should I buy physical gold and silver if the government might confiscate it?

2. What use will physical gold and silver have if the dollar collapses, and anarchy and/or chaos reigns?

3. What use will physical gold and silver be if the government bans their use or institutes 90% windfall taxes?

Many other variants of these questions are also asked, with the common theme that if gold could be confiscated, decreed to be contraband, or dangerous to hold, why would I want to own it?

Read More @ Miles Franklin

Time To Confront Central Bank Liars

Posted: 18 Apr 2012 09:24 AM PDT

by Jeff Nielson, Bullion Bulls Canada:

I've had enough. Day after day of 100% manure from these propagandists. It's time to shout out that "the Emperors are wearing no clothes."

For three years we have had to listen to B.S. Bernanke (yes, his initials really are "B.S.") drone on and on about the mythical "U.S. economic recovery." I recently pointed out with an abundance of long-term charts and elementary reasoning that it wasn't even theoretically possible for the crippled U.S. economy to be growing.

However, don't take my word for it. Instead, let's look at the actions of B.S. Bernanke. Until Japan's failed experiment with taking interest rates to zero – and leaving them there – no nation in modern history had ever engaged in such recklessly insane monetary policy.

Read More @ BullionBullsCanada.com

Eric Sprott Interview on Gold and Silver

Posted: 18 Apr 2012 09:01 AM PDT

Great interview with Eric the topic as you'd expect was a focus on silver, and gold.

see interview here.

Patrick Heller: Gold and silver price suppression is now a weekly event

Posted: 18 Apr 2012 09:00 AM PDT

5p ET Wednesday, April 18, 2012

Dear Friend of GATA and Gold:

Writing at Coin Week, Patrick Heller of Liberty Coin Service in Michigan comments on how gold and silver price suppression in the futures markets has gone beyond obvious. Heller's commentary is headlined "Major Gold and Silver Price Suppression Now a Weekly Occurrence -- So What?" and it's posted at Coin Week here:

http://www.coinweek.com/commentary/opinion/major-gold-and-silver-price-s...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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Prophecy Platinum (TSXV: NKL) and Ursa Major Minerals
Sign Combination Agreement

Company Press Release
Friday, March 2, 2012

VANCOUVER, British Columbia, Canada -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) and Ursa Major Minerals Inc. have signed a binding letter of agreement for a business combination through a proposed all-share transaction. In doing so Prophecy and Ursa have acted at arm's length and the transaction has been negotiated at arm's length.

Prophecy will issue one common share in exchange for every 25 outstanding common shares of Ursa. Ursa options and warrants will be exchanged for options and warrants of Prophecy on an agreed schedule.

Prophecy's offer represents a value of about $0.15 per each common share of Ursa based on Prophecy's share price of $3.70 as at March 1, representing a premium of 130 percent to Ursa's March 1 closing price of $0.065.

Prophecy is to subscribe for $1 million common shares of Ursa by way of private placement financing at $0.06 per share, subject to regulatory approval. Upon placement completion, John Lee and Greg Hall, current Prophecy directors, will be appointed to Ursa's board.

Prophecy thus will become a mid-tier resource company with a robust and diversified pipeline of platinum nickel projects, including:

-- The fully permitted open-pit Shakespeare PGM-Ni-Cu mine close to Sudbury, Ontario, infrastructure with near-term production capabilities.

-- The flagship Wellgreen (Yukon) PGM-Ni-Cu project with more than 10 million ounces of Pt-Pd-Au inferred resource. Drilling is under way and a preliminary economic assessment study is pending.

-- Manitoba's Lynn Lake Ni-Cu project with more than 262 million pounds Ni and 138 million pounds Cu measured and indicated.

For the complete announcement, please visit Prophecy Platinum's Internet site here:

http://www.prophecyplat.com/news_2012_mar02_prophecy_platinum_ursa_major...


Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16


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Sona Discovers Potential High-Grade Gold Mineralization
at Blackdome in British Columbia -- 13.6g over 1.5 Meters

From a Company Press Release
November 22, 2011

VANCOUVER, British Columbia -- With its latest surface diamond drilling program at its 100-percent-owned, formerly producing Blackdome gold mine in southern British Columbia, Sona Resources Corp. has discovered a potentially high-grade gold-mineralized area, with one hole intersecting 13.6 grams of gold in 1.5 meters of core drilling.

"We intersected a promising new mineralized zone, and we feel optimistic about the assay results," says Sona's president and CEO, John P. Thompson. "We have undertaken an aggressive exploration program that has tested a number of target zones. Our discovery of this new gold-bearing structure is significant, and it represents a positive development for the company."

Sona aims to bring its permitted Blackdome mill back into production over the next year and a half, at a rate of 200 tonnes per day, with feed from the formerly producing Blackdome mine and the nearby Elizabeth gold deposit property. A positive preliminary economic assessment by Micon International Ltd., based on a gold price of $950 per ounce over eight years, has estimated a cash cost of $208 per tonne milled, or $686 per gold ounce recovered.

For the company's complete press release, please visit:

http://www.sonaresources.com/_resources/news/SONA_NR18_2011-opt.pdf

2 Years After the BP Oil Spill, Is the Gulf Ecosystem Collapsing?

Posted: 18 Apr 2012 08:57 AM PDT

2 Years After the BP Oil Spill, Is the Gulf Ecosystem Collapsing?

Posted on April 18, 2012 by WashingtonsBlog

The Gulf Ecosystem Is Being Decimated

The BP oil spill started on April 20, 2010. We’ve previously warned that the BP oil spill could severely damage the Gulf ecosystem.

Since then, there are numerous signs that the worst-case scenario may be playing out:

  • A recent report also notes that there are flesh-eating bacteria in tar balls of BP oil washing up on Gulf beaches

If you still don’t have a sense of the devastation to the Gulf, American reporter Dahr Jamail lays it out pretty clearly:

 

 

 

 

 

“The fishermen have never seen anything like this,” Dr Jim Cowan told Al Jazeera. “And in my 20 years working on red snapper, looking at somewhere between 20 and 30,000 fish, I’ve never seen anything like this either.”

 

Dr Cowan, with Louisiana State University’s Department of Oceanography and Coastal Sciences started hearing about fish with sores and lesions from fishermen in November 2010.

 

Cowan’s findings replicate those of others living along vast areas of the Gulf Coast that have been impacted by BP’s oil and dispersants.

 

Gulf of Mexico fishermen, scientists and seafood processors have told Al Jazeera they are finding disturbing numbers of mutated shrimp, crab and fish that they believe are deformed by chemicals released during BP’s 2010 oil disaster.

 

Along with collapsing fisheries, signs of malignant impact on the regional ecosystem are ominous: horribly mutated shrimp, fish with oozing sores, underdeveloped blue crabs lacking claws, eyeless crabs and shrimp – and interviewees’ fingers point towards BP’s oil pollution disaster as being the cause.

 

Eyeless shrimp

 

Tracy Kuhns and her husband Mike Roberts, commercial fishers from Barataria, Louisiana, are finding eyeless shrimp.

 

“At the height of the last white shrimp season, in September, one of our friends caught 400 pounds of these,” Kuhns told Al Jazeera while showing a sample of the eyeless shrimp.

 

According to Kuhns, at least 50 per cent of the shrimp caught in that period in Barataria Bay, a popular shrimping area that was heavily impacted by BP’s oil and dispersants, were eyeless. Kuhns added: “Disturbingly, not only do the shrimp lack eyes, they even lack eye sockets.”
Eyeless shrimp, from a catch of 400 pounds of eyeless shrimp, said to be caught September 22, 2011, in Barataria Bay, Louisiana [Erika Blumenfeld/Al Jazeera]

 

“Some shrimpers are catching these out in the open Gulf [of Mexico],” she added, “They are also catching them in Alabama and Mississippi. We are also finding eyeless crabs, crabs with their shells soft instead of hard, full grown crabs that are one-fifth their normal size, clawless crabs, and crabs with shells that don’t have their usual spikes … they look like they’ve been burned off by chemicals.”

 

On April 20, 2010, BP’s Deepwater Horizon oilrig exploded, and began the release of at least 4.9 million barrels of oil. BP then used at least 1.9 million gallons of toxic Corexit dispersants to sink the oil.

 

Keath Ladner, a third generation seafood processor in Hancock County, Mississippi, is also disturbed by what he is seeing.

 

“I’ve seen the brown shrimp catch drop by two-thirds, and so far the white shrimp have been wiped out,” Ladner told Al Jazeera. “The shrimp are immune compromised. We are finding shrimp with tumors on their heads, and are seeing this everyday.”

 

While on a shrimp boat in Mobile Bay with Sidney Schwartz, the fourth-generation fisherman said that he had seen shrimp with defects on their gills, and “their shells missing around their gills and head”.

 

“We’ve fished here all our lives and have never seen anything like this,” he added.

 

Ladner has also seen crates of blue crabs, all of which were lacking at least one of their claws.

 

Darla Rooks, a lifelong fisherperson from Port Sulfur, Louisiana, told Al Jazeera she is finding crabs “with holes in their shells, shells with all the points burned off so all the spikes on their shells and claws are gone, misshapen shells, and crabs that are dying from within … they are still alive, but you open them up and they smell like they’ve been dead for a week”.

 

Rooks is also finding eyeless shrimp, shrimp with abnormal growths, female shrimp with their babies still attached to them, and shrimp with oiled gills.

 

“We also seeing eyeless fish, and fish lacking even eye-sockets, and fish with lesions, fish without covers over their gills, and others with large pink masses hanging off their eyes and gills.”

 

Rooks, who grew up fishing with her parents, said she had never seen such things in these waters, and her seafood catch last year was “ten per cent what it normally is”.

 

“I’ve never seen this,” he said, a statement Al Jazeera heard from every scientist, fisherman, and seafood processor we spoke with about the seafood deformities.

 

Given that the Gulf of Mexico provides more than 40 per cent of all the seafood caught in the continental US, this phenomenon does not bode well for the region, or the country.

 

***

 

“The dispersants used in BP’s draconian experiment contain solvents, such as petroleum distillates and 2-butoxyethanol. Solvents dissolve oil, grease, and rubber,” Dr Riki Ott, a toxicologist, marine biologist and Exxon Valdez survivor told Al Jazeera. “It should be no surprise that solvents are also notoriously toxic to people, something the medical community has long known”.

 

The dispersants are known to be mutagenic, a disturbing fact that could be evidenced in the seafood deformities. Shrimp, for example, have a life-cycle short enough that two to three generations have existed since BP’s disaster began, giving the chemicals time to enter the genome.

 

Pathways of exposure to the dispersants are inhalation, ingestion, skin, and eye contact. Health impacts can include headaches, vomiting, diarrhea, abdominal pains, chest pains, respiratory system damage, skin sensitisation, hypertension, central nervous system depression, neurotoxic effects, cardiac arrhythmia and cardiovascular damage. They are also teratogenic – able to disturb the growth and development of an embryo or fetus – and carcinogenic.

 

Cowan believes chemicals named polycyclic aromatic hydrocarbons (PAHs), released from BP’s submerged oil, are likely to blame for what he is finding, due to the fact that the fish with lesions he is finding are from “a wide spatial distribution that is spatially coordinated with oil from the Deepwater Horizon, both surface oil and subsurface oil. A lot of the oil that impacted Louisiana was also in subsurface plumes, and we think there is a lot of it remaining on the seafloor”.

 

Marine scientist Samantha Joye of the University of Georgia published results of her submarine dives around the source area of BP’s oil disaster in the Nature Geoscience journal.

 

Her evidence showed massive swathes of oil covering the seafloor, including photos of oil-covered bottom dwelling sea creatures.

 

While showing slides at an American Association for the Advancement of Science annual conference in Washington, Joye said: “This is Macondo oil on the bottom. These are dead organisms because of oil being deposited on their heads.”

 

Dr Wilma Subra, a chemist and Macarthur Fellow, has conducted tests on seafood and sediment samples along the Gulf for chemicals present in BP’s crude oil and toxic dispersants.

 

“Tests have shown significant levels of oil pollution in oysters and crabs along the Louisiana coastline,” Subra told Al Jazeera. “We have also found high levels of hydrocarbons in the soil and vegetation.”

 

According to the US Environmental Protection Agency, PAHs “are a group of semi-volatile organic compounds that are present in crude oil that has spent time in the ocean and eventually reaches shore, and can be formed when oil is burned”.

 

“The fish are being exposed to PAHs, and I was able to find several references that list the same symptoms in fish after the Exxon Valdez spill, as well as other lab experiments,” explained Cowan. “There was also a paper published by some LSU scientists that PAH exposure has effects on the genome.”

 

The University of South Florida released the results of a survey whose findings corresponded with Cowan’s: a two to five per cent infection rate in the same oil impact areas, and not just with red snapper, but with more than 20 species of fish with lesions. In many locations, 20 per cent of the fish had lesions, and later sampling expeditions found areas where, alarmingly, 50 per cent of the fish had them.

 

“I asked a NOAA [National Oceanic and Atmospheric Administration] sampler what percentage of fish they find with sores prior to 2010, and it’s one tenth of one percent,” Cowan said. “Which is what we found prior to 2010 as well. But nothing like we’ve seen with these secondary infections and at this high of rate since the spill.”

 

“What we think is that it’s attributable to chronic exposure to PAHs released in the process of weathering of oil on the seafloor,” Cowan said. “There’s no other thing we can use to explain this phenomenon. We’ve never seen anything like this before.”

 

***

 

Crustacean biologist Darryl Felder, in the Department of Biology with the University of Louisiana at Lafayette is in a unique position.

 

Felder has been monitoring the vicinity of BP’s blowout Macondo well both before and after the oil disaster began, because, as he told Al Jazeera, “the National Science Foundation was interested in these areas that are vulnerable due to all the drilling”.

 

“So we have before and after samples to compare to,” he added. “We have found seafood with lesions, missing appendages, and other abnormalities.”

 

Felder also has samples of inshore crabs with lesions. “Right here in Grand Isle we see lesions that are eroding down through their shell. We just got these samples last Thursday and are studying them now, because we have no idea what else to link this to as far as a natural event.”

 

According to Felder, there is an even higher incidence of shell disease with crabs in deeper waters.

 

“My fear is that these prior incidents of lesions might be traceable to microbes, and my questions are, did we alter microbial populations in the vicinity of the well by introducing this massive amount of petroleum and in so doing cause microbes to attack things other than oil?”

 

One hypothesis he has is that the waxy coatings around crab shells are being impaired by anthropogenic chemicals or microbes resulting from such chemicals.

 

“You create a site where a lesion can occur, and microbes attack. We see them with big black lesions, around where their appendages fall off, and all that is left is a big black ring.”

 

Felder added that his team is continuing to document the incidents: “And from what we can tell, there is a far higher incidence we’re finding after the spill.”

 

“We are also seeing much lower diversity of crustaceans,” he said. “We don’t have the same number of species as we did before [the spill].”

 

***

 

Felder is also finding “odd staining” of animals that burrow into the mud that cause stain rings, and said: “It is consistently mineral deposits, possibly from microbial populations in [overly] high concentrations.”

 

***

 

Dr Andrew Whitehead, an associate professor of biology at Louisiana State University, co-authored the report Genomic and physiological footprint of the Deepwater Horizon oil spill on resident marsh fishes that was published in the journal Proceedings of the National Academy of Sciences in October 2011.

 

Whitehead’s work is of critical importance, as it shows a direct link between BP’s oil and the negative impacts on the Gulf’s food web evidenced by studies on killifish before, during and after the oil disaster.

 

“What we found is a very clear, genome-wide signal, a very clear signal of exposure to the toxic components of oil that coincided with the timing and the locations of the oil,” Whitehead told Al Jazeera during an interview in his lab.

 

According to Whitehead, the killifish is an important indicator species because they are the most abundant fish in the marshes, and are known to be the most important forage animal in their communities.

 

“That means that most of the large fish that we like to eat and that these are important fisheries for, actually feed on the killifish,” he explained. “So if there were to be a big impact on those animals, then there would probably be a cascading effect throughout the food web. I can’t think of a worse animal to knock out of the food chain than the killifish.”

 

But we may well be witnessing the beginnings of this worst-case scenario.

Whitehead is predicting that there could be reproductive impacts on the fish, and since the killifish is a “keystone” species in the food web of the marsh, “Impacts on those species are more than likely going to propagate out and effect other species. What this shows is a very direct link from exposure to DWH oil and a clear biological effect. And a clear biological effect that could translate to population level long-term consequences.”

 

***

 

Ed Cake, a biological oceanographer, as well as a marine and oyster biologist, has “great concern” about the hundreds of dolphin deaths he has seen in the region since BP’s disaster began, which he feels are likely directly related to the BP oil disaster.

 

“Adult dolphins’ systems are picking up whatever is in the system out there, and we know the oil is out there and working its way up the food chain through the food web – and dolphins are at the top of that food chain.”

 

Cake explained: “The chemicals then move into their lipids, fat, and then when they are pregnant, their young rely on this fat, and so it’s no wonder dolphins are having developmental issues and still births.”

 

Cake, who lives in Mississippi, added: “It has been more than 33 years since the 1979 Ixtoc-1 oil disaster in Mexico’s Bay of Campeche, and the oysters, clams, and mangrove forests have still not recovered in their oiled habitats in seaside estuaries of the Yucatan Peninsula. It has been 23 years since the 1989 Exxon Valdez oil disaster in Alaska, and the herring fishery that failed in the wake of that disaster has still not returned.”

 

Cake believes we are still in the short-term impact stage of BP’s oil disaster.

 

“I will not be alive to see the Gulf of Mexico recover,” said Cake, who is 72 years old. “Without funding and serious commitment, these things will not come back to pre-April 2010 levels for decades.”

 

***

 

“We’re continuing to pull up oil in our nets,” Rooks said. “Think about losing everything that makes you happy, because that is exactly what happens when someone spills oil and sprays dispersants on it. People who live here know better than to swim in or eat what comes out of our waters.”

 

Khuns and her husband told Al Jazeera that fishermen continue to regularly find tar balls in their crab traps, and hundreds of pounds of tar balls continue to be found on beaches across the region on a daily basis.

 

Meanwhile Cowan continues his work, and remains concerned about what he is finding.

 

“We’ve also seen a decrease in biodiversity in fisheries in certain areas. We believe we are now seeing another outbreak of incidence increasing, and this makes sense, since waters are starting to warm again, so bacterial infections are really starting to take off again. We think this is a problem that will persist for as long as the oil is stored on the seafloor.”

Did the BP Spill Ever Really Stop?

We’ve repeatedly documented that BP’s gulf Mocando well is still leaking.

Stuart Smith – a successful trial lawyer who won a billion dollar verdict against Exxon Mobil – noted recently:

New sampling data from the nonprofit Louisiana Environmental Action Network (LEAN) provide confirmation that not only is BP’s oil still very much present in the water in Bayou La Batre, but that it still exists in a highly toxic state nearly two years after the spill.

 

Here are photos of brown oily foam washing ashore in Bayou La Batre (just west of Mobile Bay) on February 27, 2012:

 

BLB2 28 12C 300x225 2 Years After the BP Oil Spill, Is the Gulf Ecosystem Collapsing?

Jim Willie: “In 2 Year’s Time, the Gold Cartel WILL HAVE NO PHYSICAL GOLD”

Posted: 18 Apr 2012 08:34 AM PDT

by Tekoa Da Silva, Bull Market Thinking:

I had the chance once again to speak with the "Golden Jackass" this afternoon out of Central America, namely, Jim Willie, publisher of the Hat Trick Letter. It was once again a fascinating interview (our last conversation can be found HERE), as Jim delivered one of his best "riffs" on the gold market I think I've heard to date, in which he identifies a major "New Feature" to the gold market, yet to be discovered by any other news sources globally. Additional topics discussed were growing anti-US dollar forces and $5 trillion in central bank monetary expansion.

Starting out with the global markets overall, Jim indicated we are currently in a "false calm." He said, "We have not gotten past the aftermath of MF Global, the distrust of COMEX is enormous, a lot of companies are just not permitted to use COMEX anymore…We've had a few naked short raids of the gold market, and I think they go hand in hand with some of the gigantic dollar swap exercises that have—I believe—dumped at least $2 trillion dollars into the system in the last several weeks alone. We're on the verge of Europe fracturing Tekoa. I think it's happening right in front of our eyes." Here's the interview:

Part 1:
Part 2:

Read More @ BullMarketThinking.com

Penny Unwise, Dollar Insane

Posted: 18 Apr 2012 08:34 AM PDT

by Ron Paul, LewRockwell.com:

Statement to the Subcommittee on Domestic Monetary Policy Hearing on "The Future of Money: Coin Production," April 17, 2012.

There is an old German saying that goes, "whoever does not respect the penny is not worthy of the dollar." It expresses the sense that those who neglect or ignore the small things cannot be trusted with larger things, and fittingly describes the problems facing both the dollar and our nation today. For nearly a century monetary policy has been delegated to the Federal Reserve System. Congress has ignored the importance of monetary policy and relegated monetary oversight to the sidelines, considering it less important than such matters as welfare spending, warfare spending, and who to tax and how much they should be taxed. While Congress has dithered, the Federal Reserve has destroyed the value of the dollar, so much so that the metal value of our already much-debased token coinage now exceeds its face value.

Read More @ LewRockwell.com

GoldSeek Radio interviews Eric Sprott

Posted: 18 Apr 2012 08:31 AM PDT

4:30p ET Wednesday, April 18, 2012

Dear Friend of GATA and Gold (and Silver):

Sprott Asset Management CEO Eric Sprott this week gave a comprehensive interview to GoldSeek Radio's Chris Waltzek, covering not just the monetary metals but the ongoing crackup of the world financial system. The interview is 16 minutes long and you can listen to it at GoldSeek's companion site, SilverSeek, here:

http://www.silverseek.com/commentary/eric-sprott-interview-silver-gold-m...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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Golden Phoenix Discusses Royalty Mining Growth Strategy
on '21st Century Business' on Fox Business Network

Golden Phoenix Minerals Inc. has discussed its royalty mining growth strategy on the Fox Business Network program "21st Century Business" with host Jackie Bales. Golden Phoenix's director of corporate communications, Robert Ian, told how the company narrows its focus to project generation and future royalty streams. He explained why Golden Phoenix believes it's better to own joint-venture interests in several producing mines instead of full exposure to just one project.

"21st Century Business" has been airing for 15 years. Previous hosts have included Gen. Alexander Haig, Gen.l Norman Schwarzkopf, and Secretary of Defense Caspar Weinberger. Golden Phoenix appeared as paid programming on this broadcast.

To view the program with Golden Phoenix, please visit Golden Phoenix's Internet site here:

http://www.goldenphoenix.us/company-videos.html


Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16


ADVERTISEMENT

Be Part of a Chance to Discover
Multi-Million-Ounce Gold and Silver Deposits in Canada

Northaven Resources Corp. (TSX-V:NTV) is advancing five gold and silver projects in highly prospective and politically stable British Columbia, Canada.

Check out the exploration program on our Allco gold/silver project :

-- A large (13,000 hectare) property, covering more than 15 square kilometers of a regional mineralized trend just 3km from a recently announced 1.2-million-ounce gold and 15-million-ounce silver deposit.

-- The property hosts historic high-grade silver workings and many mineral showings as well as former mines at the property's northern and southern boundaries.

-- A deep-penetrating airborne geophysics survey has just been completed on the entire property and neighboring deposits and its results are eagerly awaited.

To learn more about the Allco property or Northaven's other gold and silver projects, please visit:

http://www.northavenresources.com

Or call Northaven CEO Allen Leschert at 604-696-3600.


Fading Faith in Fiat

Posted: 18 Apr 2012 08:26 AM PDT

April 18, 2012 [LIST] [*]"Losing faith" in fiat money: Only now? [*]Frank Holmes with a bullish signal for gold... Rick Rule on why gold stocks are set to rebound [*]Chuck Butler with two signals from China threatening the dollar's reserve currency status [*]"But what is a slave?" Doug Casey sounds off as Tax Day and "Tax Freedom Day" coincide [*]"What kind of freedom is this?" a reader asks: Why you have something to worry about even "if you've done nothing wrong" [/LIST] "I'm not one of those religious believers in gold," says Matthew Bishop, "but I guess I've become a bit of an agnostic/atheist about my faith in government-backed money, so I really think governments are in a position where they're going to debase in a big way." Mr. Bishop is New York bureau chief of The Economist... and he's penned a book called In Gold We Trust?: The Future of Money in an Age of Uncertainty. He has put us in a difficult position as we aim to stake out "fat tail" ideas. We li...


Euro zone breakup now a real possibility, Farage tells King World News

Posted: 18 Apr 2012 08:25 AM PDT

4:20p ET Wednesday, April 18, 2012

Dear Friend of GATA and Gold:

Interviewed today by King World News, former commodities broker Nigel Farage, leader of the United Kingdom Independence Party and a most troublesome member of the European Parliament, says the dissolution of the euro zone is suddenly a topic of legitimate discussion and a real possibility even as there's no plan for managing it. Farage says markets may just overwhelm the whole international central banking system. (Let's hope.) An excerpt from the interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/18_Ni...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


ADVERTISEMENT

Be Part of a Chance to Discover
Multi-Million-Ounce Gold and Silver Deposits in Canada

Northaven Resources Corp. (TSX-V:NTV) is advancing five gold and silver projects in highly prospective and politically stable British Columbia, Canada.

Check out the exploration program on our Allco gold/silver project :

-- A large (13,000 hectare) property, covering more than 15 square kilometers of a regional mineralized trend just 3km from a recently announced 1.2-million-ounce gold and 15-million-ounce silver deposit.

-- The property hosts historic high-grade silver workings and many mineral showings as well as former mines at the property's northern and southern boundaries.

-- A deep-penetrating airborne geophysics survey has just been completed on the entire property and neighboring deposits and its results are eagerly awaited.

To learn more about the Allco property or Northaven's other gold and silver projects, please visit:

http://www.northavenresources.com

Or call Northaven CEO Allen Leschert at 604-696-3600.


Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16


ADVERTISEMENT

Golden Phoenix Discusses Royalty Mining Growth Strategy
on '21st Century Business' on Fox Business Network

Golden Phoenix Minerals Inc. has discussed its royalty mining growth strategy on the Fox Business Network program "21st Century Business" with host Jackie Bales. Golden Phoenix's director of corporate communications, Robert Ian, told how the company narrows its focus to project generation and future royalty streams. He explained why Golden Phoenix believes it's better to own joint-venture interests in several producing mines instead of full exposure to just one project.

"21st Century Business" has been airing for 15 years. Previous hosts have included Gen. Alexander Haig, Gen.l Norman Schwarzkopf, and Secretary of Defense Caspar Weinberger. Golden Phoenix appeared as paid programming on this broadcast.

To view the program with Golden Phoenix, please visit Golden Phoenix's Internet site here:

http://www.goldenphoenix.us/company-videos.html

Cambodia, Once Secret, Is Now Open for Business: Richard Stanger

Posted: 18 Apr 2012 08:23 AM PDT

The Gold Report: Cambodia's gross domestic product (GDP) is roughly $13.2 billion (B) annually, or around $1,000 a person, according to the Association for Southeast Asian Nations. It's clearly an impoverished nation, but until the last few years, the country has done little to develop its mineral wealth. Why? Richard Stanger: Mainly because there was almost no information available about the geology of the country. Most of it was destroyed during the civil war. The country is a bit of a secret. People don't know much about Cambodia, or, in some cases, even where it is located. The infrastructure was pretty poor until recently. Roads were very difficult to travel. Telecommunications were really undeveloped. There was almost no infrastructure available for exploration. TGR: How did you find your way to Cambodia? RS: I was looking for a country that had the right geological setting and a good government with a legal system that is workable. Cambodia fit that bill. TGR: What is the co...


Gold Daily and Silver Weekly Chart

Posted: 18 Apr 2012 08:20 AM PDT


This posting includes an audio/video/photo media file: Download Now

Eric Sprott Interview: Silver, Gold, Mining Stocks and more - GoldSeek.com Radio Nugget

Posted: 18 Apr 2012 08:00 AM PDT

Eric SprottEric Sprott has earned a recognized standing not only as one of the world's premiere gold and silver investors, but also as an expert in the precious metals industry. Eric Sprott is Chairman of Sprott Money Ltd. Additionally, he is CEO, CIO and Senior Portfolio Manager of Sprott Asset Management LP and Chairman of Sprott Inc..


GoldSeek.com Radio Nugget: Dr. Quinton Hennigh, Gold Canyon Resources

Posted: 18 Apr 2012 07:53 AM PDT

Dr. Quinton Hennigh is an economic geologist with more than 20 years of exploration experience. Dr. Hennigh has acted as advisor to Gold Canyon since 2009, where he helped refocus exploration at the Company's Springpole Gold Project in Red Lake, Ontario.


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