Gold World News Flash |
- Gold is officially replacing the US dollar on June 28th 2012
- Size Matters A Lot
- Miscellaneous Market Thoughts
- Superheroes of Central Banking
- JP Morgan Silver Manipulation
- Sleight-of-Hand Won’t Save Global Financial System
- Currency Wars: Gambling With Other Peoples’ Money
- Lehman Brothers – A National Shame
- The Financial System Will Blow Up, It’s Just Arithmetic
- Gold Moment of Truth at Trendline
- Economy Heading for a Systemic Collapse into Hyperinflationary Great Depression
- Are markets arranging a de-facto return to the gold standard?
- The Implications Of China Paying In Gold
- The Implications Of China Paying For Iranian Oil In Gold
- Is Gold Volatility The Cheapest Event-Risk Hedge?
- Rasprintem 2012
- Jim Sinclair: The implications of China paying in gold
- CAMPAIGN KICK-OFF LISA EPSTEIN, DEMOCRAT, for CLERK OF CIRCUIT COURT, PALM BEACH COUNTY
- Rick Rule Market Commentary
- Silver and Gold Daily Bulletin/COT Review
- Monday Night Discussion
- Feds Eye Retirement-Fund Tax to Cut $16 Trillion-Plus Deficit
- Greece decides to thumb their nose at Troika
- Why I'm Excited About This Gold Market
- Indians charging up for tomorrow's gold buying festival frenzy
- Stimulus High Fading, Dollar, Gold, History According to Obama
- The Gold Price Dropped $10.20 to Close Comex at $1,631.90 Bull Market is Hardly One-Third Complete
- Jim Sinclair: Western economic sanctions inadvertently remonetize gold
- Prosperity Goldfields Corp. and Smash Minerals Announce Completion of Amalgamation
- Gold Outperforms As Stocks Suffer From Wal-Mart's 'Sinko-De-Abril'
| Gold is officially replacing the US dollar on June 28th 2012 Posted: 23 Apr 2012 06:41 PM PDT Jim Sinclair's Mineset Dear CIGAs, Gold is officially replacing the US dollar June 28th. The cat is out of the bag. Phil, you are booting any nation that dares to refuse to be legislated by any other body than themselves out of the SWIFT system. You have officially made gold money. Now what are you going to do, declare economic war on China? They will fire dollars back at you. You just might end the economic world as you knew it. The Best Reason in the World to Buy Gold CIGA Eric Have no doubt, emotions generated by short-term price action will be influencing investor decision-making a hundred years from now. We may have substituted iPad for the telegraph over the past hundred years, but we're still fairly lousy traders as a species. The real world makes decision based on reality rather than perceptions generated by emotions. Well, at least the real world that stays in business. The Chinese are buying gold while the public panics ...
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| Posted: 23 Apr 2012 06:17 PM PDT Dear CIGAs, To better understand what China offers to gold, lets reverse the situation. Let us say that China has a means of interfering with the USA's trade cash settlement mechanism and has threatened to use this interference in order to influence the United States to take such action that the USA does not Continue reading Size Matters A Lot
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| Posted: 23 Apr 2012 06:10 PM PDT Miscellaneous Market ThoughtsSo which way is the market going? We tried to figure that out in Stock World Weekly (Technically Speaking), and are following up by visiting with Allan Trends, Lee Adler, Pharmboy of Phil's Stock World and Mark of Market Montage. ~ Ilene In Stock World Weekly we noted that most of the stock market indexes rallied higher last week and our insurance contracts didn't pay off. However, our thoughts on the importance of downside protection stayed the same - we're keeping the downside hedges. Also skeptical, Mark Hanna of Market Montage summed up his observations of trading last Friday as follows: "Like I said earlier – interesting week. We are selling off here late in the day which has been the case four of the five days this week – the exception being the "rip your face off" rally Tuesday... Excluding Tuesday, much of the intraday action during normal hours has been down. Most of the gains have been in premarket... "So unless you are holding overnight and flipping positions into the morning, it's a tough short term environment for longs. More strategically this is the complete opposite of January-February and parts of first half of March where we had morning weakness which would get bought aggressively and almost always close on or near the highs... This is the opposite. "I will note Apple is again acting terrible and just sniffed its 50 day moving average..." (Ending Prices Not Showing the Tale.) In Rough Ride, Boxy Styling, Poor Suspension, Mark wrote, "...We are stuck in a 'box' of 1370ish to 1390ish… but within that box, the volatility is tremendous, and chopping people to bits. . "Each time you get the near the top of the box, the bulls position for a 'breakout' whereas each time you get near the bottom of the box the bears position for a 'breakdown.' The only consistent is Lucy, who is snatching away the ball from both teams..." [Mark's disclaimer notice: Disclosure NoticeAny securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog.] Allan of Allan Trends shared his weekend update for subscribers. Reviewing his table of stock prices and signals, and many individual charts, he concluded that the single dominant trend in the market, right now, is DOWN. Here are some of his charts: Allan surmised, today, "We are heading into a very weak seasonal period ("Sell in May and Go Away") while most of the Trend Models, indices, commodities and individual stocks are in Short mode. Frustrating as it may be on a day-to-day basis, the market turned down via our trends two weeks ago (April 9th)... There are only two meaningful prices in a trend: Entry & Exit. Whatever happens in-between those two points is noise." [*For a risk-free trial, click here for Allan's standard service; or here for his premium service. The premium is for more active traders. For more information, see "Can you trade a chart like this?"] Phil of Phil's Stock World agreed with Allan's overall negative assessment, "Now that options expirations are over, we are back to the cold, harsh reality of the last week of April and things have certainly NOT improved over the weekend. Our biggest fear in getting too bearish is Central Bank intervention but any weekend (like this one) where it doesn't happen – realizes the biggest fear for the bulls because without a constant flow of MORE FREE MONEY – what is their premise? "This weekend, in Member Chat, we discussed On Balance Volume and how that indicator was cutting through the crap and giving us a very clear sell signal on the S&P. As you can see from StJeanLuc's SPY chart and, as we discussed last week, the minor bounce in the S&P and other indices is only masking continued deterioration of the OBV indicator – giving us a clear signal of real internal market weakness." . . For Lee Adler of the Wall Street Examiner's latest thoughts, check out the free podcast: Government and Wall Street Manipulation- Paranoia or Reality? Russ Winter and Lee discuss how government and Wall Street, through clandestine operators and the media propaganda machine, manipulate investors and the public. Click here to listen. (To learn more about Lee's Podcasts, click here.) Pharmboy likes buying into the weakness, and had some long trade ideas for stocks in his biotech world, including OPK, VRTX and IMGN. We concluded the newsletter, "The activity of the last week has NOT improved our outlook. More downward movement wouldn't be surprising, though not necessarily in a straight line. There are still many negatives overhanging the markets, and very few positives factors... "The situation in Europe is worse than what the Main Stream Media seems to understand. Inflation is increasing, regardless of Mr. Bernanke's delusions. Many of the technical and econometric factors we follow are turning negative, including signals from rail shipment and transoceanic transport indexes..." The question now is whether we will see continued weakness, giving Pharmboy better opportunities, and confirming Phil's indicators and Allan's trending signals, or whether the usual optimistic trade of buying the dips will be right once again?
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| Superheroes of Central Banking Posted: 23 Apr 2012 06:02 PM PDT Bullion Vault
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| Posted: 23 Apr 2012 06:00 PM PDT Silverstockreport
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| Sleight-of-Hand Won’t Save Global Financial System Posted: 23 Apr 2012 05:06 PM PDT  With continued volatility in many of the key global markets, 40 year veteran, Robert Fitzwilson wrote this exclusive piece for King World News. Fitzwilson is founder of The Portola Group, one of the premier boutique firms in the United States. Here are Fitzwilson's observations: "The world's fiat money system is based upon a sleight-of-hand, the most significant magic trick ever invented. The sleight-of-hand begins with the creation of debt, frequently issued by a sovereign entity such as a king or a nation. The debt often starts out being backed by some real asset, such as land in the French Revolution or gold in the case of the U.S. during the early stages of our Federal Reserve System."
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| Currency Wars: Gambling With Other Peoples’ Money Posted: 23 Apr 2012 04:51 PM PDT  If running out of your own money wasn't bad enough, policy makers are increasingly spending other peoples' money to bail their country out. At the upcoming G-20 meeting, finance ministers from around the world will contemplate an increase to the resources of the International Monetary Fund (IMF). At stake for politicians is whether they can continue to do what they know best – to play politics. In contrast, at stake for investors may be whether currencies will retain their function as a store of value.Let's highlight Spain, as the country may be the key to understanding how dynamics may play out. Last November, Spaniards voted for change by electing conservative Prime Minister Rajoy, handing him an absolute majority in parliament, displacing the previous, socialist government. The election may cause former British Prime Minister Thatcher to change her view, that socialism is doomed to fail, as ultimately you run out of other people's money. It doesn't take a socialist to run out of money. In the case of Spain, if you run out of your own people's money, there may always be other peoples' money. One of the major concerns is Spain's regional government debt. Spain consists of 17 autonomous regions, whose total debt almost doubled in the past three years, due to economic recession and a housing market collapse. In many ways, Spain reflects a microcosm of how the Eurozone as a whole is structured: Read more....... 
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| Lehman Brothers – A National Shame Posted: 23 Apr 2012 04:45 PM PDT  We now know that when Wall Street rock n' rolled and drove this nation to the edge of catastrophic economic disaster no one was looking out for you, for me, for pension funds, for America.If you want to know the details of this outrage watch the 60 minutes report on Sunday April 22. It will make your skin crawl. it will make you want to vote for new people who are not leashed poodles of the Wall Street establishment. It will raise your blood pressure. It will also make you doubt that we are a democratic nation and that we are actually different from, say Albania or Mafia-run Russia. Read this: "It's hard to overstate the enormity of the 2008 collapse of Lehman Brothers. It was the largest bankruptcy in history; 26,000 employees lost their jobs; millions of investors lost all or almost all of their money; and it triggered a chain reaction that produced the worst financial crisis and economic downturn in 70 years. Read more...... 
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| The Financial System Will Blow Up, It’s Just Arithmetic Posted: 23 Apr 2012 04:23 PM PDT from KingWorldNews:
With continued volatility in many of the key global markets, 40 year veteran, Robert Fitzwilson wrote this exclusive piece for King World News. Fitzwilson is founder of The Portola Group, one of the premier boutique firms in the United States. Here are Fitzwilson's observations: "The world's fiat money system is based upon a sleight of hand, the most significant magic trick ever invented. The sleight-of-hand begins with the creation of debt, frequently issued by a sovereign entity such as a king or a nation. The debt often starts out being backed by some real asset, such as land in the French Revolution or gold in the case of the U.S. during the early stages of our Federal Reserve System." Robert Fitzwilson continues @ KingWorldNews.com
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| Gold Moment of Truth at Trendline Posted: 23 Apr 2012 04:21 PM PDT courtesy of DailyFX.com April 23, 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...
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| Economy Heading for a Systemic Collapse into Hyperinflationary Great Depression Posted: 23 Apr 2012 03:59 PM PDT  When Fed Chairman Ben Bernanke admits to seeing an "unusually uncertain" economy ahead, it's pretty terrifying to imagine what he's really thinking. What John Williams envisions—and he's by no means looking to the far horizon—is a systemic collapse, a hyperinflationary great depression and the cessation of normal commerce. Despite that bleak outlook, however, when the economist and editor of ShadowStats.com sat down for this exclusive Energy Report interview, he also had some good news.The Energy Report: A few months back, John, you said, "if you strangle liquidity you always contract an economy and deliberately or not, liquidity is being strangled, resulting in sharp declines in consumer credit, commercial and industrial loans." Does this mean it would spur more economic growth if banks actually started lending? John Williams: It sure wouldn't hurt. We're still seeing contractions in liquidity, and that's adjusted for inflation. In real terms, M3 money supply is down almost 8% year-over-year. It's the sharpest fall in the post -World War II era. It's not so much the depth of the decline in the liquidity or the duration, but the fact that the liquidity turns negative year-over-year that signals the economy turning down. Read more........ 
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| Are markets arranging a de-facto return to the gold standard? Posted: 23 Apr 2012 03:24 PM PDT by C. Powell, GATA.org:
He doesn't quite put it that way, but in his new commentary about gold's competition with U.S. Treasuries for recognition as a default-proof and inflation-proof asset, University of Texas Business School Professor Lew Spellmake essentially makes the case for the gold price suppression scheme. Spellman writes: "For decades U.S. Treasury debt took over from gold as the market's preferred store of value. Treasury bonds mythically had no default risk and little inflation risk when central banks were not under pressure to be concerned about unemployment, lending to insolvent banks, or propping up the value of government debt. Moreover, U.S. dollar-denominated Treasuries not only served as the store of value but also sprouted interest payments."
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| The Implications Of China Paying In Gold Posted: 23 Apr 2012 03:21 PM PDT by Jim Sinclair, JS Mineset:
1. It is reasonable to assume that China has been threatened with total or at least selective exclusion from the SWIFT system if it pays in any currency for Iranian oil. 2. Gold has been decided by China as the means of making payment for massive international purchases free of the SWIFT system. 3. Other Asian and Middle Eastern nations will now see the gold they hold as money free of Western economic interference. 4. Gold now is not only money free of liability, but also free from interference regarding settlement by the long arm of Western influence. 5. The SWIFT system is becoming ever more a weapon of Western international political will. 6. In case of war anywhere, it is now demonstrated for all to see that only gold will buy the materials required. Paper currencies are under the SWIFT system's control in settlement. 7. Far from being a barbaric relic, gold is now clearly the money of state survival in every sense.
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| The Implications Of China Paying For Iranian Oil In Gold Posted: 23 Apr 2012 03:01 PM PDT Jim Sinclair's Mineset Dear CIGAs, The implications of China paying for Iranian oil in gold is the most important event in the modern history of gold 1. It is reasonable to assume that China has been threatened with total or at least selective exclusion from the SWIFT system if it pays in any currency for Iranian oil. 2. Gold has been decided by China as the means of making payment for massive international purchases free of the SWIFT system. 3. Other Asian and Middle Eastern nations will now see the gold they hold as money free of Western economic interference. 4. Gold now is not only money free of liability, but also free from interference regarding settlement by the long arm of Western influence. 5. The SWIFT system is becoming ever more a weapon of Western international political will. 6. In case of war anywhere, it is now demonstrated for all to see that only gold will buy the materials required. Paper currencies are under the SWIFT syst...
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| Is Gold Volatility The Cheapest Event-Risk Hedge? Posted: 23 Apr 2012 02:28 PM PDT With the plethora of mounting event risks, from the end of Operation Twist to numerous elections, the possibility of QE3, the US fiscal situation, the ECB/Bundesbank battle, and China's on-again-off-again economy, it seems finding a low cost long volatility 'bet' is the best way to gather some macro protection (aside from total liquidation that is). Earlier, we noted how expensive S&P 500 implied volatility had become relative to its realized vol - suggesting that being long S&P vol is not a low-cost option. However, as Barclays points out, GLD (and slightly less so SLV) is among the cheapest (defined based on percentiles of implied vol over realized vol) volatilities available. SPY vol is trading at a 60% premium to its realized vol while GLD is trading at a 20% discount. While the main risk to being long GLD volatility is a continued drift lower in realized vol, the current realized volatility is near the lower-end of its empirical range and there appear to be a number of catalysts, as we noted above, for gold (or hard assets in general) to break from its range-bound YTD performance in price and volatility (either up - more likely in our view - or down).
The lower pane shows the relative discount (or premium) of implied vol to realized vol for GLD - currently at a 20% discount which has historically been a relative extreme (though we have been here for a few months as the range-bound market plays out). The upper pane shows what happened last year with price (green) and implied/realized volatility (black/orange) as events started to unfold mid-year.
And across asset-classes, Barclays notes GLD, SLV, and TLT volatility looks 'cheap' while XLP, XLK, XLV, and SPY appear relatively rich (in terms of implied vol)...
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| Posted: 23 Apr 2012 12:31 PM PDT from WilliamBanzai7.blogspot.com :
A mystical Printer of old The Limerick King
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| Jim Sinclair: The implications of China paying in gold Posted: 23 Apr 2012 12:21 PM PDT 8:20p ET Monday, April 23, 2012 Dear Friend of GATA and Gold: Jim Sinclair elaborates tonight on China's likely use of gold as payment for Iranian oil. "Gold now is not only money free of liability," he writes, "but also free from interference regarding settlement by the long arm of Western influence. ... Far from being a barbaric relic, gold is now clearly the money of state survival in every sense." Sinclair's commentary is headlined "The Implications of China Paying in Gold" and it's posted at JSMineSet.com here: http://www.jsmineset.com/2012/04/23/the-implications-of-china-paying-in-... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Be Part of a Chance to Discover Northaven Resources Corp. (TSX-V:NTV) is advancing five gold and silver projects in highly prospective and politically stable British Columbia, Canada. Check out the exploration program on our Allco gold/silver project : -- A large (13,000 hectare) property, covering more than 15 square kilometers of a regional mineralized trend just 3km from a recently announced 1.2-million-ounce gold and 15-million-ounce silver deposit. -- The property hosts historic high-grade silver workings and many mineral showings as well as former mines at the property's northern and southern boundaries. -- A deep-penetrating airborne geophysics survey has just been completed on the entire property and neighboring deposits and its results are eagerly awaited. To learn more about the Allco property or Northaven's other gold and silver projects, please visit: http://www.northavenresources.com Or call Northaven CEO Allen Leschert at 604-696-3600. Join GATA here: Las Vegas Money Show Committee for Monetary Research and Education Vancouver World Resource Investment Conference Standard Chartered's Earth Resources Conference Hong Kong Gold Investment Forum New Orleans Investment Conference * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Golden Phoenix Discusses Royalty Mining Growth Strategy Golden Phoenix Minerals Inc. has discussed its royalty mining growth strategy on the Fox Business Network program "21st Century Business" with host Jackie Bales. Golden Phoenix's director of corporate communications, Robert Ian, told how the company narrows its focus to project generation and future royalty streams. He explained why Golden Phoenix believes it's better to own joint-venture interests in several producing mines instead of full exposure to just one project. "21st Century Business" has been airing for 15 years. Previous hosts have included Gen. Alexander Haig, Gen.l Norman Schwarzkopf, and Secretary of Defense Caspar Weinberger. Golden Phoenix appeared as paid programming on this broadcast. To view the program with Golden Phoenix, please visit Golden Phoenix's Internet site here: http://www.goldenphoenix.us/company-videos.html
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| CAMPAIGN KICK-OFF LISA EPSTEIN, DEMOCRAT, for CLERK OF CIRCUIT COURT, PALM BEACH COUNTY Posted: 23 Apr 2012 12:15 PM PDT
Contact: Quan Cao FOR IMMEDIATE RELEASE CAMPAIGN KICK-OFF Palm Beach County, Florida April 24, 2012 -- Join us for Lisa Epstein's kick-off campaign in her bid to become the next Clerk of Circuit Court for Palm Beach County. Lisa Epstein, 46, moved to Palm Beach County, Florida in 1997. A graduate of George Mason University in Fairfax, Virginia, Lisa is a registered nurse. In October 2010, the Palm Beach Post credited her "with forcing the nation's largest banks with taking a step back and review their home repossession machines" by exposing the robosigning scandal. She lives in Palm Beach County with her five year old daughter. A committed advocate for those affected by the global financial crisis, Epstein is ready to help Palm Beach County regain our economic foothold. Massive real estate fraud and widespread document fraud orchestrated by banks fueled the financial crisis and continue to this day. Ridding our public records of this widespread fraud and working to recoup millions in evaded fees is the vital first step on the road to recovery. Additionally, as Palm Beach County's fiscal steward, Epstein will reduce our county's investment concentration in bailed out banks/institutions that continue to employ tactics that harm our community. "We must hold the bailed out banks accountable for their harmful, unlawful fraud which has so deeply infected our county's economy, security, and hope for the future", Epstein demands. Who: Lisa Epstein What: Campaign Kick-off: Clerk of Circuit Court, Palm Beach County When: Tuesday April 24, 2012 -- 7:30 PM Where: Royal Saxon Social Room
Or view on LiveStream @ http://www.livestream.com/citizenwarriorsradio Why: Leadership, courage, and strength. Fraud out. Fairness In. Starting at 9pm, the event will include the showing of PBS Frontline's insightful series Money, Power, and Wall Street that chronicles America's financial meltdown underscoring the misplaced relationships between government and the financial sector and the decisions that derailed American prosperity. Together we can win back America. Come out, support, volunteer, contribute! To learn more and to be included on any and all future campaign communications, please visit and register at LisaForClerk.com.
Get to know Lisa by watching her interview with Dylan Ratigan and William Black in the video below...
Follow on Facebook Lisa for Clerk Follow on Twitter @LisaforClerk To contribute to her campaign click here... Thank you for your support!
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| Posted: 23 Apr 2012 11:57 AM PDT by Rick Rule, Sprott Global:
After a reasonably long period of sustained and occasionally dramatic escalations, commodity markets in general, and precious metals markets in particular have declined. This is normal and healthy behavior, even if it is uncomfortable for some market participants. Readers with a long memory will remember the 1970's gold bull market, where the gold price advanced from $35 per ounce to $850 per ounce, and investors with a good memory may remember 1975, in the middle of that epic bull market, when the gold price DECLINED by 50%! While a 50% decline is a near religious event for many market participants, particularly those on margin, it is instructive to note that at the bottom of the retrenchment the gold price was up three fold from its $35 low, and that gold went on to increase eight fold in price after the bull market resumed. It is important to recognize that cyclical retrenchments are a normal and healthy feature of a secular gold bull market. Readers should consider whether the reasons for the gold market are intact; has gold's decline made it more likely that sovereign debts can be serviced, or that unfunded obligations can be met? Does it mean that insolvent banks are now healthy? Does it mean that creating trillions of unbacked dollars and euros and renminbi will have no consequence? Of course not, we are simply uncomfortable with volatility.
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| Silver and Gold Daily Bulletin/COT Review Posted: 23 Apr 2012 11:53 AM PDT Silver increased a mere $0.005 this past reporting period and gold wandered down $-9.60 but do you know how they got there? Let's look under the hood ... Read More...
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| Posted: 23 Apr 2012 11:44 AM PDT from TF Metals Report:
Hot on the heals of the Sunday Night Discussion, here comes the Monday version. If you have a few minutes, I'd really appreciate your feedback on the following items. First, a quick update on the open interest changes for Friday. Recall, first, that it was a relatively flat day with gold up $1.50 and silver down 13 cents. The gold OI was quite curious in that the front-month June dropped by a scant 24 contracts and the next delivery month of August dropped by only 1. One! Now, with total volume for Friday coming in at 137,937, do you find it more than a little strange that the two most active months only saw a drop of 25 contracts, combined? Just another sign that almost all of the Comex volume these days is HFT WOPRs that open and close positions intraday. (It could also be another sign that the CME-supplied data is simply bogus.) In silver, the total OI rose to a new 2012 high of 121,702 with most of the gains coming in the OI of the Sep12 contract. I will be very interested to see the OI numbers tomorrow (basis today) after today's EE beatdown. I would suspect that the total OI will show another rise to new 2012 highs as brand new shorts were added today. Read More @ TF Metals Report.com
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| Feds Eye Retirement-Fund Tax to Cut $16 Trillion-Plus Deficit Posted: 23 Apr 2012 11:41 AM PDT from Silver Doctors:
Looks like the first gales of the coming hurricane are arriving with the Gale plan to raise $1/2 TRILLION in new retirement account taxation. 'The employee and employer would no longer get a deduction under the Gale plan, they would qualify for a credit. And the credit would "increase [government] revenues by about $458 billion," Gale says.'
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| Greece decides to thumb their nose at Troika Posted: 23 Apr 2012 11:32 AM PDT by Harvey Organ, HarveyOrgan.Blogspot.ca: Good evening Ladies and Gentlemen: Gold closed down today as all of Europe bourses and the USA Dow were in the red. Gold finished the comex session at $1631.90 down $10.20 on the day. Silver finished at $30.53 down $1.09. Spanish 10 yr yields rose above 6% and stayed there the whole day followed by the 10 yr Italian bonds which rose to 5.73% in yield. Credit default swaps rose against these sovereign bonds. The first French vote saw Hollande winning with 28.6% followed by Sarkozy at 27.1% and both will have a runoff to see the victor. The Paris CAC was not enthralled with the result as the French stock index fell by 2.5%. The Danish government resigned en masse today as they could not come to an agreement on new austere measure for the Netherlands. Its looks like Germany may be in this thing all alone trying to bail out all of Europe. We will go into all of these details but first let us have a look at the comex and see the damage with another raid today. Read More @ HarveyOrgan.Blogspot.ca
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| Why I'm Excited About This Gold Market Posted: 23 Apr 2012 11:30 AM PDT After a reasonably long period of sustained and occasionally dramatic escalations, commodity markets in general, and precious metals markets in particular, have declined. This is normal and healthy behavior ... Read More...
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| Indians charging up for tomorrow's gold buying festival frenzy Posted: 23 Apr 2012 11:25 AM PDT from MineWeb.com
Traders are hoping for at least a 25% jump in gold buying tomorrow as consumers head to the shops on Akshaya Tritiya, considered one of the most auspicious days to buy the precious metal. The gold buying festival is on in India. Akshaya Tritiya, a day considered auspicious for buying the precious yellow metal has got both consumers and jewellers in a tizzy, with jewellers expecting a 25% increase in gold business in one single day and consumers scrambling to make up their mind over the varied discounts on offer. Average gold sales during the last three years have been around 40 and 42 tonnes in one day. Akshaya Tritiya, which means `never diminishing', falls on April 24 this year, and is considered to be one of the four most auspicious days to bring the precious metal home.
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| Stimulus High Fading, Dollar, Gold, History According to Obama Posted: 23 Apr 2012 10:19 AM PDT |
| The Gold Price Dropped $10.20 to Close Comex at $1,631.90 Bull Market is Hardly One-Third Complete Posted: 23 Apr 2012 09:50 AM PDT Gold Price Close Today : 1631.90 Change : (10.20) or -0.62% Silver Price Close Today : 3052.50 Change : 111.90 cents or -3.54% Gold Silver Ratio Today : 53.461 Change : 1.568 or 3.02% Silver Gold Ratio Today : 0.01871 Change : -0.000565 or -2.93% Platinum Price Close Today : 1556.30 Change : -21.10 or -1.34% Palladium Price Close Today : 670.75 Change : -4.25 or -0.63% S&P 500 : 1,366.94 Change : -11.59 or -0.84% Dow In GOLD$ : $163.75 Change : $ (0.25) or -0.15% Dow in GOLD oz : 7.922 Change : -0.012 or -0.15% Dow in SILVER oz : 423.49 Change : 11.75 or 2.85% Dow Industrial : 12,927.17 Change : -102.09 or -0.78% US Dollar Index : 79.37 Change : 0.180 or 0.23% The GOLD PRICE today dropped $10.20 and closed Comex at $1,631.90. Now it's true that it traded as low as $1,623.59, below my $1,630 limit, but it didn't CLOSE there, don't you know. SILVER PRICE finally broke through 3100c and traded as low as 3047c. Lost 111.9c on Comex and ended at 3052.5c, but here in the aftermarket nearly four hours later it's trading around and above 3090c. Since March I've been watching a bullish falling wedge take shape on the gold chart, so contrary to popular expectations, today neither surprised me nor cast me down. The GOLD PRICE could fall to $1,580 without violating that wedge's lower boundary. Recall, too that a falling wedge points to a soon-future UP move. It grieves me to see some folks tiring out, exhausted by this long correction. Please hear me out: I have been in this frustrating place before. In two of the last corrections the GOLD PRICE took 71 weeks and 77 weeks to reach the level where the correction began. But in that last case, that was $1,003.80 and the high for that move followed at $1,888.70 last August. If you don't pay any mind to anything else I say, write this down in that little book you carry in your shirt pocket: In price terms this bull market is hardly one-third complete. But if you don't want to listen, you're welcome to stuff them green paper dollars in your mattress, and maybe a bunch of stock certificates, too. They make swell wall paper. My baby SILVER hath also traced out a falling wedge. Here the bottom boundary stands about 2975c today, but if I draw that line slightly differently, it stands about where silver hit its low today (Arbitrary? Well, sometimes.) Oh, silver could spend more time down here laboring in the basement, but I don't much expect it to break below 3000c, maybe to 2975c. Of course, won't many of y'all be buying while it's down here. Y'all would rather wait and buy it at 3600c, I reckon, but that's human nature. If I am reading silver and gold wrong, I might be spectacularly wrong. Bottom might yet drop out, especially if the Great Ones Who Care For Us can't find a way to dupe us about the European crisis. But from a technical standpoint and from the longevity of the correction, and the charts, I don't believe y'all will see gigantically lower silver and gold. Man, nothing but good news out of Europe today, and they really have that crisis under control, like a hound with hydrophobia is learning to control his drooling. French president Sarcophagus became the first president since 1958 not to win re-election on the first ballot, and Sarcophagus is the other half of the Franco-Teutonic Dynamic Duo, with German Chancellor Ferkel. No Sarcophagus, no Duo, no leadership. Next budget talks collapsed in the Netherlands -- the next Greece?! And basking in all this good news, Euro stock markets tumbled to 3 month lows. Never mind that foam on his lips, Europe will be all right. I reckon the Resplendent Ones at the IMF meeting did not, after all, solve all the world's financial problem. What a surprise. Y'all would guess on a day that hit stocks and metals such a blow, not to mention all the troubles in Europe, that the US Dollar Index would have soared. Y'all would guess wrong, cause the dollar index rose a meager 18 basis points (0.23%) to 79.374, merely enough to save itself from breaking down. Just to give y'all a flavor of how hard it must be to manipulate markets and make 'em stick, the euro today dropped 0.5% to $1.3154. Remember that on Friday it had jumped up through its downtrend line and tangled its feet in the jumble of moving averages up above. I mused then that it looked right suspicious, like a drunk with a half-pint sized bulge in his back pocket, but it might not have been Nice Government Men. It might have been merely shorts pulling out of the market before the Resplendent met. Either way, the Euro didn't stick, and I expect that gigantic euro short out there has today measurably swollen. On the globe's other side the yen rose 0.47% to 123.24c (Y81.14/US$1). That carries it -- with a gap -- above the 50 DMA yet again, which argues that the yen did NOT post an island reversal last week, but I'd still like to see higher prices to second that. Stocks had a teeth-gnashing day. They opened underwater and stayed there all day swimming like somebody from New Jersey wearing those famous concrete overshoes. Wasn't that they jiggled up and down, they just sank on the open and stayed there. Dow lost 102.09 (0.78%) to end at 12,927.17. The S&P 500 lost 11.59 (0.84%) to 1,366.94. Been warning y'all about the head and shoulders top in the Dow and S&P500. S&P500 today closed nearly square on the neckline (about 1,360). Dow's right shoulder, on the other hand, stands about 200 points above its 12,700 neckline. No matter, when stocks lurch through that neckline, they'll drop off a cliff, shave 600 points off the Dow in a few days. But Great Grasping Greenspans and Bouncing Bernankes! What do I know? I'm no more'n a natural born fool from Tennessee, just a-watchin' my betters perform. Mercy! My wife just walked into the room with a bag of dried dates, apricots, and figs, which I view the same way a meth-head views meth. I have to bring this to a close. Spain has criminalized cash business transactions over 2,500 euros (US$3,250), supposedly to catch tax cheats in its new austerity program. Hogwash! Remember what I told y'all the other day about how little paper money cash exists in this country? The cashless society isn't about convenience, it about CONTROL. Go read www.thedailybell.com/3814/Spain-Bans-Cash. 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. No, I don't. 
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| Jim Sinclair: Western economic sanctions inadvertently remonetize gold Posted: 23 Apr 2012 09:07 AM PDT 5p ET Monday, April 23, 2012 Dear Friend of GATA and Gold: Jim Sinclair tonight calls attention to Gordon Chang's commentary from yesterday about China's likely use of gold as payment for Iranian oil (http://www.gata.org/node/11277) and notes that Western sanctions knocking hostile powers out of the Western interbank payments system effectively, if inadvertently, remonetize gold in the rest of the world. "Now what are you going to do -- declare economic war on China? They will fire dollars back at you," Sinclair writes. "You just might end the economic world as you knew it." Sinclair's remarks are posted at JSMineSet here: http://www.jsmineset.com/2012/04/23/the-best-reason-in-the-world-to-buy-... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Prophecy Platinum (TSXV: NKL) and Ursa Major Minerals Company Press Release VANCOUVER, British Columbia, Canada -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) and Ursa Major Minerals Inc. have signed a binding letter of agreement for a business combination through a proposed all-share transaction. In doing so Prophecy and Ursa have acted at arm's length and the transaction has been negotiated at arm's length. Prophecy will issue one common share in exchange for every 25 outstanding common shares of Ursa. Ursa options and warrants will be exchanged for options and warrants of Prophecy on an agreed schedule. Prophecy's offer represents a value of about $0.15 per each common share of Ursa based on Prophecy's share price of $3.70 as at March 1, representing a premium of 130 percent to Ursa's March 1 closing price of $0.065. Prophecy is to subscribe for $1 million common shares of Ursa by way of private placement financing at $0.06 per share, subject to regulatory approval. Upon placement completion, John Lee and Greg Hall, current Prophecy directors, will be appointed to Ursa's board. Prophecy thus will become a mid-tier resource company with a robust and 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... Join GATA here: Las Vegas Money Show Committee for Monetary Research and Education Vancouver World Resource Investment Conference Standard Chartered's Earth Resources Conference Hong Kong Gold Investment Forum New Orleans Investment Conference * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Sona Discovers Potential High-Grade Gold Mineralization From a Company Press Release VANCOUVER, British Columbia -- With its latest surface diamond drilling program at its 100-percent-owned, formerly producing Blackdome gold mine in southern British Columbia, Sona Resources Corp. has discovered a potentially high-grade gold-mineralized area, with one hole intersecting 13.6 grams of gold in 1.5 meters of core drilling. "We intersected a promising new mineralized zone, and we feel optimistic about the assay results," says Sona's president and CEO, John P. Thompson. "We have undertaken an aggressive exploration program that has tested a number of target zones. Our discovery of this new gold-bearing structure is significant, and it represents a positive development for the company." Sona aims to bring its permitted Blackdome mill back into production over the next year and a half, at a rate of 200 tonnes per day, with feed from the formerly producing Blackdome mine and the nearby Elizabeth gold deposit property. A positive preliminary economic assessment by Micon International Ltd., based on a gold price of $950 per ounce over eight years, has estimated a cash cost of $208 per tonne milled, or $686 per gold ounce recovered. For the company's complete press release, please visit: http://www.sonaresources.com/_resources/news/SONA_NR18_2011-opt.pdf
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| Prosperity Goldfields Corp. and Smash Minerals Announce Completion of Amalgamation Posted: 23 Apr 2012 09:02 AM PDT VANCOUVER, BRITISH COLUMBIA, Apr 23, 2012 (MARKETWIRE via COMTEX) -- Prosperity Goldfields Corp. ("Prosperity") (TSX:PPG.V) and Smash Minerals Corp. ("Smash") (TSX:SSH.V) provide an update on their amalgamation and the core drilling program at Prosperity's Kiyuk Lake gold property, Nunavut. Business Combination
The amalgamation will be completed on the basis of one (1) common share of Prosperity for each one (1) common share of Amalco and one decimal six (1.6) common shares of Smash for each one (1) common share of Amalco. A total of 58,757,446 Amalco shares will be outstanding and listed on the TSXV following the amalgamation. All warrants and options of Prosperity and all warrants and compensation options of Smash outstanding on the closing date of the amalgamation will be converted into warrants and options of Amalco on the same ratios. All options granted under Smash's stock option plan will be cancelled and replaced with 1,190,626 Amalco incentive stock options having an exercise price of $0.50 per share for a period of 5 years in accordance with Amalco's stock option plan. In addition, Amalco will grant 1,110,000 incentive stock options to directors, officers, employees and consultants of Prosperity concurrent with the commencement of trading of Amalco on the TSX Venture Exchange, such options having an exercise price equal to the greater of $0.50 and market price (as such term is defined under TSX Venture Exchange policies) on the close of trading on April 24, 2012 and a term of 5 years in accordance with Amalco's stock option plan. The amalgamation was approved by the shareholders of both Prosperity and Smash at meetings held on March 30, 2012. Full details of the amalgamation can be found in the joint information circular of Prosperity and Smash dated February 29, 2012 as filed on SEDAR. The shares of Amalco will commence trading under the name Prosperity Goldfields Corp. symbol PPG.V at market open on April 24, 2012. At the same time the common shares of Smash Minerals Corp. will be de-listed from the TSX Venture Exchange.
Core samples from the drilling program are being sent to SGS laboratory in Red Lake, Ontario for analysis. First results are expected to be available for disclosure prior to the end of April 2012. A comprehensive QA/QC program is in place to monitor precision and accuracy of the assay results. All drill core samples are submitted with certified reference materials to be analyzed by SGS Minerals Services. Gold analyses are by fire assay using a 30 g charge and an atomic absorption spectrometry finish. Gold assays greater than 3 g/t are routinely re-assayed using a gravimetric finish to confirm initial atomic absorption results. SGS Minerals Services are ISO 9001 accredited. About Prosperity Prosperity's principal business is to continue exploration and drilling at its Kiyuk Lake gold property in southern Nunavut with the objective of defining a gold resource and the continued exploration of its Whiskey gold property located in the White Gold District, northwest Yukon. Additional information on Prosperity and its projects can viewed on Amalco's website at www.prosperitygoldfields.com . ON BEHALF OF THE BOARD OF PROSPERITY GOLDFIELDS CORP. R. Bruce Duncan. President and CEO ON BEHALF OF THE BOARD OF SMASH MINERALS CORP. Adrian W. Fleming, CEO This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Prosperity Goldfields Corp. And Smash Minerals Corp. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information Prosperity Goldfields Corp. does not assume the obligation to update any forward-looking statement, except as required by applicable law. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. Website: www.prosperitygoldfields.com SOURCE: Smash Minerals Corp. and Prosperity Goldfields Corp. via MarketWire Disclosure: Smash Minerals is a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team may hold long positions in SSH.V or SMHMF.
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| Gold Outperforms As Stocks Suffer From Wal-Mart's 'Sinko-De-Abril' Posted: 23 Apr 2012 08:49 AM PDT An ugly European market initially dragged stocks notably weaker overnight, with plenty of headline-makers from Apple's moves to WMT's 'Sinko-de-Abril' accounting for 20% of the Dow's loss, and Europe's macro data but after the first 30 minutes or so, S&P futures bounced off 4/10 day-session lows and leaked higher all day from there to end around last Monday's closing print. Volumes lagged as we rallied - as did average trade size - but in the last few minutes heavy volume and large average trade size stepped back in more biased to the downside. Stocks and volatility continue to follow very similar paths during this reflation phase as they did in 2010 and 2011 and while much was made of VIX's more-positive-than-expected performance today, we remind readers that we are at 8-month wides relative to realized vol - suggesting markets are anticipating a lot more anxiety ahead. FX markets leaked higher in the USD until shortly after the US day-session open and then drifted USD weaker from there as Treasury weakness coincided with EUR buying - smelling a lot like more repatriation flows. The drift higher in equities is therefore supported from a correlation-perspective as carry and rates (and oil) pushed up from soon after the US open. The USD ended up around 0.25% from Friday's close (with JPY the best performer and stable from the Tokyo close) which matches gold's 0.25% loss (though still best of the group) as Commodities all lost ground today with Silver underperforming. WTI managed to get back over $103 by the close. Credit markets underperformed close-to-close but from the lows intraday, they managed to out-gain stocks with a late-day pop in HYG bringing it in line with its intrinsic value and SPY for the first time since 3/29.
HYG (red) and SPY (green) dropped today largely in line with each other but most notably pulling back in line with HYG's intrinsic-value (dark-red) for the first time in almost a month (orange ovals)...This may remove some of the technicals from the market.
VIX ended the day a smidge under 19%, which would appear about 1vol below its recent market experience would suggest was fair given stock relative performance. Post-OPEX is always a little tricky but (h/t Andy Yorks) we note that the implied volatility market (black upper pane below) is clearly pricing in much more chaos ahead as it now stands at its highest relative to realized volatility (orange upper pane) in over 8 months - lower pane (perhaps explaining some of the relative bullishness - meaning drop - in VIX today).
This kind of gap is unsustainable and our recent comments on the pick up in close-to-close and high-to-low market swings is very reminiscent of the ends of previous reflation-attempt periods. This chart below shows the daily changes of the S&P for each of the last 3 'Easing' periods - indicating the massive compression in vol, moderation, then explosion. This anecdotally shows the fact that artificially suppressing risk in a market only causing that risk to squirt out with even greater magnitude. Most notably the current (orange) period has seen even more vol compression in the last few months than in previous periods BUT the start of the explosion or change in vol regime is occurring fast now...
And comparing equity price movements themselves provides a similar picture for the potential for events to unfold rapidly...
Equity markets, just as they did in Europe, played catch up to US credit markets overall today. High yield remains much less excited about things in general but HYG continues to beat to its own flow-driven technical drum...
Commodities, helped by weakness in the USD and a correlated sense of well-being from stocks perhaps, pushed higher from their early morning lows with Silver the last to get the joke today...
Treasuries round-tripped today pulling back off their best levels of the day. 30Y outperformed as the whole complex was better (lower in yield) on the day but 30Y went from -6.5bps heading into the European close to -3.5bps at the close. All nine of the S&P's major sectors were in the red today but Energy interestingly outperformed as Staples underperformed - not what one would expect on a down-day but given the gap down and drift hgher perhaps understandable. Financials were mixed with the majors generally underperforming (MS -2.75%) as BofA shook off an early $7 handle. The week ahead remains full of events and so today's lackluster performance is perhaps understandable with nervous shorts taking some early profits or locking in protection but the volume/trade-size into the close felt more like advantageous sellers managing to get their trades done 1 sigma above VWAP on a notably down day overall. Charts: Bloomberg
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Dear Friend of GATA and Gold:
The implications of China paying for Iranian oil in gold is the most important event in the modern history of gold
Precious metals commodities markets lagging. 
We've warned SD readers repeatedly that confiscation/ taxation/ forced t-bond purchases are coming to your IRA and 401k funds. The Doc personally has withdrawn every last dime from these accounts and converted to physical assets. 
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