Gold World News Flash |
- Hugo Price and Max Keiser can save Greece
- We Will Now See Extreme Turbulence in Global Markets
- Lauren Lyster and Heidi Moore infiltrate JP Morgan's Mafia Hearings in Washington DC!
- EXCLUSIVE: Ron, Rand & Total Collapse Before the NOV Election – Mike Rivero
- Gold Melts Higher but Pattern Still Bearish
- Magnificent Mojo Mogambo (MMM)
- Silver Update 6/13/12 Bank Runs
- A Byproduct of the Twist? Gold Manipulation
- There Is Now Massive Pressure On The Fed & ECB To Print
- Spanish 10 yr yield over 6.7%/ Italian 10 yr yield 6.22%
- Gold did great without QE and can keep doing so, Hathaway tells King World News
- Why Own Silver? THIS IS WHY: BANK RUN 2012 Italy – Bank Stops Payments
- "Due To The Extreme Volatility Some Market Analysts Foresee..."
- Goldman's Humorous Summary Of Today's Market Action
- Hathaway: Next Round of QE Will See Gold, Silver and Mining Stocks Go Ballistic! Here?s Why
- The Gold Price Closed up at $1,618.10 Well Above it's 20 DMA
- Greek Bank Run Is Moving From A Walk To A Trot
- Brian and Mary Patricia O'Donnell accused of bankruptcy tourism following collapse of £1bn property portfolio
- Blaming the Machines for Gold
- Gold Investors Blaming the Money Printing Machines
- Gold Seeker Closing Report: Gold and Silver End Mixed
- Gold and Silver Are Your Hedges Against Centrally-Planned Economies
- Euro Debt Crisis is Good for Gold and Silver
- Dow Stock Market Bulls and Gold Bugs Wagering big Bets on QE3
- IMF Statement Boosts Gold
- New YouTube Commentaries: When/If A Dollar Crash Occurs, Faith In Investing, And An End To QE As We Know It
- Gold Daily and Silver Weekly Charts - The Rolling Global Financial Crisis Intensifies
- Ideal Timing for This Opportunity
| Hugo Price and Max Keiser can save Greece Posted: 13 Jun 2012 04:09 PM PDT | ||
| We Will Now See Extreme Turbulence in Global Markets Posted: 13 Jun 2012 04:01 PM PDT  Today top Citibank analyst, Tom Fitzpatrick, warned that despite the initial enthusiasm surrounding the Spanish bank bailout, "this is yet another over-promise, under-deliver dynamic coming out of Europe." Fitzpatrick, a 28 year veteran and top analyst at Citibank, which has $1.3 trillion in assets, also said, "we are moving to the point where we're no longer going to be able to see the stabilization on false promises and under-deliveries." He also remained bullish on gold and let KWN readers know when the attention will shift to the problems in the US. But first, here is what Fitzpatrick had to say about the ongoing crisis: "Well, obviously this past weekend we had the announcement that we were going to see some type of bailout package for Spain. But I think as we move through this week there is a certain amount of disillusionment as people look at the structure of it."
This posting includes an audio/video/photo media file: Download Now | ||
| Lauren Lyster and Heidi Moore infiltrate JP Morgan's Mafia Hearings in Washington DC! Posted: 13 Jun 2012 03:46 PM PDT from CapitalAccount:
We come to you live from our bunker deep within the newsroom's "fortress balance sheet," because Jamie Dimon was on Capitol Hill testifying about JP Morgan's multi-billion dollar trading loss. We headed to the hill with the protection of a full body suit that repels cronyism and dirty deals…we tried to enter through a revolving door so as not to raise any eyebrows, but there was not one to be found! Perhaps this is only for the seasoned politicians. In any case, Lauren did manage to infiltrate the Capitol one way or another, and she brings you the real story from inside the lion's den!
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| EXCLUSIVE: Ron, Rand & Total Collapse Before the NOV Election – Mike Rivero Posted: 13 Jun 2012 03:39 PM PDT
Greetings friends. I'm proud to be able to present this in-depth interview with radio show host Mike Rivero of WhatReallyHappened.com. I wanted to get Mike's informed opinion on Rand Paul's apparent betrayal of the Liberty movement by way of his endorsement of Mitt Romney. I also get Mike's perspective on physical silver & gold and the coming collapse of the Euro Zone and the U.S. fiat-dollar paradigm.
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| Gold Melts Higher but Pattern Still Bearish Posted: 13 Jun 2012 03:04 PM PDT courtesy of DailyFX.com June 13, 2012 03:29 PM 240 Minute Bars Prepared by Jamie Saettele, CMT “The latest move off of the high is impulsive (5 waves) which favors lower prices from the current level to at least Friday’s low at 1553. The bearish RSI reversal signal that was in place for gold last week is now in place for USD crosses.” The mentioned 5 wave decline was succeeded by a 3 wave advance into former congestion (resistance). Look lower. LEVELS: 1553 1582 1608 1629 1641 1672...
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| Magnificent Mojo Mogambo (MMM) Posted: 13 Jun 2012 03:00 PM PDT by Richard Daughty, MogamboGuru.Blogspot.ca:
Unfortunately, at this particular point in time I was neither of the above, although naturally still blathering in my customary rage. But I was now at the point where I sigh aloud through gritted teeth, asking rhetorically "And who committed these terrible monetary and fiscal sins, and thus condemned us and our children to the hell of complete ruination? To quote Captain Ahab in Moby Dick, 'from the heart of hell I strike at thee!' Hahahaha!" As if on cue, here comes my idiot son bursting into the room, excitedly exclaiming that his many IOUs to me are as good as paid! "Huh?" I think to myself, wondering if he finally got a job, or was I too sloshed to comprehend what he is saying? Read More @ MogamboGuru.Blogspot.ca
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| Silver Update 6/13/12 Bank Runs Posted: 13 Jun 2012 02:40 PM PDT | ||
| A Byproduct of the Twist? Gold Manipulation Posted: 13 Jun 2012 02:08 PM PDT Our great nation is selling more bonds (AKA debt) this week to keep itself afloat. Guess what? Demand was strong for 10 year notes. Next up, 30 year debt will be peddled on Thursday. With the Fed on the bid, either in action or in implied ... Read More...
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| There Is Now Massive Pressure On The Fed & ECB To Print Posted: 13 Jun 2012 02:05 PM PDT from KingWorldNews:
With most major indexes around the world trading in the red, today King World News interviewed 25 year veteran Caesar Bryan. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar told KWN that there is now massive pressure on the Fed and the ECB to print money. Here is what Ceasar had to say about the situation: "Here we are in the post-Spanish bailout period, and now we are waiting, in terms of Europe, for the Greek election. But the larger issue is that there has been no permanent solution put in place for the European debt crisis. The steps that have been taken so far are sort of Band-Aids." Read More from Bryan at KingWorldNews:
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| Spanish 10 yr yield over 6.7%/ Italian 10 yr yield 6.22% Posted: 13 Jun 2012 02:00 PM PDT by Harvey Organ, HarveyOrgan.Blogspot.ca:
Silver fell by 1 cent to $28.94. Today the Spanish 10 yr bond yield started a touch lower but then resumed its northern trajectory to 6.71%. Italy has its 10 yr yield at 6.22%. We heard from two rating agencies today: Egan Jones lowers the credit rating of Spain to CCC or Junk Moody's finally lowers its credit rating on Spain from A to Baa3. Now all 3 rating agencies are below A and that sets off increased haircuts. Let us now head over to the comex and assess trading today. Read More @ HarveyOrgan.Blogspot.ca
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| Gold did great without QE and can keep doing so, Hathaway tells King World News Posted: 13 Jun 2012 01:51 PM PDT 9:45a SGT Thursday, July 14, 2012 Dear Friend of GATA and Gold: Gold fund manager John Hathaway tells King World News that gold did great for a decade without "quantitative easing" and can keep doing great without it or with it as government policy fails to improve world economic conditions. An excerpt from the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/6/13_We... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Prophecy Platinum (TSXV:NKL) Announces Encouraging Rhodium, Ruthenium, Osmium, Company Press Release VANCOUVER, British Columbia, Canada -- Prophecy Platinum Corp. (TSX-V: NKL; OTC-QX: PNIKF; Frankfurt: P94P) is pleased to provide results of full spectrum 6E (Platinum, Palladian, Rhodium, Ruthenium, Osmium, and Iridium) analysis of platinum group elements on the first batch of samples from the company's wholly-owned Wellgreen PGM-Ni-Cu project in the Yukon Territory, Canada. The company enlisted Activation Laboratories (Actlabs) of Ancaster, Ontario, to conduct a full-spectrum 6E analysis of samples taken from the 2011 drill hole WS11-188. Adding Rh, Ru, Os, and Ir to Pt and Pd increased the total PGE content (6E) by an average of 28 percent, based on a population of 90 samples, most of which are from disseminated sulphide-type mineralization. Assay results with 6E exceeding 0.50 ppm (0.5 g/t) (excluding copper and gold assays) are tabulated at Prophecy's Internet site and are available with assay results from the entire batch of 90 samples here: http://prophecyplat.com/news_2012_may25_prophecy_platinum_announces_rare... Join GATA here: Standard Chartered's Earth Resources Conference Hong Kong Gold Investment Forum Toronto Resource Investment Conference 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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| Why Own Silver? THIS IS WHY: BANK RUN 2012 Italy – Bank Stops Payments Posted: 13 Jun 2012 01:45 PM PDT Network Bank stopped payments, customers furious – All transactions stopped until July for the crisis of the institution. from Banka Network via, Google: Network Investment Bank has suspended payments, causing great inconvenience to customers (see article on the blocking of ATM) . STOP FOR A MONTH. The institute, in receivership since last November, announced that on May 31, the commissioners, "with the approval of the Monitoring Committee and with the approval of the Bank of Italy, have approved the suspension of payment of liabilities of any kind 'for a month.
It was emphasized that "the measure was necessary to face the difficult situation of the bank. "MI HAVE REMOVED THE MONEY." "Actually," he added, "I have taken my money. In the book I have only 20 euros in cash and the escrow account where the salary is credited to me, how do I make ends meet? '. And to say that Bank Investment Network has as shareholders the names of the first floor of the financial world: Aviva, Banco Popolare, De Agostini and Sopaf.
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| "Due To The Extreme Volatility Some Market Analysts Foresee..." Posted: 13 Jun 2012 01:43 PM PDT Helmet time. From Oanda
What do you get when you mix counterparty and agency risk, and throw in some currency collapse fear for good measure? This.
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| Goldman's Humorous Summary Of Today's Market Action Posted: 13 Jun 2012 11:28 AM PDT From Goldman's Sales team: Stocks off just shy of 1%, which erases most of yesterday's gains, which erased most of Monday's losses. After tomorrow, will you be able to say that Thursday's gains erased most of Wednesday's losses, which erased most of Tuesday's gains, which had erased most of Monday's losses? With apathy running high and conviction low, that sounds just as reasonable as anything else. Retail sales this morning was disappointing, but most of the day was spent chopping around unchanged. It wasn't until 2pm that the selloff began, so can't point to data, or to Europe for that matter. Out flow actually skewed modestly better to buy, so no explanation there either. SPX ends down 9 at 1315 (-.70%). The DOW ends down 77 at 12496 (-.62%). The NASDAQ ends down 24 at 2819 (-.86%). The EURUSD squeeze continues as the pair trades to a high of 1.2611. As always, there are reasons for the rally: more mutualization speculation, the FT reports that France is pushing for a more comprehensive stability package – with the ESM funding direct bank recaps as a first step, risk reduction ahead of Greece's election, USD selling as the FOMC approaches. But none of this squares particularly well with the price action elsewhere. So it's back to being a positioning driven event. Elsewhere, FX trading mostly as expected – dollar stronger as stocks selloff last in the day
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| Hathaway: Next Round of QE Will See Gold, Silver and Mining Stocks Go Ballistic! Here?s Why Posted: 13 Jun 2012 11:27 AM PDT “Even with the prospect of no QE, if you believe the Fed, gold has not made a new low [since December]*so, in my opinion, the absence of QE is priced into gold. On the other hand, if market conditions hit emergency levels, the central banks will be forced to their knees and they will be doing QE by whatever name it's called. I think at that stage you are going to see gold go ballistic because it will be an admission of failure on the part of policymakers….If investors don't do something now and take advantage of this funky period we are in, this daily grind of back and forth, they are going to be paralyzed. They will just be bystanders when gold finally takes off." So says*John Hathaway in edited excerpts from an interview with Eric King of King World News as brought to you by Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!). This article must be included in any article reposting to avoid copyright infringement. Hathaway*goes on to say, in part: &...
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| The Gold Price Closed up at $1,618.10 Well Above it's 20 DMA Posted: 13 Jun 2012 10:34 AM PDT Gold Price Close Today : 1618.10 Change : 5.40 or 0.33% Silver Price Close Today : 2893.5 Change : 8.0 or 0.03% Gold Silver Ratio Today : 55.922 Change : 0.171 or 0.31% Silver Gold Ratio Today : 0.01788 Change : -0.000055 or -0.31% Platinum Price Close Today : 1465.30 Change : 12.40 or 0.85% Palladium Price Close Today : 622.00 Change : -0.45 or -0.07% S&P 500 : 1,314.88 Change : -9.30 or -0.70% Dow In GOLD$ : $159.65 Change : $ (1.51) or -0.94% Dow in GOLD oz : 7.723 Change : -0.073 or -0.94% Dow in SILVER oz : 431.88 Change : -2.80 or -0.64% Dow Industrial : 12,496.38 Change : -77.42 or -0.62% US Dollar Index : 82.19 Change : -0.247 or -0.30% GOLD PRICE rose $5.40 on Comex to close at $1,618.10. This is nice, this looks good on a résumé, but it doesn't get the job. The Job is to punch through $1,625 to $1,633 resistance and keep on climbing. More encouragement comes from the 50 DMA ($1,615.74) which gold closed above today. The GOLD PRICE remains well above its 20 DMA ($1,586.63). SILVER PRICE keeps banging and banging on that 2900 cent ceiling, but without penetrating it yet. Pattern is tightening, like a coiling spring. Next move should be a jump up through that 2900 mark. Comex silver today lost 8/10 of one cent to end at 2893.5c. Momentum is trying to rise: silver stands above its 20 dma (28.31). The SILVER and GOLD RPICE are both clogged up here beneath resistance, but the resistance will give way. Can any real surprise or change come from the Greek elections this weekend? I doubt it. Keep on buying silver and gold. In six months these prices will give you great bragging rights before your brother-in-law. Right on cue today the Dow rose to 12,600 (actual high 12,598.25) to paint a top on that right shoulder, then sank like your watch in a churn to 12,450. Neckline of that head and shoulders top lies at 12,400, so if the Dow breaches that, better grab your parachute. Dow today closed 12,496.38, down 77.42 (0.62%) in a ragged day that never managed to climb much above unchanged. S&P500 closed 1,314.88, down 9.3 or 0.7%). WARNING: Stocks may be hazardous to your financial health. Sell stocks and put the proceeds into silver and gold. US DOLLAR INDEX kept on sliding today, down 24.7 basis points (0.32%) to 82.187. However, the dollar is still blowing hot and cold out of both sides of its mouth. A closed below 81.70 would turn the dollar down, but it needs a close above 82.90 to turn up, really above 83.54. Today it pierced for the second day the 20 day moving average, now at 82.17. Pierced, but did not close beneath. This is like an alcoholic walking back and forth before a liquor store. Sooner or later, something will give. Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com 1-888-218-9226 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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| Greek Bank Run Is Moving From A Walk To A Trot Posted: 13 Jun 2012 09:57 AM PDT Seems as the election get closer withdrawals are approaching $1 billion/day. Basically a slow motion bank run. See link here.
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| Posted: 13 Jun 2012 09:53 AM PDT Irish property pair seek to file for bankruptcy in UK
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| Posted: 13 Jun 2012 09:27 AM PDT Who-oh-who is to blame for the gold pricemoving against you, up or down? So Europe might be facing deflation, and Greece might begin a firesale straight after this weekend's vote. Yet still €1.1 trillion doesn't buy what it used to. Read More...
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| Gold Investors Blaming the Money Printing Machines Posted: 13 Jun 2012 09:14 AM PDT Who-oh-who is to blame for the gold price moving against you, up or down...? SO EUROPE might be facing deflation, and Greece might begin a firesale straight after this weekend's vote. Yet still €1.1 trillion doesn't buy what it used to.
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| Gold Seeker Closing Report: Gold and Silver End Mixed Posted: 13 Jun 2012 09:12 AM PDT Gold dropped $4.12 to $1607.48 by a little after 7:30AM EST before it surged to as high as $1624.48 in the next couple of hours of trade and then fell back off in early afternoon New York trade to almost unchanged by about 2:30PM EST, but it then rallied back higher into the close and ended with a gain of 0.45%. Silver slipped to $28.74 before it shot up to $29.118, but it then fell back off midday and ended with a loss of 0.48%.
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| Gold and Silver Are Your Hedges Against Centrally-Planned Economies Posted: 13 Jun 2012 09:11 AM PDT Spain recently became the fourth member of the euro to request a bailout since the beginning of the region’s insolvency crisis. The country stands to receive as much as 100 billion euros ($125 billion) in order to prolong the life of its current banking system. It is debt trying to fix more debt. “The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to 100 billion euros in total,” a Eurogroup statement said. With rescues drafted for Greece, Ireland, Portugal and now Spain, the European Union and the International Monetary Fund have committed nearly half a trillion euros to finance European bailouts.
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| Euro Debt Crisis is Good for Gold and Silver Posted: 13 Jun 2012 09:09 AM PDT Charles Oliver, a senior portfolio manager for Sprott Asset Management, is keeping the faith that gold and silver stocks will eventually benefit this year as Europe and the U.S. continue to print money. In this exclusive interview with The Gold Report, Oliver says that an indicator that juniors are about to take off could be an improvement in certain bellwether mid-cap stocks. The Gold Report: Last February, you forecast that stocks would rebound in 2012. What signs indicate that's about to happen?
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| Dow Stock Market Bulls and Gold Bugs Wagering big Bets on QE3 Posted: 13 Jun 2012 09:05 AM PDT "I guess I should warn you. If I turn out to be particularly clear, you've probably misunderstood what I've said," Fed chief "Easy "Al" Greenspan used to say. Recognizing the fact that financial markets place a heavy value on each of their words, former Fed chiefs Arthur Burns and Paul Volcker, were known for blowing smoke, both literally and figuratively, when appearing before Congress, in order to prevent their words from becoming self fulfilling prophesies. They developed a language called "Fed-speak," which is the use of ambiguous and cautious statements that are purposefully made to obscure the meaning of a statement. Greenspan is credited with turning Fed-speak into a "fine-art" form.
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| Posted: 13 Jun 2012 08:44 AM PDT On last Monday the IMF made a statement saying... [[ This is a content summary only. Visit my website http://goldbasics.blogspot.com for full Content ]] 
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| Posted: 13 Jun 2012 08:20 AM PDT I've been very busy this week adding new market commentaries to the YouTube channel, and my hope is that you find them to be of value. Here are three videos that went live this week, enjoy. In this first commentary I share thoughts on the long-awaited "dollar collapse" many people have been anticipating for years now.
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| Gold Daily and Silver Weekly Charts - The Rolling Global Financial Crisis Intensifies Posted: 13 Jun 2012 08:09 AM PDT | ||
| Ideal Timing for This Opportunity Posted: 13 Jun 2012 08:08 AM PDT Dave Gonigam – June 13, 2012
The referendum that proposed abolishing property taxes statewide? It didn't just go down in flames, it left a smoking crater in the earth. Seventy-six percent of people the people who showed up to vote yesterday voted "no". From the get-go, the initiative looked well intentioned but ill thought out. If passed, the state was required to make up the revenue lost by local governments… somehow. That wasn't ever specified. Admittedly, we're watching from a distance… but that provision sounds like a recipe for a state power grab. "North Dakotans have long been fans of local control," says Connie Sprynczynatyk of the North Dakota League of Cities — which, for the record, opposed the referendum. But our interest in this election goes beyond issues of taxes and self-government. The timing of the proposal — the fact it even came up at all — suggests a significant investment opportunity. We've examined it before… but it's worth looking at it through the prism of this vote.
As we noted last month, North Dakota has surpassed Alaska as the nation's No. 2 oil producer, behind Texas. As a result, North Dakota's tax revenue shot up 44% last year. The 50-state average was only 9%, according to the Tax Foundation. Indeed, from 1997-2011, North Dakota tax revenue has grown an average of 10% a year. The average across the entire nation is 4%. But the "shale revolution" isn't limited to oil from the Bakken formation in North Dakota. Which is what makes it so potentially lucrative.
More than half of those jobs will be in four states — Texas, Louisiana, Colorado and Pennsylvania. The benefits go beyond jobs and economic growth, says IHS researcher John Larson: "We are creating geographic diversity, which should, for example, help guard against the effect of hurricanes in the Gulf of Mexico."
"Not even OPEC, die-hard environmentalists or a European banking catastrophe can stop it. It would be like trying to stop the sun from rising." Nor can they stop the resulting profit opportunities. There's still time to hitch a ride on the prosperity of North Dakota's Bakken… and Pennsylvania's Marcellus… and the Utica shale that lies beneath the Marcellus and is even bigger.  Heck, the energy industry has barely begun exploring the Utica's potential. So it's not too late to profit from the shale revolution. Byron has put together a basket of 11 stocks poised to perform best. They're laid out in a package of special reports that go to every new reader of Outstanding Investments — still the No. 1 performing investment advisory of the last 10 years as ranked by the independent Hulbert Financial Digest. Access here.
Traders are chewing on a couple of domestic economic numbers…
Was he sorry about JPM's $2 billion trading loss? Yes. Did he consider the conduct of the Chief Investment Office that carried out the trade reckless? Yes. Did he take personal responsibility for what happened? Hell no! We're not sure how that squares with Sarbanes-Oxley, the post-Enron law that, among other things, makes CEOs personally responsible for implementing risk controls and monitoring their compliance. (Maybe there's a too-big-to-fail clause we missed?)
We'll back up to explain some regulatory ephemera as succinctly as possible: The "Volcker rule" is a section of the 2010 Dodd-Frank legislative monstrosity, named after the former Federal Reserve chief Paul Volcker. It would ban "proprietary" trading by banks — that is, bets the banks make with their own money. Five federal regulatory agencies are deciding how to implement the Volcker rule. Dimon has been among its most vocal critics. In this, he's been joined by outfits like the Heritage Foundation: "In a free-market system, banks as well as businesses are free to take risks, which result in either successes or failures, profits or losses," says a recent Heritage blog entry.
"What we have at present," he wrote recently for the Ludwig von Mises Institute, "is a banking system within the framework of the central bank, which promotes monetary inflation and the destruction of the process of real wealth generation through fractional-reserve banking." "In the framework of the present monetary system, in order to reduce a further weakening of the real wealth-generation processes," he concludes, "it is necessary to introduce tighter controls on banks." Dr. Shostak is a fascinating fellow; he's among a handful of economists who use a remarkable forecasting tool that lends insight into both the economy and the major asset classes. Addison will reveal all in the next issue of Apogee Advisory, coming early next month. Not a subscriber yet? Here's where to sign up.
Citizens in Middleborough, Mass., voted 183-50 at a town meeting Monday night to impose a $20 fine in hopes of ending an epidemic of "loud, profanity-laden language used by teens and other young people in the downtown area and public parks," in the words of an Associated Press story. "Damn Puritans," quips Addison — who, we hasten to point out, is a native New Englander with a lineage going back to, well, Puritan times.
Effective immediately, according to WCBS-TV, "If your lawns aren't mowed, if dumpsters are full, gutters are broken, shopping carts are unattended, windows and doors are boarded banks or homeowners face: $250-1,000 fine for the first offense, $2,500 plus up to 10 days in jail for the second and $10,000 and 15 jail days for the third." "I think this is a type of place," says one homeowner, "I live here because people help each other out, not because they report each other. If it's an elderly couple that's having problems maintaining their property, I think we should help them out. I don't think we should fine them $1,000." Massapequa Park, evidently, has a problem with foreclosures. Somehow, we suspect that bankrupting old people to the point they'd have to give up their homes won't help the problem…
"We invested a lot of time and money to make it livable. The place was a total dump, but in a great neighborhood. One day while my brother was working on it, a man pulled up. He got out of his car and started to walk into the house. (Everything was totally open because we even had to replace the front door!)" "My brother asked him what he was doing. He said the house was listed on the VA site with a case number and close deadline for bids to be accepted. He was inspecting the property to consider making an offer. I promptly checked out the website. It was listed on the site again! I called them and it was removed the next day." "The whole experience made me wonder about the title process, foreclosures and ownership records. (That was my first home purchase.) We have not had any issues since, but still I wonder. We still 'own' the house as a rental. It remains the best investment I have made in my short lifetime." "Bear in mind, this was in 2001. I shudder to think about the record keeping during the 2008-11 frenzy of foreclosures. Scary stuff. The more things change, the more they stay the same…"
"I mean, we're all busy doing whatever we do chasing dreams and deals. My point is if we aren't willing to do a search or critical due diligence — shame on us — and the $350 scam is your just desserts."
"It needs some further rationale applied to it — i.e., what caused the rallies off the second drop? Why QE1, QE2 and Operation Twist, of course. That is why you need to be very careful in expecting another such operation." "I would have expected you guys to have seen that as an obvious comment to make — as you have already commented on your concern with the similarities of the market moves with earlier years." "And then we have Spain and all that, but the U.S. and U.K. are, of course, in far worse states, as you occasionally point out." The 5: Actually, Greg and Jonas are in the camp that does not see another round of QE coming next week. We laid out their reasons last month, but we'll revisit them next Tuesday in advance of the Fed announcement. Cheers, Dave Gonigam P.S. Starting this weekend, The 5 is expanding its coverage to seven days a week. On Saturdays, you'll get a "Top 5" rundown of highlights from the previous week's issues — the five most-important developments and opportunities among the many we keep a pulse on. Sundays, you'll hear from Addison… who will share the single-most intriguing and/or profitable insight he's had over the previous seven days. You don't have to do a thing to make sure you receive these emails… Just check your inbox starting on Saturday!
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I was, admittedly, drinking heavily, courageously trying to get drunk enough so that 1) I would have a handy excuse for being so incoherent and belligerent, and 2) I would not have to think about the inflationary horrors in prices that will be the ruinous price we pay for the inflationary horrors in the exploding money supply thanks to the treachery and stupidity of the Federal Reserve and the loathsome Obama administration.
Gold closed up today to the tune of $5.40 to finish the comex session at $1618.10
So much for the property tax revolt in North Dakota.
"The economic boost of the new oil boom would have made this the perfect time for North Dakota voters to ban the property tax," says a CNN report paraphrasing a main argument of the referendum's supporters.
The natural gas shale boom will create 455,000 jobs between 2010-15, according to a study out this morning from IHS, an energy research group.
The tax revenue and the jobs that come from shale plays reinforce a critical element of Byron King's outlook: "Government regulation and bickering politicians can't stop it," he says. "In fact, they secretly want it — it's the answer to their prayers.
Major U.S. stock indexes are down today, but not much. The Dow is still comfortably above 12,500 — which we see is 500 points higher than it was a year ago today.
"Jamie Dimon's a crook," yelled a heckler during one of the few enlightening moments of a hearing on Capitol Hill this morning, featuring the J.P. Morgan Chase CEO as star witness.
OK, there was one other interesting moment: Asked whether the "Volcker rule" might have prevented the loss, Dimon conceded, "It may very well have stopped parts of what this portfolio morphed into."
Just one problem with that: "It is overlooked by the opponents of the Volcker rule that the present banking system has nothing to do with free banking and thus a free market," says Dr. Frank Shostak of Applied Austrian School Economics.
Gold has moved little in the last 24 hours. It's at $1,618. Ditto for silver, only two pennies shy of $29.
It's come to this: a swearing tax. Time to add to our ongoing chronicle of the unholy alliance between petty tyranny and the grab for more local tax revenue.
The fine is much stiffer if you have an unkempt lawn in Massapequa Park, N.Y.
"We bought a Veterans Administration repo house," writes another reader with a tale of real estate auction fraud, "through an auction process (realtor involved too) directly from the VA in 2001 (not a misprint).
"I realize my comment might just be added top-dressing," chimes in another after yesterday's round of auction tales, "but have we actually come to the point where we access Google to find trustworthy versus scams???"
"Much as I enjoy most of your 5 Min Forecasts," a reader writes, "Monday's chart from Greg Guenthner is sadly lacking in critical comment."| You are subscribed to email updates from Save Your ASSets First To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
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