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- 80% of the Gold the World Owns Doesn't Exist
- Deciphering Silver
- Power Up To 9.1% Short Term BB+/Ba1 Rated RusHydro Ruble Bonds
- How To Trade A Silver ETF And Stock
- Ian Gordon: Why Gold Stocks Outperformed Other Gold Investments
- Physical Gold (Via Mat, Perth Mint, Possession) and …
- My Last Forecast on Silver and Gold Prices
- Gold “In Sideways Range” Ahead of European Summit, German Government Announces Joint Debt Sharing, But Only Within Germany
- Discussing My Silver Short Position In Greater Detail
- Arensberg explains trading juniors; Davies sees gold supplanting bonds
- The Silver Bomb: Beyond The Return Of Metal As Money by Michael MacDonald, Christophe
- gold stolen, family of criminals caught
- Central Banks Face Limits Of Power As Crisis Persists
- Cracking Outlooks for the Brics
- Realize The Depravity On Wall Street
- Speculators Sell, Value Buyers Accumulate on Dip
- When Will the Stock Market Finally Hit Bottom?
- Daily Pfennig: A Full-On Risk Aversion Day…
- China pours billions of dollars into Japan’s capital market
- Price of Crude Set to Plunge
- Gold ‘In Sideways Range’ Ahead of European Summit
- EU gearing up for ‘mother-of-all’ summits
- SGT: The Silver Bomb
- Gold & Silver Market Morning, June 25 2012
- Updating James Turk's Fear Index: June 2012
- Links 6/25/12
| 80% of the Gold the World Owns Doesn't Exist Posted: 25 Jun 2012 05:49 AM PDT ....Mark O'Byrne Chris Powell, Secretary and Treasurer of the Gold Anti-Trust Action Committee told Bernie Lo on CNBC Asia overnight that central banks are continuing to manipulate the gold market as they are interested in supporting government bonds and the dollar and keeping interest rates low. Powell warns about "paper gold" and says that we "try to persuade investors that if they are purchasing gold, they had better get real gold – metal. They should not get "paper gold" and keep it within the banking system." He says that "there is huge naked short position in gold" and estimates that perhaps "75% to 80% of the gold that the world thinks it owns does not exist and is just a claim on a bullion bank that is underwritten basically by the central banks." Bernie Lo asks what is the "end result"? With regard to price Powell said that he does not make predictions but he wonders "what the value or the price of gold will be if the world ever discovers that 80% of the gold that it thinks it owns – does not exist." "There may not be enough zeros in the world to put behind the gold price then." Powell said that buyers should own gold in "your hand"or in allocated format outside of the banking system. He concluded by saying that surreptitious intervention in the gold market can continue as long as gold buyers do not own real physical bullion. We do not endorse GATA's opinions however some of their evidence and many of their arguments are persuasive. We have yet to see any analyst or commentator address the substantive issues they have raised and debunk or refute their allegations. Free markets need freedom of speech and a plurality of opinion. Group think and cosy consensus got us into today's the financial and economic mess. Therefore, open, frank and rational debate about all aspects of the precious metal and other markets and our current monetary system is important. Being fully informed of all of the facts and fundamentals driving markets are essential in order to protect and grow wealth. *Post courtesy of Mark O'Byrne at GoldCore. His daily 'Market Updates' are quoted and reported on in the international financial press on a daily basis. www.wealthwire.com http://www.silverbearcafe.com/private/06.12/nogold.html |
| Posted: 25 Jun 2012 05:18 AM PDT The internet has been awash with comments recently about the downdraft in silver and the strong increase in Open Interest on last week's big down day. As usual, the chatter is about an orchestrated attempt by JP Morgan to smash the price of silver lower so that they can cover their "losing short position". Read |
| Power Up To 9.1% Short Term BB+/Ba1 Rated RusHydro Ruble Bonds Posted: 25 Jun 2012 05:08 AM PDT By Randy Durig: This week we look at a short 40 month Russian Ruble bond from RusHydro(RSHYY) that currently indicates an over 9% yield to maturity. The high yield and short maturity of this ruble bond, compares very favorably with other high yielding instruments in our Foreign and World Fixed Income holdings. We believe the dollar's longer term weakening trend against many world currencies remains a major concern for investors seeking protection against its devaluation and a further erosion of its buying power, and we view the recent weakness in the ruble as a great opportunity to increase our exposure to the Russian economy, which continues to appear as one of the better global economies in spite of nearby European financial concerns. Wealth Preservation Concerns Wealth preservation continues to be one of the biggest concerns among our clients. With US Ten Year yields pushing into new territory below 1.5%, it appears that little Complete Story » |
| How To Trade A Silver ETF And Stock Posted: 25 Jun 2012 04:32 AM PDT By Qineqt: Silver Silver has recently hit its lowest price since November 2010, while silver ETFs are currently trading near the 2011 lows. This is primarily a result of the worsening Euro debt crisis, as well as a general decline in global growth. However, once macroeconomic conditions start improving, we expect a significant upside in silver stocks, especially in Silver Wheaton (SLW), and silver ETFs, namely iShares Silver Trust (SLV). SLW's cheap valuations and lucrative potential growth enable us to recommend a long position for investors. For SLV, we recommend a neutral position for short-term investors because of the volatility associated with silver prices and exposure to the macroeconomic environment. However, for long-term investors, SLV could be a potential buy. Industry introduction: Silver is a unique precious metal and is a store of value. It has four major end markets: industry, photography, jewelry & silverware, and investment (coins & medals). Industry supply: Complete Story » |
| Ian Gordon: Why Gold Stocks Outperformed Other Gold Investments Posted: 25 Jun 2012 03:27 AM PDT |
| Physical Gold (Via Mat, Perth Mint, Possession) and … Posted: 25 Jun 2012 03:19 AM PDT gold.ie |
| My Last Forecast on Silver and Gold Prices Posted: 25 Jun 2012 03:18 AM PDT It seems at the very least ironic that as I begin a new chapter in my own career as precious metals analyst for Silver Gold Bull, that simultaneously I'm writing my last chapter on one facet of that analysis. This will be my last effort at playing the increasingly irrelevant game of attempting to forecast gold and silver prices – in terms of the bankers' paper. Many readers will be aghast at this announcement. How can I "analyze" the gold and silver market without providing guidance on its (paper) prices? I would immediately reverse this proposition with a question of my own. How can anyone provide rational estimates for future prices of hard assets which are being priced in paper which is already effectively worthless? Now it is the paper-peddlers who would be horrified by my stance. How dare I assert that the beloved fiat-currencies which they (and their propaganda machine) place in such high esteem are worthless? Here I have a host of arguments at my disposal, several of which I have used in the past. There is the obvious analogy between paper currencies and the shares of a corporation. With nothing officially "backing" these paper currencies, our governments can only impute value in this paper as a claim against these sovereign entities which issue them. How much is a share worth in a bankrupt corporation? How much is a dollar worth, when it is issued by an obviously bankrupt debtor? However we don't need to go down that road, since it would inevitably lead to a debate between the phony, official numbers of the United State's "national debt", and the $200+ trillion in debts and liabilities which it would be forced to acknowledge if it had to follow the same accounting rules as all U.S. corporations are required by law to use. There is a much simpler and more direct way to demonstrate the worthlessness of the U.S. dollar, one which is beyond any possible debate. As a tautology, anything which can be obtained in infinite quantities and produced at zero cost must be worthless. If this were not the case, then one would simply produce an infinite quantity of that item – and then exchange it for all the goods (and services) in the entire world. With most of our fiat currencies now being conjured into existence electronically, this is the ultimate example of an infinite quantity/zero cost item…with one exception. Since all of this funny-money is borrowed into existence, the bankers were previously able to claim that in fact this was not a "zero cost" item – because of the debt/interest attached to each currency unit. However that argument, the only basis for claiming that the bankers' fiat currency had any value whatsoever evaporated the day that the U.S. began its permanent era of 0% interest rates. On that day the U.S. dollar fully became a zero cost/infinite quantity item – and indisputably worthless as a basic proposition of logic. Why do people think B.S. Bernanke attempted to peddle the myth of an "exit strategy" – i.e. an end to 0% interest rates – for nearly three years, before finally being forced to abandon that absurd pretense? Because he and the rest of the banking cabal are terrified that someone would stand up (as I have done on several occasions) and announce that "the Emperor is wearing no clothes." At the end of Tulipmania 400 years ago; one day a single tulip could be exchanged to buy a house. The next day that tulip was merely a flower. The tulip itself was unchanged. All that did change was that the mass delusion that tulips were items of considerable value suddenly and collectively evaporated. It is one of the reasons why every fiat currency ever created has gone to zero (or simply been removed from circulation before it hit zero). It is one of the reasons why they tend to go to zero very, very quickly – more commonly known as "hyperinflation". The moment we accept the logical fact that these fiat currencies are already worthless we see the absurdity of attempting to price valuable assets (like gold and silver) in paper which has no meaning. If I announce that in hyperinflation-ravaged Zimbabwe that an ounce of gold is "worth" $2.5 trillion Zimbabwe dollars, does that actually mean anything to anyone? |
| Posted: 25 Jun 2012 03:06 AM PDT Gold "In Sideways Range" Ahead of European Summit, German Government Announces Joint Debt Sharing, But Only Within Germany WHOLESALE MARKET gold bullion prices dropped below $1570 an ounce during Monday morning's London session, though they remain broadly in line with where they ended last week, with markets focused on this week's European leaders' summit. Gold bullion is now at levels similar to those seen in the second week in May, when gold fell through $1600 for the first time in 2012. "Gold has essentially been in a sideways range for the past seven weeks," says the latest technical analysis note from bullion bank Scotia Mocatta. "We will need to see a break through the low at $1526 to get a bigger directional move." Silver bullion hovered around $26.80 an ounce – a slight dip on last week's close – while other commodities were also broadly flat, with the exception of oil which ticked lower. US Treasury bond prices gained meantime, along with other major governments bonds, while the Dollar also strengthened. By contrast, European stock markets sold off this morning – with Germany's DAX down 1.8% by lunchtime –as many analysts focused on the European Union summit that takes place this Thursday and Friday in Brussels. "The stakes are quite high [at this summit]," says Standard Chartered economist Thomas Costerg in London. "There are very high risks building in the system, borrowing costs are rising, there are stresses in asset classes and growth is falling very rapidly." The leaders of Germany, France, Italy and Spain, who met in Rome last Friday, announced they will put forward a growth package worth up to €130 billion at this week's summit, although no other details were provided. There was also agreement on the creation of a banking union, for which draft proposals are being drawn up ahead of this week's summit, according to newswire Reuters. Ahead of the meeting, Italian prime minister Mario Monti proposed that money from Eurozone rescue funds be used to buy the government bonds of distressed Eurozone sovereigns directly on the open market. There was however no sign at Friday's press conference that German chancellor Angela Merkel favors such a plan. "Monti's proposal amounts to state financing via the central bank printing press," said Bundesbank president Jens Weidmann over the weekend. "[This] is forbidden by EU treaties…monetary policy should be restrained from limiting the financing costs of member states and from going a long way to shutting down market mechanisms," added Weidmann, who sits on the European Central Bank's Governing Council. In May 2010, the ECB itself announced it would intervene in debt markets, and extended its Securities Markets Programme last year by buying Spanish and Italian government bonds. "The main problem with bond buying," says Citigroup strategist Jamie Searle, "is that it gives investors an opportunity to reduce holdings, but it doesn't convince others to add." The German government meantime has agreed to underwrite the debt of German states, which from next year will be able to issue debt for which they and the federal government are jointly liable. The decision is part of a deal with opposition parties in return for support in ratifying the fiscal treaty, on which the Bundestag is still to vote, according to newswire Bloomberg. European leaders should create a European Fiscal Authority to buy the debt of Eurozone governments in return for fiscal reforms – financing the purchases by issuing debt for which Euro area governments are jointly and severally liable – billionaire investor George Soros argues in today's Financial Times. "We have to fight the causes [of the crisis]," countered German finance minister Wolfgang Schaeuble in a television interview Sunday. "Money alone or bailouts or any other solutions, or monetary policy at the ECB…that will never resolve the problem." Schaeuble added that US president Barack Obama "should focus on reducing the American deficit" rather than exhorting European leaders to do more. "People are always ready to give others advice quickly. Our argument is 'we're ready'. We want more Europe." On the currency markets, the Euro fell below $1.25 for the first time in two weeks this morning. "Physical demand out of India is being hampered by a weak Rupee, although Far East buying is still relatively robust." Spain meantime has formally requested a bailout to fund restructuring of its banking sector, two weeks after Eurozone leaders announced they would agree a credit line for up to €100 billion. Over in New York, the difference between bullish and bearish contracts held by noncommercial gold futures and Options traders on the Comex – the so-called speculative net long – rose 3.8% to the equivalent of 429 tonnes of gold bullion in the week ended last Tuesday. In the same period, the volume of gold held by the world's largest gold ETF, the SPDR Gold Trust (GLD), rose 0.6% to 1281.6 tonnes, though GLD volumes have been flat since last Tuesday. Ben Traynor Gold value calculator | Buy gold online at live prices Editor of Gold News, the analysis and investment research site from world-leading gold ownership service BullionVault, Ben Traynor was formerly editor of the Fleet Street Letter, the UK's longest-running investment letter. A Cambridge economics graduate, he is a professional writer and editor with a specialist interest in monetary economics. (c) BullionVault 2011 Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.
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| Discussing My Silver Short Position In Greater Detail Posted: 25 Jun 2012 02:03 AM PDT |
| Arensberg explains trading juniors; Davies sees gold supplanting bonds Posted: 25 Jun 2012 02:01 AM PDT |
| The Silver Bomb: Beyond The Return Of Metal As Money by Michael MacDonald, Christophe Posted: 25 Jun 2012 01:54 AM PDT Has anyone read this book yet? Its published date shows on Amazon.com as being April 27, 2012. There are only six reviews on Amazon of this book. It sounds sensational to me. However, in the face of a currency collapse, there will be some sensational things happen. Just wondering if anyone has any input on this book. Here is a two-part interview by SGT with the author.... THE SILVER BOMB: An Opportunity That Will Never Happen Again [Part 1 of 2] (17 min 13 sec): http://www.youtube.com/watch?v=aZg6xm2yIiE Published on Jun 24, 2012 by SGTbull07 Here's Part 1 of my new interview with Michael McDonald co-author of the new book 'The Silver Bomb: Beyond the Return of Metal as Money'. This book is a comprehensive and shocking must-read, especially for folks to whom this information is new - and for folks who feel so beaten up by the Bankster cartel's paper games that they're ready to bail on the physical silver story altogether. "$500+ silver IS coming" says Michael, "Million dollar silver is even possible when measured in worthless dollars". ---- THE SILVER BOMB: Collapse is Happening NOW... $500+ Silver IS Coming [Part 2] (13 min 19 sec): http://www.youtube.com/watch?v=1Inhte8A6z4 Published on Jun 24, 2012 by SGTbull07 Here's Part 2 of my new interview with Michael McDonald co-author of the new book 'The Silver Bomb: Beyond the Return of Metal as Money'. This book is a comprehensive and shocking must-read, especially for folks to whom this information is new - and for folks who feel so beaten up by the Bankster cartel's paper games that they're ready to bail on the physical silver story altogether. "$500+ silver IS coming" says Michael, "Million dollar silver is even possible when measured in worthless dollars". |
| gold stolen, family of criminals caught Posted: 25 Jun 2012 01:48 AM PDT picture of suspect at link http://www.wlox.com/story/18846621/j...house-burglary JACKSON, MS (WLBT) - Jackson police have arrested two people in connection with a Texas house burglary, where thousands of dollars worth of gold was stolen. The arrest happened at DJ's Silver Mine, at 4631 I-55 North. Police say the owners of the pawn shop cooperated with police on a sting to help catch those responsible for the burglaries. With the help of business owners, JPD detectives set up the sting and made the arrest. Pawn shop Manager Donald Stengel tells WLBT the man came in the day before offering to sell gold coins worth thousands. Stengel told him to come back Thursday. That's when he called police and told them about the rare coins. Stengel says, "The people need to know were not the bad guy's we solve crimes that wouldn't be solvable without us." Deputy Chief Eric Walls says the case involves half-a-million dollars worth of gold, stolen in a house burglary in Beaumont, Texas. "We actually had officers that were inside the business posing as employees we actually had police offers stationed around the area," said Wall. After taking Davis into custody, they searched his car where they found 166 gold coins, valued at nearly $97,000.00. At an afternoon press conference police announced they also arrested Davis's Mother, Ozella. Both are charged with receiving and possession of stolen property. A search of a bank deposit box owned by Davis netted dozens of more coins and rare currency. Police believe most of the collection may have been recovered but they are still looking for the main thief, Davis's girlfriend. Detectives say she befriended the male victim in Texas, and moved into his home, only to steal his valuables from a safe, when he left on vacation. |
| Central Banks Face Limits Of Power As Crisis Persists Posted: 25 Jun 2012 01:13 AM PDT
from bloomberg.com: Central banks in developed nations are confronting the limits of their ability to aid economic recovery as government efforts to strengthen their finances fall short, the Bank for International Settlements said. While central banks' actions were key to limiting damage from the collapse of Lehman Brothers Holdings Inc., interest rates are now "as low as they can go" and debt purchases have swollen central bank balance sheets, the BIS said. European Central Bank President Mario Draghi has indicated that the ECB is close to exhausting its tools after cutting its benchmark rate to a record low and flooding the banking system with cash. Keep on reading @ bloomberg.com |
| Cracking Outlooks for the Brics Posted: 25 Jun 2012 01:09 AM PDT The new trading week got underway in New York this morning and the price boards in the metals' complex were once again in the red following Friday's tepid recovery attempts. Spot gold started off at $1,568.30 with a loss of $4 while silver fell 15 cents to $26.75 per ounce.... |
| Realize The Depravity On Wall Street Posted: 25 Jun 2012 12:57 AM PDT
from theinternationalforecaster.com: Last week in these pages we forecasted: that a pro-bailout party would win the Greek election; that the socialists would take a majority in the French elections; that Spain would require a significantly larger bailout to prop its banking sector up; and that the Fed would likely extend Operation Twist as a way of keeping everything moving along sideways. Check, check, check, and check. In most areas of life, 4 for 4 is something to be happy about, but when forecasting during the death throes of the global economic system as we've known it, getting things right is hardly cause for celebration. Keep on reading @ theinternationalforecaster.com |
| Speculators Sell, Value Buyers Accumulate on Dip Posted: 25 Jun 2012 12:57 AM PDT Gold is marginally higher in Japanese yen, flat in U.S. dollars but higher in euros, pounds and other fiat currencies today. Further weakness may be seen in trading today as last week's 3% fall may lead to follow through selling. |
| When Will the Stock Market Finally Hit Bottom? Posted: 25 Jun 2012 12:44 AM PDT
from oftwominds.com: The global economy is undeniably sliding into an ever-deepening recession. When will the stock market reflect economic reality, and when will it finally hit bottom? First, we have to stipulate that the correlation between the real economy and the stock market is tenuous at times. According to the National Bureau of Economic Research (NBER), the widely recognized designator of recessions, the most recent recession began in December 2007 and ended in June 2009. Fully six months into the downturn (June 2008), the S&P 500 stock market index was still resiliently hovering around 1,400. The market did not break down until September, 2009, the tenth month of recession. A mere three months after the market bottomed in March 2009, the recession ended (as determined by the NBER). Clearly, the correlation between market action and the underlying economy is weak. While many would declare the stock market is a "lagging indicator" of recession, even that may be overstating the connection. If we have learned anything in the past three years, it's that weakening the dollar to foster the illusion of rising corporate profits, central bank monetary easing (QE) and central state borrow-and-spend stimulus can goose the market higher even as the underlying economy remains weak or recessionary. Keep on reading @ oftwominds.com |
| Daily Pfennig: A Full-On Risk Aversion Day… Posted: 25 Jun 2012 12:36 AM PDT
from caseyresearch.com: In This Issue… * Risk assets healing is wiped out… And, Now, Today's Pfennig For Your Thoughts! A Full-On Risk Aversion Day… Good day… And a Marvelous Monday to you! Well… ding dong me, I forgot that I said I was going to write from home on Mondays, that is until I was ½ -way to work… UGH! Oh well, I'm here in the sauna, so let's get to what's on my mind today, no wait, you probably don't want to know what's on MY mind, but rather what's going on in the world… So, here we go! On Friday, I left you with the thought that the risk assets, were attempting to heal from Thursday's bloodletting… There was no U.S. data to swing the traders one way or the other, so, it appeared that the week would end with some healing in the risk assets… But, that appearance didn't last long, and soon the small gains that had been booked were wiped out… But still, no major sell off like on Thursday, so at least the risk assets had that going for them! This morning, we have more selling going on… The currencies led by the euro and Aussie dollar (A$), are both down significantly, and Gold just can't seem to find a bid these days. The S&P futures are down early this morning too… So, at this point of the day, it appears that we'll see a down day, a day of risk aversion, and weaker values. Keep on reading @ caseyresearch.com |
| China pours billions of dollars into Japan’s capital market Posted: 25 Jun 2012 12:35 AM PDT
from brecorder.com: TOKYO: Europe's financial turmoil has seen the Chinese government quietly pour tens of billions of dollars into Japan's stock market, analysts say, despite the neighbours' lingering historical animosity. For years, the two Asian powerhouses have eyed each other suspiciously with frequent diplomatic spats flaring over territorial claims and longstanding disputes, largely stemming from Japan's wartime record. But with economic ties improving and Europe in a debt crisis, an ever more practical Beijing is buying up shares of Japanese firms as it looks for safer places to park its mountainous foreign-exchange reserves, the world's largest. A fund known as OD05 Omnibus, widely viewed as linked to Beijing, was a major shareholder in 174 Japanese firms by the end of March, including names such as Toyota and Nikon, said a survey by the Nikkei business daily. The paper put the value of its Japan investments at a record 3.58 trillion yen ($45 billion). The survey showed the fund's shareholdings have more than tripled since 2008, when the collapse of Wall Street titan Lehman Brothers triggered an unprecedented shock to the global financial system. The ownership of Omnibus, reportedly based in Australia, has never been publicly acknowledged. Keep on reading @ brecorder.com |
| Posted: 25 Jun 2012 12:29 AM PDT
from rickackerman.com: Crude oil prices appear primed for a nearly 30% collapse, implying that the global economic slowdown is starting to take hold. Our minimum downside projection for August Crude, currently trading for around $80 a barrel, is $55.69. That target was derived using our proprietary method of technical analysis and would imply a decline of 27% from current levels. Please note that this is our minimum bear-market price objective and that crude's ultimate bottom could be significantly lower. How much lower? If the "Hidden Pivot support" at $55.70 were to give way easily, we'd infer that quotes as low as $35-$40 a barrel impend. Keep on reading @ rickackerman.com |
| Gold ‘In Sideways Range’ Ahead of European Summit Posted: 25 Jun 2012 12:22 AM PDT Wholesale market gold bullion prices dropped below $1,570 an ounce during Monday morning's London session, though they remain broadly in line with where they ended last week, with markets focused on this week's European leaders' summit. |
| EU gearing up for ‘mother-of-all’ summits Posted: 25 Jun 2012 12:19 AM PDT
from goldmoney.com: Islamists claim power in Egyptian elections, and tensions between Syria and Turkey are on the rise following the Syrian military shooting down a Turkish fighter jet on Friday. As ZeroHedge notes, "Syria has recently become a major symbol for NATO vs the Russia-China axis." All 28 NATO allies will be meeting on Tuesday to discuss the incident. Is this a prelude to western intervention in Syria? The long hot Middle Eastern summer could have some nasty surprises in store for us. Lack of quantitative easing could turn out to be the least of markets' concerns. Further west, European Union politicians are gearing up for what AFP is describing as "the mother-of-all summits" on Thursday and Friday. At stake is the eurozone's progression towards economic union, and Brussels' need "to send a message to the markets that the continent's leaders are united and determined to do whatever it takes to restore confidence in the battered single currency". EUReferendum.com comments: "What Europe needs, says [European Council President] Rompuy, is 'not only to make recommendations and then anyone can do what he wants, but to make them mandatory'. There is no equivocation here. The Council president is talking about a new phase of European integration, with the meeting set to discuss what integration steps can be tackled." Keep on reading @ goldmoney.com |
| Posted: 24 Jun 2012 11:24 PM PDT SGT interviews Michael McDonald co-author of the new book 'The Silver Bomb: Beyond the Return of Metal as Money'. According to SGT, this book is a comprehensive and shocking must-read, especially for folks to whom this information is new – and for folks who feel so beaten up by the Bankster cartel's paper games that they're ready to bail on the physical silver story altogether. "$500+ silver IS coming" says Michael, "Million dollar silver is even possible when measured in worthless dollars". from sgtbull07: Part One Part Two ~TVR |
| Gold & Silver Market Morning, June 25 2012 Posted: 24 Jun 2012 09:00 PM PDT |
| Updating James Turk's Fear Index: June 2012 Posted: 24 Jun 2012 07:33 PM PDT The constant talk about gold's lack of yield, which in many analysts' opinion disqualifies it as a desirable asset, ignores the very important and extremely valuable function that gold performs as an independent and reliable store of value. |
| Posted: 24 Jun 2012 07:03 PM PDT Lonesome George, last member of species of Galápagos giant tortoise, dies Guardian (Chuck L) Trending: Random clicks of kindness in an age of trolls Independent. The cat rescue photo is prominent, but still no story! Stonehenge Was Monument Marking Unification of Britain Science Daily Scientists developing device to 'hack' into brain of Stephen Hawking Telegraph (Chuck L) In Documents on Pain Drug, Signs of Doubt and Deception New York Times Google, The Smothers Brothers, and "The Freedom to Hear" Lauren Weinstein (Chuck L) Australian banks most profitable in the world MacroBusiness Shock at the BBC as reporters are told to start making money Independent. Lambert: Deceptive headline. If they want reporters to be marketers, what does that say? More insane managers regarding "human resources" as interchangeable parts. Muslim Brotherhood's Mohamed Morsi declared president of Egypt Guardian Soros: We Have 3 Days to Avoid 'Fiasco' Bloomberg Debt seniority and the Spanish bailout VoxEU Stimulating Europe Triple Crisis The Great Abdication Paul Krugman, New York Times Romney Stares Uncomprehendingly At $1 Bill Onion Mitt and the junk bond king Boston Globe. His history with Milken. Shock as Nazi flag soars over Long Beach Jewish community Daily Mail (Chuck L) Robert Shiller Goes Off The Deep End With His New Housing Proposal Clusterstock Charlie Rose Endorses America is 'Not Greatest Country' View of Aaron Sorkin Show mcrTV (Swedish Lex) How Christian clubs in schools turned into faith-based bullying MinnPost Insight: In hours, caustic vapors wreaked quiet ruin on biggest U.S. refinery Reuters JP Morgan: Eight Challenging Questions Global Economic Intersection Bank chiefs enjoy double-digit pay rises Financial Times Stabilizing prices is immoral Steve Waldman US Government Backstops Most Derivatives masaccio, Firedoglake * * * Lambert here: D – 76 and counting* "It is more honorable to repair a wrong than to persist in it." –Thomas Jefferson Occasional word of the day. Agnotology: the study of culturally induced ignorance or doubt (via). Readers, suggestions? Meet the Press, as told to The Bobblespeak Translations:. "GREGORY: you never even introduced a bill in Congress RUBIO: that was my tactic to expose the hypocrisy of Democrats Montreal. "#Manifencours will be taken care of by local police stations this evening. Therefore, we will not follow the demonstration on Twitter. #GGI" Quebec City: "A day of protests yesterday in Montreal and Quebec. The two rallies in continuance with March 22nd brought together 15,000 and 10,000 people respectively, showing that the contestation can still be heard at the beginning of school holidays." Quebec City: "In the crowd, Quebec flags were side by side with red squares and signs against shale gas, but the most common targets remained Jean Charest and the mayor of Quebec, Régis Labeaume. The rule that the latter brought to a vote this week to restrict protests did not go unnoticed." Fête nationale in Quebec City: "[P]eople came out in less impressive numbers than in the past. The [organizers] also asked for a private security agency to confiscate all casseroles at the entrance of the site of the concert." "[Student] groups are planning to launch a series of meetings around Quebec in mid-July to increase outreach and engagement with student associations in other provinces." "Large gatherings are also expected for 22 July and 22 August." "It seems likely things will be quiet until the theoretical August resumption of the winter term envisioned in Bill 78. Then, election or not, things may get interesting." "The future of the protests is said to depend on whether an election is called for this autumn, as students are determined to focus on unseating the Charest government." Uh oh. However, I find that dubious. Perhaps a faction. Corruption: "Michèle Ouimet also spoke to Duchesneau about his precarious situation at the end of the week. He says he's hiring private security because he's sitting on information that could shake Quebec's establishment to its foundations, information touching billion-dollar construction deals, corrupt contractors and major political parties (the PQ as well is touched by the claims about party funding)." Occupy. "The U.S. media has been writing an obituary for Occupy, but in fact Occupy is active all over the country and is just being ignored by the corporate media." "Occupy has organized some significant actions, including the May Day protests, the NATO protest in Chicago, an Occupy G8 summit and G-8 protests in Thurmont and Frederick, Md. There are a number of ongoing actions—Occupy Our Homes, Occupy Faith, Occupy the Criminal Justice System, Occupy University, the Occupy Caravan—that protect the embers of revolt. Last week when Jamie Dimon, the CEO of JPMorgan Chase, testified before a U.S. Senate committee, he was confronted by Occupy protesters, including Deborah Harris, who lost her home in a JPMorgan foreclosure. But you will hear little if anything about these actions on cable television or in The Washington Post." AZ. "At the June 12, 2012 [Tuscon] City Council meeting, they voted 7-0 in favor of abolishing corporate personhood and supporting a Constitutional amendment." FL. Florida real estate: "Under current projections, the Atlantic Ocean would swallow much of the Florida Keys in 100 years. Miami-Dade, in turn, would eventually replace them as a chain of islands on the highest parts of the coastal limestone ridge, bordered by the ocean on one side and an Everglades turned into a salt water bay on the other." IL. "For the past four years, [University of Chicago] professors or administrators have dismissed questions about whether the campus should be home to Obama's library with a wave of the hand and an admonition not to ask again until after the November election. … All discussion is going on under the table." The University of Chicago Way! MI. "The state is putting up an 8-foot-tall, chain-link fence to block a homeless encampment from returning to a nearly 9-acre site on a state highway median west of Ann Arbor." MT. "[At the Montana R Convention, Rs finally removed the platform plank endorsing the criminalization of 'homosexual acts." PA. Fracking: "Three northeastern PA families have reached a $1.6 million settlement with [Chesapeake] over contaminated water wells. … Last year the PA DEP fined Chesapeake just over $1 million for contaminating the water supplies of 16 families in the area … [E]xperts from DEP agreed that faulty cement casings on the wells allowed gas and other substances to migrate from deep underground and pollute the water wells." Blowout preventers, anyone? Tinpot tyrant watch: "'Let me explain something to you,' said Jim Weslager, Vice President of PNC Bank Corporate Security to the Cruz family and several of their supporters outside of PNC's corporate headquarters. 'You're all put on notice. You're not to enter any of these PNC properties. If you enter a PNC property, we're going to ask the police to arrest you for criminal trespass.'" The Cruz's had gone to PNC to renegotiate their mortgage. TN. Corruption: "Knox County Mayor Tim Burchett's wife wrote six checks to herself totaling $15,053.56 from his mayoral election fund that were not included on the campaign finance disclosure statements as required by law." VA. WSJ editorial page nationalizes the story. The first outright lie is in paragraph two: "UVA's trustees [sic] dared to fire a president who was working against the priorities that it is ostensibly their job to set." Statement from President and former President of Thomas Jefferson Society of Alumni: "We call upon the Board of Visitors to reinstate Ms. Sullivan as President to complete her current term of office without prejudice. We call upon Rector Helen Dragas to resign as Rector and Board member. In the event she does not resign, we will ask Governor Robert McDonnell not to reappoint her when her current term expires June 30, 2012. Finally, we support the faculty's request for one voting member on the Board to give the Board the opportunity to have faculty input and participation in its future deliberations and votes." Fairfax State rep: "We need independent Boards for our state institutions. There has to be some institutional control. But we can't keep appointing people just because they laid down a five-figure check at a cocktail party for Governor X." Student Council waffles: "Council members stated they 'look forward to the Board having a resolution.'" Commenter: "Umm, shouldn't headline read: 'Student leaders fail to back Sullivan'?" Rally for Honor Sunday afternoon on the lawn (pictures) High noon on Tuesday, BoV meeting. The catch 22: "The Board of Visitors, apparently confident of a majority favoring Sullivan's reinstatement, has called a meeting for Tuesday. The governor, in a three-page memo to all board members, has instructed them to bring "final action" at that meeting or he will ask for the resignation of every one of them. Alas, there is no way for them to do that without action by him. Should the board vote to reinstate Sullivan, she will not agree. She has made it clear that she would gladly return to the presidency, but only if Rector Dragas were no longer on the board. Dragas has made it clear she has no intention of resigning. She will chair Tuesday's meeting." "Dragas has virtually no support for the decision on U.Va.'s Grounds. But she does have a key supporter in Paul Tudor Jones, a Connecticut billionaire and U.Va. alumnus and donor. Support also came from another Connecticut billionaire, Peter Kiernan, a former Goldman Sachs partner who was chairman of the Darden School Foundation board of trustees until his email about 'the project' to replace Sullivan was leaked." Given that the country is ruled (as opposed to governed) by oligarchs, it seems reasonable that billionaires Jones and Kiernan are the principals, and Dragas and other UVA functionaries are the agents. But despite prolix emissions of B-school jargon ("strategic dynamism"), no clear reason for Sullivan's firing has ever been given. What do the putschers want done that Sullivan is not doing? There has to be a reason, and presumably it's money. But nobody who's tried to follow the money has succeeded; the GS angle (here also) came to nothing. So I wonder if this tweet from the Cavalier's FOIAed email trove is a place to begin. Kington to Dragas: "Bob Bruner is at the top of his game – we are so fortunate to have him. As you said today Darden is a near and visible template for much of what we seek" (never explained!) Here's a breathless post from Darden's Dean, Bob Bruner on the future of the university. It's a business model for a MOOC: "Imagine "pay per view" for lectures, textbook chapters, tutorials, etc. The Khan Academy is already doing it for primary and secondary school students. iTunes did it for music. Netflix and Hulu did it for home entertainment. … It used to be that a degree program was the unit of consumption: you could only take courses if you signed up for a degree program. Now, we are seeing the delivery of courses on demand—but why stop there? One could opt for individual classes or tutorials on specific topics." So, let me put on my tinfoil hat and try to think like the finance person I'm not. Clearly, all these "units of consumption" represent a future revenue stream. But UVA would have to make a significant upfront investment in facilities, technology, planning, administration, and staffing — even if they use ill-paid adjuncts — to realize that revenue. So, exactly as the Jippy Mo's William Daley sold future revenue streams from parking meters to a private company in exchange for a lump sum payment up front, why shouldn't somebody, a billionaire, say, purchase the future revenues from "pay per view" education for a lump sum to UVA? UVA invests the money in the facilities, puts the rest into the endowment, gives the billionaires naming rights to this or that, and the billionaires, and their heirs, settle back to collect a stream of rents in perpetuity. Would something like be sufficiently motivating for Paul Tudor Jones to order the institutional hit on Sullivan? VT. "Despite overwhelming public turnout against having nuclear-capable F-35 stealth fighters based at Burlington Airport, city councils in the nearby cities of Burlington and Winooski failed to decide for or against the escalation and voted instead to seek more information. While anti-F-35 community organizing has the biggest presence, there are also pro-jet groups. But the cities choose to ignore both." WI. WI DNR page still lists mine that was voted down in March (after which the company bailed). Or does the DNR know something the rest of us don't? Outside Baseball. Maureen Tkacik: "Friendster engendered all the trust and sense of community the Internet today seems poised to destroy: one, its software would furnish, on command, an intricate diagram of the degrees of separation between you and any given user; and two, the "wall" was designated for more formal "testimonials" to the user's friendship abilities, which generally read something like uncensored wedding toasts. For each friend you had access to hundreds of friends-of-friends' testimonials, and when a stranger tried to friend you there was a complex web of accountability to help you assess the degree to which you could trust him." Unlike FaceBorg. Black Box Voting Gets DMCA Threat from Accenture. 1% lawyer: "High-net-worth individuals are making decisions that having a US passport just isn't worth the cost anymore." Let them go ruin some other country, then. Partisanship: "Under America's separation of powers, parliamentary-style discipline will bring the system to a halt." Everything but the sausage: "Scout allows anyone to subscribe to customized email or text alerts on what Congress is doing around an issue or a specific bill, as well as bills in the state legislature and federal regulations." Policy. I've got mine, Jack: "22% of children in the U.S. are living in poverty." HCR:. Court watching: "It is a good bet that the health care decision will come on the last day [of the session], which may be Wednesday or Thursday." The mandate: "To defend the health-care mandate, for instance, the government could have cited past measures such as a 1792 law signed by President George Washington requiring able-bodied men 18 or older to purchase a musket and ammunition." Today, drones! Life's little ironies, Kennedy advisor John McDonough: "[Romney] thought [RomneyCare] would be a ticket to ride to national fame and glory. He took a position on the mandate that was Republican orthodoxy in the 80s, [which was] the policy position that was held by the elite in the Republican party which had not ever been tested with the base. Finally it was tested with the base, and [by that time] it was identified with the Democrats and Obama so it was a very bad time." The trail. Money: "If they meet their target of $400m for this year's presidential election cycle, the Kochs will have surpassed the $370m that John McCain had at his disposal as his entire campaign funding in 2008." Teebee: "Last week, the Richmond-Petersburg [VA] area was the top media market in the nation for advertising in the presidential election by the Obama and Romney campaigns and outside groups." Royal progress: "Durham [NH] Town Administrator Todd Selig says the Obama campaign should pay the $20,000 to $30,000 in police overtime costs it will take to provide adequate protection for the president's visit to Oyster River High School on Monday afternoon" (CB). That's the half of one plate at a high-roller's fundraiser. Green Party. "While it's still entirely possible that the Greens will win their battle for matching funds at the last minute, it will require a significant quickening of the pace in the remaining states." Independent Party. "On June 23, the Independent Party, which is a ballot-qualified party in New Mexico, held a state convention and nominated Rocky Anderson for President." Libertarian Party. Ballot access: "On June 20, the New Hampshire Secretary of State, Bill Gardner, said that the only parties that will have their own party column on the November ballot this year are the Republican and Democratic Parties. He said all other candidates will be in the 'Other' column." Novel argument, platform: "Legalizing marijuana will reduce border violence and illegal immigration significantly, decreasing the U.S.-Mexican drug trade by 70 percent. Without a monopoly on the marijuana trade, Mexican drug cartels will have vastly diminished incentives to violate U.S. law and risk capture." Ron Paul. "[PAUL:] We should not be disruptive, but we should also not be pushed around" at the Republican national convention in Tampa. Romney. Snark watch: "Before [Obama] was president he never managed anything bigger than his own narrative." True (though government is no more like a business than it is like a household.) Sociopaths at play: "[At Romney's fundraising retreet,] Utah Rep. Jason Chaffetz told reporters both Rove and GOP strategist Mary Matalin were making the crowd howl, telling them about when Vice President Dick Cheney accidentally shot a friend with bird-shot pellets on a hunting trip." Two words: Predator drones. Donors: "While the guest list of high-profile Republicans is known, the arguably more important list of donors is not." "'They're our major investors,' a senior Romney advisor said, declining to speak openly because of the campaign's desire for secrecy." Indeed! Obama. "Republicans of 'good will' who want to work with President Obama will be 'liberated' by his reelection in November, says Obama chief political strategist David Axelrod." Oh, puh-leeze. * 76 days 'til the Democratic National Convention ends with toast and jelly on the floor of the Bank of America Stadium, Charlotte, NC. 76 trombones in the big parade! * * * Antidote du jour:
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