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LIBOR fixing implicates government as well
Alasdair Macleod: LIBOR fixing implicates government as well
A Eurozone Crash Is Baked In The Cake
Hathaway says gold correction over; Celente says gold as rigged as LIBOR
Gerald Celente – The Biggest Story of the 21st Century
The Ancient Metal of Kings
Steve Forbes: How To Bring Back America
Gerald Celente - The Biggest Story of the 21st Century
In The News Today
When the Heat Is On

LIBOR fixing implicates government as well

Posted: 07 Jul 2012 09:00 PM PDT

The LIBOR scandal has been hogging headlines of late, with questions raised again about the extent to which big banks are now a law unto themselves; the focus on Barclays obscures the fact that other banks are likely to be found guilty of the same offence. The practice has been going on seemingly since at least 2005. The scandal has not only attracted fines, but it exposes the banks concerned to customer refunds and civil actions of amounts potentially in multiples of their core capital.

It lends support to the view that banks have lost sight of their responsibilities to their customers. This was the inevitable outcome of London's "big bang" in the early 1980s, when the banks muscled in on securities-trading and derivative markets. The reason the rot started in London was that the Glass-Steagall Act restricted the ability of commercial banks to mix investment and banking activities in the US, so Wall Street was ready to "move" to London. The Conservative government in the UK took the hint and forced the London Stock Exchange to open up its membership to banks.

Read More @ GoldMoney.com

Alasdair Macleod: LIBOR fixing implicates government as well

Posted: 07 Jul 2012 08:09 PM PDT

10:08a HKT Sunday, July 8, 2012

Dear Friend of GATA and Gold:

The LIBOR rate-rigging scandal, economist Alasdair Macleod writes at GoldMoney, is more evidence of the merger of banking and government, "a devil's pact, with state interests being traded for benefits for the banks. The state has been funded, and the banks have become rich. The idea that this can have been achieved without market manipulation by both parties working together is simply naive." Macleod's commentary is headlined "LIBOR Fixing Implicates Government as Well" and it's posted at GoldMoney here:

http://www.goldmoney.com/gold-research/alasdair-macleod/libor-fixing-imp...

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

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

From a Company Press Release
November 22, 2011

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

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

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

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

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

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Prophecy Platinum Announces Wellgreen Preliminary Economic Assessment:
38% Pre-Tax IRR, $3.0 Billion NPV, and a 37-Year Mine Life

Company Press Release

VANCOUVER, British Columbia, Canada -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) reports the results of an independent NI 43-101-compliant preliminary economic assessment for its fully owned Wellgreen nickel-copper-platinum group metals project in the Yukon Territory.

The independent assessment, prepared by Tetra Tech, evaluated a base case of an open-pit mine (with a mining rate of 111,500 tonnes per day), an on-site concentrator (with a milling rate of 32,000 tonnes per day), and an initial capital cost of $863 million. The project is expected to produce (in concentrate) 1.959 billion pounds of nickel, 2.058 billion pounds of copper, and 7.119 million ounces of platinum, palladium, and gold during a mine life of 37 years with an average strip ratio of 2.57.

The financial highlights of the preliminary economic assessment, shown in U.S. dollars, are as follows:

Payback period: 3.55 years
Initial capital investment: $863 million
IRR pre-tax (100% equity): 38 percent
NPV pre-tax (8% discount): $3 billion
Mine life: 37 years
Total mill feed: 405.3 million tonnes
Mill throughput: 32,000 tonnes per day

Prophecy Chairman John Lee says: "We are pleased with the preliminary economic assessment results. The numbers indicate that Wellgreen is one of most exciting mineral projects in the Yukon. The company is drilling to upgrade and expand the resource base. The infrastructure is excellent as the project is only 1,400 meters in altitude and 14 kilometers from the paved Alaska Highway, which leads to the Haines deep seaport. Discussions are under way with support from local stakeholders regarding permitting and logistics."

For the complete press release, please visit:

http://prophecyplat.com/news_2012_june18_prophecy_platinum_announces_res...

A Eurozone Crash Is Baked In The Cake

Posted: 07 Jul 2012 08:00 PM PDT

by Doug Casey, Whiskey and Gunpowder:

Louis James: So Doug, you're off to FreedomFest 2012 shortly, where people will be able to hear your latest thoughts on many subjects. Maybe you can give us a sneak preview on whatever is uppermost on your mind today.

Doug: FreedomFest should be especially outrageous, since I'll be tag-teaming with my friend Jeff Berwick of the Dollar Vigilante for a featured lunch. I'm not sure exactly what topics we're going to discuss, but I hope we aren't prosecuted for breaking too many federal, state, and local statutes at one sitting.

Anyway, lately I've been thinking about the EU's rising tide of troubles. We talked about this last January, when I said it was coming, but it seems to me that at this point it's rapidly coming to a head. A major financial and economic catastrophe in Europe is unavoidable. From there, it's likely to spread out to the whole world.

Read More @ WhiskeyAndGunpowder.com

Hathaway says gold correction over; Celente says gold as rigged as LIBOR

Posted: 07 Jul 2012 07:35 PM PDT

9:30a HKT Sunday, July 8, 2012

Dear Friend of GATA and Gold:

Writing for King World News, Tocqueville Gold Fund manager John Hathaway declares the end of the correction in gold and argues that negative real interest rates will continue to drive the price up. Hathaway's essay is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/6_Hat...

Also at King World News, trends forecaster Gerald Celente says the gold market is just as rigged as the LIBOR interest rate reports have just been acknowledged to have been. An excerpt from Celente's interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/7_Ger...

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

Gerald Celente – The Biggest Story of the 21st Century

Posted: 07 Jul 2012 07:30 PM PDT

from KingWorldNews:

Today top trends forecaster Gerald Celente discussed with King World News what he termed, "the story of the 21st century." He also talked gold at length, and stated, "…it's rigged (the gold market). Again, go back to the LIBOR scandal, they were lying about the severity of the crisis by rigging the numbers." Celente is the founder of Trends Research, and the man many consider to be the top trends forecaster in the world. Here is what Celente had to say: "Eric, the big news is the formation of a European Central Bank, in the same fashion as the United States central bank. Of course there's the ECB now, but what's really going on now, it's not about bailing out the banks of Spain, Greece, Italy, Ireland or Portugal, no, that's not what that last G-20 meeting was all about."

Celente continues @ KingWorldNews.com

The Ancient Metal of Kings

Posted: 07 Jul 2012 02:03 PM PDT

Richard (Rick) Mills Ahead of the Herd As a general rule, the most successful man in life is the man who has the best information "The fundamental factors that have driven the gold bull market… remain very much in place." Morgan Stanley. "Fears of another banking crisis amid a Greek exit from the euro zone are growing. This also raises the likelihood of further central bank action to calm markets and alleviate a possible slump. Money printing, along with the European Central Bank's large liquidity injections for the banking system, has been good for gold. And real interest rates are negative in much of the developed world, which will also fuel fears of an eventual jump in inflation." Moneyweek.com "Gold meanwhile, shall once again slap the overwhelming number of perma-bears in the face again on its way to a new, all-time high." Peter Grandich Better than Gold Gold's price has risen because of the abuse and mismanagement of our monetary and ...

Steve Forbes: How To Bring Back America

Posted: 07 Jul 2012 01:51 PM PDT

Steve Forbes has a message for a nation dominated by increasingly short-term decisions made on Wall Street and in Washington D.C., and by ever greater economic, financial and currency instability. As long as America continues moving away from sound money; away from sound financial and economic policies; and, ultimately, away from freedom, its future grows more dim. The dot-com and housing bubbles followed by the 2008 financial crisis and the most severe economic decline since the Great Depression serve as powerful lessons. A future of bigger government, higher taxes, more burdensome regulations, less consumer choice and more unrealistic government promises requires more and more Federal Reserve play money.

Steve Forbes has a quintessentially American policy prescription rooted in American history. The answer to America's economic problems is—and has always been—new wealth creation. New wealth creation doesn't come from the government or from the Federal Reserve's printing press. New wealth creation is what happens naturally with stable money based on the gold standard, lower taxes on individuals, a simplified tax code, reduced bureaucracy and free markets.

Interview: Steve Forbes: How To Bring Back America

The Hera Research Newsletter is pleased to present an incredibly powerful interview with Steve Forbes, Chairman and Editor-in-Chief of Forbes Media. The company's flagship publication, FORBES, is the leading business magazine. Combined with international and licensee editions, FORBES reaches more than 6 million readers worldwide. The Forbes.com website is a leading destination for senior business decision-makers and investors with more than 30 million unique visitors per month.

Hera Research Newsletter (HRN): Thank you for joining us today. With the U.S. economy struggling to recover from recession and financial crisis, what policies would you recommend?

Steve Forbes: The only way to recover is to stabilize our money, have a gold backed dollar, simplified tax code and return to a free market.

HRN: You advocate the gold standard?

Steve Forbes: If there's any better system to ensure a stable value for money, it's yet to be found. For nearly all of America's first 200 years, the dollar was linked to gold. Since we went off the gold standard, we've had more and more financial, economic and banking crises. For example, if the Federal Reserve hadn't started to print so much money ten years ago, we wouldn't have experienced the housing bust or the commodities boom or the sovereign debt crisis in Europe. Eventually, events become a persuasive teacher.

HRN: Don't we need a flexible money supply?

Steve Forbes: That's like saying that changing the number of minutes in an hour would be a great tool to increase productivity in the economy. Manipulating weights and measures, whether it's the number of ounces in a pound or minutes in an hour, is a false way to think that you can achieve prosperity. All gold does is serve as a yardstick to measure the value of your currency.

HRN: Doesn't increasing the money supply help to stimulate the economy?

Steve Forbes: The only way to increase prosperity is through innovation and productivity. Attempts to manipulate the value of money invariably fail. We've had numerous devaluations, and not once has it created lasting prosperity.

HRN: Under the gold standard, would there still be a lender of last resort to backstop the banking system?

Steve Forbes: The gold standard doesn't prevent lending during a panic. The Bank of England pioneered acting as a lender of last resort in the 1860s under the gold standard.

HRN: Wouldn't the gold standard prevent financial innovation?

Steve Forbes: No. Financial innovation has been with us for hundreds of years in terms of new financial instruments to meet expanding needs as the global economy becomes more complex. Many of the innovations of recent years, however, have come about in response to the instability of the dollar and other currencies, which has increased volatility in currency and commodity markets. New instruments have been designed either as insurance against volatility or to take advantage of it. If you had stable money, there would be much less hedging and financial speculation.

HRN: Can governments function under the gold standard?

Steve Forbes: Certain countries feel free to spend money whether they have it or not. Fiat money, which can just be printed up, has disguised the real cost. We would never have experienced the kind of government borrowing we've had in recent years if we'd had stable money. The gold standard would keep the government honest.

HRN: Doesn't government deficit spending smooth over recessions?

Steve Forbes: The bottom line for the U.S. is that a weak dollar means a weak recovery. Stability is good for the economy. The simplest thing to do is to re-link the U.S. dollar to gold.

HRN: Wouldn't that tie the hands of the Federal Reserve?

Steve Forbes: Tie their hands to do what, further harm to the economy? I don't think that's such a bad thing.

HRN: Isn't the price of gold volatile like other commodities?

Steve Forbes: The reason to return to the gold standard is that gold maintains a stable, intrinsic value over time. Stable money meets all conditions. Gold doesn't change in value. Currencies change in value. Gold is Polaris.

HRN: How would re-linking the U.S. dollar to gold work?

Steve Forbes: You simply peg the value of the dollar to gold. Let's say, for argument's sake, you peg the dollar to gold at $1,600 per ounce. If gold goes above $1,600, you tighten up on money creation. If it goes below $1,600, you ease up. You keep it around $1,600 by tightening or easing up on money creation. The gold standard doesn't preclude a booming economy having more money or a stagnant economy having less money.

HRN: Isn't the gold standard deflationary?

Steve Forbes: No. The gold standard is neither inflationary nor deflationary. It's like the mile: There are 5,280 feet in a mile; it's a fixed length. That doesn't restrict the number of miles of highway you can build. Between 1776 and 1900 the U.S. grew from a small, agricultural nation of 2.5 million people to a nation of 76.2 million people, and it became the greatest industrial power on earth. The money supply went up about 160-fold while the dollar was pegged to gold.

HRN: Wouldn't the gold standard severely limit leverage in the financial system?

Steve Forbes: If you're a worthy borrower, you can borrow at the market interest rate; if you're an unworthy borrower, you have to pay a higher interest rate or you can't get money. The gold standard would have prevented the wild lending and money creation we've experienced in the last few years, which has led to disaster. You can see it in the housing bubble and in the European government debt bubble. None of these things could have happened had we had stable money.

HRN: Is the Utah Legal Tender Act, which makes gold and silver legal in Utah, helpful?

Steve Forbes: I'm in favor of the states trying to get away from the Federal Reserve's play-money approach. The key is for the next President to institute a gold-linked dollar policy.

HRN: Do competing currencies make sense?

Steve Forbes: The idea of a parallel currency is a perfectly good one. People would come to prefer a dollar based on gold rather than a dollar based on politicians.

HRN: Do you also suggest using silver as money?

Steve Forbes: The Chinese and other cultures have used silver as money, but silver doesn't maintain its value the way gold does. Over time it takes more silver to buy an ounce of gold. About 120 years ago it took 15 ounces of silver to buy 1 ounce of gold. Today it takes more than 50 ounces. That's why the U.S. moved away from a bi-metallic standard to the gold standard. One metal becomes more valuable than the other at different times. Silver is better than fiat money, but there's only one gold standard.

HRN: Would the gold standard help the U.S. economy to recover?

Steve Forbes: In the 1980s, when we had very high unemployment and a stagnant economy, the way out was through a strong dollar, lower income taxes, entrepreneurship and new wealth creation. Remember, the values of assets go up when people see a future. They don't today.

HRN: We didn't have the gold standard in the 1980s.

Steve Forbes: Ronald Reagan killed the terrible inflation of the 1970s and sharply reduced income tax rates. Reagan wanted a return to the gold standard, but none of his advisors believed in it. Inflation was effectively killed by high interest rates. Deregulation was pushed forward, and America roared. In 1982, the Dow bottomed at 776; over the next 18 years it went up 18-fold.

HRN: You advocate cutting taxes?

Steve Forbes: Yes, and we should put in a flat tax. The advantage of the flat tax is that it enables people to focus on real things. Abraham Lincoln's Gettysburg Address, which defines the character of the American nation, is all of 272 words. The Declaration of Independence is a little more than 1,300 words. The Constitution of the United States and all of its amendments are a little more than 7,000 words. The Bible, which took centuries to put together, is a mere 773,000 words. The U.S. federal income tax code—with all of its cross-references, descriptions of amendments and effective dates—is probably now in excess of 4,000,000 words. Nobody knows what's in it. Last year the IRS announced that Americans spent 6.1 billion hours filling out tax forms and $300 billion on tax preparation. This is a huge waste of resources and brain power. Not to mention that it's a corrupting influence. It's a huge source of government power, and it brings out the worst in us. The sooner we get simplicity—and a flat tax would give us that—the more energy we can devote to productive pursuits.

HRN: How could the U.S. transition to a flat-tax system?

Steve Forbes: Since people get hung up on their deductions, we would institute a flat tax and give people the option of filing either under the new, simple system or the old, horrific system. If you're a masochist and want to punish yourself, you can file under the old income tax system. If you want the simplified one, you can go with that. I think 99% of Americans, out of sheer convenience, would quickly switch to the new system.

HRN: You mentioned deregulation. How would that help the U.S. economy?

Steve Forbes: Take health care, for example. We don't have a free market in health care. There's a disconnect between patients and health care providers. If you go to a hospital and ask how much something costs they'll look at you strangely because they think you're either uninsured or a lunatic. How many hospitals put the prices of procedures on their websites? It's like going into a restaurant and having no idea how much anything on the menu costs. It's a crazy system.

HRN: How would you go about deregulating health care?

Steve Forbes: First, we should repeal the Patient Protection and Affordable Care Act—Obamacare—which is an abomination. Patients should have more choice. The insurance companies don't compete freely for business. We should allow people to shop nationwide for health insurance. I live in New Jersey, which has a lot of senseless regulations. Why can't I buy a health insurance policy in Pennsylvania that costs less? We should equalize the tax treatment of health care expenses. If you're a business or are self-employed, you should be able to deduct the expense. And individuals should be free to go into the market and pay with after-tax dollars. We should make it easier for small businesses to form a collective to buy health insurance. There are a lot of simple things that could be done.

HRN: Do free markets really work?

Steve Forbes: Free markets, with sensible rules of the road, can do all the things that big government advocates say the government does but that it really can't do. Free markets enable people to move out of poverty and break down barriers between ethnic groups and between nations. Free markets increase cooperation and foster a sense of humanity. Everything that big government says it will do, you get more from free markets than from government bureaucracies. Which one has a better future, FedEx or the U.S. Post Office? Do you want food stamps or paychecks? Big government makes a lot of promises, but it's short sighted. Government is about meeting its own needs at the expense of the nation, and it's immoral. Free markets have gotten a bad rap, which happens to be the subject of my new book.

HRN: The Federal Reserve recently announced that it will extend its "Operation Twist" program by $267 billion through the end of 2012. Will that help the U.S. economy?

Steve Forbes: No. The more Federal Reserve Chairman Ben Bernanke messes up, the more he's hailed as a savior. The Federal Reserve's programs—quantitative easing 1 and 2 and Operation Twist—are just fancy words for printing up more money. It's a bunch of smoke and mirrors. They've done a lot of damage already, and they're continuing to. What they're doing is dangerous. Not only has the Federal Reserve created a lot of money and vastly expanded its balance sheet but, along with the U.S. Department of Treasury, it has dramatically shortened the maturity of U.S. government debt.

HRN: What do you mean when you say that the Federal Reserve has done a lot of damage?

Steve Forbes: By keeping interest rates artificially low, Chairman Ben Bernanke is cheapening the dollar, which punishes savers and harms future investment. It distorts financial markets and misdirects investments into things like creating the housing bubble. It subsidizes government borrowing at the expense of the rest of us. It's the equivalent of a cut in pay for workers. Let's say you're earning $20 per hour and the government cheapens the dollar; then, in effect, you're making $15 per hour. It violates contracts and undermines social trust.

HRN: What should Chairman Bernanke do instead?

Steve Forbes: Other than resign, Chairman Bernanke should realize that the gold standard works and that when you deviate from it, you create more and more uncertainty. He should re-link the dollar to gold. Doctors used to treat patients by bleeding them. Bernanke just keeps bleeding the economy.

HRN: Thank you for being so generous with your time.

Steve Forbes: Thank you.

Hera Research, LLC, provides deeply researched analysis to help investors profit from changing economic and market conditions. Hera Research focuses on relationships between macroeconomics, government, banking, and financial markets in order to identify and analyze investment opportunities with extraordinary upside potential. Hera Research is currently researching mining and metals including precious metals, oil and energy including green energy, agriculture, and other natural resources. The Hera Research Newsletter covers key economic data, trends and analysis including reviews of companies with extraordinary value and upside potential.

Gerald Celente - The Biggest Story of the 21st Century

Posted: 07 Jul 2012 11:45 AM PDT

Today top trends forecaster Gerald Celente spoke with King World News what he called, "the story of the 21st century." He also discussed gold at length, and stated, "...it's rigged (the gold market). Again, go back to the LIBOR scandal, they were lying about the severity of the crisis by rigging the numbers." Celente is the founder of Trends Research, and the man many consider to be the top trends forecaster in the world. Here is what Celente had to say: "Eric, the big news is the formation of a European Central Bank, in the same fashion as the United States central bank. Of course there's the ECB now, but what's really going on now, it's not about bailing out the banks of Spain, Greece, Italy, Ireland or Portugal, no, that's not what that last G-20 meeting was all about."

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

In The News Today

Posted: 07 Jul 2012 11:42 AM PDT

Jim Sinclair's Commentary

This is exactly what it feels like to be a bull on gold today.

It was long odds but this crew actually dog fought with 17 Japanese zero fighters and lived to tell about it. They actually resurrected a busted out B17 and mounted an extra 50 caliber machine gun operated

Continue reading In The News Today

When the Heat Is On

Posted: 07 Jul 2012 07:00 AM PDT

Dave Gonigam – July 7, 2012

On Wednesday, Americans paused to fire up the grill. On Thursday, large sections of the country cooked under an oppressive sun. And on Friday, stocks got roasted on the coals of a lousy unemployment report.

If you've been anywhere near a computer, radio or TV in the last 24 hours, you know about the jobs numbers and how they tanked the market yesterday. So we direct your attention this morning to a few things that might have flown under your radar in this week's 5 Things You Need to Know.

A hidden drag on your portfolio: Oil producers. Combine the shale boom with lousy demand and a slowdown in China and Europe… and Chris Mayer concludes "the high oil price of recent times sowed the seeds of its own demise." Be wary of oil producers, he cautions — but there are sectors within the energy space that will still perform… and sectors outside of energy that will flourish.

Only 62 People Know Exactly Why These Four Companies Could Change the World

Now you're #63 "on the inside" — and you're on the verge of raking in lasting wealth.

This could go down in history as the story of our era.

Click here for all the details.

A metal in demand for the next quarter-century: Copper. Another expert stepped forward this week to forecast epic demand for the red metal… and his outlook "dovetails with what I've been hearing from experts across the mining industry," says Byron King. While copper currently languishes near the level where it sat two years ago, Byron identifies two reasons it can't stay down forever.

A dying bit of Americana: Small banks. Many of them sailed through the crisis of 2008… but they're being undone by a passel of new regulations that only the biggest banks can afford to comply with. So far this year, 90 banks are selling out to competitors. "But the small banks will go out with a bang," says Chris Mayer — "one that investors can capitalize on."

If You Own Any of These Gold or Silver Stocks*…

Then you may be eligible to instantly collect a cash payment of $784, $1,324 or $2,345 — without having to sell your shares.

(*List also includes technology stocks, retail stocks and more. For a complete list of all 3,097 participating stocks, see this report.)

Odds that you live in a "Constitution-Free Zone": Two in three. U.S. Customs and Border Protection has an expansive notion of what makes up "the border" — as many people find to their dismay, stopped on an interstate in New England, or even riding the train from New York to Chicago. If you thought "internal checkpoints" were something out of East Germany, here's a cold splash of water.

A five-syllable word worth drilling into your memory: "Phytochemicals." They're naturally occurring compounds in plants. Many of them have the potential to combat diseases as serious as cancer or a stroke. And because they're not drugs, they're not regulated by the FDA — so they can come to market quickly. "Market forces are like water flowing downhill," explains Patrick Cox. Best position yourself at the bottom of the hill with three phytochemicals that could make early investors very wealthy.