Gold World News Flash |
- Jeff Berwick & Gary Gibson (Live At Freedom Fest) – Getting Ready For The Final Collapse
- Gold at Midpoint of July Range
- The Naked Shorts Will Be Destroyed In The Gold Market
- CEOs Responsible For Standing Up Against Manipulation
- LIBOR-GATE will Destroy Bankers : Silver Doc Interview
- Same Play - Second Act
- Don?t Bet On Gold Mining Stock Prices Going Higher! Here?s Why
- Inflation is a Monetary Phenomenon
- Pitfalls of Silver Price Technical Analysis
- The Gold Price will not Drop to Lower Lows Physical Demand Too Strong
- Senate Throws The Book At HSBC Accusing It Of Massive "Money Laundering And Terrorist Financing", No Comment On NAR Money Laundering Yet
- Peter Schiff very Bullish about Gold Miners Stocks
- Gold 'Divine' As Chinese Sell Wine
- Fed-Sponsored Rallies
- A Look at Government Spending Beyond the Numbers
- Gold Seeker Closing Report: Gold and Silver End With Slight Gains
- Gold Daily and Silver Weekly Charts - Capping
- A Historic Window of Opportunity In Mongolia: James Passin
- The Positive Shift for Mining in Europe
- The Authorities Give Gold Another Leg Up
- Expat Experiences
- Food inflation, European crackup to explode metals prices, Turk says
- Turk - Summer Doldrums Over, Gold & Silver To Explode
- Take The Power Back
- Sprott's Silver Trust Does Another Offering
- To QE or Not to QE, Disinflation May Be In the Cards
- LGMR: Gold Market "Nervous and Thin" Ahead of Bernanke Testimony, Analysts Prepared to be "Disappointed"
- In King World News interview, Embry sees gold strong amid manipulation
- Gold Market Nervous and Thin Ahead of Bernanke Testimony
- Gold Swap Dealers Go Net Long For Only Third Time
| Jeff Berwick & Gary Gibson (Live At Freedom Fest) – Getting Ready For The Final Collapse Posted: 16 Jul 2012 10:15 PM PDT from FinancialSurvivalNetwork.com:
This posting includes an audio/video/photo media file: Download Now |
| Gold at Midpoint of July Range Posted: 16 Jul 2012 10:03 PM PDT courtesy of DailyFX.com July 16, 2012 02:20 PM Daily Bars Prepared by Jamie Saettele, CMT If a triangle is unfolding from the May low, then the range will tighten for perhaps another few weeks or more before the break. “Gold has oscillated on both sides on 1600 since May 2011. This length of consolidation will probably fuel an impressive break…eventually. The sideways trading from the May 2012 low is taking on the form of a head and shoulders continuation pattern (bearish) but a break below 1548 is needed to confirm. Exceeding 1641 would shift focus to 1671 (May high).” LEVELS: 1527 1554 1580 1600 1611 1625...
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| The Naked Shorts Will Be Destroyed In The Gold Market Posted: 16 Jul 2012 10:01 PM PDT  Today Stephen Leeb told King World News that the gold market now boils down to a "war between establishment and the non-establishment." Leeb, who is Chairman of Leeb Capital Management, also said, "When the banks finally get scared that they are short too much gold, you will see a major explosion in price."The acclaimed money manager also stated, "The banks continue to charge the customers for holding their gold as 'allocated,' even though the gold has gone out the door to aid in the gold price suppression scheme. This is fraud, plain and simple, but this fraud is being encouraged by the establishment." Here is what Leeb had to say about the war in gold, who the players are, and how it will end: "I've been reading through your past interviews, Eric, and it's becoming more and more apparent to me that the gold market is really at the center of what is the major divide in this world, and that's the establishment vs non-establishment."
This posting includes an audio/video/photo media file: Download Now |
| CEOs Responsible For Standing Up Against Manipulation Posted: 16 Jul 2012 09:30 PM PDT by Jim Sinclair, JS Mineset:
The justice department has been quoted by MSM concerning their desire for jail sentences for those that are directly involved in Libor Manipulation. Barclays has said there are 17 in the US banks. This is a major change, and would mean a great deal to the unquestioned manipulation of the gold/gold shares and silver/silver shares market. The CEOs of those gold and silver companies suffering from unabashed manipulation could very well have new legal precedent to recover lost capital value for their shareholders.
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| LIBOR-GATE will Destroy Bankers : Silver Doc Interview Posted: 16 Jul 2012 09:24 PM PDT |
| Posted: 16 Jul 2012 09:14 PM PDT [url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] Nothing has changed in the complexion of the gold market for nearly two months now. It is rangebound in a consolidation pattern. What this means is quite simple - all predictions of gold either collapsing or soaring are just that - predictions - the truth is until this market breaks out of its trading pattern, no one knows with 100% certainty exactly where it it is going or what it is going to do next. The best traders never hurry a market nor do they curse it because it does not act like they want it to do - they just accept it for what it is currently doing and watch for an opportunity to act. Having said that, most floor locals are enjoying this range trade - they put their kids through college in these kinds of markets since they are able to sell at the top of the range as they watch the order flow and buy it all back near the bottom of the trading range, again, as they watch the order...
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| Don?t Bet On Gold Mining Stock Prices Going Higher! Here?s Why Posted: 16 Jul 2012 08:13 PM PDT All the fundamental factors that have made gold such a stellar investment for the last decade are still intact…[but] there are several things that have been affecting gold negatively over the past few months, much to our dismay. Words: 367 So says P. Radomski ([url]www.SunshineProfits.com[/url]) in edited excerpts from his original article”. [INDENT]Lorimer Wilson, editor of [B][COLOR=#0000ff]www.munKNEE.com (Your Key to Making Money!), has edited the article below for length and clarity – see Editor's Note at the bottom of the page. This paragraph must be included in any article re-posting to avoid copyright infringement.[/COLOR][/B] [/INDENT]Radomski*goes on to say, in part: One of them is the dollar's strength against the euro and gold’s recent tendency to move inversely to the dollar and in line with more risk-linked assets. This has undermined some of its safe-haven appeal. You can observe that for example in the HUI Index. Gold stocks are not only declining,...
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| Inflation is a Monetary Phenomenon Posted: 16 Jul 2012 08:00 PM PDT by Dr Ron Paul, Gold Seek:
The American public now senses that the Fed's actions, especially since 2008, are enormously inflationary and will cause great harm to the American economy in the long run. They are beginning to understand what so many economists still don't understand, which is that inflation is a monetary phenomenon, and rising prices are merely a symptom of that phenomenon. Prices eventually rise when the supply of US dollars (paper or electronic) grows faster than the available goods and services being chased by those dollars.
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| Pitfalls of Silver Price Technical Analysis Posted: 16 Jul 2012 07:20 PM PDT by Dr. Jeffrey Lewis, Silver Seek:
This seems especially true in the silver market, where a number of factors have changed that precious metal's trading dynamic. Reading silver's future can be more accurately done by interpreting a combination of factors, which include price action and participant positioning. Latest Trends in the Silver Market For example, large commercial traders are currently positioned for higher prices, while recent downward price momentum has hedge funds and speculators adding to the downside price pressure.
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| The Gold Price will not Drop to Lower Lows Physical Demand Too Strong Posted: 16 Jul 2012 05:11 PM PDT Gold Price Close Today : 1591.20 Change : -0.40 or -0.03% Silver Price Close Today : 2729.70 Change : -4.7 or -0.17% Gold Silver Ratio Today : 58.292 Change : 0.086 or 0.15% Silver Gold Ratio Today : 0.01715 Change : -0.000025 or -0.15% Platinum Price Close Today : 1414.80 Change : -17.70 or -1.24% Palladium Price Close Today : 577.55 Change : -7.80 or -1.33% S&P 500 : 1,353.64 Change : -3.14 or -0.23% Dow In GOLD$ : $165.34 Change : $ (0.59) or -0.36% Dow in GOLD oz : 7.998 Change : -0.029 or -0.36% Dow in SILVER oz : 466.25 Change : -1.02 or -0.22% Dow Industrial : 12,727.21 Change : -49.88 or -0.39% US Dollar Index : 83.09 Change : -0.254 or -0.30% The silver and GOLD PRICE are range bound at their slow, low season, so most trading we are witnessing amounts to no more than white noise, meaningless static, UNLESS they close outside that range. Bottom of that range for the SILVER PRICE is 2600c, top is 2800c; for the GOLD PRICE, $1,550 and $1,640. While you're waiting, it's a good idea to buy whenever they fall toward those bottom boundaries. Today GOLD lost a meaningless 40c to close Comex at $1,591.20. Meaningless, except that a stall means something, too. Gold did close above its 20 DMA ($1,588.42) today and smack on its 50 DMA ($1,590.19). That rouses hope, but decides nothing. Most likely Gold is headed for that triangle's top boundary line, today about $1,620, and may bounce off that for another round trip. Won't know till it gets there and shows us. Pay attention here: I'm not blackening gold or its prospects, merely pointing out what "range-bound" means. The SILVER PRICE eked out a 4.7c loss today to close 2729.7 cents. I'm encouraged that's above 2700c, and it's bumping up against the 20 DMA (2737c). One more reason arguing silver and gold will not drop to lower lows is the high premiums on US 90% silver coin and on Krugerrands and American Eagles. These subtle but eloquent clues point to strong physical demand. Y'all bridle your impatience. It's summer, and summer'll be over soon enough. Gold and silver are doing just fine, thank you very much, still in a bull market. While markets are becalmed in the summer doldrums I'd like to re-visit some eternal verities. Well, not eternal, really, but rock-bottom, never-going-to-go-away, understand- this-first-or-understand-nothing verities of the fascist economic and political system we live under. (Don't y'all bother writing me a bunch of smoking emails about the word "fascist." I am using the word technically because it precisely describes a system of "government-business partnership" run by government for benefit of big business, a form of socialism. Look it up.) First, stability above all. Central bankers and governments above all are trying to keep everything from exploding into panic and collapsing. Second, they care not a hoot for the long run. Like the pseudo-economist Keynes said, "In the long run we're all dead." All they care about is keeping the system running until they get off at 5:00 p.m. Permanent reforms, economic justice, equal opportunity, debt relief, rule of law, all these are just labels to make the public drink the jugs of hogwash. Third, not a single central banker, US or otherwise, wants to see the dollar gain or lose drastically against its own currency. When a currency rises against others, that raises the price of its exports and lowers internal economic activity. If a currency drops too fast, it might spark a panic out of the currency. Nope, they want those exchange rates steady within a tight band, and they do manipulate currency markets to keep them there. Fourth, and most important for y'all to understand because it determines the future, massive debt and government deficit spending are not an accident, not an excess of the system, but as organic to it as blood to the human body. Therefore, though they may criticize borrowing and spending, they cannot stop it because they must INFLATE OR DIE. That is the system's nature, and that is why silver and gold offer such promise. They will keep inflating, and inflating drives silver and gold up. Fifth, no market runs up or down forever. At some point silver and gold will peak and you must sell them. Speaking of that, the yield on US treasury debt is now about lower than it was in the Great Depression. That can't persist forever, although I can't foretell when it will turn. Probably not too long, and when that yield starts rising (and bonds start dropping), silver and gold will become the last safe haven standing, and profit accordingly. Today the US Dollar Index, in danger of rallying away toward 90, was whacked on the head by an invisible hand holding an invisible ball peen hammer. Generally speaking, in today's world the invisible hand is always Nice Government Men acting in your benefit. What?! You don't want them acting in your benefit? You think it's to your detriment instead? Hoi polloi! Peasant! What do you know about really big stuff? Whoops, got carried away. Anyhow, the Dollar index fell 0.33% or 25.4 basis points to 83.094. While 83 is the looming mile marker, that was a bad tumble technically, bouncing off the top boundary of a trading channel (kick 'em while they're down, is the NGM's motto), which suggests a fall to the bottom boundary about 79.50. Crossing the last low at 81.52 would put that target in gear. Today's dollar weakness boosted the euro 0.22% to $1.2276. At least that gets it up off Friday's $1.2163 low, lowest prices since June 2010. NGM may slow, but will not stop, the euro's shrinking to $1.2000 or lower. Proving the utter looneydom of currency markets, the yen today, scabbiest, most scrofulous, and weakest of all fiat currencies, mounted 0.4% to 126.83c/Y100 (Y78.85/US$1). That pokes its head above the 200 day moving average (126.74) and promises to rally to the downtrend line at 128. Go figure. Stocks today never even crawled as high as unchanged. After Friday's 1.6%+ rises, indices rolled over today. Dow paid back 49.88 (0.4%) to 12,727.21 and the S&P500 coughed up 3.14 (0.23%) top 1,353.64. From here the S&P500 could rally to 1,380 and Dow to 13,000 and the moves would mean nothing. At those levels the necklines of completed head and shoulders formations linger above, waiting to knock stock indices flat every time they draw near. Let me make this clear about stocks. They represent a diverse cosmos of undertakings, and even when the economy languishes in depression, somebody will be making money. However, the indices average the performance of many stocks. As the economy prospers or sickens, those indices wax or wane. Those indices, along with the economy, entered a WANING phase in 2000, a primary downtrend, a long term bear market lasting 15 to 20 years. Therefore if you stick with the conventional diversification wisdom and buy broad mutual funds or index funds, you will lose your shirt, your belt, and your underwear. Either pick individual stocks in waxing industries (gold mining, for example, or oil exploration) or stay away from stocks altogether. And since most folks have neither patience, temperament, nor skill to pick individual stocks, best for most to stay away. 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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| Posted: 16 Jul 2012 04:30 PM PDT Just because there is already an overflow of confidence in the financial system, here comes the Senate's Permanent Subcommittee On Investigations with a 340 page report detailing how HSBC "exposed the U.S. financial system to a wide array of money laundering, drug trafficking, and terrorist financing risks due to poor anti-money laundering (AML) controls." Of course, since HSBC is one of the world's largest banks, what it did was not in any way unique, and it is quite fair to say that every other bank has the same loose anti-money "laundering" provisions. What HSBC was likely most at fault for was not providing sufficient hush money to the appropriate powers in the highest US legislative administration. But at least tomorrow we will have yet another dog and pony show, accusing that HSBC did what the NAR does every single day. Because let's not forget that the National Association of Realtors lobbied for and received a waiver for anti-money laundering provision regulations: after all how else will US real estate remain at its current elevated levels if not for the drug, blood, and fraud money from various Russian, Chinese, and petrodollar kingpins, mafia bosses and otherwise rich people who need to launder their money in the US, in the process keeping Manhattan real estate in the stratosphere? But one can't possibly pursue the real truth if it just may impair the fair value of that backbone of honest, hard-working US society: still massively overpriced housing in a world in which those who need mortgages will never get them. Here is what the NAR has to say on the topic, courtesy of Elanus Capital Management, with their commentary:
But back to HSBC - here is more from the WSJ:
And from the Senate:
Full Senate report:
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| Peter Schiff very Bullish about Gold Miners Stocks Posted: 16 Jul 2012 04:26 PM PDT Peter Schiff : Miners produce the bullion. If... [[ This is a content summary only. Visit my website http://goldbasics.blogspot.com for full Content ]] 
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| Gold 'Divine' As Chinese Sell Wine Posted: 16 Jul 2012 04:07 PM PDT It seems the end of cheap money bulging out the Chinese wazoo have put the kibosh on the decade-long rally in the price of fine wine. Confirming what we initially noted back in November, it appears that we have a clear winner in the 'best wealth-preservation investment' game as Gold has gone on to dominate fine-wine (and equities) in the last year. As Bloomberg's chart-of-the-day points out, the rapid rise in wine prices - on the back of Chinese demand for French reds - came to an abrupt halt when the PBOC started to put the inflation brakes on - and as is clear - wine is now tracking the Shanghai Composite almost perfectly (down) as the 'asset grab' phase ends. While ironically, wine is (apparently) illiquid - accoridng to Hao Hong of Bocom, the outperformance of Gold in the short- and long-term reminds us of the Monty Python line as Chinese investors appear to have been promised 'all the gold they could eat', since, of course, man cannot live on iPads alone.
Longer-term is it is clear that as China tightened the high correlation between fine-wine and gold started to breakdown - and has snapped now...
and close-up, the path of fine-wine prices is incredibly correlated to the Shangahi Composite (Chinese stocks) - while Gold and US equities appear to best buddies since the end of LTRO2...
Charts: Bloomberg
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| Posted: 16 Jul 2012 04:06 PM PDT The 5 min. Forecast July 16, 2012 01:44 PM Dave Gonigam – July 16, 2012 [LIST] [*]An encore episode of Seinfeld, guest-starring Ben Bernanke: How much does the Fed goose stock prices, really? Candid answers from TV critic Chris Mayer [*]Carrots or sticks? Lessons from India and Turkey about gold confiscation, the history of 1933 you might not know… and an actionable gold-ownership solution [*]A real-life lesson in how regulations muck up everyday life… and your chance to spread the word about legal workarounds [*]New chess moves in the Persian Gulf, and the X factor behind a new pipeline the media hasn’t revealed [*]Why the bankers aren’t being jailed (or hanged)… an inquiry into Medicare’s vast unfunded liabilities… whom you can expect to meet next week if you’re joining us in Vancouver… and more! [/LIST] “This market is like a Seinfeld episode,” muses Chris Mayer. Warning: Today’s 5 is for m...
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| A Look at Government Spending Beyond the Numbers Posted: 16 Jul 2012 02:59 PM PDT We wrote the other day about the power of memes — ideas, styles or patterns of behaviour that spread through cultures and societies. In the digital age, memes can replicate with virtually infinite fecundity, near perfect fidelity and enjoy a potential longevity far beyond that of a gene. Like their biological cousins, however, memes can be both productive — contributing to generally increased knowledge and truth discovery — and harmful — dragging the minds they encounter further away from the reality of a situation. Consider the following graph, for example, which began replicating and spreading across the social media waves last month. It appeared in a column titled, "Who Is The Smallest Government Spender Since Eisenhower? Would You Believe It's Barack Obama?" Here it is:
At first glance, the data would appear to support the headline's somewhat counter-intuitive claim. "Hey, isn't Obama's 1.4 less than G.W. Bush's 8.1…and Reagan's 8.7? Wow…this guy sure is turning the conservatives' narrative on its head!" There is probably plenty of fiddling with the data, as would be expected when building a series out of dot.gov website statistics. But even taking the numbers at face value, a closer examination of the way the graph was constructed betrays the author's rather ill-concealed intention; that of painting Mr. Obama as a (relatively) thrifty steward of the wider economy. Notice, however, that while the graph (and headline) leads the casual observer to surmise one thing, it actually reveals exactly the opposite. Spending has grown under ALL the listed presidents. That is not disputed. So how, you might be wondering, can eight consecutive increases in government spending lead to the claim that the final spender is also the "smallest spender"? In short, it can't. And it doesn't. Imagine lining up members of a basketball team in order of height. The first guy, the point guard, stands at 6 ft. The next fellow, the shooting guard, is 8.7% taller: 6'5". Then come the forwards. The power forward is, say, 5% taller than the shooting guard. He's 6'8". Our fictional small forward is 3% taller, hitting the 7ft mark. And let's say our center is 1.4% taller still. Our team's big man towers in at 7 feet 1 inch. Pop quiz: Who is the shortest member on the team? And the tallest? A slowing in the rate of growth is not the same as shrinking. Likewise, increasing spending "less quickly" is not the same as saving. What the graph above actually shows is that Mr. Obama is spending as much as president Reagan's record…PLUS the obscene growth under Messrs Bush I and II…PLUS the growth under Clinton…PLUS his own increase. On the government's economic Dream Team, Obama is the Shaq of spending. Of course, there are many ways to measure "relative" spending. One might adjust for inflation, for example…but that only leads us into murkier statistical waters with a heavier reliance on the government's own tortured figures. What then about spending per capita? The population has grown by some 70 million people since Reagan first took office. Shouldn't each successive government then spend more to stop members of this mushrooming population from "falling through the cracks"? Even if one buys this claptrap, it must be obvious that not everybody contributes/detracts the same amount to/from the overall market. Some people build companies that satisfy real world demands. They employ thousands of people and bring new products to market, enriching their own lives and the lives of those around them. Other people work for the state, where they spend their years standing in the way of real, honest progress, all the while patting themselves on the back for having "done something" with their nosey little lives. No two people are alike, in other words. Neither is the value of the work they do. And without productive workers, the government has less confiscated wealth to smooth over the cracks it created in the first place. Remember, in the Soviet Union, everyone had a job… "They pretend to pay us…and we pretend to work" was a common political joke at the time. The planners were in charge of everything…until they planned it all into the ground. More people contributing value to a marketplace — ceteris paribus — should mean more ideas, more competition, more division of labor, more goods, more services and generally, more wealth. Less "need" for government, in other words, not more. Of course, that's rarely ever the case…and "more government" is almost always the reason why. Perhaps, then, spending as a percentage of GDP is a fairer method? Some models show that, under these parameters, President Clinton had the lowest relative spending of the above mentioned presidents. During Clinton's last year in office, US GDP was about $10 trillion. Expenditures that year, in 2000, were estimated to be a tad over $3.2 trillion: a 32.6% spending-to-GDP ratio. Using the same method, in 2010 US GDP was measured at roughly $14.5 trillion. Expenditures, under Obama, came in at just over 40% of GDP…the highest level for all the presidents mentioned in the graph, and only the second time it surpassed 40% since WWII (the other year being 2009). In any case, these levels are a far cry from the single-digit percentages that were commonplace up until 1918 (when the spending-to-GDP ratio jumped from 9.5% to over 22%.) But again, it's all junk science. GDP is so obviously a fraudulent metric (as we've explained in these pages before), it's embarrassing to think anyone (outside the government) uses it at all. Take, for instance, the expenditure method for calculation, which looks like this: GDP = private consumption + gross investment + government spending + (exports − imports). As you can see, government spending is actually counted as a net positive when calculating the size of the economy. If the government were to simply pay all the economists in the nation to shave one another's beards, the expenditure method would register an enormous increase in GDP…even though the overall economy might be no better off at all. Think misallocation of resources (perhaps debatable in this example), widespread malinvestment, vast diminishing of the dollar's purchasing power, academics pinheads wielding straight blade razors…etc., etc., etc… That the government can create value is, to continue our metaphor, the baldest-faced Keynesian lie of them all. At best it can redistribute it…all the while watching it atrophy, whittling away in their bureaucratic distribution pipelines and misguided, make-work programs. To be clear, the above list of presidents houses no heroes for this editor. Just crooks, shysters and politicking pony paraders varying only in degrees of waste, market distortion and outright theft. A graphic portrayal of marauding pirates "dividing the loot." After a quick meme search of our own, we found the following cartoon which, we feel, more accurately depicts the situation in Washington, DC. Swap the candidates around if it makes you feel better…the result is still the same.
Joel Bowman A Look at Government Spending Beyond the Numbers originally appeared in the Daily Reckoning. The Daily Reckoning, published by Agora Financial provides over 400,000 global readers economic news, market analysis, and contrarian investment ideas. Recently Agora Financial released a video titled "What Causes Gas Price to Increase?".
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| Gold Seeker Closing Report: Gold and Silver End With Slight Gains Posted: 16 Jul 2012 02:20 PM PDT Gold dropped down to as low as $1578.51 by a little after 8AM EST, but it then rose to as high as $1594.61 in late morning New York trade and ended with a gain of 0.09%. Silver surged to as high as $27.42 and ended with a gain of 0.22%.
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| Gold Daily and Silver Weekly Charts - Capping Posted: 16 Jul 2012 02:08 PM PDT |
| A Historic Window of Opportunity In Mongolia: James Passin Posted: 16 Jul 2012 02:03 PM PDT The Gold Report: James, the Bank of England (BOE), the European Central Bank (ECB) and the People's Bank of China have made moves to boost flagging economies. The BOE added &ound;50 million to its quantitative easing program. The ECB reduced its key lending rate to a record low of 0.75%. China cut its key lending rate for the second time in a month to prevent a further slump in manufacturing and a fall in property values. What effect will these moves have on the gold price through year-end? James Passin: It's clear that loosening monetary conditions will stimulate commodity prices generally and will eventually support the beginning of a great inflationary wave. In the short term, it's impossible to call, as strong deflationary pressures are emanating out of weak economic conditions and deleveraging. Gold, while far less popular than in recent years, is still a widely held asset of hedge funds. The consequence is that it's harder for gold to have any kind of sustainable short-term r...
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| The Positive Shift for Mining in Europe Posted: 16 Jul 2012 02:03 PM PDT Synopsis: Junior mining companies are having a field day in "the Nevada of Europe." Dear readers, I'm in Qinghai province at the moment, where a director of the state geological brigade just told me that the number of geologists they have in the field has tripled from 5,000 last year to 15,000 this year. They plan to drill 1,000,000 meters – yes, one million meters – of exploration drill holes this year. Their budget is 4.0 billion yuan, or about US$625 million. All of this in just one province. This also happens to be the province where Inter-Citic Minerals (T.ICI), a Canadian junior explorer in our portfolio with a multimillion-ounce gold project, has just announced that it's in negotiations with a potential buyer. The stock has doubled in less than a month. I'm happy to say that exactly this possibility was the reason I encourages subscribers to average down on this stock in the last few editions of Casey Internat...
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| The Authorities Give Gold Another Leg Up Posted: 16 Jul 2012 02:01 PM PDT We have written in these pages before about the financial authorities giving gold a helping hand, sometimes with their short sited policy actions. Freezing Iran out of the payments system so she settles exchange in other forms with ... Read More...
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| Posted: 16 Jul 2012 02:00 PM PDT [Joel's Note: In the July 3 edition of The Daily Reckoning, senior editor Eric Fry wondered aloud why more and more Americans are renouncing their US citizenship. "Americans who bail on their country may not think things are going to get any worse any time soon," wrote Eric, "but they clearly do not believe things are going to get better. So far, the pitter-patter of footsteps heading for the exits is barely a murmur...but the murmur is getting louder." So is it the rampant overspending mentioned above motivating the as-yet mini-exodus? A loss of freedom? Over-regulation? The weather? We asked expat Reckoners to weigh-in...and weigh-in you did. Below you'll find a selection of expat experiences. Please enjoy...] Reckoner Peter W. Dunn, PhD, writes… I administrate an important website (Isaac Brock Society) with multiple bloggers who cover the issue of expatriation, expat taxes, FBAR and FATCA. As someone who expatriated in 2011 and who has blogged on the issue for the last two years, I believe that the vast majority of those who relinquish their US citizenship are people who are already long term residents overseas — not people who decide to leave the United States in order to escape the growing oppression of the United States. You have to understand what has happened. In 2010, I decided to renounce my US citizenship because of the 2008 HEROES Act which created a financial Berlin Wall, which would penalize covered expatriates with an exit tax. I haven't lived in the US since 1986. ALL of my wealth is now in Canada. ALL of my wealth was earned in Canada. I have filed my US income taxes and I owed nothing. But I was not going to allow your country to prevent me from exercising my freedom to decide where I would be a citizen, just because I had over 2 million in assets. But the thing is I don't have that much, but with the way your Federal Reserve is inflating the US dollar (I am a frequent reader of The Daily Reckoning), I fear that my small Canadian fortune would be worth well in excess of 2 million puny US dollars. I decided it was time to renounce. But the thing is, I wasn't even a Canadian yet, because as a proud American who always traveled on an American passport, I had never seen the need to take on Canadian citizenship. It took a year to obtain my Canadian citizenship. Now the Queen of Canada is the only thing standing between me and your arbitrary and capricious POTUS. That's my story. On February 28, 2011, the day I became a Canadian, I ceased to be a United States citizen. But around 2009, the IRS, who was now in charge of the enforcement of the FBAR law, began to threaten people with substantial fines for not filing. They created an Overseas Voluntary Disclosure Program, an amnesty program with a confiscatory penalty of only 20% of your financial wealth, in some cases including real estate. Today the OVDP fine is 27.5%. This is in lieu of maximum willful penalty rate of about 383% of your financial wealth, so warns the IRS today. In the summer of 2011, these OVDI/OVDP programs were made known to the general public in Canada by a complicit Canadian media — Canadian "journalists" began to do the dirty work of scaring the hell out of US persons in Canada. This set off a huge number of people who needed to renounce their citizenship or otherwise clarify their citizenship status (if they had relinquished decades ago but had no proof of their relinquishment — US border guards were insisting that they travel on a US passport). This is what Marvin van Horn (cf. Amy Feldman article at Reuters), one of our bloggers and one of the early victims of the 2009 OVDP, has called a Tax "Jihad" waged on US expats around the world. Thus, I think there is also strong evidence of the following: (1) the vast majority of Certificates of Loss of Nationality are issued not to wealthy people quitting the US to avoid taxes but long term expats who have decided that relinquishing is the best way to avoid this Tax Jihad; (2) the government reported stats are well below the true number of people who have relinquished: I am not on the list despite my 29 February 2012 approval date of my CLN. Many people have reported similar results. I would not be at all surprised if over 10,000 people relinquished their US citizenship last year. In other words, the US government is lying and incompetent in its reporting of the numbers. Would that be a surprise to you? DR: Uh…no. And here's Reckoner Terry, also writing from north of the 49th Parallel… Read your Expatriation story with great interest. I moved to Canada 27 years ago to take a temporary job and fell in love with Vancouver. Not only did I stay, I became a dual citizen. Started a business. Bought a home. However, I remained a proud American with dreams of returning or retiring to my homeland — or at least living there half the year with my Canadian wife. Not anymore. Now I'm seriously considering giving up my US citizenship. Why? Because Uncle Sam thinks every dollar I make in Canada is his business. Last year I had to pay taxes in both Canada and the states, yet I have not worked a day in the US since leaving in the mid-'80s. The US filing requirements for people living outside the country are onerous and invasive. The US is the only country with such requirements. Not only must I report my income, I must report the highest balance of the year from any bank, brokerage or other financial account outside the US, including account numbers, institution addresses, etc. I must supply the financial statements and Canadian tax filings from my small business. I must report the smallest details from every share of stock bought and sold in Canada or the US. Thus I must pay two tax accountants, because the reporting is so complex. If I don't file, if I make the smallest mistake in my filings, the penalties are outrageous — whether I owe money or not. Lately I have feared visiting my family in the states, because if there have been any irregularities in my US tax filings, I can be held in the US indefinitely. And get this…a child of a US citizen born in Canada must also file a US tax return — even if they've never spent a day of their life in the good ol' USA. I hate the thought of bailing on my homeland. But the cost, aggravation, time and anger this policy generates has worn me down. What do I get in return? The chance to go back to my homeland anytime I want. Well, maybe that's not such a great incentive anymore. I was complaining about all of this to a Canadian friend of mine. His response? "There are people literally dying to get into the US to work. You can do so anytime you want. Shut up and quit complaining." Perhaps he's right. But he's never had to fill out a form TD F 90-22.1 and lie awake at night wondering if he missed a decimal place. Thanks for the chance to vent. And finally, one from Reckoner Karen, looking perhaps to head south… For many years I have dreamed of living in some tropical locale, mostly for the weather. But about, (what year was that election?) 3-4 years ago I started seriously planning it. We are in the process of getting our affairs in order to make the trek south, either to Nicaragua or Panama. I have a pension that I am not counting on lasting for the rest of my life, otherwise our funds are limited. We hope to be established in a place before my pension evaporates. I believe we could live a much richer, comfortable life elsewhere. I can think of many reasons to leave; cheaper cost of living, less government interference, fewer people expecting a handout or outright living off the government, but very few reasons to stay; family. Every day there is a new reason to be disgusted with what's going on in this country, we are tired of it and figure it will only get worse when the millionaires we elect to represent us have no idea what it's like to be an "average" American. We are looking for a simpler, less stressful life and believe that is impossible to find here. Regards, Fellow Reckoners, Expat Experiences originally appeared in the Daily Reckoning. The Daily Reckoning, published by Agora Financial provides over 400,000 global readers economic news, market analysis, and contrarian investment ideas. Recently Agora Financial released a video titled "What Causes Gas Price to Increase?".
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| Food inflation, European crackup to explode metals prices, Turk says Posted: 16 Jul 2012 01:59 PM PDT 3:55p ET Monday, July 16, 2012 Dear Friend of GATA and Gold: GoldMoney founder and GATA consultant James Turk tells King World News today that the world financial system, particularly in Europe, continues to crack up even as food price inflation seems about to soar. So Turk expects the monetary metals to have a rally that "will take our breath away." An excerpt from the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/16_Tu... CHRIS POWELL, Secretary/Treasurer 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 Join GATA here: 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 Prophecy Platinum Announces Wellgreen Preliminary Economic Assessment: 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 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...
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| Turk - Summer Doldrums Over, Gold & Silver To Explode Posted: 16 Jul 2012 01:09 PM PDT  With volatility in global markets, today King World News interviewed James Turk out of Europe. Turk told KWN, "The financial, monetary and economic conditions are so bad ... that everything will spin out of control." He also warned, "There is a new factor at work that is about to light a fire under the precious metals that few people recognize - food inflation." He went on to say, "We can expect a rally from here that will take our breath away." Here is what Turk had to say about what is happening: "The sentiment indicators for gold and silver have been exceptionally low for weeks now, Eric, which is understandable given their lackluster performance during this period, as well as the downright discouraging performance of the mining shares."
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| Posted: 16 Jul 2012 12:44 PM PDT [U]www.preciousmetalstockreview.com July 14, 2012[/U] It’s not easy to make a buck in this type of market so we’re sitting and waiting for the right setups to form mainly with the odd little trade here or there. Hopefully that will soon change as charts are setting up nicely and could break into a trending pattern soon. We’re also watching the beaten down miners closely but in all reality we won’t see them move until gold and silver get on the move which likely means we have the summer to accumulate the good ones we’ve had our eyes on. All is not lost though as we have substantial weighting now in six different REIT’s which are paying anywhere from 7% to 16% so we are getting paid quite handsomely to wait out this choppy market. The best thing is that these hefty dividend paying REIT’s are also hitting new highs in some cases and are just plain strong in others. The summer may b...
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| Sprott's Silver Trust Does Another Offering Posted: 16 Jul 2012 12:35 PM PDT "The world's economic, financial and monetary system continue to circle the drain at an ever-increasing velocity." ...
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| To QE or Not to QE, Disinflation May Be In the Cards Posted: 16 Jul 2012 12:12 PM PDT In its most recent Meeting Minutes for June 19-20, which were released on July 11th, the FOMC gave no indications of another round of stimulus or QEIII. Nevertheless, the monetary policy making committee did reiterate that it would continue its "Operation Twist" program of bond repurchases through the end of this year. While the immediate reaction to the FOMC Meeting Minutes depressed precious metals prices and drove the U.S. dollar higher, markets corrected afterwards. The price of gold dropped marginally, and the price of silver actually rose by 10 cents per ounce. The Fed's monetary policy has exerted considerable influence in all capital markets and will continue to be a driving force in the perceived value of the U.S. dollar that is ultimately reflected in the pricing of consumer goods. Disinflation and its Possible Benefits Disinflation is typically defined as a drop in the rate of inflation or a decrease in the general level of the prices of goods and servic...
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| Posted: 16 Jul 2012 12:02 PM PDT London Gold Market Report from Ben Traynor BullionVault Monday 16 July 2012, 07:30 EDT THE DOLLAR cost of buying gold fell to $1583 an ounce during Monday morning's London trading, in line with where last week's range, while European stock markets also edged lower and US Treasury bonds gained, with markets focused on Federal Reserve chairman Ben Bernanke's testimony before Congress tomorrow. Prices to buy silver fell to $27.11 per ounce – nearly 1% off last week's close – as other industrial commodities also ticked lower. On the currency markets the Euro fell against the Dollar, dropping back below $1.22. "Keep an eye on the Dollar and the stock market for clues as to the next direction [for gold]," says David Govett, precious metals manager at brokers Marex Spectron. "But all in all, [the market] should stay quiet, albeit thin and nervous as usual." "Markets are settling back into wait-and-see mode," adds a note from ANZ Bank, "ahead of testimony by Fed Chairman Bernank...
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| In King World News interview, Embry sees gold strong amid manipulation Posted: 16 Jul 2012 11:55 AM PDT 1:53p ET Monday, July 16, 2012 Dear Friend of GATA and Gold: Sprott Asset Management's John Embry, interviewed today by King World News, discusses the strength of the gold price despite market manipulation. He also talks about the impossibility of reconciling the different interests of euro-zone countries. An excerpt from the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/16_Em... CHRIS POWELL, Secretary/Treasurer 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 Join GATA here: 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 Prophecy Platinum Announces Wellgreen Preliminary Economic Assessment: 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 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...
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| Gold Market Nervous and Thin Ahead of Bernanke Testimony Posted: 16 Jul 2012 11:19 AM PDT THE DOLLAR cost of buying gold fell to $1583 an ounce during Monday morning's London trading, in line with where last week's range, while European stock markets also edged lower and US Treasury bonds gained, with markets focused on Federal Reserve chairman Ben Bernanke's testimony before Congress tomorrow. Prices to buy silver fell to $27.11 per ounce – nearly 1% off last week's close – as other industrial commodities also ticked lower.
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| Gold Swap Dealers Go Net Long For Only Third Time Posted: 16 Jul 2012 11:16 AM PDT Today's AM fix was USD 1584.00, EUR 1300.17 and GBP 1020.68 per ounce. Friday’s AM fix was USD 1579.00, EUR 1294.05 and GBP 1022.34 per ounce. Gold rose by $16.30 or 1.2% in New York on Friday to end the week 0.8% higher at $1,588/oz. Silver rose 8 cents to close at $27.25/oz – a gain of 0.52% on the week.
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I interviewed Jeff Berwick and Gary Gibson at Freedom Fest, separately, although you'd think they were together. We spent a lot of time together, and there was no shortage of topics and alternative financial luminaries present at the conference. Peter Schiff, Doug Casey, Steve Forbes, Gary Johnson, Judge Andrew Napolitano and so many more. But Gary and Jeff are all about practical advice about protecting your wealth and keeping it out of the hands of the government. Jeff's a big proponent of second passports, and Gary's been travelling around the world looking for safe harbor. Either way, they both agree the US Government's appetite for your wealth is going to increase greatly, as the depression deepens. So better to be prepared than to continue about your daily affairs, blind to the probabilities ahead.
My Dear Friends,
Later this month Congress will have an unprecedented opportunity to force the Federal Reserve to provide meaningful transparency to lawmakers and taxpayers. HR 459, my bill known as "Audit the Fed," is scheduled for a vote before the full Congress in July. More than 270 of my colleagues cosponsored the bill, and it has the support of congressional leadership. But its passage in the House of Representatives is only the beginning of the battle, as many Senators and the President still don't see the critical need to have a national discussion about monetary policy.
Technical analysis of the financial and commodity markets has been used effectively by traders to analyze price movements of commodities and stocks for hundreds of years. Despite being one of the most effective methods for forecasting future price movements, technical analysis can break down and give conflicting signals when certain events occur. 
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