saveyourassetsfirst3 |
- Merkel Wagers EU Pact On Semifinals, Thoughts On RIM And Steel
- Silver Update: Silver & Euros – 6.30.12
- Dollar Down: Commodities Way Up
- Gold Price Stutters Around $1600
- These Mining Stocks Could Sink On Executive Pay Outrage
- Gold reentering monetary system
- Newmont Can Dig Up $59 With Conga Project Back Online
- Buying Stocks Because Expectations Are Low
- A brief history of Silver demonetisation
- Satyajit Das: “Super Brussels” Saves The World, Again, Maybe!
- Why Sweden’s central banker was beheaded [1719 AD] Scandinavian copper money
- July 1st, 1926 : Canada comes back to the Gold Standard
- dodd frank's gold regs reach congo panners
- Blazer Metals Report: Tier 1 Gold & Industrial Silver
- Hopewell: Coin Roll Hunting
- EM: Gold & Silver Charts 6.30.12
- Silver: $26 Support or Fools Rally?
- Copper: The other Metal
- New Zealand’s Savings & Loans Companies: Not Like Any Banking Industry You’ve Ever Seen Before
- Weekend Gold/Silver Newsletter 6/30
| Merkel Wagers EU Pact On Semifinals, Thoughts On RIM And Steel Posted: 01 Jul 2012 03:35 AM PDT By Stephen L. Weiss: I have three theories as to why the EU provided the market moving agreement overnight: 1) Wagers between the Mayors of competing teams in the World Series or Super Bowl usually involve food - lobsters, steaks, etc. The EU has taken this to an entirely new level. As such, I wonder whether Merkel wagered Germany's approval of the pact on the outcome of the previous day's Euro 2012 Championship Semifinal match. 2) Merkel is the anonymous GP of a very large hedge fund with lagging performance. Her lock-ups expire July 1st, so she needed a big end of the quarter mark-up on her portfolio. 3) Merkel has been diagnosed with a very rare, life threatening disease and is not expected to live out the European ratification process, thus allowing her to stay true to her pledge "not in my lifetime." I have been neutral in terms of market exposure, cautious Complete Story » | ||||||||||||||||||||||||||||||||||||||||||||
| Silver Update: Silver & Euros – 6.30.12 Posted: 01 Jul 2012 03:12 AM PDT | ||||||||||||||||||||||||||||||||||||||||||||
| Dollar Down: Commodities Way Up Posted: 01 Jul 2012 03:09 AM PDT In this video I discuss the long term trends for the dollar and commodities. from gregvegas5909: Link to my website/New X-Wave book: http://www.lulu.com/shop/gregory-mannarino/the-x-wave-phenomenon-2012-and-beyond-global-financial-impact/paperback/product-20234391.html ~TVR | ||||||||||||||||||||||||||||||||||||||||||||
| Gold Price Stutters Around $1600 Posted: 01 Jul 2012 02:18 AM PDT By Gold Price Today: The gold price today continues to linger around $1,600, having closed on Friday at $1,599 or £1,017 per ounce. On Friday the gold price surged higher after eurozone officials agreed to ease restrictions on emergency loans to European banks. The spot price grew as much as $44.37, or 2.9%, to $1,601.27 per ounce in morning trading. The eurozone continues to set the tone for the gold price and markets continue to follow the news. Re-setting the economy Recently something drew my mind to the cycles of economies. It was late on a Friday, Frustratingly I looked hard at my computer screen. Somewhat dumbfounded by its ability to freeze and become completely unresponsive. With a rage building up inside me and after futile attempts to see what was wrong I called for IT to come. In stepped the resident IT guru. Took one look, placed his finger on the large button Complete Story » | ||||||||||||||||||||||||||||||||||||||||||||
| These Mining Stocks Could Sink On Executive Pay Outrage Posted: 01 Jul 2012 01:44 AM PDT By Stock Croc: Freeport-McMoRan (FCX) CEO Richard Adkerson had a very good year in 2011. His take home pay for the year was $69 million, according to the Arizona Republic newspaper. That means Adkerson effectively received a $33.7 million raise in 2011, as his pay in 2010 was $35.3 million. Most of the reimbursement came in the form of stock options. The Phoenix Business Journal also noted that Freeport's Chairman James Moffett was paid $31 million in 2011. The Journal also found that Mr. Adkerson and Mr. Moffett both receive some very expensive perks from the company. Moffett spent $348,000 on aircraft and $176,000 on cars and security in 2011. Adkerson spent $238,000 on private jets and $164,500 on cars and security. A Freeport Spokesman, Eric Kinneberg, defended Mr. Adkerson's salary as justified under the company's pay for performance philosophy. Adkerson is 18 on Forbes magazine's list of highest paid CEOs in the Complete Story » | ||||||||||||||||||||||||||||||||||||||||||||
| Gold reentering monetary system Posted: 01 Jul 2012 01:00 AM PDT Early in 2011, the London Bullion Market Association began to push for gold to be recognised by the Basel Committee on Banking Supervision as the ultimate high-quality liquid asset. It has been a ... | ||||||||||||||||||||||||||||||||||||||||||||
| Newmont Can Dig Up $59 With Conga Project Back Online Posted: 01 Jul 2012 12:02 AM PDT By Trefis: Newmont Mining (NYSE:NEM) will soon resume work on its Conga gold project as the miner has accepted the Peruvian government's condition to build water reservoirs to ensure water supply in the nearby areas. The Conga project is the largest gold project in Peru and holds approximately 6.1 million attributable ounces of gold reserves and 1.7 billion attributable pounds of copper reserves, as of December 2010. The project has a capacity to produce close to 350,000 ounces of gold and up to 120 million pounds of copper annually (Conga Fact Sheet, Newmont Website). The Conga project was earlier estimated to start production by late 2014 to early 2015, but is now revised to 2017 – a delay of almost two years – following protests by local residents and authorities since November. The project cost could also jump to $5 billion from earlier $4.8 billion as new water reservoirs may cost about Complete Story » | ||||||||||||||||||||||||||||||||||||||||||||
| Buying Stocks Because Expectations Are Low Posted: 30 Jun 2012 11:03 PM PDT By Soha Group: The rally in equities on Friday was the product of good news meeting low expectations. As we enter Q3, the market may be positioned for this theme to play out on a larger scale. Macro concerns, bad news and underwhelming economic numbers have caused investors, analysts, companies and the Federal Reserve to reduce their growth projections. As this has been happening the market experienced a 10% correction, but, significantly, did not meltdown and has recovered from its recent lows. Investors have had a lot of time to factor the bad news into their game plans, but the one thing that has been absent from the conversation is the potential for good news. It is important to remember that bad times will be followed by good times and good times turn into bad times. When we are immersed in a bad period, but no major crisis emerges, we prefer to position Complete Story » | ||||||||||||||||||||||||||||||||||||||||||||
| A brief history of Silver demonetisation Posted: 30 Jun 2012 05:00 PM PDT Daily Reckoning | ||||||||||||||||||||||||||||||||||||||||||||
| Satyajit Das: “Super Brussels” Saves The World, Again, Maybe! Posted: 30 Jun 2012 04:46 PM PDT By Satyajit Das, derivatives expert and the author of Extreme Money: The Masters of the Universe and the Cult of Risk (2011). Jointly posted with Roubini Global Economics The Pavlovian response of financial markets to the European leaders' summit of 28 and 29 June 2012 was remarkable. The frugal communiqué of 322 words fired the "animal spirits" of financial markets, which now believe that the European debt crisis has been "solved". As comedian Robin Williams joked: "reality is just a crutch for people who can't handle drugs." Summiting Once More… The summit supported a single regulatory body for all European banks. The previously agreed Euro 100 billion capital injection for Spanish banks was ratified. Payments will now be made directly by the European Financial Stability Fund ("EFSF") and its successor the European Stability Mechanism ("ESM") to the banks rather than as loans to the relevant country. Loans will also not have priority of repayment over commercial lenders. The EFSF/ ESM will take whatever actions are "necessary to ensure the financial stability of the euro area… in a flexible and efficient manner". This was taken to mean that they will purchase bonds of beleaguered countries like Spain and Italy to reduce the cost. The European Union ("EU") will provide Euro 120-130 billion of financing for investment to boost growth. The language was vague and the details sketchy. After the meeting German Chancellor Angela Merkel told the Bundestag that differing communications" from various Euro-Zone leaders about the exact agreement had "led to a whole number of misunderstandings". The initiatives may require complex and time consuming changes in European treaties. In essence, implementation risks remain. Conditional… Bank recapitalisation will require the establishment of the EU central bank supervisory body, which should only be "considered" by the Council before the end of 2012. Given issues of national control and sovereignty, the risk of delays and failure of agreement are not insignificant. Capital injections are subject to unspecified "economy wide" conditions. One potential condition could be that the national government compensate the EFSF or ESM for any losses. This is what Germany sought pre-summit, arguing that the EU could only lend to sovereigns, not foreign banks over which it had little or no control. Routing funding directly does little to break the deadly nexus between European banks and their sovereigns. It does not address the fact that the banks are heavily exposed to sovereigns and this exposure will increase over time. It does not address the banks reliance on the European Central Bank ("ECB") for funding. The fact that bailout funds will not have repayment priority is not a change. As investors in Greek bonds discovered, the EU can, if they wish, retrospectively change the terms to subordinate commercial creditors in any case. While the exact terms of any capital injection are unknown, the proposal creates a perverse incentive for the EU, especially Germany, to push for existing shareholders and bondholders in Spanish banks to absorb losses prior to the injection of new funds. This will be resisted by both investors and possibly the government making it difficult to implement. The potential for EFSF/ ESM purchases of Spanish and Italian bonds to provide funding and manipulate interest rates was actually agreed last year. It requires a member state to request assistance and execute a Memorandum of Understanding, which involves less onerous conditions than those applicable to a full bailout. The 29 June 2012 statement confirms that any assistance would be conditional. The ECB already has the ability to intervene by purchasing bonds under its Securities Markets Programme. In fact, bond purchases by the ESM may reduce buying by the ECB meaning less not more support. The growth initiative amounts to only 1% of Euro-Zone Gross Domestic Product ("GDP"). It was a repackaging of existing unspent funds and is unlikely to be operational quickly. The summit communiqué did not mention any progress on a Europe-wide deposit insurance scheme to limit capital flight from peripheral countries, although this may be a matter for the new European super bank regulator. Where's the Money… There was no commitment of new money of any kind. Since mid 2011, Germany has succeeded in ensuring that existing bailout facilities are not increased. The ability of the EU to support the peripheral nations on an ongoing basis is questionable. The Euro 440 billion of the EFSF is largely committed to the Greek, Irish and Portuguese bailouts as well as the Euro 100 billion required for Spanish banks. After the new ESM is fully implemented, there will be at most Euro 500 billion available. Potential requirements include a third bailout for Greece and further assistance for Ireland and Portugal. Additional money for recapitalising European banks may be needed. Spain and Italy have financing requirements of around Euro 600 billion in the period to 2014, mainly to pay maturing debt. This also assumes that the EFSF (which is backed by guarantees from Euro-Zone Members including Spain and Italy) and the ESM (which will require capital contributions totalling Euro 80 billion from all Euro-Zone members) can finance its activities. Support from the International Monetary Fund ("IMF") is uncertain. The lack of conditions and supervision of loans may be a barrier to IMF participation. Domestic politics within the US in a Presidential year may also limit flexibility. Arithmetical Impossibility… The cost of support for the peripheral nations is rising. The ECB has provided over Euro 2 trillion in the form of bond purchases and funding for European banks. Euro-Zone members are directly and indirectly supporting the two European bailout funds -the EFSF and ESM- for around Euro 1 trillion. National central banks in Germany, Netherlands, Finland and Luxembourg have provided more than Euro 700 billion in financing for weaker nations. Even without agreement on Euro-Zone bonds, mutualisation of debt is already a fact as stronger countries, especially Germany and France, effectively underwrite these facilities. As more financing for weaker nations moves to official institutions, the commitment will increase. Germany faces potential losses of between Euro 800 and Euro 1.4 trillion (up to 40% of its GDP). France also faces large losses. Chancellor Merkel has increasingly emphasised that Germany's financial strength is not infinite. The monetary arithmetic of European debt problems looks unsustainable. The EU may simply not have enough funds to carry out their programs, unless the bailout funds are increased in some way or the ECB follows the US, UK and Japan into full scale quantitative easing to monetise European sovereign debt. As those countries have found, such measures also do not represent a simple solution. Political Impossibility… In the short run, the ECB will probably lower rates and continue to provide liquidity to manage the risk of financial collapse. But the deep seated problems remain. The real economy –growth, employment, investment, capital flight out of weak nation- will continue to be problematic. The economic performance of stronger countries like Germany will deteriorate. The problems of the financial system –loan losses, funding difficulties- will continue. Weaker sovereigns will continue to face challenges in raising funds at acceptable costs. The problems are increasingly political. The June Summit highlighted deep fissures within the Euro-Zone itself. Germany, which is substantially bearing the financial burden of the European debt bailouts, finds itself increasingly vilified and isolated. Spanish, Italian and French newspapers and political commentary were triumphant, depicting the summit as a humiliating back down by Germany. Northern European countries aligned with Germany have expressed concern about weaker conditions for aid to the indebted European countries. Dutch financial daily Het Financieele Dagblad wrote that "the southern euro countries are taking the north hostage". While her political position remains relatively secure, the German Chancellor faces increasing domestic criticism for providing assistance without extracting agreement to suitable tough conditions from recipients. Chancellor Merkel insists that German taxpayers' money will not be committed without strict conditions. She has reiterated that there was no increase in German guarantees for the Euro-Zone rescue funds and no jointly guaranteed Euro-Zone bonds to finance weaker states. She insists that the commitment to use the EFSF/ ESM to buy sovereign bonds for countries facing market pressure would be conditional. Spain and Italy's gleeful boasts of unconditional aid does not square with Dutch and Finnish insistence that any money would require compliance with strict conditions. Germany and the Norther European countries' willingness to continue to finance the existence of the Euro-Zone may be weakening. At the summit, the joke of the day was that Germany lost 2-1 to Italy in the semi-finals of 2012 European soccer championship in Warsaw but lost 16-1 at the EU summit in Brussels! Italian Prime Minister Mario Monto, with uncharacteristic indiscretion, boasted that "it is a double satisfaction for Italy" referring to Italian victories over Germany in both soccer and the debt negotiation. Spain, Italy and France may well live to regret its triumphalism in antagonising its paymasters. The Euro-Zone itself seems the loser in the longer term. Real Impossibility… Despite progress, European leaders refuse to acknowledge that a portion of the debt of the peripheral nations is unrecoverable. None of steps announced improves the sustainability of the debt levels of the affected countries, their access to markets or cost of borrowing in the medium to long term. Ultimately, it is not possible to solve the problem of excessive indebtedness with more debt or by simply changing the lender. Austerity dooms Europe to a prolonged contained depression as the debt burden is worked off. The alternative, a debt write-off, would result in significant loss of wealth for the mainly European lenders and investors triggering an economic contraction and prolonged period of economic stagnation. There are now limited policy options available. For the moment, investors and the non-German members of the Euro-Zone are celebrating. It would be wise to remember American writer Edgar Howe's observation: "there is nothing so well known as that we should not expect something for nothing – but we all do and call it hope."
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| Why Sweden’s central banker was beheaded [1719 AD] Scandinavian copper money Posted: 30 Jun 2012 04:45 PM PDT Bullion Vault | ||||||||||||||||||||||||||||||||||||||||||||
| July 1st, 1926 : Canada comes back to the Gold Standard Posted: 30 Jun 2012 04:30 PM PDT bank of Canada | ||||||||||||||||||||||||||||||||||||||||||||
| dodd frank's gold regs reach congo panners Posted: 30 Jun 2012 03:40 PM PDT the obama law :cheerful: http://www.reuters.com/article/2012/...85S1A420120629 Gold traders in the eastern Congo district of Ituri have heard of the Dodd-Frank act, or "Obama's law" as it's known here, but don't see why it's got anything to do with them. "I struggle to understand this Obama's law," says George Lobho, one of hundreds of traders operating out of tiny wooden shacks in the muddy streets of Mongbwalu. "What does it mean?" Ituri is one of many areas of the country to have experienced bitter ethnic conflict between rival tribes in recent years. Massacres have left tens of thousands dead. It is this fighting that led U.S. authorities to take the unprecedented step of naming Congo in section 1502 of the Dodd-Frank financial regulation act, which says U.S.-listed companies that source gold, tungsten, tantalum and tin from Congo or its neighbors must assure the U.S. stock exchange regulator that their business is not helping fund conflict. The legislation, signed by President Barack Obama in 2010, puts the onus of proof on end-users. But while it has sent shockwaves through the global gold industry, the fractured and opaque nature of the gold supply chain means it has yet to have an impact where it counts - on the ground. Gold, which hit record highs near $2,000 an ounce last year and remains above $1,500, is a big earner here. People like Lobho who find it hard to feed their families ask few questions about the origins of the metal on offer. Lobho buys around 50 grams of metal a week, which he sends on to an exporter in the district capital Bunia about 85 km (55 miles) away. He says he doesn't need to provide any documentation and says trading gold from areas where conflict continues, such as the Kivu provinces, is easy. "If someone comes from North Kivu, they can sell here, of course," he told Reuters. "No problem." Members of U.S. Congress are lobbying the Securities and Exchange Commission (SEC) to pass the long-delayed guidelines necessary to fully enforce the section. But U.S. companies are not wasting any time getting ready. Electronics companies such as Dell and Intel have signed up to codes of conduct excluding conflict minerals from their supply chains, and jewelry retailers are pressuring manufacturers to do the same. Some European gold refineries say they are no longer sourcing any material from Africa's artisanal miners, who can't provide the tracking paperwork their clients demand. But in Congo, exporters are still finding routes to get gold from remote regions to market. Research into the impact of Dodd-Frank by a U.N. Group of Experts last year found that while it had cut the sums earned from tungsten, tin and tantalum mining used to support warlords and buy guns, it had not had the same effect on the gold industry. "Gold is just less tractable as a mineral in terms of being responsive to this kind of regulation, because it's so easily smuggled," Fred Robarts, coordinator of the Group of Experts' report said by telephone from Kinshasa. "The total volume of gold moving is still quite high." TRANSIT POINTS Aside from output from Canadian miner Banro, Congo's only large-scale producer at present, the country officially exported around 112 kg of gold last year. But one mining official in Kinshasa estimated that figure is probably less than 10 percent of the actual amount. That means more than 1,000 kg a year may be leaving Congo unofficially, worth more than $50 million in refined form. While this is a tiny amount in the world gold market, it can buy a lot of arms. Silva Ucima, who runs an association for artisanal miners in Ituri, said only a fraction of the gold produced here is declared and shipped legally. The rest vanishes into neighboring Uganda. "Here people are just crossing the border into Uganda, selling the gold, and then coming back with other goods," Ituri mining official Simon Pierre Bolombo said. Last year's Group of Experts' report identified Ugandan capital Kampala as a major transit point, along with Kenya's capital Nairobi, Bujumbura in Burundi, and Dar es Salaam and Mwanza in Tanzania. From these centers, the gold can be re-packaged and sent on, much of its bound for the United Arab Emirates, a major refining and distribution hub. The Group of Experts' research suggested some 3 tons of Congolese gold may have been laundered through Kampala into the supply chain in Dubai in 2010. UAE customs officials declined to comment on the report. The huge gold trading centre has shown it is sensitive to ethical issues, and the Dubai Multi Commodities Centre, working with the OECD, issued guidelines on responsible trading this year. But controlling unofficial supplies is extremely difficult. One participant at a World Gold Council roundtable in Johannesburg last year said they saw travelers arriving in Dubai with suitcases of semi-processed gold for refining. Gold can be mixed with metal from other sources and molded into dozens of different forms, which can be melted down and recycled again and again. Even small quantities make big money. Official figures do not specify where gold is exported to from Dubai, but traders say much of it is bound for India, the world's biggest gold consumer, and elsewhere in the Middle East. Those markets accounted for more than 1,000 metric tons (1102.3 tons) of demand last year - about 40 percent of global consumption. U.S.-listed companies sourcing gold from these markets, many times removed from its original source, for use in jewelry or electronic goods bound for the United States may decline to buy unregulated metal. But others won't worry. "It's fair to say that consumer awareness (of conflict funding) is nowhere near as developed in India and China as it is in Europe and North America," says Michael Rae, chief executive of the Responsible Jewellery Council. GUIDELINES Detailed guidelines for section 1502 are still pending. Even when the act is fully enforceable, companies will not be punished directly for buying from Congo and its neighbors. But if their reporting turns out to be inaccurate, they could fall foul of SEC disclosure regulations, leaving them open to civil and criminal penalties. In theory, directors could be held individually liable. "Companies are concerned about the burden they are facing," said Tim Engel of law firm King & Spalding in Washington. "They are concerned about what would happen if they make a disclosure in good faith and it turns out to be inaccurate." Supporters of section 1502 say the legislation, though imperfect, is an important part of a push towards greater accountability in the global gold industry. Section 1502 was, for example, one of the pieces of legislation the London Bullion Market Association looked at when it drafted its guidance for refiners on its Good Delivery List, a key quality standard, earlier this year. "It's a huge opportunity," said Annie Dunnebacke, a campaigner at Global Witness, which aims to increase awareness of conflict and corruption around natural resources. "It is the first time there is a piece of legislation that actually tackles the issue of conflict financing and makes requirements of companies in a supply chain, particularly downstream, end-user companies." But the very nature of gold is always going to make it hard to track and control supply, especially via legislation aimed at the upper end of the industry. To make a real impact, more direct action within Congo is needed to target the warlords who profit from gold trading. Convincing traders in Congo that this is practical is likely to be an uphill task. "How can we differentiate gold?" said Silva Ucima. "It's all yellow. How can you know where it comes from?" | ||||||||||||||||||||||||||||||||||||||||||||
| Blazer Metals Report: Tier 1 Gold & Industrial Silver Posted: 30 Jun 2012 12:54 PM PDT | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Jun 2012 12:37 PM PDT COIN ROLL HUNTING – MY RESULTS! – SILVER DIMES , SILVER NICKELS! FREE INVESTMENT! LET ME KNOW YOUR RESULTS! Chase is retarded for not counting the coins people bring back. from hopewellgoldandcoins: ~TVR | ||||||||||||||||||||||||||||||||||||||||||||
| EM: Gold & Silver Charts 6.30.12 Posted: 30 Jun 2012 12:35 PM PDT | ||||||||||||||||||||||||||||||||||||||||||||
| Silver: $26 Support or Fools Rally? Posted: 30 Jun 2012 12:31 PM PDT This video speaks about the rise in the precious metals rise on 6/29/2012, downturn of June 2012 due to JPMorgan loss and the extension of Operation Twist, and a triangular technical formation since April 2012. from cyrus992: ~TVR | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Jun 2012 12:24 PM PDT Only Gold and Silver are Money… Oh, and, Copper, Too! from daytradeshow: ~TVR | ||||||||||||||||||||||||||||||||||||||||||||
| New Zealand’s Savings & Loans Companies: Not Like Any Banking Industry You’ve Ever Seen Before Posted: 30 Jun 2012 07:48 AM PDT After the Reserve Bank of New Zealand's little flail at companies using "restricted words", there are not so many New Zealand companies with Bancorp in their name any more, but one does detect in the Company Register a lingering fondness for other bank-like appelations, such as "Savings and Loan", or "Savings & Loan". Names like that, on a New Zealand company, have no official meaning, but they might appeal to any Americans out there whose due diligence on an overseas bank stops at checking whether the bank has a vaguely familiar-looking name. That level of nonchalance identifies ideal scam victims. The company name functions as a filter: only dopes sign up. Should the Reserve Bank be warning judiciously about these foreign-accented phrases, and others, too, no doubt; whether or not the words are in their Reserve Bank of New Zealand Act 1989? Let's see whether I can form any strong but purely personal opinions about that, which I will express in capital letters, bold. For a start, issuing warnings about offshore companies with "Savings and Loan" in their names might have done something to help with First Capital Savings And Loan, another spectacular from Auckland Compliance:
SCAM! Thus motivated, let's see what else the Reserve Bank has been missing, shall we? We will come across the name Auckland Compliance, subject of this post, a few times. Alliance Savings and Loan, proxy director Ruby Hamilton, address Suite 605, Albert Plaza, 87-89 Albert Street; serviced offices. DODGY. Chartered Savings and Loan, director Mohanan Sundareswanan, connected with the fraudulent pseudobank Investment Suisse Limited, that I started to write about here and here. DODGY. Auckland Savings and Loan, proxy director: taxi driver, bank CEO and Auckland Compliance dogsbody Darryl Jensen, nuff said. DODGY. Island Capital Savings & Loans, Limited, has as director Robert Shumake of Michigan, currently profiling himself as an anti-mortgage fraud campaigner. His Blogger profile says this:
In fact the Federal Home Loan Bank Board was abolished in 1989, seven years before Mr Shumake's sterling work was rewarded by a seat on its board. One finds more résumé burnishing, and perhaps worse, in this:
DODGY. Fitco Savings and Loan Limited has director Chris Varjabedian, of 6343 Geyser Ave, Tarzana, Ca, 91335, US. There's no Chris Varjabedian at that address, but there is a Vic Varjabedian there. And given that little act of misdirection, and since the number of Vic Varbajedians in the US is not huge, one concludes that this FTC Judgment about sales of fake driving permits might not be unconnected with our New Zealand S&L:
DODGY. Credit Aliance Savings and Loan Trust, with director Craig Kinsman, appears to be part of his embryonic international payments outfit, Credit Alliance. One hopes that Credit Alliance depositors fare better than investors in another company Kinsman used to direct, Fame Investment Holdings:
DODGY. Canterbury Savings & Loan Limited is quite upmarket: a tax vehicle directed by formerly St Kitts-national, now US-National, and Swiss-resident John Ivsan, of "asset protection" firm Southpac. Should one hope that his new caper works out better for his clients than this old one? TAX WHEEZE. United Saving and Loan is either another tax vehicle, established by a German-speaking company formation agent in Florida, Michael Rau, or a Ponzi established by the scammer who is conducting a vendetta against him. I can't be bothered to find out which, quite honestly, so he gets the benefit of the doubt. TAX WHEEZE. Oppco Savings and Loans is a creation of Panamanian company registerer Zealand Financial (successor of Auckland Compliance), which I wrote about here. As I said then, "there must be more bombs waiting to go off" and this is a case in point. Though its business address is in Auckland, its only director, preposterously, is Steven Medley of Glendale, CA, who is possibly this guy. Although it's kitted out with a spanking new NZ FSP number, Oppco looks like a Ponzi, as this piece of drivel from its web site makes abundantly clear (spelling and grammar as original):
Actually, make that a Ponzi with a pyramid on top:
DODGY. Trillion Private Wealth Limited, formerly the ineptly spelled Capitalone Savings & Loan Limited, was the subject of a Parliamentary Question in New Zealand, which went like this (as many do):
If you fancy working very hard for a very tiny and very geeky laugh, trace the convulsions in the ownership and governance of the company, starting (pure coincidence), on the 5th August 2011. In particular, watch the travails of Andrevis Ernesto Berroa Maradiaga, who keeps losing and gaining bits of his name along the way. As these proxy director antics suggest, Trillion Private Wealth Limited is yet another creation of Auckland Compliance. As of this writing its web site is still in full swing, pushing its astonishingly vague business proposition, yet its first annual return is overdue, and it is threatened with striking off. DODGY. GBH Private Savings and Loans Limited, by way of novelty, actually appears to be engaged in banking business. It therefore sticks out like a sore thumb in this company. WEIRD CZECH BANK. St. James Capital Treasury And Trust Limited, like Chartered Savings and Loan, is a piece of the Investment Suisse empire. DODGY. New Zealand International Savings & Loan Limited. I beat this one to death in an old blog post, and the locals piled in more effectively than I could, too. DODGY. FDH Saving & Loan Limited, American Saving & Loan Limited, and First Saving and Loan Limited have the same director as GBH Private Saving and Loans, but a corporate shareholder, xaama.com, in Anguilla. Why is a director of a Czech bank creating offshore subs that are held by a small internet food merchant? It begins to look as if all four companies might be worth a further dig. WEIRD CZECH BANK * 3. Merchants Savings & Loan Limited More from Auckland Compliance: zingy web site with fractured English and a vague offering; contact details give an Auckland serviced office address. Yeah right. DODGY. BRP Savings and Loans Limited is dormant. Worthy of lower case, that one. Hardly an opinion at all. Dormant. Euroamerican Savings & Loan Limited is another from the Auckland Compliance stable. Its director, Moyses Samuel Levy, of Coral Springs, Florida has a US company Strasbourg Sovereign Consultant Bankers LLC has a website whichlooks just like a front for an advance fee scam. Run of the mill, but the sheer deadpan crazed grandiosity of the claims about Strasbourg Sovereign Consultant Bankers LLC is entertaining. The company incorporated on Feb 17, 2004; this press release is from June 28, 2004:
Not a bad buildout of the business portfolio in just four months. Con men release this sort of nonsense when they are trying to impress a victim. I wonder who it was. DODGY. Savings and Loan Equity is a New Zealand MLM scheme, or pyramid, with a trashy web site. DODGY. Global Financial Capital Limited, formerly Global Financial Savings And Loans Limited, had a website whose domain name, globalpb.com, expired yesterday, as I draft this. Perhaps they heard I was on my way. Some Engrish from the Wayback machine will have to do. DODGY. Finansa Capital Trust is being hawked around as a shell by EuroFinanzza.com, a Spanish offshore specialist active in NZ, that has an almost indistinguishable sister web site. TAX WHEEZE. Hatfield Oak Savings & Loan Limited is Auckland Compliance at it again. The website reads like another advance fee scam:
…and the due diligence has already been done here and here. Folk lost money. DODGY. Offshore Savings and Loans is owned by a small local accounting firm, Gannaway Mercer; presumably a tax efficient vehicle of some kind. TAX WHEEZE. Advantage Savings & Loans Limited is Auckland Compliance again, this time teamed up with an Australian non-bank lender that as far as I can see has never been accused of anything by anybody; except of poor taste in partners, by me. DODGY. Technologies Savings & Loans Limited has a spectacular and deeply unconvincing run of former directors from across the globe, and by way of a break from Auckland Compliance, introduces a new not-good company agent, NZ Securities Limited. In other respects, it might as well be an Auckland Compliance job: there is a crap ungrammatical glossy web site offering international payment services, including this misleading depiction of the legal background (the "licence number" they proffer is just their company registration number):
DODGY. Pacific Alliance Savings & Loan Limited is an Auckland Compliance outfit that never did anything traceable and is now being struck off. DODGY. Weekend Gold/Silver Newsletter 6/30 Posted: 30 Jun 2012 05:56 AM PDT In this issue… - Editorials - Podcast - Premium Snippet Editorials…. This week we wrote en editorial titled: Precious Metals- Keep it Simple. Investing success requires diligence but also patience. In our article we conclude: The plan of action should be fairly simple going forward. If the metals break to new lows, one should begin buying after the breakdown. Specific targets have been discussed with our subscribers. Regarding the shares, one should begin accumulation on a retest of the low. What happens if these markets firm? In that case, wait for support to be confirmed and then accumulate. It is simple but it requires constant patience. In the meantime, if one is too heavily long they could consider hedging their exposure with the inverse ETFs. We also want to direct your attention to two great editorials: Precious Metals Update- Tiho Brkan Rise, Platform, Blowoff, Correction: Gold is Fine- Gary Tanashian Podcast… Yesterday we spoke with Tiho Brkan, author of the Short Side of Long Blog and a fund manager in the Asia-pac region. Tiho discusses Gold, Silver and Agriculture. When Tiho speaks, I feel as though I'm a student and he's the teacher. Premium Snippet… Yesterday we published an update which was sort of an intro report on the development sector within the precious metals sector. (The sector could be divided into large producers, growth producers, development companies, and exploration companies). We post part of our conclusion for you: Generally, I'm not a fan of development companies as their projects tend tobe years from production and its difficult to appropriately value thesecompanies. Why own a big development company if its upside is not muchmore than a double or triple? I'd rather own an (withheld) or (withheld) andbe more confident of the result. All this being said, there are two reasonswhy its time to seriously look at the development companies. First, they arepresently at the bottom of that "life cycle of a junior miner" chart. 85% ofthe risk has been priced out of these stocks with that figure potentially reaching 100% in July or August. Secondly, these stocks are big enoughand leveraged enough that they can produce fantastic rebounds inpercentage terms. I don't know for sure but I'd guess development companies are the mostleveraged to the respective commodity. Exploration companies live and dieon discoveries. High metals prices don't do much to increase the odds forsuccess. Development companies have a defined asset/resource and they are in theprocess of moving it towards production. A rise in metals prices enhancesthe economic viability of the project. Many of these projects are 3-4 yearsfrom production so a significant rise in the Gold price in the next few yearswould obviously enhance the value of the projects and at a time when theyare much closer to production. Also, these are the companies the majors arelooking for and majors have the cash to pay up for. Consider a subscription to our premium newsletter. We soon will intensify coverage on our favorite exploration, producer and development companies. The cyclical bear market is nearing an end and we believe we have identified the companies poised for big rebounds (when the sector bottoms) and poised for significant gains in 2013-2014. Best, Jordan Disclaimer: Sponsor Companies are only sponsor companies of TheDailyGold.com. Do not construe sponsorship with a recomendation. We are not a registered investment advisor and information and analysis provided is for informational and educational purposes only. | ||||||||||||||||||||||||||||||||||||||||||||
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