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Saturday, August 11, 2012

Gold World News Flash

Gold World News Flash

Don?t Ignore the Coming Financial Storm ? It IS Coming and Here?s How to Get Prepared

Posted: 10 Aug 2012 11:42 PM PDT

Many people refer to me as a "doom and gloomer" because I run a website called "The Economic Collapse". [Just because] I am constantly pointing out that the entire world is heading for a complete and total financial nightmare, [however,] I don't think that it does any good to stick your head in the sand. I believe that there is hope in understanding what is happening and I believe that there is hope in getting prepared. [This article does just that.] Words: 2432 So says Michael Snyder (www.theeconomiccollapseblog.com) in edited excerpts from his original article*. [INDENT]Lorimer Wilson, editor of [B][COLOR=#0000ff]www.munKNEE.com (Your Key to Making Money!) and www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) 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]Snyder goes on to say, in par...


Nigel Farage – They Will Collapse The System & Enslave People

Posted: 10 Aug 2012 10:30 PM PDT

from KingWorldNews:

Today MEP (Member European Parliament) Nigel Farage spoke with King World News about what he described as the possibility of, "a really dramatic banking collapse." Farage also warned that central planners want to enslave and imprison people inside of a 'New Order'" and he described the situation as "horrifying."

Farage also discussed gold, but first, here is what he had to say about the ongoing financial crisis: "Governments don't have the courage to tell the people that we cannot afford to go on living the way that we are. We've really failed very badly in having honest politics, so we have this gross and very grave debt problem.

Now everyone has decided, the Bank of England, the Fed and the European Central Bank, who are utterly brilliant people that have led us to the mess we are in, they've all decided that the solution is quantitative easing. The solution is to go on printing and creating false money in an attempt to buy our way out of the (ongoing) crisis.

My take on that, my historical perspective is that all we are really doing is actually compounding the problem…."

Nigel Farage continues @ KingWorldNews.com

Silver Wheaton stocks up on metal in deal with HudBay

Posted: 10 Aug 2012 10:00 PM PDT

by Pav Jordan, TheGlobeAndMail.com:

Silver Wheaton Corp., the world's largest silver streaming company, has announced its first acquisition in more than two years, signalling a belief that prices for its namesake metal have bottomed out.

Vancouver-based Silver Wheaton said on Wednesday it agreed to pay $750-million (U.S.) for life-of-mine silver production from two assets belonging to HudBay Minerals Inc., the 777 mine in Canada and the Constancia project in Peru.

Analysts saw the deal as good for both companies, showing Silver Wheaton is
ready to start buying silver production again. It provides Toronto-based HudBay
with much-needed financing for its Constancia mine in Peru at a time when debt
and equity markets have been slammed shut amid global economic turbulence.

Read More @ TheGlobeAndMail.com

Important Buy Signal

Posted: 10 Aug 2012 09:24 PM PDT

Dear Gold Community,

Two dates (chart):

11/24/08, WA=54%, Gold = $778/oz 08/10/12, WA=54%, Gold = $1618.5/oz

An important buy signal has been generated while most traders vacationing for the summer or watching the Olympics are too far removed to have noticed. The 54% reading was generated on a steady rise in total net asset

Continue reading Important Buy Signal

By the Numbers for the Week Ending August 10

Posted: 10 Aug 2012 08:41 PM PDT

This week's closing table is just below. 

20120810-Table

If the image is too small click on it for a larger version.

Note the addition this week of the Sprott Silver Trust premium (PSLV).    

Is The Greek Calamity Economy Headed For Revolt?

Posted: 10 Aug 2012 07:49 PM PDT

Wolf Richter   www.testosteronepit.com

“Dire” is no longer the right word to describe the situation in Greece. Unemployment hit 23.1% in May, according to ELSTAT, the Greek statistical agency, which released the report on August 9. That it takes over two months to do a job—producing unemployment numbers—that other countries accomplish in a couple of weeks may be symptomatic of Greece’s calamity economy.

And a calamity it is. Youth unemployment (15-24) jumped to 54.9%—but even before the crisis, during the boom years so to speak, it had been high, ranging from 22% in 2007 to 32% in 1999. The number of people with jobs dropped to 3,816,900—of a total population of 9.9 million! Only 38.5% of the people work! In the US, where the jobs situation is dismal enough, the employment population ratio is 58.4%. No country can succeed when only 38.5% of the people contribute to the economy and pay taxes to feed their government and service its debt. To get to 50%, the Greek economy would have to create 1.2 million jobs, a 31% jump! Impossible under the regime of Greek politics, bureaucrats, and state-owned enterprises. So the people are reacting with their feet.

“Thousands upon thousands of Greeks are on the move, leaving the larger cities for the countryside or smaller provincial towns or abandoning the country to try their luck abroad,” writes Teacher Dude in his blog from Thessaloniki, Northern Greece. “The steady rhythm of friends, neighbors, and colleagues gradually slipping away,” he laments. “In every apartment block in every street, no entrance hall is complete without a handful of For Rent or For Sale signs.” And it’s personal: “Thomas, who’s now in Germany, trying to start a new life, Anne and Makis who have decided to go back to Makis’s home town of Alexandroupolis, Panos who is off to Crete to try his hand at farming after losing his job in the latest round of job cuts....”

And sales of new passenger vehicles plunged in July 42.1% from prior year and 41.4% year to date. Only 5,757 units were sold in July, the worst July since the beginning of the data series in 1990, and a collapse of 82.4% from July 2009 when 32,627 new vehicles were sold. Mind-boggling declines. People stopped buying cars! And switched to bicycles: 200,000 were sold in 2011, a 25% jump from 2010! Bike shops are cropping up in neighborhoods. Something is working....

Meanwhile, the government, which is desperately trying to keep the country glued together, was just dealt another setback: it seeped out that the next bailout payment of €31 billion, to be paid in June, then delayed till September, would be delayed once again, and this time till October.

Or was it a setback?

The Troika—the gang from the European Central Bank, the European Union, and the International Monetary Fund—made bailout payments conditional on the implementation of “structural reforms,” from laying off civil servants to privatizing state-owned enterprises. But during the election, Greek politicians backed away. And the Troika, instead of sending money, sent its inspectors to check on what had been accomplished.

The first wave in early July painted an “awful picture.” The second wave finished last Sunday, and suddenly the tone changed; words such as “cooperation” and “progress” emanated from all sides, and there was agreement by the Greeks that greater efforts would be necessary. A veritable praise fest. And suspicions arose immediately that the Troika was laying the publicity groundwork for something that bailout-leery Germans would oppose.

That was Sunday. Now the leak of the delay till October. And of a mega inspection in September, not for a few days, but for the entire month. Of the still needed €11.5 billion in austerity measures, €7 billion have been identified with the government, but they’re still looking for the rest. They have to be “concrete” and “implementable,” the source told the Wall Street Journal, and “not just warm words.” The meeting when Greece’s fate will be decided is rumored to be on October 8.

Alas, one of the bailout conditions is to cut 15,000 civil servants by the end of 2012 and 150,000 by 2015. Given the unmitigated jobs fiasco, such cuts—if the coalition government can even agree on them—may trigger another revolt in the streets. And that could start at the end of August.

Just then, Greece will be out of money. Default date: August 20. A €3.2 billion bond matures. Europe is on vacation. It will be mayhem. And somebody will get blamed. But they found a solution, one that violates the underpinnings of the Eurozone. Read.... Greece Prints Euros To Stay Afloat, The ECB Approves, The Bundesbank Nods: No One Wants To Get Blamed For Kicking Greece Out.

Argentina, an alternative path for indebted Eurozone countries? Not so fast! A new set of words has been showing up in articles about the economy. Shrinks. Slows. Stagflation. Chilling terms. Read.... Argentina: The Big Shrink, by stilettos-on-the-ground economist Bianca Fernet.

The Dumb Money Hates Silver, It’s Time to Go Long

Posted: 10 Aug 2012 07:00 PM PDT

By Peter Krauth, Resource Investor:

Speculators hate silver…

For the past year, the positive silver headlines have been few and far between.

Ever since the poor man's gold peaked near $50 in April of last year, it's become a despised metal.

Admittedly, it's been languishing near $27 since early May not far from where it was for the first time – in this bull market – back in late 2010.

But as I'll show you, right now a number of technical, seasonal, and sentiment indicators are pointing upwards for this volatile metal.

This could well be the critical turning point silver investors have been waiting for. One of these indicators is the resilient price of gold.

Let me explain.

The Silver/Gold Ratio

Silver has always pretty much been gold's lapdog and on a relatively short leash at that.

As a rule, silver prices usually follow the direction of gold. But as long time silver investors recognize, the moves are amplified both on the downside and the upside.

Read More @ ResourceInvestor.com

Guest Post: Moral Relativism And Patriotism As Weapons Of The State

Posted: 10 Aug 2012 06:55 PM PDT

Submitted by James E. Miller of the Ludwig von Mises Institute of Canada,

Over the weekend, a suicide bomber suspected of being a member of Al Qaeda struck a funeral in Yemen, killing forty five individuals.  The funeral was attended predominantly by members of a militia which aided the Yemeni Army in recapturing a town held by Al Qaeda.  The attack was rightfully condemned by major media outlets.  Viciously killing mourners at a funeral is the very definition of terrorism as it sends a message that no time or place is off limits from a surprise attack.  It shows a complete lack of respect for the sanctity of life.  Al Qaeda has become known for these attacks in recent years.  American national security officials and politicians have reacted by denouncing such attacks as a sign of the utter savagery of the terrorist group.

Yet Al Qaeda is not alone in this tactic.  The CIA's not-so-secret drone campaign is also guilty of targeting funerals attended by civilians.  According to the Bureau of Investigative Journalism, drone attacks have been responsible for the deaths of "dozens of civilians who had gone to help rescue victims or were attending funerals."  As of February of this year, at least 535 civilians have been killed by drone strikes since President Obama took office; 20 of which were killed while attending funerals.  Last June, a gathering of mourners was targeted for a strike in Pakistan.  The 10 people killed in that attack had come together to grieve over the death of a "brother of a militant commander" killed just a day before in another drone strike.

There is little denouncement of the civilian casualties that are a product of the U.S.'s foreign policy.  The narrative presented by Washington lawmakers and the press is that of a struggle between the forces of good and evil.  The terrorists of the Middle East are ruthless barbarians while the troops and Pentagon officials are goodhearted protagonists trying to liberate an oppressed people.  The blood of innocent women and children on the hands of Al Qaeda is damming evidence of their depravity.  That same blood on the hands of the U.S. defense establishment is a sign of triumph.  It is moral relativism on a national scale; slaying of the innocent is terrible on one hand while honorable on the other.  As LRC columnist Laurence Vance notes in regard to how atrocities committed by private individuals are perceived differently than those committed by the military:

 

I don't know if there are theaters in Afghanistan, but if U.S. soldiers enter a building in Afghanistan and kill twelve and wound fifty-eight – like James Holmes allegedly did in Colorado – they are lauded as heroes.

Military officials frequently go on television and tell not just Americans but the rest of the world that they are making a sacrifice for maintaining safety and freedom around the globe.  They invoke patriotism to justify their actions.  Taxpayers forced into picking up the tab for the endless warfare repay the favor by unquestioningly handing their respect over to crusaders of state-sanctioned mass murder.  From the perspective of enhancing and enlarging the central state, it's the prefect scheme.  Force feeding the concept of "patriotic duty" is a great way to get people to accept the otherwise deplorable actions of government officials.  It is why Randolph Bourne aptly recognized war as the "health of the state."

Today, the conduct committed by state enforcement officials, whether they be imperialistic endeavors or the negation of human liberty at home, are rationalized by the way of apologetic relativism.  This relativism stands in opposition to absolute moral principles.  Theft, murder, eavesdropping, lying, issuing threats, and beating upon others are all actions looked down upon by sensible individuals.  They lead society astray from an amicable coexistence.

The state, by the doings of its executors and administrators, embodies everything you were told was wrong as a child.  Children are usually taught straightforward rules of acceptable behavior at a young age.  As they grow older, they are bombarded with propaganda from school, television, and even their own parents that attempt to remove the government away from basic considerations of right and wrong.  These efforts are part of an ongoing agenda to convince the public what they see as morally repugnant behavior is justified when done under the refuge of government authorization.  The institutional predation of the state is supported by a kind of war on reason fought by those seek most fervently to maintain the exploitive status quo.  The objective is enough consent on the part of the people to overwhelm any high-spirited protest.  While independent and intellectual criticism is the state's worst enemy, unthinking acceptance is its greatest ally.

The ruling establishment sees little danger in violent uprising.  What they fear most is the turning of public opinion against their legitimacy.  They fear losing consent above all things because soon after, their lordship must come to an end.   Support among the people is what keeps tyranny alive; not a violent clenching down upon personal freedom.

Though the American Revolution is frequently evoked as a display of this truth, a better example exists in colonial Pennsylvania nearly a century before the Declaration of Independence was penned.  Upon being granted the lands of Pennsylvania by King Charles II in March of 1681, William Penn proceeded to establish a colony governed over by a constitution of sorts.  The positions of governor and proprietor were created along with an elected Council that saw to executive and judicial functions.  An appointed Assembly was also formed which had the authority to levy taxes and veto laws passed by the Council.  Because of the liberties guaranteed in the new colony, the low tax burden, and Penn's selling of land at cheap prices, immigrants flooded into Pennsylvania in its formative years.  Penn would eventually return to England in 1684 but upon doing so found that the colonists were refusing to pay taxes including the land taxes he counted on to maintain a hefty profit.  The Council, which was elected by the people and had the sole authority in executing laws, refrained from collecting taxes and left the colony autonomous.  Penn would eventually appoint a commission to restore his lost opportunity of compensation through force.  The colonists simply ignored the commission which led to its collapse.  Penn then instituted a deputy governor to ensure for the collection of taxes but that effort was also came to be in vain.  As Murray Rothbard summarizes

William Penn had the strong and distinct impression that his "holy experiment" had slipped away from him, had taken a new and bewildering turn. Penn had launched a colony that he thought would be quietly subject to his dictates and yield him a handsome profit. By providing a prosperous haven of refuge for Quakers, he had expected in turn the rewards of wealth and power. Instead, he found himself without either. Unable to collect revenue from the free and independent-minded Pennsylvanians, he saw the colony slipping gracefully into outright anarchism—into a growing and flourishing land of no taxes and virtually no state.

The peace-loving Quakers and colonists were able to dissolve an intrusive government by their sheer unwillingness to recognize its legitimacy.  They properly regarded the various attempts at governance and taxation imposed upon them as thuggish means of exploitation.  In short, they saw through the facade of the state being above moral considerations.  Rejecting state rule did not make them bad citizens but admirable in the sense that they ended up living harmoniously with each other in its absence. As Penn would lament in the midst of Pennsylvania's brush with halcyon anarchism, he and his appointed rulers had lost "their authority one way or another in the spirits of the people."  The idea that men are born to be free instead of in shackles was enough to overcome government compulsion.

The first step toward liberty is to see through the masking fog the state engulfs itself in to carry out its deeds of conquest.  It is the realization that murder is murder no matter if it is committed by a street thug or an army captain piloting a remote controlled aircraft armed with hellfire missiles.  It is the realization that debasing of the currency by a select few central bankers is no different from the shysters of old who would shave off small portions from gold bullion so that it would appear to retain the same weight.  Finally, it is the realization that glorifying war in the name of "loving thy country" is a grand swindle used to deceive the simple-minded into falling in line like a herd of sheep soon be slaughtered.

Using reason to discover absolute truths is an essential part of determining how one should live their life in accordance with sound ethics.  Relativism denies this.  It can deny that evil is committed by the state and that reprehensible acts are perfectly okay when done by individuals with guns and badges.  All it takes to reverse such destructive thinking is the realization that state authority deserves no pass in moral scrutiny.  Withdrawing consent comes next on the path to a free society.

On US Banks Being Told to Make Plans to Prevent Collapse

Posted: 10 Aug 2012 06:30 PM PDT

by Economic Policy Journal:

I am getting quite a few emails from readers asking about the news that:

U.S. regulators directed five of the country's biggest banks, including Bank of America and Goldman Sachs, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.

This is all nutty propaganda that has nothing to do with a view by government that a crash is imminent (This is about a 2010 document). The report goes on to say:

According to documents obtained by Reuters, the Federal Reserve and the U.S. Office of the Comptroller of the Currency first directed five banks — which also include Citigroup, Morgan Stanley and JPMorgan Chase — to come up with these "recovery plans" in May 2010.

Read More @ economicpolicyjournal.com.au

Why are Americans IGNORING the Facts? Here?s #10

Posted: 10 Aug 2012 05:35 PM PDT

In 2011, for the first time in 62 years, the U.S. exported more refined gas, diesel and other fuels than they imported ranking second among all U.S. exports in 2011 in dollar volume at $111.1 billion, behind automotive. This is the 10th in a series* of 100 facts about big issues facing American voters which are being presented by www.FaceTheFactsUSA.org every day until the election to help Americans debunk myths, hold better conversations, get involved, and make choices as smarter citizens. [INDENT]This series is brought to you courtesy of Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and www.munKNEE.com (Your Key to Making Money!). This paragraph must be included in any article re-posting to avoid copyright infringement. [/INDENT]Face the Facts USA is a nonpartisan, independently-funded initiative, backed by Americans who believe facts should come first in our national debate. We're supported by The George Washington...


Stacy Headlines: 10 August 2012

Posted: 10 Aug 2012 05:33 PM PDT

Stacy Summary: Stuff I'm reading but don't have time to discuss on Keiser Report. The whale poop story is actually really interesting, so don't miss it! Why America failed. (Jesse's Cafe Americain) Ex-Goldman programmer charged, again, over code theft(reuters.com) Silver COT … Continue reading →


Gold’s “fearless” summer turnaround

Posted: 10 Aug 2012 05:12 PM PDT

[FONT=Arial]When does a precious metal known for feeding off investors’ fears need the opposite of fear to move higher? Answer: Right now! Austin Kiddle, an analyst with bullion broker Sharps Pixley, asked the following question in a recent commentary: “Can fear refuel the investment demand for gold?” It’s a question many investors are now asking and well worth addressing. The real question behind this question that investors are asking is: “What will it take to propel gold higher in the near term?” While there’s no denying gold is a fear hedge in prolonged periods of deep uncertainty, gold doesn’t always benefit from fear in the short-term. The current economic environment is a good example of the exception to that rule. Gold has actually underperformed in the last five months relative to the U.S. dollar. The fear and uncertainty generated by the euro zone crisis resulted in a flight to safety to the dollar wh...


U.S. Banks Told to Make Plans for “Preventing Collapse”

Posted: 10 Aug 2012 05:11 PM PDT

[Ed. Note: Related post from earlier on Friday.]

by Rick Rothacker, Reuters:

U.S. regulators directed five of the country's biggest banks, including Bank of America Corp (BAC.N) and Goldman Sachs Group Inc (GS.N), to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.

The two-year-old program, which has been largely secret until now, is in addition to the "living wills" the banks crafted to help regulators dismantle them if they actually do fail. It shows how hard regulators are working to ensure that banks have plans for worst-case scenarios and can act rationally in times of distress.

Officials like Lehman Brothers former Chief Executive Dick Fuld have been criticized for having been too hesitant to take bold steps to solve their banks' problems during the financial crisis.

According to documents obtained by Reuters, the Federal Reserve and the U.S. Office of the Comptroller of the Currency first directed five banks – which also include Citigroup Inc, (C.N), Morgan Stanley (MS.N) and JPMorgan Chase & Co (JPM.N) – to come up with these "recovery plans" in May 2010.

They told banks to consider drastic efforts to prevent failure in times of distress, including selling off businesses, finding other funding sources if regular borrowing markets shut them out, and reducing risk. The plans must be feasible to execute within three to six months, and banks were to "make no assumption of extraordinary support from the public sector,"according to the documents.

Read More @ Reuters.com

Gold Price Up $13.70 this Week and Remains on Trajectory Buy Now and Beat the September Rush

Posted: 10 Aug 2012 04:42 PM PDT

Gold Price Close Today : 1,619.70
Gold Price Close 3-Aug : 1,606.00
Change : 13.70 or 0.9%

Silver Price Close Today : 2806.20
Silver Price Close 3-Aug : 2779
Change : 27.20 or 1.0%

Gold Silver Ratio Today : 57.719
Gold Silver Ratio 3-Aug : 57.791
Change : -0.07 or -0.1%

Silver Gold Ratio : 0.01733
Silver Gold Ratio 3-Aug : 0.01730
Change : 0.00002 or 0.1%

Dow in Gold Dollars : $ 168.57
Dow in Gold Dollars 3-Aug : $ 168.57
Change : $ 0.00 or 0.0%

Dow in Gold Ounces : 8.155
Dow in Gold Ounces 3-Aug : 8.155
Change : 0.00 or 0.0%

Dow in Silver Ounces : 470.67
Dow in Silver Ounces 3-Aug : 471.25
Change : -0.58 or -0.1%

Dow Industrial : 13,207.95
Dow Industrial 3-Aug : 13,096.17
Change : 111.78 or 0.9%

S&P 500 : 1,405.87
S&P 500 3-Aug : 1,390.99
Change : 14.88 or 1.1%

US Dollar Index : 82.559
US Dollar Index 3-Aug : 82.320
Change : 0.239 or 0.3%

Platinum Price Close Today : 1,398.40
Platinum Price Close 3-Aug : 1,412.90
Change : -14.50 or -1.0%

Palladium Price Close Today : 581.50
Palladium Price Close 3-Aug : 577.40
Change : 4.10 or 0.7%

'Twasn't a legendary week for the silver or GOLD PRICE, but I'll take what I can get, especially silver above 2800 cent resistance.

Today the GOLD PRICE scraped out another $2.60 to end at $1,619.70. Knocked on $1,626, but couldn't burst through yet. Y'all keep a close watch, because one day soon gold's liable to surprise with a Great Leap Upward.

That SILVER PRICE lost a measly 3.5 cents today to end still stalled at 2806.2c. It's about to work my nerves to a nub. As with gold, the five day silver chart leaves one with the taste that somebody tried to trash it today, failed, and it broke through 2820 resistance that has stymied it all week. However, it couldn't hold on at 2832c, and faded on the close. Aftermarket didn't believe that close, and is trading 2814c. I bought silver today. When it closes through 2860c, I'll buy more.

The SILVER PRICE and GOLD PRICE remain on the trajectory I've outlined, slugging their way across August building a base for a rally in September. Buy now, and beat the September rush.

Simple-minded as I am -- so simple-minded I can only follow a long term strategy of riding the primary trend in silver and gold -- I was instructed and enlightened late yesterday to read in Andrew Peaple's Wall Street Journal blog that 9 August marked the 5th anniversary of the global financial crisis' beginning, when the ECB injected E95 billion of emergency liquidity.

Now what investment do y'all reckon has returned the most since then? Wasn't US bonds, or dollars or stocks. Nope, tied for No. 1 were gold and corn, both up 144%. Silver came in next, up 122%, followed by Brent crude oil, up 61%. US Treasuries? Not quite so fruitful with only a 38% return. Stocks? Well, S&P500 has returned a rich 7.7% in five years.

I'm not saying a word.

Here's a tee-tiny fact that catches the inquiring eye of a suspicious mind. US dollar index ended up about the same place it was last week, almost as if . . . Somebody were managing it. Anyhow, it coughed up 9.1 basis points (0.12%) to end at 82.559. Up above stands the 50 DMA at 82.66, while below the dollar dances along a rising fan line. Trend is down, but don't expect any big breaks since the Nice Government Men are holding down the dollar like a basketball underwater.

Does the euro no good, though. It dropped again today, down 0.11% to $1.2289 and near falling through the 20 day moving average ($1.2262) gapped down twice this week, sick as a bull eating Jimson weed. This is getting so painful to watch you start wishing somebody would step forward and put the euro out of its misery. Y'all believe me now about the utter vanity of Draghi's promises? It's dead-dog easy to tell when a central banker is lying. Y'all know how? If his lips are moving, he's lying -- same as a presidential candidate.

Y'all remember them Greek plays? Whenever the plot backed itself into a corner, stagehands back stage would tie a rope to an actor and lower him down on the stage. He was the "God out of a machine," Zeus or Mammon or Luigi, who would miraculously set everything aright. Don't know what them Greeks called him, but the Romans called him "deus ex machina." Even in those days, it was a cheap and corny way to solve a plot.

Well, the deus ex machina struck the stock market today when in the last 45 minutes of trading after a whole day underwater stocks suddenly got religion as buyers were lowered down on ropes by the NGM.

Dow rose 42.76 (0.32%) to 13,207.95. S&P500 rose 0.22% (3.07 points) to 1,405.87. Congratulations! The NGM got to the end of the day and their pre-prandial martini without the world flying apart.

Y'all don't keep hoping that deus ex machina will return. That rope's frayed already and liable to break.

On 10 August 1821 Missouri became the 24th state to join the Union. Ironically, Missouri within a few years also prompted the first supreme court test of the constitution's Article I Section 10, "No State shall make any Thing but Gold or Silver Coin a Tender in payment of debt." As I remember, Missouri started a state bank and made its notes a legal tender. Somebody sued, and the supreme court, which in those days required that justices possess a brain bigger than a tunipseed, found that paper was not gold or silver after all. More irony: Missouri is the only state I know of that has exercised its power under Article I Section 10 to declare a tender, and declared that US 90% silver coin is its tender. That was a while ago.

Y'all enjoy your weekend.

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.

Subprime and Pitchforks

Posted: 10 Aug 2012 04:05 PM PDT

August 10, 2012 [LIST] [*]Five years after subprime could no longer be "contained"... one of the worst subprime offenses is swept under the rug [*]Gold approaching 2-month high: John Hathaway lays out a time horizon for $2,000 [*]$78 million stolen since the first of the year: Jim Nelson on the lucrative opportunity preventing cybercrime [*]Friday lunacy: Birthday party gets slapped down by zoning board, protester arrested at bank for a sign saying, "You're being robbed" [*]Shark fin soup, pointy medals and pointy-heads: Readers write on regulatory overreach. [/LIST] Well, that bookends things very nicely, indeed. "The subprime debacle has emigrated back to the Old World," wrote Addison five years ago yesterday. It was on that day the people who said subprime could be "contained" ran out of excuses. The French bank BNP Paribas had frozen $2.2 billion of funds. "The complete evaporation of liquidity in certain market segments of the U....


Scott Gibson with Eric Coffin – Stocks to Watch and Why

Posted: 10 Aug 2012 03:41 PM PDT

Scott Gibson and Eric Coffin on some of the stocks in the junior space they deem worthy of watching and why. 

We'd like to see more of these, Scott and Eric. 

 

Source:  Beneath the Surface via YouTube

http://www.youtube.com/watch?feature=player_embedded&v=oTwHgCGOU8o

The Consumer Price Index:Measuring the Changing Value of Money

Posted: 10 Aug 2012 03:30 PM PDT

Source: qrc.depaul.edu

Think back a few years.  How much did a gallon of gasoline cost then? A loaf of bread? A 10 inch sausage pizza?  A movie ticket? Almost undoubtedly these items  now cost more in dollar terms.  There is a tendency for prices of most goods to increase, even goods that have no [...]


Gold's 'Fearless' Summer Turnaround

Posted: 10 Aug 2012 03:30 PM PDT

When does a precious metal known for feeding off investors' fears need the opposite of fear to move higher? Answer: Right now! Austin Kiddle, an analyst with bullion broker Sharps Pixley, asked the following question in a recent commentary ... Read More...



Guest Post: The Other Side Of Sanctions

Posted: 10 Aug 2012 03:28 PM PDT

Submitted by Felix Imonti of OilPrice.com,

Iran has been pushed into a corner and is fighting for its life.  The safest weapon in its arsenal is an economic strategy; and it is the one point where the United States is vulnerable. 

There is no doubt about it.  Section 1245 of the National Defense Authorization Act that was signed into law by President Obama on December 31, 2011 is having the intended effect upon Iran.

Unlike previous sanctions, Section 1245 attacks the foundation of the Iranian economy.  The provisions of the law seek to stop the sale of crude oil and to block transactions between the Iranian central bank and the rest of the world.  About fifty percent of the national budget is funded from the sale of exported crude oil that provides eighty percent of the foreign exchange.  "Crude (oil) sales are a trap which we inherited from the years before the (1979 Islamic) Revolution," Khamenei told a gathering of researchers and scientists at the end of July.  

An immediate consequence of the legislation has been the plunge in the exchange rate of the Iranian Rial that has lost half its value against the U.S. dollar.  A combination of devalued currency and a break down in international bank transfers has created shortages of imported products, including basic food grains.  The result is seen in an official inflation rate of 25 percent and an unemployment rate of 12.3 percent.

Before the implementation of the sanctions, Iranian oil exports were the second largest in OPEC at 2.2 million barrels per day.  Today, the current level is around 1.1 million barrels, but that does not take into account the oil leakage through the sanction barriers.  A friendly government in Baghdad makes Iraq one of the easier routes to the world market.  Shipments of gold bullion through Turkey to Iran indicate that the Iranians are selling to someone.

After nearly thirty years of dealing with American sanctions, the Iranians have developed methods of evading some of the restrictions, but the current application goes far beyond anything faced earlier.  The National Iranian Oil Company has been forced to relinquish its monopoly of sales and authorized private traders to market the crude.  The Oil Products Exporters Union expects to manage a fifth of exports and claims to have completed arrangements with refiners in Europe.

In spite of the evasive measures that are being employed, The Iranian treasury is still losing about thirty billion dollars per annum, a decline from seventy-two billion in 2011.  Beyond that, reduced exports are causing a problem of what to do with the surplus.  On shore facilities have been filled.  Seven million barrels are being held at Sidi Kerir in Egypt.

That leaves the tankers as the only other storage choice.  Half the Iran tanker fleet of forty-seven ships is already sitting at anchor with tanks full and no place to go.

The less attractive possibility is for the National Iranian Oil Company to continue shutting down wells.  Already, production has declined from 3.5 to 3.3 million barrels per day.

Once they are shut down and the pressurizing of the aging neglected wells stopped, salt water seepage will make it costly and difficult to reactivate them.  When they are reopened, production is likely to be reduced.  This is the long term damage that the sanctions will have upon the economy. 

How long can they endure the losses?  That is the question that the Ayatollah has to be asking.

So far, there are no signs that people are starving from food shortages, and there is no indication that people are taking their grievances into the streets.  Regardless, Tehran cannot ignore the long term damage to the economy and the potential for social disorder.

Right now, the bombs are not falling.  Sooner or later, though, the risk of war must be resolved.  They cannot ignore that Section 1245 is a declaration of war; and must be treated accordingly.  The Ayatollah has said, "Threat for threat." 

Ayatollah Khamenei compares the present situation of Iran to Mohammed and his early followers who were besieged for three years in the desert of Saudi Arabia.  When there seemed to be no hope, they struck the surrounding superior army and defeated it at Badr and Kheybar. 

He sees Iran is also surrounded by an enemy.  They are being confronted by two carrier battle groups with a formidable destructive capacity that Iran cannot hope to stop or to match; the repeated threats from politicians in the United States and Israel to attack Iranian nuclear facilities; the newest sanctions that are slowly strangling the economy; and Khamenei believes that it is all for the sole purpose of regime change.

That raises the question.  How does a minor military power contend with the forces available to the United States?  The leaders in Tehran talk about closing the Straits of Hormuz and developing new missiles.  It is all bravado that Khamenei hopes will calm anxieties at home and frighten potential aggressors.

Over the three decades of the Islamic Republic, the Iranians have been careful about pushing Washington to the point that it would retaliate militarily.  The Ayatollah is not going to provoke the U.S. to destroy the theocratic regime and his political career.

"….to defend ourselves we will attack on the same level as the enemies attack us," Khamenei said on television in March.  Section 1245 is economic warfare.  That is most likely to be the battlefield that Khamenei will choose and it fits perfectly into the strategies employed over the centuries by the persecuted Shia minority

Where is the United States vulnerable economically?  It is the draconian character of the sanctions.

At the end of June, Washington did what was expected.  All twenty of Iran's regular buyers were granted six month wavers that will push the next decision beyond the November election.  To have found any of the twenty governments to be in violation of the sanction restrictions would have compelled Washington to deny access to the U.S. financial system.  That would have Sparked an economic war with countries taking sides in support or in opposition to the United States.

It is no secret that many governments object to the sanctions and are willing to deal outside of normal channels for a reduced price.  If the Iranians should use the new private traders to dump a few million barrels of oil onto the market at a sharply discounted price, they just might encourage one of these governments to openly defy the United States for a bargain.  Should the United States imposes restrictions upon the offender, that could trigger an unwanted trade war,  while ignoring the challenge would render the sanctions meaningless and invite everyone else to go bargain hunting.

As a persecuted minority, the Shia have learned that the weaker in a conflict must employ cunning rather than muscle.  The philosophy is the core principle of the Iranian Revolutionary Guard that focuses upon the use of asymmetric warfare.  Employing economic tactics is just another form of the asymmetric warfare.

It is the inherent weakness of the alliance that is Iran's strength.  The unwillingness of Washington to pressure supposed allies and the simple fact that there are buyers willing to defy the sanctions secretly reveals the cracks in the system.  If the Iranians can break through the weak point in the American siege, they will be able to repeat without firing a shot the triumph of Badr and Kheybar

Nigel Farage - They Will Collapse The System & Enslave People

Posted: 10 Aug 2012 03:15 PM PDT

Today MEP (Member European Parliament) Nigel Farage spoke with King World News about what he described as the possibility of, "a really dramatic banking collapse." Farage also warned that central planners want to enslave and imprison people inside of a 'New Order,' and he described the situation as "horrifying."

Farage also discussed gold, but first, here is what he had to say about the ongoing financial crisis: "Governments don't have the courage to tell the people that we cannot afford to go on living the way that we are. We've really failed very badly in having honest politics, so we have this gross and very grave debt problem."


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We Are Now Seeing Huge Orders For Physical Gold & Silver

Posted: 10 Aug 2012 03:13 PM PDT

We pay attention when Bill Haynes takes the trouble to write something, as he just did at Eric King's blog. 

Bill writes: 

"I can tell you this is money that has been waiting patiently on the sidelines for weeks, and even months in some cases.  The belief by these strong-handed buyers is that the bottom for gold has been achieved and it is now time to add to their positions.  Savvy buyers know that summer is historically a great time to buy and that's exactly what they are doing."

"Another interesting thing was an editorial that was in the FT yesterday.  One of the writers started trashing gold in the Financial Times.  He said it's time to sell your gold and send the kids to college, buy an automobile or take a vacation because this bubble is over. 

Eric, this is the type of nonsense we see in the mainstream media when a bottom is being put in, and the Financial Times has been one of the greatest contrarian indicators for the gold market.  I also find it interesting that this is the week the big buyers are making a statement with their physical gold and silver purchases.  They are doing their buying right into the face of this ridiculous nonsense coming out of the Financial Times."

Haynes also added: "I would also like to note that the world is waiting on Germany to bail out the rest of Europe.  Perversely, if that happens I believe we are going to see tremendous strength in the euro.  I don't think it's logical, but as the euro strengthens I expect to see a further boost in the price of gold.

 What KWN readers need to be aware of is this is the worst financial crisis the world has ever seen.  This is a financial crisis supreme, and the universal solution continues to be the printing of money.  This will eventually lead to massive destruction of both the economies and the currencies that participate in this madness. 

It will also lead to massive inflation.  I know some financial managers have told their clients to have 10% or 15% in gold, but for the financial climate that we are living through right now, I firmly believe people should have 50% to 60% of their assets in the physical metals."

To read the entire blog post follow the link below:

August 10, 2012 (Source: King World News)

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/8/10_We_Are_Now_Seeing_Huge_Orders_For_Physical_Gold_%26_Silver.html 

Learning from Brief and Lengthy Economic Cycles

Posted: 10 Aug 2012 02:27 PM PDT

"It is easy to prescribe improvement for others; it is easy to organize something, to institutionalize this or that, to pass laws, multiply bureaucratic agencies, form pressure groups, start revolutions, change forms of government, tinker at political theory. The fact that these expedients have been tried unsuccessfully in every conceivable combination for 6,000 years has not noticeably impaired a credulous unintelligent willingness to keep on trying them again and again."

— Albert Jay Nock, from Memoirs of a Superfluous Man

——————————————————

Stocks went nowhere yesterday. Gold dropped a few bucks. No big deal. So, let's move on…

We've been thinking lately about cycles. Not the kind you pedal along winding roads out in the French countryside…but the kind you experience day to day…year to year…generation to generation. And sometimes, beyond…

Some cycles are short. Election cycles, say. Barely has one president finished fluffing his White House pillows when it's time to start penning the empty slogans and gearing up for the next election campaign. Presidents occupy their position for four short years…eight if they're particularly adept at fudging numbers and whipping the nation into a prideful frenzy. In the grand scheme of things, that may not seem like a lot of time to make a complete mess of things. Nevertheless, the politicians do their best.

In 2009, the year of the current president's inauguration, US federal debt stood at about $10 trillion, give or take a few hundred billion, with roughly half that amount held by "the public." By 2013, when the next term begins, that figure will have ballooned to over $17 trillion. The public will by then be on the hook for $10.6 trillion. Maybe more. Only in the few years immediately following WWII was the debt-to-GDP ratio higher than it is today. And then only marginally. The graph, if you've seen it, has a very "hockey stick" feel to it.

And so, these mini-cycles proceed, on and on, with a parade of cheats, scammers and dodgy salesmen marching in turn through the Oval Office. They really ought to install a revolving door. One might think this process would quickly erode a country's resources but, as Adam Smith was famously said to have remarked, "There's a lot of ruin in a nation."

In any case, string a half-dozen or so of these mini-cycles together and you get…slightly longer cycles. Generational cycles, we'll call them. No doubt you've heard of these before. They're made up of fathers who vote one way their whole lives…and of wives who go along just the same. (Or maybe it's the other way around.) These people spend their years voting Labor or Tory, Republican or Democrat…or they go in for the Independents in a mild-hearted effort to "throw the bums out!"

The supply of bums yearning for power, however, appears to be without exhaustion. Good folk who dedicated their entire lives to casting these rascals out of office go to their graves having made no change at all, save for validating the system they so raged against. Then, the mantle passes to the next generation…along with a whole lot more debt, bureaucracy and rot corrupting the process.

"The plans differ," noted French political scientist, Frédéric Bastiat, but "the planners are all alike."

Still, we're only talking here about relatively short cycles. What, after all, is a quarter century? The cycle of political systems themselves, for instance, can be, and often is, larger. Much larger. In the US, the system of constitutional republicanism came to supplant that of King George III's own particular brand of monarchy. In Russia, the Bolsheviks booted out the Tsars, paving the way for the Union of Soviet Socialist Republics (USSR)…which eventually gave way to communism…(and after the perestroika)…to rule by oligarchy…and, at present, a curious form of politics known as "Putinism."

The cycle of political systems can be short, sharp and oftentimes violent…or they can be long, slow undulations spanning many, many hundreds of years, remaining almost imperceptible to we busy little humans. One could, for example, have lived and died in communist Russia (as many poor souls did) without ever having known anything different…without seeing either the beginning nor the end, of the political cycle. Same thing in the US, where the current system has been around, more or less in its current form (though gradually, steadily degenerating) for two and a quarter centuries.

Broadly, we're talking here about centralization and decentralization. At times, political systems work toward honing and focusing power, concentrating it into fewer and fewer hands. Centralizing it, in other words.

At its height, the Roman Empire represented the pinnacle of centralized power. "Right as diverse pathes leden the folk the righte wey to Rome," wrote Chaucer, almost a millennium after the Great Empire's fall. But as with all cycles, short and long, the wheels of history were always turning. During Rome's later, degenerate stages, and certainly after its collapse, the continent of Europe fragmented into hundreds of smaller, feuding principalities. The Middle Ages (roughly 450-1350) were, by and large, an era of a great political decentralization. Princes and dukes wielded absolute power over their small territories, weakening various kings' claims on their lands.

Indeed, it wasn't really until the Renaissance that any meaningful, large scale consolidation took hold on the continent. During this period, stronger principalities, those that had prospered in trade and were therefore better equipped to withstand military attacks and plagues, began working together and expanding their territories. Once again began a cycle of centralization, of disparate states coagulating into a mass of cells, fused together by broader, overarching legal and political systems, trade agreements and strategic alliances.

Wealthy families, too, began to gain power and control over larger territories during this time. It was an era that gave rise to the Medici's, for example, a family of bankers from Florence that gained control of governments in various Italian regions and, later, even assumed the papacy. The Medici appointed family members as princes in lands afar and assured their protection by the Medici-controlled Vatican. Once again, power came to rest in fewer and fewer hands. It was as if history itself had inhaled, drawing closer the disjointed peoples of once-warring regions into bordered, sovereign states. By the 18th and, especially, the 19th century, principalities had fallen almost entirely out of favor…and the world witnessed the birth of the modern nation state.

So where does that leave us? Ah…you'll have to tune in next week, Fellow Reckoner.

Joel Bowman
for The Daily Reckoning

Learning from Brief and Lengthy Economic Cycles 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?".

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% on the Week

Posted: 10 Aug 2012 02:23 PM PDT

Gold fell $12 to $1605.70 in Asia, but it then rallied to as high as $1625.87 in New York and ended with a gain of 0.17%. Silver slipped to $27.613 in early New York trade before it surged back to $28.32, but it then drifted back lower in afternoon trade and ended with a loss of 0.4%.


No Country For Poor Man: CFTC Calls Unreturned, Calls Unanswered

Posted: 10 Aug 2012 02:20 PM PDT

Silver Vigilante – "Can't Anybody Else Confirm Chilton's Statement?" I thought that Bart Chilton would be a fitting person to talk to on this Friday morning. After all, the CFTC hadn't yet returned my phone inquiry from last week. So, … Continue reading →


Credit Slumps, Equity Pumps, And Volume & Volatility Dumps

Posted: 10 Aug 2012 02:16 PM PDT

UPDATE: MANU below IPO price at $13.90 now....sigh

You know the score by now. Equities stage late day surge to green driven by an irrepressible squeeze lower in short-term volatility but high-yield credit doesn't follow suit as volume remains absolutely amazingly incredibly non-existent. S&P 500 e-mini futures (ES) ended the week nicely higher - closing today at the highs over 1402 (at the day-session close) with VIX at 5 month lows well under 15% (down 0.5 vols on the day which is a big move for a 1.5pt ES gain). HYG (the high-yield bond ETF) ended lower again - basically 5 days in a row - which is very unusual given equity's push to new highs. Risk assets in general did leak higher as stocks pushed up but are notably less bullish (and it appeared from our chats that credit desks left early and the IG and HY indices were simply being reracked higher - as opposed to traded there). Gold outperformed on the day - and it seemed like the EOD ramp in ES was a magnetic pull to Gold - as it disconnected from Treasuries and FX quite handily. The USD ends the week up 0.29% (yes, up), the S&P 500 up 1% while Treasuries limped a little higher in yield today to end the week 5-10bps higher (and steeper) in yield and commodities up the same as stocks (around 1%) aside from oil which managed 2.2% on the week.

NYSE Volume....dead

S&P 500 e-mini futures saw the lowest volume in years this week (as low as xmas-weeks) with the week's range the lowest in 16 months...It does make us wonder if Knight was using ES as its market overlay to manage its market-making exposure as 'nothing' changed this year in ES volumes in general until this week and suddenly now a cliff-dive!

 

VIX smashed over 22% lower in the last 7 days - this has happened twice before in the last year and did not end well for the bulls...

 

 

 

Gold outperformed but stocks tried to catch up into the close...

and credit continues to underperform...

 

Credit underperforming not just stocks (green) but notably weak relative to intrinsic value (dark red and lower pane). We suspect they are trying to soak up the selling pressure in the ETF before they are forced to unwind in the cash bond market (and we pointed out this week that HYG has little cash left)...

 

but FX markets exhibited major dispersion this week with EUR 0.9% weaker vs USD and CAD 0.9% stronger as the DXY closed up 0.3% (with the now ubiquitous US open to EU close actin dominating)...

 

Charts: Bloomberg

 

Bonus Charts: MANU Afterhours hit $13.90...

Exclusive: U.S. banks told to make plans for preventing collapse

Posted: 10 Aug 2012 02:14 PM PDT

U.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.

The two-year-old program, which has been largely secret until now, is in addition to the "living wills" the banks crafted to help regulators dismantle them if they actually do fail. It shows how hard regulators are working to ensure that banks have plans for worst-case scenarios and can act rationally in times of distress.

Officials like Lehman Brothers former Chief Executive Dick Fuld have been criticized for having been too hesitant to take bold steps to solve their banks' problems during the financial crisis.

According to documents obtained by Reuters, the Federal Reserve and the U.S. Office of the Comptroller of the Currency first directed five banks - which also include Citigroup Inc,, Morgan Stanley and JPMorgan Chase & Co - to come up with these "recovery plans" in May 2010. Read more.......


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Gold Daily and Silver Weekly Charts - Dull Trade to End the Dullest Week

Posted: 10 Aug 2012 02:03 PM PDT


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Prepare for What Is Coming: “There is a Very Present Danger that is Facing Every American”

Posted: 10 Aug 2012 02:02 PM PDT

You are under assault. There is a very present danger that is facing every American citizen who listens to me right now. Every citizen of this planet who listens to me right now. You are under attack.

This is an assault on you, the American people. This is an assault on your intelligence and an assault on your freedom.

It's about a complete and total dismantling of a nation, a dismantling of a Constitution, and an implementation of control from on high, [from a] dominant financial authority overtaking this planet.

It's not coincidence that Department of Homeland Security and the government in general is picking up all kinds of riot gear.

It's because they know the collapse is coming.

They know the engineered collapse that has been papered over and caused 100 million people to be on the government dole, that has caused trillions of dollars of our future wealth being given to a bunch of bankers.

They know the day of reckoning is coming, and when it does they want 30,000 drones in the air, they want thousands of riot-ready police force on the street, and they want you bickering with your neighbor because you voted Romney, or you voted Obama. Read more.......


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Gold’s “fearless” summer turnaround

Posted: 10 Aug 2012 01:52 PM PDT

When does a precious metal known for feeding off investors' fears need the opposite of fear to move higher? Answer: Right now! Austin Kiddle, an analyst with bullion broker Sharps Pixley, asked the following question in a recent commentary: "Can fear refuel the investment demand for gold?" It's a question many investors are now asking and well worth addressing.


Gold and Silver Disaggregated COT Report (DCOT) for August 10

Posted: 10 Aug 2012 01:52 PM PDT

HOUSTON -- This week's Commodity Futures Trading Commission (CFTC) disaggregated commitments of traders (DCOT) report was released at 15:30 ET Friday.  Our recap of the changes in weekly positioning by the disaggregated trader classes, as compiled by the CFTC, is just below.

20120810-DCOT

 
(DCOT Table for Friday, August 10, 2012, for data as of the close on Tuesday, August 7.   Source CFTC for COT data, Cash Market for gold and silver.) 

In the DCOT table above a net short position shows as a negative figure in red. A net long position shows in black. In the Change column, a negative number indicates either an increase to an existing net short position or a reduction of a net long position. A black figure in the Change column indicates an increase to an existing long position or a reduction of an existing net short position. The way to think of it is that black figures in the Change column are traders getting "longer" and red figures are traders getting less long or shorter.

All of the trader's positions are calculated net of spreading contracts as of the Tuesday disaggregated COT report.

Vultures, (Got Gold Report Subscribers) please note that updates to our linked technical charts, including our comments about the COT reports and the week's technical changes, should be completed by the usual time on Sunday (18:00 ET).  
   
As a reminder, the linked charts for gold, silver, mining shares indexes and important ratios are located in the subscriber pages.  In addition Vultures have access anytime to all 30-something Vulture Bargain (VB) and Vulture Bargain Candidates of Interest (VBCI) tracking charts – the small resource-related companies that we attempt to game here at Got Gold Report.   Continue to look for new commentary directly in the charts often.
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