Gold World News Flash |
- Gold’s Road to Nowhere
- Silver Update 8/14/12 Primary Silver
- The Mississippi River Is Drying Up
- Aaaand It's Gone: This Is Why You Always Demand Physical
- This Will Be The Biggest Financial Fight In Human History
- Gold Strong, Expect Merger & Acquisition Boom In Miners
- Gold Seeker Closing Report: Gold and Silver End Mixed
- The Gold Price Closed Down 1.9 Percent Silver also Down 2.8 Percent
- Gold Nears August Low after Latest Failure
- Aaaand It's Gone: This Is Why You Always Demand Physical
- Stage Set for Gold to Go Higher – and Silver Even Better
- Five Reasons Why The Government Is Destroying The Dollar
- Guest Post: What Does Liberty Really Mean?
- Are Preparations Being Made For Worldwide Financial Collapse?
- Complete Q2 Hedge Fund Holdings Summary
- Marc Faber shunning China, buying Europe & Youri Carma's Links
- Rule: Gold Strong, Expect Merger & Acquisition Boom In Miners
- A "Rare" Event: Three Times in Two Weeks!
- Gold's Road to Nowhere
- The Whiskey Rebellion
- Full Breakdown Of David Einhorn Q2 Long Equity Holdings
- A “Rare” Event: Three Times in Two Weeks!
- Look For The Silver Lining: Silver Swan Ready For Takeoff
- In What Direction Will the Stock Market Head and How Could It Influence Gold and Silver?
- A New Energy Storm Threatens Dividends
- U.S Banks Told To Prepare For Total Collapse!
- Gold Daily and Silver Weekly Charts - Cheap Shot at the New York Open
- Facebook Shareholders: See Your Future
- “In India, gold and silver demand is expected to exceed 6000 tons annually by 2016-2017 from the current levels of 3000 tons.”
- In The News Today
| Posted: 15 Aug 2012 12:01 AM PDT Biwii
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| Silver Update 8/14/12 Primary Silver Posted: 14 Aug 2012 11:42 PM PDT |
| The Mississippi River Is Drying Up Posted: 14 Aug 2012 11:30 PM PDT from The Economic Collapse Blog:
Read More @ TheEconomicCollpaseBlog.com
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| Aaaand It's Gone: This Is Why You Always Demand Physical Posted: 14 Aug 2012 11:17 PM PDT from Zero Hedge:
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| This Will Be The Biggest Financial Fight In Human History Posted: 14 Aug 2012 10:01 PM PDT  Today 40 year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News. Fitzwilson, who is founder of The Portola Group, put together a fascinating piece which covers everything from Hannibal vs Rome, to gold, silver and the biggest financial fight in history. Below is Fitzwilson's piece.
This posting includes an audio/video/photo media file: Download Now |
| Gold Strong, Expect Merger & Acquisition Boom In Miners Posted: 14 Aug 2012 10:00 PM PDT from KingWorldNews:
With continued volatility in global markets, today King World News interviewed one of the wealthiest and most street-smart pros in the business, Rick Rule. Rule told KWN that gold is showing signs of strength and we have now started a merger and acquisition boom in the mining sector. Rule, who is now part of Sprott Asset Management, also discussed the enormous problems both Europe and the US face: "I don't see how anything has changed in Europe. It appears we've had a week go by with no crisis, and that's the longest period we've gone without a crisis in 3 months. So people are beginning to act like the problem is over. I don't see how you solve a solvency crisis in a week, particularly if there's no fundamental change." Rule continues @ KingWorldNews.com
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| Gold Seeker Closing Report: Gold and Silver End Mixed Posted: 14 Aug 2012 10:00 PM PDT Gold climbed $8 to $1616.30 in Asia before it fell back to $1589.28 in early New York trade, but it then bounced back higher midday and ended with a loss of just 0.54%. Silver rose to $28.02 before it dropped back to $27.64, but it then rallied back higher midday and ended with a gain of 0.14%.
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| The Gold Price Closed Down 1.9 Percent Silver also Down 2.8 Percent Posted: 14 Aug 2012 09:51 PM PDT Gold Price Close Today : 1578.90 Change : -30.50 or -1.9% Silver Price Close Today : 26.89 Change : -0.75 or -2.8% Gold Silver Ratio Today : 58.72 Change : 0.49 or 1.01% Franklin Sanders did not publish commentary today, if he publishes later it will be available here. Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com 1-888-218-9226 10:00am-5:00pm CST, Monday-Friday © 2012, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. No, I don't. 
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| Gold Nears August Low after Latest Failure Posted: 14 Aug 2012 09:42 PM PDT courtesy of DailyFX.com August 14, 2012 12:24 PM Daily Bars Prepared by Jamie Saettele, CMT A bearish triangle remains favored (headed lower from current level) but presentation of an alternate count is appropriate. The alternate would treat consolidation from 1640.80 as a B wave triangle. A break above 1640.80 would confirm that wave C is underway towards 1700 (Fibonacci extension is just below that level and the 2/10 low is just above 1700). LEVELS: 1555 1563 1584 1607 1616 1626...
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| Aaaand It's Gone: This Is Why You Always Demand Physical Posted: 14 Aug 2012 07:09 PM PDT We have said it over and over, we'll say it again. For all those who for one reason or another would like to boycott the broken markets, yet trade gold in paper form, please understand that all the invested capital is at risk of total loss and can and will be lost, commingled and rehypothecated, not necessarily in that order, with little to zero recourse and the residual claim on liquidating assets pushed to the very end of the queue. Because if Lehman, MF Global, Peregrine, and countless other examples were not enough, here comes Amber Gold: a gold-based investment ponzi scheme out of Poland, in which it is likely needless to say that the gullible investors never had actual possession of the gold. And when they tried, it was gone. All gone. From the WSJ:
What can be said here: same sad story, different day. People preying on the "get rich quick" euphoria (we would call it laziness but the word is just slightly off color) of others, throwing in a symbol of stability (gold), and laundering proceeds to "baffle everyone with bullshit" all the while the regulators confirm that regulation is meaningless, by not doing their job (and in America would have likely been part of the ploy - apparently in Poland they are amateurs). Said prey also thought that if things turned sour they would be able to pull all their "gold" which just has to exist, because someone else has certainly checked, right, after all there are tens of thousands (of confused lambs part of this), ahead of everyone else. Alas, as with every Ponzi, this "strategy" never works. It didn't work for the original Ponzi, it didn't work for Bernie Madoff, and it won't work for the global capital markets, which are increasingly perceived by everyone as merely the largest and most comprehensive thoroughly legitimized by their broke host governments and corrupt regulators Ponzi scheme ever conceived. And so, as we said in the beginning, anyone who puts any amount of money in the market should expect to lose all of it. The US government and the Fed may believe that have eliminated risk but instead they have merely magnified it to a point when even a 10 point drop in the Dow Jones Industrial average feels like the imminent advent of armageddon. Want to play in a rigged, broken casino? Go ahead - and but don't expect to recovery anything. For everyone else for whom preservation of capital is more important than gambling, buy precious metals. And get immediate delivery. Because holding a symbolic representation of a flight to safety "asset" via Cede & Co is simply said, idiotic.
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| Stage Set for Gold to Go Higher – and Silver Even Better Posted: 14 Aug 2012 07:00 PM PDT by JT Long, MineWeb.com
What drives the gold price is still the major factor in this market: real interest rates. The U.S. real rate of return (risk free Treasuries minus inflation) is negative, and ultimately, that number will come to the fore and drive the gold price higher. Unfortunately, it drives everybody crazy that the economics and the gold price aren't linked like Siamese twins, nor are the stock prices and gold price. That's why investors need guidance and help. If they were linked, people wouldn't need to buy a newsletter. TGR: Very true. How high could gold go?
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| Five Reasons Why The Government Is Destroying The Dollar Posted: 14 Aug 2012 06:30 PM PDT by Daniel R. Amerman, Gold Seek:
1. Creating money out of thin air on a massive basis is all that stands between the current state of hidden depression, and overt depression with unemployment levels in excess of those seen in the US Great Depression of the 1930s. 2. It is the most effective way to meet not just current crushing debt levels, but to deal with the rapidly approaching massive generational crisis of paying for Boomer retirement promises. 3. It creates a lucratively profitable $500 billion a year hidden tax for the benefit of the US government which is not understood by voters or debated in elections. 4. It is the weapon of choice being used to wage currency war and reboot US economic growth; and 5. It is an essential component of political survival and enhanced power for incumbent politicians. In this article we will take a holistic approach to how individual short term, medium and long term pressures all come together to leave the government with effectively no choice but to create a substantial rate of inflation that will steadily destroy the value of the dollar.
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| Guest Post: What Does Liberty Really Mean? Posted: 14 Aug 2012 06:23 PM PDT Submitted by David Galland of Casey Research, For some time now – years actually – I have pondered the nature of liberty. Or more specifically, what liberty actually means to me. And to be extra clear, I am not talking about the meaning in abstract or philosophical terms, but tangibly – in much the same way I might answer if asked what my wife means to me. The trigger for this entirely personal discourse comes from reading various articles and viewing various YouTube videos and speeches from self-styled champions of liberty (COL). There is even an entire conference, Mark Skousen's FreedomFest, dedicated to the topic. Invariably, these well-meaning COL rail against "The Man" (something I do myself), accentuating their public angst by sharing stories of being molested by the TSA or otherwise inconvenienced by minions of the state. It is my contention that most of these individuals, and certainly the majority of "freedom-loving" Americans, don't actually understand the meaning of liberty, but rather give the matter little more than lip service. And again, I don't mean liberty in an abstract way – like, say, "world peace" – but tangibly. Now, before going on, tripping emotional wires as I do, I feel the need to quickly establish my bona fides on the topic. I start with the simple fact that with age, and 58 years old counts, comes perspective. In addition, unlike most of today's COL, I have actually been jailed for rioting against authority – at the naïve age of 14, as the result of actively participating in the toe-to-toe anti-war confrontations during the Oakland Induction Center Riots of the late 1960s. In addition, as over-the-top as it now sounds, along with my now-departed friend and colleague of many years, Jim Blanchard, I spent many months assisting the RENAMO-led freedom fighters raise awareness in their fight against Mozambique's vicious dictatorship. The adventure ultimately ended up with us in a very tight spot under house arrest in neighboring Malawi, followed by a high-speed car chase with the Malawian secret police in hot pursuit. I have been directly involved with prominent members of the freedom movement in the US as part and parcel of my business career since a very young age, including running the 1980 Libertarian Presidential Nominating Convention in Los Angeles at the request of my friend Ed Crane, the founder of the Cato Institute. Furthermore, I have been friends, business associates, or acquaintances with too many well-known COL to recount here, starting with my business partner of many years Doug Casey, but also Harry Browne, Milton Friedman, and even Ayn Rand (I arranged for and hosted her at her last public appearance before she died). And finally, I would mention my involvement in helping to create La Estancia de Cafayate in a remote wine-growing region of Argentina, without question the largest and most successful community of largely libertarian-minded individuals on the planet. All of which is to say that I'm not arriving to this discussion fresh off the back of a turnip truck. So, what does liberty mean to me? In the simplest and purest terms, it means being free to come and go as I please. Of course it would be my strong preference to come and go without the charade and indignity of transportation security instituted by most nations these days (ironically, the "Land of the Free" being the worst of the lot). But, unlike some prominent COL, I don't make the mistake of conflating transiting airports with protesting against the inanity of transport security. That's because if I wanted to mount a protest against TSA, I would do it in an organized fashion. Say, by arranging for a large and loud demonstration at whatever passes for TSA's headquarters, making sure that the media was there to provide coverage. I certainly wouldn't do it ad hoc without media present, on a day when I actually needed to travel from point A to point B. After all, like trees falling in remote woods, if a protest happens and there's no media to record it, was there a protest? The polar opposite to being free to come and go as one pleases, the essential tenet to my personal definition of liberty, is to be trapped in a jail cell. Been there, done that – and very much have no interest in doing it again. Thus, I avoid engaging in activities where one of the possible outcomes is being arrested and jailed. For example, making angry displays when a TSA minion asks me to take off my shoes. Now, I realize that the degradation of principles and justice in countries such as the US means that pretty much everyone breaks a law or three every day, but miscarriages of justice resulting in an innocent person being sentenced to jail (or gunned down) are statistically very rare. Yes, they happen – but so does getting struck by lightning. Thus, when I talk about acting in a fashion unlikely to lead to being locked up in a cage, I'm talking about playing simple odds. And no, I don't need to be a cowering sheep to keep the odds of my being jailed near zero. Rather, I just need to take note of the laws of whatever land my feet are currently planted on and avoid tripping over the big stuff. In the US, for example, walking around with a bag of pot in your pocket could lead to jail time. In Uruguay or Amsterdam or dozens of other countries, it's legal. So, when in the US – again, ironically still called "the Land of the Free" – I can manage without the pot. (Actually, I've done without pot for many decades; I'm just using this as an illustration.) Failing to pay the legally proscribed amount of taxes is another easy way to end up in jail. As a US citizen, there's no denying I'm trapped in a tax regime I find abhorrent and counterproductive to the building of capital. That's a big disadvantage compared to many countries. But am I willing to trade my liberty for the money I might be able to hide from the IRS? Hardly. That would be the equivalent of choosing the latter when confronted by a gun-wielding thug demanding my money or my life. Does this mean I'm powerless against the institutionalized theft of taxation? Not at all. It just means I have to work harder to uncover legal ways to minimize the tax bite, starting by hiring good counsel. And let's not forget, for the citizens of most countries, minimizing the tax burden is as simple as getting on a plane, as – unlike the Land of the Free – they don't tax non-resident citizens on worldwide income. As for US citizens, if the issue is important enough to you, there are specific steps you can take to legally avoid the taxes altogether, by replacing the passport you carry in your pocket. It's not particularly quick or easy, but if paying less (no?) taxes is that important to you, then there are clear paths to accomplishing just that objective without risking the loss of your liberty. I'm not making these comments cavalierly, but rather to point out hard facts about the world we live in. So, freedom to come and go is the core principle of my personal liberty. What else? Well, part of that freedom has to do with personal finances. Namely, you can have all the liberty in the world, but if you don't have the money necessary to actually travel, you probably aren't going to get very far… at least not in a fashion you might enjoy. While there are countries such as North Korea where the government makes accumulating any wealth almost impossible (unless you are part of the dictator's inner circle), in most of the world, this aspect of life – call it "financial freedom" – has far more to do with a person's willingness to work hard than anything else. That said, I readily acknowledge that governments everywhere are a constant weight on the entrepreneur's back. Yet, simply looking at the facts as they are, I personally know dozens of people, here in the US – and in places like Argentina, where the government makes doing business an order of magnitude more difficult – who, through their own creativity and exertions, are fabulously successful. As something of a tangent, while generalizations are rarely useful, in my direct experience many individuals who paint themselves as libertarians have trouble coming up with the proverbial two nickels to rub together. Doug Casey and I have discussed this on more than one occasion, and I don't think either of us has a good answer. If pressed to it, I would hypothesize that it has to do with a latent inability to work as part of a team, something libertarians tend not to be very good at but which is often required to launch a successful career. In support of that hypothesis, look no further than the reality that the Libertarian party has never been able to mount an effective national political campaign. Back to the point, despite the government's meddling, financial freedom is imminently attainable for individuals who focus on their work and who put in steady efforts at increasing their personal knowledge (including learning how to handle your money, once you have some). Of course, succeeding may not be easy... it rarely is, though it can be. While I'm sure there are additional nuances to my personal definition of liberty that I could mention, the big point is that as long as I am free to come and go as I please and have the capability to build the wealth I need to do so, then I have pretty much all the liberty I need to enjoy my limited lifetime on this planet. After all, with those two conditions in place, if one place becomes too unfree for my taste, I can move on. "Wait a second!" some of you may find yourselves thinking indignantly. What about the wholesale trampling of the US Constitution in recent decades? What about the militarization of the domestic police force here in the US? What about the loss of freedom in the Land of the Free? I might respond with a sad shake of the head and by mouthing words such as "tragic," or "damn shame," or even "it's outrageous, criminal even." And there's no question it's all of those things and more. The idea of America in its youth was amazing, especially considering the era in which it was birthed. But that idea has been so diluted at this point to be almost meaningless… here in the United States. And therein lies the importance of being able to travel freely. You see, unlike many, I refuse to define myself by the artificial borders that were determined solely by an accident of birth. Why should I? Do I relate to the idea of America? Of course; what thinking person wouldn't? But during these philosophical Dark Ages for freedom in the United States, what practical purpose does clinging onto that idea serve? To use an overused comparison, what practical purpose would it have served for the head of a Jewish family during Hitler's Germany to stand on a street corner handing out anti-Nazi pamphlets? The obvious answer is "none." It would have just resulted in the ultimate loss of liberty – his death and likely that of everyone he loved. Personally, I look at the Americans and I see a people who have been very effectively brainwashed, or who simply have given in to the entirely human tendency to shuffle unquestioningly onto the path of least resistance and let themselves go. I see a people who, on a wholesale basis, have consciously or unconsciously decided to trade the idea of America for the false security of a totalitarian state. While there are voices in the woods, such as Ron Paul, that warn of the consequences, I'm trying to focus today on hard realities. And the hard reality is that if you were to assemble all 300 million US citizens in an auditorium to listen to well-presented arguments for less vs. more government and then ask for a show of hands, the vast majority would raise their hands in favor of the current system that has the state deeply involved in pretty much every aspect of the economy and society at large. Skeptical? Then ask yourself what percentage of the audience would raise their hands in favor if asked the following: "How many of you want Social Security to remain intact?" "How many think the government should subsidize health care?" "How many think the rich should pay more taxes?" Or ask your questions in the negative, and watch how few hands stick in the air. "How many of you think the Food and Drug Administration should be abolished?" "How many of you think recreational drugs, including cocaine and heroin, should be legalized?" "How many of you think the Department of Education should be shuttered?" "How many of you think that the tax credit for mortgages should be canceled?" At the end of the exercise, the level of support for the very same tangled body of state-controlled handouts, regulations and central economic planning now choking the last gasps of life out of the body politic would be obvious and overwhelming. The practical point I am trying to make here is that the COL are fighting against a very entrenched and increasingly dangerous public mindset. Some like to hearken back to the days of the revolution when prominent men in the community risked it all to overthrow the British. I would contend that the situation today is totally different. Then it was a foreign enemy daily adding salt to the open wound of what was essentially an occupation by marching troops around and passing highly unpopular and often arbitrarily punitive laws. Today the enemy (of true freedom) is within. In fact, the nation is overrun by them… they dominate in most every community, in most businesses and even in most families. And your fellow citizens don't want what the COL are selling. Sure, there are a fair number – for instance, members of the Tea Party – who might be sympathetic on a largely abstract level, but drill down into the specifics by asking questions such as those above and you'll quickly find just how far off the grid you are. So what's the point?
Of course, I'll continue to support the champions of liberty here in the US, even though I think they are tilting against windmills for the most part. And I will almost certainly find occasion to speak against the totalitarian tide myself, albeit in terms sufficiently tame to avoid leading to a loss of my liberty. Far more important, as it relates to my personal liberty, I'll continue the process of diversifying my life between political jurisdictions so that if and when things in my native country become unbearably oppressive – and therefore an active risk to my ability to freely go about my business – I can bid it goodbye. Call me a coward, but in my view it's far better to switch than to fight, especially when the vast majority of my fellow citizens wouldn't know the true meaning of freedom if you served it to them on a silver plate.
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| Are Preparations Being Made For Worldwide Financial Collapse? Posted: 14 Aug 2012 05:40 PM PDT Something really strange appears to be happening. All over the globe, governments and big banks are acting as if they are anticipating an imminent financial collapse. Here’s some of what is being said and is apparently happening. Words: 1200 So say articles by Reuters, Richard Duncan, Nigel Farage, Nouriel Roubini, Paul B. Farrell, Chris Martenson and others which are exerpted and*commented on below in an article* by Michael Snyder ([url]www.theeconomiccollapseblog.com[/url]). [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: Unfortunately, we are not privy to the quiet conversations that are taking place in corp...
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| Complete Q2 Hedge Fund Holdings Summary Posted: 14 Aug 2012 05:16 PM PDT Q2 hedge fund reporting season has come and gone. Below is a summary of the key funds, and who held what at the end of June. Courtesy of Bloomberg:
Last, and possibly, least:
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| Marc Faber shunning China, buying Europe & Youri Carma's Links Posted: 14 Aug 2012 04:51 PM PDT Marc Faber shunning China, buying Europe: report African nations chase away the almighty dollar – Governments, looking to boost local currencies, impose penalties for dollar use Average interest rate on 5-year CD falls below 1% India's July trade gap widens … Continue reading
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| Rule: Gold Strong, Expect Merger & Acquisition Boom In Miners Posted: 14 Aug 2012 04:35 PM PDT  With continued volatility in global markets, today King World News interviewed one of the wealthiest and most street-smart pros in the business, Rick Rule. Rule told KWN that gold is showing signs of strength and we have now started a merger and acquisition boom in the mining sector.Rule, who is now part of Sprott Asset Management, also discussed the enormous problems both Europe and the US face: "I don't see how anything has changed in Europe. It appears we've had a week go by with no crisis, and that's the longest period we've gone without a crisis in 3 months. So people are beginning to act like the problem is over. I don't see how you solve a solvency crisis in a week, particularly if there's no fundamental change."
This posting includes an audio/video/photo media file: Download Now |
| A "Rare" Event: Three Times in Two Weeks! Posted: 14 Aug 2012 04:31 PM PDT August 14, 2012 [LIST] [*]Thermostats set to 78 at home, blackouts affecting hundreds of millions abroad: Byron King on the intense demand for electricity, and the most-lucrative opportunity to meet that demand [*]Stocks stagnant, gold down, bond yields backing up: Picking apart the latest numbers and QE prospects [*]What has small-business owners worried most these days... [*]Waking up to a false prophet... Reader joins Patrick Cox in singing the praises of a "nutraceutical"... why 2012 is a good year to die... and more! [/LIST] Like the proverbial hundred year flood that seems to take place every five years or so... a "rare" occurrence in California is becoming rather commonplace. "California's electricity grid operator," Reuters reports, "has taken the rare step of asking residents and businesses to reduce their power use for a third time this month as a stubborn heat wave taxes the state's stretched system." Among the requests: Keep t...
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| Posted: 14 Aug 2012 04:01 PM PDT Gold blew out a year ago under the weight of its own momentum and suspect sponsorship as new buyers came into the monetary metal in a panicked, knee jerk fashion. Gold should be bought on the QT, on the sly, while it is being sold off ... Read More...
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| Posted: 14 Aug 2012 03:45 PM PDT This could very well have been the Province of Westsylvania, part of British Imperial Canada. To the east, along a line of demarcation that follows the northeasterly arc of the Alleghenies, would be what was left of the United States of America, a collection of small, Northeastern coastal states that rely for survival on their wits as traders and seafaring merchants. To the south would be the Confederated States, an amalgamation of political jurisdictions that had long ago seceded from the failed Constitutional Compact of 1789. To the west of this spot would be the very large Province of Ohio, another jurisdiction of Canada, extending all the way to the Mississippi River. Abutting the west bank of the mighty Father of Waters would lie the French Department of Louisiana. West and southwest of the French possession would be the United States of Mexico, extending across the high plains and Rocky Mountains to the Pacific Ocean and bordering Canada to the north. Mexico would encompass the territory of Texas and extend far down through the old land of the Aztecs and well into the lands of the lost Maya. Yes, indeed, things could be very different. Except that Mr. Alexander Hamilton, first Secretary of the Treasury of the United States, levied a tax on whiskey. If you taste the whiskey first, it helps to understand (and at the end of this article, I will tell you how to do just that…). Dark amber in color, not unlike some varieties of that fine Pennsylvania crude oil that seeps from the cracks in the Devonian shale and Carboniferous sandstone that make up the bedrock in these parts, the whiskey has a dry taste and is certainly not to be confused with those better-advertised, rather fruity beverages that are but sweetened imitations of the real thing. Pennsylvania rye whiskey goes down straight and warm, not quite bypassing the taste buds, but it hits you hard from the inside out. In its own inimitable way, this whiskey is rough and strong and uncompromising, like the men who first distilled it on the western frontiers of the British Empire in North America in the 1700s. In 1768 one man of the cloth called it "a perfect beverage, and a blessing from God for which people would take to arms." He was prescient, this pastor. In retrospect, the rye whiskey of the western frontier was a beverage that defined a fresh-born nation. And if nothing else, the whiskey and those who consumed it forced the nascent government of the United States to govern wisely, and even to issue honest money. Well, at least for a while. The Whiskey Rebellion: A Staple of the Frontier Economy Brewed and fermented spirits were a staple of the frontier economy of colonial America. Beer, for example, was available in almost all households and consumed at almost every meal. Beer-making provided a use for surplus grain, which could not otherwise be transported for sale in distant markets over the primitive roads of the time. Beer was safer to drink than most of the water that one could obtain from wells and streams. Beer had nutritional value, and in a world where most everything was scarce, one did not allow good carbohydrates to go to waste. Thus beer was a routine part of the diet of frontier families and a vital source of nutrition. If it made you feel better during the hard times, that was also a good thing. Whiskey as well became a staple of frontier life and diet. Like beer, it was made from the surplus grain that was not consumed locally and could not otherwise be transported any great distance for sale. Whiskey served as a medicine, a tonic, and an anesthetic in a time and place where there was no alternative. And distilled whiskey had commercial value, such that it was worth a man's while to transport it over the mountains, where it sold in Philadelphia for a price in colonial times that was the equivalent of about $25 per gallon today. In an environment in which money was scarce, whiskey not surprisingly became a store of value on the frontier. In western Pennsylvania, one estimate from the 1780s states that there was one still for every 15 residents. People used whiskey to pay bills and local taxes, and even to compensate their school teachers and clergy. Hence whiskey evolved into a form of currency in its own right, at least west of the Alleghenies. The Revolutionary War had left the American national government broke and insolvent, with a reputation for having issued worthless paper currency, called "Continentals. Congress passed laws that forced people to use these notes literally at the point of a soldier's gun. Inflation and bad debt, both of pandemic proportions, were ruinous to any semblance of a post-Revolutionary national economy. The Articles of Confederation, which lasted from 1777-1789, did little to remedy the sad state of monetary affairs in the young nation. The members of the Constitutional Convention of 1787 were forced of absolute necessity to address monetary affairs. The U.S. Constitution, finally ratified in 1789, specifically made provision for a currency based on gold and silver, as well as for a national bankruptcy law in order to address the oceans of bad debt that permeated every level of colonial society. But it was one thing for the Constitution to declare, as it did, that no "Thing but gold and silver Coin" could be used as legal "Tender in Payment of Debts." It was quite another for this sovereign edict to become reality. In the earliest days of the federal government under the new Constitution, Secretary of the Treasury Alexander Hamilton proposed that the national government raise its revenue by levying excise taxes. Among Hamilton's proposals for raising revenue was a tax on whiskey, that staple of life along the western frontier. For a variety of reasons, this "whiskey tax" immediately aroused the sentiment of many people that the new federal government was simply the replacement of the British King by swindling, moneyed, East Coast speculators and tyrants. The legislation that enabled the whiskey tax was reflective of the goals of Alexander Hamilton, with his desire to create a strong central government and a nation of industry. The tax placed the levy on the point of distillation, not at the point of sale. Hence many farmers and small-businessmen found themselves taxed on the capacity of their stills, which included the amounts of whiskey they consumed personally, let alone what they discarded due to waste or spoilage. The federal tax rate was lower on larger stills, thus favoring bigger businesses at the expense of small, family-run operations. And the federal tax had to be paid in, of all things, gold or silver coin, of which there were precious few during the best of times on the frontier. As a result, the new tax almost immediately destroyed the value of whiskey as a form of barter currency in its own right. But without whiskey to lubricate the wheels of commerce, the frontier economy soon began to grind to a standstill. Stay tuned for Part II, tomorrow… Byron King, The Whiskey Rebellion originally appeared in the Daily Reckoning. The Daily Reckoning, published by Agora Financial provides over 400,000 global readers economic news, market analysis, and contrarian investment ideas. Recently Agora Financial released a video titled "What Causes Gas Price to Increase?".
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| Full Breakdown Of David Einhorn Q2 Long Equity Holdings Posted: 14 Aug 2012 03:36 PM PDT Unlike Dan Loeb, David Einhorn did a far more calculated portfolio reshuffle in the three months of Q2, purging only 6 positions among which RIM, CA, Dell, HCA, the GDXJ Junior Gold Miners ETF, and Roundys. He appears to have also hired a new healthcare/insurance analyst after adding positions in Cigna, Coventry Health, UnitedHealth, Humana, Wellpoint, as well as Einstein Noah Restaurants, Virgin Media, Hess, Chipotle, Genworth and some Oaktree bonds. His top 5 positions are Apple, Seagate, Microsoft, Marvell Tech and Cigna. Overall, it does not appear as if he has had a major shift in perspective on the economy. Total reported long equity AUM as of June 30 was $6.4 billion. Full breakdown below. New positions in green. His Q1 13F can be found here.
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| A “Rare” Event: Three Times in Two Weeks! Posted: 14 Aug 2012 03:29 PM PDT August 14, 2012
"California's electricity grid operator," Reuters reports, "has taken the rare step of asking residents and businesses to reduce their power use for a third time this month as a stubborn heat wave taxes the state's stretched system." Among the requests: Keep the thermostat at 78. The grid is down to only 9% of spare capacity today. In 2007, it got down to 6-7%. At 3%, rolling blackouts kick in. So the system is stressed, but not to the breaking point.
Then, 600 million people — twice the U.S. population — lived through a two-day blackout. A huge electrified rail system came to a standstill. More than 250 coal miners were trapped underground. Hospitals resorted to generator power. News like this gets us back to a fundamental reality, one that Byron King likes to remind us about: People like it when they flip a switch and lights go on. Or the compressor on the air conditioner kicks in. Back in North America this summer: "Air conditioning use is way up in every region. Thus is electric power use up strongly. Indeed, the need for electric power has helped pull natural gas prices upward, off of recent historical lows. That's because more and more natgas is going to generate electricity. "Still, natgas isn't the best long-term baseload fuel for generating electric power. Don't confuse a temporary gas glut and historically low natgas prices with a long-term approach to running the electric economy."
"And the coal biz is under attack, globally, due to concerns about pollution and carbon dioxide." That leaves nuclear… which on the surface is even more hated… but even more necessary for people who like the lights to turn on when they flip a switch.
"Things were so bad for nuclear power in Japan that every single plant was shut down after Fukushima — all of 'em. But in the past month, the Japanese have restarted one reactor, with more on the way. "Meanwhile, China has an aggressive ongoing nuclear building program. Twenty-plus plants under construction will reach the point of loading fuel in 2013-15, which is the wink of an eye in nuclear development terms. Where's the uranium? "Other countries are pursuing nuclear power, such as Turkey, which wants 20 plants to provide power that now comes from oil and gas imports from Iran. And even Saudi Arabia is looking to build nuclear plants, to keep from burning oil for day-to-day power needs."
"It was good while it lasted, providing nearly 24 million pounds of uranium into the marketplace every year. "Looking ahead, I cannot imagine that Vladimir Putin will go along with dismantling more Russian warheads. Putin is not about to export highly enriched uranium to the U.S. to use in power plants. Indeed, Putin is talking about rebuilding Russia's nuclear industry, starting with the Russian nuclear navy." Result: Nuclear is a "strong, if somewhat contrarian play," Byron concludes. "Uranium has found a price plateau over the past three years of market crash and recovery.
"Looking ahead, there's still plenty of uranium demand from 'old' nuclear reactors, and more demand to come from the new builds." Byron has identified his favorite uranium play to readers of Outstanding Investments — rated the No. 1 performing newsletter over the last 10 years by the independent Hulbert Financial Digest. Not a subscriber yet? We make it easy to get started.
Volatility as measured by the VIX is moving up big, however; after reaching a five-year low below 14 yesterday, the VIX has jumped 8%, to 14.8. Among the government numbers traders are weighing…
None of these numbers delivers a clear signal about the likelihood of the Fed turning up the monetary spigots, so there's neither heavy buying nor heavy selling. That or everybody's on vacation…
A 10-year note yields 1.726% — a big change indeed from the open this morning at 1.685%. The 30-year is up to 2.825%. The move has been very good news for Options Hotline readers. This morning, Steve Sarnoff recommended they unload their put options on TLT, the 30-year Treasury ETF — bagging a 37% gain in a single day. Not every play delivers a gain that big in such a short amount of time… but with Steve's system, you stand a very good chance of winning on your very first trade. Learn how it works right here.
At 91.2, the index sits at the midpoint of a range where it's oscillated ever since the end of the "official" recession in June 2009.
The "single most important problem" identified by the 740 survey participants continues to be a three-way tie between taxes, government regulations and poor sales — each at 20-21%. A year ago, poor sales was the clear leader.
It might well lose its grip… we are in a period of seasonal weakness, after all. Silver, meanwhile has barely budged at $27.81.
"Paul Ryan will be Mitt Romney's millstone. Not that it will make much difference — Romney's move to the middle will destroy his campaign. Only Republicans would believe that Ryan is a conservative because he says he is!" The 5: We're not especially interested in "left" or "right" labels… but we're heartened to see Ryan's reputation is getting some scrutiny from corners other than our own. "Mr. Ryan," reads a new essay by Reagan budget chief David Stockman, "showed his conservative mettle in 2008 when he folded like a lawn chair on the auto bailout and the Wall Street bailout. "But the greater hypocrisy is his phony 'plan' to solve the entitlements mess by deferring changes to social insurance by at least a decade… "The supposedly courageous Ryan plan would not cut one dime over the next decade from the $1.3 trillion-per-year cost of Social Security and Medicare." On Medicare, the Congressional Budget Office scores his plan as more costly than the president's. Meanwhile, the mainstream take is that Ryan would set us back to the days of Grover Cleveland (what's so wrong with that?). It's as if this recent cover of the progressive rag Mother Jones anticipated Ryan's selection…
The perception is fed in part by Ryan's supposed fealty to Ayn Rand. "The reason I got involved in public service, by and large, if I had to credit one thinker, one person, it would be Ayn Rand," he said in a 2005 speech. "Public service"? Why wasn't he inspired to build a railroad or a steel mill instead? Near as we can tell, the guy's been on a government payroll his whole life. "There is a term for characters in Rand novels that proclaim a desire to spend their lives serving the public," writes Conor Friedersdorf at The Atlantic. "They are villains.
It turned out badly on The Twilight Zone, and it'll turn out badly now… "A congressman with a voting record like the one Rep. Ryan has amassed?" Friedersdorf goes on. "He'd be banned from Galt's Gulch, the invite-only alternative society where the heroes of Atlas Shrugged congregate, by unanimous vote. Even Eddie Willers, the novel's only sympathetically written squish, would've seen Rep. Ryan's career from 1999-2009 as indefensible." Hard telling when the people singing his praises will begin to experience buyer's remorse… but the mere fact you're reading our virtual pages puts you ahead of the game. If you've given up looking to politics for salvation, but you're still unsure how to protect your wealth from the politicians, we suggest you start here.
"In many who take the product, they experience a curbing of the appetite. I lost 18 pounds in three months taking it daily. As a type 2 diabetic this was very important, as my blood sugar levels, and HbA1c levels also decreased."Once the human trials via John Hopkins and elsewhere are released, the world will take notice of this product. I would encourage anyone to take an initial investment position at this time! Risk involved, but potential reward is gaining strength." The 5: Thanks for the good word. Curbing appetite is the latest in a long list of benefits that come with the product. Patrick will stay on top of the research, but once the results are released, the big move in the company's shares might have already taken place. Now's the time to move: If you're skeptical, so was Patrick at first… which is why he lays out a thoroughly researched case. Cheers, Dave Gonigam The 5 Min. Forecast P.S. 2012 is a good year to die, as it turns out: Assuming Congress doesn't act before year's end, the top bracket of the state tax zooms up from 35% to 55% as of Jan. 1, 2013. And the tax would snag estates worth as little as $1 million. Assuming you're going to last beyond this calendar year, you might want to adjust your tax and estate planning accordingly. That's one reason we're organizing the next round of the Rancho Santana Sessions, Dec. 5-9, 2012. Like the last round, we're limiting the event to no more than 30 people… so there will be ample opportunity to ask our assembled experts about estate planning, offshore investing, and similar issues. As the date gets closer, watch this space for speakers and topics…
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| Look For The Silver Lining: Silver Swan Ready For Takeoff Posted: 14 Aug 2012 02:53 PM PDT An old melody advises us to look for the silver lining whenever dark clouds appear in the blue. There is economic and political upheaval all over the world, especially in the South China Seas. This may directly affect the world's supply of industrial metals such as graphite, rare earths, molybdenum and tungsten. Today we direct our attention to an area where silver is shining. Poor man's gold may come into prominence shortly and provide our subscribers with possible profits. The silver battlefield is filled with bulls and bears fighting for dominance. Recently, the poor man's gold has dropped to the $26 area. The struggle continues between the opposing sides. The bulls and bears are keeping their eye on this critical support level at 2011 lows. We sense that the bulls will prevail at this mark. The reasons to buy silver now is compelling. The U.S. dollar may have already reached an interim top as investors realize that the employment situation in the U.S. is still a concern and that the Federal Reserve will need to implement some form of QE3 to devalue the dollar to pay off soaring deficits and promote inflation possibly announced at the end of this month in Jackson Hole. The bears disagree and claim that silver will be pushed back beneath this level as silver plunges to new lows as the Fed continues to keep its trigger off of the QE3 bazooka and wait until after the election. Silver is holding the line making a rounded bottom. Notice the rounding bottom signaling a potential breakout as sellers become exhausted.
On the supply side, silver production comes mainly from Peru and Mexico where miners are facing significant challenges including violence. Newmont is having to deal with violent protests in Peru which reminds us of what Fortuna Silver had to deal with in Mexico. Right now, Pan American Silver is suspending investment in its flagship Navidad Project due to the rising resource nationalism in Argentina. Pan American paid $500 million for the asset in 2009. This project may be the richest undeveloped silver deposit in the world. Similarly, Bolivia and Evo Morales is considering nationalizing South American Silver's(SAC.TO) large undeveloped silver project amidst violent indigenous protests. The company describes it as "one of the world's largest undeveloped silver deposits." The company is planning to invest over $50 million into the project. At the same time the Bolivian peasants have violently kidnapped five workers from the project. Such turmoil in Peru, Mexico, Argentina and Bolivia may add to the world's already existing shortage of silver. This supply crunch is combined with rising political uncertainty in Egypt, Syria and Iran and economic malaise in the EU and the United States which is causing investment demand for silver to rise exponentially. All signs are pointing to a possible global inflation which could propel silver prices higher. We have record deficits in the U.S. where many citizens are looking to protect their savings from a potential devaluation to pay down record debts. With the recent Obamacare Supreme Court Ruling entitlement spending will soar. Former Federal Reserve Chairman, Alan Greenspan noted in 2010 that "Only politically toxic cuts or rationing of medical care, a marked rise in the eligible age for health and retirement benefits…or significant inflation… can close the deficit." Remember, in response to Keynesian pump-priming inflation threatens to make silver increasingly attractive as a safe haven. There is always the presence of increased industrial demand for the poor man's gold. Silver is being used increasingly in high tech applications from batteries to solar panels. Last month the silver etf's added 293 metric tons of this valuable metal to their holdings which represents their highest inflows since September. The bears claim that silver's proximity to the $26 line is a negative signal and are pushing below their 50 and 200 day moving averages on the way to $18. Recall that silver is volatile and moves up or down more than other commodities such as gold. On the other hand, QE3 if it is implemented will encourage monetary easing internationally and thus will boost silver prices. After QE2 we called the silver breakout to the day on 8-25-10. Silver soared from $18 to close to $50 outpacing other commodities. If QE3 is carried out, silver could experience a similar type of move. In such an event, the specter of inflation may trigger silver's rapid ascent into new all time highs. We regard silver as a long term holding which may be ready to move into new all time highs past $50 depending in part on the Fed's next move. Subscribe to my free 30 day trial to discover some interesting early stage-silver opportunities in mining friendly Nevada and British Columbia by clicking here…
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| In What Direction Will the Stock Market Head and How Could It Influence Gold and Silver? Posted: 14 Aug 2012 02:37 PM PDT People put too much store in central bankers and hang on their every word as if they are prophets with a direct line to the divine. It seems that no one does this more than gold investors. In the past gold has shown itself to be ... Read More...
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| A New Energy Storm Threatens Dividends Posted: 14 Aug 2012 02:35 PM PDT Synopsis: Investors relying on energy-stock dividends are about to take a major hit. By Marin Katusa, Chief Energy Investment Strategist Are you an energy-sector investor? Do you balance your riskier assets with a nice complement of dividend-paying stocks that provide welcome income during turbulent times? Have you ever thought about how your portfolio would fare if those dividends were decimated? Welcome to the next round of pain for the energy sector. Markets around the world have been struggling to stay afloat amidst Europe's debt debacle, America's economic stagnation, China's slowdown, and the like, but the energy sector has been getting the worst bruising of all. More than half of the energy listings on the Toronto Stock Exchange and the Toronto Venture Exchange are trading at less than half of their 52-week highs and a full fifth of these publicly listed energy companies are trading at less than a quarter of their 52-week peaks.
(Click on image to enlarge) There are lots of explanations, and the dominant ones involve cash flows – specifically cash flows that are much skinnier than they used to be. And those skinny cash flows are about to send a bear into the china shop that is global energy. Dividends are about to disappear. In turbulent economic times like today, many investors protect their portfolios by ditching high-risk assets and turning instead to income stocks. Dividend-paying stocks often provide some of the best returns in slow-growth environments, so this tactic makes sense... unless those dividends evaporate. The thing is, dividend payments are by no means assured. In much the same manner as I predicted that natural-gas reserve writedowns would hammer gas equities, I foresee a series of dividend cuts wreaking havoc on the oil and gas sector. Why the doom and gloom? Because sometimes it doesn't take a crystal ball to predict the future of the stock market. Sometimes all it takes is some basic math. The Numbers Don't LieWhen an energy producer sells a barrel of oil or a cubic foot of natural gas, a whole bunch of hands reach out for their piece of the cash. The government of the country where the project is located usually gets a big chunk; contractors helping to operate the project have to get paid; employees expect checks; utility and supply bills have to be paid; debts require servicing; and other development-stage projects need capital injections. These costs all come out of earnings, and it's only the money that is left over that is available to hand out to shareholders as dividends. When oil and gas prices are strong, it is easier to ensure there's lots of money left over. When prices weaken, the dollar bills start running out. They run out even more quickly if production costs are high. And that is precisely the storm facing North America's oil and gas producers today. For oil producers, prices in Europe are relatively strong. Tensions with Iran, civil war in Syria, the conflict between Sudan and South Sudan, and declining output from the North Sea are all supporting prices, despite the general economic malaise. In North America, none of those bullish forces are at work. Instead, infrastructure gaps have created a supply glut in the midcontinent that is pushing benchmark West Texas Intermediate (WTI) pricing to a record discount against Brent. (For an in-depth look at these discounts, check out a recent Daily Dispatch on The Tricky Calculus of Oil Price Differentials.) And it doesn't stop there: production from the continent's booming oil districts, including the Bakken shale and the Canadian oil sands, is being hit with a second discount because of additional infrastructure deficiencies. It's a double whammy that is hitting producers hard. A barrel of Western Canada Select crude oil is currently priced 17% below WTI pricing; since WTI is discounted against Brent, that means that Canadian oil producers are getting hit with a whopping 29% discount to Brent pricing. As for an outlook, there is no reason to believe these discounts will disappear anytime soon; there is every reason to believe that oil prices in general will trade sideways for the medium term. In short, there's no light on the pricing horizon. Gas prices are the same… only worse. As we've discussed extensively in these pages, the flood of production that poured forth from North America's shale basin pummeled gas prices to record lows. With an army of shuttered wells ready to start producing within days as soon as prices rise, there will be immense downward pressure on gas prices for the next few years. So prices are struggling, leaving companies with fewer dollars to satisfy all those needy hands. And here's the rub: those hands are getting greedier. The cost to produce a barrel of oil or a cubic foot of gas keeps inching upward, as everything from the guar gum used in frac fluids to the taxes levied against energy production keep getting more expensive. Engineering a complete financial model for an oil and gas producer is complicated, but the basic math at issue here is pretty straightforward. A lack of pipelines is keeping oil and gas prices in North America pinned down. The costs to pull oil and gas out of the ground are climbing, as are the expenses involved in developing new projects. With cash inflows constrained and costs rising, earnings are taking a major hit. Most companies can absorb a quarter or two of poor earnings, as long as the future is bright. Unfortunately, the short- to medium-term future for North American oil and gas is not bright – there is no reason to believe oil pricing discounts will ease and no reason to think the glut of shale gas will abate anytime soon. Without earnings filling their bank accounts, companies simply don't have the money to pay dividends. Lower incomes + Rising Expenses → Dividend Cuts Imminent Several oil and gas companies have already slashed their dividends. I think they are the tip of the iceberg. In fact, it's more than a thought – it's a fact. Together with my analysts, I conducted a comprehensive sensitivity analysis of dividend-paying stocks in the energy sector. I stress-tested each company to see whether its promised dividends could survive an oil price drop, a gas price decline, or a continued upward creep in production costs. For oil, I tested a price drop of 25 to 40%. For natural gas, I tested a price decline of 10 to 40%. In terms of operating costs, I assessed the impact on each company's dividend if costs climbed by just 10%. All of these stressors are highly possible – and the results are staggering. I will be publishing them in the upcoming issue of the Casey Energy Report; it is a must-read for anyone who has or is thinking of buying any dividend-paying stocks in the sector. Here's a teaser: of the 36 companies in my assessment, only six made it through one of my stress tests with their dividends intact. For the rest, dividends simply disappeared. When dividends disappear, it's not just income that shareholders lose. A dividend cut can easily be the first of a long line of dominoes to fall, and most of those dominoes drag the company's share price down with them. For instance, fund managers often have no choice but to hit the sell button on a stock if a dividend cut pushes the company's dividend yield below the fund's minimum requirement. When funds start to flee, stocks are really in for a rough ride. We are the first in the industry to conduct this kind of comprehensive stress test on dividend-paying energy stocks. The uncertainty and weakness that are plaguing global markets – and the energy sector in particular – have many investors turning to dividend-paying stocks for their reliable payouts. But many energy-sector investors who made that shift to dividends are about to get burned, because the dividends are going to disappear. Adding salt to the wound, the share prices of companies forced to slash their dividends will also get pummeled as investors, led by major yield-guided funds, abandon ship. With this model, I have determined which energy companies will be able to keep paying their dividends, even if commodity prices tank and operational expenses soar. This information is essential for dividend-focused investors. If you want to know how to prepare your portfolio for the looming demise of energy dividends, you have to read the next issue of the Casey Energy Report.
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| U.S Banks Told To Prepare For Total Collapse! Posted: 14 Aug 2012 02:25 PM PDT  Martial law is being prepared for a staged banking collapse in the late October.This is a Red Alert! Only exposing the fact that this is staged will make them back off. Let's get to work exposing the Banksters. Don't sit around with a bunch of guns talking about some physical confrontation. We don't want it to go to that. The pen is mightier than the sword. Use It! This is not a game… it is WAR!!! Read more..... 
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| Gold Daily and Silver Weekly Charts - Cheap Shot at the New York Open Posted: 14 Aug 2012 02:17 PM PDT |
| Facebook Shareholders: See Your Future Posted: 14 Aug 2012 01:41 PM PDT The internet mini-bubble Round Two:  I mentioned to someone just yesterday that I think the Facebook IPO may be the biggest Wall Street pump-n-dump fraud I have ever seen or read about. Largest in terms of the dollar size and visibility. In that context, it was fraudulently marketed with willful and determined violation of the SEC new issue regulations (SEC Act of 1933) by both the underwriter, Morgan Stanley, and the upper management of Facebook; and it was fraudulently dumped on the unsuspecting - albeit greedy and ignorant - retail stock customers of Morgan Stanley and of the entire underwriting syndicate. Not only are the above-mentioned players guilty, the Obama Government, specifically the SEC and the Justice Department are guilty for lack of enforcement of the SEC laws designed to protect the investing public from the predatory practices of Wall Street. "When you see that trading is done, not by consent, but by compulsion – when you see that in order to produce, you need to obtain permission from men who produce nothing – when you see money flowing to those who deal, not in goods, but in favors – when you see that men get richer by graft and pull than by work, and your laws don't protect you against them, but protect them against you – when you see corruption being rewarded and honesty becoming a self sacrifice - you may know that your society is doomed." (Francisco D'Anconia, "Atlas Shrugged") 
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| Posted: 14 Aug 2012 01:30 PM PDT A Silver Hoard Near Record Highs Has Transnational Silver Abusers Concerned From "India Silver Hoarding Worries Users Group," "Is there a role for the Silver Users Association–in conjunction with groups in other countries–to take action that would focus on India … Continue reading
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| Posted: 14 Aug 2012 01:00 PM PDT Dear CIGAs, There is only one thing you need to know about gold: It is going to and through $3500. We have witnessed market manipulation right here at these levels 9 times. This one will have no more success than the predecessors. I know that respected minds in our camp feel accumulation is Continue reading In The News Today
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The worst drought in more than 50 years is having a devastating impact on the Mississippi River. The Mississippi has become very thin and very narrow, and if it keeps on dropping there is a very real possibility that all river traffic could get shut down. And considering the fact that approximately 
We have said it over and over, we'll say it again. For all those who for one reason or another would like to boycott the broken markets, yet trade gold in paper form, please understand that all the invested capital is at risk of total loss and can and will be lost, commingled and rehypothecated, not necessarily in that order, with little to zero recourse and the residual claim on liquidating assets pushed to the very end of the queue. Because if Lehman, MF Global, Peregrine, and countless other examples were not enough, here comes Amber Gold: a gold-based investment ponzi scheme out of Poland, in which it is likely needless to say that the gullible investors never had actual possession of the gold. And when they tried, it was gone. All gone.
Like the proverbial hundred year flood that seems to take place every five years or so… a "rare" occurrence in California is becoming rather commonplace.
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