Gold World News Flash |
- The Gold Standard Gets Another Look
- Is There Going To Be A Stock Market Crash In The Fall?
- Silver Update 8/28/12 Endless Recession
- Whispers on Wall Street: Major Financial House Is Going to Implode… Could It Be Morgan Stanley?
- The Top 3 Rules to Understand About Gold & SILVER Price Behavior
- Into the Meat Grinder: A “Market Meltdown the Likes of Which We’ve Never Seen Is Upon Us”
- Ann Barnhardt – Marxists Are Weak And Helpless And Useless
- Your Window to Buy Gold Below $1,700 Is Closing
- Quote Of The Day
- “A couple of weeks ago I wrote about how the Portuguese citizenry was being forced to sell its gold in order to eat.”
- Turd Ferguson – Silver Smackdown Ahead?
- Guest Post: To The US Govt, Failure To Disclose Foreign Accounts Is Worse Than Child Porn
- Continued Bank Runs In Europe, Battle Lines Drawn & Gold
- Do they or don't they? Silver market manipulation and the U.S. Treasury
- Guest Post: Why Everybody's Going To War in the Middle East
- Rick Rule - The Frightening Global Ponzi Scheme Continues
- The Gold Price Came back Strongly after Falling Last Night to Close at $1,666.50
- Guest Post: A Critique of the Methodology Of Mises & Rothbard
- Gold Daily and Silver Pausing...
- The Gold Standard Gets Another Look
- In The News Today
- Darryl Schoon–The Financial Parasites Are Killing The Host 28.August.12
- Trust No One
- There IS still some financial law enforcement in America
- Doug Casey Predicts Day of Economic Reckoning Is Near
- Gold Seeker Closing Report: Gold and Silver End With Decent Gains
- Gold Daily and Silver Weekly Charts - Pausing, Pausing...
- Gold Resource Corporation Declares August Monthly Dividend
| The Gold Standard Gets Another Look Posted: 28 Aug 2012 11:30 PM PDT By: Peter Schiff Tuesday, August 28, 2012 As Republicans convene in Tampa to nominate Mitt Romney and hammer out their party platform, one of the planks that could attract the most attention is the Party's official position on the gold standard. As it is now being considered, the platform stops short of recommending a return to the gold standard, but does advocate a commission to consider the possibility. However, judging by the reaction with which many Republicans have greeted the idea, one would think that the platform might as well have called for the return of slavery. The fact that so many supposed conservatives liken a belief in a gold standard as the monetary equivalent of membership in the Flat Earth Society shows just how far the American public has come from a true understanding of how money works within an economy. But, if there were a parallel to be made between gold enth...
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| Is There Going To Be A Stock Market Crash In The Fall? Posted: 28 Aug 2012 11:30 PM PDT from The Economic Collapse Blog:
Read More @ TheEconomicCollpaseBlog.com
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| Silver Update 8/28/12 Endless Recession Posted: 28 Aug 2012 11:13 PM PDT |
| Whispers on Wall Street: Major Financial House Is Going to Implode… Could It Be Morgan Stanley? Posted: 28 Aug 2012 10:34 PM PDT  Before the collapse of mega behemoth Bear Stearns there were rumors that a major Wall Street firm had bitten off more than it could chew. Mainstream media, for the most part, completely ignored the rumors, with some financial experts like CNBC's premier Wall Street insider Jim Cramer literally screaming at viewers on the March 11, 2008 airing of Mad Money in which he vehemently denied any problems saying that the company was "fine."Just a few days later Bear Stearns collapsed into heap of rubble and was offered up for sale at just $2 a share to JP Morgan Chase. This incident is widely believed to have been the catalyst that kicked off what we now refer to as the sub prime mortgage collapse. In the last few months we've started receiving signals similar to what contrarian observers were seeing prior to the Bear Stearns collapse. Big money flows out of financial stocks by key financiers like George Soros and John Paulson were reported just last week and tens of billions of dollars have been withdrawn from the European banking system since Spring. The government for its part, has taken steps to lock down the banking system so that not only can customers no longer withdraw funds from money market accounts in the middle of a panic, but a recent federal court case set a new precedent that has essentially given the go ahead for banks and investment firms to use segregated customer deposit accounts to engage in highly risky trading strategies without the threat of ever being prosecuted. Read more...... 
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| The Top 3 Rules to Understand About Gold & SILVER Price Behavior Posted: 28 Aug 2012 10:30 PM PDT We have the banking cartel on the ropes now and gold and silver will eventually break out to new highs. To prevent the banking cartel from executing the rope-a-dope on us as they have so many times in the past, now is the time for every citizen to stand up for his or her beliefs, to buy an ounce of physical silver and an ounce of physical gold, and to begin to impose our collective will upon the banking cartel for a return to sound money and free markets. by JS Kim, Gold Seek:
Over the past 10+ years of this gold and silver bull, I've seen gold and silver "newbies" repeatedly make the same mistakes. So I've decided to write this short article to help people more clearly understand gold and silver price behavior. There are 3 solid rules to follow and understand when buying gold and silver bullion and or mining stocks. Because of the lack of understanding of these rules, many investors unfortunately unload gold and silver assets at the exact wrong time, at the bottom of long corrections and right at the beginning of huge new legs higher. Back in mid-May, when I wrote that it was a very low-risk, high-reward point to buy gold and silver assets, virtually no one outside of the very small circle of seasoned gold and silver investors were interested. Now that gold and silver have risen considerably since that point and time, there is more interest than just a few weeks ago, but again, some newbies will make the mistake of buying into gold and silver now, and on any slight pull back, listen to the doubts disseminated by the mainstream media, and panic sell again. I previously stated on August 16, 2012, the following: "The one thing I can guarantee, however, is that when gold and silver finally make new highs, and they will, some of the ferocious moves higher are absolutely going to stun a lot of people." And I still stand by this statement. In retrospect, I don't consider the recent moves in gold and silver to be part of the "ferocious moves higher". That hasn't happened yet and we're still a bit away from the manifestation of the scenario that will trigger these moves. Still, some of the moves higher in gold and silver that will happen over the next 1-2 years will be so rapid and shocking that to most people, they will seem impossible given the psychological damage done by the past 18-month gold & silver correction and consolidation period. And to those that pay too much attention to the mainstream financial press and not enough to the realities of the physical, not paper, gold and silver markets, these violent moves higher will be likewise shocking.
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| Into the Meat Grinder: A “Market Meltdown the Likes of Which We’ve Never Seen Is Upon Us” Posted: 28 Aug 2012 10:24 PM PDT  America is about to be put through the meat grinder and despite what President Obama or Governor Mitt Romney say they will do to fix the fundamental issues facing our country, the end result is inevitable.Neither the Republicans or the Democrats can change what's coming, because the fact is, they are equally responsible for where we are today. As Charlie McGrath of Wide Awake News notes, it's no longer just bloggers and alternative media in the fringe corners of the internet warning about the coming collapse of life in America as we have come to know it. The crisis of reality is being forecast by some of the most elite institutions and insiders in the world, and we'd better be paying attention. I want to give you a few predictions and then tell I'll you who they're from. It might surprise you. Prediction number 1: We're heading headlong into a financial meat grinder. Prediction number 2: We're about to plunge off a financial cliff. Prediction number 3: Major market meltdown the likes of which we've never seen is upon on us. This wasn't from some alternative media site or somebody that's peddling gloom and doom. Read more...... 
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| Ann Barnhardt – Marxists Are Weak And Helpless And Useless Posted: 28 Aug 2012 10:19 PM PDT from FinancialSurvivalNetwork.com:
Which is why Ann says that Marxists are the most weak and helpless creatures on the planet and they will suffer their just reward. CLICK HERE FOR AUDIO INTERVIEW
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| Your Window to Buy Gold Below $1,700 Is Closing Posted: 28 Aug 2012 09:30 PM PDT by Jeff Clark, Casey Research:
Some investors lamented that gold prices had been stuck in a rut for a long time. Others were confused. A few bailed. And some, including me, have been stocking up because we're convinced prices won't stay down forever. In fact, based on the data I chart below, I believe the window of time to buy gold for less than $1,700 an ounce is very limited. Here's why. I examined gold's three largest corrections since the bull market began in 2001, including how long it took to recover from those corrections and establish new highs. The conclusion that emerged is that the current lull in gold prices will almost certainly end soon, if it hasn't already. Gold set a record on September 5, 2011 at $1,895 an ounce (London PM Fix) and to date has fallen as low as $1,531 (December 29, 2011), a decline of 19.2%. Gold has tested that level several times since but never broke below it. In order to determine how long it might take to breach $1,895 again, I measured the time it took to mount new highs after big corrections in the past.
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| Posted: 28 Aug 2012 09:14 PM PDT Doug Casey commenting on the past and the future: [INDENT]What we experienced in the 1930s was a deflationary depression where billions of dollars were wiped out with a stock market collapse, bond defaults, and bank failures. Inflationary money that was created since the formation of the Federal Reserve in 1913 was wiped out. Prices went down. This depression will be different because governments have much more power. They’ll try to keep uneconomic operations from collapse; they’ll prop them up, as we saw with Fannie Mae and General Motors. They’ll create more money to keep the dead men walking. They won’t allow the defaults of money market instruments. They will make efforts to maintain the dollar mark on money market funds. They’ll attempt to keep building the pyramid higher. It’s foolish, indeed idiotic. But that’s what they’ll do. [/INDENT]...
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| Posted: 28 Aug 2012 08:51 PM PDT 28,000 "Cash For Gold" Outlets in Italy as Serfs are Forced to Sell
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| Turd Ferguson – Silver Smackdown Ahead? Posted: 28 Aug 2012 08:10 PM PDT |
| Guest Post: To The US Govt, Failure To Disclose Foreign Accounts Is Worse Than Child Porn Posted: 28 Aug 2012 07:55 PM PDT Submitted by Simon Black of SovereignMan blog, Jacques Wajsfelner of Weston, Massachusetts is a criminal mastermind. Big time. Like Lex Luthor. But rest easy, ladies and gentlemen, for this nefarious villain is about to face some serious jail time thanks to the courageous work of US government agents. You see, Mr. Wajsfelner was finally caught and convicted of a most heinous crime: failing to disclose his foreign bank account to the US government. Note-- he was not convicted of tax evasion. He was not convicted of failing to file or pay taxes. His crime was not filing the annual Report of Foreign Bank and Financial Accounts (FBAR). Because of his failure to disclose his foreign bank account, Wajsfelner is now looking at FIVE YEARS behind bars in a Day-Glo orange jumpsuit. Oh, one more thing-- Wajsfelner is 83 years old. He was born in Germany during the global depression and rise of Adolf Hitler. The Wajsfelner family soon fled the Nazi regime and made its way to the United States. It was a different world back then. Sentencing guidelines suggest that Wajsfelner will get some combination of jail time and supervised release to the tune of several years. Then there's Eric Higgins of Port Huron, Michigan, who was recently busted for major possession of child pornography and engaging in sexually explicit conversations with juveniles online. He was given 20 months. Oh... and Mr. Higgins was a US Customs & Border Patrol agent. Or Melford Christmas, a US immigration officer from New York, who was given 18 months for demanding and accepting bribes to speed along US citizenship applications of foreign nationals. Or Ricardo Cordero, another US Customs & Border Patrol officer who was given 27-months for personally smuggling 30 Mexican nationals into the United States, and assisting another smuggler to bring 15 Mexican nationals across the border. This genius even had the smuggler testify as a character witness at his divorce proceeding! Or Jon Corzine, former CEO of Goldman Sachs and member of the political elite, who presided over one of the largest plunders in the financial system ever seen during the recent MF Global collapse. He walks the streets freely to this day. It seems pretty clear where the US government stands: the victimless crime of failing to report a foreign bank account is far more egregious than, say, possession of child pornography, engaging with minors in online sex chat, bribery, extortion, fraud, and abuse of official power. This is what justice means in the Land of the Free today. Have you hit your breaking point yet? As a parting note, I just want to remind readers once again that US taxpayers with foreign financial accounts are obliged to file form TDF 90-22.1 to the Department of Treasury each year by June 30th, as well as file IRS form 8938 and 1040 schedule B with your normal tax return each year. It should be clear by now that failing to file is not an option. If you are delinquent in filing from past years, it's much better to catch up and file late than to not file at all.
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| Continued Bank Runs In Europe, Battle Lines Drawn & Gold Posted: 28 Aug 2012 07:14 PM PDT  Today 25 year veteran Caesar Bryan spoke with King World News about the ongoing bank runs, battle lines being drawn in Europe and gold. Bryan, from Gabelli & Company, also discussed the massive undervaluation of the mining shares. Here is what Caesar had to say: "It's very interesting because gold closed yesterday at $1,666, and the XAU, index of gold equities, closed at 166. So the XAU is about 10% of the gold price. We've bounced off the lows for the gold shares, but I still think there's plenty to go."
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| Do they or don't they? Silver market manipulation and the U.S. Treasury Posted: 28 Aug 2012 06:49 PM PDT 8:45p ET Tuesday, August 28, 2012 Dear Friend of GATA and Gold: The people at Lineplot Productions (http://lineplot.com/), an animation studio in Cambridge, Massachusetts, that is producing the animated movie called "The Silver Circle" (http://www.silvercirclemovie.com), have put together an excellent review of the silver market manipulation issue -- the evidence for manipulation, the mechanisms by which it might be implemented, and the unanswered questions about it. The review is headlined "Do They or Don't They? Silver Market Manipulation and the U.S. Treasury," and it's posted at the Silver Underground Internet site here: http://silverunderground.com/2012/08/do-they-or-dont-they-silver-market-... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Fred Goldstein and Tim Murphy open All Pro Gold Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/. Join GATA here: Toronto Resource Investment Conference New Orleans Investment Conference * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy Platinum Announces Wellgreen Preliminary Economic Assessment: Company Press Release VANCOUVER, British Columbia, Canada -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) reports the results of an independent NI 43-101-compliant preliminary economic assessment for its fully owned Wellgreen nickel-copper-platinum group metals project in the Yukon Territory. The independent assessment, prepared by Tetra Tech, evaluated a base case of an open-pit mine (with a mining rate of 111,500 tonnes per day), an on-site concentrator (with a milling rate of 32,000 tonnes per day), and an initial capital cost of $863 million. The project is expected to produce (in concentrate) 1.959 billion pounds of nickel, 2.058 billion pounds of copper, and 7.119 million ounces of platinum, palladium, and gold during a mine life of 37 years with an average strip ratio of 2.57. The financial highlights of the preliminary economic assessment, shown in U.S. dollars, are as follows: Payback period: 3.55 years Prophecy Chairman John Lee says: "We are pleased with the preliminary economic assessment results. The numbers indicate that Wellgreen is one of most exciting mineral projects in the Yukon. The company is drilling to upgrade and expand the resource base. The infrastructure is excellent as the project is only 1,400 meters in altitude and 14 kilometers from the paved Alaska Highway, which leads to the Haines deep seaport. Discussions are under way with support from local stakeholders regarding permitting and logistics." For the complete press release, please visit: http://prophecyplat.com/news_2012_june18_prophecy_platinum_announces_res...
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| Guest Post: Why Everybody's Going To War in the Middle East Posted: 28 Aug 2012 06:25 PM PDT Submitted by Ron Holland of The Daily Bell,
Iran Wants War Although a peaceful nation for hundreds of years, Iran was invaded and occupied by the Allies in both World War One and Two. Then in 1980, at the urging of the United States, Saddam Hussein invaded them and used poison gas against both Kurds and Iran. Over 500,000 civilians, Iranian and Iraqi soldiers died in the longest war of the 20th century, which lasted until 1988. Iran wants war because they believe they can withstand an Israel and US air assault and that unless they are invaded and occupied they can claim victory. No Middle East nation has ever been victorious against either the US or Israel and to declare victory against both will make Iran the leading nation across the entire region, at least for the people in the street. An Israel/US assault would also solve growing domestic political problems against the regime. Israel Bibi Netanyahu obviously believes Iran threatens the survival of Israel, as no major domestic political reasons to go to war are evident. The majority of Israel's population appears to be opposed to a military strike against Iranian nuclear facilities because of retaliation from Iran and Hezbollah. But as in the US, what the majority of the people want is of no consequence. If the war plan leaked several days ago is real (see "Bibi's Secret War Plan") it's excellent but no war plan survives the first contact with the enemy. It appears to be an exact reverse of my fictional "The First American Dollar War Defeat" in which Electromagnetic Pulse weaponry is deployed. So Netanyahu believes Israel can delay Iranian nuclear advances by bombing them back into the Stone Age with the help of America, who will surely be drawn into the conflict. Although most neocon experts believe the war will be short with a minimum of retaliation I fear the war could be a long one, pulling in many other nations in the Middle East. Again, Iran showed its resolve against Iraq in their long war and this same determination would rise to extreme levels against an Israeli strike. USA The old war against terror propaganda is losing ground to alternative news and opinion now available because of the Internet Reformation. Frankly, few people believe anything from either the American government or its establishment propaganda outlets and this is a frightening situation to the power elite that rules America. Due to the growing economic crisis, the government needs to take strong actions that could be violently resisted by large segments of the US population unless a major financial or military crisis can be used as an excuse and cover for coming dictatorial actions. Simply stated, there are not enough police and military in the US to control the population should an insurrection take place. A major war in the Middle East can provide a casus belli for a direct assault against US private wealth, liberties, benefit programs and opposition by the power elite. For example, the imposition of a military draft will dramatically cut unemployment rates as well as limit inner-city crime and outrage over cuts in domestic spending and welfare. Remember, austerity is needed and a draconian cut in Social Security and benefit programs must be engineered against the 50 percent of the population who receive some type of government benefits. In addition, gold will need to be confiscated. Forced retirement investment into collapsing dollar denominated Treasury obligations must be required when foreign investors stop buying US debt. Stronger TSA authority, drones and harsh domestic controls will need to be implemented for the duration of the conflict in order to squelch domestic opposition. Taxes must be raised, penalties and fines must be doubled and tripled at the federal, state and municipal levels and finally, severe limitations on freedom of speech and freedom of assembly will be forced on the American people, along with gun control and limited access to Internet news and communications. Finally, a major, long-term war in the Middle East will provide an excuse for the deferment and rescheduling of US debt obligations owed to nations and governments that oppose the US/Israel war in the Middle East. For the $1 trillion owed to China and many Middle East nations, this is effectively debt repudiation. China China wants to see the US weakened long-term as a world power and a major war in the Middle East will do this. They also need a reason to dump US Treasury debt and an excuse to avoid the blame of the coming broader repudiation of US debt. The Chinese people will be justifiably outraged that the Chinese government and central bank accumulated $1 trillion in US debt, although there were legitimate global trading reasons and domestic economic justification for this over-concentration in US debt and dollar obligations. A Middle East war would avoid direct military action between the US and China while protecting both US and Chinese politicians from the coming Treasury debt repudiation, Chinese dump and global run on the dollar and Treasuries. Conclusion All sides in the coming conflict – except for the civilian populations and the soldiers maimed and killed – will win if everything goes according to plan. However, nothing ever goes according to plan in wars and this is the problem the world will face. Prolonged recession or depression, wealth and benefit confiscation throughout the EU, US and other Western democracies and the risk of a Middle East conflict spreading around the world is my fear. Who is guaranteed to win regardless of the outcome of the war and whether it can be contained? The Anglo-American financial elites and the bankers always win every conflict regardless of the military outcome. This is the history of the 20th century and I see no reason that will change now. Forty-plus years ago, when I was in basic training, we sang the patriotic and somewhat funny marching songs. But when our drill sergeants were out of range, we would shift into "1, 2, 3, 4 what are we fighting for?" Looks to me like nothing has changed. American soldiers are still fighting for the power elites and their favored industries. I wish it were different.
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| Rick Rule - The Frightening Global Ponzi Scheme Continues Posted: 28 Aug 2012 05:56 PM PDT  Today Rick Rule told King World News the frightening global Ponzi scheme continues. Rule also stated that he thinks, "... it's very, very scary." Rule, who is now part of Sprott Asset Management, also believes the current action in gold, "... will lead to a much stronger gold market."Rule also warned about the ongoing bank run in Europe: "... about 5% of the retail deposits in Spanish banks have been pulled out of the banks in the last two weeks." But first, here is what Rule had to say regarding the gold market: "I've looked at a lot of speculation concerning the reason for the increase in the gold price in the last two or three weeks. There are a lot of factors involved. Obviously there is some fear involved, and what I think is really healthy, in terms of the price increase, is that it doesn't seem to have come about from an increase in institutional demand, that is from hot money."
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| The Gold Price Came back Strongly after Falling Last Night to Close at $1,666.50 Posted: 28 Aug 2012 05:23 PM PDT Gold Price Close Today : 1666.50 Change : -5.90 or -0.35% Silver Price Close Today : 30.875 Change : -0.173 or -0.56% Gold Silver Ratio Today : 53.976 Change : 0.111 or 0.21% Silver Gold Ratio Today : 0.01853 Change : -0.000038 or -0.21% Platinum Price Close Today : 1519.10 Change : -32.80 or -2.11% Palladium Price Close Today : 539.70 Change : -15.05 or -2.71% S&P 500 : 1,410.82 Change : 0.38 or 0.03% Dow In GOLD$ : $162.73 Change : $ 0.52 or 0.32% Dow in GOLD oz : 7.872 Change : 0.025 or 0.32% Dow in SILVER oz : 424.90 Change : 2.18 or 0.51% Dow Industrial : 13,118.74 Change : -5.93 or -0.05% US Dollar Index : 81.35 Change : -0.298 or -0.36% The GOLD PRICE pocket was picked for $5.90 today. Closed Comex at $1,666.50. Silver lost 17.3 cents to close 3087.5c. Five day gold chart shows a correcrtion. Overnight gold fell to $1,658.70, but came back strongly today with another rush at $1,672. Didn't work. The GOLD PRICE is blowing hot and cold out of both sides of its mouth. It is running at $1,675 as if it wanted to break down that door, but can't make it. On the other hand, should it fall below $1,645, it could revisit $1,600: tug of war, and I don't know who is stronger. The SILVER PRICE at 3098c made a slightly lower high than yesterday's, but at 3058c a low only a penny lower. Silver's upper boundary is 3124, lower is 3045c. A break through either one takes it a long way in the same direction. What does it say to y'all that after comments from a German former ECB official and a Bavarian politician recommending that Greece leave the EU, the German Chancellor Angela Merkel pleads in public for everyone to "weigh their words carefully"? Does that sound like someone who has a solution, or someone who sees the wheels falling off and wants everybody to keep his mouth shut? What is proposed for the ECB is to buy the debt of Spain, Italy, Greece, etc., effectively monetizing that debt. Since Germany in the Weimar inflation (1920 - 1923) saw the Reichsmark fall from 4.23 gold marks to the dollar to 4.23 Trillion marks to the dollar by precisely this process, the central bank buying up govenrment debt. In the process German society was undermined, the middle class impoverished, and the way paved for Adolf Hitler. By the way, when Ben the Bandit and his Friendly Feds buy all the leftovers at US Treasury debt auctions, they are following exactly the same process. Markets are moving little, anticipating Ben's Bloviations at the Jackson Hole Meeting of the Mighty on Friday. Super-Mario Draghi was supposed to speak, but he begged off. Seems he had to cancel because he needed to straighten his sock drawer. Yeah, sure, he has a plan to save the Euro, he's just too busy to talk about it. US dollar dropped 29.8 basis points today (0.38%). It's plunge has traversed more than half the width of its main trading channel, and draweth nigh the last important low, 81.16, and the 200 day moving average (80.53). RSand and MACD offer no hope for reliev. Time to start wondering whether the dollar will recover from this or not. Five day chart shows a corrective rise, with a high yesterday about 8185, and an impulsive fall off the cliff today. Any break of 81.25 will send the dollar to that 200 DMA quicker than a cat can steal your hot dog right out of the bun. The scabby euro pulled its rags about it's ears, turned up its nose, and rose 0.54% to $1.2565, like a wino waking up in the gutter and scrabbling to regain his dignity. 'Taint nothin' happening till the Euro busts that $1.2600 resistance. It the global fiat currency race to the bottom, the smart money is riding on the yen, most overindebted government and eocnomy. Yet defying economics, logic, and gravity the yen rose today 0.31% to 127.38c (Y78.51). Remains below the descending treneline. Needs to clsoe above 128 to turn positive. Stocks really looked ratty today. Nasdaq (pronounced NAS-DA-KWUH) rose, along with the Nasdqaq 100, but other indices fell. Dow misplaced 5.93 (0.05%) and finished at 13,118.74. S&P gained a microscopic 0.38 (0.03%) to 1,410.82. Stocks are stalled, wanting to fall but kept afloat by hopes that Bandit Ben will bloviate them skyward. 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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| Guest Post: A Critique of the Methodology Of Mises & Rothbard Posted: 28 Aug 2012 05:07 PM PDT Submitted by John Aziz of Azizonomics, I find myself in the middle of a huge blowup between Max Keiser and Tom Woods over Mises, Menger and Austrian economics and feel that this is an opportune moment to express some doubts I have regarding contemporary Austrian methodology. I am to some extent an Austrian, on three counts. First, I subscribe to the notion that value is subjective; that goods' and services' values differ according to different individuals because they serve various uses to various users, and that value is entirely in the eye of the beholder. Second, I subscribe to the notion that free markets succeed because of the sensitive price feedback mechanism that allocates resources according to the real underlying shape of supply and demand and conversely the successful long-term allocation of labour, capital and resources by a central planner is impossible (or extremely unlikely), because of the lack of a market feedback mechanism. Third, I subscribe to the notion that human thought is neither linear nor rational, and the sphere of human behaviour is complicated and multi-dimensional, and that attempts to model it using linear, mechanistic methods will in the long run tend to fail. It is not, then, the overall drift of Misesean-Rothbardian economics that I find problematic — indeed, I often find myself drawing similar conclusions by different means — but rather the methodology. I reached my views — some of which new evidence will eventually wash away — through a lot of theorising mixed with much careful observation and consideration of case studies, historical examples and all sorts of real world data. I love data; and one of the things that attracted me toward thinking and writing about economics is the beautiful superabundant growth of new data opened up to the world by computers and the internet. No, it is not universal or complete, and therefore building a perfect predictive model is not possible, but that is not the point. If I want to know how the corn price in the USA moved during the first half of the twentieth century, the data is accessible. If I want to know the rate of GDP growth in Ghana in 2009, the data is accessible. If I want to know the crime rate in France, the data is accessible. Miseseans choose to reach their conclusions not from data, but instead from praxeology; pure deduction and logic. This is quite unlike the early Austrians like Menger who mainly used a mixture of deductionism and data.
This is completely wrongheaded. All human thought and action is derived from experience; Mises' ideas were filtered from his life, filtered from his experience. That is an empirical fact for Mises lived, Mises breathed, Mises experienced, Mises thought. Nothing Mises or his fellow praxeologists have written can be independent of that — it was all ultimately derived from human experience. And considering the Austrian focus on subjectivity it is bizarre that Mises and his followers' economic paradigm is wrapped around the elimination of experience and subjectivity from economic thought. If, as I often do, I produce a deductive hypothesis — for instance, that the end of Bretton Woods might produce soaring income inequality — it is essential that I refer to data to show whether or not my hypothesis is accurate. If I make a deductive prediction about the future, it is essential that I refer to data to determine whether or not my prediction has been correct. Exposing a hypothesis to the light of evidence augments its strong parts and washes away its weaker ones. When the evidence changes, I change my opinion irrespective of what my deductions led me to believe or what axioms those deductions were based upon. Why reach the conclusion that central planning can induce civilisational failure through pure logic when the historical examples of Mao's China and Stalin's Russia and Diocletian's Rome illustrate this in gory detail? This is elementary stuff. Deduction is important — indeed, it is a critical part of forming a hypothesis — but deductions are confirmed and denied not by logic, but by the shape of the evidence. In rejecting modelling — which has produced fallacious work like DSGE and RBCT, but also some relatively successful models like those of Minsky and Keen — praxeologists have made the mistake of rejecting empiricism entirely. This has confined their methods to a grainier simulation; that of their own verbal logic. It is not necessary to define a framework through mathematical models in order to practice empirical economics. Keynes was cited by Rothbard in support of the notion that economics should not be fixated on mathematical models:
And I agree. But nowhere did any of the figures cited by Rothbard; not Keynes, nor Wild, nor Frola, nor Menger endorse a wholly deductionist framework. All of these theorists wanted to work with reality, not play with logic. Create a theory; test; refine; test; refine; etc. Praxeologists claim that praxeology does not make predictions about the future, and that any predictions made by praxeologists are not praxeological predictions, but instead are being made in a praxeologist's capacity as an economic historian. But this is a moot point; all predictions about the future are deductive. Unless predictions are being made using an alien framework (e.g. a neoclassical or Keynesian model) what else is the praxeologist using but the verbal and deductive methodology of praxeology? It has been the predictive success of contemporary Austrian economists — at least in identifying general trends often ignored by the mainstream — that has drawn young minds toward Misesean-Rothbardian economics. Of those economists who predicted the 2008 crisis, a significant number were Austrians:
Yet Miseseans including Peter Schiff damaged their hard-earned credibility with a series of failed predictions of imminent interest rate spikes and hyperinflation of the dollar by 2010. That is not to say that interest rate spikes and high inflation cannot emerge further down the line. But these predictive failures were symptomatic of deduction-oriented reasoning; Miseseans who forewarned of imminent hyperinflation over-focused on their deduction that a tripling of the monetary base would produce huge inflation, while ignoring the empirical reality of Japan, where a huge post-housing-bubble expansion of the monetary base produced no such huge inflation. Reality is often far, far, far more complex than either mathematical models or verbal logic anticipates. Like all sciences, economics should be driven by data. For if we are not driven by data than we are just daydreaming. As Menger — the Father of Austrianism, who favoured a mixture of deductive and empirical methods — noted:
Praxeology is leading Austrian economics down a dead end. Austrianism would do well to return to its root — Menger, not Mises.
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| Gold Daily and Silver Pausing... Posted: 28 Aug 2012 04:56 PM PDT The pause at resistance continues. I have added a chart line to gold to help make it more visible. I added some hedges to my bullion position today on the if/come of Bernanke and Draghi. There was some intraday commentary on economics and the markets here.
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| The Gold Standard Gets Another Look Posted: 28 Aug 2012 04:41 PM PDT As Republicans convene in Tampa to nominate Mitt Romney and hammer out their party platform, one of the planks that could attract the most attention is the Party's official position on the gold standard. As it is now being considered, the platform stops short of recommending a return to the gold standard, but does advocate a commission to consider the possibility. However, judging by the reaction with which many Republicans have greeted the idea, one would think that the platform might as well have called for the return of slavery.
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| Posted: 28 Aug 2012 04:02 PM PDT The most difficult to protect is a people and a nation when the people allow their leaders yet to be the fallen ones. –Saint Germain
Jim Sinclair's Commentary The Euro crisis and their endless bickering has been a godsend for the US dollar. As this crisis comes to a point of resolution, the Continue reading In The News Today
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| Darryl Schoon–The Financial Parasites Are Killing The Host 28.August.12 Posted: 28 Aug 2012 03:43 PM PDT www.FinancialSurvivalNetwork.com presents Darryl Schoon is a well known scholar and expert in banking systems. He expects the system to collapse and says that the day that gold goes parabolic will be the saddest day ever, because it means that the system has collapsed. Gold and silver will go sky high because the bankers have marginalized it and have scammed the public into believing that paper has value. When the realization hits that paper money has no value, a new era will begin. And precious metals will be the foundation of that system. Acquire gold and silver but be certain to enjoy your life. There's really nothing else you or I can do. Go to www.FinancialSurvivalNetwork.com for the latest info on the economy and precious metals markets.
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| Posted: 28 Aug 2012 03:43 PM PDT August 28, 2012 [LIST] [*]In politicians and central bankers we trust: The Washington Post's honest and upfront reason to bash the gold standard (plus, one they won't disclose...) [*]Is the housing market turning up... or is the fraudclosure hangover about to come crashing down? [*]Because you can't keep a good metal down: Why even mainstream experts are setting a surprisingly high gold target [*]The broken-window fallacy brought to life... more jury duty experiences from readers, plus an update on Addison's call to serve... Niall Ferguson stirs the pot... and more! [/LIST] "The case for the gold standard fails both practically and morally," declares The Washington Post editorialist Charles Lane this morning. Pardon our indulgence for a second day. But what is sure to be a slither in the Republican Party platform -- a new "gold commission" -- is generating an outsized response. The gentleman doth protest too much, wethinks. If nothi...
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| There IS still some financial law enforcement in America Posted: 28 Aug 2012 03:36 PM PDT Except it's just for the little people for the most trivial violations. Jon Corzine and Jamie Dimon remain at large. * * * Wells Fargo Fires Des Moines Worker for Laundromat Incident 49 Years Ago By Victor Epstein http://www.desmoinesregister.com/article/20120827/BUSINESS/120827016/Wel... Richard Eggers doesn't look like a mastermind of financial crime. The former farm boy speaks deliberately, can't remember the last time he got a speeding ticket, and favors suspenders, horn-rimmed glasses, and plaid shirts. But the 68-year-old Vietnam veteran is still too risky for Wells Fargo Home Mortgage, which fired him on July 12 from his $29,795-a-year job as a customer service representative. Egger's crime? Putting a cardboard cutout of a dime in a washing machine in Carlisle on Feb. 2, 1963. "It was a stupid stunt and I'm not real proud of it, but to fire somebody for something like this after seven good years of employment is a dirty trick when you come right down to it," said Eggers, a Des Moines resident. "And they're doing this kind of thing all across the country." ... Dispatch continues below ... ADVERTISEMENT GoldMoney adds Toronto vaulting option In addition to its precious metals storage facilities in Hong Kong, Switzerland, and the United Kingdom, GoldMoney customers now can store their gold and silver in a high-security vault operated by Brink's in Toronto, Ontario, Canada. GoldMoney also has recently partnered with Rhenus Freight Logistics to offer another gold storage option in Switzerland. The Rhenus vault is in the secured zone of Zurich Airport and offers customers superb security as well as the ability to inspect their gold. Storage at the new vaults in Canada and Switzerland is available at GoldMoney's lowest fees. Customers can select their storage location when placing their buy order. GoldMoney customers can take delivery of any number of gold, silver, platinum, and palladium bars from any GoldMoney vault, as well as personally collect their bars stored in the Hong Kong, Switzerland, and U.K. vaults. It's easy to open an account, add funds, and liquidate your investment. For more information, visit: http://www.goldmoney.com/?gmrefcode=gata Big banks have been firing low-level employees like Eggers since the issuance of new federal banking employment guidelines in May 2011 and new mortgage employment guidelines in February. The tougher standards are meant to weed out executives and mid-level bank employees guilty of transactional crimes, like identity fraud or mortgage fraud, but they are being applied across-the-board thanks to $1-million-a day fines for noncompliance. Banks have fired thousands of workers nationally because of the rules, said Natasha Buchanan, an attorney with Higbee & Associates in Santa Ana, Calif., who has helped some of the banking workers regain their eligibility to be employed. "Banks are afraid of the FDIC and the penalties they could face," Buchanan said. The regulatory rules forbid the employment of anyone convicted of a crime involving dishonesty, breach of trust, or money laundering. Before the guidelines were changed, banks widely interpreted the rules to exclude minor traffic offenses and some other misdemeanor arrests. New rules have eliminated exceptions for expunged crimes and certain minor offenses and expanded the categories of employees covered, Buchanan said. Critics point out that big banks have insulated top executives from criminal accountability by signing multimillion federal settlements in which they admit no wrongdoing. On the same day that Eggers was fired, Wells Fargo & Co., the largest U.S. bank by market capitalization, paid $175 million to the U.S. Justice Department to settle allegations it had targeted black and Hispanic homeowners for sub-prime loans. "On the face of it, these situations seem unfair," Sen. Chuck Grassley, R-Ia., said in a statement. "The public is right to question why top executives aren't being held accountable, especially when banks themselves are using federal regulations to justify firing rank-and-file workers." Wells Fargo confirmed Eggers' termination. "We are operating in an environment where we're facing new regulations and a heightened level of scrutiny on all our activities," said Wells Fargo spokeswoman Angela Kaipust. "The expectations that have been placed on us and all financial institutions have never been higher." Bank of America has embarked on a similar firing binge to shed any employee convicted of a criminal offense involving dishonesty, breach of trust, or money laundering, employment attorneys say. Bank of America spokeswoman Ferris Morrison said the nation's third-largest bank by market capitalization is applying the FDIC standards the same way as its peers. The Federal Deposit Insurance Corp. provides a waiver process employees can follow to demonstrate they're still fit to work at a bank despite a past criminal conviction, but it usually takes six months to a year to be approved. There is also a process for automatic waiver that works more quickly but is limited to people who were sentenced to less than year of jail time and never spent a day locked up. Eggers, who was jailed two days, doesn't qualify. Buchanan says the big banks typically handle the waivers for executives and mid-level employees, but low-level workers like Eggers are given an FDIC phone number and sent packing. The tighter guidelines have produced a "significant increase" in waiver applications since 2009, said FDIC spokesman Greg Hernandez. He attributed the uptick to more extensive background checks and industry consolidation. There is no government or industry data on the number of bank firings due to criminal background checks, but the record number of waivers granted this year supports the idea that a steep increase is under way. The FDIC is on pace to grant 74 waivers -- a 252 percent increase from the 21 waivers approved in 2009. The agency was not able to provide any information on annual waiver application data. American Bankers Association spokeswoman Carol Kaplan said the public clamor for tighter regulation also is responsible for the stricter interpretation of the rules. The safest route is to fire the employee and let them pursue an FDIC waiver. "There's no question that there was an appetite for tighter bank regulation as a result of the global financial crisis," Kaplan said. "The issue with the expanded FDIC section 19 guidelines is that all the discretion is on the back end, in the waiver process, instead of the front end, when compliance personnel are looking at the criminal history of employees." Most low-level workers who are fired after a background check don't bother to seek a waiver, lawyers say. So the actual number of people losing their jobs could be much higher amid one of the most difficult labor markets for idled workers in decades. Yolanda Quesada, 58, of Milwaukee, was fired from her customer service job at Wells Fargo Home Mortgage in May for a 40-year-old shoplifting offense. She'd been working there five years and was making $33,000. She said she stole work clothes as one of 12 children in a poor family. "They never let me say what happened, explain myself, nothing," Quesada told the Milwaukee Journal Sentinel. Higbee & Associates first started to see people seeking waiver applications in 2008 and has handled 24 of them since May. Leonard Bates, an attorney with Newkirk Law Firm in Des Moines, has taken Eggers on as a client to help him navigate the FDIC waiver application process. The firm also represents three other former Wells Fargo workers fired under similar circumstances. Each of their convictions for burglary, shoplifting and welfare fraud is more than 10 years old. The other three clients are all African-Americans, Bates said. He is concerned that the tighter guidelines are falling most heavily not just on low-level employees, but among minorities raised in poor neighborhoods where they engaged in youthful crimes to meet their basic needs. "These guidelines are really meant for executives and people who can perpetuate widespread fraud," Bates said. "They're not meant for low-level call center employees like Mr. Eggers or my three other clients -- all of whom had been doing their jobs quite well for many years." Eggers got a chance to explain himself to company officials after they received the results of his criminal background check from a Florida company called First Advantage. He was fired anyway. The computerized report obtained by First Advantage listed Eggers' crime as "fraud." However, records in the Warren County Courthouse confirmed his account of the 1963 incident. The files say he was arrested for "operating a coin changing machine by false means" and convicted of that charge. Deputy Brian Voss said the same crime today probably would be listed as misdemeanor theft, if it led to an arrest at all. First Advantage officials have not responded to numerous requests for comment over the past two weeks. Sam Walker, a retired University of Nebraska-Omaha criminal justice professor and police accountability expert, said there's no reason to believe that firing employees for minor offenses committed in their teens protects bank consumers from anything. Eggers and Quesada could work at most law enforcement organizations despite their misdemeanor arrests because police take into consideration how long a job applicant has been a law-abiding citizen, he said. "The vast majority of people who have some interaction with police as teenagers mature out of it," Walker said. "To fire someone for something like this that occurred 40 or 50 years ago is just ridiculous." Charlene Eggers, Richard's wife of 43 years, agreed. The firing hurt his pride, she said. "His only crime was being a teenager and being stupid," she said. "If that's a crime, we're all in a lot of trouble." Eggers is old enough to retire but wants to keep working. If not for Wells Fargo, then for someone else. "I just want my job back," said Eggers. "I'm having to sign up for Social Security because of this, but I didn't want to. I had hoped to work four more years. ... I'd prefer to stay busy." Join GATA here: Toronto Resource Investment Conference New Orleans Investment Conference * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy Platinum Announces Wellgreen Preliminary Economic Assessment: Company Press Release VANCOUVER, British Columbia, Canada -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) reports the results of an independent NI 43-101-compliant preliminary economic assessment for its fully owned Wellgreen nickel-copper-platinum group metals project in the Yukon Territory. The independent assessment, prepared by Tetra Tech, evaluated a base case of an open-pit mine (with a mining rate of 111,500 tonnes per day), an on-site concentrator (with a milling rate of 32,000 tonnes per day), and an initial capital cost of $863 million. The project is expected to produce (in concentrate) 1.959 billion pounds of nickel, 2.058 billion pounds of copper, and 7.119 million ounces of platinum, palladium, and gold during a mine life of 37 years with an average strip ratio of 2.57. The financial highlights of the preliminary economic assessment, shown in U.S. dollars, are as follows: Payback period: 3.55 years Prophecy Chairman John Lee says: "We are pleased with the preliminary economic assessment results. The numbers indicate that Wellgreen is one of most exciting mineral projects in the Yukon. The company is drilling to upgrade and expand the resource base. The infrastructure is excellent as the project is only 1,400 meters in altitude and 14 kilometers from the paved Alaska Highway, which leads to the Haines deep seaport. Discussions are under way with support from local stakeholders regarding permitting and logistics." For the complete press release, please visit: http://prophecyplat.com/news_2012_june18_prophecy_platinum_announces_res...
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| Doug Casey Predicts Day of Economic Reckoning Is Near Posted: 28 Aug 2012 02:58 PM PDT It is a deal with the devil: governments churn out more and more cash for the promise of continued prosperity. But the day of reckoning is near, according to Doug Casey, chairman of Casey Research and an expert on crisis investing. As the epic battle between inflation and deflation continues, Casey discusses his predictions for the new world market in this exclusive interview with The Gold Report. The Gold Report: There will be a Casey Research Summit on "Navigating the Politicized Economy" in Carlsbad, California in September. Investors from around the world look to these summits as future road maps for investing pitfalls and opportunities. The thesis behind the Summit is that governments have made a Faustian bargain – a pact with the devil – that saves the empire with overspending, but drives it to the brink of collapse by creating fiat currencies. Doug, where in that story is the economy currently? Doug Casey: It's extremely late in the day. Since World W...
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| Gold Seeker Closing Report: Gold and Silver End With Decent Gains Posted: 28 Aug 2012 02:25 PM PDT Gold edged down to $1658.70 in Asia, but it then rose to as high as $1672.17 in New York and ended with a gain of 0.2%. Silver slipped to $30.588 in Asia, but it then rose to as high as $30.985 in New York and ended with a gain of 0.59%.
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| Gold Daily and Silver Weekly Charts - Pausing, Pausing... Posted: 28 Aug 2012 02:07 PM PDT |
| Gold Resource Corporation Declares August Monthly Dividend Posted: 28 Aug 2012 02:05 PM PDT Gold Resource Corporation (GORO) declares its instituted monthly dividend of $0.06 per common share for August 2012 payable on September 24, 2012 to shareholders of record as of September 10, 2012. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico.
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Is the stock market going to crash by the end of this year? Are we on the verge of major financial chaos on a global scale? Well, this is the time of the year when investors start getting nervous. We all remember what happened during the fall of 1929, the fall of 1987 and the fall of 2008. However, it is important to keep in mind that we do not see a stock market crash in the fall of every year. Some years the stock market cruises through the months of September, October, November and December without any problems whatsoever. But this year conditions certainly seem to be right for a "perfect storm" to develop. Technical indicators are screaming that a stock market decline is imminent and sources in the financial industry all over the world are warning that a massive crisis is on the way. In fact, the Telegraph ran a story with the following shocking headline the other day: "
Ann Barnhardt is probably one of the few moral and honest people left in the financial industry. As you may know, after the collapse of MF Global, she closed her commodities brokerage house because she felt that her clients' money was no longer safe. Now the 7th Circuit has affirmed her belief, upholding these exact practices in the notorious Sentinel case, which will become the precedent for letting the Corzine crime family off the hook. Basically the Court says it's okay to steal customer funds as long as you didn't intend to steal them. In other words, it's okay to be a thief if didn't want to become a thief. So when people entrust their hard earned dollars with you, and you're losing money on all your derivatives, go ahead and take their money, you won't go to jail over it or even be held liable.
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