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- Top 5 Insider Buys Filed On August 10
- Exclusive: U.S. banks told to make plans for preventing collapse
- Is the Silver’s Move Above Its 50-day Moving Average a Bona Fide Buy Signal?
- John Embry: Precious Metals Markets Heating Up
- Precious metals markets heating up: John Embry
- Do You Have the Guts to Buy Low and Sell High?: Louis James
- Draft Russian bill facilitates foreign mining of gold, PGM, diamonds
- Two King World News Blogs
- Investing In Gold - Long-Term Trend
- Samsung Galaxy Is No Apple iPhone Killer
- Links for 2012-08-10 [del.icio.us]
- Links 8/11/12
- Gold’s “fearless” summer turnaround
- The Early Gold Wars
- The Invention Of Discounting
- By the Numbers for the Week Ending August 10
- Ron Paul’s Legacy: A Complete Audit Of The Secretive Banking Cartel?
- TEM – Greek Local Currency – Parallels Euro and Gold Money in Greece
- U.S. Banks Told to Prepare for Collapse
- U.S. Banks Told to Make Plans for “Preventing Collapse”
- Gold right at the Top of its Recent Trading Range
- Gold Technicals Portend Impending Breakout
- Platinum: Gold Ratio Falls Further
- Is This Why Gold Is Outperforming?
- Nigel Farage – They Will Collapse The System & Enslave People
- IAMGOLD CEO Letwin: The Gold Mining Confidence Game
| Top 5 Insider Buys Filed On August 10 Posted: 11 Aug 2012 12:57 PM PDT By Markus Aarnio: Insider buying is often a sign of potential positive developments within a company, particularly if the insiders who are buying have a good track record with respect to their own buying. This is, however, only a secondary indicator and should not be relied upon solely when making the decision whether or not to purchase a security. Insider buying in and of itself will not make a stock go higher, but can provide a further clue if all the other pieces of the puzzle (e.g., earnings, sales, return on equity, profit margins, etc.) are in place. I screened for companies where at least one insider made a buy filed on August 10. I chose the top 5 companies with insider buying in dollar terms. Here are the five stocks: 1. Air Transport Services Group (ATSG) is a leading provider of air cargo transportation and related services to domestic and foreign air Complete Story » |
| Exclusive: U.S. banks told to make plans for preventing collapse Posted: 11 Aug 2012 10:45 AM PDT U.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help... Read |
| Is the Silver’s Move Above Its 50-day Moving Average a Bona Fide Buy Signal? Posted: 11 Aug 2012 07:00 AM PDT SunshineProfits |
| John Embry: Precious Metals Markets Heating Up Posted: 11 Aug 2012 06:58 AM PDT ¤ Yesterday in Gold and SilverLike Thursday, gold was under quiet selling pressure all through Far East and London trading on Friday...with some of that being dollar index related. The New York low [$1,604.90 spot] came just before 8:40 a.m. Eastern time...and then about ten minutes later a buyer of some significance showed up. About two hours...and a bit over twenty-three bucks later, gold reached its high tick of the day, which was $1,628.30 spot. Then, either the buyer disappeared, or a not-for-profit seller showed up and, based on the volume and price action yesterday, I'd guess it was the latter scenario rather than the former. From its high, gold got sold down eight bucks in very short order, before trading sideways into the 5:15 p.m. electronic close in New York. But after all was said and done, gold only finished up $3.50 at $1,620.50 spot. But volume jumped up to around 120,000 contracts, so this rally did not go unopposed.
Silver's price path was the same...but different. It, too, was under light selling pressure during the same overseas time period...and by the time Comex trading began, the silver price was down about two bits from Thursday's close. Then about 8:35 a.m. silver got smacked for thirty five cents in about ten minutes, with the low of the day [$27.51 spot] coming at 8:50 a.m. in New York. Then, like gold, away went the price to the upside...and less than two hours later, silver was at it's $28.49 spot high tick. From that high, silver got sold down about thirty-five cents before it, too, traded sideways into the close. Silver's intraday move was 98 cents...3.6%. The silver price finished the Friday trading session at $28.13 spot...down a penny from Thursday. Net volume was also up there...around 30,000 contracts, a big jump from the prior days this past week.
Platinum and palladium had similar types of moves, but far more subdued...and you'd be hard pressed to find the feature on the palladium chart from yesterday. The dollar index began to rally before the close of trading on Thursday...and that rally continued right up to its Friday high of 82.85...which occurred at 9:30 a.m. Eastern time. Then, during the next ninety minutes, the index dropped 40 basis point...before quickly recovering 10 of that...and then traded sideways from there into the close. The dollar index was actually down 10 basis points on the day. The big rallies in both gold and silver started about forty minutes before the dollar did its 9:30 a.m. face plant in New York...and the prices of both got capped about ten minutes before the dollar 'crash' ended. I'd guess that what the precious metals prices were doing was completely independent of what was going on in the dollar index. Remember, there are no markets anymore...only interventions.
Like Thursday, the gold shares got sold off in the first fifteen minutes of trading...but then headed higher...and were at their highs by around 11:00 a.m. in New York. They sagged a bit in the early afternoon, but then rallied into the close...and the HUI finished up 0.90%...almost on its high of the day.
With the odd exception, it was all red arrows in the silver equities yesterday...and Nick Laird's Silver Sentiment Index closed down 0.39%.
(Click on image to enlarge) The CME Daily Delivery Report did not disappoint me yesterday, as 963 gold contracts were posted for delivery within the Comex-approved depositories on Tuesday. The biggest short/issuer was JPMorgan out of its in-house/proprietary trading account, with 902 contracts...and all the rest [61 contracts] are to be delivered by the Bank of Nova Scotia. The big long/stoppers were HSBC USA and Deutsche Bank...with 571 and 326 contracts respectively. Morgan Stanley took delivery of the remaining 66 contracts. One silver contract was also posted for delivery. The link to yesterday's Issuers and Stoppers Report is here. The GLD ETF reported that an authorized participant added 103,097 troy ounces of gold yesterday...and there were no reported changes in SLV. While on the subject of these two ETFs, the new short interest numbers for both were posted on the shortsqueeze.com Internet site late on Thursday night. So late in fact, that I never saw them, because I checked twice earlier in the evening, and they weren't there. What they showed, did not amuse either Ted Butler or myself. In silver, there was a whopping increase in the number of shares/ounces sold short in this ETF. The short interest blew out by 30.22%...to 14,784,600 shares/ounces, an increase of 3,431,300 shares/ounces from just two weeks ago. The numbers for gold were equally atrocious. The short interest rose 28.67%...up to 21,749,900 shares sold short, or 2.17 million ounces of gold. That was an increase of 4,846,600 shares, or about 485,000 troy ounces of gold over the two week reporting period. It was obvious to Ted that rather than go into the market to buy the physical metal and drive the prices up, the authorized participants chose to short the shares in lieu of doing that. As of the cut-off for this report, GLD is owed just under 68 tonnes of gold...and SLV is owed 460 tonnes of silver. This is what would have to be added to cover all the short positions outstanding in each ETF. One can only imagine what the prices of both silver and gold would be if the short holders actually had to purchase the metal to cover these short positions. That's the reason why I wouldn't touch the shares of these ETFs with a 10-foot cattle prod. Over at Switzerland's Zürcher Kantonalbank, they updated their gold and silver ETFs as of the close of trading on Thursday. Their gold ETF had a smallish withdrawal of 14,567 troy ounces. But their silver ETF added a rather hefty 778,894 troy ounces. Finally there was a sales report from the U.S. Mint that was worthy of the name. They reported selling 5,000 ounces of gold eagles...1,000 one-ounce 24K gold buffaloes...and another 150,000 silver eagles. Month-to-date the mint has sold 9,000 ounces of gold eagles...3,500 one-ounce 24K gold buffaloes...and 915,000 silver eagles. Based on this sales data, the gold/silver sales ratio sits at 73:1 as of the close of business yesterday. It was a quiet day over at the Comex-approved depositories on Thursday. They only reported receiving 5,117 ounces of silver...and shipped 71,538 troy ounces out the door. I won't know what Friday's figures were until about 3:00 p.m. Eastern time on Monday, as that's about the time that CME updates that data on its website. Yesterday's Commitment of Traders Report was a mixed bag. I had expected an improvement in the Commercial net short position in both gold and silver, but only got it 50% right. In silver there was a small increase in the Commercial net short position...490 contracts to be exact. This position now stands at 21,852 contracts, or 109.3 million ounces of silver. The report also shows that the four largest traders are short 162.8 million ounces...and the '5 through 8' largest traders on the short side, are short an additional 39.1 million ounces. These eight traders are short 185% of the Commercial net short position and, when the market-neutral spread trades in the Non-Commercial category are removed, the four largest traders are short 34% of the entire Comex futures market in silver...and the '5 through 8' largest traders add another seven percentage points. So...the eight largest traders are short over 41% of the entire Comex futures market in silver. In gold, there was a decent improvement in the short position from the prior reporting week. The Commercial net short position declined by 9,594 contracts, or 959,400 troy ounces of gold. This short position is now down to 14.64 million ounces. Not the lowest ever, but still a very low number. Ted says that the 'big 4' traders covered short positions aggressively during the reporting week. Of that 14.64 million ounces, the four largest traders are short 8.66 million ounces...and the '5 through 8' largest traders are short an additional 4.50 million ounces. The eight largest traders are short 13.16 million ounces, or only 89.5% of the Commercial net short position in gold. Compared to silver [at 185%]...gold is practically a 'free market'...LOL! On a net basis, once the market-neutral spread trades are removed from the Non-commercial category, the four largest traders are short 23.6% of the entire Comex gold market...and the '5 through 8' traders add another 12.3 percentage points to that. So, that means that the eight largest short holders, are short 35.9% of the entire Comex futures market in gold. These concentrated positions are held by traders that buy and sell as a co-ordinated group, or collusively, as Ted Butler correctly points out. These eight traders on the short side are most certainly the same in both gold and silver. They are short against hundreds of long holders that all act independently of each other...so guess which group controls the price? Here's Ted Butler's "Days of World Production to Cover Short Positions" chart of the '1 through 4'...and '5 through 8' largest traders of all the physical commodities that are traded on the Comex. It's a graphical representation of what I just spoke of above...and the data comes straight out of yesterday's COT report, but shown in days of world production, rather than in contracts. The chart is courtesy of Nick Laird.
(Click on image to enlarge) Now for the Bank Participation Report. These are Comex futures positions, both long and short, held by both U.S. and non-U.S. banks at the close of Comex trading on Tuesday...the same time as the COT Report. The data for the BPR is extracted from the COT data, so for this one day a month you can compare apples to apples. In silver, 4 U.S. banks are net short 20,465 Comex contracts...and you can bet the ranch that JPMorgan holds 80-90% of this position all by themselves...and I suspect that HSBC USA holds almost all of what's left. This amount represents over 93% of the 21,852 contracts of the Commercial net short position shown in the COT report above. The 13 non-U.S. banks that hold Comex futures contracts in silver are actually net long 828 Comex futures contracts, so their positions are immaterial. As I say every month at this time, the price management scheme in silver is 100% "Made in the U.S.A." From the July report to the August report in silver, the 4 U.S. banks increased their net short position by 2,193 Comex contracts...and the 18 non-U.S. banks decreased their net long position by 76 contracts. Any questions as to what banks control the silver price? In gold, 4 U.S. banks are net short 57,689 Comex gold contracts. Although JPM and HSBC USA hold large chunks of this position, they aren't anywhere near as dominant in gold as they are in silver. The 18 non-U.S. banks that hold Comex futures contracts are net short 40,573 contracts. Between these 22 banks, they hold Comex short positions totaling 98,262 contracts, or 9.83 million ounces. This represents 67% of the Commercial net short position in gold shown in the COT Report above. The price management scheme in gold is spread out over a lot more banks...and it's obvious that the non-U.S. banks are major players here, but are non-participants when it comes to silver. From the July report to the August report in gold, the Commercial net short position dropped for both U.S. and non-U.S. banks. The 4 U.S. banks' Comex short position declined by 18,206 contracts...and the 18 non-U.S. banks showed a decline of 9,376 contracts. In a nutshell, the bullion banks aggressively covered short positions in gold during the reporting month...and JPMorgan stepped in to go further short in the silver market to prevent the price from blowing sky high. I don't have that many stories for you today, so I hope you have the time this weekend to go through the ones that interest you. I must admit that the possibility now looms larger that JPMorgan et al may engineer another price decline before the summer is out. Massive increases in short positions of SLV and GLD. Do you have the guts to buy low and sell high?: Louis James. The Mighty Mississippi to Run Dry? Doug Noland: The Dog That's Not Barking. ¤ Critical ReadsSubscribeThe Mighty Mississippi to Run Dry?Due to the worst drought since the 1950s, the Mississippi may be about to go dry. In Memphis and Vicksburg, the shrinking river is obvious: slower river, exposed river banks, and more sandbars. The water is down more than 13 and 20 feet in each city respectively. The Mississippi on average is about 13 feet below normal—and a whopping 55 feet below where it was at this time last year. On some stretches, the water level is perilously low. On July 17 it was reported that a 100-mile stretch of the Platte River in Nebraska, had dried up. In fact, water levels are now so low that barge operators are no longer able to operate at full capacity and have to shed both weight and number of towed barges. Casey Research's own Bud Conrad dug this story up yesterday. It was posted on thetrumpet.com Internet site on Tuesday...and is well worth the read. The link is here.  Food crisis fears mount as corn price hits record highFears of a potential repeat of the 2008 food crisis mounted, after a US government report showed that US crops were being savaged by an intense drought. Corn prices hit a new record high today on confirmation that the US crop would probably slump by 13pc to a 6-year low. The last time prices spiked 4 years ago food riots occurred in Egypt, India, Indonesia, Mexico and many other countries. The US Department of Agriculture (USDA) said that the severe drought occurring in the US meant that this year's harvest would be 10.779bn bushels, compared with 12.358bn bushels last year. This story appeared on the telegraph.co.uk website early yesterday afternoon BST...and I thank Roy Stephens for sending it. The link is here.  U.S. banks told to make plans for preventing collapseU.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help. The two-year-old program, which has been largely secret until now, is in addition to the "living wills" the banks crafted to help regulators dismantle them if they actually do fail. It shows how hard regulators are working to ensure that banks have plans for worst-case scenarios and can act rationally in times of distress. They told banks to consider drastic efforts to prevent failure in times of distress, including selling off businesses, finding other funding sources if regular borrowing markets shut them out, and reducing risk. The plans must be feasible to execute within three to six months, and banks were to "make no assumption of extraordinary support from the public sector," according to the documents. This Reuters story was posted on their website early Friday morning...and I thank Donald Sinclair for bringing it to our attention. The link is here.  The Solution…is the Problem, Part II: Sprott Asset ManagementThis month's Market at a Glance by authors Eric Sprott and Étienne Bordeleau of Sprott Asset Management, was posted on their website yesterday. It's on the longish side...and I must admit that I've not read it yet, but it's on my 'to do' list later this weekend. The link is here.  Doug Noland: The Dog That's Not BarkingEuropean economies are spiraling downward, and I expect economic activity to remain largely impervious to monetary stimulus. I don't believe the Draghi Plan will reverse the crisis of confidence in eurozone debt or the European banking system. And, as I mentioned above, I fear a desperate ECB may increasingly jeopardize the euro (see Mr. Issing's comments below). Mr. Draghi invoked "convertibility risk" as justification for monetizing government borrowings. Such measures, however, will not allay market fears regarding the sustainability of the euro currency. Increasingly destabilizing capital flight remains a serious risk. Doug's Credit Bubble Bulletin on Friday is always a must read for me...and this one is no exception. It's posted over at the prudentbear.com Internet site...and I thank reader U.D. for sending it along. The link is here. Precious metals markets heating up: John Embry Posted: 11 Aug 2012 06:58 AM PDT  Gold and silver markets are rapidly heating up, although the casual observer might not know it. That's because of the blatant price suppression of both metals that's now occurring in the paper markets. But this obscures the physical off-take now going on behind the scenes, an off-take that's a precursor to an inevitable price explosion. |
| Do You Have the Guts to Buy Low and Sell High?: Louis James Posted: 11 Aug 2012 06:58 AM PDT  It's so outrageously simple that few investors can actually do it: buy low and sell high. The manic highs and lows of the market are actually good news for those investors who have mastered the discipline of buying low and waiting, according to Louis James, the senior editor of the International Speculator and Casey Investment Alert. In this exclusive interview with The Gold Report, James talks about how not to be fooled into timing the market and how he finds value in precious metals by scouring some knock-out jurisdictions like Mexico and China. |
| Draft Russian bill facilitates foreign mining of gold, PGM, diamonds Posted: 11 Aug 2012 06:58 AM PDT  Russia's ministry of natural resources has drafted a bill that will facilitate the access of companies with foreign capital to mine its gold, platinum group metals (PGM) and diamond reserves, according to documents published on a ministry website. Russia's gold reserves account for about 10 percent of the global volume, second only to South Africa's, according to ministry data. Its share in palladium accounts for 24 percent of global reserves and in diamonds 35 percent. But Russia lags behind countries such as Canada, Australia and the United States in exploration and development of minerals, Sergei Donskoi, recently named minister of natural resources, has said. |
| Posted: 11 Aug 2012 06:58 AM PDT  The first is with Egon von Greyerz...and it's headlined "We Are Headed Right Into A Global Financial Crash". The second blog is with Nigel Farage. It's entitled "They Will Collapse The System & Enslave People". |
| Investing In Gold - Long-Term Trend Posted: 11 Aug 2012 05:31 AM PDT By Arie Goren: In my previous post here, I recommended investing in gold now, with a long-term perspective. Unlike traders who buy and sell gold for profit from short-term changes in its price, long-term investors in gold should be more acquainted with the historical trend of its price. This article will show historical charts of gold along with some insight from these charts. All data used to build the charts were taken from CRB Encyclopedia and TradeStation Group, Inc. High-Low-Close Annual Gold Chart Since 1970 High-Low-Close Annual Gold Chart Adjusted for Inflation since 1913 Monthly Close Gold Chart Since 1970 Monthly Close Gold Chart Since 1970 Adjusted for Inflation Monthly Gold Close-Price and Adjusted-Prices for Complete Story » |
| Samsung Galaxy Is No Apple iPhone Killer Posted: 11 Aug 2012 05:10 AM PDT By Kofi Bofah: The Google (GOOG)-Samsung Android versus Apple (AAPL) iOS operating system phone war is quickly emerging as one of the greatest rivalries of today's generation. The hate, double-dealing, and grudging respect between Samsung and Apple is now comparable to Red Sox versus Yankees, Lakers versus Celtics, and Duke versus North Carolina. As evidence of Apple and Samsung's dominance, the once formidable Nokia (NOK) and Research in Motion (RIMM) brands now teeter upon the brink of collapse. Even mighty Microsoft (MSFT), with its infinite streams of cash, remains largely shut out of the smartphone duopoly. The battle lines have been drawn as the smartphone market inevitably becomes commoditized over time. The speed and feel of the Samsung Galaxy and Apple iPhone are converging together. Only the most discriminating of technology aficionados can distinguish between these iOS and Android platforms. To protect market share, both corporations have waged war in the courts over Complete Story » |
| Links for 2012-08-10 [del.icio.us] Posted: 11 Aug 2012 12:00 AM PDT
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| Posted: 10 Aug 2012 11:40 PM PDT Migrating geese avoid offshore wind farms, says study BBC The pool of water under the Midwest is being sucked dry. The drought is making it worse Grist (Aquifer) The Wall Street titans using Botox to erase stress lines caused by the global financial crisis Daily Mail (Lee S) Police cameras quietly capture license plates, collect data Minneapolis StarTribune The punks on trial for blaspheming Putin Financial Times Hard landing for China as factory prices fall and deflation looms Ambrose Evans-Pritchard, Telegraph Germany Considers Holding EU Referendum Der Spiegel Athens set to purge civil service Financial Times British Regulators Plan Changes to Libor Oversight New York Times Defense Motion Details Horrific Conditions Bradley Manning Was Subjected to at Quantico Kevin Gosztola, Firedoglake The investor who saved Mugabe Mail & Guardian. (LeonovaBalletRusse, from Felix Salmon). Holy shit. Provocative political ads draw attention in crowded media landscape Washington Post. Duh! Mitt's Veep Is Paul Ryan: NBC Firedoglake Corporations are turning against Obama; support for Romney increases Gaius Publius 'US political system hostile to American people' RT (Aquifer) CNN and Time Suspend Journalist After Admission of Plagiarism New York Times Even patches of the holes in the safety net have holes Incidental Economist (Aquifer) Feds: Authorities in Meridian, Miss. Violated Rights of Black Children ABC (Lisa Epstein) Economists in Philly Fed Survey Lower Forecasts WSJ Economics Blog CHART OF THE DAY: The Latest Foreclosure Data May Be A Bad Sign For The US Housing Recovery Clusterstock (furzy mouse) Private banks try to become more exclusive Financial Times. Only the 0.1% need apply Looterism mathbabe Levin hits back on lack of Goldman charges Financial Times Standard Chartered Said To Agree To N.Y. Monitor Demand Bloomberg. As if they have a choice? Trust me, SCB has NO leverage here. Studies Show CEOs Not Subject to Same Rule of Law as You masaccio, Firedoglake. Now it's official… Down With Shareholder Value Joe Nocera * * * lambert here: D – 28 and counting* "I read the newspapers with lively interest. It is seldom that they are absolutely, point-blank wrong. That is the popular belief, but those who are in the know can usually discern an embryo of truth, a little grit of fact, like the core of a pearl, round which have been deposited the delicate layers of ornament." –Evelyn Waugh, Scoop Occupy. Thoughtcrime: "According to a copy of the warrant, agents were looking for black clothing, paint, sticks, flags, computers and cell phones, and 'anti-government or anarchist literature.'" I've got black T-shirts. Also paint and sticks. Am I profiled yet? … Memphis: "Memphis police officers on Friday dismantled the Occupy Memphis encampment from a downtown plaza that served as the movement's home for 10 months." AZ. Power lines: "The company behind SunZia, SouthWestern Power Group, would have you believe that the 16-story high transmission lines would primarily transmit renewable energy. However, every one of their many options for routing their transmission lines goes by a planned fossil-fuel plant in southeastern AZ." CA. Police blotter: "A witness in Mike Rios' pimp-pander-rape preliminary hearing Friday, Aug. 10, testified that the school board member ran a prostitution business out of his Moreno Valley home — with prostitutes and his children present at the same time. The woman even cooked and cleaned for the children, she testified." CO. Fracking: "The Thompson Divide isn't simply a little slice of Heaven in Western CO. It is the battle line between an industry focused on creating unmitigated profits with legislative protections under local, statewide, and national energy policy on our public lands, and the citizens, sustainable eco-industries, and eco-systems reliant on keeping these lands whole and preserved." FL. On the one hand: "Lisa [Epstein] is the only candidate who has demonstrated her willingness to expose fraud in the county land records. She has worked and will continue to work to expose fraudulent mortgage documents filed in the courts and in the county land records. Lisa will work to hold the banks, mortgage servicers and MERS accountable for their destruction of property chain-of-title." … On the other: "Lisa Epstein, 49, is running against Bock. She is an earnest mortgage fraud activist and a longtime nurse, but her credentials do not stack up as serious qualifications to run the clerk and county comptroller's office." Ah. "Credentials." IA. Voting: "An IA Division of Criminal Investigation agent has been assigned to a two-year term in SoS Matt Schultz's office to look into allegations of voter fraud, the R election chief's top cause." MI. Voting: "[F]our aides to former long-shot GOP Presidential candidate and U.S. House Rep. Thaddeus McCotter [R] were indicted yesterday on dozens of criminal felony and misdemeanor election fraud charges for having turned in over 1,500 forged and falsified signatures in a 'blatant' and 'disgraceful' attempt, as the state's Republican AG described it, to qualify the Congressman for this year's ballot." Yeah, but did they have photo IDs? MS. Tinpot tyrants: "Officials in east MS operate a 'school-to-prison pipeline' that incarcerates students for disciplinary infractions as minor as dress code violations with a policy that affects mostly black and disabled children, the U.S. Justice Department said Friday." NC. DNCon: "Despite a government crackdown, low-fare bus companies with some of the worst safety records in the nation are still running to and from Charlotte every day." So, if you're travelling… DNCon: "[D] leaders announced deposits totaling $4.5 million at two community banks and a credit union, touting their commitment to small and minority-owned lenders. Yet they're doing much more business with Bank of America: The share of convention money passing without fanfare through the nation's second-largest lender could reach $65 million. OH. Voting: "To use the [online change of address] service, you must provide four 'identification keys' that exactly match the Statewide Voter Registration Database, [SoS Jon] Husted said. Those are the voter's last name, Ohio driver's license number, last four digits of the Social Security number and the date of birth. Voters can still change their addresses by mailing in a form or visiting their local board of elections. " Fortunately. PA. Criminal elites: "Steal from your employees, do it openly and flagrantly, and your worst-case scenario is generally just a civil lawsuit. Best-case — and most likely — scenario: You get away scot-free. Theft is especially rampant in the low-income service sector — which also happens to be where the jobs are. The lack of either strong anti-wage-theft legislation or sufficient local or state resources dedicated to the issue has, some argue, made Philly a haven for predatory bosses looking to save on payroll. " VA. UVA putsch: "'All are burdened by the state of the university in the aftermath of the crisis, because the crisis is not over,' the alumni wrote. 'It will not end until the board acknowledges publicly that UVa suffered a significant failure of corporate governance; and it will not end until Board members finally explain candidly, to satisfy common sense, what really motivated them to act so precipitously.'" Because we still don't know what really happened, do we? VT. Representative democracy: "Independent state Senate candidate Jeremy Hansen, running in Washington County, today demonstrated a sophisticated beta website where voters can comment, weigh pros and cons, and direct Hansen's potential Statehouse vote. Hansen pledges, if elected, to make policy decisions solely based on his constituents' online input." "The economy." Normalization: "It's really kind of a boring story. Hardly where we want our economy to be, but hardly slipping into catastrophe, either. It's the kind of economy, sad to say, that we've all gotten used to." What you mean, "we"? Grand Bargain™-brand Catfood watch. David Dayen: "Ezra Klein, who has impeccable sources inside the Administration, makes a bet that [Catfood Commissioner Erskine] Bowles will succeed Tim Geithner as Treasury Secretary in an Obama second term. And, he would be there specifically to secure a deal along the lines of the grand bargain" (CB). Outside Baseball. Obstructionism: "It seems pretty newsworthy for [Biden] to charge that seven members of the opposition confided to him that their party had adopted a comprehensive strategy to oppose literally everything the new President did." So, faced with this intelligence, what did the Ds do? End the filibuster with the nuclear option? Of course not. It's a two-fer: The Ds get to be do-nothings, and whine about it. … Red vs. Blue: "Much has been written about how the Web destroys local geography and local community (individual micro-targeting dominates now), but that theory ignores a larger reality. The vast array of outlets and opinions available on the Web, combined with the self-segregating Americans have done in the past few decades, which Patchwork Nation has documented, have in some ways led to greater differences at the community level." … every year. Last year, everybody got sick." The trail. Polls: "Three polls released in the last 24 hours show Obama widening his lead over the [Romney] to as much as nine points. The surveys of registered voters, all conducted sometime between Aug. 2 and 8, also have Romney's unfavorable ratings headed north. Two of the polls show his support among independents slipping." … Polls: "Romney's campaign is brushing off a series of polls that show Obama building a sizable lead nationally." … Polls, Silver: "The balance of polling data has still been favorable to Obama over the past few weeks — but as I wrote yesterday, it's very unlikely that there has been some sort of sea change in the race." … Polls: "Here's why many Rs think they're in good shape — and many Ds agree: The GOP's enthusiasm advantage, the economic drumbeat, money, and voter suppression." … Polls: "Voter interviews also remain the best way to double-check the polls and pick up trends that may not have yet have registered in the surveys." Romney. Messaging: "So what has the Team Romney message been this past week? Welfare, Israel, negative Super PAC ads and Lech Walesa and the Pope. They've been all over the place." … Tax return/Reid flap, Kos: "Former Utah Gov. Jon Huntsman's dad sounds like the likely source." … Tax return/Reid flap, Sargent: "But I just got off the phone with Huntsman. and he confirmed to me that he is not Reid's source." … Tax return/Reid flap, Chait: "Reid has a right to pass on a reasonably well-sourced rumor and throw the ball into Romney's court." … Veepstakes: "He enters what could be the final week of VP speculation. We're in any-day mode with his running mate selection. And he's at a point where the running-mate selection, which will change the subject from whatever's being talked about, is going to be made when Romney's behind [see The Trail supra], making it more defining than perhaps he ever wanted it to be." … Veepstakes: "[T]he conservative drumbeat for Ryan has grown so overwhelming that it's no longer even clear that Romney could turn Ryan down for an Incredibly Boring White Guy, even if he wants to. The Republican Party belongs to Ryan." Obama. Crowds: "About 4,200 people of all ages and colors spread across a green at Colorado College on Thursday in this conservative city for a rally with President Obama. Good crowds, especially compared with the hundreds that typically turn out to see Mitt Romney. But four years ago Mr. Obama often was drawing five-digit throngs." …Unity pony: "Rich Beeson, the campaign's political director, said the large number of non-Obama D delegates from states like AR and WV aren't 'even going to be allowed on the floor.'" … Unity pony: "Advisers to Obama are scripting a DNCon featuring several Rs [Arnold? Huntsman?!] in a prime-time appeal to independents — and planning a blistering portrayal of Mitt Romney as a heartless aristocrat who "would devastate the American middle class." Bush? Cheney? John Yoo? Or Rs whose policies Obama didn't implement? * 28 days until the Democratic National Convention ends with North Caroline barbecue for everybody on the floor of the * * * Antidote du jour (furzy mouse):
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| Gold’s “fearless” summer turnaround Posted: 10 Aug 2012 10:47 PM PDT |
| Posted: 10 Aug 2012 10:45 PM PDT The Privateer |
| Posted: 10 Aug 2012 10:00 PM PDT Gold University |
| By the Numbers for the Week Ending August 10 Posted: 10 Aug 2012 07:41 PM PDT This week's closing table is just below.
Note the addition this week of the Sprott Silver Trust premium (PSLV). |
| Ron Paul’s Legacy: A Complete Audit Of The Secretive Banking Cartel? Posted: 10 Aug 2012 05:36 PM PDT
from testosteronepit.com: They only bubble up rarely, these scandals at the Federal Reserve System, but when they do, they're doozies, involving huge amounts of money, massive conflicts of interest, all-out manipulation, collusion, favoritism, dizzying cronyism…. And yet, over the 100 years that the Fed has existed, it has done an excellent job in one of its other primary functions, maintaining the dollar, which has lost only 96% of its value—instead of 100%. The latest scandal is the Libor fiasco that is spawning worldwide investigations of the largest banks, going back years. The New York Fed under its President Timothy Geithner knew of the manipulations as early as 2007, and knew it involved banks of which it was one of the regulators. There were some hush-hush contacts with British regulators, and that was it. Nothing changed. Status quo maintained. Just about then, the financial crisis began to expose the house of cards that financial institutions had become. Bear Stearns was saved. During the ensuing bailout mania of 2007 – 2009, the New York Fed, under the same management, handed trillions of freshly printed dollars to the same banks that it knew were manipulating Libor. It was done in secret, and the public wouldn't have known who got what, how the decisions were made, why Lehman wasn't bailed out though Goldman was, had it not been for the audit by the Government Accountability Office (GAO) as authorized by the Dodd-Frank financial reform act [for some gory details, read... The GAO Audit of the Fed Doesn't Call It 'Corruption' but it should]. Keep on reading @ testosteronepit.com |
| TEM – Greek Local Currency – Parallels Euro and Gold Money in Greece Posted: 10 Aug 2012 05:35 PM PDT
from wealthcycles.com: German TV station ZDF put out a documentary this year called The Greek Lie. Get to the 24 minute mark, and you too can check out the interior of the Athens Ministry of Finance (below). As shocking as the strewn about documents is the abandonment of responsibility for financial decisions on the future of Greeks. Why bother accounting for one's debts, if there is never the intent to pay off more than the minimum payment due? For as unified as Greece is as a people, a few have broken away from the many to fight their way back to a prosperous future. And what a fight it will be. After speaking with Artemis, a Spartan now living in Athens, one gets the picture that Greeks are still running on fumes. "Everybody is on credit; families of four have at least five cars. People with two or three loans could go and apply for another, [essentially] refinancing. Even loans of 5,000 euros for holiday seem common," Artemis said. "Nobody is saving." In Spain too we are hearing of banks refinancing loans that are not performing, extending further cash to known poor credit risks. The actions seem to be increasingly desperate for some, as they struggle to maintain their lifestyles, looking for the last hope before the till runs dry. Keep on reading @ wealthcycles.com |
| U.S. Banks Told to Prepare for Collapse Posted: 10 Aug 2012 05:30 PM PDT
from wealthwire.com: Regulators have instructed five of our nation's biggest banks to develop some serious plans to ward off collapse in lieu of major problems. U.S. regulators were sure to remind these banks that they should not count on any government assistance this time. Bank of America Corp (BAC.N), JPMorgan Chase & Co (JPM.N), Goldman Sachs Group Inc (GS.N), Citigroup Inc, (C.N), Morgan Stanley (MS.N). Keep on reading @ wealthwire.com |
| U.S. Banks Told to Make Plans for “Preventing Collapse” Posted: 10 Aug 2012 05:25 PM PDT
from in.reuters.com: U.S. regulators directed five of the country's biggest banks, including Bank of America Corp (BAC.N) and Goldman Sachs Group Inc (GS.N), to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help. The two-year-old program, which has been largely secret until now, is in addition to the "living wills" the banks crafted to help regulators dismantle them if they actually do fail. It shows how hard regulators are working to ensure that banks have plans for worst-case scenarios and can act rationally in times of distress. Officials like Lehman Brothers former Chief Executive Dick Fuld have been criticized for having been too hesitant to take bold steps to solve their banks' problems during the financial crisis. According to documents obtained by Reuters, the Federal Reserve and the U.S. Office of the Comptroller of the Currency first directed five banks – which also include Citigroup Inc, (C.N), Morgan Stanley (MS.N) and JPMorgan Chase & Co (JPM.N) – to come up with these "recovery plans" in May 2010. They told banks to consider drastic efforts to prevent failure in times of distress, including selling off businesses, finding other funding sources if regular borrowing markets shut them out, and reducing risk. The plans must be feasible to execute within three to six months, and banks were to "make no assumption of extraordinary support from the public sector,"according to the documents. Keep on reading @ in.reuters.com |
| Gold right at the Top of its Recent Trading Range Posted: 10 Aug 2012 05:21 PM PDT
from traderdannorcini.blogspot.ca: Gold has pushed to the very top of its recent trading range as it works within the confines of its consolidation pattern noted on the chart below. It either mounts a solid breakout this time around or it will fall back towards $1600 and slightly below once again. I have noted that for the last 5 weeks or so, the lows have been slowly creeping higher hinting at market strength. It simply needs a spark, something to ignite it and push it past the strong selling pressure emerging between $1620 – $1630. Keep on reading @ traderdannorcini.blogspot.ca |
| Gold Technicals Portend Impending Breakout Posted: 10 Aug 2012 05:19 PM PDT
from news.goldseek.com: Ah, the long, lazy, hazy days of summer: Here in Colorado, it's been a particularly hot and dry one, leading to one of the worst wildfire seasons in recent memory. As for 'lazy', that's a pretty apt description of the gold market, which has been confined to a range of just $66.36 since the summer solstice. Now, summer doldrums are actually quite common in the gold market. And as we like to remind our clients each year; historically speaking, the doldrums more often than not are an ideal time to buy gold, with about 2/3rds of average annual gains in the market over the past ten-years coming after the month of July. Keep on reading @ news.goldseek.com |
| Platinum: Gold Ratio Falls Further Posted: 10 Aug 2012 05:15 PM PDT
from mineweb.com: GRONINGEN (MINEWEB) – The platinum-gold ratio has fallen to levels last seen in 1985. And, according to Barclays, there is little in current market dynamics to suggest that in the near term this trend will reverse. Writing in its Commodities Weekly report, the bank points out that while gold has been struggling to break free of the upper end of its trading range, Platinum has been drifting lower over the past month. Keep on reading @ mineweb.com |
| Is This Why Gold Is Outperforming? Posted: 10 Aug 2012 05:10 PM PDT
from zerohedge.com: Gold is significantly #winning today – well ahead of stocks and the USD after being closely synced with them since the lows last Friday pre-ramp. The question is why? We have an idea. Gold and stocks have been closely correlated on the back of expectations of Fed/ECN unsterilized printing – as gold has taken on the appearance of a risk asset – and rightfully so given the nature of these markets dependence on CBs. However, stocks have outperformed in their own manipulated manner as whatever magic pressure has held gold down continues (as they both rise as simple proxies for more money flooding the system). In a very similar echo of 2009, the last 6-9 months have seen the value of the S&P 500 priced in Gold dip aggressively and then surge back. At current levels we are getting 'rich' in terms of equities priced in real stores of value. And perhaps, just as in 2009, we are about to see real stores of value catch up to equity valuations and continue this outperformance…Gold rallied 23% relative to stocks in the preceding three months. Keep on reading @ zerohedge.com |
| Nigel Farage – They Will Collapse The System & Enslave People Posted: 10 Aug 2012 05:07 PM PDT
from kingworldnews.com: Today MEP (Member European Parliament) Nigel Farage spoke with King World News about what he described as the possibility of, "a really dramatic banking collapse." Farage also warned that central planners want to enslave and imprison people inside of a 'New Order'" and he described the situation as "horrifying." Farage also discussed gold, but first, here is what he had to say about the ongoing financial crisis: "Governments don't have the courage to tell the people that we cannot afford to go on living the way that we are. We've really failed very badly in having honest politics, so we have this gross and very grave debt problem." Keep on reading @ kingworldnews.com |
| IAMGOLD CEO Letwin: The Gold Mining Confidence Game Posted: 10 Aug 2012 05:06 PM PDT
from bullmarketthinking.com: I had the opportunity to sit down on a call with Stephen Letwin this week, President, CEO, and Director of IAMGOLD Corporation, one of the world's largest gold mining companies. It was an enlightening interview, as Stephen shared a few leadership philosophies which have elevated him to the position of CEO of a multi-billion dollar global company. Additional items discussed were challenges in the public mining industry resulting in growing CEO dismissals, operational changes and improvements at IAMGOLD, and strategy to reward shareholders for capital commitments. Keep on reading @ bullmarketthinking.com |
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