saveyourassetsfirst3 |
- Forex Markets Indicate QE Unlikely
- Think Silver Will Outshine Gold? Consider Reading Up On This Mag
- Jobs Are Being Created In Ohio By Companies Like Chart Industries
- Missed Out On Corn And Gold's 5-Year Surge? Here Are 5 Stocks That Crushed Them
- An Incredibly Boring Investment Strategy That Works
- 10 'Cheap' Stocks Yielding Up To 12.2%
- Don't Look for Gold Standard to Be Reinstated
- EM: Silver Test of $32.66 and $33.42
- Canadian Housing Bubble Nears Implosion
- Wow "Bond King" Bill Gross says "Gold a Better Investment Than Bonds, Stocks"
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- Mike Krieger: Gold & Silver Headed Much Higher
- Dollar-Priced Gold
- Richard Russel, Gold to save the world...
- Mike Maloney In Horrible Car Crash With Tesla
- JPM & Goldman See $1,800/oz Gold By Year End
- Shorting Draghi (EURUSD)
- Gold at 2nd-Highest Euro Fix on ECB Bond Buying
- Gold Daily and Silver Weekly Charts – Russia Stockpiling Gold for the New Trading Currency
- Expect $2,500 Gold & Silver To Smash All-Time Highs
- No CB Solutions: Liquidity vs Insolvency
- Richard Russell – Gold To Save World From Drowning In Debt
- Bloomberg Leaks the Scope of Euro Bond Buying / Basically Europe’s Version of Operation Twist / Gold and Silver Steady
- Mike Krieger on why gold and silver prices are headed much higher
- Silver Price History & “The Hunt Effect”
- Bill Gross: Gold a Better Investment Than Bonds and Stocks
| Forex Markets Indicate QE Unlikely Posted: 06 Sep 2012 01:02 PM PDT By Evan Schnidman: The signs are adding up and the market is not going to like it -- broad-based QE is not coming next week. More specifically, the Fed will not be engaging in large scale asset purchases next week. That is not to say that the Fed will not announce some other form of easing (particularly a program to stimulate lending), or to say that they will not engage in large scale asset purchases later this year, but indications are that they are not ready to act on QE just yet. Forex Despite all of the prognostication about impending asset purchases by the Fed, the currency markets are telling a different story. Specifically, the Euro-Dollar market is telling a different story. As news mounted that the ECB intended to act (not just talk) at the September 6 meeting, the euro climbed from $1.2289 on August 15 to $1.2596 by the beginning of Complete Story » |
| Think Silver Will Outshine Gold? Consider Reading Up On This Mag Posted: 06 Sep 2012 12:47 PM PDT By Today the European Central Bank announced an unlimited short-term bond-buying program, helping to allay fears that it might not do all it can to save the euro. The U.S. markets surged on the news, taking gold above $1,700 an ounce and silver above $32.50 an ounce. Today's gains add to a stellar August, which saw the two most popular gold and silver ETFs -- the SPDR Gold Trust (GLD) and the iShares Silver Trust (SLV) -- up 4.9% and 13.5%, respectively. Silver is poised for years of gains -- I have suggested that silver could outperform gold over the next year, and thus recommended considering some of the larger players in that metal. I also believe that speculating in some of the smaller exploration-stage companies could be profitable. One such company I that think is worth looking into further for a potential long-term bet on silver appreciation is MAG Silver Complete Story » |
| Jobs Are Being Created In Ohio By Companies Like Chart Industries Posted: 06 Sep 2012 12:26 PM PDT By Bill Gunderson: Ohio is the mother of all election battleground states. As I have been watching the presidential nominating conventions, I have wondered if there are any other politicians or success stories outside of Ohio. Poll after poll has shown that Cleveland, Cincinnati, Dayton, Youngstown, etc. will go a long way in determining who will occupy the White House in January. Ohio's unemployment rate is about one point below the national average. Ohio is looking to create some 200,000 new jobs over the next three to four years. Ohio is currently tapping into an industry that's creating a multibillion-dollar boom in the state. If you are thinking that these jobs are green jobs, I have news for you. The jobs are being created from the Utica shale that is hidden more than a mile deep underground. I don't think that the wind blows or the sun shines way down there. In an Complete Story » |
| Missed Out On Corn And Gold's 5-Year Surge? Here Are 5 Stocks That Crushed Them Posted: 06 Sep 2012 12:25 PM PDT By YCharts: Turns out that the color yellow was the best investment theme of the past five years. Corn and gold have posted the biggest gains since the onset of the financial crisis in the summer of 2007, according to an asset class ranking from Deutsche Bank. US Corn Farm Price Received data by YCharts Stocks? Not so much, based on the broad market barometer. US Corn Farm Price Received data by YCharts Coming on the heels of the Bill Gross death of the cult of equities manifesto it looks like another nail in the stock coffin. But only if you just stick to the headline numbers. There's no denying that stocks in the aggregate have had a lousy five years. Or 10. But what the index benchmark obscures is that plenty of individual companies have made a lot of money for investors the past five years. Not obscure small caps that Complete Story » |
| An Incredibly Boring Investment Strategy That Works Posted: 06 Sep 2012 12:23 PM PDT By Aggressive Dividends: Harry Browne developed a simple system called the Permanent Portfolio which invested equally in gold, stocks, long-term treasury bonds and cash. The idea is reminiscent of the Modern Portfolio Theory where you diversify into asset classes that do not move up or down with high correlation. The performance chart of this originally conceived idea is below: Chart compliments of crawlingroad.com (click to enlarge) The Permanent Portfolio Mutual Fund There are mutual funds that have taken the Permanent Portfolio concept and altered it somewhat. One example is the Permanent Portfolio Mutual Fund (PRPFX) that allocates 20% gold, 5% silver, 10% Swiss franc, 15% US stocks and foreign real estate and natural resources, 15% aggressive growth stocks, 35% Dollar assets. Chart compliments of Google.com (click to enlarge) Between the 10 year period of 2002 until the end of 2011, the Permanent Portfolio tracked by Crawlingroad delivered a 9.33% compound annual growth rate Complete Story » |
| 10 'Cheap' Stocks Yielding Up To 12.2% Posted: 06 Sep 2012 12:16 PM PDT By StreetAuthority: By Carla Pasternak You've likely heard of this valuation method countless times: The price-to-earnings (P/E) ratio that analysts use to compare a stock's current share price to its per-share earnings. By this measure, stocks may appear "cheap." The benchmark S&P 500 now trades at a P/E of 14 times 2013's estimated earnings -- well below a long-term average of about 15. But a low P/E doesn't always spell opportunity. Consider Capital Products Partners (Nasdaq: CPLP) and Ship Finance International (NYSE: SFL), both in the oil-shipping industry. These stocks pay dividends and carry yields between 9% and 12%. Capital Products trades at 20.8 times 2013's estimated earnings of 37 cents per unit, while Ship Finance trades at just 9.2 times estimated earnings of $1.80 a share. Which is the better deal? You're paying $9.20 for every dollar of Ship Finance's earnings but $20.80 for every dollar of Capital Product's earnings. All Complete Story » |
| Don't Look for Gold Standard to Be Reinstated Posted: 06 Sep 2012 11:24 AM PDT The key problem would be at what price of gold would the United States peg its currency. Great Britain returned to the gold standard in 1925, after going off it in 1914, at the 1914 peg price. This was a mistake made by Winston Churchill which he called it the... |
| EM: Silver Test of $32.66 and $33.42 Posted: 06 Sep 2012 09:54 AM PDT |
| Canadian Housing Bubble Nears Implosion Posted: 06 Sep 2012 09:46 AM PDT I am far from the first writer to report that Canada's housing-bubble is nearing some dramatic rupture. Indeed, I may be the last writer to have covered this topic – despite being based in Canada. Why have I been the last scribe to jump on the media's "bubble-mania" bandwagon concerning Canada's housing market? Because there has been little to report here other than soaring debt-levels, which also exist throughout the Canadian economy; and, indeed, throughout all Western economies. The building bubble itself has not been even slightly newsworthy. Lost in the mainstream media's disjointed reporting on individual markets is a simple truth. As long as the West's psychopathic banking cabal continues their policy of insane, destructive, near-zero interest rates; every housing market of every Western economy will be in a perpetual cycle of building bubbles or bursting bubbles. Period. Thus reporting that a "Canadian housing bubble" had formed had all the "news value" of announcing that the Sun had risen again in the morning. What has finally caused me to jump into this topic are two factors. First of all we have very strong evidence that "the end is near." Secondly, there is the entirely suicidal manner in which Canada's current government has (deliberately) constructed this housing-bubble. Regarding the former point, almost always an asset-bubble will telegraph to the market when it is about to burst with an unequivocal signal: falling sales. To understand why this is such an obvious warning-sign requires at least a rudimentary understanding of the mania which fuels such asset-bubbles. In the case of housing-bubbles, that "mania" is composed of a mixture of the greedy and the fearful. For the greedy, the soaring prices which characterize any/all asset-bubbles are like a clarion call: "get rich quick." For the fearful, soaring housing prices cause an anxiety attack: if they don't "buy now", they will never be able to afford to make a purchase. Allowing emotions to enter into one's important financial decisions is an inevitable recipe for disaster. What falling sales tell us is that the mania is over, and a point of "capitulation" has been reached. This occurs when both the greedy and the fearful say to themselves "too expensive" – the death-knell of any/every bubble. In Canada's housing market, two of the largest urban markets (Toronto and Vancouver) are reporting dramatic drops in sales. In Toronto, urban sales are now down 13% year-over-year, while in Vancouver sales have plunged by 17% over the same period, and are now at lows not seen since 1998. The end is near. This brings us to the second factor: the made-for-collapse manner in which Canada's housing market Ponzi-scheme has been constructed. Here two people merit 100% of the blame: Canadian Prime Minister Stephen Harper, and the man he appointed to run Canada's central bank – Mark Carney. As an ardent admirer of all things "American"; Stephen Harper wasn't content with having just an ordinary housing bubble in Canada's housing market. He wanted a Canadian bubble of epic proportions, just like Uncle Sam's. Consequently, Harper's Conservative government has totally unshackled Canada's banks, and allowed them to run wild with reckless lending; exactly as occurred in the U.S. just before its own bubble burst (for the first time). Only three short years ago; Canada's financial system was the envy of the entire world. Today its financial sector is just another bankers' Ponzi-scheme. At precisely the same time that the U.S. is belatedly dismantling (fraud-ridden) Fannie Mae, Harper's government has been rapidly building Canada's own "Fannie Mae": the Canada Mortgage and Housing Corporation. The CMHC has been buying-up mortgages so fast that the Harper government has had to raise its legal borrowing limit twice just since the Conservatives took power, and will soon raise it a third time as it nears its new limit of $600 billion. In proportionate terms it is now larger than Fannie Mae (at its peak), and this occurs as a Euro Pacific Capital report reveals that, "Once small, Canada's sub-prime mortgage industry is now booming." It goes on to report that there are now $500 billion in "high-risk mortgages" in Canada's housing market – nearly half of the entire mortgage market. Meanwhile, the obscene "home equity" loan market has also exploded in Canada. These "HELOC" loans (once known as "second mortgages") have exploded by more than 170% in Canada over the past decade. This massive increase in needless debt inevitably and substantially increases the magnitude of any housing sector implosion. Mission accomplished, Stephen Harper! |
| Wow "Bond King" Bill Gross says "Gold a Better Investment Than Bonds, Stocks" Posted: 06 Sep 2012 09:21 AM PDT |
| Posted: 06 Sep 2012 08:54 AM PDT Just marking the(another) GOLDEN milestone.:23_28_100s: Figured if HS can post silver markers we oughta have one for gold once in a while.;) Best thing is, it's a one-way trip. AIN'T NO GOING BACK!:banana::479: R. |
| Mike Krieger: Gold & Silver Headed Much Higher Posted: 06 Sep 2012 08:45 AM PDT Alasdair Macleod and Mike Krieger discuss his Wall Street past, the end of the gold and silver consolidations and the need to create new decentralised power structures. from goldmoneynews: Krieger explains why he calls himself a "recovering Wall Street employee". When he realised how the system works on a macro level and what role Wall Street plays in the economic-political power structure, he decided to quit his job. He talks about his "indoctrination" with neo-classicist views at university, which teach fiscal and monetary policies as responses to all economic problems — both of which are top down central planning approaches. They talk about the recent rally in gold and silver prices. Krieger states that the bullishness of the current set-up in both precious metals is underappreciated. The long consolidation periods in both metals have led to an attitude of total complacency, with the public being almost completely out of the market. Despite this negative sentiment he points out that gold is about to reach new highs priced in euros. To really break out of the consolidation the market just needs a marginal inflow of new money, either from new investors, or from already-invested precious metals bulls that want to add to their positions. He thinks that we are very close to reaching this point. A hint that this is happening comes from recent reports indicating that billionaire investors like Soros or Paulson have been adding to their gold positions. The consolidation has caused a transfer of gold from weak to strong hands (i.e., from people who are more eager to sell to those who are holding the metal for the long haul). The crisis in the eurozone could be a precursor of what is to come in America and elsewhere, but it doesn't look like the current political/economic elite will learn anything from it or change course. It will be up to the people to push for substantial change. This podcast was recorded on 4 September 2012. ~TVR |
| Posted: 06 Sep 2012 07:46 AM PDT Andy Hoffman |
| Richard Russel, Gold to save the world... Posted: 06 Sep 2012 07:15 AM PDT http://kingworldnews.com/kingworldne...g_In_Debt.html Richard Russell continues: "The US owns the world's greatest hoard of gold.* Here's what I think the authorities have to do.* They should unilaterally, overnight raise the price of gold to a high value, maybe around $10,000 an ounce.* Thus, each dollar would be worth one ten-thousandth of an ounce of gold.* This would allow our enormous debt to be paid off with vastly devalued dollars. This would be inflationary, since everyone who owned gold would own a pile of devalued dollars.* The huge increase in the number of dollars would drive prices up, and that would work against the current forces of deflation. Nations owning gold would in turn (in order to compete) -- devalue their own currencies, and thus be able to pay off their own 'impossible' debts.* In the end, a new world monetary system would have to be established, but the terrible problem of a planet choking on debt would be solved. I think this is the only way the world-debt problem is going to be solved.* It will, in the end, be solved by devaluation (as Roosevelt did in 1933, when he suddenly and unilaterally raised the price of gold from 20 to 35 dollars an ounce). Interestingly, we now hear an increasing amount of talk regarding gold entering the world monetary system.* Furthermore, I think we are going to hear even more about gold in future months.* Smart, wealthy, well-informed investors will start accumulating gold.* Soros and Paulson are doing it already.* I don't doubt that Soros has inside information. I also believe that the US will, in due time, start backing its currency with part-gold and the dollar will be convertible into gold at around $10,000 an ounce.* This will render the dollar the most wanted currency in the world. I believe the Chinese are onto the same idea.* But as of now, China does not own as much gold as they desire, which is one reason China has rushed headlong into the gold business -- China is currently the world's biggest producer of gold.* It is also why China is encouraging its own people to buy and accumulate gold.* China knows that gold is the future of the world monetary system." To subscribe to Richard Russell's Dow Theory Letters CLICK HERE. |
| Mike Maloney In Horrible Car Crash With Tesla Posted: 06 Sep 2012 07:11 AM PDT |
| JPM & Goldman See $1,800/oz Gold By Year End Posted: 06 Sep 2012 06:49 AM PDT Gold rose in all major currencies today and topped $1,700/oz in London for the first time since March on speculation ECB would announce further monetary easing. While gold rose 1%, silver surged another 2%. |
| Posted: 06 Sep 2012 06:41 AM PDT
Currencies can have split personalities as they trade off different drivers. The news of the ECB (European Central Bank) deciding to leave interest rates unchanged could be construed as bullish for the euro, for example, in that Europe's monetary policy and attitude towards easy money continues to be more hawkish than the Fed's. But on the flip side of that, the eurozone is headed for recession, Spain is a disaster, French unemployment just hit a 13-year high, Germany is slipping, and it really isn't clear how the hell Europe is going to get out of this mess. While America will also have to deal with structural unemployment scars, that pain – and potential political turmoil – looks inconsequential in comparison to Europe's. Add in the fact that, at some point, Europe is either going to have to crank up the printing presses or allow the eurozone to break up, and it seems fairly obvious that near term euro strength (EURUSD) is not going to last. (There are no guarantees, and we are not in the prediction business but the scenario business, but the odds are saying this is the way to bet.)
The EURUSD weekly chart (above) is also fairly compelling. We have been looking for a spot to initiate a short position on the euro, on the conviction that forward moving events will result in a stronger US dollar than many might think, and the bearish post-Draghi conference reaction has given us an entry window. All real money positions documented and time-stamped in the Mercenary Live Feed. NEWS FLOW
There is a long-standing tendency to short the dollar as an expression of "risk on", or to otherwise see a declining $USD as a sign that risk is on. This also fits with the notion that the Fed is led by hawks and the ECB is led by doves, with loose monetary policy leading to a weaker dollar and more hawkish monetary policy leading to a stronger euro. This mental picture is due to be flipped around, though, as it becomes more apparent that the US economy is healing (albeit in slow and halting fashion) whereas the outlook for Europe is only getting worse. At some point the differentials of underlying economic drivers will overwhelm perceptions of one central bank being dovish and the others being hawkish, as the difference in economic outlook becomes too glaring to ignore.
Strong jobs and unemployment data is not unalloyed good news for equities, because it increases the likelihood that the Federal Reserve will stay its hand or otherwise announce a more tepid version of QE3 that does not fully satisfy the bulls' hankering for a powerful cocaine kick from the Fed. Relying on stimulus for higher equity prices was always a booby trap – a temporary booster subject to the law of diminishing returns. We are fast approaching the point where, if the economy continues to heal, stimulus will be pulled off the table, leaving equity bulls to fend for themselves as record high corporate profit margins contract. Alternatively, if the economy worsens, corporate earnings may well worsen with it at a pace that overcomes any positive stimulus influence. You simply don't get to have all the new highs you want in a deleveraging and secular bear market. At some point reality intrudes and, if you are an overoptimistic bull always seeking to validate your hopes and wishes, you get a frying pan to the face. CHART FLOW
POSITIONING We are "renting some longs" today on a potential short-term rally continuation, but remain biased to the short side here as the various outcome scenarios look asymmetric. Any continuing rally is likely to be grinding and reversal prone, whereas a drop, if it builds momentum, could be swift and sharp. With the Draghi press conference out of the way, getting past the upcoming Friday jobs report and the Fed's Sep 12th-13th meeting are the next major macro hurdles. All positions documented, time-stamped and archived in the Live Feed.   p.s. Institutional allocator seeks talented traders and money managers. Potential allocation amount: $2 to $10 million. See if your track record qualifies...
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| Gold at 2nd-Highest Euro Fix on ECB Bond Buying Posted: 06 Sep 2012 05:26 AM PDT The wholesale gold price reached new six-month highs in Asian and London trade Thursday morning at $1,713 per ounce, rising alongside most other financial assets as traders awaited the European Central Bank's latest policy decision. |
| Gold Daily and Silver Weekly Charts – Russia Stockpiling Gold for the New Trading Currency Posted: 06 Sep 2012 05:24 AM PDT
from jessescrossroadscafe.blogspot.ca: The markets in general paused before the ECB announcment tomorrow and the Non-Farm Payrolls number in the US on Friday. Early today there was a violent 7.6 magnitude earthquake in Costa Rica, but fortunately the damage was contained, there were few deaths, and there were no tsunamis. This is good news. FedEx warned last night which is an indication that the real economy is lagging. But in today's high powered money economy where the market is the economy, that may not matter in the short term. Keep on reading @ jessescrossroadscafe.blogspot.ca |
| Expect $2,500 Gold & Silver To Smash All-Time Highs Posted: 06 Sep 2012 05:22 AM PDT
from kingworldnews.com: Today Tom Fitzpatrick spoke with King World News about the recent surge in both gold and silver. Fitzpatrick expects silver to smash through its all-time highs as the price of gold hits, "… $2,450 to $2,500 as we move into the first quarter of 2013." Here is what top Citi analyst Fitzpatrick had to say, along with some powerful charts: "We now feel like we've at least got the first leg in what we think is the start of a move that's going to take gold significantly higher. Gold has broken out of the top of this triangle (see chart below), and above the downward sloping trendline. Keep on reading @ kingworldnews.com |
| No CB Solutions: Liquidity vs Insolvency Posted: 06 Sep 2012 05:19 AM PDT
from news.goldseek.com: The Hippocratic Oath dictates never to do harm to the patient. The central bankers instead take the Hypocritical Oath that dictates to cripple the patient, to drain the blood, to preserve power by tightening the straps, to erode buying power from hard work, and to render life savings a weak shell, while whispering lies in the ears on blame for what went badly wrong, against the background din of endorsed war themes. The effectiveness of the latter oath is seen in the systemic failure of the USEconomy, whose financial and economic structure has been destroyed by bad economic policy, the poor paper financial foundation from the monetary system, corrupt bond market practices marred by $trillion frauds, and a marriage between the state and sanctioned large corporations whose only efficiency is seen in dark corners protected by criminal impunity. The Fascist Business Model showed itself in bold terms in the 1990 decade, in the strengthened links between state and major corporations, where inefficiency, favoritism, and corruption produce the bitter fruit of a sclerotic financial structure and weakened body economic. The Gold price responds to the systemic failure of the ruinous financial and economic policy, aggravated by the devoted ghoulish doctors and their perverse solutions that neither fix anything nor attempt to apply remedy. Keep on reading @ news.goldseek.com |
| Richard Russell – Gold To Save World From Drowning In Debt Posted: 06 Sep 2012 05:18 AM PDT
from kingworldnews.com: The Godfather of newsletter writers, Richard Russell, believes gold will be used to save the world which is drowning in debt. Here is what Russell had to say: "The national debt of the US is now well over $16 trillion and growing at the rate of over one trillion dollars a year. It can never be paid off through the 'normal' means. Paying off by normal means would entail a huge, really killer boost in taxes and a brutal unmerciful, slashing of entitlements. The only way the US's debts can ever be seriously addressed is to devalue the dollar." Richard Russell continues: Keep on reading @ kingworldnews.com |
| Posted: 06 Sep 2012 05:16 AM PDT
from harveyorgan.blogspot.ca: Good evening Ladies and Gentlemen: Gold closed down today to the tune of $2.20 to finish the comex session at $1690.80. Silver finished down 10 cents to $32.26. The bankers were ready willing and able to launch a raid. However their efforts were thwarted by news of a leak from Bloomberg on the Draghi plan to buy Euro bonds. The actual release was nothing but a yawner as we will discuss below. However the markets seemed to rejoice on this "stimulation" which will never occur due to the limits at the ECB. However the markets recovered and gold and silver advanced. Keep on reading @ harveyorgan.blogspot.ca |
| Mike Krieger on why gold and silver prices are headed much higher Posted: 06 Sep 2012 05:00 AM PDT GoldMoney's Alasdair Macleod talks to Mike Krieger, founder of the Liberty Blitzkrieg (libertyblitzkrieg.com) blog. They discuss his Wall Street past, the end of the gold and silver ... This posting includes an audio/video/photo media file: Download Now |
| Silver Price History & “The Hunt Effect” Posted: 06 Sep 2012 03:58 AM PDT History remembers the last nominal high in the price of silver before the more recent high of $49.77 seen in April of 2011 as an anomaly that was largely induced by the Hunt brothers' purported attempt to corner the market by buying large quantities of silver and silver futures. |
| Bill Gross: Gold a Better Investment Than Bonds and Stocks Posted: 06 Sep 2012 03:15 AM PDT ¤ Yesterday in Gold and SilverIt was a very slow day in the gold world on Wednesday...and most of gold's price movements, such as they were, were most likely currency related. Gold closed at $1,693.40 spot...down $2.80 from Tuesday. Volume, most of it of the high-frequency trading variety, was decent at around 113,000 contracts.
Silver's price pattern was similar...and the price briefly dipped below $32.00 spot before recovering as the dollar index headed south. Silver closed at $32.70 spot...down 9 cents on the day. Net volume was average...whatever that means these days...at around 33,000 contracts.
All the 'action' yesterday was in the dollar index. It opened at 81.34 at 6:00 p.m. in New York on Tuesday night...and by 9:30 a.m. in London the next day, it had hit its zenith at around 81.65. From there it went into a decline that bottomed out at 81.14 shortly after 11:00 a.m. in New York. It recovered a hair from that low...closing at 81.20...down a whole 14 basis points when all was said and done. Both the gold and silver charts show this currency move pretty clearly.
The gold stocks started in the red, but finally got into positive territory...and then mostly stayed there for the rest of the trading day. The HUI closed up 0.45%.
The silver equities were mixed yesterday...and gave back a bit of their Monday and Tuesday gains, as Nick Laird's Silver Sentiment Index closed down 0.45%.
(Click on image to enlarge) For a change, the CME's Daily Delivery Report was much more interesting. They reported that 16 gold and 485 silver contracts were posted for delivery within the Comex-approved depositories on Friday. Jefferies was the short/issuer de jour, posting 476 contracts...and it should come as no surprise to anyone that the big long/stopper was JPMorgan...with 253 contracts in its client account and 186 contracts in its proprietary [in house] account. The Issuers and Stoppers Report is definitely worth checking out...and the link is here. There were no reported changes in GLD yesterday...but after a big withdrawal from SLV on Tuesday, there was an even bigger addition on Wednesday, as an authorized participant[s] added 2,934,108 troy ounces. The U.S. Mint had another smallish sales report yesterday. They sold 4,500 ounces of gold eagles...and another 125,000 silver eagles. It was another very busy day over at the Comex-approved depositories on Tuesday. They reported receiving 602,812 troy ounces of silver...and shipped 1,558,280 troy ounces out the door. While on the subject of the Comex-approved depositories, I noticed something different about the CME's web page when I clicked on it early yesterday evening...but I didn't investigate any further. It took an e-mail from Nick Laird very late last night that pointed out the difference. There's a new depository added to the list. It's called CNT Depository...and a Google search revealed this. I'll be very interested in seeing how they fit into the grand scheme of things...and just how much metal they accumulate on behalf of their clientele. According to Nick, they reported receiving 631,389 troy ounces on Tuesday...the first day they showed up as a depository. In the same e-mail, Nick sent along this chart entitled "Comex Depository Warehouse Silver Stocks" that goes back about 41 years...and here it is.
(Click on image to enlarge) I have the usual number of stories today...and I hope you have time to read the ones that interest you the most. For a change, overnight activity in the Far East in both gold and silver showed some real signs of life. Why is Putin stockpiling gold? Turkish gold imports fall to 11.3 tonnes in August. Russia Today's 'Capital Account' interviews GATA Chairman Bill Murphy. SLV adds 2.93 million ounces of silver. ¤ Critical ReadsSubscribeMorgan Stanley: The Global Economy Continues To Sink Deeper Into The Twilight ZoneA few weeks ago, Morgan Stanley's head global economics Joachim Fels sent a note to clients entitled Into the Twilight Zone. In the note, the group downgraded its global growth forecasts, reflecting increasing pessimism across Wall Street on the future of the world economy. Fels just put out an update today, writing that "recent disappointing data suggest that the global economy is sinking ever deeper into the twilight zone that divides sustainable recovery from renewed recession." This story was posted on the businessinsider.com Internet site late yesterday afternoon...and it's Roy Stephens first offering of the day. The link is here.  Opening the Umbrella: ESM Permanent Bailout Fund Prepares for Prime TimeThe court battle against the permanent euro bailout fund, the ESM, has become the largest in German legal history. Yet despite widespread concerns, fund head Klaus Regling is preparing for action. The most important question surrounding the fund, however, remains to be answered: Will it work? The temporary EFSF rescue fund is about to give way to its permanent successor institution, the European Stability Mechanism (ESM). Before that can happen, though, the ESM must still clear some legal hurdles. On Sept. 12, the German Constitutional Court will rule on lawsuits seeking to prevent the government of German Chancellor Angela Merkel from participating in the new bailout fund with its €700 billion ($880 billion) firewall. Some 37,000 Germans have joined the complaint, making it the largest such case in the history of the court. Most prominently, however, the list of plaintiffs includes Peter Gauweiler, a politician with the Christian Social Union, the Bavarian sister party to Merkel's Christian Democratic Union (CDU), former Justice Minister Herta Däubler-Gmelin of the center-left opposition Social Democrats (SPD), and a group of professors led by economist Wilhelm Hankel, a prominent critic of the euro. They all fear that joining the rescue fund necessarily means that Germany's parliament would lose its constitutionally guaranteed right to oversee the budget. This story appeared on the German website spiegel.de yesterday...and it's original title "Permanent Euro Bailout Fund ESM prepares to go live despite law suits" was changed to what you see above. It's Roy Stephens second offering in a row. The link is here.  Debt crisis: Draghi presents 'unlimited' bond buying plan to ECB councilMario Draghi has delivered his radical bond buying plan to the European Central Bank's Governing Council in a move designed to equip the eurozone with a powerful new weapon to curb its debt crisis. Leaked versions of the Draghi Plan revealed that the ECB president has proposed unleashing a bond buying effort that would be 'unlimited'. The central bank would also relinquish its senior status among creditors, a measure seen as critical to encouraging private bond investors. The plan would stop short of British and American-style quantitative easing (QE) because the ECB would still seek to "sterilize" its bond purchases, or take the equivalent amount of money out of the system elsewhere. This Roy Stephens offerings showed up on the telegraph.co.uk Internet site early yesterday evening BST...and the link is here.  British banks face 'intrusive rules as regulator vows to stamp out mis-sellingThe Financial Service Authority (FSA) said it would introduce tougher regulations to force banks to scrap the schemes which it found were "likely to drive people to mis-sell in order to meet targets and receive a bonus." "Twenty out of the 22 firms we assessed had features in their incentive schemes that increased the risk of mis-selling," the FSA said in a consultation paper issued yesterday. The regulator said that as a result of its findings one firm had already been referred to its Enforcement and Financial Crime Division. Martin Wheatley, director of the FSA, said the "bonus-based approach" had fuelled the raft of mis-selling scandals. "Incentive schemes on Payment Protection Insurance were rotten to the core and made a bad problem worse," he said. This story was posted on The Telegraph's website early yesterday afternoon BST...and it's another item from Roy. The link is here.  Ambrose Evans-Pritchard: Saudi oil well dries upIf Citigroup is right, Saudi Arabia will cease to be an oil exporter by 2030, far sooner than previously thought. A 150-page report by Heidy Rehman on the Saudi petrochemical industry should be sober reading for those who think that shale oil and gas have solved our global energy crunch. I don't wish to knock shale. It is a Godsend and should be encouraged with utmost vigour and dispatch in Britain. But it is for now plugging holes in global supply rather than covering the future shortfall as the industrial revolutions of Asia mature. The basic point – common to other Gulf oil producers – is that Saudi local consumption is rocketing. Residential use makes up 50pc of demand, and over two thirds of that is air-conditioning. This AE-S blog is your first must read of the day...and it was posted on the telegraph.co.uk Internet site yesterday. I thank Roy Stephens for his last offering in today's column...and the link is here.  Merkel and Clinton Go To China: One Makes Deals, The Other Gets SnubbedBring home the bacon, or the speck, as it were, was the guiding principle for German Chancellor Angela Merkel when she frolicked in China last week. But her pleas to get the Chinese to buy the crappy bonds of debt-sinner countries in the Eurozone fell on deaf ears. This week, US Secretary of State Hillary Clinton was hobnobbing with the Chinese elite. It turned into a clash fest, and instead of bringing home the bacon, she argued with the Chinese over everything and the South China Sea. Merkel was accompanied by seven ministers and a delegation of executives from EADS, subsidiaries Airbus and Eurocopter, Volkswagen (which sells nearly a third of its cars in China), Siemens, Thyssen-Krupp, SAP.... Three planes stuffed with Germany's political and corporate elite. It wasn't about human rights or Syria or the South China Sea, but about trade. This piece was posted over at Zero Hedge yesterday...and I thank reader Marshall Angeles for bringing it to our attention. The link is here...and it's worth skimming.  Four King World News Blogs/Audio InterviewsThe first is with Dr. Marc Faber...and it's headlined "The Most Dangerous Trend Facing the World Today". Next is Citi's Tom Fitzpatrick. It bears the headline "Expect $2,500 Gold & Silver to Smash All-Time Highs". The third blog is with the venerable Richard Russell...and it's entitled "Gold to Save World From Drowning in Debt". Lastly is this audio interview with James Turk.  Ominous development as miners threaten to kill Lonmin platinum mine managementMarikana miners have threatened to kill Lonmin management unless they stop operations at the platinum mine in North West. The threat was made by representatives of hundreds of protesting workers who marched to Lonmin's Karee mine, from Marikana on Wednesday. The five representatives told manager Jan Thiroun that management had Wednesday and Thursday to close the mine's K3 shaft or they would end up dead and the mine would be burnt down. The shaft is where most of the mine's operations take place. This story, filed from Johannesburg, appeared on the mineweb.com Internet site yesterday...and I thank Manitoba reader Ulrike Marx for sharing it with us. The link is here.  |
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