Gold World News Flash |
- U.S. Sues Wells Fargo: Yet Another Bailed-Out Bank Accused of Fraud
- Asian Metals Market Update
- Greece Is Not Poor – It Actually Has Massive Uptapped Reserves Of Gold, Oil And Natural Gas
- Why Are We Bailing Out the Banks Part III (of IV) – The Big Lie
- Gold Seeker Closing Report: Gold and Silver Fall Over 1% and 2%
- Gold Drop is Largest Since Early July
- Here Is What To Focus On In The Gold Market Right Now
- Silver Update 10/15/12 Barack Hoover Obama
- A Formula for $12,000 Gold
- Solving the Golden Cube Puzzle. GoldMoney Foundation puts it at 10% smaller
- Perth Mint Gold and Silver Bullion Sales Surge
- As Far as the Eye Can See: Stagnation
- Guest Post: Bad Advice For The Greeks
- DSK's "Eyes Wide Shut" Lifestyle Exposed
- John Dizard: The mania ending now is for sovereign debt
- The Gold Price has Dropped and will Continue to Correct Watch for Your Chance to Buy at Reduced Prices
- Grandich Interview on Gold and U.S. Stock Market
- Knocking on Deflation's Door
- Reuters overestimates ‘aboveground' gold stock – report
- $2,300 Gold, Here We Come
- Eveillard pins gold's weakness on short-term futures traders with leverage
- World gold holdings are overestimated by 10%, GoldMoney study concludes
- How To Play a Comex Default
- Gold Daily and Silver Weekly Charts - A Rather Deliberate Bear Raid
- When Greg McCoach Picks Mining Stocks, It's Location, Location, Location
- In The News Today
- Switzerland: The World’s Gold Hub
- LGMR: Gold Drops Below $1750, Bernanke Defends Monetary Easing, Germany's Merkel Promises "No Uncontrollable Events" in Eurozone
- You Should Know The Drill By Now
- Misconduct Prevention Workshop
| U.S. Sues Wells Fargo: Yet Another Bailed-Out Bank Accused of Fraud Posted: 16 Oct 2012 01:00 AM PDT by Matt Taibbi, Rolling Stone:
Munger, if you might remember, is the same gazillionaire dickhead who two years ago ripped people experiencing post-crash economic hard times, saying they should "suck it in and cope" and that anyone who wants to complain about the Wall Street bailouts should realize they were "absolutely required to save your civilization" (Munger thinks a lot about "civilization"). He added that even if you didn't like them, "you shouldn't be bitching about a little bailout. You should have been thinking it should have been bigger." Some of those bailouts we shouldn't have complained about, of course, were directed at one of Munger's favorite companies – banking giant Wells Fargo, in which Munger and Buffett are heavily invested. Wells Fargo got as much as $36 billion in federal aid after the crash and got a massive push from the government to help it buy up the dying crash-era megabank Wachovia for $12.7 billion, a shotgun wedding that created the second-biggest bank in America.
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| Posted: 16 Oct 2012 12:04 AM PDT Economic numbers from the USA are on the higher side of expectations. Gold and silver have not rallied as per expectations after QE3. This has resulted in profit taking which if it continues till Friday could mark the beginning of a short term bear phase. Long term the bull trend is intact and one should use the current dip in gold and silver to invest for the long term.
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| Greece Is Not Poor – It Actually Has Massive Uptapped Reserves Of Gold, Oil And Natural Gas Posted: 16 Oct 2012 12:00 AM PDT from The Economic Collapse Blog:
Read More @ TheEconomicCollpaseBlog.com
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| Why Are We Bailing Out the Banks Part III (of IV) – The Big Lie Posted: 15 Oct 2012 10:00 PM PDT from Jesse's Café Américain:
Economics and the corporate media did exemplary service in promoting 'the Big Lies' of the financialisation crisis, most notably efficient markets theory and the trickle down theory of stuffing the rich with even greater power and wealth in the thought that some of the excess would fall on the path for the little people.
They have tied these old canards so carefully to emotional arguments that even after the crisis and collapse, many people will still respond reflexively to anything that shakes their faith in a failed, fallen system. Read More @ Jesse's Café Américain:
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| Gold Seeker Closing Report: Gold and Silver Fall Over 1% and 2% Posted: 15 Oct 2012 10:00 PM PDT Gold fell to as low as $1732.07 by about 10:30AM EST before it bounced back higher midday, but it still ended with a loss of 1.03%. Silver slipped to as low as $32.62 and ended with a loss of 2.36%.
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| Gold Drop is Largest Since Early July Posted: 15 Oct 2012 09:41 PM PDT courtesy of DailyFX.com October 15, 2012 02:08 PM Daily Bars Prepared by Jamie Saettele, CMT Gold has finally done something after consolidation at the top of the multiyear range for several weeks. The sharp break has resulted in a test of the 23.6% retracement of the advance from the late 2011 low. The area is also defined by September congestion. This is a level that could produce a low although 1715 (9/13 low) is probably stronger. The drop has shifted reward/risk to bulls against the 9/7 low at 1689. LEVELS: 1691 1715 1729 1749 1757 1780...
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| Here Is What To Focus On In The Gold Market Right Now Posted: 15 Oct 2012 09:30 PM PDT from KingWorldNews:
Here is what Eveillard had to say: "Yes we've had a few disappointing days, but the price of gold had gone up before that. We have, so far, a minor correction. Had gold become too popular at close to $1,800? I don't think so, but the thing about gold, you always have the short-term players, usually with leverage, in the futures market." Jean-Marie Eveillard continues @ KingWorldNews.com
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| Silver Update 10/15/12 Barack Hoover Obama Posted: 15 Oct 2012 09:18 PM PDT |
| Posted: 15 Oct 2012 09:00 PM PDT by Addison Wiggin, SilverBearCafe.com:
Gold has steadily advanced over the last 60 days from $1,600 to this morning's $1,767. Which is making some people a little nervous. For instance: "Can you comment," a reader asks, "on what you think might happen to the price of gold if Romney gets elected?" One of the most respected gold fund managers sees gold reaching for a new high inside the next 12 months. In his latest shareholder letter, Tocqueville Gold Fund chieftain John Hathaway bases that forecast on continued negative real interest rates: That is, as long as central banks push interest rates below the rate of inflation, gold performs well. "Some suggest," Hathaway writes by way of answering the reader's question, "that a Republican victory in November would be a game changer for gold. It could bring about the dismissal of Bernanke, the taming of fiscal deficits, the painless elimination of excess liquidity from bloated central bank balance sheets and the restoration of robust economic growth. While this rosy scenario is possible, we believe it would be a long shot." Read More @ SilverBearCafe.com
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| Solving the Golden Cube Puzzle. GoldMoney Foundation puts it at 10% smaller Posted: 15 Oct 2012 08:39 PM PDT An oft-cited gold trivia is that the volume of all gold ever mined in human history can be represented by a cube that sits neatly on a tennis court. How big exactly would that cube be, and does it really matter if its sides were 20m, 20.5m or 20.7m? James Turk of GoldMoney Foundation thinks it [...] 
This posting includes an audio/video/photo media file: Download Now |
| Perth Mint Gold and Silver Bullion Sales Surge Posted: 15 Oct 2012 08:30 PM PDT by Michael Zielinski, CoinUpdate.com:
The Perth Mint of Australia has announced their latest sales figures for gold and silver sold as coins and minted products. During September 2012, sales for both metals surged to their highest levels since the start of monthly reporting. The higher sales were undoubtedly driven by the release of the new designs for popular series of gold and silver bullion coins. Sales of silver coins and minted products rose to 1,251,580.06 troy ounces, up 269% from the prior month and more than doubling the previous highest reported monthly amount from March. The sales for gold coins and minted products rose to 81,095.13 troy ounces, representing an increase of 118% from the prior month. This eclipsed the previous highest monthly reported amount from June.
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| As Far as the Eye Can See: Stagnation Posted: 15 Oct 2012 08:17 PM PDT For the Events Horizons section of MarketShadows "As Far As the Eye Can See" (10/14), I interviewed the extraordinarily gifted blogger, Jesse, of Jesse's Cafe Americain to see what he thinks lies ahead. This is our third interview. For background, please read the first Interview at Jesse's Cafe. Part 2 was at the Lodge. Now it's late; we're at the bar. As Far as the Eye Can See: Stagnation
Ilene: Jesse, thank you for doing another interview with me. I'm continually learning from your rational, and brilliant, insights into the markets, and more importantly, the human nature upon which they are built. It's always a pleasure to explore your thoughts as events unfold. Previously, when we discussed 'flations, you believed we were heading into a stagflationary period. Not hyperinflation–you didn't think prices would spiral up uncontrollably. Has the Fed's new QE-Infinity program changed your mind? Jesse: No, not at all, QE infinity was always within expectations, because of the way in which it has been constructed, in addition to the failure of the fiscal side of the house. The President and the Congress control fiscal policy, and the Fed controls monetary policy. "Fiscal" is how the government obtains and allocates money. It also involves setting priorities, tax policies, tariffs, etc. Fiscal policy is failing to do its part to reform the system that caused the financial bubble and collapse in the first place, and the Fed is manipulating monetary policy and its regulatory powers largely in the service of the financial sector. Hyperinflation would result from a precipitous loss of confidence in the US dollar against some other measure. What is the dollar to be compared to? Europe's Euro? China's Yuan? The US has the cleanest dirty shirt. Gold and silver are lightly owned, and much afflicted by the status quo. But still they are greatly feared by the financial engineers. The Anglo-American financial cartel is adamantly opposed to changes in the SDR, or anything else that threatens the dollar currency regime. But it is eroding through bilateral and regional agreement. So things change slowly, for now.
Effectively speaking, the monetary and fiscal stimulus has been designed to prevent further deterioration from the bottom. The Fed's monetary stimulus is primarily another bailout to the effectively insolvent Wall Street banks. The flip side of this is the slack growth in GDP and the low growth in the median wage. The Fed stabilized the patient, but the patient remains in the ICU because the doctors cannot agree on the treatment. And of course, the medical directors are stealing the medicine and selling it on the black market. So we have quite the dilemma. Ilene: Would you describe the economic condition as "stagflation" now? Jesse: Yes, given the very low GDP and employment growth, and the inflation. The inflation, while not presenting itself broadly, is rather high in necessities like food, healthcare, and energy. It is not very pronounced but that is what I would call it. I would also accept "stagnation" for those who are fussy about how to measure inflation. Ilene: Will this continue?
Ilene: I've read many contradictory arguments about the economic numbers – good, neutral, bad. What do you think? These numbers are more tied to the economy than to the stock market, but investment-wise, a combination of the Fed's action and the economy affects our options. What do you expect for the economy, and for the stock-market? Jesse: I think the economy itself will continue to suffer from weak aggregate demand, which is no surprise because most consumers are hurting. Weak median wage growth goes back to before NAFTA, but people were able to turn to the tech and housing bubbles for additional income. Now that those have failed, we are up against the wall, for the most part. The stock market is going to inflate IF the Fed steps up its monetization beyond supporting the banking system by subsidizing its mispriced assets. But earnings may provide significant headwinds to equities, and companies are sitting on record amounts of cash overseas. Global trade is failing, as well it should. It is a rigged game.
Jesse: It depends on policy decisions. That is what make this so damn hard to forecast. Really, it is an extremely difficult time for investors. The financial predators have effectively destroyed most of the normal market mechanisms, both international and domestic. Good investments are difficult to find and assess, due to improperly priced and hidden counter-party risks. Ilene: Several other very popular financial bloggers argue that we are in a recession. Do you agree? Jesse: No, we are in a sluggish recovery. I don't think we will fall back into recession unless we do something quite senseless, like austerity. Ilene: Do you have any ideas on fixing some of our nation's biggest problems, such as the health care system? Jesse: A modified single payer system that provides good basic healthcare with prevention. The notion of forcing private companies to provide insurance from monopoly health providers and suppliers, many of whom are vertically integrating the supply chain, is almost unbelievable. The US has a very good healthcare system for some, but overall it is about 30 percent overpriced and highly inefficient. People without access to affordable insurance are forced to use emergency rooms. That is expensive and ineffective. Most of these problems come back to political and financial reform. Everything stems from that partnership between politics and big money that blossomed under Clinton and reached its maturity under Bush. Obama is a huge disappointment in this regard. I am not quite sure why, but he is, and the Democratic party stopped functioning as a balance to the increasingly rigid Republicans. The solution is a real reformer. It would take a Roosevelt, either a Franklin or a Teddy, to put the corporations and monied interests back into balance with the rest of the country. That might require a third party movement, and the system is heavily set against it. Just ask Ross Perot what it was like. Ilene: You're not very optimistic that a true reformer will show up and begin the process? Jesse: No, and I am increasingly concerned that the powerful few are going to provoke a false flag or some draconian response to even modest and non-violent demonstrations. That will remind us that the reforms of the 1930s were born out of some serious conflicts that we have not seen in the US in quite some time. Typically these historical cycles overshoot, and this case looks to be no different. What will provoke that change I cannot see. What that change will be I cannot say yet. Ilene: Wait and see?
The credibility trap is preventing genuine reform, and the financial system is continuing to distribute the bulk of all new income growth to the wealthiest few, which leave the vast middle with little discretionary income to fuel demand and organic growth. It is a false equilibrium, but these can last for a decade or more. It really depends on what causes things to change. But change will come. ***** This week's Market Shadows Newsletter, "As Far as the Eye Can See," features Chris Vermeulen and Springheel Jack on Gold and Silver, Lee Adler on Sentiment, and Mish Shedlock and Bruce Krasting on Currency Wars.
Visit Jesse at the Cafe Americain. Previous interviews:
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| Guest Post: Bad Advice For The Greeks Posted: 15 Oct 2012 07:49 PM PDT Authored by Patrick Barron via the Ludwig von Mises Institute, This summer Roger Bootle won Lord Wolfson's £250,000 prize for the best advice for a country leaving the European Monetary Union (one may assume that this advice is aimed at Greece). A more statist, anti-liberal policy than his could hardly be envisioned, which is a sad commentary on the mindset of the judges chosen by Lord Wolfson. His advice contrasted sharply with that of Dr. Philipp Bagus, whose liberal, transparent, and free-market-oriented policy advice was rejected in favor of Mr. Bootle's call for state secrecy and coercion. Mr. Bootle's statist advice stems from his misunderstanding of basic economics in which he views symptoms as causes. He offers no explanation for Greece's unsustainable debt burden, high cost structure, and high unemployment other than the standard Keynesian explanation of inadequate aggregate demand. Once this fallacious view is swallowed, the prescription follows axiomatically, i.e., devalue the currency to restore competitiveness vis-à-vis foreign markets, which will increase aggregate demand and reduce unemployment. Oh, and the Greeks may have to default on their foreign debt, but history shows that this is not a problem. Really? Despite his lengthy and repetitive prize submission, Mr. Bootle's recommendations can be summarized in this one sentence:
That's it! There is no need to cut public spending. Quite the contrary, because public spending adds to the Keynesian concept of aggregate demand, and aggregate demand cannot be allowed to fall. The secrecy part is essential for Mr. Bootle's plan. If the Greek people got wind of what was to happen, they would take measures to protect their property, such as transferring their euro-denominated bank balances to banks in Germany. Mr. Bootle refers to such a development as a crisis, but a crisis for whom? Taking measures to protect one's property would not be a crisis for the common Greek citizen. It would be exercising rational self-interest. Mr. Bootle's so-called plan is nothing more than robbing Greek citizens in the middle of the night! Give the Greeks a Better CurrencyThe aim of currency reform — and do not mistake my intention; currency reform is needed — should be to replace a poor currency with a better one. But Mr. Bootle (and his Keynesian colleagues) see the world upside down. In their world of aggregate demand, a weaker currency always is preferable to a stronger one, because a weak currency purportedly makes a nation more competitive in international markets. But this is pure propaganda. A weak currency not only makes necessary imports more expensive, reducing prosperity, but it also is an outright subsidy to foreign buyers of a nation's goods. As I have argued in "Value in Devaluation?" and as James Miller has argued in "Mark Carney's Zero-Sum Game," currency devaluation is merely a transfer of wealth from all of a nation's citizens to politically favored industries, usually export industries. It is no different from giving a subsidy to any domestic producer. The subsidy is paid by all the citizens of the subsidizing country, not by the foreigners who buy the subsidized good. They get a bargain. Furthermore, devaluation does not make a nation more competitive. It does nothing to spur increased domestic saving or external capital investment, which lead to the increased application of capital per capita, the only sources of increased worker productivity and the only sources of increased real wages. Devaluation does not reveal the onerous, wealth-destroying effect of economic regulation, not does it reveal the true costs of the welfare state, which relies on high taxes to fund present consumption at the expense of future prosperity. What the state spends cannot be saved and invested, no matter how cheap the currency. And, contrary to Mr. Bootle's statement that "improving competitiveness is at odds with the objective of reducing the debt burden," Greece will not be able to reduce its debt until it does become more competitive. It may well be impossible for Greece to pay all of its debts, but this merely reveals the dire reality of current policy; it does nothing to change that reality. The increase in the debt burden must stop! It must stop now! Mr. Bootle misses the cause of the euro debt crisis completely when he fails to see that ECB euro-denominated loans to captive national banks, with worthless sovereign debt as collateral, is the manner in which the European Monetary Union subsidizes failed economic policies. As long as the Greek government can get unlimited euro loans from the ECB, there is no real reason to reform the nation's economy and there will be no end to the debt crisis. So, Mr. Bootle proposes an even worse currency, a devalued drachma, as the replacement for a bad one, the euro. And if the Greek people resist outright theft through devaluation, then the government must trap their wealth internally, where it can be plundered later, by using capital controls to stop euro transfers to safer, foreign banks. The fact that the free movement of capital was one of the pillars of the European project apparently must be sacrificed for the benefit of the state. In fact Mr. Bootle admits that capital controls are illegal under current EU law, but he recommends them anyway. All tyrants love a crisis, because it can be used as an excuse to break the law. Truly Liberal AlternativesDr. Philipp Bagus of King Juan Carlos University, Madrid, offered the truly liberal alternative. He proposed a long period of public discussion about alternatives to leaving the euro, which would allow ample time for Greeks to move their property out of the greedy reach of their own government, should they decide to do so. The currency crisis might be solved in this manner as Greek banks closed and the Greek government shut down its welfare and regulatory system for lack of funds. The Greek government could repeal legal-tender laws, which currently require Greek citizens to transact business in one currency only — always that issued by the state itself. Concomitantly it could reinstate the drachma as a strong currency backed by gold. Then good money would drive out bad, as people freely chose which currency to use. They would choose the one that is most marketable. One element of that marketability would be that it would retain its purchasing power. Of course, Mr. Bootle desires the opposite, i.e., an ever depreciating currency that robs currency holders of their purchasing power. Naturally Greeks will resist this; therefore, the Greek government must install capital controls. Yet the essence of self-government and democracy and the great triumph of postwar Europe was the freeing of the individual first from fascist tyranny and then communist tyranny, whose primary means of enforcement were control of the economy. The future of Europe will emerge from the euro debt crisis. Mr. Bootle desires a return to state currency controls as a means to prop up the decaying welfare state. Dr. Bagus desires a step back from this unfortunate detour, which took concrete form with the formation of the euro. Rather than compound the errors of the euro with even more state intervention, the alternative is to anchor currencies in gold. This will force individual nations to engage in true democratic processes to determine the scope of state action. It will end the stealth transfer of wealth via euro monetary expansion. In that regard it will force each nation to live within its own means. What's wrong with that?
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| DSK's "Eyes Wide Shut" Lifestyle Exposed Posted: 15 Oct 2012 07:05 PM PDT Submitted by Mike Krieger of Liberty Blitzkrieg blog, It has been my contention for a very long time now, that the reason most people in positions of power do absolutely nothing for the good of their respective societies even in the face of total systemic collapse is not simply greed, corruption and stupidity. They are totally compromised. As we see in this amazing article from the NY Times, former IMF head, Dominique Strauss-Kahn, lived a decadent lifestyle straight out of Stanley Kubrick's final film Eyes Wide Shut (which was clearly a warning about the perversion rampant within the elite class). I am not judging his lifestyle so much as saying that when the most powerful leaders in the financial world are behaving like this they are incapable of ever doing the right thing because they are compromised and can be blackmailed into anything. I will allow these quotes from the article speak for themselves.
Ladies and gentlemen, you have been introduced to the leaders of the free world... and we are supposed to believe the IMF is going to save us? Full article here.
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| John Dizard: The mania ending now is for sovereign debt Posted: 15 Oct 2012 06:38 PM PDT As Money Hides Away, Gold Heads for a Blowoff By John Dizard http://www.ft.com/intl/cms/s/0/e576c1cc-01ad-11e2-81ba-00144feabdc0.html It's difficult for anyone with as skeptical a view of human nature as mine to advise people to be be anything other than permanent hoarders of cash. Yet I resist the temptation. Right now, I believe, we are going into a long period when holding currency and bonds will turn out to have been the wrong thing to do. I have a framed French assignat note from 1792 on my desk; it's a good reminder of what can happen to apparently liquid wealth. Considering all the risks in the world, I understand why someone with money can turn into an autistic recluse, refusing to come out of hiding until people they like have been elected. That basically describes the behaviour of the banking system and corporate treasuries in the developed world. Having been told for more than four years that the taking of speculative views is the devil's work, they have been refusing to take any views at all. That has worked out pretty well; holders of the better class of government bonds have profited from the flight away from other assets. ... Dispatch continues below ... ADVERTISEMENT Prophecy Platinum Intercepts Best Pt+Pd+Au Grades Yet Company Press Release VANCOUVER, British Columbia -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces more results of its 2012 drill program on the company's fully-owned Wellgreen platinum group metals, nickel, and copper project in southwestern Yukon Territory, Canada. Four surface holes and four underground holes all intercepted significant mineralized widths, ranging from 28.5 meters (WS12-201) and up to 459.5 metres (WS12-193). Highlights include WU12-540, which returned 8.9 metres of 5.36 grams per tonne platinum, palladium, and gold; 1.73 percent copper; and 1.01 percent nickel within 304.5 meters of 0.66 g/t platinum-palladium-gold, 0.20 percent copper, and 0.27 percent nickel. The surface drill program started in June and has completed 16 holes (assays pending for 12 holes) with two rigs now on site. The surface program continues to progress at a steady pace. Prophecy Chairman John Lee commented: "Wellgreen is a very large nickel, copper, and platinum group metals project with near-surface high-grade zones. High-grade intercepts will be incorporated into resource modeling and mine planning in the pre-feasibility study. We expect further positive drill results from Wellgreen shortly." Wellgreen features a low 2.59-to-1 strip ratio, is situated at an altitude of 1,300 meters, and is only 15 kilometers from the two-lane paved Alaska Highway. Those factors significantly minimize the project's indirect costs. For the complete company statement with full tabulation of the drilling results, please visit: http://prophecyplat.com/news_2012_sep11_prophecy_platinum_drill_results.... Think about this: Among all the issues, real and consultant-manufactured, in this US election season, the risk of inflation has not made an appearance. There has been lots of talk about the middle class, but not the classic threat to the value of the money they hold. There is a lot of talk about how "we" can't waste any more of the taxpayers' money on wars, welfare, healthcare costs, subsidies for the wealthy, and so on. Notice, though, that there's much less talk, even on the anti-Wall Street side of the national divide, of not wasting the depositors' money. The political class has begun to wake up to the effect that the enforcement of strict lending standards and capital ratios has had on growth and voter satisfaction. Financial regulators are told to be independent of political influences, but they're not, of course. The people who vote for their budgets want money pushed out into the economy, and that's what they're going to get. Even (initially) gentle rises in bond yields will begin to have a punishing effect on the banks, insurance companies, and corporate treasuries. The cash hoards are going to be spent much more quickly than monetary economists and securities analysts think. Why take less than 2 per cent for 10-year bonds when you can buy another company with a much higher return on equity? Why not profit from low nominal rates by building up some commodities inventories? The long-term bull market in the prices for industrial commodities has paused in the middle of this year, but this correction seems to be coming to an end. The banks' lending rates have been hammered to the floor and the inspectors are being told to ease off on forcing asset liquidations. The last people to understand this, it seems, were the attendees at Basel bank regulatory meetings, but even they are getting the picture: It's time to get that velocity of money circulation moving again. That means that a hyperbolic, 1979-1980 style blowoff in the gold market is becoming much more likely. From the time of the gold price low in the autumn of 1999, the demand for gold has been supported by a gradual shift from net central bank selling to net central bank buying, and from the interest of more or less professional investors. The broader public has not really been drawn into any gold mania, as it was in the late 1970s. An interesting signal of this acceleration of the long-term rise in the price of gold has been the recent outperformance of gold shares relative to the metal. Up to now gold shares have tended to disappoint, but since the spring, the price of gold shares has been going up much faster than the price of the metal. In the third quarter, for example, the dollar price of gold rose by 10.9 per cent while the broad XAU index increased by 21.7 per cent. But we don't have the sort of bubble in gold stock demand that you see in a real mania. The money flows into gold stocks have been modest, and valuations relative to the cash flows, or the net asset value of gold reserves, are still fairly low. There hasn't been any flood of dubious junior mining stocks based on pieces of moose pasture in northern Ontario or desert in Nevada. No doubt that will all come, or some early 21st-century version of those 1970s phenomena, but not yet. I've noticed that gold manias, or, if you will, crashes in the value of paper money tend to occur in three phases. Initially there's a gradual, creeping devaluation of a currency, which can take a decade or so to gather force. Then there's an initial inflating of the gold bubble, or deflating of the currency value. That's more or less what we saw between 1972 and 1974. Then a pause and pullback in gold's price momentum, followed by the seemingly unstoppable rise. That came from 1978 to early 1980. All manias come to an end, of course. The one that's ending now is the seemingly insatiable demand for developed country sovereign debt. Join GATA here: 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 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. 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| Posted: 15 Oct 2012 05:52 PM PDT Gold Price Close Today : 1736.00 Change : (22.00) or -1.25% Silver Price Close Today : 32.707 Change : (0.926) or -2.75% Gold Silver Ratio Today : 53.077 Change : 0.807 or 1.54% Silver Gold Ratio Today : 0.01884 Change : -0.000291 or -1.52% Platinum Price Close Today : 1631.30 Change : -25.80 or -1.56% Palladium Price Close Today : 632.90 Change : -5.05 or -0.79% S&P 500 : 1,440.11 Change : 11.52 or 0.81% Dow In GOLD$ : $159.86 Change : $ 3.14 or 2.00% Dow in GOLD oz : 7.733 Change : 0.152 or 2.00% Dow in SILVER oz : 410.45 Change : 14.15 or 3.57% Dow Industrial : 13,424.53 Change : 95.68 or 0.72% US Dollar Index : 79.76 Change : 0.075 or 0.09% The GOLD PRICE barely gapped down today with a high at $1,751.85 versus Friday's low at $1,752.10. After Friday's $10.80 tumble, gold plunged another $22 today, closing at $1,736. Y'all will mark carefully that is lower than the last intraday low at $1,738.30, so constitutes a breakdown. The GOLD PRICE has dropped out of that broadening top formation and should continue to sink rapidly toward $1,700 - $1,650 and the this little correction's end. The SILVER PRICE topped Friday's 41.3 cent loss by dropping another 92.6 cents today and busting through 3300c. Closed at 3270.7c. That pulled silver through the bottom of support in the broadening top pattern. It will fall to 3200c or even 3050c, probably in a scary waterfall. Don't worry. Y'all knew this was coming. It's your chance to buy more silver and gold at reduced prices. Keep your eyes peeled, that's coming soon. From Friday's 52.270 the GOLD/SILVER RATIO jumped to 53.077. Expect a rise to at least 54:1. Y'all, we had one more great time at the Transformations Gathering this weekend. We had folks from so many different backgrounds and standpoints I was afraid there might be cuttings and shootings galore, but every one of them graciously laid all that aside in favour of a conversation about how we ought to live and build in a world gone crazy. If we learned nothing else, we know we are not alone. Don't let anybody kid you: there are still loads of honest folks full of integrity and honesty and competence. Go home, kiss your wife or husband, hug your children, and take heart: there are a lot of other people besides you who are determined to build a better life on the bones of a dying economy, and build it themselves. Currencies today stand at US$1 = Y78.70 = E 0.7724. US dollar index make a spike bottom Friday at 79.50 and has completed an upside-down head and shoulders with a neckline about 79.95. Close above 80 sends the dollar index scooting higher. Gained today 7.5 basis points over Friday to close at 79.764. Expect dollar to rally as long as it holds 79.50. Euro lost 0.05% to $1.2946. Has now posted a series of three lower tops. It's like those Tarzan movies when the Englishman leading the safari hears the drums beating in the jungle and all the porters throw away their bundles and run away. "Bad juju, Bwana!" Yen gapped down today and lost 0.35% to 127.07. No good news expected for yen-owners. STOCKS diverged cleanly from metals today, gaining while metals fell. Dow rose 95.68 (0.72%) to 13,424.53. Dow has bounced off its 50 day moving average (13,325.35) and is climbing toward the 20 DMA (13,491.56). S&P500 has turned, too, up 11.52 today (0.81%) to 1,440.11. Y'all mark my words, this will end in mighty sorrows for stock investors. 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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| Grandich Interview on Gold and U.S. Stock Market Posted: 15 Oct 2012 04:04 PM PDT The following is automatically syndicated from Grandich's blog. You can view the original post here. Stay up to date on his model portfolio! October 15, 2012 01:44 PM Listen [url]http://www.grandich.com/[/url] grandich.com...
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| Posted: 15 Oct 2012 03:15 PM PDT Since I began publishing my work last year, I have referenced various versions of the following chart - as rationale to why I follow silver and the silver:gold ratio so acutely. Read More...
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| Reuters overestimates ‘aboveground' gold stock – report Posted: 15 Oct 2012 03:01 PM PDT 15-Oct (Investment Europe) — A key estimate of global "aboveground" gold overestimates the stock by 16,032 tonnes, equating to $900bn worth of the precious metal at current prices, according to a report from an industry not-for-profit foundation. …James Turk, founder and chairman of GoldMoney, charges that as well as overestimating total gold production pre-1492, there is overreliance by the World Gold Council on uncorroborated data provided by Thomson Reuters GFMS, the precious metals consultancy. He also says insufficient attention has been paid to the views of other expert parties (including United States' Federal Reserve analysts Velde and Webber) who have indicted lower levels of total aboveground gold. According to the World Gold Council, which supports data provided by Thomson Reuters GFMS, as of December 2011 there were 171,300 tonnes of gold stock aboveground. Turk's investigation and analysis of other third party data concludes that the true total is just 155,268 tonnes. [source] PG View: If the total world gold stock is overestimated by more than 10%, just add another layer of concern to the article I wrote on supply issues last week.
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| Posted: 15 Oct 2012 02:55 PM PDT By Jeff Clark, Senior Precious Metals Analyst While many of us at Casey Research don't like making price predictions, and certainly ones accompanied by a specific date, it's hard to ignore the correlation between the US monetary base and the gold price. That correlation says we'll see $2,300 gold by January 2014. There are plenty [...]
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| Eveillard pins gold's weakness on short-term futures traders with leverage Posted: 15 Oct 2012 02:43 PM PDT 4:40p ET Monday, October 15, 2012 Dear Friend of GATA and Gold: Interviewed today by King World News, gold fund manager Jean-Marie Eveillard attributes gold's recent weakness to short-term players with leverage in the futures market. As long as accelerating money creation is government policy, Eveillard says, he expects gold to keep rising. An excerpt from the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/15_H... 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: 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 Opinion Around the World Is Changing When Deutschebank calls gold "good money" and paper "bad money". ... http://www.gata.org/node/11765 When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ... http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan... When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ... http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan... When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ... http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold... When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ... World opinion is changing in favor of gold. How can you learn why and what it will mean to you? Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard." Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him." To buy a copy of "The True Gold Standard," please visit: http://www.thegoldstandardnow.com/publications/the-true-gold-standard
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| World gold holdings are overestimated by 10%, GoldMoney study concludes Posted: 15 Oct 2012 02:33 PM PDT 4:20p ET Monday, October 15, 2012 Dear Friend of GATA and Gold: GoldMoney Research Director Alasdair Macleod reports today: "An exhaustive study of global physical gold stocks, authored by GoldMoney founder James Turk with the assistance of Juan Casteneda of the University of Buckingham is published this morning, and is available in PDF form here: http://www.goldmoney.com/goldmoney-foundation/essays/the-aboveground-gol... "The study concludes that the commonly accepted figure of 171,300 tonnes (as of the end of 2011) overstates gold stocks by 16,056 tonnes. "In my opinion the principal implications are as follows: "-- The level of global physical gold stocks is important in the context of remonetization of gold, which is likely to become increasingly discussed in time, given the accelerating pace of monetary creation by central banks. "-- There is an as-yet unappreciated transfer of wealth in the form of bullion from the West to the East. This transfer has been going on for decades, starting: a)with the Middle East OPEC members in the 1970s onwards; b) to the Indian subcontinent through the 1980s and 1990s and to the present day; and c) to the Chinese population in the last decade (and less obviously the citizens of other populous southeast Asian states). Therefore the West has already ceded control of the world's gold, leaving a significantly smaller balance in the West than commonly believed. "-- The study finds that gold stocks are overestimated by 10.3 percent. Given that the bulk of the world's gold bullion is no longer in the possession of the advanced Western economies, the shortage of bullion backing Western physical and futures markets is considerably more acute than commonly realized. "I hope this excellent paper sparks a debate about the consequences for the West of having driven gold out of circulation as a monetary asset at a time when paper currencies are firmly on the path to their own destruction." CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Opinion Around the World Is Changing When Deutschebank calls gold "good money" and paper "bad money". ... http://www.gata.org/node/11765 When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ... http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan... When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ... http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan... When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ... http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold... When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ... World opinion is changing in favor of gold. How can you learn why and what it will mean to you? Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard." Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him." To buy a copy of "The True Gold Standard," please visit: http://www.thegoldstandardnow.com/publications/the-true-gold-standard Join GATA here: 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 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/.
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| Posted: 15 Oct 2012 02:32 PM PDT This week's interview with gold dealer Tom Cloud of National Numismatic Associates comes as precious metals are correcting and rumors are swirling around Comex silver. Read More...
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| Gold Daily and Silver Weekly Charts - A Rather Deliberate Bear Raid Posted: 15 Oct 2012 02:11 PM PDT |
| When Greg McCoach Picks Mining Stocks, It's Location, Location, Location Posted: 15 Oct 2012 01:57 PM PDT The looming financial meltdown will affect the global economy and the U.S. will not escape, says Greg McCoach in this exclusive interview with The Gold Report. Whatever happens, the precious metals are bound to fly, as investors scramble for tangible cover. Mining stocks will be major beneficiaries of the soaring metals prices, but where mines are situated will be an important factor as governments try to get a bigger piece of the action.
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| Posted: 15 Oct 2012 12:36 PM PDT Dear CIGAs, This is not causative or supportive of gold's decline, further supporting the thesis that this is pre-election manipulation off the multiple $1775-$1800 level over 18 days recently. 1.29422 +0.00392 (+0.30%) 2012-10-15 12:23:53, 0 MIN DELAY
Jim Sinclair's Commentary Here is the skinny on the sage review of statistics that John Continue reading In The News Today
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| Switzerland: The World’s Gold Hub Posted: 15 Oct 2012 11:54 AM PDT "Well, I wasn't happy to see the sell off in both gold and silver on Friday...especially against the backdrop of a declining dollar index." ...
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| Posted: 15 Oct 2012 11:51 AM PDT London Gold Market Report from Ben Traynor BullionVault Monday 15 October 2012, 07:15 EDT WHOLESALE MARKET gold bullion prices hovered in a narrow range below $1750 an ounce in Monday morning's London session, after recovering some ground lost during Asian trading. "We traded through lots of stop [losses] this morning," said one trader in Singapore, after gold began the week by dropping more than ten Dollars to $1742 per ounce, its lowest level in nearly three weeks. Like gold, silver bullion also fell during Monday's Asian session, touching a five-week low before climbing to $33.33 per ounce by lunchtime in London. "The failure to break above the March high at $37.47 is disappointing," says Scotia Mocatta's latest technical analysis report. "[But] the long term uptrend remains in place with support at $27.75." Stock markets and the Euro also rallied following a speech by US Federal Reserve chairman Ben Bernanke defending US quantitative easing and a promise from German...
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| You Should Know The Drill By Now Posted: 15 Oct 2012 11:31 AM PDT The following is automatically syndicated from Grandich's blog. You can view the original post here. Stay up to date on his model portfolio! October 15, 2012 07:58 AM Gold $1,733 Despite a decade-long up gold market, most investors and professionals still don’t (and/or refuse to) grasp two things: 1-Gold has been in the “mother” of all bull markets 2- Raids and washouts have been a part of the process and shall not change as the “mother” continues its quest for a all-time inflation adjusted high. I’ve invoked this video*many times in the past* to remind you that the very small minority of us who have stayed steadfast bullish for the long-term should never forget we’re in a battle with forces that may out-man and out-media us, but the victory shall be ours. We’re nearing the mountain top and yes, some will get picked off before reaching the top. My advice is best expressed at the end of this clip.* [url]http://www.grandich.com...
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| Misconduct Prevention Workshop Posted: 15 Oct 2012 11:26 AM PDT October 15, 2012
On Sept. 14, 2012, Mr. Brown was working on his own computer… in his home… in Beach Park, Ill. Suddenly, a gang of thugs smashed in his front door, pointed guns at him and several family members — including his 77-year-old mother-in-law — handcuffed them and ransacked his house. Wayward drug lords? Nah. The local SWAT team. Yes, they were looking for drugs. But they didn't find any. Nor did they make any arrests.
"The authorities had burst in immediately after a postal worker delivered a package to the home that they said contained marijuana," the Chicago Tribune reports. Brown's son-in-law accepted the package. It was addressed to someone named "Oscar." No one by that name lives there. The cops aren't saying much. They believe they had the right house and the target of their investigation wasn't home at the time. They are not going to repair the door… or help with the $3,000 in damages. It was "just another day in the war on drugs," excuses the Trib, unwittingly kicking off a disturbing episode of the 5 in which we try to highlight and detail what we've been affectionately referring to as the War on You. Like the troubling collapse of municipal services, the increased militarization of domestic life in the U.S. is a visceral symptom of the collapse of a wayward empire. It's not a topic we take up lightly.
"The raid," Wikipedia recalls, "was the culmination of an investigation that began in Arizona, where a package containing 32 pounds of marijuana was intercepted in a FedEx warehouse, addressed to the mayor's residence. "In spite of intercepting the package in transit, the police allowed the package to be delivered, and once the package arrived at the house, a SWAT team raided and held the mayor and his mother-in-law at gunpoint, and shot and killed his two Labrador retrievers, one while it attempted to run away." It turns out drug runners frequently address packages to innocent homeowners, figuring FedEx will leave the package on the doorstep when no one's home… and the traffickers can retrieve it before anyone who lives there shows up. That turned out to be the case in the Calvo incident. As a result, the Prince George's County Sheriff's Office fired several officers, implemented new procedures and conducted workshops with other police agencies from around the country to prevent innocent people from ever being terrorized again – like Mr. Brown in Illinois. Just kidding: An internal investigation found the raid was justified. No one was punished. Prince George's County Sheriff Michael Jackson, running for reelection in 2010, said, "We've apologized for the incident, but we will never apologize for taking drugs off our streets… Quite frankly, we'd do it again. Tonight."
The cops found no meth lab and made no arrests… but they did set off a "flash-bang" grenade that aims to disorient the people inside before the officers storm the house. The grenade was tossed through the window of a bedroom where Jackie Fasching's 12-year-old daughter was asleep. The girl suffered first- and second-degree burns in the attack. "A simple knock on the door and I would've let them in," says Jackie. As in the suburban Chicago case, the Billings Police aren't backing down. "If we're wrong or made a mistake," Chief Rich St. John says, "then we're going to take care of it," he said. "But if [the department's claims process] determines we're not, then we'll go with that."
"I saw them crashing through the door," recalled Paul Fracasso. "There were guns and flashlights going everywhere [and police] telling them: 'Get down. Get down. Get down.'" Fracasso was lucky: He's the next-door neighbor. Once police burst inside, the only person they saw was a 76-year-old woman. Her son says she was asked if she had a gun or drugs. "She was petrified," Raymond Zaelit told the Salt Lake Tribune. "She didn't know what to think. This was traumatizing for her." At least in this case the police apologized. By the way, USA Today has followed up on the research we cited last week on the number of SWAT raids that take place nationwide. From a mere 3,000 per year in the early 1980s, the number has exploded to as many as 80,000. That's an average of 228 per day. Seriously. Here in Maryland, a study commissioned by the governor found that a full one-third of those raids don't even result in an arrest.
All these stories are of a piece. And rather disturbing.
The War on Poverty… the War on Drugs… the War on Terror… what's next? It is, as we say in a new report, "a deliberate, vicious and calculated assault." As unsettling and distasteful as it is, we've poured several months of research into this "War on You" project… our solution set comes in six parts. The "Liberty Library" covers everything from safeguarding your wealth… to home improvement tips that are legal, but politically incorrect…ways you can bypass the Byzantine medical system… and ways to secure an Ivy League education for your kids or grandkids without sentencing them to a life of debt and servitude. Check it out for yourself. We'll be back with more…
No matter: "The State Department," reports travel blogger Edward Hasbrouck, "is trying again to get approval for a pair of impossible-to-complete new passport application forms that would, in effect, allow the State Department to deny you a passport simply by choosing to send you either or both of the new 'long forms.'" The latest revisions to the forms are a slight improvement: No longer would you have to track down the phone number of the guy who hired you to flip burgers when you were 16 at a restaurant that went out of business in 1988. But you might have to track down, as Hasbrouck notes, "the dates and locations of all of your mother's pre- and post-natal medical appointments, how long she was hospitalized for your birth and a complete list of everyone who was in the room when you were born."
Worst of all, the State Department's proposal does not specify who would get this "supplemental" form to fill out in addition to the regular one. Hasbrouck: "It would still be up to the standardless, secret, administrative 'discretion' of any passport examiner who doesn't like your looks to spike your right to foreign travel by choosing to give you one or both of the 'long form' passport applications."
As earnings season ramps up, traders are also chewing on two economic numbers…
Precious metals continue to tumble this morning. At last check gold is down to $1,735 and silver has broken below $33. Can't blame it on a weakening greenback; the dollar index is steady at 79.8.
Funny how that works… As we pointed out eleven days ago, the national debt grew $1.369 trillion. A slight discrepancy of $280 billion. If we did our accounting the way the Treasury does, we'd have gone out of business years ago…
"I just think employment is really important right now," she explained in her bestest eloquence to E! News. The last time LiLo weighed in on public policy, she made a fair amount of sense. Imagine our disappointment when it turned out she'd been paid to decry the Federal Reserve's money printing on Twitter. Moving on…
"I don't know anyone who works in its stores, but I do know several executives in Bentonville. And I do own its stock. I don't much care if its workforce is union or not; that's a corporate matter for Wal-Mart and its employees. "What I do object to is having to pick up the tab, through higher taxes, fees and health insurance costs, for the Wal-Mart workforce. It has long been the company's policy to inform its low-paid employees of all the benefits available from local, state and federal government and to instruct them on how to file for them, including food stamps. Something seems out of whack when you, I and the rest of the country have to subsidize Wal-Mart's low-ish prices while the heirs of Sam stuff ever more money into their saddlebags."
"As a Californian who's tired of the centuries-long subsidization of the old Confederacy by the 'liberal' parts of our country while being excoriated for our 'leftist and nutty ways,' I have a bumper sticker slogan that says, 'Is It Too Late to Let the South Secede?' "As I'm sure you know, the only state in that group that 'contributes' more to the national pot o' gold is Texas. All the rest have been on a steady diet of welfare since their Colonial days, all the while spouting off about 'rugged individualism' and 'free markets.' Johnny Reb economics at its best and most ignorant." The 5: Ooh, them's fightin' words. But the man has a point. We make it ourselves in a less partisan fashion in our special report American Oases — in which we pinpoint the five states best positioned to ride out the coming economic storms. We make it available to every new reader of Apogee Advisory.
"Chavez has used much of the revenue from oil to assist the poor who have either lost their homes in recent floods or are in most need. "He is also opening many factories, which gives jobs, and has the help from China, Russia and, yes, Iran. "But quite obviously, this informant wants all for himself and his cronies, as it was in the past, leaving the masses hungry. "He should take a leaf out of the pages that say: Love overcomes hate." The 5: Right, because wealth is a zero-sum game in which either oligarchs control it all… or it is redistributed so everyone gets a "fair share." Good to know that either-or political thinking isn't just a U.S. phenomenon…
No more pizza on the piazza: Seems that city fathers in Rome have imposed fines of up to 500 euros for anyone caught eating near the city's ancient monuments. "That includes Piazza Navona, with its exquisite marble fountains," reports The Christian Science Monitor, "and the Pantheon, a vast Roman temple converted into a church. Other areas subject to the crackdown include Via dei Fori Imperiali, the broad avenue which links Piazza Venezia, Rome's main square, with the Colosseum, the ancient arena where gladiators and slaves once fought." Sounds like just the ticket: Drive away the tourists at a time when the locals are too cash-strapped to visit the bars, restaurants and cafes. Furbo! "I'm 19 and I've been a regular reader for more than a year now," adds the reader who tipped us off. "The 5 is one of my most anticipated emails; I'm always looking forward to it, and now that it comes earlier, I don't have to look forward as much!" The 5: Um, well that's one way to look at it… Cheers, Addison Wiggin P.S. We're less than one week away from an invitation-only briefing in which Byron King brings together five of the sharpest minds in the field of "technology metals" — a field with $53 billion in potential during the next three years. "We could be looking at a simultaneous eruption of new-age technologies that will alter our nation — and our lives — on a scale that hasn't been seen in 100 years," says Byron. But the train's leaving the station soon, investmentwise. Here's how to make sure you don't miss out.
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Earlier this year, Charlie Munger, who is billionaire Warren Buffet's right hand at Berkshire Hathaway and a sort of self-proclaimed mad oracle of Wall Street, made some interesting comments. He bashed people who buy gold, delivering an all-time 
It turns out that the poster child for the European debt crisis is not actually poor at all. In fact, the truth is that the nation of Greece is sitting on absolutely massive untapped reserves of gold, oil and natural gas. If the Greeks were to fully exploit the natural resources that are literally right under their feet, they would no longer have any debt problems. Fortunately, this recent economic crisis has spurred them to action and it is now being projected that Greece will be the number one gold producer in Europe by 2016. In addition, Greece is now opening up exploration of their massive oil and natural gas deposits. Reportedly, Greece is sitting on hundreds of millions of barrels of oil and gigantic natural gas deposits that are worth trillions of dollars. It is truly sad that Greece should be one of the wealthiest nations in all of Europe but instead the country is going through the worst economic depression that it has experienced in modern history. It is kind of like a homeless man that sleeps on the streets every night without realizing that a relative has left him an inheritance worth millions of dollars. Greece is not poor at all, and hopefully the people of Greece can learn the truth about all of this wealth and chart a course out of this current mess. 
Today legendary value investor Jean-Marie Eveillard spoke with King World about the pull back we are seeing in the gold market right now. Eveillard, who oversees $60 billion, also covered comments that came out of the Fed today and how they are supportive for the gold market.
"I was scared to death," says Paul Brown. "I felt like a hostage."
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