Gold World News Flash |
- GoldSeek.com Radio Gold Nugget: Peter Grandich & Chris Waltzek
- If the law won't stop market rigging, what can we do?
- The Fabulous Mogambo Rational Dullard Portfolio (TFMRDP)
- Asian Metals Market Update
- Pullback to US$1,700 Would See Significant Support
- Fort Knox, an Impregnable Monument to Security Theater
- SURVEY: What would the non-manipulated price of PHYSICAL SILVER be?
- Gold Seeker Closing Report: Gold and Silver Gain While Dollar Drops
- Overwhelming UPWARD charts of silver in off-hours trades
- Spanish bonds plummet in yield as bailout is imminent./Troika walk away from Greece/Gold and silver hold/silver OI remains at elevated levels raising a possibility of a commercial failure!
- Breakout!
- Guest Post: Martial Arts For Survivalists
- FBI cracks another of its own terrorist plots, this one to bomb the NY Fed
- Och-Ziff Calls Top Of "REO-To-Rental", And Distressed Housing Demand, With Exit Of Landlord Business
- Fear of Impending Economic Collapse Or Just Corporate Manipulation?
- Fear of Impending Economic Collapse Or Just Manipulation?
- The Gold Price Rose Again Can it Foretell Higher Prices by Closing Above $1,760 or Will the Correction Continue?
- If the law won't stop market rigging, what can we do?
- What South Africa Turmoil Means for Investing in Gold
- Intermarket Flows on FX, Gold, Oil and Equities
- Gold Daily and Silver Weekly Charts - Capped and Dampened
- Wartime Portfolio Strategy: Gold is the Answer; No Need to Ask Questions
- Metals markets are a bluff and silver isn't there, London trader tells King
- 26 things to get done before the global debt collapse
- Look Out Below
- Obama: “We Are in the Midst of a Huge Recovery”
- London Trader - The LBMA Is A Massive Ponzi Scheme
- Gold Faces 'Fierce' $1810 Resistance Level
- Gold and Silver Price Breakout!
- Jim Willie: Extreme Symptoms & Hidden Menace As Gold Targets $1900
| GoldSeek.com Radio Gold Nugget: Peter Grandich & Chris Waltzek Posted: 18 Oct 2012 09:00 AM PDT GoldSeek.com Radio Gold Nugget: Peter Grandich & Chris Waltzek
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| If the law won't stop market rigging, what can we do? Posted: 18 Oct 2012 08:09 AM PDT The Gold Reserve Act describes its objective as "an orderly system of exchange rates." Any administration almost certainly would construe that objective as an exemption from anti-trust law and I doubt that any court would have the nerve to disagree.
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| The Fabulous Mogambo Rational Dullard Portfolio (TFMRDP) Posted: 18 Oct 2012 08:04 AM PDT If I was a betting man, a hard-core gambling man, I mean a real long-shot kind of man greedily looking to make a ton of money in a hurry, using minimal investment, without doing any work, I would start accumulating out-of-the-money SP500 put options and/or short futures, starting right around in here someplace.
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| Posted: 18 Oct 2012 12:06 AM PDT Incoming data so far in October has beaten all street expectations. US housing starts are at a four year high. If the US economy is strong then fundamentally safe haven demand should reduce and gold and silver should fall. However higher gold investment demand at lower prices and central bank accumulation of gold is preventing prices from a fall.
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| Pullback to US$1,700 Would See Significant Support Posted: 17 Oct 2012 11:42 PM PDT Bullion Vault
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| Fort Knox, an Impregnable Monument to Security Theater Posted: 17 Oct 2012 10:30 PM PDT by Tony C. Dreibus and Elizabeth Campbell, Bloomberg:
During the panic of 1792, the Bank of North America tried to stave off a run by having employees "carry its specie busily to and from the cellar in order to give a magnified notion of what it had," historian Bray Hammond wrote. Bank managers "ostentatiously brought in deposits of gold and silver that had The show of specie reassured jittery customers, saving the bank from failure. As a young clerk in Iowa during the panic of 1907, Hammond recalled employing exactly the same dodge: heaping impressively large sacks of low-value coin in plain view and ostentatiously counting it to give the impression of overflowing vaults. President Franklin D. Roosevelt used a similar trick when he authorized the construction of the U.S. Bullion Depository at Fort Knox, Kentucky.
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| SURVEY: What would the non-manipulated price of PHYSICAL SILVER be? Posted: 17 Oct 2012 10:00 PM PDT from Alexiscom1:
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| Gold Seeker Closing Report: Gold and Silver Gain While Dollar Drops Posted: 17 Oct 2012 10:00 PM PDT Gold climbed up to $1753.30 in Asia before it fell back to $1742.79 by a little before 10AM EST, but it then rallied back higher in the next couple of hours of trade and ended with a gain of 0.6%. Silver rose to $33.14 before it fell back to $32.847, but it then rose to a new session high of $33.255 and ended with a gain of 0.61%.
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| Overwhelming UPWARD charts of silver in off-hours trades Posted: 17 Oct 2012 09:02 PM PDT [Ed. Note: davincij15 sent us this video tonight which immediately caused us to recall Adrian Douglas' must-read 2010 research paper titled, 'Gold Market is not "Fixed", it's Rigged' which quantifies exactly what endlessmountain is trying to share in this video. And what's true of gold is true of silver.] from endlessmountain
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| Posted: 17 Oct 2012 08:28 PM PDT by Harvey Organ, HarveyOrgan.Blogspot.ca:
Good evening Ladies and Gentlemen: Gold closed up today at comex closing time by $4.00 at $1752.00. Silver also responded rising by 4 cents to finish at $33.50. It looks like the bankers have dug a line in the sand at $1750 gold and 33.25. The OI for silver continues to remain at elevated levels causing much concern to our bankers. We are also seeing massive amounts of silver inventory leave the comex. This is a sure sign of trouble. The latest OCC reports show that HSBC handed the ball off to Citibank who assumed much of their short silver position. Probably this was the real reason for Victor Pandit's resignation over at Citibank. Spanish bonds yields continue to fall due to an imminent bailout. However the troika walked away from Greece. We will go over these stories and others but.first,,,,, Let us now head over to the comex and assess trading today. The total comex gold OI fell by 524 contracts to settle today at 462,826. The Tuesday session close came in at 463,350. In gold we are witnessing some loss in OI due to the raid. You will see below that silver is totally opposite to gold. Read More @ HarveyOrgan.Blogspot.ca
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| Posted: 17 Oct 2012 08:10 PM PDT by Peter Degraaf, Gold Seek:
Are Gold and Silver preparing for another upside breakout? The battle is between the bullion banks with large short positions; and investors and hedge funds, (along with Asian central banks), that are protecting all or part of their net worth by owning some gold. It has been eleven weeks since my last article. In that article titled: "Gold and Silver Update" I indicated that the summer doldrums appeared to be over. Gold was trading at $1620 and silver at $28.03. I wrote that article with the observation that both metals were ready to rise, and I write today's article with a similar observation. The fundamentals have seldom been more favourable for the bull market in precious metals than they are today. · The floodgates of monetary inflation are wide open. · Central banks are buying – no longer selling.
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| Guest Post: Martial Arts For Survivalists Posted: 17 Oct 2012 06:58 PM PDT Submitted by Brandon Smith of Alt-Market blog, Physical strength, endurance, flexibility, adaptability, and mental discipline are all attributes of a true survivor. Unfortunately, they are also attributes that are often neglected by the average survivalist. The popular assumption is that if you have sizable food storage and can shoot straight, you are ready to rock-and-roll. Reality has some harsh lessons for those with this mindset. The first and most important weapon in any prepper's arsenal is his own body; strong, healthy, and well taken care of. If a person's body is left to decay, no amount of gear is going to save them in the middle of a crisis situation… Hand-to-hand combat training is sometimes treated with cynicism amongst preppers who have spent all their lives enraptured in the world of firearms. The common retort is "Why use my hands when I have my Glock…?" Indeed. Why should we? Perhaps because one day we may not have a weapon in our possession during a dangerous circumstance. Should a survivalist simply give up because he loses his gun or he runs out of ammunition? I think not. The concept of survival in the midst of collapse and calamity is not necessarily dependent on having all the right tools at all the right times. Sometimes, you have to improvise, and the only tools you can always count on are your hands, and your (hopefully well oiled and attuned) brain. Martial Arts training hones and refines these assets to perfection, and also teaches the mind to deal with the stresses and fears associated with combat. In fact, 95% of success in martial arts revolves around learning to accept the idea of someone trying to kill you, so that you can move past the terror of the scenario and deal with it calmly and logically. Adrenaline, tunnel vision, and unchecked emotion are the true enemies in any fight. We defeat ourselves long before our assailants ever touch us. Another concept within martial arts that I find fascinating is the philosophy of Bushido, which is often mistaken as a brand of Eastern religion. Instead, it is a kind of warrior's code; a way of dealing with adversity in one's life. Struggling with obstacles whether self created, or created by others, requires balance and the ability to take control of the problem and apply one's own terms instead of the terms other people try to set for you. It is about leading the battle, instead of being led, while staying true to your conscience. In the end, we should feel no need to prove anything to anyone but ourselves. Traditional martial arts still contain elements of Bushido within their methodology, and I believe such practitioners are some of the few people left in the world who operate on a legitimate warrior's code; something we desperately need in our culture today. I have studied multiple forms of martial arts for over 26 years, and have found many methods that would work well for the worst survival situations, and plenty that would be utterly useless. When I started my training classes for Liberty Movement individuals and families in Northwest Montana, my idea was to combine all the strategies that I felt were intuitive, easy to learn, and quick to utilize. My goal was to help students to become physically capable of self defense within a very short period of time, without running slapdash over important factors like mental strength and intelligent application. I feel that the program has done very well so far. The following is a list of styles that I use in my curriculum... Shotokan Karate: Shotokan is a Japanese martial art using movements derived from defense methods common in Okinawa and streamlined for easier application. At first glance, Shotokan seems stiff and impractical, but this is not the case. Shotokan training is extremely intense, and the sparring matches can be brutal. Deep stances and sharp strikes train the body to hold ground even against a larger opponent. Shotokan practitioners can take physical damage unlike any other style I have seen beyond perhaps Thai Kickboxing. As the student advances, the stiffness disappears, and their strikes become coldly logical and precise, almost like a killer robot…….no….seriously. Shotokan is a perfect foundation art for beginners in self defense. If they can handle this style, they can handle anything… Thai Kickboxing: Thai is world famous for its fast devastating steamroller type strikes and the ability of its practitioners to take a hit and keep on going. For a crisis situation, it is imperative that the survivalist be capable of absorbing and moving past the pain of a fight. In the street, it may be a matter of life and death, or it may be a drunken adolescent brawl. In a SHTF scenario, it will ALWAYS be a matter of life and death. There is no such thing as a hand to hand fighter who can avoid every attack and come out unscathed. Plan on getting hit. With the heavy arm to leg blocks of Thai Kickboxing that act as a kind of self made brick wall, along with devastating leg sweeps and knee breaks, this artform is perfect for the dangerous possibilities of collapse. Western Boxing: It's not an Eastern martial art, but Western boxing teaches incredible punching power. Eastern martial arts focus on speed in order to inflict damage, but the bottom line is that Western boxers hit harder because they assert more body weight behind their punches; I have seen it, I have felt it, and I have dealt it. Of course, it is more important to learn speed and timing before learning to hit hard. The most powerful punches in the world are useless if all they do is sweep the air. Western boxing is an incomplete fighting system, but a fantastic addition to the survival martial artist's repertoire. Jiu Jitsu: Jiu Jitsu is a grappling martial art from Japan, though you wouldn't know it by the way the Brazilians have commercialized and franchised it. Jiu Jitsu is indeed the flavor of the decade for self defense, and though I feel it has been way overhyped, it is an incredibly effective style for ground situations. That said, let's be clear; Jiu Jitsu is actually a very limited fighting style, especially when you're not in a cage and you are confronted with more than one attacker. Survivalists should learn grappling techniques so that they know how to defend against takedowns and return to their feet. In a real combat situation, you NEVER try to go to the ground on purpose. Multiple opponents will decimate you within seconds while you are trying to put a choke hold on the guy in front of you. Add a knife into the picture, and purposely jumping into close quarters with the intent to "grapple" will be a death sentence. Successful fighters will always combine Jiu Jitsu with other artforms in order to round out their abilities. Hapkido: Hapkido in my view is the perfect antithesis to Jiu Jitsu and any other grappling art for that matter. It should be at the top of every survivalist's list of fighting methods. Hapkido focuses on joint locks, joint breaks, using centrifugal force, pressure points, eye gouges, throat attacks, etc. Generally, it is very difficult for someone to grapple with you if you break their fingers, wrists, hyperextend their knee caps, or crush their wind pipe. One twisted wrist could put a dedicated grappler or wrestler completely out of commission, which is why you never see these methods used in the UFC. The fights would be over quickly, and the sport's flavor would be lost. Knowing how to counter grappling using grappling is fine, but knowing how to utterly disable a grappler is better. As a survivalist, it is important to learn both. Eskrima / Kali: Filipino in origin, Eskrima and Kali revolve around stick and knife training, and some of the deadliest blade wielding martial artists on Earth are known to originate from these styles. The point of practicing the Filipino arts is not only to learn to attack with edged weapons, but also to defend against them. Knowing how armed assailants, trained and untrained, will move to harm you gives you a distinct edge. Understanding the motion of a knife strike allows the defender to create or close distance effectively, while timing arm and wrist locks to reduce cuts and control the knife hand before serious damage to your body is done. Taekwondo: A Korean style, Taekwondo has received a bad rap over the past few years as an "ineffective" martial art, but usually this criticism comes from people who have never actually practiced it. Like Jiu Jitsu, it is a style limited to a very particular range of attacks and scenarios. Taekwondo focuses on kicks to the extreme. Sport Taekwondo is not a practical measure of the style's use, and this is where its tainted reputation comes from. The truth is, Taekwondo has the fastest and in many cases the most devastating kicks in the world. The use of kicks depends on the mastery of the fighter. If he is fast, and precise, then his strikes will make his opponents feel like they've just been hit by an oversized utility van. If he is slow, and unfocused, he will be tackled to the ground like a rag doll and pummeled in an embarrassing manner. That said, one well placed kick can crush ribs, crack skulls, and knock an opponent into dreamland before he ever knew what hit him. Jeet Kune Do: Created by the venerable Bruce Lee, Jeet Kune Do's philosophy is to adopt what works, and set the rest aside. It is essentially a combination of the short range tactics of Wing Chun combined with the long range tactics of Japanese and Korean styles. Jeet Kune Do's goal is to be a truly complete martial art, and so far, it has proven itself in this regard. If you can only practice one style of self defense, this should be it. Some people attribute the adaptation methodology in self defense to MMA, but really, it was Bruce Lee that pioneered the idea of studying multiple styles and modernizing martial arts. Because of his efforts, the offensive and defensive capabilities of Jeet Kune Do are astounding, and perfect for the survivalist delving into the world of hand-to-hand. Ninjitsu: When I was a kid back in the 80's, the ninja was the greatest thing since sliced bread. I think the allure of it was its simple mythology; if you could learn martial arts, and get your hands on a black mask, you could be a superhero. No need for radioactive spiders or genetic mutation. You were a man - in a mask - with badass fists of fury, and that's it. Of course, the portrayal of ninjitsu has become so cartoonish that people today scarcely believe it is an actual martial art. In fact, it is, and a very deadly one. The brilliance of ninjitsu really dwells in its "think outside the box" mentality. There is a sort of cleverness and unpredictability to it that makes it so dangerous. Ninja's in feudal Japan were assassins, but they were also the guerilla fighters of their age. The combat methods of ninjitsu revolve around surprise, and misdirection, which are factors that always work in the survivalist's favor. There is no way around it. The Martial Arts make a survivalist better at his job, which is to thrive in the very worst possible conditions. It's not just about fighting; it is also about developing a fighting spirit. Beyond the utility of self defense, as survivalists we must strengthen our inner world as much as our outer shells. It takes time, and patience, and a willingness to struggle. Any person who masters a martial art has not only shown a dedication to his own physical prowess, but he has also proven he has a mental toughness that will carry him through any catastrophe. That kind of toughness is a rare commodity in America today, and when found, should be greatly valued and encouraged, especially by the Liberty Movement.
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| FBI cracks another of its own terrorist plots, this one to bomb the NY Fed Posted: 17 Oct 2012 06:00 PM PDT FBI Arrests Man for Attempting to Bomb New York Federal Reserve By Basil Katz and Jessica Dye http://www.reuters.com/article/2012/10/17/us-usa-crime-bombplot-idUSBRE8... NEW YORK -- The FBI on Wednesday arrested a Bangladeshi man in a sting operation on charges he attempted to blow up the New York Federal Reserve Bank with what he believed was a 1,000-pound bomb, federal authorities said. The man, Quazi Mohammad Rezwanul Ahsan Nafis, 21, faces charges of attempting to use a weapon of mass destruction and attempting to provide material support to al Qaeda, the U.S. Department of Justice said in a statement. If convicted, he faces life in prison. The FBI said the public was not in danger because the explosives provided to Nafis were never in working condition and the suspect was closely monitored by the undercover agent -- highlighting a script law enforcement has employed several times this year in similar cases, including one in Washington and another in Ohio. "Attempting to destroy a landmark building and kill or maim untold numbers of innocent bystanders is about as serious as the imagination can conjure," said Mary Galligan, FBI acting assistant director-in-charge. "The defendant faces appropriately severe consequences." ... Dispatch continues below ... 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/. In an initial appearance in federal court in Brooklyn on Wednesday, Nafis wore a plain brown crew-neck T-shirt, dark-colored jeans, and sneakers. He barely spoke during the brief hearing, mumbling answers of "yes" to questions from U.S. Magistrate Judge Roanne Mann. According to the criminal complaint, Nafis traveled to the United States in January 2012. Once in New York, he claimed to be in contact with al Qaeda members overseas, although federal agents found no evidence that he was working for al Qaeda or that he was directed by the organization, according to a U.S. official who declined to be named. Nafis considered several targets for his attack, including the New York Stock Exchange and a high-ranking government official, who the source identified as President Barack Obama. In the end, Nafis decided to focus on the Federal Reserve Bank in lower Manhattan, according to the criminal complaint. To create a cell to help him carry out the bombing, Nafis began to seek out recruits, eventually bringing on board an undercover agent working for the FBI. The two met on Wednesday morning and traveled by van to a New York warehouse, where Nafis assembled what he thought was a 1,000-pound bomb, before driving to the Federal Reserve bank, among the most secure and guarded buildings in Manhattan. A couple of blocks from Wall Street, the bank stands like a limestone and sandstone fortress, sitting atop what is believed to be one of the world's largest stockpiles of gold. After parking near the bank, Nafis walked to a nearby hotel and recorded a video statement in which he said, "We will not stop until we attain victory or martyrdom," according to the FBI. Nafis was arrested in the hotel as he repeatedly attempted to detonate the inert bomb, the FBI said. Other FBI sting operations this year have netted American and foreign suspects. In February a 29-year-old Moroccan man was arrested near the U.S. Capitol wearing a vest he believed was full of al Qaeda-supplied explosives, and charged in an attempted suicide bombing of Congress. Five self-described anarchists in the Cleveland area were arrested in May and accused of plotting to blow up a four-lane highway bridge. An undercover FBI agent had sold the men inoperable detonators and plastic explosives. 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... 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| Posted: 17 Oct 2012 05:25 PM PDT The primary, if not only, reason there has been a brief spike in subsidized demand for housing in recent months, has been the GSE/FHFA endorsed REO-To-Rental plan, and associated securitization conduits, in which large asset managers have been encouraged to take advantage of government funded, risk-free financing (and entirely bypassing banks who have given up on loan origination due to legacy liability issues which have every bank tied up in litigation from now until Feddom come - just see today's Bank of America results) and purchase foreclosed properties in bulk, with the intention of converting them into rental properties. Needless to say, the subsidization of this wholesale purchasing of foreclosures, coupled with the ongoing "foreclosure stuffing" pursued by the big banks (as a reminder days to foreclose in California just hit a record 1,072 per RealtyTrac as banks simply refuse to clear housing inventory faster knowing full well withheld inventory is an additional clearing price subsidy) is the main reason why the punditry has been confused into believing there is a housing rebound. That this "rebound" is merely a subsidized demand pull phenomenon a la the "cash for clunkers" auto sales program is patently clear to most. Nonetheless what little confusion is left, is finally coming to an end, thanks to none other than one of the first entrants in the REO-To-Rental space, $31 billion hedge fund Och Ziff, which a year after entering the program with hopes of quick riches, is now looking to cash out. As Reuters reports, "Och-Ziff Capital Management Group LLC, the $31 billion hedge fund led by Daniel Och, recently told its investment partner, 643 Capital Management, that it wants to exit from the foreclosed homes business, said several people familiar with the matter." Why is Daniel Och calling it a day: "the New York-based hedge fund is looking to sell now because the returns it is generating from rental income are less than expected and it is looking to take advantage of a recent rebound in home prices in northern California." And so yet another myth unravels. Look for all the other piggybackers and late entrants to follow promptly in Och-Ziff's steps as the primary driver of distressed housing demand goes as easily as it came. Reuters explains how REO-to-Rental is coming to an end:
What is effectively happening is that once again the large institutions, in this case those who are unburdened by legacy liabilities, i.e., hedge funds (it should be rather distressing that instead of banks serving the roles of landlords, this time around it is it is big hedge funds who are offering homes for rent) who have access to ZIRP are attempting to arb out the retail borrowing spread. The problem however is that while those who have access to Fed funding are expecting large, consistent ROEs, the other side of the equation is missing, and as rental prices increase fewer and fewer Americans can take advantage of the hedge funds' "generosity." This is what happens as the middle class collapse continues and as America's society sees its nominal (not to mention real) income continue to decline as hourly earnings collapse (as we pointed out last week).
And since the Fed has both broken and massively distorted the business cycle (recall: JP Morgan Finds Obama, And US Central Planning, Has Broken The Economic "Virtuous Cycle"), an investor can make an asset allocation decision in a far shorter length of time. In this case it took Och Ziff just one year to go from start to finish, and now to cash out as it sells to other, less sophisticated investors who have yet to discover the lack of IRR associated with the REO-to-Rental program.
Och Ziff is the first to wave goodbye...
... but it won't be the last. Expect all other subsidized "buyers" in the space to proceed to dump their properties en masse shortly. The problem is that once the greater fool is no longer clearly defined at the poker table, and the get rich quick scam has been exposed, the offerless market quickly goes back to being bidless. Which is precisely what will be the catalyst for the 4th leg down of the dead cat bouncing housing market, and the end of the illusion that this time it's different and Bernanke has actually done something right.
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| Fear of Impending Economic Collapse Or Just Corporate Manipulation? Posted: 17 Oct 2012 04:47 PM PDT Two thermometers into the brains of corporate America plunged to depth not seen since the trough of the Great Recession when the US was losing hundreds of thousands of jobs a month. One was based on responses from CEOs of … Continue reading
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| Fear of Impending Economic Collapse Or Just Manipulation? Posted: 17 Oct 2012 04:42 PM PDT Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter Two thermometers into the brains of corporate America plunged to depth not seen since the trough of the Great Recession when the US was losing hundreds of thousands of jobs a month. One was based on responses from CEOs of America’s largest corporations; the other was based on responses from analysts who’d listened to their industry contacts. But given the mixed, rather than catastrophic, economic data, could these people have ulterior motives? In late September, it was the Business Roundtable (BRT)—an association of CEOs from the largest US corporations. Its Economic Outlook Index, after a bumpy slide from 113 in Q1 2011 to 89 in Q2 2012, lost its grip and plunged to 66. The worst level since Q3 2009, when the economy was mired in the Great Recession. And the third largest drop in the survey’s history. Its largest drop? From Q3 to Q4 2008, when it collapsed from 78.8 to 16.5. In this diffusion index, above 50 means growth. So, within a quarter, these CEOs transitioned from decent growth to utter fiasco. Nestled in their own world, they’d been caught flat-footed by the financial crisis. Incredibly, the index had actually edged up in the prior quarter though the housing bubble was blowing up, financial institutions were cratering, and Bear Stearns was gone. These CEOs should have seen that something big was on the way. But blinded by optimism and intoxicated by confidence in the system that had served them so well, they didn’t. Which left them with exactly zero predictive capabilities. Now, suddenly, these CEOs have become morose. 58% expected sales to increase over the next six months, down from 75% in the prior quarter. By comparison, on the eve of Lehman and AIG, 78.8% of these prescient CEOs had expected sales to grow—and watched with astonishment the nosedive weeks later. Only 30% of the CEOs said they would increase capital expenditures, the lowest score since Q3 2009. And only 29% expected to create jobs, while 34% expected to cut jobs. For a direr picture, you have to go back to Q4 2009—when the unemployment rate perforated 10%! While BRT Chairman and Boeing CEO Jim McNerney also blamed “global demand” that was “flattening out,” he emphatically pointed at the “fiscal cliff” of tax increases and spending cuts. Now Morgan Stanley’s proprietary Business Conditions Index also evoked the dark days of the Great Recession. The diffusion index is calculated from responses by industry analysts—normally not a pessimistic crowd—whose opinions are based on their contacts. And that index dropped like a rock from 55% in September to 41% in October, its “hiring index” from 54% to 44%—the worst level since December 2009—and its “hiring plans index” from 57% to 44%, the worst since August 2009, before unemployment had even peaked. Who got blamed? The now usual suspect, the “fiscal cliff.” But Morgan Stanley economist Dane Vrabac added a new wrinkle, “election uncertainty”—as if election outcomes were certain in normal times, but this year somehow they were not. Much like the CEOs of the BRT, these analysts didn’t see the financial crisis coming. And when jobs evaporated to the tune of 400,000 to 800,000 a month, the hiring index at best tracked those job losses, and often lagged them. And the “hiring plans index” lagged those job losses by six months. It’s as if these analysts had been reading old papers to figure out what would happen next. Yet the CEOs of the BRT and the analysts and their industry contacts of the Morgan Stanley index have enormous resources at their fingertips, and an army of experts just an email or a phone call away. They’re smart people, they’ve been around the block a few times, and they have insights through their connections that outsiders can only dream about. Still, they were wrong about the financial crisis. But now they’re predicting an economy that’s going to be nearly as tough—and mostly because of the impending “fiscal cliff.” Are they wrong again? This time in the opposite direction? Or are they finally correct in their predictions, and economic fiasco is on the way? Or perhaps they have another agenda altogether. Namely a form of extortion directed at Congress: give us our goodies, or else an economic nightmare will befall the nation, and you’ll get kicked out in the next election. Thus they added their seemingly rational voices to the already phenomenal circus about the “fiscal cliff,” a misnomer given to a reasonable (though not perfect) effort by Congress to whittle the insane deficit down a bit. Watch for these indices to climb back next year, even if the fiscal cliff stays in place [ Fear Mongering And Hysteria About The Fiscal Cliff ]. Here I am on Max Keiser’s show, “On the Edge,” for a tongue-in-cheek discussion of our surreal times. Note how he corrects me when I call the political system in Greece a “democracy.” No way. Not on his show! It’s a “kleptocracy,” he said, and calling it a democracy is just.... Priceless! Pauperization of America - Wolf Richter On Max Keiser’s “On The Edge” For a funny, edgy, high-energy book about unforgettable car salesmen, their managers, and their shenanigans—I ran a big Ford dealership for a decade—check out my new novel, TESTOSTERONE PIT, and read the first few chapters for free on Amazon.
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| Posted: 17 Oct 2012 04:06 PM PDT Gold Price Close Today : 1751.50 Change : 6.80 or 0.39% Silver Price Close Today : 33.197 Change : 0.275 or 0.84% Gold Silver Ratio Today : 52.761 Change : -0.234 or -0.44% Silver Gold Ratio Today : 0.01895 Change : 0.000084 or 0.44% Platinum Price Close Today : 1668.00 Change : 11.40 or 0.69% Palladium Price Close Today : 653.70 Change : 6.35 or 0.98% S&P 500 : 1,460.91 Change : 5.99 or 0.41% Dow In GOLD$ : $160.00 Change : $ (0.55) or -0.34% Dow in GOLD oz : 7.740 Change : -0.026 or -0.34% Dow in SILVER oz : 408.38 Change : -3.25 or -0.79% Dow Industrial : 13,557.00 Change : 5.22 or 0.04% US Dollar Index : 79.02 Change : -0.205 or -0.26% The silver and GOLD PRICE edged up once again today. Gold gained $6.80 to close at $1,751.50 and silver added 27.5c to close 3319.7c. Gold has reached the support/resistance where it fell off before, $1,755. It is also about to bump forehead first into the downtrend line from the last top, so will meet opposition from two angles. Not promising. However, if the GOLD PRICE can close above $1,760, I might change my mind. Right now, however, it appears lower prices are coming. Charts for the SILVER PRICE are virtually identical with those Silver is hitting lateral resistance at 3335c and the sloping downtrend line about 3350c. Can this work out to the upside? Lo, 'tis doubtful. A close above 3400c would slay my doubts. Before y'all wax cross with me, remember not to shoot the messenger. Corrections are uncomfortable for me, too, but better the painful truth than a buttery lie. Lately I've been getting lots of questions about manipulation of silver and gold. No question in my mind that central banks and the US government manipulate the gold price through Wall Street agents. That's in the statute (Exchange Stabilization Fund in the 1934 Gold Reserve Act authorizes covert gold price manipulation by the US treasury), policy, and observed fact. Go see GATA's work at www.gata.org or Bill Murphy's www.lemetropole.com for all the proof any reasonable person might need. Then I am asked, "But what good is technical analysis if the market is manipulated?" Plenty, because the manipulation has failed, is failing, and will fail. Typical of any government operation, the coalition has succeeded in suppressing the gold price from $252 to $1,750 and silver from $4.02 to $33. Almost as successful as Medicare, social security, and Amtrak. Put yourself in the manipulators' shoes. They know they can't turn back the powerful tide of gold and silver's primary trend, because they are driven by monetary inflation and they're not about to stop that. Thus the best they can do is try to slow gold down, to harass, to dog, to badger, but no more. Hence, if you were manipulating, wouldn't you stand back when gold is screaming upward, accumulate short positions, then when it begins to weaken sell with both hands? Makes sense to me, but then, I'm only a natural born fool from Tennessee. Everybody except the stock market optimists is laying low until after the US election. That doesn't make for very interesting markets. Currencies today stand at US$1 = Y78.95 = E 0.7621. Dollar index continued to slide today, down another 20.5 basis points (0.26%) to 79.016, crashing through its second line of defense support. Burden of proof now rests on the buck to prove it's not aiming to fall further, say, another 40 basis points anyway. Yen and euro have taken different forks in the road. Yen gapped down two days ago, is below its 50 and 20 day moving averages, and dropped again today, -0.12%, to 126.57c. 200 DMA lurks only 43 basis points below at 126.13, and if the yen falls through that it will attract sellers like a pretty girl attracts invitations to dance. Euro, on the other hand, has gapped up twice in the last two days. Added another 0.41% to $1.3122 today. Yet it hath not yet exceeded the September intraday high at 1.3172. Why, O, why am I so suspicious? Why do I suspect the Euros made a deal with the US administration to keep things as quiet as possible until after the election? Am I just mean, or insightful? Stocks gained again today, the Dow lagging. Dow added only 5.22 (0.04%) to 13,557.00 while the S&P500 jumped 5.99 (0.41%) to 1,460.91. Stocks are reaching for that place they stalled (13,660) earlier this month. If they can pass that, they'll make a new high and all the touts and sirens will be crowing, Dow will push toward 14,000, and the jubilating will be general. Of course, after Obama is re-elected, the gas will come out of that balloon. Y'all have heard of "counter-cyclical" rallies? Well, this is a "counter-reality" rally. 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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| If the law won't stop market rigging, what can we do? Posted: 17 Oct 2012 03:31 PM PDT 5:45p ET Wednesday, October 17, 2012 Dear Friend of GATA and Gold: GATA's friend and researcher R.M. writes today from Europe: "If the U.S. judiciary deemed protection of the nation's currency or similar national interests (such as stable financial markets and oil prices) as justification not to prosecute a cartel's war against gold by federal authorities, foreign governments, and their agents, could anti-trust law ever be brought to bear against such activity in our lifetimes? "What I'm asking essentially is: What is the Achilles' heel of gold market collusion that would provoke enforcement in a compromised judicial system?" I have replied to R.M. as follows. As I read the Gold Reserve Act of 1934 as amended, it authorizes the U.S. government to trade secretly not just in the gold market but in any market: http://www.treasury.gov/resource-center/international/ESF/Pages/esf-inde... The Gold Reserve Act describes its objective as "an orderly system of exchange rates." Any administration almost certainly would construe that objective as an exemption from anti-trust law and I doubt that any court would have the nerve to disagree. 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 This question came up more or less during the first lawsuit against gold market manipulation, the lawsuit brought by Reginald Howe with GATA's support in U.S. District Court in Boston in 2001 against the Bank for International Settlements, the U.S. Federal Reserve and Treasury Department, and various bullion banks. For the details of that lawsuit, see the entry for "Gold Price Fixing Case" at Howe's Internet site here: There was only one public proceeding in that case, held in Boston on November 5, 2001, on the defendants' motion for dismissal via "summary judgment." "Summary judgment" is a determination by the court that even if everything in the plaintiff's complaint is true, there is no remedy at law and nothing for the court to do about it. I attended that hearing. While I had to sit in the back of the courtoorm and the acoustics were not good, I heard an assistant U.S. attorney assert that the government, without admitting that it was doing what Howe complained of, very much claimed the power to do it. See my report on the hearing as posted at GATA's old Internet site here: http://groups.yahoo.com/group/gata/message/912 The government lawyer's assertion in support of "summary judgment" against Howe was pretty much a confession and perhaps the great success of the lawsuit. The government lawyer's assertion outlined the whole scheme. After all, the United States was essentially on a gold standard through 1968 and the collapse of the London Gold Pool and then through 1971 when President Nixon discontinued gold redemption of dollars held by foreign governments, and by definition a gold standard is government's rigging of the gold price. Nobody suggested back then that such market rigging was illegal. Howe argued that since the U.S. government had formally unfixed the gold price in 1971, free-market law had to be construed to have taken over. Since the judge granted "summary judgment" to the defendants on a jurisdictional issue -- Howe's supposed lack of standing to sue in the first place, a dodge by the court -- the issue of authority for market rigging was never settled. But the U.S. Treasury Department acknowledged to GATA in 2005 that it claims comprehensive market-rigging power under the Trading with the Enemy Act of 1917 and the International Emergency Economic Powers Act of 1977, under which, upon a proclamation of an emergency by the president, the Treasury Department would consider itself authorized to seize or freeze not just gold and silver and gold- and silver-related assets but and and all financial assets. See GATA's correspondence with the Treasury Department in the "Confiscation" section of our Internet site here: Given the totalitarian scope of the U.S. government's claim to power, I long have believed that the way to defeat the government's market rigging is simply to expose it to enough participants in the rigged markets. That's why GATA sued the Federal Reserve for gold information in 2009 and beat the Fed in U.S. District Court for the District of Columbia last year, extracting some very compromising information: And it's why we will bring another freedom-of-information lawsuit against the Fed, the U.S. Treasury Department, and the U.S. State Department as soon as our finances allow: http://www.gata.org/node/11606 For people won't trade in markets they understand to be rigged. When people realize how and why the major gold markets are rigged and almost always have been rigged, they'll go outside those markets to get their gold -- taking delivery of their metal and moving it outside the banking system, as Jim Sinclair and others on our side long have urged. Such removal of gold from the banking system is exactly what caused the collapse of the London Gold Pool, a fully public operation, in March 1968 -- http://en.wikipedia.org/wiki/London_Gold_Pool -- and such removal of gold from the banking system will be, I think, what collapses the current London Gold Pool, a largely surreptitious operation, which GATA board member Adrian Douglas has exposed so well: I suspect that some Sunday evening before the Tokyo markets open there will be an announcement from a secret conference of central bankers -- maybe held at BIS headquarters in Basel, Switzerland, or in Frankfurt, Singapore, or Washington again (where the Washington Agreement on Gold was devised, even though the United States was not a signatory) -- about new currency exchange rates. These new exchange rates likely will include a price that the participating central banks henceforth will pay for gold -- a much higher price than today's. Such an announcement will signify that the second London Gold Pool has failed just as the first did. The gold for market rigging will have run out and the central banks and their governments will offer a premium to recover it. Maybe their offer will be of the "godfather" sort, an offer people can't refuse, an offer accompanied by the threat of criminal prosecution of gold owners, or accompanied by a punitive "windfall profits" tax. Or maybe the central banks and their governments will just be good sports and admit that they finally lost another round in the gold game and start up a new one. Whatever the central banks and their governments do, they won't be alerting us in advance -- just their agent bullion banks. But all will be revealed at last, and even the silly Jeff Christians and Jon Nadlers will see it, if they really don't already see it and are just doing their dirty jobs of disinformation. Given the recent research by Sprott Asset Management's Eric Sprott and David Baker -- http://www.gata.org/node/11796 -- and GoldMoney's James Turk and Juan Castenada -- http://www.gata.org/node/11827 -- I think that we just might live to see the day. Then "ye shall know the truth, and the truth shall set you free," and it will be a great day indeed: http://www.youtube.com/watch?v=HB8p8mKvi34 CHRIS POWELL, Secretary/Treasurer 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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| What South Africa Turmoil Means for Investing in Gold Posted: 17 Oct 2012 03:17 PM PDT By Tony Daltorio Precious metals investors no doubt have seen the recent headlines coming out of South Africa. Violent strikes (resulting in dozens of deaths) and work stoppages have plagued the platinum industry there in the past few months. The causes of the labor unrest include poor wages and unsafe working conditions. There has also been a tussle for power between two warring labor unions – the Nation Union of Mineworkers and the far more militant Association of Mineworkers and Construction Union. The result of all this turmoil is quite obvious for the global platinum market. The majority of the world's platinum, roughly 80%, comes from South Africa. Not to mention that 90% of that production comes from a limited area, the Western Bushveld region of the country. But here's where it gets interesting, especially for those investing in gold… [source]
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| Intermarket Flows on FX, Gold, Oil and Equities Posted: 17 Oct 2012 03:05 PM PDT Fresh four-year highs in monthly US building permits and housing starts at 894K and 872K respectively, are consistent with the 43% and 36% increase in US existing home sales and new home sales from their respective 2010 lows. Read More...
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| Gold Daily and Silver Weekly Charts - Capped and Dampened Posted: 17 Oct 2012 02:25 PM PDT |
| Wartime Portfolio Strategy: Gold is the Answer; No Need to Ask Questions Posted: 17 Oct 2012 12:53 PM PDT Will history repeat itself or will it be different this time? The answer is yes. I think it will be a choose-one-from-Column-A-and-choose-one-from-any-of-the-other-Columns kind of a thing. And that's because there's a good chance of prolonged ... Read More...
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| Metals markets are a bluff and silver isn't there, London trader tells King Posted: 17 Oct 2012 12:47 PM PDT 2:45p ET Wednesday, October 17, 2012 Dear Friend of GATA and Gold: In the third and final segment of his interview this week, the London trader source of King World News says the London metals market has become a Ponzi scheme, that real silver especially is unavailable right now despite the huge volumes seemingly traded, that the Comex metals market is all about bluffing longs out of their positions, and that the commitment-of-traders reports on the metal futures markets are "groomed" and unreliable. The third segement is posted at King World News here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/17_L... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT GoldMoney adds Toronto vaulting option In addition to its precious metals storage facilities in Hong Kong, Switzerland, and the United Kingdom, GoldMoney customers now can store their gold and silver in a high-security vault operated by Brink's in Toronto, Ontario, Canada. GoldMoney also has recently partnered with Rhenus Freight Logistics to offer another gold storage option in Switzerland. The Rhenus vault is in the secured zone of Zurich Airport and offers customers superb security as well as the ability to inspect their gold. Storage at the new vaults in Canada and Switzerland is available at GoldMoney's lowest fees. Customers can select their storage location when placing their buy order. GoldMoney customers can take delivery of any number of gold, silver, platinum, and palladium bars from any GoldMoney vault, as well as personally collect their bars stored in the Hong Kong, Switzerland, and U.K. vaults. It's easy to open an account, add funds, and liquidate your investment. For more information, visit: http://www.goldmoney.com/?gmrefcode=gata 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 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....
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| 26 things to get done before the global debt collapse Posted: 17 Oct 2012 12:27 PM PDT  But instead, they're going to deny reality, vote in the upcoming election, and pretend that whoever occupies the Oval Office has both the intention and the power to make any real difference. That belief is delusional, as is the belief that the national debt somehow doesn't really matter. The delusions are, of course, leading us all directly into a head-on collision with history, where the global debt collapse unfolds at a quickening pace and becomes "real" for hundreds of millions of people in North America who have so far escaped the reality of the financial collapse happening across Europe. Before that day comes, here are 26 things you might want to get done. 26 things to get done before the global debt collapse See a holistic dentist and get the mercury removed from your mouth. Buy some hardcopy books so you have something to read when the power grid fails. Read more.... 
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| Posted: 17 Oct 2012 12:26 PM PDT "I'm Dave In Denver and I approve this blog post" Please note: I am completely politically atheistic with regard to who might have "won" last night's debate, as well as the outcome of the election. Regardless of who you support, for whatever ridiculous reason, last night's debate was a god damn embarrassment to our country and a complete insult to the intelligence of those who understand the extent to which our country is in a state of collapse. First off, I want to say that Candy Crowley is grotesquely overweight. All I could think about during the healthcare part of the scuffle was that my tax dollars under both Obamacare and medicare will be used to subsidize all of the health-related physical ailments Crowley likely suffers and will suffer as a result of her obesity. She is emblematic of what's wrong with our Government subsidized healthcare system and our society in general. Put to the test of nature and Darwinian forces - and believe me, that world will eventually descend on our system - she would not survive. I have to say that I was a bit disappointed in Obama's counter-punch tactics after the thorough beating he took in round 1. I thought he might of come out ahead at the end, but if this were only a two-round fight, Romney would be the winner by decision. I was really hoping to see a knock-out performance by either candidate. Furthermore, I was a bit startled by the lack of grace exhibited by Romney at several points during the whole debate, including his near-dismissal of one of the questions so that he could circle back and get in his final words on the previous topic. He should have moved on because at that point I'm sure most viewers had gotten up to freshen up their cocktails or check their text messages. Frankly, Romney's behavior completely belied the type of religion-derived "spirituality" and grace to which he laid claim during the debate. But on to the more interesting topic of the U.S. dollar. Coincidentally, I have been invited as a guest on a new a.m. radio program out of Phoenix that discusses wealth preservation this Saturday at 4 p.m. eastern standard time. The show is sponsored by All-Pro Gold and you can tune-in on this link: All Pro Gold and click on the link in the middle of the left side of the website. The topic will be the future of the Petro-Dollar and how it will affect your wealth. I was looking at a chart of the U.S. dollar a couple days ago and I had not realized that, technically, the U.S. dollar looks vulnerable to a substantial sell-off. Since the end of April 2011, the dollar staged a 7% move higher, which is a pretty big move in currency terms. Not coincidentally, the move up in the dollar is directly correlated with the big correction in precious metals. What surprised me when I glanced at the chart the other day was the trouble the dollar seemed to be having in recovering from the big drop it has taken since it started pricing in the expectation of more QE at the end of July: (Click on chart to enlarge)  From a technical standpoint, as you can see from my markings on the above chart, the U.S. dollar is forming a "bearish rising wedge." In fact, today the dollar is down another .5% down to 79.05, which is below the bottom boundary of the "wedge" that I drew yesterday. The fundamental factors that are likely to drive the dollar a lot lower from here include 1) the inability of the Government to reduce spending, debt accumulation and the massive spending deficit 2) the deteriorating economy - I've addressed the difference between truth and media/political fiction in several recent posts 3) the continued implementation by China of strategic currency alliances with its largest trading partners which use the yuan for trade rather than the dollar 4) QE1, QE2, QE3/to infinity 5) the approaching "Fiscal Cliff" and the Government's inability to implement any kind of fiscal programs which would address the nature of this "cliff." There are several other fundamental factors which will undermine the value of the U.S. dollar, but the above list is the most obvious and the easiest to understand. I would like to point out that while both candidates last night boastfully presented their "unique" programs to address 1-5 above, neither of them could explain what they would do specifically to miraculously create 12 million jobs, lower taxes for everyone, increase military spending, improve Government entitlement programs and reduce both the Government debt load and the spending deficit. When you look at this list of promises with no actual plan of action to deliver on those promises, you can understand why the U.S. dollar is in danger of taking a precipitous drop lower soon. 
This posting includes an audio/video/photo media file: Download Now |
| Obama: “We Are in the Midst of a Huge Recovery” Posted: 17 Oct 2012 12:23 PM PDT  The First Lady joined WPGC 's Pablo and Free in Washington D.C. for a radio interview this week and discussed her view that the US economy is well into recovery territory and only getting stronger. After inheriting one of the worst recessions in history, Mrs. Obama makes it a point to tout her husband's hand in bringing America back from the brink. Michelle Obama: "I mean, we are seeing right now that we are in the midst of a huge recovery. Right? Because of what this president has done." Pablo and Free: "Yes." Michelle Obama: "Pulled this economy from the brink of collapse when we were losing 800,000 jobs a month. Now were gaining every… throughout most of his presidency, we've been adding jobs to this economy because of what he's been doing. The stock market has doubled. Housing prices are rising. Foreclosure rates are lowering. But in the face of that, you still have people trying to convince us that things aren't better." Read more.... 
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| London Trader - The LBMA Is A Massive Ponzi Scheme Posted: 17 Oct 2012 11:43 AM PDT  On July 20th, the 'London Trader' told King World News, "The LBMA's price fixing scheme is coming to an end." Gold quickly rose $200 after that interview. Today the source now tells KWN the LBMA has, "... incredibly large quantities of paper silver and gold being traded each day, but the real problem here is there is virtually nothing to back this up." The source also said, "This is all part of the LBMA Ponzi scheme."King World News has now released a total of three written interviews with the London Trader. This is the third in a series of blockbuster interviews which uncovers what is happening behind the scenes in the gold and silver markets. The source also discussed the incredible tightness in the physical silver market. Here is what the source had to say in Part III of the interview: "The physical silver market is extraordinarily tight. It's insanely tight right now. In other words, there isn't any for sale. We are seeing large premiums in places like Shanghai. If a buyer wants size in physical silver, you are going to have to wait a long time."
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| Gold Faces 'Fierce' $1810 Resistance Level Posted: 17 Oct 2012 11:23 AM PDT Gold and silver bounced today, but follow through is everything. I include an updated chart showing the formation of a potential cup and hand on the gold daily chart. London Trader describes the competition to buy physical gold at these levels as 'fierce' and is seeing heavy buying stepping in as even central banks wish to convert dollars and euros to gold.
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| Gold and Silver Price Breakout! Posted: 17 Oct 2012 11:11 AM PDT Are Gold and Silver preparing for another upside breakout? The battle is between the bullion banks with large short positions; and investors and hedge funds, (along with Asian central banks), that are protecting all or part of their net worth by owning some gold. It has been eleven weeks since my last article. In that article titled: "Gold and Silver Update" I indicated that the summer doldrums appeared to be over. Gold was trading at $1620 and silver at $28.03. I wrote that article with the observation that both metals were ready to rise, and I write today's article with a similar observation. The fundamentals have seldom been more favourable for the bull market in precious metals than they are today.
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| Jim Willie: Extreme Symptoms & Hidden Menace As Gold Targets $1900 Posted: 17 Oct 2012 10:56 AM PDT -Deep dependence upon bond monetization without sterilization has become the norm -The hidden motive for QE3 is to bury multi-$trillion mortgage bond fraud -The USDollar global reserve privilege will be victim to the never-ending global financial crisis -The COMEX and … Continue reading
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