Gold World News Flash |
- Gold: Stage Three – Up Down UP Down UP
- Asian Metals Market Update
- Chinese Gold Imports Through August Surpass Total ECB Holdings
- Germany Brings it Home – Gold Repatriation as Stocks Scare
- LGMR: Charts "Pointing to Downward Move" for Gold, But Futures Cleanout "Leaves Gold in Better Position to Climb Higher"
- This Key Chart Continues To Worry The Gold & Silver Bears
- Gold Seeker Closing Report: Gold and Silver End With Modest Gains
- Republicans, Democrats attacking Americans in bipartisan push for savage austerity
- Gold Finding Support at Expected Levels
- The New Trend in Gold
- General Musings Reported As Ordered
- Don't Try To Be A Spread Trader
- The Gold Price Traded in a Narrow Range Today Bumping Against the Downtrend Line Must Close Above $1,740
- Monday with Ranting Andy Hoffman–Where Did All That Gold Go? 22.Oct.12
- Notes From Underground: Tomorrow, the BOC Will Shine Some Light on Its Plans to Deal With Private Sector Debt Growth
- Iran's Hyperinflation Economic Death Spiral
- FLASH: German gold report reveals secret sales that likely were part of swaps
- Gold and Silver - When Inflation is Summoned by the Masses
- Gold US Dollar Link in Question, Technical Setup
- More On the German Gold Reserves Controversy - Where Is the Gold?
- Nuclear Update: Fukushima Unit 4 Is Sinking (Unevenly) ... Fracking Now Allowed within 500 FEET of Nuclear Plants
- Japan to join currency wars as exports slump
- Gold rebounds above key support, Fed statement eyed
- Mining Stocks Now Provide Bargain Trade Opportunities: Florian Siegfried
- Gold Daily and Silver Weekly Charts - Gold Tags the Handle Target of 30% - Germany's Gold
- Bernanke Sedates Bond Traders Seeing Treasuries Added to QE3
- Ambrose Evans-Pritchard: Japan to join currency wars as exports slump
- Significant Monetary Change Is Likely Headed Our Way
- Silver Lining
- Gold, shares holding up well amid pre-election assault, Embry says
| Gold: Stage Three – Up Down UP Down UP Posted: 23 Oct 2012 09:04 AM PDT In How to Survive the Crisis and Prosper in the Process (3rd ed., 2012) I describe the five stages of gold. When I began writing the book in 2006, gold was in Stage 2. In 2007, gold entered Stage 3 where speculators and investment funds become a factor the increasingly volatile price of gold.
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| Posted: 23 Oct 2012 12:03 AM PDT There is position squaring and rebuilding before the FOMC meeting tomorrow. The current fall in commodities is partly due to the same. We expect gold and silver to rise after the Federal Reserve meeting unless there is a very positive view on US growth. Monetary easing measures are already factored in by the markets but traders will be looking forward to hints of more easing. Just remember that this is the last FOMC meet before the US presidential elections.
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| Chinese Gold Imports Through August Surpass Total ECB Holdings Posted: 23 Oct 2012 12:00 AM PDT Charleston Voice
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| Germany Brings it Home – Gold Repatriation as Stocks Scare Posted: 22 Oct 2012 11:10 PM PDT from Wealth Cycles:
As we can see, the market is exhibiting historically extreme exuberance related to the belief that investor portfolios are "insured" by central banks. As we now have QEternity (the new Federal Reserve program to create $40 billion in new currency monthly with no identified end date), stocks, gold and silver are significantly lower in price than before the new printing rate disappointed markets. With extreme risk appetite combining with serious economic headwinds such as the net global contraction in real terms, Art Cashin of UBS recently considered the Black Monday of 1987. We suggest the same. Fundamentals eventually win out — so watch out!
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| Posted: 22 Oct 2012 10:44 PM PDT London Gold Market Report from Ben Traynor BullionVault Monday 22 October 2012, 07:15 EDT AFTER Monday's Asian session saw new six-week lows, the Dollar gold price recovered some ground to trade near $1725 an ounce Monday morning in London, while stocks and commodities were broadly flat and US Treasury bonds fell. "Both the weekly and daily charts are pointing for an initial move to $1693," says the latest technical analysis from bullion bank Scotia Mocatta. "Any bounce into the upper $1730s will be a sell opportunity." The silver price fell to its lowest level in seven-weeks this morning, hitting $31.75 per ounce, before it too recovered some ground in London trading. At the end of last week the Dollar gold price dropped more than 1% in less than an hour during Friday's US trading, while silver also fell along with US stock markets. "Gold took out the week's low [on Friday] and large stop loss orders were triggered," says a note from Commerzbank, whose analysts say the...
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| This Key Chart Continues To Worry The Gold & Silver Bears Posted: 22 Oct 2012 10:00 PM PDT  On the heels of today's action in gold and silver, KWN is continuing to track the incredibly important chart that is deeply troubling to the gold and silver bears. Acclaimed trader Dan Norcini had provided this chart exclusively to King World News along with some comments. Today KWN spoke with Norcini to get an update.
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| Gold Seeker Closing Report: Gold and Silver End With Modest Gains Posted: 22 Oct 2012 10:00 PM PDT Gold saw a slight loss at $1721.30 by a little after 4AM EST, but it then climbed to as high as $1729.18 in New York and ended with a gain of 0.37%. Silver rose to as high as $32.434 and ended with a gain of 1%.
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| Republicans, Democrats attacking Americans in bipartisan push for savage austerity Posted: 22 Oct 2012 09:40 PM PDT by Webster Tarpley, PressTV:
Since the 1930s, it has been widely recognized that a policy of deflation with severe cuts in government spending and in expenditures for social services will plunge a country deeper into depression. Once the depression has hit, usually as the result of the collapse of a speculative bubble like the $2 quadrillion derivatives mania of 2000-2008, the private economy shrinks rapidly, leaving government spending as the principal form of economic activity. If the government budget is nevertheless cut, this lowers the overall rate of economic activity; working people paying taxes are turned into recipients of public assistance, and the budget deficit grows rapidly.
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| Gold Finding Support at Expected Levels Posted: 22 Oct 2012 08:50 PM PDT courtesy of DailyFX.com October 22, 2012 01:48 PM Daily Bars Prepared by Jamie Saettele, CMT “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.” Gold slipped just below 1715 today before rallying over $10. At least a short term low appears to be in place and focus is higher towards 1753. LEVELS: 1691 1700 1713 1754 1770 1780...
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| Posted: 22 Oct 2012 08:00 PM PDT Investors are shifting from paper to physical by Jeff Clark, Casey Research:
It's not too often that you see a major shift within the gold market. The last such recalibration in sentiment for gold investors was the introduction of the first gold-backed ETF in 2004, and the subsequent explosion in exchange-traded products (ETPs) for bullion and precious-metals equities. Today, another tidal change is under way, as the flow of funds into structured bullion products ebbs. I think this shift – as you'll read about in a moment – signals two things. First, it confirms that growing numbers of investors are increasingly nervous about the reckless monetary and fiscal paths being pursued on a global scale. Identifying this trend early on will let investors position themselves accordingly. Second, it tells me that acting now – securing the gold you want and need – is critical to withstanding the likely fallout ahead from the mountain of unpayable government debt and promised benefits.
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| General Musings Reported As Ordered Posted: 22 Oct 2012 07:25 PM PDT I bid you greetings from Opa restaurant in Los Altos, where it's happy hour and I sit alone, drinking my wine and looking at my charts. Surely there is no blogger on the planet more devoted to his beloved readers (I would also tip my hat, if I were wearing one - - which would be rather rude indoors, but I digress - - to SocialTraders, who continue to push the web site to unprecedented success). Where was I? Oh, yes, charts. Even though The Powers That Be pushed the market higher at the close, I was pretty pleased with how the day went. My portfolio was profitable for most of the day - - although a lovely five-figure profit dwindled to a two-figure profit (!) by day's end - - but the point is that my portfolio hugely outperformed the market (on an inverse basis since, as you've probably guessed, I was so short I could jump off a nickel). I remain positioned for a fall. Recall my Path of the NAZ post from a few days ago. Here was the chart; take note of the highlighted prediction: Using the NQ, I've highlighted the same "prediction zone" below. The key, of course, is that this thing fall into the bowels of hell soon. If it does, I shall declare myself The King of All Charts. Critical to this, of course, is that AAPL cooperate. They report their earnings after the close on Thursday (errr, assuming RR Donnelly doesn't screw up and release them hours too early). Apple pretty much has to blow the doors off every car on the planet in order to justify its price. The notion of them zooming to $1,000/share is laughable. The Russell 2000 is at a crucial crossroads. It formerly had broken above resistance away from a somewhat-tilted basing pattern (tinted in yellow). It then failed beneath this "neckline" (roughly speaking) and has been treating it as resistance over the past week or so (tinted in green). The crucial "break" is of the trendline at which it is currently resting. If we can break this trendline, God willing, then it's party-time. It's pretty simple, really: if we can get a break of the supporting trendlines - - which would take very little additional weakness at this point - - we can gather together and profit from a medium-sized drop in the intermediate-term. Some kind of failure on AAPL's part will make this easy. The Fed comes on stage this Wednesday (which, by virtue of the mopping-up crew that will be required, will promote new employment), and with QEinfinity in place, the only thing they can do at this point is to vomit up an even greater figure than the $85 billion they are conjuring up out of thin air every stinking monthly of the year. (More radical plans, such as printing up billions of dollars of new money to buy stocks like Facebook and Amazon in the open market could come later, but we're not there yet). I imagine Bernanke & Company will simply puke up the same language they spouted last time, since their plans need time to prove themselves (which will lead to inevitable failure, but again, I digress). I am as sure that the equity markets are ultimately going to undergo a vicious collapse as I am the the sun will rise tomorrow morning, and Bernanke will ultimately be villified as a short-sighted idiot. But the future isn't here yet, and for now, he's Our Hero, and we have to live with him and his ostensibly-egalitarian policies, surely conjured up to benefit the good working people of America. Thus Spoke Zarathustra.
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| Don't Try To Be A Spread Trader Posted: 22 Oct 2012 06:23 PM PDT My Dear Friends, Teaching you via jsmineset.com what the gold industry does as spread traders to rig the market for private gain now has a very serious purpose. That is not to make you spread traders. I teach you this so you know why I have had and still have the courage to ignore Continue reading Don't Try To Be A Spread Trader
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| Posted: 22 Oct 2012 06:00 PM PDT Gold Price Close Today : 1725.10 Change : 2.30 or 0.13% Silver Price Close Today : 32.25 Change : 0.154 or 0.05% Gold Silver Ratio Today : 5.354 Change : 0.005 or 0.09% Silver Gold Ratio Today : 0.18679 Change : -0.000160 or -0.09% Platinum Price Close Today : 1609.70 Change : -3.30 or -0.20% Palladium Price Close Today : 622.95 Change : -0.35 or -0.06% S&P 500 : 1,433.76 Change : 0.57 or 0.04% Dow In GOLD$ : $159.92 Change : $ (0.17) or -0.11% Dow in GOLD oz : 7.736 Change : -0.008 or -0.11% Dow in SILVER oz : 41.42 Change : -0.01 or -0.03% Dow Industrial : 13,345.74 Change : 2.23 or 0.02% US Dollar Index : 79.62 Change : 0.045 or 0.06% The GOLD PRICE traded in a narrow range today between $1,721.20 and $1,728.80, closing higher $2.30 at $1,725.10. The SILVER PRICE eased 15.4 cents higher to 3222.7c in a narrow range from 3240.8c to 3203c. On both metals' charts they merely bumped up against the downtrend line today. This changeth naught. To reverse this downtrend the GOLD PRICE needs to close above $1,740. Otherwise we will see lower prices still. Looks like the Japanese Nice Government Men got plenty fed up with trying to run an export-led economy with a rising currency. It dropped 0.789% today to 125.12 cents per hundred yen, gapping down. The euro rose 0.29% today to $1.3060. Odd, since the US dollar index ALSO rose, 0.06% (4.5 basis points) to 79.611. That puts currencies at US$1 = Y79.92=E0.7657. Critical point to note is that the US Dollar Index stayed above the 79.40 lip of that rounding bottom it left last week, which positions it to rally. Yes, I know I'm anticipating, but nothing else would catch the market with more surprise. Dollar is blocked by 79.68, so watch it to break through that number. Oh, mercy! There's a Federal Open Market Committee this week. No telling how much damage those goofs will do this time. For stocks the day just deteriorated as it wore on. sinking deeper and deeper. About 3:30 p.m. "friends" (Wink! Wink! Nice Government Men on the Plunge Protection Team) entered the market to buy enough to bring the Dow and S&P500 up to "higher by a gnat's eyebrow." Dow gained -- hold your breath! -- 2.23 to close 13,345.74. S&P500 won 0.57 to 1,433.76. Stocks are in a parlous position. Dow today, trading BELOW its 50 DMA (13,355.6) reached down and touched the support line formed by the March thru May head and shoulder's neckline. Below that lies about the same support as what stands under you when your 747 Jumbo Jet is flying at 25,000 feet. In the thrilling world of bank supervision, not much happens. Last year, however, the exciting fellows charged with structuring the Basel III requirements for banks proposed moving gold from a Tier 3 to a Tier 1 asset on the same footing with cash. US Federal Reserve in June circulated a memo to banks asking what they thought about that. Far as I know, this hasn't been put into effect yet in the US, but clearly it would bring gold back into the monetary system through the back door. A friend wrote in response to my Friday remarks about the trend of de-centralization taking over the world. He objected to my claim that young people had already adopted a decentralizing mind, pointing to the Occupy people and others. First, there aren't many of them, but second, when the Great Central Power fails to come through with a cushy lifetime sinecure that recognizes their self-assessed worth, they will not be happy. Government failure to deliver on its promises will sour millions of centralization's partisans. When they have to root, hog, or die, they'll change their minds pretty fast. I have to travel down to Florida this week. It's a rotten assignment, but somebody has to do it. I will try to send daily commentaries most days, but don't be surprised if my sunburn intervenes one of those days. I appreciate y'all's forgiving indulgence. Y'all test how much hope you still place in politics: don't watch the presidential debate tonight. Do something meaningful instead, like re-arranging your sock drawer. 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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| Monday with Ranting Andy Hoffman–Where Did All That Gold Go? 22.Oct.12 Posted: 22 Oct 2012 05:28 PM PDT www.FinancialSurvivalNetwork.com presents Ranting Andy Hoffman joined us for his famous Monday Rant. We discussed the issue of record US gold exports. This statistic confirmed what we all knew and that is that the US is getting poorer by the day. While we may no longer be on a gold standard, some parts of the world do consider this "barbarous relic" to have certain universal monetary characteristics, that not even the US Government can change. And it is those very same countries that have been on a precious metals buying spree for the past 10 years. And while we're on the topic of who's got the gold, Germany's high court just ordered an audit of all their off-shore holdings. The results could be interesting. What's your thought? Go to www.FinancialSurvivalNetwork.com for the latest info on the economy and precious metals markets
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| Posted: 22 Oct 2012 05:02 PM PDT Jim Sinclair's Commentary This is why I like the Canadian dollar long term. The golden solution would require Euroland to hock their gold at these prices, something I do not think they would like to do. Notes From Underground: Tomorrow, the BOC Will Shine Some Light on Its Plans to Deal With Private Sector Continue reading Notes From Underground: Tomorrow, the BOC Will Shine Some Light on Its Plans to Deal With Private Sector Debt Growth
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| Iran's Hyperinflation Economic Death Spiral Posted: 22 Oct 2012 04:07 PM PDT My October 2009 Globe Asia column was titled "Iran's Death Spiral." In light of the recent events that have transpired in Iran, I think I might have been onto something back in 2009. Since early September, there has been an accelerated slide in the value of the Iranian rial. This slide has been punctuated by dramatic collapses in the demand for the rial. With each collapse, there has been something akin to a "bank run" on rials — with a sharp rise in the black market (read: free market) IRR/USD exchange rate (see the accompanying chart). Ironically, Iranians are clamoring for U.S. Dollars.
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| FLASH: German gold report reveals secret sales that likely were part of swaps Posted: 22 Oct 2012 04:02 PM PDT With the Associated Press report appended here, the German gold audit story has just exploded into the English-language press with some important revelations: The gold vaulted by the German central bank, the Bundesbank, with the Bank of England "has fallen 'below 500 tons' due to recent sales and repatriations. ..." So despite the lack of official announcement, Germany lately has been selling gold from London -- perhaps as part of the secret "strategic activities" grudgingly acknowledged two years ago by the Bundesbank to GATA's friend, the German financial journalist Lars Schall...
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| Gold and Silver - When Inflation is Summoned by the Masses Posted: 22 Oct 2012 03:54 PM PDT As the democratic masses increasingly sense that their living standards are becoming threatened,they have been blindly authorizing their governments to do “whatever it takes” to arrest the impending economic collapse. In fact, as the vocal voting public insists upon quick solutions to the economic crises, politicians are ready and waiting to analyze popular needs and desires in order to deliver the messages that the people so badly want hear.
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| Gold US Dollar Link in Question, Technical Setup Posted: 22 Oct 2012 03:44 PM PDT The $1800 per ounce level continues to be a major technical resistance area for gold. After hovering near $1800 recently, gold moved sharply away from that level last week to close at $1735 an ounce. Despite that, more fund managers and analysts continue to point to a bright long-term future for gold prices. John Hathaway of the Tocqueville Gold Fund says gold will reach new highs within a year. He based his forecast, like many others, on the fact that negative real interest rates look likely to persist as Ben Bernanke and the Federal Reserve continue to print money.
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| More On the German Gold Reserves Controversy - Where Is the Gold? Posted: 22 Oct 2012 03:34 PM PDT
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| Posted: 22 Oct 2012 03:30 PM PDT Fukushima Update: Unit 4 Is Sinking … UnevenlyThe spent fuel pool at Fukushima Unit 4 is the top short-term threat to humanity, and is a national security issue for America. As such, it is disturbing news that the ground beneath unit 4 is sinking. Specifically, Unit 4 sunk 36 inches right after the earthquake, and has sunk another 30 inches since then. Moreover, Unit 4 is sinking unevenly, and the building may begin tilting. An international coalition of nuclear scientists and non-profit groups are calling on the U.N. to coordinate a multi-national effort to stabilize the fuel pools. And see this. Given the precarious situation at Unit 4, it is urgent that the world community pool its scientific resources to come up with a fix. Earthquake-Causing Fracking to Be Allowed within 500 FEET of Nuclear PlantsThe American government has officially stated that fracking can cause earthquakes. Some fracking companies now admit this fact The scientific community agrees. See this, this, this, this and this. Earthquakes can – of course – damage nuclear power plants. For example, even the operator of Fukushima and the Japanese government now admit that the nuclear cores might have started melting down before the tsuanmi ever hit. More here. Indeed, the fuel pools and rods at Fukushima appear to have “boiled”, caught fire and/or exploded soon after the earthquake knocked out power systems. See this, this, this, this and this. And fuel pools in the United States store an average of ten times more radioactive fuel than stored at Fukushima, have virtually no safety features, and are vulnerable to accidents and terrorist attacks. And see this. Indeed, American reactors may be even more vulnerable to earthquakes than Fukushima. But American nuclear “regulators” have allowed numerous nuclear power plants to be built in earthquake zones (represented by black triangles in the following diagram):
(Note: Ignore the long lines … they represent the Missouri and Mississippi rivers, which present a huge danger of flooding nuclear reactors): And they have covered up the risks from earthquakes for years … just like the Japanese regulators did. For example:
For example, Diablo Canyon is located on numerous earthquake faults, and a state legislator and seismic expert says it could turn into California’s Fukushima: On July 26th 2011 the California Energy Commission held hearings concerning the state’s nuclear safety. During those hearings, the Chairman of the Commission asked governments experts whether or not they felt the facilities could withstand the maximum credible quake. The response was that they did not know. This is similar to what happened at Fukushima: seismologists dire warnings were ignored (and see this.) Yet the Nuclear Regulatory Commission doesn’t even take earthquake risk into account when deciding whether or not to relicense plants like Diablo Canyon. Are They Fracking With Us?American nuclear regulators are allowing earthquake-inducing fracking to be conducted mere feet from nuclear power plants. As the Herald Standard reports:
That’s not very reassuring, given that “lubrication” of faults is the main mechanism by which fracking causes earthquakes. (Indeed, the point is illustrated by the analogous fact that leading Japanese seismologists say that the Fukushima earthquake “lubricated” nearby faults, making a giant earthquake more likely than ever.) And as Akron Beacon Journal notes, fracking is allowed with 500 feet of nuclear plants:
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| Japan to join currency wars as exports slump Posted: 22 Oct 2012 03:13 PM PDT By Ambrose Evans-Pritchard Stephen Jen from SLJ Macro Partners said the global storm is drifting eastwards into Asia, opening a "third chapter" of the crisis that will last well into 2013. "Many analysts have declared that the low in the global economic cycle is in place. We are not convinced," he said, prediticting a rise in currency protectionism. Japan is the awakening giant in this conflict. The yen has risen 30pc against China's yuan, 65pc against the euro, and 80pc against Sterling since 2008. Tokyo is itching to fight back. Yen strength is Japan's curse. It rises on safe-haven flows during global downturns, choking the economy. This stems from Japan's bitter-sweet role as top creditor with $3 trillion of net assets.
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| Gold rebounds above key support, Fed statement eyed Posted: 22 Oct 2012 03:07 PM PDT 22-Oct (Reuters) — Gold prices climbed on Monday, partially recovering from the previous session's sharp decline, boosted by technical buying and better Indian physical demand following the recent price drop. Monday's gains lifted prices just above its 50-day moving average (DMA). Bullion appeared to bottom out and rebounded after sliding below the key chart support at $1,721 an ounce earlier in the session. With some investors staying on the sidelines ahead of the much-awaited policy statement from the Federal Reserve on Wednesday, a break below the 50 DMA could lead to further weakness, analysts said. [source]
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| Mining Stocks Now Provide Bargain Trade Opportunities: Florian Siegfried Posted: 22 Oct 2012 03:00 PM PDT The Gold Report: This is the first time you are speaking with The Gold Report, Florian, so maybe you could give us a brief overview of Precious Capital AG and its investment focus. Florian Siegfried: Precious Capital is an independent, privately held fund-management company in Zurich, Switzerland, with a team of financial and mining professionals. Our investment strategy is to identify undervalued future winners in the precious metals mining space. Often these are companies that are not yet the focus of the bigger institutional brokers, have good future expansion potential, have reasonable market capitalization and are driven by good management teams. We took over the company in December 2008, and since then the business has grown quite consistently and this year is performing very well for us. TGR: Can you give us your European perspective on the current global economic and financial situation and where things might be headed? FS: We are long-term bulls on gold because we think tha...
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| Gold Daily and Silver Weekly Charts - Gold Tags the Handle Target of 30% - Germany's Gold Posted: 22 Oct 2012 02:23 PM PDT |
| Bernanke Sedates Bond Traders Seeing Treasuries Added to QE3 Posted: 22 Oct 2012 01:58 PM PDT 22-Oct (Bloomberg) — The world's biggest bond traders say the Federal Reserve will decide before year-end to buy Treasuries in addition to purchasing $40 billion of mortgage bonds a month as gains in U.S. employment and consumer confidence prove unsustainable. All 21 primary dealers that trade with the central bank expect its latest quantitative-easing measures to be expanded to include government securities, according to a survey last week by Bloomberg News. Rather than increasing on speculation the central bank's latest measures would spur the economy, volatility in the bond market has held at about the lowest since 1988, a sign of continued demand for the safety of Treasuries. While the unemployment rate fell to 7.8 percent in September, the lowest level since 2009, and consumer confidence climbed to a six-month high, traders are looking ahead to a potential slowdown if Congress fails to avert $607 billion in mandated tax increases and spending cuts starting Dec. 31 and as Europe's debt crisis drags into a fourth year. Economists at JPMorgan Chase & Co. cut their forecasts on Oct. 18 for U.S. economic growth in the first and second quarters of 2013. [source] PG View: Another expansion of quantitative measures, just slightly more than a month after QE3 was announced, could be the catalyst that would drive gold definitively above $1800.
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| Ambrose Evans-Pritchard: Japan to join currency wars as exports slump Posted: 22 Oct 2012 01:46 PM PDT By Ambrose Evans-Pritchard http://www.telegraph.co.uk/finance/financialcrisis/9626542/Japan-to-join... Japan is poised to join the world's "currency wars" as it battles a triple crisis of crashing exports, recession, and a suffocatingly-strong yen. The country's exports plunged 10.3 percent in September from a year ago, dimming hopes of rapid recovery in the Far East. Exports to Europe crashed 21 percent. Shipments to China fell 14 percent as the Diaoyu-Senkaku islands dispute led to a slump in car sales. Honda, Mazda, and Nissan all saw sales plunge near 30 percent as Chinese consumers boycotted Japanese brands. Nomura said the export slump will push country into full recession. Stephen Jen from SLJ Macro Partners said the global storm is drifting eastwards into Asia, opening a "third chapter" of the crisis that will last well into 2013. "Many analysts have declared that the low in the global economic cycle is in place. We are not convinced," he said, prediticting a rise in currency protectionism. ... Dispatch continues below ... ADVERTISEMENT GoldMoney adds Toronto vaulting option In addition to its precious metals storage facilities in Hong Kong, Switzerland, and the United Kingdom, GoldMoney customers now can store their gold and silver in a high-security vault operated by Brink's in Toronto, Ontario, Canada. GoldMoney also has recently partnered with Rhenus Freight Logistics to offer another gold storage option in Switzerland. The Rhenus vault is in the secured zone of Zurich Airport and offers customers superb security as well as the ability to inspect their gold. Storage at the new vaults in Canada and Switzerland is available at GoldMoney's lowest fees. Customers can select their storage location when placing their buy order. GoldMoney customers can take delivery of any number of gold, silver, platinum, and palladium bars from any GoldMoney vault, as well as personally collect their bars stored in the Hong Kong, Switzerland, and U.K. vaults. It's easy to open an account, add funds, and liquidate your investment. For more information, visit: http://www.goldmoney.com/?gmrefcode=gata Japan is the awakening giant in this conflict. The yen has risen 30 percent against China's yuan, 65 percent against the euro, and 80 percent against Sterling since 2008. Tokyo is itching to fight back. Yen strength is Japan's curse. It rises on safe-haven flows during global downturns, choking the economy. This stems from Japan's bittersweet role as top creditor with $3 trillion of net assets. Hans Redeker from Morgan Stanley says this pattern may soon change as political upheaval in Tokyo and surging public debt of 245 percent of GDP usher in an era of devaluation. The Liberal Democratic Party (LDP) -- likely to win the Diet vote expected in December -- has written into its manifesto that the Bank of Japan should switch to an inflation and currency target. Pressure is growing for quantitative easing on a much greater scale to break out of the deflationary trap. Mr Redeker expects the yen to weaken from 79 to 84 by Christmas, reaching 90 next year. "We think Japan will no longer be able to fund government debt (JGBs) from domestic investors as soon as 2015. They will have to print money instead. They can't afford to let bond yields rise because JGBs already make up 25 percent of bank balance sheets. A rise in yields would set off a crisis." Mr Redeker said the yen has been kept strong by Japanese insurers and pension funds hedging their $1.8 trillion holdings of foreign bonds with currency swaps. They are now fully hedged. This pillar of support has been knocked away. Klaus Baader from Societe Generale said any attempt to weaken the yen risks disturbing a fragile equilibrium. "A policy of currency depreciation could trigger flight out of Japanese assets. This could trigger a crisis in the JGB market and do more harm than good," he said. Mr Baader said Japan should copy the Swiss, who fixed the franc against the euro at CHF 1.20 last year and vowed to defend the line by printing whatever it takes. A yen-dollar peg of 85 or 90 would slow the "hollowing out" of Japan's industry without frightening the horses. Whatever happens, Japan's days as an export superpower seem numbered. Its once vast current account surplus has vanished altogether since the Fukushima disaster last year. The decision to abandon nuclear power has left the country reliant on imported fuel. It may face soon face a structural trade deficit. The workforce is shrinking ever year as the bulge in pensioners grows. The currency has to give. 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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| Significant Monetary Change Is Likely Headed Our Way Posted: 22 Oct 2012 01:45 PM PDT  On the heels of continued volatility in gold and silver, today the firm that is calling for $10,000 gold released an excellent commentary. Paul Brodsky and Lee Quaintance are founding partners at QB Asset Management and the piece they put together below is outstanding.
This posting includes an audio/video/photo media file: Download Now |
| Posted: 22 Oct 2012 01:38 PM PDT Today, the entire world is succumbing to varying states of seizure as national populations continue to digest the fatal effects of the global financial crisis in 2008. Read More...
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| Gold, shares holding up well amid pre-election assault, Embry says Posted: 22 Oct 2012 01:24 PM PDT 2:20p ET Monday, October 22, 2012 Dear Friend of GATA and Gold: Sprott Asset Management's John Embry tells King World News today that gold and the mining shares are holding up well against the U.S. government's pre-election assault. The shares, Embry says, remain very underpriced compared to bullion. An excerpt from the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/22_E... CHRIS POWELL, Secretary/Treasurer 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.... 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. 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
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The German Bundesbank is now concerned with acquiring their physical gold, while other central banks are busily investing the cash they create into stocks (see the Banks of Japan, Israel, and the indirectly Federal Reserve-funded 
By all indications, the US ruling class of Wall Street financiers is determined to follow Greece, Spain, Portugal, and Great Britain down the road to drastic austerity. The financiers of lower Manhattan are thus ignoring the evidence offered by these other countries showing that austerity policies reduce employment, lower production, cause severe mass privation, introduce powerful elements of chaos into society, and actually increase the government budget deficits in future years — meaning that austerity fails even in its own terms.
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