Gold World News Flash

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• Classified Report: Germany Withdrew 1000 Tons of Gold from BOE in 2000-01
• Bank Demand for Gold to Become Increasingly Dominant
• Gold Chart and Comments
• Guest Post: Secession Fever Sweeping Europe Meaningless Without Debt Repudiation
• Sprott's Charles Oliver Sees Momentum Building for Gold and Silver
• Is The Gold Correction Over? A Technical Look At Gold, HUI And The U.S. Dollar
• Why Did The Bundesbank Secretly Withdraw Two-Thirds Of Its London Gold?
• Dow:Gold ratio makes $12,400-an-ounce gold look a realistic target
• The European Nash Dis-equilibrium Through The Eyes Of A Greek
• Commodity Technical Analysis: Gold 1685/91 is Probable Support if Reached
• Gold Price During Stage Three – Up Down Up Down Up
• The Gold Price Continued it's Correction but is Slowing Silver Also Continues to Fall
• Gold-Backed Bonds & Europe's New Gold Standard
• Buy gold's dips as money printing fails to induce growth, Rule says
• Technical Charts For Gold, HUI Index And The US Dollar
• Central Planners Greatest Fear, Possible Surprises & Gold
• James Bond, Buffett's Martian, and Europe's New Gold Standard
• Worth its Weight: Six Reasons to Buy Gold Today
• Max Keiser interviews Lars Schall about Germany's gold reserve
• Gold Seeker Closing Report: Gold and Silver End Mixed
• Bundesbank slashed London gold holdings in mystery move
• Gold Daily and Silver Weekly Charts - Hunger Games
• Gold and silver are crucial to the liberation of all markets
• So just ask them: Western central banks have enormous secrets about gold
• Gold Falls as Draghi to Enter the Lion’s Den
• Central Banks Game Plan: One World Currency
• U.S. Monetary Cliff? Fed Dilemma Will Continue for Many Years
• Europe's 21st Century Gold Standard vs. Warren Buffett's Martian
• Europe's 21st Century Gold Standard vs. Warren Buffett's Martian
• Peter Vermeulen's European Perspective on Targeting Mining Winners

Classified Report: Germany Withdrew 1000 Tons of Gold from BOE in 2000-01 Posted: 24 Oct 2012 10:09 PM PDT On Monday, we reported that the German Financial Accountability Office had mandated the Bundesbank repatriate 150 tons of German gold from the NY Fed over the next 3 years. While this was to be expected and even inevitable in the … Continue reading →

Bank Demand for Gold to Become Increasingly Dominant Posted: 24 Oct 2012 10:00 PM PDT by Julian Phillips, MineWeb.com The gold and silver price have and will move in tandem with each other, with silver moving higher still when gold prices rise and falling further when gold prices fall. Despite different fundamentals behind the two and a different pattern of mining [silver is a by-product of base metal production usually] the two metals are reflecting their value as a means of saving value and wealth, their monetary value. This won't change as we see the economic currents behind the world's financial system continue to falter. After all, for several millennia, man has not trusted man's promises, but has referred to the precious metals to determine true value. So why should the last forty plus years change that, particularly when the 40-year + experiment with a paper financial system has shown so many structural faults. Looking at the state of the world's monetary system what do we see today that will dictate the prices of gold and silver tomorrow? Read More @ MineWeb.com

Gold Chart and Comments Posted: 24 Oct 2012 09:46 PM PDT [url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] Gold's failure to hold the $1720 level has led to increased selling pressure taking the metal down to strategic psychological support at the round number of $1700. The market is bouncing off of that level in Asian trade this evening as dip buyers/bargain hunters move in to take advantage of the nearly $100 fall in price from its recent peak made a few weeks ago. If the bulls can take the price back up through the blue line marked "FAILED SUPPORT", gold should stabilize and range trade. If $1700 gives way, then price is headed for a test of the line marked "SECONDARY SUPPORT". Notice how the previous steps of the stair step pattern higher are serving as support on the downside. As each of those support levels fail, the next step becomes the new support level. Right now there is still no sign of a bottom but the market has come down quite a bit so it would not be unexpected to see it stabilize...

Guest Post: Secession Fever Sweeping Europe Meaningless Without Debt Repudiation Posted: 24 Oct 2012 08:51 PM PDT Submitted by Ron Holland via The Daily Bell blog, While regional independence is superior to both the failing European Union and the façade of special interest controlled democracy, one further action should taken by any jurisdictions that choose secession: Newly restored sovereign nations should repudiate their share of the illegitimate sovereign debt when they exit existing unions and nation-states. Created by distant banking elites buying national politicians and parliaments to load up on sovereign debts that can never be paid off, this massive national debt load is illegitimate and destructive to existing and new national economies. Governments have three ways to deal with debt loads of this magnitude: The first is hyperinflation designed to destroy the payoff value of the debt, second is the official repudiation of the debt or third, a combination of both options. Attempting to hold the bankers accountable is not an option. The investment banks like Goldman Sachs and a few others have already made their money packaging and selling the debt and derivatives so they are now out of the deal. At this point, the world waits for eventual sovereign debt repudiation. The first nations to repudiate sovereign debt will have the advantage; this is why restored nations should repudiate these debts and not burden their new national economy and citizens with this junk debt. In addition, these nations should repudiate their existing politicians and representatives, controlled by the financial elites who supported the debt accumulation; because once independence is restored there is nothing to stop politicians on the take from doing the same thing again. European Style Secession Fever Now, there is no question that regional secession has a bad reputation, primarily due to the bloodbath that took place in the United States from 1861 to 1865. Today, most national governments strongly oppose independence and secession because this legal and legitimate action reduces tax revenues. However, few governments would consider the deplorable Lincoln alternative of military conquest that killed almost 600,000 Americans, North and South. Although the establishment press issues many negative news accounts about secession fever sweeping Europe, I believe this is actually a positive political development and possibly the only solution to the sovereign debt crisis. For instance: The Return of the Venetian Republic? Catalonia Secession From Spain Bavaria Interested in Secession Europe's Richer Regions Want Out Secessionist Wave Sweeps Belgium Flanders Wants Out of Belgium Scotland Seals Terms of Historic Independence Vote Some Want Out of the USA Vermont Independence It is time for the restoration of formerly independent countries, each with their own unique cultural and ethnic heritage, that were forced at gunpoint into larger empire states. My recommendation is to leave most of the illegitimate sovereign debt behind when they go. Venice wants out of Italy, Catalonia out of Spain, Bavaria out of Germany, Scotland and Wales want to leave the United Kingdom, the Flemish want out of Belgium. Even Vermont and some in the South want to regain their former status as sovereign republics separate from the most debt-ridden empire in world history, the United States. Just as important, Greece, Italy, Ireland, Spain and Portugal – and there are even demands in Germany itself – want to leave the EU and euro witches' brew created by their leaders. After all, the EU is a failure and these member nations may have to leave the European Union and restore their national currencies in order to grow their economies once again. The Necessity of Sovereign Debt Repudiation Once austerity measures and tax increases have bankrupted most of the private sector and the current sovereign debt crisis reaches critical mass, then every nation will repudiate most of its debts as well as renege on promised health and social benefits. Newly sovereign nations can act now to position themselves with a distinct advantage when this occurs. These nations will have been able to limit austerity measures, reduce confiscatory tax increases and safeguard their citizens' private wealth by repudiating sovereign debt. If these steps are taken immediately upon independence, they should be able to avoid the majority of economic collapse caused by the coming Western sovereign debt repudiation. Citizens are deservedly outraged at their politicians, bankers and governments and new governments, taxing jurisdictions or political lines drawn on a map may provide some nationalist, cultural or historical benefits. But independence without repudiation will do nothing to solve the collapsing standards of living and crippling austerity measures I see in our collective future. Most of the countries in the West will eventually default on their sovereign debts using a war or financial crisis as the excuse. Like the Reichstag fire under Hitler, the excuse can be either a manufactured black-flag event or a policy readied in advance and implemented when the right excuse comes along. This will not happen until most middle-class wealth and benefits, including retirement and health benefits, are stolen using the twin theft traps of austerity or hyperinflation caused by the sovereign debt crisis. For once, even most government employees will be raped and pillaged, as their promised benefits will evaporate because in the future their make-work jobs alone will be enough to guarantee their votes. It isn't like most will or can work in the private sector after a lifetime of government employment. History Shows All National Boundaries and Structures Change Over Time All government boundaries and structures change over time. Comparing a map of early 20th century Europe, Asia or Africa with one outlining national boundaries or tax jurisdictions today makes that clear. The same is true for governments, Russia being a case in point. It began the 20th century under a monarchy czarist government, became communist in 1917 and later returned to a similar centralized government under Putin, following the collapse of communism and the Soviet Union. The United States fought for independence and was governed for over a decade under a confederation form of government like Switzerland until the Constitution was instituted. Then it was a decentralized republic until the Civil War when it shifted to an increasingly powerful Washington government until the early 20th century when it became an empire. Early forms of governments began under tribal associations where chieftains led and the people followed. This was then often either supplanted or combined with religious institutional leadership to better control and manipulate the population and take their crops, wealth etc. Later with the rise of the Roman republic and its transition under Caesar into a worldwide empire in the West, government ruled with some degree of benefit for the populations. Following the fall of the Roman Empire in the West, once again chieftains, who eventually became royalty and monarchs, ruled alongside the Church for centuries until the Protestant Reformation developed with help from the Gutenberg printing press. Then the Catholic and Protestant churches ruled in conjunction with monarchy and the divine right of kings. The Protestant movement split into many Churches and religious institutions, some in support of government and others in opposition. At first, wealthy and educated people began to rightly clamor for a parliament and for a say in their government. This citizen input really improved government and for the first time made it accountable to the people – at least those educated and with property. This was probably a time of the best government in the West. Parliamentary democracy grew in popularity along with the growth of money, trading and banking. Central banking actually began in Venice and broader forms of democracy were added so that wealthy banking families could rule behind the scenes under the cover of mob-rule styled democracy. As the power of monarchy and the Church weakened, democracy evolved into mob rule of the masses and politicians were forced to borrow and go into massive debt in order to stay in power by promising more than the government could provide. This in turn has led to the sovereign debt crisis the West is facing today. This has now turned into an austerity and sovereign debt crisis, and people rightly long for a return to local accountability and leadership under their smaller and culturally distinct governments. The result is a growing secession movement toward regional, independent governments and away from the new but distant supranational governments like the European Union. This is good news for liberty and prosperity but bad news for the power elites wanting to control wealth and people across the Western world. Following are a few thoughts on home rule, secession and the restoration of independent nations: Follow the New Guard Rather Than the Old Elites   New nations today are usually the return to nation status of a country or region forced by previous military force or non-elective actions to join a union such as the EU. Supporters and advocates should follow the real independence leaders and parties rather than any "Johnny-come-lately," old-guard political hacks or existing parties who see their power and control challenged. Beware existing political elites who often will do anything to maintain their power base and financial incentives, even for a time becoming "patriots."   Repudiate Much of the Existing Sovereign Debt   Remember, all sovereign debt principal and interest/debt servicing accumulated over the last couple of decades are just a giant Ponzi scheme, run for the benefit of the banks selling the debt and the politicians using borrowed funds to buy votes and temporary political support. This is a most cruel and illegitimate type of generational theft and debt whereby politicians, banks and voters of one generation actually work together to better their situation at the expense of future generations.   Sadly, majorities in the West have chosen to steal from their children and grandchildren in order to live it up today. Instead of creating a legacy of wealth for their posterity, too many of this generation have stolen and squandered the economic future and prosperity of the next generations.   Create An Independent Currency   Why should a shadowy, central banking cartel have the sole, very lucrative franchise in each nation to create the fiat paper money supply out of nothing, thus enriching themselves and their backers at the expense of each nation and citizens? Central banks, if they exist at all, should be loyal and accountable to the nation in which they are domiciled and operate under close audit and supervision by the government and the people in each national jurisdiction. Of course, each nation should decide whether to offer fiat currency, a commodity-backed currency or currency competition including private alternatives.   Learn From Switzerland, the Only Successful Political Structure in the 20th Century Each new and restored nation must, of course, meet the unique needs and demands of its population but why duplicate failure with the same politicians that earlier led that nation to ruin and bankruptcy? Although there are exceptions, the replacement of national government politicians with local or regional government politicians who formerly supported the federal structure – or in the case of the EU, supra-national government structure – accomplishes little of substance. I consider Switzerland, with its decentralized confederation form of government held in check by its citizens through the political rights of referendum and initiative, to be the best government solution for prosperity and liberty. This is ultimately the reason Switzerland did not join the EU and why this nation with few natural resources is the economic success story of the world. Therefore, to the coming restored nations of Europe, I wish you well in your attempt to break away from powerful interests and foreign central governments that have forced their control and authority over you. May you succeed in the restoration of a legitimate local and historical government that hopefully will avoid the mismanagement of your economy, exploitation of your resources and destruction of your heritage, culture and prosperity. As you undertake this endeavor, keep this in mind: All government bureaucracies grow until contained, taxes rise until curtailed and politicians borrow and seek power until thrown out of office. A limited confederation style of government is the best way to ensure that power and authority remain with the citizens instead of the powerful interests that always seek to corrupt and take over government to benefit themselves over the citizenry. Hopefully, all formerly independent nations and free people are able to peacefully withdraw from the larger nation-states with restored sovereignty, increased freedom and a limited, confederation form of government. They can thereby set a political and economic example for other nations in the EU and elsewhere that smaller, regionalized government is far superior to large, inefficient nation-states. Remember, smaller is always better when talking about the size and extent of government.

Sprott's Charles Oliver Sees Momentum Building for Gold and Silver Posted: 24 Oct 2012 08:30 PM PDT by JT Long, The Gold Report: Sprott's Charles Oliver says it's a great time to be heading up a precious metals fund. Gold and silver companies are trading at spectacular valuations, quantitative easings by the governments of the world are poised to strengthen the metals' prices even further, and more bargains could be had soon if investors dump stocks to avoid taxes. In this interview with The Gold Report, Oliver, manager of the Sprott Gold and Precious Minerals Fund, talks about the momentum building for gold and silver and shares the names of undervalued opportunities. The Gold Report: Charles, at the beginning of the summer, you forecast that gold and silver prices would go up based on quantitative easing (QE) in the U.S. and Europe. Since then gold did take a leg up and has stayed above $1,700+/ounce (oz) and silver has stayed over $30/oz. QE3 was recently announced in the U.S., but some say pumping liquidity into the system is having diminishing returns. Have precious metals reached a ceiling or is there still room to go up? Charles Oliver: I expect precious metals prices to rise significantly over the next decade. A large part of it as a result of QE and other money printing programs. The U.S. did announce QE3 recently. Having said that, it hasn't started running up the printing press. A good rise in precious metals is yet to come. Read More @ Theaureport.com

Is The Gold Correction Over? A Technical Look At Gold, HUI And The U.S. Dollar Posted: 24 Oct 2012 08:05 PM PDT By Vin Maru Gold Analysis Looking at the gold chart below, we can see that gold has been correcting over the last two weeks. When applying some technical analysis to the gold chart, we can clearly see that there would have been overhead resistance at $1800 since most of the year gold has traded between [...]

Why Did The Bundesbank Secretly Withdraw Two-Thirds Of Its London Gold? Posted: 24 Oct 2012 07:22 PM PDT from Zero Hedge: Two days ago we reported that the German Court of Auditors demanded that the German Central Bank, the Bundesbank, verify and audit its official gold holdings consisting of 3,396 tons, held mostly offshore, namely New York, London and Paris, at least according to official documents. It also called for repatriation of 150 tons in the next three years to perform a quality inspection of the tungsten gold. Today, in a surprising development, via the Telegraph we learn that none other than the same Bundesbank which is causing endless nightmares for all the other broke European nations due to its insistence for sound money, decided to voluntarily pull two thirds of its gold holdings held by the Bank of England. According to a confidential report referenced by the Telegraph, Buba reclaimed 940 tons, reducing its BOE holdings from 1,440 in 2000 to 500 in 2001 allegedly "because storage costs were too high." This is about as idiotic an excuse as the Fed cancelling its reporting of M3 in 2006 because "the costs of collecting the underlying data outweigh the benefits." So why did Buba repatriate its gold? Ambrose Evans-Pritchard has an idea. The shift came as the euro was at its weakest, slumping to $0.84 against the dollar. But it also came as the Bank of England was selling off most of Britain's gold reserves – at market lows – on orders from Gordon Brown. Read More @ Zero Hedge.com

Dow:Gold ratio makes $12,400-an-ounce gold look a realistic target Posted: 24 Oct 2012 06:30 PM PDT by Arabian Money: It was fascinating to read the comments of 'Mr Gold' Jim Sinclair this week about gold heading for $3,500 to $12,400-an-ounce as a result of a shift in spread management by the bullion banks (click here). He used to run one so knows exactly when and why these banks are likely to slash their short positions and go fully long in the precious metal. However, a consideration of the famous Dow:Gold ratio is also relevant here as a confirmation of where this price swing will go. Historically the ratio of the Dow Jones Index to the price of gold has in extremis swung to parity with one ounce of gold equal in value to the dollar-value of this index (see graph below, it is an unmistakeable trend). Read More @ ArabianMoney.com

The European Nash Dis-equilibrium Through The Eyes Of A Greek Posted: 24 Oct 2012 05:58 PM PDT In a somewhat mind-blowing 'gotcha' this evening (that we saw coming from the moment the words left his lips), the Greek finance minister has been forced to admit he's a lying cheat drop claims that he had secured a two-year extension for debt repayments and an agreement with creditors over EUR13.5bn in proposed austerity measures - because HE HADN'T! As The Guardian reports, Stournaras played to stereotype perfectly (the Greeks only got in the euro thanks to off-market currency swaps to reduce debt optics off-balance sheet) by lying once again (if you lie big enough it has to stock, right?). The U-turn - which he was forced to make after Germany denied the deal (yes Zee Germans again the only ones that anyone should be listening to) - caused chaotic scenes in parliament. As we have vociferously described, and Mr. Panos confirmed, the leverage is all with the Greeks (as much as the world does not want to admit it) as one Greek official said (frighteningly honestly!): "Even if the troika give us a negative report, what are they going to do? Are they really going to not give us the installment [to keep Greece's economy afloat] two weeks before the US elections, with everything that entails – default, bankruptcy, global market turmoil? These labour reforms will turn our country into Bangladesh. They have no fiscal benefit and will actually derail the adjustment program. The political system will collapse if we impose them. The troika is demanding that we commit suicide!"   Via The Guardian: Chaos in the Greek parliament following a row over the country's revised bailout plan brought fresh gloom to the eurozone as figures showed the currency union moving closer to recession.   The Greek finance minister was forced to drop claims that he had secured a two-year extension for debt repayments and an agreement with creditors over €13.5bn (£10.9bn) of proposed austerity measures when he addressed MPs on Wednesday.   Yannis Stournaras had previously told MPs that a deal was ready, only to later admit that negotiators had yet to approve a final draft. The U-turn, which Stournaras was forced to admit after Germany denied any deal, triggered chaotic scenes in parliament as opposition MPs objected to proposed tax rises and job cuts.   It was unclear last night whether the government will be able to submit two separate bills on austerity cuts and labour reforms due to be debated in parliament next week.   Greece has spent months in talks with its creditors, headed by the troika of the International Monetary Fund, the European Central Bank and the European Union.   Stournaras wants Greece to cut its debt pile by reducing the interest and extending the term of its bailout loans. Analysts still expect Athens to win improved loan terms, though not until it relinquishes more supervisory powers to the troika, which wants to closely monitor any deal.   One Greek official said the troika would need to back down over demands for tough labour laws or risk a political revolt.   "Even if the troika give us a negative report, what are they going to do? Are they really going to not give us the instalment [to keep Greece's economy afloat] two weeks before the US elections, with everything that entails – default, bankruptcy, global market turmoil?" he asked.   "These labour reforms will turn our country into Bangladesh. They have no fiscal benefit and will actually derail the adjustment programme. The political system will collapse if we impose them. "The troika is demanding that we commit suicide, which is why we believe this is a matter that should be solved on a political level by the prime minister and not with the troika."   Stournaras was forced into his U-turn after the German finance minister, Wolfgang Schäuble, told reporters in Berlin that a deal would be impossible until the troika concluded its report.   Schäuble, who is a key architect of the austerity measures dominating Europe's economic landscape, warned that the eurozone's finance ministers must also read the report before agreeing to the two-year loan extension called for by the Greek government. ... and as a reminder, The Greek Plan for Dummies:

Commodity Technical Analysis: Gold 1685/91 is Probable Support if Reached Posted: 24 Oct 2012 05:11 PM PDT courtesy of DailyFX.com October 24, 2012 03:04 PM Daily Bars Chart Prepared by Jamie Saettele, CMT Commodity Observations: Gold is nearing potentially strong support from the 38.2 retracement of the rally from 1522.50 at 1691.40 and 9/7 low at 1689.05. The decline from the top would consist of 2 equal legs at 1685.63 (also the 9/3 low). Commodity Trading Strategy Implications: 1685-1691 is a level to consider longs LEVELS: 1646 1677 1685/91 1714 1730 1753...

Gold Price During Stage Three – Up Down Up Down Up Posted: 24 Oct 2012 05:00 PM PDT by Darryl Schoon , SilverBearCafe.com: STAGE 3: The price of gold is subject to increasing highs and lows and large investment funds move in and out of gold as global uncertainties wax and wane, a sign that gold is increasingly a haven in uncertain times. – pp. 151-152, Time of the Vulture: How to Survive the Crisis and Prosper in the Process, DRS, 3rd ed., 2012 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. On October 19th, Commerzbank attributed the day's 1.3 % fall in the price of gold to speculative financial investors: Read More @ SilverBearCafe.com

The Gold Price Continued it's Correction but is Slowing Silver Also Continues to Fall Posted: 24 Oct 2012 04:58 PM PDT Gold Price Close Today : 1708.30 Change : -16.80 or -0.97% Silver Price Close Today : 31.768 Change : -0.459 or -1.42% Gold Silver Ratio Today : 53.774 Change : 0.245 or 0.46% Silver Gold Ratio Today : 0.01860 Change : -0.000085 or -0.45% Platinum Price Close Today : 1560.20 Change : -12.90 or -0.82% Palladium Price Close Today : 593.05 Change : -1.10 or -0.19% S&P 500 : 1,408.75 Change : -4.46 or -0.32% Dow In GOLD$ : $158.25 Change : $ 1.26 or 0.80% Dow in GOLD oz : 7.655 Change : 0.061 or 0.80% Dow in SILVER oz : 411.65 Change : 5.08 or 1.25% Dow Industrial : 13,077.34 Change : -25.19 or -0.19% US Dollar Index : 79.91 Change : -0.048 or -0.06% The GOLD PRICE closed today at $1,700.50, $7.50 lower than yesterday. Silver followed right along, losing 17.5 cents to 3159.5c. Although the GOLD PRICE is declining less and more slowly every day, sellers continue to batter it relentlessly. This decline is cooked into the market's mind, otherwise today's FOMC announcement -- "We're still going to keep on inflating!" would have kicked gold into high gear. By "cooked in the market's mind" I mean that rallies and declines, the outcome of thousands of participants, just have to work through the minds of all those people. And humans are herd animals, but who knows why a herd of wildebeests or a flock of blackbirds or a school of salmon all wheel right or left at once in perfect unison? Nobody, but they do. So we have to patiently wait until markets reach the inevitable excess in one direction before they turn and go the other. It's a mystery, like why any woman would every love any man, or why my wife loves me -- but she does. The GOLD PRICE decline is decelerating, but as it stands below its 20 DMA ($1,757.12) and 50 DMA ($1,726) momentum is dragging it down. Where might it halt? Just below $1,700, about $1,690, there was a tussle on the way up. Then comes $1,680, where over the past 16 months many other battles have been fought. Below that the 150 DMA ($1,650) and 200 DMA ($1,663.80) are waiting to catch gold. That level also marks a 61.8% correction. RSI and MACD indicators have dived deep, but have not yet signalled an upturn. For those outraged by silver's fall, I'd remind y'all that it is up 21% from its July 2610c low. All things considered, not so terrible. For the SILVER PRICE 3200 cents has become a portal barred and locked. Today's low came at 3153c. Silver has already fallen below its milestone 300 DMA (3197c). Don't panic, a return for a last kiss good-bye is frequent. 200 DMA stands beneath to catch silver at 3098c. Beneath that the uptrend line from the July and August lows stand about 2950. And there's more support from the summer highs around 2840c. Most of all, SILVER IS IN A BULL MARKET. In bull markets, corrections always eventually resolve by turning up. Same holds for gold. I know waiting through these corrections is almost as much fun as wearing towsack underwear, but it shouldn't last much longer now. Better yet, we are going to get an opportunity to buy much more silver and gold, more cheaply. Surprise, surprise: the world's still going to hell in a handbasket, and the Federal Reserve Open Market Committee did nothing to stop its slide. They're just going to keep on pouring voltage to the printing machines. I'm not sure exactly where the US dollar index closed but right now it's trading 4.8 basis points lower than this time yesterday, at 79.912. High today was 80.151, with a much higher low at 79.82. Dollar is tugging at the leash to go higher. Currencies: US$1.00 = Y79.80 = E0.7707. Euro looks like too-old baloney in the meat cooler, with that greenish glaze on it. Closed today at $1.2975, down 0.8%. No significant move, but traded below its 20 DMA (now 129.69) most of the day, then closed not far above. Not optimistic, when the trend is down. After a nasty plunge through most of October, the Yen appears to have hit pavement. Today it gained 0.8% to to 125.31 cents per 100 yen. None of these currency charts are artifacts of nature. They all bear the scars of frequent government interventions. Things would probably be worse, but the US presidential election keeps enough uncertainty beclouding markets that few are brave enough to take large new positions. Safer to sit it out and see who wins. I know it makes y'all REALLY mad for me to say it makes no difference who wins, and I have received more than one smoking, glowing email to that effect. Friends, I would it were no so, but 'tis, and my lying about it won't change it a whit. For instance, if Mitt with Grit got elected, will he abolish the Federal Reserve? Restore constitutional silver and gold money? Pull the troops back from the 700 imperial overseas bases? Reduce government spending during a depression when over 50% of U.S. income arises from state and local and federal government spending? Will he purge the tapeworm banks from the nations' bowels? He won't -- he won't be allowed to -- do anything more dramatic than changing the trim on the White House curtains. All of these things are built into the structure of the US economy, and it will dry up and blow away without that inflation and government spending and war. Changing the captain on the Titanic while it's sinking won't help a bit. I'm sorry if my telling you that offends you, but it is the truth learned the hard way. Politics is a false messiah. Everybody has to learn that it's a delusion to believe the politicians are coming to save you or the country. Y'all had better be figuring how you can save yourself, your family, your neighbours  and your community. You rebuild your own community and the nation will take care of itself. 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.

Gold-Backed Bonds & Europe's New Gold Standard Posted: 24 Oct 2012 04:25 PM PDT Back in June this year, Donald Coxe told King World News that "that within the next three months we will find that something like this has been done for some of the countries in the eurozone". He was talking about a proposal by the  Council of Economic Experts in Germany to help highly indebted Eurozone nations [...] This posting includes an audio/video/photo media file: Download Now

Buy gold's dips as money printing fails to induce growth, Rule says Posted: 24 Oct 2012 04:17 PM PDT 5:13p CT Wednesday, October 23, 2012 Dear Friend of GATA and Gold: Fund manager Rick Rule today tells King World News that central bank money printing seems to have lost its capacity to induce growth, that turmoil in the South African mining industry is reducing production, and that gold should be bought on dips. An excerpt from the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/24_C... CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ADVERTISEMENT Prophecy Platinum Intercepts Best Pt+Pd+Au Grades Yet at Wellgreen Project in Yukon Territory: 5.36 g/t Company Press Release Tuesday, September 11, 2012 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 Wednesday-Saturday, October 24-27, 2012 Hilton New Orleans Riverside Hotel New Orleans, Louisiana http://www.neworleansconference.com/ * * * 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: http://gata.org/tshirts 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 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

Technical Charts For Gold, HUI Index And The US Dollar Posted: 24 Oct 2012 03:53 PM PDT Looking at the gold chart below, we can see that gold has been correcting over the last two weeks. When applying some technical analysis to the gold chart, we can clearly see that there would have been overhead resistance ... Read More...

Central Planners Greatest Fear, Possible Surprises & Gold Posted: 24 Oct 2012 03:26 PM PDT Today Rick Rule warned King World News that the central planners' greatest fear may be coming true, that their money printing is no longer having any economic impact and they are now pushing on a string. Rule also discussed possible surprises going forward, Germany's gold, and why he remains a strong buyer of gold. Here is what Rule had to say: "The action here in gold is not unexpected with the stronger dollar. You will note that the major markets are off the last couple of days, as well as commodities and most peripheral assets. But I continue to believe that buying bullion on weakness is a prudent thing to do, and probably a profitable thing to do as well in the one-, two-, and three-year time frames." This posting includes an audio/video/photo media file: Download Now

James Bond, Buffett's Martian, and Europe's New Gold Standard Posted: 24 Oct 2012 03:05 PM PDT Europe's huge gold reserves are currently more useless than Bond-villain Auric Goldfinger could wish. Let's say you owe the world €2 trillion, but you also hold the world's 4th largest hoard of physical gold. Read More...

Worth its Weight: Six Reasons to Buy Gold Today Posted: 24 Oct 2012 02:49 PM PDT by Axel Merk – Merk Fund 22-Oct (24hGold) — Imagine the surprise of the world's first circumnavigator, Ferdinand Magellan, when upon arriving on the sandy shores of the present-day Philippines in March 1521 after the first- ever Pacific crossing, he was offered a gold bar and some spices by the native king. Gold – it was a store and show of wealth, even there, even then – in uncharted, uncivilized territory, halfway around the world, half a millennium ago. Perhaps Magellan shouldn't have been so surprised. Gold had been "money" for more than 2000 years prior to his time. The first gold coins were struck in about 700 B.C. in modern day Greece. Throughout recorded history, other assets like weapons, spices, art, metals and even food have had their day as leading stores of wealth, but gold has endured as the supreme evidence of wealth across all cultures and time. Reason 1: Hedge Against Inflation Reason 2: Store of Wealth Reason 3: Central Banks Fill Their Vaults Reason 4: Protecting Your Purchasing Power Reason 5: They Ain't Making More of It Reason 6: It Pays to Cover the Field [source]

Max Keiser interviews Lars Schall about Germany's gold reserve Posted: 24 Oct 2012 02:46 PM PDT 3:45p CT Wednesday, October 24, 2012 Dear Friend of GATA and Gold: German financial journalist Lars Schall, whose questioning of Western central banks about their secret activity in the gold market was called to your attention today -- http://www.gata.org/node/11862 -- was interviewed about the German gold reserve and the secrecy around it last week on Max Keiser's "On the Edge" television program on PressTV. The interview is 23 minutes long and it is posted at YouTube here: http://www.youtube.com/watch?feature=player_embedded&v=QYWWwIYS5Pk CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ADVERTISEMENT Fred Goldstein and Tim Murphy open All Pro Gold Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/. Join GATA here: New Orleans Investment Conference Wednesday-Saturday, October 24-27, 2012 Hilton New Orleans Riverside Hotel New Orleans, Louisiana http://www.neworleansconference.com/ * * * 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: http://gata.org/tshirts 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Opinion Around the World Is Changing in Favor of Gold -- Find Out Why 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

Gold Seeker Closing Report: Gold and Silver End Mixed Posted: 24 Oct 2012 02:39 PM PDT Gold traded mostly slightly lower in Asia and London, but it then fell back off in New York and ended near its early afternoon low of $1698.60 with a loss of 0.35%. Silver slipped to as low as $31.52 in late morning New York trade, but it then bounced back higher in afternoon trade and ended with a gain of 0.19%.

Bundesbank slashed London gold holdings in mystery move Posted: 24 Oct 2012 02:30 PM PDT October 24, 2012 11:24 AM - Germany withdrew two thirds of its vast holdings of gold from Bank of England vaults shortly after the launch of the euro more than a decade ago, according to a confidential report that emerged on Wednesday. Read the full article at the Telegraph......

Gold Daily and Silver Weekly Charts - Hunger Games Posted: 24 Oct 2012 02:07 PM PDT This posting includes an audio/video/photo media file: Download Now

Gold and silver are crucial to the liberation of all markets Posted: 24 Oct 2012 02:02 PM PDT The first thing to understand when you're investing in the resource sector is that all major markets are now manipulated, mostly surreptitiously, by governments. There are a few reasons for this explosion of manipulation but the big ones are that the world economy has grown terribly unstable in recent years (in large part because of smaller manipulations by governments) and because an international currency war has broken out.

So just ask them: Western central banks have enormous secrets about gold Posted: 24 Oct 2012 02:01 PM PDT It's strange what you encounter when you try to take a serious look at the gold policy of central banks and their agents, the bullion banks. Some observers, including the Gold Anti-Trust Action Committee (GATA), estimate that Western central banks have on hand nowhere near as much gold as they claim. These observers suspect that much Western central bank gold has been sold or leased largely surreptitiously to restrain the gold price over the last two decades.

Gold Falls as Draghi to Enter the Lion’s Den Posted: 24 Oct 2012 01:48 PM PDT Today’s AM fix was USD 1,708.50, EUR 1,321.04, and GBP 1,069.28 per ounce.  Yesterday’s AM fix was USD 1,717.00, EUR 1,317.22, and GBP 1,072.12 per ounce. Silver is trading at $31.93/oz, €24.77/oz and &ound;20.02/oz. Platinum is trading at $1,577.25/oz, palladium at $596.70/oz and rhodium at $1,100/oz.

Central Banks Game Plan: One World Currency Posted: 24 Oct 2012 01:39 PM PDT Only those in total denial would claim that the world economies could grow their way out of the debt bubble. Mathematically, the rules of compound interest always destroy the purchasing value of fiat currencies. The era of zero interest rates will end. When the cost to finance debts reverts to normal levels, the bleeding will become a gusher. The world reserve currency status of Federal Reserve Notes will come under enormous pressure. As the central banks consolidate their control over international commerce and the economies of individual countries, the coin of the new realm will shift to a replacement for the U.S. Dollar.

U.S. Monetary Cliff? Fed Dilemma Will Continue for Many Years Posted: 24 Oct 2012 01:20 PM PDT As the presidential election is rapidly approaching, little attention seems to be getting paid to the question that may affect voters the most: what will happen to the “easy money” policy? Federal Reserve (Fed) Chairman Bernanke’s current term will expire in January 2014 and Republican candidate Mitt Romney has vowed that if elected, he would replace Bernanke. Given the tremendous amount of money the Fed has “printed” and the commitment to keep interest rates low until mid-2015, the election may impact everything from mortgage costs to the cost of financing the U.S. debt. Trillions are at stake, as well as the fate of the U.S. dollar.

Europe's 21st Century Gold Standard vs. Warren Buffett's Martian Posted: 24 Oct 2012 01:10 PM PDT Gold Bullion could actually be put to good use in the Eurozone crisis today... read more

Europe's 21st Century Gold Standard vs. Warren Buffett's Martian Posted: 24 Oct 2012 01:10 PM PDT Gold Bullion could actually be put to good use in the Eurozone crisis today... read more

Peter Vermeulen's European Perspective on Targeting Mining Winners Posted: 24 Oct 2012 01:05 PM PDT Peter Vermeulen, portfolio manager with the Plethora Precious Metals Fund in The Netherlands, offers a European perspective on investing in precious metals juniors. In this exclusive interview with The Gold Report, Vermeulen offers solid insights to help manage risk in junior mining portfolios.

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