Gold World News Flash |
- Potential Intermediate Term Targets for Gold & Gold Stocks
- Bradley Manning’s Lawyer Moves to Have All Charges Dropped
- Asian Metals Market Update
- Gold COT: on the cusp of a short-covering extraveganza?
- Silver Update 10/2/12 Fiscal Cliff
- Gold Seeker Closing Report: Gold and Silver Fall Slightly
- Yamada - Here Are The Key Levels To Watch On Gold & Silver
- Eric Sprott: Do Western Central Banks Have Any Gold Left?
- Gold humiliates government currencies this year and over 12 years
- Gold at critical price point, Arensberg says in Got Gold Report
- Potential Intermediate Term Targets for Gold and Gold Stocks
- Gold Inside Day at Elevated Level Portends Exhuastion
- You're a Potential Terrorist If You Are Young, Use Social Media, Or Question "Mainstream Ideologies"
- In The News Today
- Jim's Mailbox
- The Silver and Gold Price Lost Ground Today Both Tightening their Trading Range Ahead of a Likely Upward Breakout
- Eric Sprott and David Baker: Do Western central banks have any gold left?
- Video Got Gold Report Courtesy Release
- Gold Daily and Silver Weekly Charts
- Will Silver Shine Brighter Than Gold?
- Do Western Central Banks Have Any Gold Left???
- The Presidential Election "Double Tap"
- Gold Market Update - Oct 02, 2012
- Silver Market Update - Oct 02, 2012
- Schnapp – Employment Rising says Income Tax Receipts
- US Manufacturing “Unexpectedly Rebounds”?
- Ted Butler: Arguments Against Silver Manipulation
- LGMR: Gold Hovers After Touching New Highs, Gold Allocation "Part of Diversified Portfolio" says Pimco
- Drivers Of The Gold Car
| Potential Intermediate Term Targets for Gold & Gold Stocks Posted: 03 Oct 2012 08:11 AM PDT The precious metals complex rebounded strongly in August and September, which is typical when the larger trend is bullish. We believe the larger trend turned bullish with the bottom in May. However, weeks ago we noted targets of $1800 for Gold and 57 for GDX as resistance points. The market has begun a corrective period which should last deep into October. Nevertheless, such a correction would provide an excellent entry point before the market makes its next move higher. Today we examine potential medium term and intermediate term targets for Gold and the gold stocks.
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| Bradley Manning’s Lawyer Moves to Have All Charges Dropped Posted: 03 Oct 2012 12:00 AM PDT from Silver Vigilante:
This represents Coombs' longest motion of the trial thus far, and he is arguing for dismissal of all charges. In the document, he details PFC Manning's illegal pretrial confinement. The prosecution has repeatedly delayed the trial to the point at which "PFC Manning's statutory and constitutional speedy trial rights have been trampled upon with impunity."
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| Posted: 03 Oct 2012 12:00 AM PDT It's just a consolidation phase in gold, silver, copper and crude oil. Technically they are all bullish. The current consolidation phase will be broken soon and a new range will be formed. There can be big moves in gold and silver any time. One needs to be cautiously trading using stop losses.
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| Gold COT: on the cusp of a short-covering extraveganza? Posted: 03 Oct 2012 12:00 AM PDT Goldmoney
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| Silver Update 10/2/12 Fiscal Cliff Posted: 02 Oct 2012 11:11 PM PDT |
| Gold Seeker Closing Report: Gold and Silver Fall Slightly Posted: 02 Oct 2012 10:30 PM PDT Gold climbed up to $1784.19 by a little after 8AM EST before it fell back to $1771.22 by a little after 10AM EST and then bounced back higher midday, but it then fell back off again in early afternoon trade and ended with a loss of 0.1%. Silver rose to $35.04 before it fell back to $34.385 and then also bounced back higher, but it still ended with a loss of 0.37%.
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| Yamada - Here Are The Key Levels To Watch On Gold & Silver Posted: 02 Oct 2012 10:01 PM PDT  With gold trading near the $1,800 level and silver around $34.50, today King World News is pleased to share a piece of legendary technical analyst Louise Yamada's "Technical Perspectives" report. This information is not available to the public and we are grateful to Louise for sharing her incredible work with KWN readers globally.
This posting includes an audio/video/photo media file: Download Now |
| Eric Sprott: Do Western Central Banks Have Any Gold Left? Posted: 02 Oct 2012 09:40 PM PDT by by Eric Sprott & David Baker, Sprott Asset Management, via Gold Seek:
Collectively, the governments/central banks of the United States, United Kingdom, Japan, Switzerland, Eurozone and the International Monetary Fund (IMF) are believed to hold an impressive 23,349 tonnes of gold in their respective reserves, representing more than $1.3 trillion at today's gold price. Beyond the suggested tonnage, however, very little is actually known about the gold that makes up this massive stockpile. Western central banks disclose next to nothing about where it's stored, in what form, or how much of the gold reserves are utilized for other purposes. We are assured that it's all there, of course, but little effort has ever been made by the central banks to provide any details beyond the arbitrary references in their various financial reserve reports.
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| Gold humiliates government currencies this year and over 12 years Posted: 02 Oct 2012 08:27 PM PDT 10:28p ET Tuesday, October 2, 2012 Dear Friend of GATA and Gold: Our friends at GoldSilver.com have calculated the performance of gold against the world's major currencies for the first three quarters of this year and for the 12 years back to 2000, and those government currencies are all humiliated losers against the ancient monetary metal. The yearly performance report is here: http://goldsilver.com/article/race-to-debase-2012-q3-fiat-currencies-vs-... The 12-year performance report is here: But like Rodney Dangerfield, gold and its adherents still get no respect, so GATA promises to keep complaining. CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Fred Goldstein and Tim Murphy open All Pro Gold Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/. Join GATA here: New Orleans Investment Conference * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit:
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| Gold at critical price point, Arensberg says in Got Gold Report Posted: 02 Oct 2012 08:14 PM PDT 10:13p ET Tuesday, October 2, 2012 Dear Friend of GATA and Gold: Gold is at a critical price point, running into resistance that has held twice before, and the large commercial traders are now heavily short, Gene Arensberg says in the latest edition of the Got Gold Report. Still, Arensberg thinks that all big dips should be bought. The Got Gold Report is in audio format and posted in the clear here: http://www.gotgoldreport.com/2012/10/video-got-gold-report-courtesy-rele... 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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| Potential Intermediate Term Targets for Gold and Gold Stocks Posted: 02 Oct 2012 08:01 PM PDT The precious metals complex rebounded strongly in August and September, which is typical when the larger trend is bullish. We believe the larger trend turned bullish with the bottom in May. However, weeks ago we noted targets of $1800 ...
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| Gold Inside Day at Elevated Level Portends Exhuastion Posted: 02 Oct 2012 06:56 PM PDT courtesy of DailyFX.com October 02, 2012 02:13 PM Daily Candles Prepared by Jamie Saettele, CMT “After trading to a new high for 2012, gold reversed to close over $15 off of its high. Despite the action, trading from the short side is dangerous. The 1740 area was identified as a high risk area for bulls and that level was not only overcome, but also held as support on 9/26. The next high risk area isn’t until 1856/75. 1753 is now support.” Tuesday’s inside day (after an outside day nonetheless) produces a new objective risk level to operate from the short side. A drop below Monday’s low would warrant a bearish bias against Monday’s high. LEVELS: 1736.05 1750.90 1763.25 1791.49 1802.80 1819.05...
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| Posted: 02 Oct 2012 05:09 PM PDT Wired reports today:
And the government has more or less classified journalists as terrorists. So it’s time for an updated list of actions and beliefs which government officials have said may indicate “potential terrorism” …  The following actions may get an American citizen living on U.S. soil labeled as a “suspected terrorist” today:
Holding the following beliefs may also be considered grounds for suspected terrorism:
Postscript: Given that the U.S. government is directly supporting Al Qaeda and Iranian terrorists - and the fact that the government has removed some of these groups from the list of terrorist organizations for political reasons - a reader satirically jokes that only those U.S. citizens who join one of the actual terrorist groups which the U.S. now supports will avoid being labeled terrorists.
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| Posted: 02 Oct 2012 05:07 PM PDT My Dear Friends, We are of course Good King Arthur. The Black Knight appropriately represents the gold banks. The bridge in this battle represents $1775, a number with no deep technical meaning before it was selected as the gold line in the sand by some unseen muktar. The following video explains what is happening Continue reading In The News Today
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| Posted: 02 Oct 2012 05:01 PM PDT Dear CIGA Jim, $1,775 Gold is significant. TPTB wants silver to trade at a 1/50 Ratio with Gold. $1,775 Gold/50 = $35.50. The Bankers desperately want to keep silver below $35.50 because there are many buy stops here, and also because JP Morgan's silver derivatives book blows up if silver stays above $36 for Continue reading Jim's Mailbox
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| Posted: 02 Oct 2012 04:26 PM PDT Gold Price Close Today : 1772.70 Change : -7.80 or -0.44% Silver Price Close Today : 34.604 Change : -0.277 or -0.79% Gold Silver Ratio Today : 51.228 Change : 0.183 or 0.36% Silver Gold Ratio Today : 0.01952 Change : -0.000070 or -0.36% Platinum Price Close Today : 1682.90 Change : 1.40 or 0.08% Palladium Price Close Today : 648.96 Change : 8.60 or 1.34% S&P 500 : 1,445.75 Change : 1.26 or 0.09% Dow In GOLD$ : $157.22 Change : $ 0.32 or 0.21% Dow in GOLD oz : 7.606 Change : 0.016 or 0.21% Dow in SILVER oz : 389.62 Change : 2.16 or 0.56% Dow Industrial : 13,482.36 Change : -32.75 or -0.24% US Dollar Index : 79.74 Change : -0.073 or -0.09% The GOLD PRICE lost ground today, down $7.80 to $1,772.70, and silver was right by its side, losing 27.7 cents to 3460.4c. As with other markets, it wasn't so much that it fell as that it just edged down sidewise. Range today was tighter than yesterday's, probably reflecting investor uncertainty. High came at $1,784.05, low at $1,770.75, but on balance the sellers outnumbered the buyers. So the GOLD PRICE has resolved nothing, answered nothing, merely tightened its range. A close above $1,790 takes it higher, a close below $1,760 drags it lower. The SILVER PRICE range tightened to 3505 (lower than yesterday) and 3439.5c. We await a move above 3550c or below 3440c. Life isn't always lively. Silver and gold are becalmed on a sea of central bankers' intents. They will break one way or the other, and I am leaning toward upward. Today was a day notable only for its unnoteworthiness. Nothing much happened, unless you count the annoying presidential race, in which the nothing that did happen was puffed up to pass for something. It's a great thing that we on Plantation America every four years get to pick our overseer. After all, he works for us, right? I've been reading the Fed's September 13 announcement about QE3, and I've changed my mind. They won't be creating half a trillion new dollars. With all the other tricks, it will touch closer to a full trillion. How are y'all CDs doing? That dollar's safer than gold or silver, right? It doesn't go up and down like silver and gold do, so it's easier to keep up with. It just goes down. Y'all won't believe it, but people have actually said that to me, such prisoners are they of the dollar as their numeraire. Seems they haven't caught on that every price or exchange rate is a fraction, and one man's denominator is another man's numerator. For instance, today one US dollar buys 0.032 ounce of silver or 0.00056 ounce of gold. Whoa. That's a mighty long ways from 1913's 0.7734 and 0.0438. What happened in 1913? Oh, right, the Fed was founded. Coincidence. Those trashy central banks are killing market activity. I reckon folks are waiting for their [existentially meaningless] announcements about interest rates. Ozzie dollar fell today on its central bank announcement it is lowering interest rates. US dollar index has traded itself into an even-sided triangle, up against its downtrend line. Traded flat and a little down today, bounded by 79.848 and 79.479. Now down 7.3 basis points to 79.738. Dollar index is trading into that triangle's point, so something will happen soon, up or down. My money's on Down. Yen fell 0.26% today while the euro rose 0.26%. Euro barely poked its head into the downtrend line, and closed at $1.2919 (€0.7741) Yen barely fell through its 20 DMA (128.00c) to 127.90c (Y78.19). Quiet as a bar at 6:00 in the morning. Stocks behaved very oddly today. Indices all closed up slightly except the Dow, which fell 32.75 (0.24%) to 13,482.36. S&P500 gained a tiny 1.26 (0.9%) to 1,445.75. Whenever markets that OUGHT to move together gainsay each other, something funny might be brewing. Dow is bouncing along its 20 day moving average (13,445.65), piercing it today and Friday. S&P500 closed today almost on its 20 DMA (1,445.51). Significance of that is the 20 DMA's function as a trip wire and first warning of a change of direction. Spain is still causing investors acute dyspepsia. Bail out is on again, off again, but it won't help anybody but the banks -- certainly not the Spanish economy. 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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| Eric Sprott and David Baker: Do Western central banks have any gold left? Posted: 02 Oct 2012 02:43 PM PDT 4:40p ET Tuesday, October 2, 2012 Dear Friend of GATA and Gold: Eric Sprott and Eric Baker of Sprott Asset Management in Toronto today examine gold demand and production trends, note that (as GATA often has noted) Western central banks obscure everything about their gold reserves and even allow themselves to count leased and swapped gold as if it's still in their vaults, and conclude that most Western central bank gold is probably gone. The Sprott-Baker commentary is headlined "Do Western Central Banks Have Any Gold Left?" and it's posted at GoldSeek here: http://news.goldseek.com/GoldSeek/1349208462.php CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT GoldMoney adds Toronto vaulting option In addition to its precious metals storage facilities in Hong Kong, Switzerland, and the United Kingdom, GoldMoney customers now can store their gold and silver in a high-security vault operated by Brink's in Toronto, Ontario, Canada. GoldMoney also has recently partnered with Rhenus Freight Logistics to offer another gold storage option in Switzerland. The Rhenus vault is in the secured zone of Zurich Airport and offers customers superb security as well as the ability to inspect their gold. Storage at the new vaults in Canada and Switzerland is available at GoldMoney's lowest fees. Customers can select their storage location when placing their buy order. GoldMoney customers can take delivery of any number of gold, silver, platinum, and palladium bars from any GoldMoney vault, as well as personally collect their bars stored in the Hong Kong, Switzerland, and U.K. vaults. It's easy to open an account, add funds, and liquidate your investment. For more information, visit: http://www.goldmoney.com/?gmrefcode=gata Join GATA here: New Orleans Investment Conference * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy Platinum Intercepts Best Pt+Pd+Au Grades Yet Company Press Release VANCOUVER, British Columbia -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces more results of its 2012 drill program on the company's fully-owned Wellgreen platinum group metals, nickel, and copper project in southwestern Yukon Territory, Canada. Four surface holes and four underground holes all intercepted significant mineralized widths, ranging from 28.5 meters (WS12-201) and up to 459.5 metres (WS12-193). Highlights include WU12-540, which returned 8.9 metres of 5.36 grams per tonne platinum, palladium, and gold; 1.73 percent copper; and 1.01 percent nickel within 304.5 meters of 0.66 g/t platinum-palladium-gold, 0.20 percent copper, and 0.27 percent nickel. The surface drill program started in June and has completed 16 holes (assays pending for 12 holes) with two rigs now on site. The surface program continues to progress at a steady pace. Prophecy Chairman John Lee commented: "Wellgreen is a very large nickel, copper, and platinum group metals project with near-surface high-grade zones. High-grade intercepts will be incorporated into resource modeling and mine planning in the pre-feasibility study. We expect further positive drill results from Wellgreen shortly." Wellgreen features a low 2.59-to-1 strip ratio, is situated at an altitude of 1,300 meters, and is only 15 kilometers from the two-lane paved Alaska Highway. Those factors significantly minimize the project's indirect costs. For the complete company statement with full tabulation of the drilling results, please visit: http://prophecyplat.com/news_2012_sep11_prophecy_platinum_drill_results....
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| Video Got Gold Report Courtesy Release Posted: 02 Oct 2012 02:33 PM PDT HOUSTON -- On Sunday, September 30, we shared a new video Got Gold Report update with our valued paying Subscribers. Today, after a short delay and as a courtesy to our entire readership, we have added that video update – in its entirety – to our YouTube hub for the general public. We hope you find it worthy of your time. This report takes a look at changes in large trader positioning for gold futures on the COMEX in New York. We also take a look at two of our Subscriber charts for gold, as well as other charts of interest, including metal holdings for GLD and SLV, the VXO Volatility Index, the Dow Transportation Index and much more.
The Commodity Futures Trading Commission (CFTC) commitments of traders report (COT) released Friday, September 28, contained the positioning of the largest traders of gold futures as of the close on Tuesday, September 25, as gold was being more heavily opposed in the paper gold market. By our reckoning the Legacy COT report for the largest, best funded and presumably the best informed traders of gold futures (traders classed by the CFTC as "commercial" and "bona fide hedgers"), has reached a fairly critical level. Tune in to find out why we say that. You may be surprised at what we have to show and say as we compare the action today to some important historical periods. Link to view on YouTube Just a reminder, the video is best viewed using the full screen option and a high resolution. Both adjustments are at lower right on the YouTube viewer.
We don't know how he does it, but Brien manages each year to bring in top financial and resource-related talent. The world is facing very vexing and potentially game changing challenges today and in the near future. Navigating the stormy global seas and protecting our wealth and purchasing power just ahead will be the challenge of a lifetime if the signals we see developing continue. This year's event is billed: "Profits and Safety During Global Chaos." An apt title if you ask us. We believe people would do well to listen to the council and advice that this year's faculty will be sharing with NOIC attendees. According to a note Brien just sent out, this year's faculty includes: "Sarah Palin, Dr. Charles Krauthammer, Rick Santelli, Dr. Marc Faber, Peter Schiff, Doug Casey, Rick Rule, and Stephen Leeb. Plus: Bob Prechter, Brent Cook, Adrian Day, Lawrence Roulston, Louis James, Marin Katusa, Mark Skousen, Steven Hochberg, Frank Holmes, Ian McAvity, Mary Anne and Pamela Aden, Gene Arensberg, Thom Calandra, Scott Gibson, Keith Schaefer, Robert Meier, Bill Murphy, Chris Powell and more. There will also be a large number of resource related companies exhibiting there and your editor will be giving a tour of several that are on our priority target list. The conference gets started on Wednesday, October 24 and runs through Saturday, the 27th. You'll want to reserve early in order to be sure to get a great room in the very elegant host hotel, the New Orleans Hilton Riverside, which has a terrific view of the Mississippi River and is just a short walk from New Orleans' storied French Quarter with all its sights, sounds, great food and quaint classic architecture.
One last thing. In years past the NOIC has sold completely out well in advance of the event, so don't wait till the last minute to register. In fact, if you know you are going to attend but haven't yet made arrangements, just click on the link below to secure your spot at the conference and in the host hotel today. You'll be very glad you did. See you all in N'awlins! Reserve for the New Orleans Investment Conference here:
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| Gold Daily and Silver Weekly Charts Posted: 02 Oct 2012 02:18 PM PDT |
| Will Silver Shine Brighter Than Gold? Posted: 02 Oct 2012 02:14 PM PDT Mining executives met this week in a MINExpo convention in Las Vegas and the talk was mostly bullish. They heard Newmont CEO Richard O'Brien say that gold is presently trading more like a currency than a commodity.
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| Do Western Central Banks Have Any Gold Left??? Posted: 02 Oct 2012 02:07 PM PDT Somewhere deep in the bowels of the world's Western central banks lie vaults holding gargantuan piles of physical gold bars… or at least that's what they all claim. The gold bars are part of their respective foreign currency reserves, which include all the usual fiat currencies like the dollar, the pound, the yen and the euro.
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| The Presidential Election "Double Tap" Posted: 02 Oct 2012 12:47 PM PDT The abuse of buying and selling votes crept in and money began to play an important part in determining elections. Later on, this process of corruption spread to the law courts. And then to the army, and finally the Republic was subjected to the rule of emperors. - Plutarch (Historian of the Roman Republic)In the famous (infamous?) words of Watergate's "Deep Throat:" "Follow the money." Apparently Romney's wealthy donors are fleeing his campaign like cock roaches when the light is turned on: LINK To make matters worse, Romney isn't going to be getting many votes from women: LINK And by the way, for you ideologically blind Obama supporters who think Obama is in office to represent the interests of the 99%'ers, take a look at this little factoid: Since Obama has been elected, the top 1% of income earners have received 93% of the income growth: LINK Stick that in your little medical marijuana pipe and smoke it and continue dreaming about the Hope and Change as promised in 2008... Now, please don't mistake me for someone who is supporting either candidate. As those who have read my previous posts on the topic, our vote does not matter. But this election is over and Romney could save a lot of donor money and both Romney and Obama could save a lot of taxpayer money by ending our misery now. Of course, just like everything else being done by the oligarchs running our system, the dead corpse that is the election is being held up for more punching in order to enable the very wealthy to jockey for control through the "art" of campaign finance (see Citizens United v. Federal Election Commission, 558 U.S. 310 - a landmark Supreme Court decision). In Mafia parlance, probably ebonics too, the "double tap" is when you kill someone in the head with a gunshot but then fire a second bullet into the head just make sure. What we are going through now until election day is an election "double tap." Originally I planned on watching the debate this Wednesday for I what I thought could be free entertainment. But this debate is not free entertainment. I was driving through the Denver University area yesterday running some errands and I noticed that there's already a heavy presence of security and secret service personnel deployed. Not to mention the dozens of semi-trailors used for staging equipment. Then, I was in the Safeway near DU and in walked two Denver SWAT cops dressed in jungle green with all their weaponry on display. I overheard them wondering where the batteries were. This is not free. The cost of this debate to the taxpayers will likely be in the millions, once all the expense checks for travel and entertaiment plus security are taken into account. And what do we get for our money? An election that's already been decided. And this brings me to a brief interchange I had this weekend. There was a voter registration table set up in the lobby of my building on Saturday. As I was walking in, the woman sitting there asked me if I was registered to vote. To which I replied that I don't vote. She wanted to know why. I like to answer questions like that with a question, so I asked her if she owned any gold and silver bullion, knowing that the answer would be "no." I followed her "no" response by stating that if she doesn't understand the reasons why everyone should should own gold and silver, then she would would be incapable of understanding why I choose not to vote. She looked horrified but it shut her up. Referring her to my blog would be a waste of time. By now a lot of you have heard about the Government's free cell phone program, something about which I was unaware until this morning. Apparently Obama has taken the program and has implemented it as a device to pimp votes: LINK In that regard, please make no mistake in thinking that Romney would not have expanded this program in order to whore votes as well. It really makes no difference which party is in office or in control. But I wanted to share this video of a rabid Obama supporter so that everyone can see what campaign season has devolved into: 
This posting includes an audio/video/photo media file: Download Now |
| Gold Market Update - Oct 02, 2012 Posted: 02 Oct 2012 12:41 PM PDT Clive Maund Action in the Precious Metals markets yesterday was VERY bearish and confirms our suspicion that an intermediate top may be forming that could lead to a brutal correction. Yes, yes, we know how bullish open-ended QE is for gold and silver and how the dollar is doomed etc, but so does everyone else – and the latest COTs show that both Large and Small Specs have thrown everything they have got at this uptrend, as we observed at the weekend. The trade is now dangerously overloaded on one side of the scales and a larger dollar rally, which looks likely on technical grounds, could trigger a sudden rout in the PMs. Gold made new highs intraday yesterday, as we can see its 3-month chart below, but couldn’t hold the gains and fell back into the potential intermediate top pattern, leaving behind a candlestick on its chart that approximates to a bearish “Shooting Star”, the second such bearish candlestick in just over a week. Volume has remained ...
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| Silver Market Update - Oct 02, 2012 Posted: 02 Oct 2012 12:17 PM PDT Clive Maund The story for silver at this point is much the same as that for gold, but as usual, more extreme – with silver there are bigger gains to be harvested, and bigger prospective profits if it now reverses violently to the downside, which could be occasioned by a larger dollar rally, as predicted on the site at the weekend. Silver made a new intraday high yesterday, ended the day with a bearish "Shooting Star" on its chart, again on higher volume, and looks vulnerable to a sharp drop if the support in the $33.40 area is breached. Tactics for traders here are clear cut and simple and the same as for gold - TAKE PROFITS AND GO SHORT, but reverse position immediately following a close above yesterday's intraday high, should this occur. Overhead stop out point is close by and well defined, so risk is known and limited. The latest silver COT chart shows that Commercial short and Large Spec long positions have risen even more to another record for the period of this...
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| Schnapp – Employment Rising says Income Tax Receipts Posted: 02 Oct 2012 12:15 PM PDT But will it last? See what Ms. Schnapp says about that in the video below.
Source: TrimTabs via YouTube
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| US Manufacturing “Unexpectedly Rebounds”? Posted: 02 Oct 2012 11:56 AM PDT Good day… And a Tom Terrific Tuesday to you! One down, one to go! My beloved Cardinals just need to win one more game to ensure that they are a presence in the playoffs for the 3rd time in the last 4 years. This is fingernail biting stuff for yours truly, and I had to just go to bed to keep the fingernails that I have intact! It's fingernail-biting for Spain even with the somewhat good results of their recent bank audit. There are rumors going 'round that Spain will finally ask for Eurozone help. There's nothing on the docket that would give the Spanish PM an opportunity to formally ask for help, so maybe not today. The euro (EUR) has not let those rumors get in the way of adding to its gains, albeit minimum gains, versus the dollar. Yes, the euro has gained versus the dollar the past two days, with skinny moves, but positive nonetheless. As I tell people all the time, look at this mess in the Eurozone… Doesn't it look like the euro should be trashed? But it's not… At least not so far. So what does that tell you about the dollar? The big news overnight was that the Reserve Bank of Australia (RBA) took my suggestion, (I'm sure they all read the Pfennig!) and went ahead and made that rate cut now that was thought to be in the works sometime before year-end. The RBA made certain that they made everyone understand that uncertainty in China is the main reason they cut rates. The Aussie dollar (AUD) saw some selling after the rate cut announcement, but in reality, most of the selling and downward movement in the price of the Aussie dollar had already taken place, as the markets, (like I always tell you) tried to be ahead of the crowd. I think you can get a lot of information from the reaction of the Aussie dollar to the news. Yes, it was sold right after the announcement, but it has rebounded a bit and found a home just above $1.03. That tells me that traders view this rate cut for what it was, bringing forward the rate cut that was expected by year-end, instead of the RBA sending a signal of OMG! The Aussie dollar would be still be getting sold, if it was the latter, so. like I said, we can get a lot of information in the way the Aussie dollar has traded. But at the end of the day, folks, you have to wonder if the Aussie dollar can maintain these lofty figures above parity, given what the rest of the world is doing to their currencies. I once scoffed at the idea of a currency war, but that was long ago in a faraway galaxy. That's when countries like Australia, and Norway and Sweden and Canada were raising their interest rates, and making their currencies more attractive. Those rate hikes are a thing of the past now. You have to question just what the goal of debasing one's currency is, just because other countries are debasing their currencies. Like I used to tell my kids, when they would say, "but everyone else is doing X"… I would say, "But don't you want to be better than everyone else?" I think a few countries that have good fundamentals like the four I mentioned above would do well to want to be better than everyone else! Hey! Like I've told you a couple of times now, the Aussie dollar is getting bought by central banks around the world, as a diversification to their reserves, so at least it has that underpinning going for it! You know, I talk a lot about the manipulation that I believe goes on in both silver and gold. (We all know it goes on in stocks… Can you say QE1, QE2, or QE3? I knew you could!) And yesterday, I sat here and watched gold soar in the morning moving to +$18 on the day. Only to see that wiped out in a matter of minutes! How does that happen? Sure, you could see some profit taking, limit the gains, but to see $18 of gains wiped out in a matter of minutes? I shake my head in disgust. And again, tell you all that the only way we'll see these shenanigans stop is to see truck load after truck load of buying in both physical gold and silver. I had a reader send me a link to a story on (what the writer believed to be) a manipulation of the price of oil. Sure, that could happen easily, but at this point, I would have to believe that with the price of oil around $92, which happens to be close to the total cost of getting it out of the ground and to the refinery, that the manipulation is watered down right now. Did you see that the South African rand (ZAR), which has really been beaten up lately, rallied on the news that Citigroup had added South African Government Bonds to the Citigroup World Government Bond Index? This is always news when an asset gets added to an index, which means investors that follow that index have to buy the asset. And when you buy South African Government Bonds, you have to buy the rand to clear the transaction. So the rand, visa vie the index inclusion, gets to rally. Don't expect this to carry on long, though. Usually by the time everyone knows about the new addition to an index, the major buying is over. But, the good news for the rand is that it finally is a part of something that could be an underpinning. Yesterday, here in the US the data cupboard brought us the news that the US Manufacturing Index (ISM) unexpectedly rebounded in September from August. This was the first expansion of the manufacturing activity in the US since May. For those of you keeping score at home, the September print was 51.5, up from 49.6 in August. But, just when you think the US economy is on the rebound, construction Spending drops by 0.6% in August, marking the second straight monthly decline following the 0.4% drop in July. Don't you find it strange that the manufacturing index "unexpectedly rebounded in September"? I do. We've seen all the regional manufacturing reports come in negative as can be, but when you add it all together it "unexpectedly rebounds"? I can't say it any other way than to just come out and say that it appears to me that the books have been cooked. If I say anything in addition to that, it would sound political, so I'm not going there, no sir! Just move along, these are not the droids we're looking for! While I'm here in the US this looks like a good place to bring out the Ross Perot card. Remember Ross Perot? Remember how people laughed at his thoughts back in 1992? Well, he pretty much nailed everything that has happened since, way back then. Well, he's made a new statement, which, by the way, is pretty much in line with what I've been saying for years now. Here's Ross Perot. "We're on the edge of the cliff, and we have got to start fixing it now. Otherwise, we're leaving a disaster to our children's and our grandchildren's future," he said. "If we are that weak, just think of who wants to come here first and take us over and the last thing I ever want to see is to see this country, our country taken over because we're so financially weak we can't do anything and we're moving in that direction. We could even lose our country if we don't get this fixed and straightened out and nobody that's running really talks about it, about what we have to do and why we have to do it. They would prefer not to have it discussed." You tell 'em Ross! It doesn't matter whether you like him or not, what he's saying is the same stuff I've been saying for 10 years now. Our national security is at risk when we have so much debt and have to depend on a country like China to keep us afloat. Think about that for a minute and then you'll see what I'm talking about. The US data cupboard only has vehicle sales today for us to view, not a market mover, so the focus will be on the Eurozone once again. I saw that Spanish unemployment was some astronomical number, twice the previous month's number (80,000 I believe), but these things shouldn't shock us, for this is what happens when a country is allowed to build up debt, make promises it shouldn't, and then one day finds out that the game of musical chairs it was playing, had the music stop and they were without a chair! Social unrest like we saw and continue to see in Greece is to be expected, as spending cuts begin to hurt. Now, if we here in the US were to actually cut spending, and not spread it over 10 years, but cut it now to balance our budget, which is what these countries in the Eurozone are attempting to achieve, the social unrest in this country would be the same. I know, I had a reader tell me the other day that he didn't think it would happen, because he believes that Americans have become lazy, and will just accept what the government sticks them with. I don't believe that to be true. For instance, 46 million people (and the number is rising every day) received food stamps. Tell those 46 million people that their food stamps are going to be reduced. I, for one, don't even want to think about that! PIMCO's Bill Gross (the bond king) backed the studies by the Congressional Budget Office, the IMF and Bank for International Settlements that suggest the US needs to cut spending or raise taxes by 11% of GDP, and rather quickly over the next five to 10 years. "Unless we begin to close this gap, then the inevitable result will be that our debt/ GDP ratio will continue to rise, the Fed would print money to pay for the deficiency, inflation would follow, and the dollar would inevitably decline" — Bill Gross. OK. On to other stuff, for all this is giving me a rash! I'm just one cheery story after another today, eh? Sorry. But it is what it is. No reason to cherry-top it. Zero or near zero interest rates, are really beginning to bite! My friend Dennis sent me this, and it illustrates the problems for savers with a zero interest rate policy, or "ZIRP" as they call it on the street. It would take $22,000 invested in a taxable money market earning +4.54% (the national average yield five years ago in October 2007) to generate $1,000 of taxable income over the course of a year. It would take $3.3 million invested in a taxable money market earning +0.03% (the national average today) to generate $1,000 of taxable income over the course of a year in 2012. Chuck! You said you were going to get away from the non-cheery stuff, but then you talk about ZIRP? Liar, liar, pants on fire! Then There Was This… From the WSJ… "New York's top prosecutor opened a new front in efforts to hold banks accountable for the financial crisis by filing a civil lawsuit against J.P. Morgan Chase & Co., alleging widespread fraud by the company's Bear Stearns unit in the sale of mortgage-backed securities. "Since 2008, state and federal regulators have launched dozens of probes to determine whether banks broke securities laws or were simply guilty of errors of judgment. Regulators have achieved some record-breaking penalties and investors have secured some significant victories. Bank of America Corp. agreed Friday to pay $2.43 billion to settle claims it misled investors about the acquisition of Merrill Lynch & Co., in the largest shareholder class-action settlement tied to the meltdown. BofA didn't admit wrongdoing." Chuck again. Hey, don't the regulators have some cards in this game too? They sat there and watched all this going on, and failed to bring enforcement actions in relation to some of the biggest blowups, such as the collapse of Lehman Bros. I just don't think they get to get off scot-free! To recap… The RBA did go ahead and cut rates last night by 25 Basis Points (1/4%), thus bringing forward the expectation that they would cut rates one more time before year-end. The Aussie dollar got sold following the announcement, but has found a home around $1.03. Rumors are all around that Spain will finally formally request Eurozone assistance, but not today, as nothing is on the docket for them to do so. US Manufacturing "unexpectedly rebounded" in September from August. Chuck's spider sense is tingling, and suspects some major book cooking! Chuck Butler US Manufacturing "Unexpectedly Rebounds"? originally appeared in the Daily Reckoning. The Daily Reckoning, published by Agora Financial provides over 400,000 global readers economic news, market analysis, and contrarian investment ideas. ".
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| Ted Butler: Arguments Against Silver Manipulation Posted: 02 Oct 2012 11:49 AM PDT "JPMorgan et al are standing at the ready to play Whac-A-Mole at a moment's notice." [COLOR=#7f4028] Yesterday in Gold and Silver Gold got sold down in early Far East trading, with the low of the day coming shortly after 10:00 a.m. Hong Kong time. From there it rallied it fits and starts until the Comex open in New York. At that point, the price blasted skyward...just like it did in silver, platinum and palladium. Then, at precisely 9:00 a.m. Eastern, the gold price went vertical...and that's when a not-for-profit seller/HFT showed up. Gold's high tick was $1,793.00 spot...but by 10:40 a.m. Eastern time, the gold price had been sold down by eighteen dollars to around $1,775 spot...and then traded sideways into the electronic close. Gold finished the Monday trading session at $1,775.20 spot...up $4.10 on the day...and safely back below the magic $1,780 spot price mark, which has been the ceiling for this rally. Volume was around 197,000 contracts,...
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| Posted: 02 Oct 2012 11:47 AM PDT London Gold Market Report from Ben Traynor BullionVault Tuesday 2 October 2012, 06:45 EDT WHOLESALE gold prices hovered in a tight range just below $1780 an ounce for most of Tuesday morning in London, just below a new 2012 spot market high touched yesterday following comments from US Federal Reserve policymakers. Silver prices traded just below $35 per ounce, close to seven-month highs, while stocks and the Euro ticked higher despite warnings that Spain is underestimating the amount of recapitalization its banks need. Commodities were broadly flat, with copper showing some strength, while major government bond prices fell. A day earlier, Dollar gold prices touched a new 2012 high at $17971 per ounce during Monday's US session, while the gold price in Euros set a fresh all-time record at €44,583 per kilo (€1386 per ounce). "The gains were prompted by Fed President Evans' comments that the quantitative easing measures adopted [by the Fed last month] did not go far enough,...
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| Posted: 02 Oct 2012 11:18 AM PDT All financial eyes should be focused on the FOMC minutes release on Thursday, and the Employment Situation report on Friday.
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Bradley Manning's lawyer, David Coombs, filed a 117-page motion calling for dismissal of all charges with prejudice. Citing a lack of a speedy trial with the reason for his motion, he lays out an impressive case about how the government has calculated to delay Bradley Manning's trial and to undermine his due process rights. He will have the opportunity to argue for the motion at Ft. Meade, October 29-November 2. By then, Manning will have sat in pre-trial confinement for nearly 900 days. By the time of his trial, in February, he will have been locked up in a cage for nearly 1,000 days.
Somewhere deep in the bowels of the world's Western central banks lie vaults holding gargantuan piles of physical gold bars… or at least that's what they all claim. The gold bars are part of their respective foreign currency reserves, which include all the usual fiat currencies like the dollar, the pound, the yen and the euro.
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