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Tuesday, November 13, 2012

Gold World News Flash

Gold World News Flash

Silver price to "increase 400pc in three years"

Posted: 13 Nov 2012 12:05 AM PST

The silver bull run will continue says investment specialist Ian Williams of Charteris Treasury.


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Where Now for Chinas Gold Market?

Posted: 12 Nov 2012 10:48 PM PST

Bullion Vault


Richard Russell - Multi-Trillion Dollar Question, Stocks & Gold

Posted: 12 Nov 2012 10:01 PM PST

Today the Godfather of newsletter writers, Richard Russell, has written about "the multi-trillion dollar question," stocks & gold. Here are Russell's thoughts, along with some fascinating charts, in a note to subscribers: "The multi-trillion-dollar question -- Are we in a correction or a primary bear market? The answer, unfortunately, is that there's no satisfactory answer. I hate using the word "hope" in this business, but I sincerely hope that we're in a correction that might end at any time or at worst in another month or two."


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Gold Seeker Closing Report: Gold and Silver End Slightly Lower

Posted: 12 Nov 2012 10:00 PM PST

Gold edged up to $1737.87 by a little after 8AM EST, but it then fell back off in New York trade and ended with a loss of 0.18%. Silver slipped to as low as $32.186 and ended with a loss of 0.49%.


US Dollar on the Receiving End of Safe Haven Flows

Posted: 12 Nov 2012 09:51 PM PST

[url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] As much as it pains me to write the words, US Dollar and Safe Haven, in the same sentence, the rush into the Dollar is evident as the fallout from the US election, combined with fresh fears surrounding Greece and other parts of the EuroZone continues unabated at this point. This is perhaps one of the main reasons that the big shorts over at the Comex have been able to thus far stymie the yellow metal near the $1740 level. Note on the chart below that the US Dollar is working steadily higher after having managed a strong push through a heavy resistance level near the 80.50 region. It has now pushed to the 100 day moving average, a level at which we would expect it to encounter some profit taking by speculative longs in the market. However, the above mentioned combination seems to be preventing any serious long liquidation at the moment as traders are more interested in owning the Dollar, warts ...


Real estate priced in gold

Posted: 12 Nov 2012 09:00 PM PST

Goldmoney


Commodity Technical Analysis: Gold Consolidates Gains

Posted: 12 Nov 2012 08:22 PM PST

courtesy of DailyFX.com November 12, 2012 06:42 PM Daily Bars Chart Prepared by Jamie Saettele, CMT Commodity Observations: Gold has traded sideways the last 2 days after rallying for 4 days from multi month low. Measured levels at 1740, 1749, and 1762 remain of interest. The latter level is where the rally from the low would consist of 2 equal legs. 1780 can’t be ruled out either. The low on day 3 of the month and emotional trade at the low (11/2 was a JS Thrust day) suggest that price is likely to stay above 1672.50 for the remainder of November. Commodity Trading Strategy Implications: I’m on the lookout for a wave 2 or B top below the October high at higher levels. LEVELS: 1685 1703 1712 1749 1762 1780...


Turkish prime minister says gold should replace dollar

Posted: 12 Nov 2012 05:56 PM PST

By Zubeyde Yalcn | Sabah, Istanbul During his stay in Indonesia, Prime Minister Recep Tayyip Erdoğan brought up an interesting suggestion for theInternational Monetary Fund. Stating that although IMF assistance may appear to be a prescription for some nations, in fact quite the opposite, the fund has often caused serious problems for countries in trouble, Erdoğan asks why it is [...]


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The Devil You Know

Posted: 12 Nov 2012 05:30 PM PST

Via Mike Krieger of Liberty Blitzkrieg blog,

Politics is the entertainment branch of the Military-Industrial Complex.
- Frank Zappa

Democracies die behind closed doors.
- Judge Damon J. Keith

Every act of creation is first of all an act of destruction.
-Picasso.

My Thoughts on the Election: The Devil You Know

Regular readers know that I voted for the Libertarian candidate for President, former Governor of New Mexico, Gary Johnson.  I outlined my reasons for this choice in several posts, most definitively in my piece Meet Gary Johnson: The Libertarian for President Polling at 7% in Colorado.  While I was already excited for my first act of Presidential civil disobedience, I didn't realize how truly liberating it would feel until the next morning.  Many Americans voted for "the lesser of two evils" and were disappointed
in the result.  This must have been an emotional double whammy in the
sense that not only did the guy you disliked so much that you were
willing to vote for a candidate you didn't like win, but you didn't vote
your conscience.  Personally, I didn't have to deal with either emotion because I voted for the person I liked the most despite residing in a swing state.  What allowed me to do this was the complete and total recognition that under both major candidates America loses.

My major issues are:

  1. The Federal Reserve scam and Wall Street theft.
  2. Civil liberties and the destruction of the Constitution.
  3. Our aggressive foreign policy and imperial wars abroad that help only the oligarchs and impoverish the masses.

On these three issues, Mitt Romney would have been as bad if not worse than Obama and that is why Mitt Romney lost.  There has been a lot of talk in the past few days about the future of the Republican Party and rightly so.  The strange genius of Obama's first term was that it was a perfect continuation of the disastrous policies of George W. Bush, and he was able to get away with it because of the "left cover" that the brainwashed fake liberal class in America provided him.  This left the Republican establishment desperate and confused and this came through crystal clear in Romney's Presidential run.  Unless the Republican Party rids itself of the chicken-hawk, neo-con, warmongering contingency that seems to have a peculiar obsession with the female gender's reproductive habits, they are doomed to disappear.  It is so out of step with the growing political awakening in America it's not even funny.  Meanwhile, the Democratic Party has basically become the Republican party under George W. Bush with the exception that they support abortion and gay marriage.  Politics is becoming very interesting indeed.

I have to admit that I was much less irritated by Obama's victory on Wednesday morning than I expected to be.  There are several reasons for this.  First of all, he is the devil we know.  By this I mean that the resistance to Obama and his crony-capitalist, fascist policies is reasonably well advanced.  Obama spent his entire first term blaming his predecessor for the crappy economy.  He will have no one to blame but himself in the collapse that is coming.  This is good and will allow people to finally focus on some real issues.  Furthermore, there are many prominent progressive journalists and activists that held his feet to the fire throughout his first term and will continue to make the arguments in the second.  On the other side of the political spectrum, although Gary Johnson received a disappointing 1% of the popular vote, he still did get 1.1 million votes and the Libertarian movement is strongest with the youth, which is of course the future.  While still only a bud barely breaking the surface of the soil, the Liberty Movement is alive and well and will only grow in the years ahead, as power is transitioned from the baby boomers and their tired ideas to a new generation that sees the world very differently from their parents.

I believe that had Romney won, the fight to really change things would have been delayed.  His supporters would have held back criticism for a while as they "hoped" that he would make it all better.  It would have take a little while for them to realize that he is just another crony capitalist oligarch puppet.  Based on his comments and Wall Street backing, there is no doubt that he would never have done absolutely zero in the realm of structural reform.  The country has cancer, not a common cold, and our response therefore must be much more serious than either of these corporate candidates are willing to commit to.  We know that such legitimate change will not come from the political class and Gary Johnson's disappointing result proves to me that things will have to get ten times worse before the public gets the joke.  Unfortunately, it will get ten times worse in the coming years, and I strongly believe that 2013-2016 will be a historic period in the political transformation of the United States.  The show is over.  It's time to buckle up.

The Five Stages Of A Sovereign's Life-Cycle

Posted: 12 Nov 2012 04:34 PM PST

Bridgewater's Ray Dalio believes four factors drive relative economic growth: competitiveness, indebtedness, culture, and luck. The returns from his machine-like investment process clearly indicate he is on to something as he notes that the most powerful influences of this relative income (and power) are 1) the psychology that drives people's desires to work, borrow and consume and 2) war (which we measure in the "luck" gauge).

 

Via Bridgewater:

Throughout history, Dalio advises these two influences have changed countries' competitiveness and indebtedness which have caused changes in their relative wealth and power. He goes on to add that since different experiences lead to different psychological biases that lead to different experiences, etc., certain common cause-effect linkages drive the typical cycle of a nation's growth, power and influence.

 

To summarize, we believe that countries typically evolve through five stages of the cycle:

 

1) In the first stage countries are poor and think that they are poor.

 

In this stage they have very low incomes and most people have subsistence lifestyles, they don't waste money because they value it a lot and they don't have any debt to speak of because savings are short and nobody wants to lend to them. They are undeveloped.

2) In the second stage countries are getting rich quickly but still think they are poor.

 

At this stage they behave pretty much the same as they did when they were in the prior stage but, because they have more money and still want to save, the amount of this saving and investment rises rapidly. Because they are typically the same people who experienced the more deprived conditions in the first stage, and because people who grew up with financial insecurity typically don't lose their financial cautiousness, they still a) work hard, b) have export-led economies, c) have pegged exchange rates, d) save a lot, and e) invest efficiently in their means of production, in real assets like gold and apartments, and in bonds of the reserve countries.

3) In the third stage countries are rich and think of themselves as rich.

 

At this stage, their per capita incomes approach the highest in the world as their prior investments in infrastructure, capital goods and R&D are paying off by producing productivity gains. At the same time, the prevailing psychology changes from a) putting the emphasis on working and saving to protect oneself from the bad times to b) easing up in order to savor the fruits of life. This change in the prevailing psychology occurs primarily because a new generation of people who did not experience the bad times replaces those who lived through them. Signs of this change in mindset are reflected in statistics that show reduced work hours (e.g., typically there is a reduction in the average workweek from six days to five) and big increases in expenditures on leisure and luxury goods relative to necessities.

4) In the fourth stage countries become poorer and still think of themselves as rich.

 

This is the leveraging up phase – i.e., debts rise relative to incomes until they can't any more. The psychological shift behind this leveraging up occurs because the people who lived through the first two stages have died off or become irrelevant and those whose behavior matters most are used to living well and not worrying about the pain of not having enough money. Because the people in these countries earn and spend a lot, they become expensive, and because they are expensive they experience slower real income growth rates. Since they are reluctant to constrain their spending in line with their reduced income growth rate, they lower their savings rates, increase their debts and cut corners. Because their spending continues to be strong, they continue to appear rich, even though their balance sheets deteriorate. The reduced level of efficient investments in infrastructure, capital goods and R&D slow their productivity gains. Their cities and infrastructures become older and less efficient than those in the two earlier stages. Their balance of payments positions deteriorate, reflecting their reduced competitiveness. They increasingly rely on their reputations rather than on their competitiveness to fund their deficits. They typically spend a lot of money on the military at this stage, sometimes very large amounts because of wars, in order to protect their global interests. Often, though not always, at the advanced stages of this phase, countries run "twin deficits" – i.e., both balance of payments and government deficits.

5) In the last stage of the cycle they typically go through deleveraging and relative decline, which they are slow to accept.

 

After bubbles burst and when deleveragings occur, private debt growth, private sector spending, asset values and net worths decline in a self-reinforcing negative cycle. To compensate, government debt growth, government deficits and central bank "printing" of money typically increase. In this way, their central banks and central governments cut real interest rates and increase nominal GDP growth so that it is comfortably above nominal interest rates in order to ease debt burdens. As a result of these low real interest rates, weak currencies and poor economic conditions, their debt and equity assets are poor performing and increasingly these countries have to compete with less expensive countries that are in the earlier stages of development. Their currencies depreciate and they like it. As an extension of these economic and financial trends, countries in this stage see their power in the world decline.

So the US (and much of the advanced economies of the world) are clearly in Stage 5 (or perhaps delusional still in Stage 4) and now we hope for a 'beautiful deleveragin vs an 'ugly deleveraging'

Where Now for China's Gold Market?

Posted: 12 Nov 2012 04:12 PM PST

by Adrian Ash BullionVault Monday, 12 November 2012 The latest from the London Bullion Market Association conference in Hong Kong... THE ANNUAL conference of the London Bullion Market Association – the "premier professional forum for the world's bullion market" as Haywood Cheung of the 100-year old Chinese Gold & Silver Exchange put it this morning – is taking place right now in Hong Kong. The timing could hardly seem more urgent. Hong Kong has always had great importance to the global precious metals market – particularly since the 1970s, as several speakers noted on Monday, day one of the LBMA's two-day 2012 conference. But while Hong Kong's dominance as Asia's bullion hub may yet be challenged (it beat off "stiff competition" to be this year's Asian LBMA venue, Cheung writes in the South China Morning Post; Singapore removed general sales tax from gold last month, and now its gleaming new freeport vaults are already booked out, with a second facilit...


The Gold Price has Handed you a Low Risk Offer Buy Gold and Silver Now

Posted: 12 Nov 2012 03:54 PM PST

Gold Price Close Today : 1730.30
Change : - 0 or 0.00%

Silver Price Close Today : 32.513
Change : -0.077 or -0.24%

Gold Silver Ratio Today : 53.219
Change : 0.126 or 0.24%

Silver Gold Ratio Today : 0.01879
Change : -0.000045 or -0.24%

Platinum Price Close Today : 1562.50
Change : 7.10 or 0.46%

Palladium Price Close Today : 607.25
Change : -3.00 or -0.49%

S&P 500 : 1,380.03
Change : 0.18 or 0.01%

Dow In GOLD$ : $153.13
Change : $ 0.04 or 0.03%

Dow in GOLD oz : 7.408
Change : 0.002 or 0.03%

Dow in SILVER oz : 394.22
Change : 0.99 or 0.25%

Dow Industrial : 12,817.39
Change : 2.00 or 0.02%

US Dollar Index : 81.04
Change : 0.094 or 0.12%

The silver and GOLD PRICE spent a quiet day. Silver lost 7.7 cents to 3251.3c while gold remained unchanged at $1,730.30.

Those closes might mislead you. Five day chart suggests both metals will drop for a day or two, gold to $1,720 or even $1,700. The market proverb says that the bull always tries to shake off as many riders as possible, hence these frights to send the timid flying.

The GOLD PRICE today traded in a narrow range between $1,737.73 and $1,725.59. That leaves $1,737 as the next barrier in gold's path. I continue to expect gold's rise off last week's bottom will be speedy and stout, given a few day's lull right here to consolidate gains.

SILVER PRICE ranged today from 3272 to 3221, pretty narrow. Silver might drop back to 3200c, even 3150c. That's typical of a market feeling with its feet for the bottom before it flies higher.

Y'all know I watch silver's behaviour against its 300 day moving average. In a bull (primary uptrend) market, of course, silver will spend most of its time above the 300 DMA, but in heavy corrections such as we've seen in the past 17 months, it falls below the 300 DMA, and before it breaks finally above will dance back and forth over it. That's happened in the last three weeks, and now the 300 stands at 3158c.

Momentum indicators also, like the MACD and RSI, show that silver has miles of upward room to fly.

From time to time I remind y'all that you should take these commentaries as "entertainment," just interesting chit-chat while we are watching silver and gold inexorably climb. 'Twould be a terrible tragedy to get so focused on the short term that you miss the longer term trend. First principle of investing is "always align your investments with the primary trend." Primary trend for stocks and the US dollar is DOWN, for silver and gold UP. Your job is to get on the right side of that trend. Once you've done that, you can watch these daily fluctuations, even 17 month corrections, with all the equanimity of a fat rooster in a possum- proof coop.

Long and short is, stop vacillating and buy silver and gold now. The market has handed you a correction-rally-correction that offers about as low risk an entry point as you will ever see. Not 100% safe of course, but neither is sitting there in your living room waiting for a meteor to drop through the roof into your lap.

Today was a holiday in the US, Veteran's Day, which once upon a time was "Armistice Day" commemorating the end of World War I at 11:00 a.m. on 11/11/1918: the eleventh hour of the eleventh day of the eleventh month. Anyhow, nobody much pays any attention to it, except the post office, and certainly not markets because they are too busy getting and spending to let even a single day slip by in remembering, celebrating, or silence.

Still, enough folks stayed home to make it an astonishingly dull day.

Stocks rode the roller coaster today, up, down, way up, and way down again to close changed by a massive 2.00 for the Dow at 12,817.39. S&P500 rose 0.18 to 1,380.03. Bewilderment reigned as other indices fell by like minute amounts. The big boys will return tomorrow to give stocks some direction.

Best outcome I can see for stocks is a rally back up to the neckline of the head and shoulders formed January through March 2011. That would carry them up to about 13,300 (1,410 for the S&P500) where they last broke down. After that final, tender kiss good-bye you can kiss 'em good-bye. Stocks have formed a gigantic broadening top enclosing a smaller broadening top and the outcome will be weeping and wailing and gnashing of teeth and pulling of hair amongst stock investors. Y'all don't say I didn't warn you.

The scrofulous and disgusting US Dollar index rose today 11.4 basis points to trade now at 81.056 (up 0.15%).

Dollar has floated up against the 81.10 level now for two days, and looks set to break through for higher altitudes. If -- IF -- the dollar can climb through 81.10 then it will keep flying to 81.50 or even 82. What's odd here? That dollar strength sloweth not down silver and gold.

That is an epochal change, likely not permanent yet, but certain to become so. Silver and gold are de-coupling from the US dollar and the other scabrous fiat currencies. They have already established themselves as alternatives to all fiat currencies, but we've seen them move generally inversely to the dollar and not really independently. That's changing, and what I mean by "de-coupling." As silver and gold attract more and more buyers the course of the US dollar or euro or yen will have less and less influence on their course, which will grind steadily upward, disregarding the fiat currencies.

I call this "epochal" because it reflects the public REPUDIATING fiat currencies and their unreal, fractionalized, hypothecated financial system. Desire for safety is outweighing greed. Oh, all this won't bear its final fruit for a number of years, but it's coming: a from-the-ground-up reform of the monetary and financial system, and silver and gold will play a star role.

Today's dollar values: US$1 = Y79.47 = E0.7867 = 0.00058 gold ounce = 0.03076 silver ounce.

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.

Mogambo Time!

Posted: 12 Nov 2012 03:17 PM PST


November 12, 2012

Mogambo Guru

 

                                                Getting it good and hard

 

 

The elections being over, I shall not unduly comment on the reelection of the horrid Obama, or the un-professional, traitorous hacks of the leftist media that kept his many scandals, incompetences and disgraceful lies out of the news, or about the trusting, gullible, ignorant, greedy and stupid people who elected him, except to quote the immortal Thomas Jefferson, who said "The government you elect is the government you deserve."

 

But it was H.L. Mencken who said it best, as far as I am concerned, when he quipped "People deserve the government they get, and they deserve to get it good and hard," which naturally brings to mind all those times in life when one has, indeed, gotten it "good and hard," dredging up, as it does, painful memories, usually replete with scars, either physical or mental, often both, and with a deep, dark, dangerous desire for some kind of vicious, bloodthirsty revenge on some worthless bastard who deserves it "good and hard."

 

So ol' H.L. (as I like to call him since it implies that I am a hotshot smart guy on a collegial, first-name basis with a fellow famous and cynical intellectual, but who died when I was seven years old, which is pretty weird, probably says a lot about OTHER weird things about me, when you stop and think about it) was exactly right with the getting it "good and hard" thing.

 

Now, getting it "good and hard" perfectly describes the current situation, which is that there is No Way In Hell (NWIH) that our aforementioned "current situation" CAN'T end badly, as in "very badly," as in "financially and economically fatal" because trillions and trillions of dollars pumped into the welfare economy via federal government deficit-spending Every Freaking Year (EFY), and tragically combined with "and there ain't nothin' you can do about it, moron."

 

Even worse, if the government truly reflects the population, then (not to put too fine a point on it) we are a nation of lying, corrupt, greedy, stupid, ignorant, superstitious, bankrupted, lowlife, low-IQ murderers and thieves.

 

My low, low opinion of the government and the general population of the USA is, by sheer coincidence, perfectly reflected in a CNSNews.com news item sent to me by Junior Mogambo Ranger (JMR) Phil S.   It read "On Aug. 2, 2011, President Obama signed a deal he had negotiated with congressional leaders to increase the debt limit of the federal government by $2.4 trillion. But, now, after only 15 months, almost all of that additional borrowing authority has been exhausted."

Now, to the casual reader who knows anything about economics, this seems like bad news. And it is! Congratulations on your perspicuity!

You know things are getting weird when I, out of the blue, use words like "perspicuity," and, I am sorry to say, it is worse than that.   This is to be expected since the government is (as previously described) a group of lying, corrupt, greedy, stupid, ignorant, superstitious, bankrupted, lowlife, low-IQ murderers and thieves, as is proved when, later in the same news item, we learn that "according to the Daily Treasury Statement (DTS), the portion of the federal debt subject to the legal limit was $16,222,235,000,000--just $171.765 billion below the $16,394,000,000 debt limit."

 

Did you see the part that read "the portion of the federal debt subject to the legal limit"? What?  What in the hell is THIS? There is a portion of government spending NOT subject to the debt limit?!?  There is some secret debt not subject to limits? What in the hell is going on here?!?

 

Oh! Oops! I forgot!  Lying, corrupt, greedy, stupid, ignorant, superstitious, bankrupted, lowlife, low-IQ murderers and thieves. Ah so! It all makes sense now!

 

Thus it is, I am horrified to say, a gigantic, gagging-up-blood, "We're Freaking Doomed (WFD)!" disastrous expansion of the money supply via the evil Federal Reserve creating the money to monetize the debt, thus committing the worst sin of central banking!

And if the words "gigantic,"  "gagging-up-blood,"  "We're Freaking Doomed (WFD)!" and "disastrous" are not enough to scare the hell out of you that inflation in prices from such a whopping huge increase in the money supply is going to destroy you and everyone you love, even when punctuated with an exclamation point for additional emphasis, then perhaps an actual number will convince you: $2.4 trillion over 15 months equals a massive 13% of GDP in One Freaking Year (OFY)!!"

Please note the TWO exclamation points, conveniently provided to you by yours truly, to instantly draw the appropriate (and only) conclusion without any thinking, of any kind, on your part, which is the handy kind of conclusion I like best, as do, I'll guess, you.

And if you are not buying gold, silver and oil with every dollar you have, and with every dollar you can weasel out of your wife's purse, or with every dollar gotten by shortchanging the kids on their allowances, then there is something very, very wrong with you, and you should see a therapist of some kind, or at least wear a sign around your neck that says "I am stupid!" so that people will have pity on you instead of laughing at you.

On the other hand, for those of us who ARE furiously buying the aforementioned gold, silver and oil with the aforementioned sources of cash, our "therapy" is the happy, secure feeling we get when we buy them, knowing that their values will soar, soar, SOAR in the catastrophic price inflation and social destruction it causes, and we are merrily thinking to ourselves "Whee! This investing stuff is easy!"

Christopher Welch: Searching for a Perfect 10

Posted: 12 Nov 2012 02:13 PM PST

The Gold Report: Chris, the lifeblood of your business is financing. What's your read on the appetite for junior financings compared to earlier this year? Christopher Welch: The appetite for high-quality projects in the mining space is basically the same as it was in early 2012. However, in the current environment, where share prices are a bit depressed, it's getting harder to match investors with companies at share prices that are acceptable to both parties. Aureus Mining Inc. (AUE:TSX; AUE:LSE) is conducting a big fundraising for its New Liberty mine in Liberia, which is positive news demonstrating there are green shoots in the equity space for West African gold, which is encouraging. We're optimistic that there will be more deals done in the near term. TGR: There's been some instability in Mali, which stemmed from instability in Libya in part, and now there's growing religious tension in Nigeria. Does West Africa remain as stable as you once believed it was? CW: We need to se...


Gold Daily and Silver Weekly Charts - Zzzzzzz

Posted: 12 Nov 2012 02:09 PM PST


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TICKLE ME ELMO – BUT NOT THERE

Posted: 12 Nov 2012 02:07 PM PST

 The hot new toy this Christmas is the Molest Me Elmo Mitts. Big Bird has a whole new meaning today. This is too funny.

Elmo Puppeteer On Leave Following Child Molestation Accusations

 
Tyler Durden's picture

Submitted by Tyler Durden on 11/12/2012 11:54 -0500

First the BBC, then CIA, then Lockheed… and now Elmo!? AP reports, that: "The puppeteer who performs as Elmo on "Sesame Street" is taking a leave of absence from the popular kids' show in the wake of allegations that he had a relationship with a 16-year-old boy. Sesame Workshop said puppeteer Kevin Clash denies the charges, which were first made in June by the alleged partner, who by then was 23. "We took the allegation very seriously and took immediate action," Sesame Workshop said in a statement issued Monday. "We met with the accuser twice and had repeated communications with him. We met with Kevin, who denied the accusation."" And yes, it appears that even for those who have their hand up Elmo all day long, nothing is sacred any more. The silver lining: Kevin Clash was not scheduled to testify on Benghazi.

From AP:

The organization said its investigation found the allegation of underage conduct to be unsubstantiated. But it said Clash exercised "poor judgment" and was disciplined for violating company policy regarding Internet usage. It offered no details.

"I had a relationship with (the accuser)," Clash told TMZ. "It was between two consenting adults and I am deeply saddened that he is trying to make it into something it was not."

At his request, Clash has been granted a leave of absence in order to "protect his reputation," Sesame Workshop said.

No further explanation was provided, nor was the duration of his leave specified.

"Elmo is bigger than any one person and will continue to be an integral part of 'Sesame Street' to engage, educate and inspire children around the world, as it has for 40 years," Sesame Workshop said in its statement.

"Sesame Street" is currently in production, but other puppeteers are prepared to fill in for Clash during his absence, according to a person close to the show who spoke on condition of anonymity because that person was not authorized to publicly discuss details about the show's production.

"Elmo will still be a part of the shows being produced," that person said.

If nothing else, this latest episode of America being unable to hold it in its pants (potentially illegally) certainly gives "Big Bird" (whose funding is now safe) a very different context…

Gold Stymied Once Again at $1740

Posted: 12 Nov 2012 01:51 PM PST

[url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] Gold continues to attract more sellers than buyers near the $1740 level once again reinforcing that zone as the next important chart resistance level that needs to be taken out if the market is to have a legitimate chance of making yet another run to $1800. At the present time, it continues to retreat with dip buyers planning their next point of entry. Keep in mind that a lot of guys were leery about chasing this market higher after it first collapsed in price about 10 days ago and then came roaring back after the US election. That sort of extreme volatility is enough to chase away even the most battle-hardened of traders. There should be a pretty good floor of support as the market descends lower towards the $1700 level. ...


Metals don't need more QE to rise, Turk tells King World News

Posted: 12 Nov 2012 01:22 PM PST

3:22p ET Monday, November 12, 2012

Dear Friend of GATA and Gold:

GoldMoney founder and GATA consultant James Turk today tells King World News that the Federal Reserve may be withholding the latest round of its promised "quantitative easing" to coerce the elected branches of the federal government to get its finances in order. But, Turk adds, gold and silver don't need more QE to rise. An excerpt from the interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/11/12_T...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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Join GATA here:

Vancouver Resource Investment Conference
Sunday-Monday, January 20 and 21, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/vancouver-resource-investment-confer...

* * *

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

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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....

Turkish PM Erdoğan – “It is thought-provoking that the IMF is not using gold as a global currency”

Posted: 12 Nov 2012 01:16 PM PST

Stacy Summary: via Aswad Yawar, I find this story that the Turkish prime minister complained about the dollar today at the Bali Democracy Forum. Turkish PM Erdoğan – It is thought-provoking that the IMF is not using gold as a … Continue reading →


Don't Worry, Be Happy, and Prepare!

Posted: 12 Nov 2012 01:03 PM PST

Don't worry, be happy, and PREPARE for the inevitable money "printing" and resulting inflation! Anyone reading this article probably can't fix 99.9% of the above, so buy gold, buy silver, avoid leverage, get out of debt, and watch the spectacle. Read More...



Gold Importers Digesting Higher Prices with Sentiment Driven by Fiscal Cliff

Posted: 12 Nov 2012 12:52 PM PST

SPOT MARKET gold prices hovered just below $1738 an ounce Monday morning in London, close to three-week highs, while stocks and commodities were broadly flat and the Euro traded near two-month lows against the Dollar, as the US and Greece both contemplated upcoming fiscal difficulties.


China: “Gold plays a very important role in the formation of the financial market system”

Posted: 12 Nov 2012 12:49 PM PST

Guest Post by Adrian Ash | BullionVault Where Now for China's Gold Market? The latest from the London Bullion Market Association conference in Hong Kong… THE ANNUAL conference of the London Bullion Market Association – the "premier professional forum for the world's bullion market" as Haywood Cheung of the 100-year old Chinese Gold & Silver Exchange [...]


This posting includes an audio/video/photo media file: Download Now

'LIBOR-like' manipulation of gas prices suspected in UK

Posted: 12 Nov 2012 12:41 PM PST

FSA Examines Whistleblower's Claims of 'Libor-like' Manipulation in Gas Prices

Whistleblower Claims L300 Billion Wholesale Gas Market Has Been Manipulated by Big Power Companies

By Terry Macalister
The Guardian, London
Monday, November 12, 2012

http://www.guardian.co.uk/business/2012/nov/12/libor-like-manipulation-g...

The City watchdog, the Financial Services Authority, is investigating claims by a whistleblower that Britain's L300 billion wholesale gas market has been "regularly" manipulated by some of the big power companies, exploiting weaknesses that echo the recent Libor scandal.

Separately, the energy regulator Ofgem has been warned by a company responsible for setting so-called benchmark prices, ICIS Heren, that it had seen evidence of suspect trading on 28 September, a key date as it marks the end of the gas financial year and can have an important influence on future prices.

The whistleblower, who works for ICIS Heren, raised the alarm after identifying what he believed to be attempts to distort the prices reported by the company. These benchmark prices are critically important because many wholesale gas contracts are based on them and small changes in the price can cost or save companies millions. The revelations come at a highly charged time for Britain's energy sector, with many of the big six suppliers under public fire for alleged profiteering on household energy bills and mis-selling on the doorstep.

... Dispatch continues below ...


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The energy secretary, Ed Davey, said: "I am extremely concerned about these allegations and will be keeping in close touch with the regulators while they get to the bottom of this."

In a statement, the FSA said: "We can confirm that we have received information in relation to the physical gas market. We take market misconduct seriously and will be analysing the material."

Ofgem said it had been given material "relating to trading in the gas market and is looking into the issue". The energy regulator said it had limited powers in this area but would "consider carefully any evidence of market abuse brought to our attention as well as scope for action under all our other powers".

The City and energy regulators are keenly aware of the growing political concerns that high energy prices, which are linked to wholesale values, can increase fuel poverty and undermine economic recovery.

The market abuse concerns were initially raised by Seth Freedman, a former City trader who worked as a price reporter at ICIS Heren for nine months. He told the Guardian he believed problems he spotted in a frenzied half-hour of trading on 28 September were more widespread.

"Traders have made clear to me that manipulation of gas prices is taking place on a regular basis. They name big companies among those they accuse of trying to rig prices and reap profits. Market participants claim the fixing of prices is an open secret," he said.

He also claimed that:

-- Big six companies are among those whose names are quoted by traders as being involved in attempts to raise or depress wholesale gas prices.

-- The key benchmark indices produced by at least one price reporting agency and used increasingly in massive UK supply contracts are unreliable, undermined by poorly trained staff and over-cosy relationships between traders and price reporters.

-- Traders regularly put price reporters under pressure to change prices they disagree with.

-- Price reporters struggle to set accurate benchmarks because they lack detailed information about trading in the opaque so-called "over-the-counter" market and are dependent on what traders tell them about market activity.

The disturbing issues raised by the traders he talked to daily in his job at ICIS led Freedman to tape conversations about the 28 September price gyrations, which he has handed over to the FSA.

In one, a trader from one power company says: "There's a feeling among some people that somebody's taking the piss a bit on the day ahead index. Between us I think [Company X] got in a bit of trouble for that about six months ago." (It has not been possible to establish if any company was censured.)

Another trader told Freedman, who has previously been a freelance contributor to the Guardian, in an instant messaging exchange: "There are a few shops that continually try to distort closes from what I see. ... Some of the range of quotes I hear sometimes are criminal."

When Freedman flagged up a series of suspiciously low trades that he believed were designed to depress ICIS's "day ahead" price on 28 September, a senior ICIS manager acknowledged that they appeared to be an attempt to manipulate the price but said "actually we did a bad job investigating it."

ICIS Heren did notify Ofgem about the suspicious trades. But, in another recorded conversation, the manager said there was "no official thing to do" when price reporting agencies saw what they believed to be evidence of price manipulation.

The whistleblower's information handed over to the FSA shows that on 28 September the price at which so-called day ahead gas contracts were being bought and sold dropped sharply at precisely the time -- 4.30 p.m. -- at which ICIS Heren attempts to take the pulse of the market.

One explanation for this could be that traders were deliberately dealing below the prevailing price in order to drag the benchmark down, perhaps because they stood to gain more from other contracts linked to this benchmark.

It is not possible for price reporters to establish who did the suspicious deals because they were conducted through a third-party brokerage firm.

In a statement, ICIS confirmed that it had detected some "unusual trading" activity on the British wholesale gas market on 28 September, which it reported to energy regulator Ofgem in October.

"The cause of the trading pattern, which involved a series of deals done below the prevailing market trend, has not yet been established. ICIS welcomes the seriousness with which the regulator has so far responded to this information and we have provided all the evidence at our disposal to help the regulator determine what happened."

ICIS said it welcomed the additional powers that are to be assigned to national energy regulators as of 2013 under the Remit regulation and the additional market oversight provided by the pan-European energy regulator ACER.

A spokesman for the Department of Energy and Climate Change said: "The government takes alleged abuse in our markets very seriously. It's important not to pre-empt the work that the enforcement agencies already have under way to assess the detail of the allegations made. The FSA and Ofgem have a range of powers available to them and have our full support in applying the law and ensuring that any wrongdoers are held to account."

It is understood that Davey will make a statement to the Commons on Tuesday about the price manipulation allegations.

In Europe, energy companies have been trying to fight off attempts by Brussels to introduce tighter regulations of the gas market to ensure there can be no repeat of the Libor scandal.

Arlene McCarthy, the North West England MEP, said she feared Freedman had unearthed another case of apparent market abuse and manipulation in gas prices. "For some time I have feared there is an extensive cartel culture of market-rigging and price-fixing in the commodities markets. Companies guilty of abuse must face the full force of penalties and sanctions and jail for criminal behaviour," she said.

"The FSA must take action but as the UK gas is the benchmark for gas traded at EU level I will be asking European commissioners [Joaquín] Almunia and [Michel] Barnier to take urgent action on cartels and price-fixing and introduce tough rules on the setting of benchmarks and indices in the commodities markets."

Chris Cook, a former compliance officer at the International Petroleum Exchange and now a senior research fellow at University College, London, said the problems highlighted by Freedman in the gas market echoed those in the oil sector.

"There is a structural issue here that over-the-counter markets with low liquidity can be manipulated by traders putting through visible trades at a duff price. We need to make sure the market is more transparent through a transaction registry," Cook said.

The way energy prices, which are used for key benchmarks in much larger multibillion-pound supply contracts, are formulated has been under recent scrutiny from the G20 group of leading global economies.

The price reporting agencies' (PRAs) work in the oil markets was scrutinised by an organisation working for the G20 nations amid widespread concern about oil trader speculation. There is no suggestion that ICIS or any other PRA has been involved in speculation themselves, but there are fears their reporting could be distorted by misleading information provided by energy traders, or by anomalously priced trades designed to move the benchmark price.

A report published last month by the board of the International Organisation of Securities Commissions (IOSCO) talks about the "opacity and variations" in PRA assessment methodologies.

"The need for assessors to use judgment under methodologies creates an opportunity for the submitter of data deliberately to bias a PRA's assessment in order to benefit the submitter's derivatives position," it says, adding: "For example, a trader seeking to manipulate a price might attempt to influence the personnel responsible for assessment."

The French oil group Total said in a letter to the IOSCO: "Sometimes the criteria imposed by PRAs do not assure an accurate representation of the market and consequently deform the real price levels paid at every level of the price chain, including by the consumer."

Meanwhile, energy companies have been working hard to fight off any new initiatives from Brussels about the way gas prices are set.

A European gas hub report just published by ICIS says: "The recent London interbank offered rate (Libor) scandal engulfing major financial institutions also prompted a European commission consultation in early September on the regulation of key indices, including those for coal, natural gas and electricity. However, strong industry resistance to many of the proposals has so far resulted in the watering down of many elements of the current regulatory proposals."

In the past, because there were relatively few "spot" short-term contracts to give ideas about current prices, these British and other European longer-term import deals with the Norwegians or the Russians were tied to prevailing oil prices. But increasingly major long-term and high-volume contracts have been linked to spot prices set by ICIS and other agencies.

Although some deals with corporate customers are specifically linked to benchmark prices such as ICIS Heren's, industry experts say it is difficult to assess what impact wholesale manipulation -- if it were going on -- would have on household bills.

EDF and SSE, two of the big six, contacted by the Guardian, denied that they would be involved in any attempt to manipulate prices or be involved in other bad practice. Two others, E.ON and RWE, have made similar statements in the past.

A spokesman for the French-based energy group said: "EDF Energy does not participate in loss-leading trading activity and considers it to be against existing market regulation. We make information likely to impact market price formation publicly available on our website in compliance with the European Union's regulation on energy market integrity and transparency (Remit)."

SSE said: "We are entirely confident that our energy portfolio management team operate in a fair and legitimate way."

A spokesman for Centrica, which owns British Gas, said: "Our compliance procedures and trading principles are clear. They require us to comply with all European Union and UK laws and we have done so." Scottish Power, another big six company did not comment.

The political temperature over domestic energy bills is likely to hot up again when a British Gas price rise of 6% for gas and electricity comes into effect on Friday. The average household bill for a dual-fuel British Gas customer will go up from L1,260 to L1,336 a year, according to the energy account transfer service uSwitch.

Ann Robinson, director of consumer policy at uSwitch.com, said (Mon 12): "The timing could not be worse -- as winter makes its presence known, the cost of heating our homes will be taking its toll on cash-strapped consumers. With bills reaching an all-time high, it's no surprise that almost nine in 10 households will be rationing their energy usage this winter."

McCarthy, the MEP, said any upheaval in the wholesale markets was dangerous because domestic supply companies cited the rise in wholesale prices as a reason for household prices to increase. "If in the end wholesale prices are being manipulated to increase the profits of the energy companies then consumers will end up the victim of this great gas ripoff. Families have seen gas and energy prices rise on average by between six and 9% this year, adding on average L200 to their bills."

Freedman has worked as an FSA-approved trader in the City and contributed to the Guardian from Israel. He was not working for the Guardian while employed as a price reporter by ICIS Heren.

* * *

Join GATA here:

Vancouver Resource Investment Conference
Sunday-Monday, January 20 and 21, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/vancouver-resource-investment-confer...

* * *

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


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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

Turk - The Fed Is Playing An Extraordinarily Dangerous Game

Posted: 12 Nov 2012 12:26 PM PST

Today James Turk spoke with King World News about an extraordinarily dangerous game the Fed is now playing and how it will impact key markets, including gold and silver. But first, here is what Turk had to say about the ongoing crisis in the US: "On Friday in the United States, the Department of Agriculture released its report showing the number of people receiving food stamps in August. The total is 47.1 million people, which is a new record high, Eric, but here is what I believe to be a staggering comparison. The number of people receiving food stamps increased in just that one month by over 420,000, while only 96,000 new jobs were created in August."


This posting includes an audio/video/photo media file: Download Now

Profit from Post-Election Blues

Posted: 12 Nov 2012 12:12 PM PST

Synopsis: Post-election strategies for precious metals investors Dear Reader, Well, just as Doug Casey predicted, Obama won the US election. I wouldn't make too much of Doug's successful prediction, as he's the first to say that these two Obama victories are the only presidential elections he's predicted correctly. More to the point is the joke going around about two guys watching the election results in a bar, when Obama's victory is announced. One guy groans: "Four more years!" The other guy cries: "Four more beers!" What's interesting about this to us is that it reflects investor sentiment. The markets reacted strongly to the election, clearly showing that most investors think another Obama term is bad for the economy. It was striking to see gold and the Dow move so sharply in opposite directions. [B]Reality[/B] The reality – according to Doug and the Casey Brain Trust – is that neither likely winner could stop the tr...


Alka Singh: Distinguish the Precious Metal 'Haves' from the 'Have-Nots' and the 'Wannabes'

Posted: 12 Nov 2012 12:12 PM PST

The Gold Report: When you last spoke with The Gold Report in late May, gold was hitting its first bottom of 2012, just over $1,570/ounce (oz), after apparently breaking a multiyear uptrend around the end of March. Silver bottomed about a month later just under $26/oz. While both prices are higher as we speak, 2012 has been pretty much a sideways year. What are you predicting for 2013, in light of world economic and political developments over the past six months? Alka Singh: Gold is trading over $1,700/oz again and silver is over $32/oz. I believe this trend will continue in the short-to-medium term with higher prices for both metals in 2013 as the global economic crisis will take at least a couple of years to be resolved. Gold has a unique characteristic, and the price of gold tends to increase both during an inflationary period as well as when there is deflation. I don't see gold or silver prices coming off from where they are right now. TGR: Do you have any target figures in mind,...


ECB Bond-Buying: The Rape of Europe Continues

Posted: 12 Nov 2012 12:03 PM PST

In the summer of 2011, I wrote a four-part series entitled "Economic Rape of Europe Nearly Complete". In that extended piece; I detailed how the combination of three malevolent forces was decimating the economies of Europe one-by-one.

Through the relentless fraud/manipulation in Euro debt markets, sadistic "austerity", and so-called "bail-outs" which just bury these insolvent economies even deeper in debt; the Western banking cabal is systematically looting these nations.

The manipulation of European debt markets was (is) accomplished through the fraudulent rigging of the credit default swap markets; combined with the complicity of the Big Three ratings agencies and the West's media Oligarchs.

The bankers manipulate credit default swap prices higher, simply by piling-on massive bets that a particular Euro-zone nation will default. The propaganda machine immediately shrieks that "risk" has now increased for this debt market, and then the accomplices in the ratings agencies comply with a ratings downgrade – immediately driving interest rates higher.

With the massive debts being carried by these economies, any increase in interest rates automatically makes the economy significantly less solvent, turning this tag-team of fraud into a self-fulfilling prophesy. With the banksters literally capable of manipulating Euro zone interest rates to any number they desire, as a matter of simple arithmetic it is impossible to "bail out" any of these nations – by lending them more money.

The moment more bail-out dollars are released, the banksters immediately drive interest rates even higher. Thus all the bail-out dollars are siphoned-out of the economy in the form of higher interest payments to the Bond Parasites, meaning all that each "bail out" accomplishes is to pointlessly pile on more debt.

Meanwhile, as more and more of every revenue-dollar is sucked out of these economies by the debt-market fraud, Austerity is literally nothing less than economic suicide. In economies already starved for capital, Austerity is the precise equivalent of a doctor putting a severely anorexic patient on a diet.

The empirical evidence is overwhelming. In every European economy which has inflicted Austerity on its population, the rate of economic contraction has accelerated, and the size of the budget deficits has grown larger instead of smaller. Since the entire raison d'etre of Austerity is to (supposedly) shrink these deficits, it is nothing less than deliberate suicide to continue this policy, and serves no purpose except to free-up more dollars to be paid out as interest payments to the Bond Parasites.

With these European governments having no viable plans for excavating their economies from debt, and with the bankers capable of instantly sabotaging any plan with more debt-market fraud (even if there was a plan); lending these economies more money (and calling that a "bail out") is still more suicidal insanity. All that is accomplished is to increase the size of these debts – and interest payments on those debts – still further.

This systematic looting can only possibly result in the complete bankruptcy and total destruction of each of these economies, as has almost been completed with Greece. Now these Financial Fascists want to both accelerate their economic rape, and to tighten the choke-chains of debt around the throats of these governments.


Zero Hedge: Fed, Bank of England Deceived Bundesbank on Coin-melt Bars in 1968

Posted: 12 Nov 2012 11:37 AM PST

"I still get the impression that there are forces beneath the surface that spell big changes ahead." [COLOR=#7f4028] Yesterday in Gold and Silver The gold price traded in a tight range throughout the Friday trading session everywhere on Planet Earth. It appeared that every time gold tried to break above the $1,740 spot price mark, it got sold off...with the sell off at that London p.m. fix being the most obvious. The high tick of the day at the afternoon gold fix was $1,740.50 spot. From there, gold got sold off...and closed for a small loss...down $1.10 on the day at $1,738.80 spot. Net volume wasn't overly heavy at 117,000 contracts. Silver traded sideways up until 10:00 a.m. in London...and then got sold down to its low of the day [around 32.05 spot] shortly after 1:00 p.m. GMT...about fifteen minutes before the Comex open. The subsequent rally got hit hard the moment that the London p.m. gold fix was in at 3:00 p.m. GMT...10:00 a.m. in New...


LGMR: Importers of Gold "Digesting Higher Prices" with Sentiment "Driven by Fiscal Cliff", China's Gold Market "Still Has Long Way To Go"

Posted: 12 Nov 2012 11:35 AM PST

London Gold Market Report from Ben Traynor BullionVault Monday 12 November 2012, 08:00 EST SPOT MARKET gold prices hovered just below $1738 an ounce Monday morning in London, close to three-week highs, while stocks and commodities were broadly flat and the Euro traded near two-month lows against the Dollar, as the US and Greece both contemplated upcoming fiscal difficulties. Silver prices traded around $32.70 an ounce, also near three-week highs. Bullion importers in India, meantime, which sees the celebration of Diwali tomorrow, slowed their purchases of gold Friday as the Rupee weakened and gold prices rose, newswire Reuters reports. "Jewelry makers may have to wait before they come back to buy again," says one physical bullion dealer in Hong Kong. "People are digesting the rebound in prices." "Worries about the fiscal cliff continue to drive [international bullion market] sentiment," says Nick Trevethan, senior metals strategist at ANZ, referring to ...


China likely taking a third of outside gold production, Embry says

Posted: 12 Nov 2012 11:29 AM PST

1:25p ET Monday, November 12, 2012

Dear Friend of GATA and Gold:

Interviewed today by King World News, Sprott Asset Management's John Embry marvels at the pace of China's accumulation of gold -- not just the country's full domestic production, kept at home, but likely as much of a third of the annual gold production of the rest of the world. Where, Embry asks, is all the gold imported by China coming from? Likely in large part from Western central banks, a source that probably won't be able to supply much more. An excerpt from Embry's interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/11/12_E...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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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


Join GATA here:

Vancouver Resource Investment Conference
Sunday-Monday, January 20 and 21, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/vancouver-resource-investment-confer...

* * *

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


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Fred Goldstein and Tim Murphy open All Pro Gold

Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/.
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