Gold World News Flash

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• 9/11 WTC-7 Lawsuit Absolves United Airlines of Responsibility, Highlights Nation’s Ignorance of Third Building
• Jim Willie: Global Gold War Coming As Central Bank Gold is Gone!
• The Gold Price Closed at $1,728.20 Silver Closed at $33.35 an Ounce
• Gold’s Bull Market Almost 12 Years Old!
• Gold's Bull Market Almost 12 Years Old!
• Greek Milk Costs More Than Anywhere Else In Europe As Suicide Rate Rises By 37%
• Jeff Nielson: Silver's smoking guns of price suppression
• Michael Burry's Reminder That After Every Over-Consumption, A Brutal Hangover Is Inevitable
• The First 12 Hours of a US Dollar Collapse (The Day the Dollar Died)
• 22 Nov 2012 – “ Free Bird ” (Lynyrd Skynyrd, 1974)
• EURUSD Surges To 3-Week High; Risk-Assets Mixed
• GoldSeek.com Radio Gold Nugget: Ron Hera & Chris Waltzek
• Patagonia Gold gets final permit for Argentina project
• How Spanish Debt Default Would Trigger an Epic Financial Crash
• Austrian Central Bank Has Parked 80% of Countries Gold Reserves In London
• Most Austrian gold reserves held in London and leased out
• Gold & Silver Market Morning
• Bundesbank Sold Gold "Just for Commemorative Coins", Silver Industrial Demand Forecast to Rebound in 2013
• Austrian Parliament Hears 80% of Austrian Gold Bullion Reserves In London
• The $3 Million House in Vancouver…
• Inflation, deflation and why management remains key for mining equities – Berry
• Bundesbank Sold Gold Just for Commemorative Coins
• Cash cost fairytales and the need for management discipline in the gold sector
• Gold Price Holding Gains, Germany Sold Gold "Only for Commemorative Coins"
• Gilt prices are at a 300 year high bubble price. Low interest rates are engineered to artificially pump up the price of gilts in the wake of a banking collapse. The banks are still collapsed and now gilts will collapse (sending rates skyrocketing). Camero
• Prepare For A Possible Gold And Silver Price Spike
• Gold Could Easily Double Amidst Hyperinflation Collapse
• HUI-Gold Ratio; 3 Views, 1 Conclusion
• Asian Metals Market Update

9/11 WTC-7 Lawsuit Absolves United Airlines of Responsibility, Highlights Nation’s Ignorance of Third Building Posted: 22 Nov 2012 08:30 PM PST from Silver Vigilante: United Airlines will not bear any responsibility for the collapse of the third World Trade Center building on September 11, 2001, WTC-7. The owner of the company, Larry Silverstein, who held the lease on the WTC property, had filed negligence claims against United for security lapses at the Portland, Maine airport. Tower 7 collapsed in the evening of September, 11, after having supposedly been "pierced" by debris from the crash of American Airlines Flight 11 into nearby 1 WTC. The suspects had originally boarded a United Airlines flight before transferring. The judge ruled that United could not have foreseen the events that led to the destruction of Tower 7. Silverstein Properties anticipates filing a similar claim over United's Flight 175. The ensuing insurance claims and lawsuits filed in the wake of 9/11 comprise an interesting collection of anecdotes regarding the fateful day. As few US citizens understand, in evening of September, 11, 2001, a third WTC building, building 7, collapsed in the evening, and is claimed to have collapsed due to structural damage despite that it clearly collapsed and caved in on itself. It was also reported by BBC that the building fell, before the actual event. Read More @ Silver Vigilante

Jim Willie: Global Gold War Coming As Central Bank Gold is Gone! Posted: 22 Nov 2012 08:20 PM PST By Jim Willie, GoldenJackass.com -The battle is on for delivery and verification for official gold accounts -Evidence grows that much of it is gone, and when demanded, replaced with urgency -It is soon to transform into a global gold war … Continue reading →

The Gold Price Closed at $1,728.20 Silver Closed at $33.35 an Ounce Posted: 22 Nov 2012 06:33 PM PST Gold Price Close Today : 1728.20 Change : 0.00 or 0.00% Silver Price Close Today : 33.35 Change : 0.00  or 0.00% Gold Silver Ratio Today : 51.820 Change : 0.00 or 0.00% Franklin didn't publish commentary today, if he publishes later it will be posted here. Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com 1-888-218-9226 10:00am-5:00pm CST, Monday-Friday © 2012, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. No, I don't.

Gold’s Bull Market Almost 12 Years Old! Posted: 22 Nov 2012 03:53 PM PST Gold jumped up on the eve of the U.S. election. It seemed to be looking beyond… and indeed it was. Gold continued rising as the attention then turned to the fiscal cliff and escalating tensions in the Middle East. The markets have been focusing on the next major problem. The fiscal cliff will surely help keep the markets volatile. But the ongoing uncertainty and the historical money pumping will continue to be dominant factors affecting the markets.

Gold's Bull Market Almost 12 Years Old! Posted: 22 Nov 2012 03:32 PM PST Gold jumped up on the eve of the U.S. election. It seemed to be looking beyond... and indeed it was. Gold continued rising as the attention then turned to the fiscal cliff and escalating tensions in the Middle East. Read More...

Greek Milk Costs More Than Anywhere Else In Europe As Suicide Rate Rises By 37% Posted: 22 Nov 2012 11:56 AM PST That Greek suicide rates have exploded over the past two years is very much expected: after all, in order to preserve the sanctity of the failed monetary status quo, the Greek economy and its less than prosperous population have been sacrificed by the legacy elite and the wealthy. The socio-economic collapse has resulted in a total crash in economic production of goods and services, an nosebleed-inducing unemployment rate which increasing at a mindboggling 1% per month, and the rise of neo-nazism, with the Golden Dawn party now the third most popular political organization in the country (and rising rapidly). Sure enough, Kathimerini has confirmed that the" Greece's suicide rate increased by 37 percent between 2009 - 2011, To Pontiki newspaper reported quoting police data. The data, which was presented in Parliament by Public Order Minister Nikos Dendias following a request by SYRIZA MPs, showed that 3,124 suicides and attempted suicides have occurred in the debt-stricken country since 2009, the weekly newspaper said." As noted, no surprise in this very tragic headline on the day in which the world's still wealthiest nation gives gratitude for all its "wealth." Yet while the causes of the depressing Greek reality are well-known, what may be less known are the concurrent events which are taking place to help "fix" the country. Because if one listened to the Troika, the Eurogroup's now monthly 4:00 AM stressed and confused press conferences, and the Greek government, the people are suffering solely due to "austerity" which has to take place to restore balance. Yet as we have documented repeatedly, "austerity" in the true sense of the word has hardly been implemented anywhere. Instead, what has been implemented is a toxic spiral of rising corruption coupled with ever greater government imposition of control and the evisceration of a free market, which, and not "austerity" - which is merely another word for deleveraging, or returning to a sustainable sovereign debt level - is what has precipitated the death spiral of Greek society until such point in time when there is no more capital to plunder from anyone and the farcical flame that passes for the Greek economy, and soon thereafter society, is finally extinguished. One such event is the realization that despite the collapse of end-demand, milk in Greece costs more than anywhere else in the European Union. Why? Read on to understand what is really happening in Greece. From Kathimerini: Cost of milk in Greece a problem for consumers and producers To understand why milk costs more in Greek shops than anywhere else in the European Union, Stathis Aravanis's farm is a good place to start. Tall elm trees screen the 4 hectares (10 acres) of land that Aravanis farms outside the small town of Orchomenos in central Greece, not far from the ancient city of Thebes. The silence is broken only by the sound of grazing cattle and a passing tractor. Each day 200 or so cows produce 5.5 tons of milk that he has been selling to Delta, a division of food conglomerate Vivartia, since 1990. Delta, which collects the milk every two days, pays him 45 euro cents a liter. That is in line with the average farm-gate price in Greece of 44.79 cents, according to Eurostat, the EU's statistics office. Only in Finland, Malta and Cyprus is the price higher. Aravanis said his running costs made it impossible to produce more cheaply. His farm is too small for him to grow fodder for his total herd of 440 animals, so he has to buy in clover, maize, oats, hay and soya, which is imported from the United States. "If the price fell to 40 cents none of us would be able to survive. We are barely getting by at these prices,» he said. Aravanis reserves his harshest criticism for government bureaucrats, who he says make it hard for farmers to obtain land permits to expand and reap economies of scale. «It's not as if cows are going to be grazing in their living room,» he said. George Kefalas, who produces milk on a family farm near the northern city of Thessaloniki, said it can take two or three years to get an operating licence. "In other countries, even in the developing world, these are issues that were resolved decades ago,» Kefalas, the head of Greece's Cattle Breeders' Association, said. He says he supplies milk to the dairy firm Olympus at 46 cents a liter. At the other end of the dairy chain stand Greek shoppers, who wonder why they have to pay around 1.50 euros for a liter of fresh milk. Agnes Papadopoulou, 46, a mother of two young children who lost her job as an accountant in January, stopped buying fresh milk months ago because she could no longer afford it. "It's too expensive. It's impossible to get by when you need two liters a day, plus bread, plus food, never mind all the bills and taxes we have to pay. Fresh milk is a luxury,» Papadopoulou said, pushing a trolley stacked with pasta, lentils and tinned food in an Athens supermarket. Attempting direct comparisons with prices elsewhere in Europe is treacherous because so many variables are in play, such as transport costs, rents and consumer preferences. But Eurostat says the price in Greece of dairy produce -- milk, cheese and eggs -- was 31.5 percent above the EU average in 2011, the highest in Europe. Greek dairy firms say they charge a fair price and their sector is one of the least profitable due to high costs. But many Greeks assume that milk prices are rigged, a suspicion reinforced by a fine of 75 million euros that the Competition Commission slapped on several firms in 2007 for fixing prices between themselves and with supermarkets. The companies are still challenging the ruling in court. "Of course milk needs to be cheaper. The government needs to do something because the big companies are taking advantage of us,» said Loukia Antonopoulou, 41, a saleswoman in a clothes shop in Athens. Athanasios Skordas, the deputy minister for economic development and competitiveness, said the very fact that the price of a liter of milk ranges from 0.85 to 2.10 euros shows there is no indication of price fixing. "Competition works. There is a large number of active firms and the price range is very wide,» he told Reuters. «I'm not saying milk is cheap, but I think the price is very fair." Skordas said milk was expensive because of farmers' high production costs, expensive packaging and the cost of transporting milk to remote islands and villages. Moreover, fresh milk is sold in Greece with a shelf life of just five days, which means more trips to collect it from farms. Dairy farmers oppose a long-standing proposal to extend the shelf life of milk to 10 days, as is common elsewhere in Europe. This could be done relatively simply in the pasteurisation process, but Skordas said cattle breeders feared -- unnecessarily, in his opinion -- that this would open the door to increased competition from imported milk. Back on his muddy farm at Orchomenos, Aravanis said the quality of Greek milk was unbeatable. But he added: «It could be sold a little cheaper. I wish prices could be held down so the consumer with a family could buy even one more liter of milk. That would be very important for us.»

Jeff Nielson: Silver's smoking guns of price suppression Posted: 22 Nov 2012 11:31 AM PST 1:20p ET Thursday, November 22, 2012 Dear Friend of GATA and Gold (and Silver): Jeff Nielson of Bullion Bulls Canada has written a series of three short commentaries, "Silver's Smoking Guns," identifying the strange anomalies of the silver business, which add up to powerful evidence that the silver market has been under price suppression for many years and that the metal remains dramatically underpriced. Nielson's first commentary is headlined "Mining Paradox": http://bullionbullscanada.com/silver-commentary/26024-silvers-smoking-gu... Part II is headlined "Investment Paradox": http://bullionbullscanada.com/silver-commentary/26025-silvers-smoking-gu... Part III is headlined "Market Paradox": http://bullionbullscanada.com/silver-commentary/26026-silvers-smoking-gu... CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ADVERTISEMENT Fred Goldstein and Tim Murphy open All Pro Gold Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/. Join GATA here: 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 ADVERTISEMENT Opinion Around the World Is Changing in Favor of Gold -- Find Out Why When Deutschebank calls gold "good money" and paper "bad money". ... http://www.gata.org/node/11765 When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ... http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan... When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ... http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan... When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ... http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold... When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ... World opinion is changing in favor of gold. How can you learn why and what it will mean to you? Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard." Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him." To buy a copy of "The True Gold Standard," please visit: http://www.thegoldstandardnow.com/publications/the-true-gold-standard

Michael Burry's Reminder That After Every Over-Consumption, A Brutal Hangover Is Inevitable Posted: 22 Nov 2012 11:20 AM PST On America's day most famous for over-consumption, we thought a few minutes of reflection on the state of our world would be useful. Infamous for his correct predictions of the great recession, Europe's demise, and the collapse of the US financial system (as well as profiting handsomely from being right), so well captured in Michael Lewis' book "The Big Short", UCLA's Dr. Michael Burry undertakes UCLA's Economics Department's commencement speech with much aplomb. In this "age of infinite distraction", the painful 'truthiness' of this 15 minute speech is stunning from single-sentence summation of Europe's convulsions that "when the entitled elect themselves, the party accelerates, and the brutal hangover is inevitable" he reminds us that Californians, and indeed all Americans, should take note. A quarter-of-an-hour well spent from a self-described 'chicken-little' who was "just trying to figure it all out".

The First 12 Hours of a US Dollar Collapse (The Day the Dollar Died) Posted: 22 Nov 2012 10:09 AM PST A newly released short-film by the National Inflation Association gives us a preview of what the first 12 hours of a US dollar collapse may look like. Click here to Watch The Day the Dollar Died: This posting includes an audio/video/photo media file: Download Now

22 Nov 2012 – “ Free Bird ” (Lynyrd Skynyrd, 1974) Posted: 22 Nov 2012 10:04 AM PST 22 Nov 2012 – “ Free Bird ” (Lynyrd Skynyrd, 1974) Music Link US closing fine, Asia closing fine. PMIs a tick better than expected. Fine. Spanish auction fine. Greek bonds fine. All fine. Slight Risk On. Fine. Fine, fine, fine… All is good. Free that Bird – or Eat it! "Free Bird" (Bunds 1,43% +0; Spain 5,64% -6; Stoxx 2534 +0,6%; EUR 1,288 +60) --- Uneventful close of a shortened pre-Thanksgiving session in the US. Asian session mostly positive, given the limited Greece non-deal fall-out on Wednesday in Europe. Nikkei still galloping ahead, unstoppable, although challenges to the BOJ independence, growth and inflation rate targets of 3% totally etc. outwardly. But who cares? Nikkei +1.5% (+8.5% in 10 days). Only worry child is China, despite better PMI data, still trading heavily near 4-year lows (the 2000-mark). HSBC Flash at 50.4 after 49.5 and finally above water. French PMI at cash open showing a better than expected performance, clocking in at 46.1 in Services (more important in France) on a 45 forecast after 44.6. Manufacturing likewise better at 44.7 (fcst 44 after 43.7). Flattish open, ahead of German and EZ PMIs. Equities slightly biased to the upside, in absence of dropping shoes, ticking up to be in line with the US close. No strong follow up to the Asian session (given the advance already taken lately). EGBs flat (Bunds 1.43%) to slightly firmer, same for the Periphery (Spain 3.08% in 2s and 5.67% -3 in 10s, ahead of the auction later in the morning, with auction papers quoted in line about 3 tighter than at Wednesday’s close). Credit still tightening, tick by tick by tick. Commodities more or less where left Wednesday evening. EUR still firming up in the underlying ROn mood at 1.285. German PMI split with Manufacturing over consensus at 46.8 (fcst 46 unchanged), but Services sluggish at 48 (fcst 48.3 after 48.4). Given the industry weight in Germany, that’ll do. EZ PMI split, too, with the Composite at 45.8 (fcst 45.7 unchanged), Manufacturing better at 46.2 (fcst 45.6 after 45.4), but Services at 45.7 (fcst 46 unchanged). Then again, given low expectations, this seems as good as it gets. Composite at two-month high; Services at 40-month low; Manufacturing at 8-month high; Manufacturing Output at two-month high. Some bottoming-out that shouldn’t mask that Q4 will probably crystallize a serious GDP drop. Final and most watched auction for this week out of Spain with nearly EUR 3.9bn sold, exceeding the targeted EUR 3.5bn, with  EUR 1.7bn 3.75% Oct 2015 at 3.617% (COB 3.66%), EUR 645m 5.00% Jul 2017 at 4.477% (COB 4.53%) and especially EUR 1.5bn 5.50% Apr 2021 at 5.517% (COB 5.57%). Bid to cover quite on the light side again and heavy tails (12.5 cts in 3s, 17.7 cts in 5s and 25cts in 2021s), but nice screen results. [Sorry. Had a wrong input at COB yesterday night showing all bonds 10bp wider. Levels corrected] Last 3 YRS auctions 3.66% 2 weeks ago, 3.23% one month ago; 5 YRS 4.68% & 4.77%. This followed (astutely) leaked news that Spain had privately placed EUR 3.28bn 5 YRS recently at 4.792% (albeit, released after the auction, with its own social security fund - and thus not with some convinced real-money investor). No, no, no… Spain definitively not interested in putting an end to possible negative feedback loops. Muddling to make the whole country TBTF. Seems to work, though.. In the meantime, the hostage-taking strategy (Help me – or I’ll blow up!) seems to be working fine with Greek 2023s hitting 16% and 2042s 13.25% (both 75bp tighter). It’s probably what Cyprus is up to as well when stating that differences with the Troika could be bridged – and then breached. Should this go on, that would be a real reason for Core EGBs to remain under pressure with Germany and France as biggest paymasters on the frontline, as this could be interpreted as a de-facto ex post mutualisation of (past) debt. Give it 25-30bbp more bp, let’s say above 1.75% in Bunds and 2.50% in France, and suddenly the tone might change. Markets settled comfortably on late morning levels, in foreseeable absence of (most) of the US players during the afternoon session. Midday levels show EGBs mostly unchanged, give or take. Periphery doing ok, albeit with Spain off tightest levels. Bunds 1,44% (+1), OBLs at 0,44% (+0) and BKOs 0,005% (-0,2). Spanish 2s at 3,04% (-5), 10s at 5,65% (-5). 2-10 YRS spread 261bp (+0). Italian 2s at 1,90% (-5), 10s at 4,82% (-2). 2-10 YRS spread 292bp (+3). Equities up 0.5%, Credit 2.5% tighter. EUR happy to fly on its own, staging a solo Risk On chant to hit 1.288. Commodities mostly unchanged. Not much on the ticker. Quips of “united, we’ll manage” (on Greece), ahead of the (less manageable) EU Budget summit. Drifting during the afternoon. Free.       Bird. Food. Mood barely dented by EZ Consumer Confidence sinking 26.9 (fcst -25.9 after -25.7), a new low in the on-going slide (Latest high -9.8 in Nov 2010. Negative high 20s take us back to Q2/2009). Just closing the afternoon. Not much more. Having braved the odds so far, the Periphery tightened just a little more. EGBs mostly flat to a tick better after the confidence data. France a tick softer. A bit of steepening. Schätze trading a round zero. Bunds closed at 1,43% (unch), OBLs at 0,44% (unch) and BKOs 0,000% (-0,7). Spanish 2s at 3,02% (-7), 10s at 5,64% (-6). 2-10 YRS spread 262bp (+1). Italian 2s at 1,86% (-9), 10s at 4,78% (-6). 2-10 YRS spread 292bp (+3). Spanish auction paper for once even-keeled in the close at 3.615%, 4.47% and 5.525% (mid). Commodities rather drifting sideways. EUR 1.288 (after hitting 1.29). Take-away: US closing fine, Asia closing fine. PMIs a tick better than expected. Fine. Spanish auction fine. Greek bonds fine. All fine. Slight Risk On. Fine. Fine, fine, fine… All is good. Free that Bird – or Eat it! Outlook: Final German GDP & IFO Nov Biz Climate fcst 99.5 after 100, Current fcst 106.3 after 107.3, Expectations fcst 93 after 93.2. French Biz Sentiment fcst 87 after 85, Outlook -53 after -56. Italian Retail Sales and Spanish PPI. European 50 & 100d averages: EStoxx 2511/2441, DAX 7277/7053, CAC 3449/3398, MIB 15628/15020, IBEX 7849/7441. US 100 & 200d averages: INDU 13130/12992, S&P 1406/1383, NASDAQ 3017/2985 with AAPL 100/200d at 626/597. EUR: 100d 1.266 & 200d 1.280. Fibo retracement (of May 2011 1.494 & Jul 2012 1.204 down-leg) at 1.273 & 1.315, then 1.349 (50%). Jul 2012 to Sep rebound levels: 1.231 – 1.247 – 1.261 – 1.274 – 1.291 -1.317 . New Issues from Intesa SanPaolo in OBG format (covered bonds) for EUR 1.25bn 10 YRS at MS +200. Senior FRN ware with ING selling EUR 1.75bn 2 YRS at 3mE +49 and Aktia with EUR 200m 3 YRS at 3mE +113. Don’t hesitate to exchange with the author. All comments, suggestions, rants are welcome.   Closing levels: 10 YRS Yields: Germany 1,43% (unch); Luxembourg 1,55% (-1); Netherlands 1,69% (-1); Finland 1,68% (-2); Swaps 1,74% (unch); EU 1,78% (-1), Austria 1,86% (unch); EIB 1,95% (unch); EFSF 2,07% (-1); France 2,18% (+1); Belgium 2,33% (-1); Italy 4,78% (-6); Spain 5,64% (-6). 10 YRS Spreads: Luxembourg 12bp (-1); Netherlands 26bp (-1); Finland 25bp (-2); Swaps 31bp (unch); EU 35bp (-1); Austria 43bp (unch); EIB 52bp (unch); EFSF 64bp (-1); France 75bp (+1); Belgium 90bp (-1); Italy 335bp (-6); Spain 421bp (-6). EUR swap curve 2-5 YRS 49bp (unch); 5-10 YRS 83bp (+1,0) 10-30 YRS 61bp (+1,0). 2 YRS German BKOs closed 0,000% (-0,7) and 5 YRS OBLs 0,44% (unch). Main -3 to 123 (-2,4% tighter); Financials -4 to 162 (-2,4% tighter); Cross -5 to 505 (-1,0% tighter). Stoxx Futures at 2534 / +0,6% (from 2518). Oil 87,2/110,5 (WTI/Brent) from 87,5/110,8 (-0,2%/-0,2%). Gold at 1731 after 1728 (+0,2%). Copper at 351 from 349 (+0,6%). CRB closed in the US 298,0. BDIY, up again, +11 to 1084. Target is now the 1162-high seen in July, post-Chinese New year slide. EUR 1,288 from 1,282 Greek guesstimate: Greek bonds 16.25% (-50) for 2023s and 13.50% (-50) for 2042s, 25 bp off today’s tightest levels, but still on the ramp. Hey, everyone seems so keen to help… All levels COB 17:30 CET   Fast-forward Macro and Events: Elections in Catalonia will take place coming Sunday. GE: Fri 23 Final GDP, IFO Nov Biz Climate fcst 99.5 after last, Current fcst 106.3 after 107.3, Expectations fcst 93 after 93.2 FR: Fri Biz Conf fcst 87 after 85 Italy: Fri Retail Sales last +0.% MoM Spain: Fri PPI US: Monday Dallas and Chicago Fed indices). Tue Durable Goods, Case Schiller, Consumer Confidence and Beige Book   Click link under title or below for today’s musical support: Free that bird!!! Music Link   http://www.aviewfrommyscreens.com Don’t hesitate to exchange with the author. All comments, suggestions, rants are welcome.

EURUSD Surges To 3-Week High; Risk-Assets Mixed Posted: 22 Nov 2012 09:49 AM PST S&P 500 futures limped 3-4 points higher from last night's close helped by a surge in EURUSD (and its correlated-ness). The most liquid FX pair in the world jumped like a penny stock up to a 1.2899 high this morning (up at three-week highs) just shy of its 50DMA. Merkel sprinkling some hope of a somehow favorable EU budget accord, no news is good news for Greece, and a Spanish reacharound auction seemed the catalysts for hope but we note two significant shifts today from the very recent risk-on regime: 1) credit markets in Europe diverged flat to lower from equities today; and 2) US equity futures also did not follow the path of least resistance higher with FX carry. Whether this is simple illiquidity is unclear; but typically on thin days, everything correlates and levitates - today in European corporate and sovereign bonds and US equities, that was not the case... and 2Y Bunds end the day back at 0.00%   GGBs reached a hope-fueled post-PSI high over EUR35 today... good luck...(see this post for some context)   As EURUSD retraces its pre-/post-election plunge...to test 1.2900   but... European corporate and financial credit lagged notably today relative to European stocks...   and European Sovereigns were stagnant today after 4 days of rallying...   and S&P 500 futures did not follow through with the EURUSD exuberance...   Gold was stable, Silver up a little, Copper tailed off into the close but oil was the worst performer among commodities back down to around $87.   With Treasuries closed, CONTEXT (our broad risk-asset proxy) is a little off-kilter but S&P futures are clinging pretty well to broad risk assets (as JPY offsets EUR exuberance) and credit/commodities leak...   S&P 500 futures remain right at the lower-end of Support/Resistance from Draghi's 9/5 pronouncements...   Charts: Bloomberg and Capital Context

GoldSeek.com Radio Gold Nugget: Ron Hera & Chris Waltzek Posted: 22 Nov 2012 09:00 AM PST GoldSeek.com Radio Gold Nugget: Ron Hera & Chris Waltzek

Patagonia Gold gets final permit for Argentina project Posted: 22 Nov 2012 08:44 AM PST The Mining Secretariat in Argentina's Santa Cruz province has granted TSX-listed Patagonia Gold the full and final permit for the development and production of the Lomada de Leiva gold project. Lomada de Leiva is a gold and silver project located 40 km south-east of the Perito Moreno glacier, inside the 'special interest mining area', defined by the provincial legislative system. Read more….

How Spanish Debt Default Would Trigger an Epic Financial Crash Posted: 22 Nov 2012 07:59 AM PST Over the last week I’ve introduced the concept of collateral: the little known basis for the entire financial system. We’ve also addressed why any EU sovereign default would bring about an epic meltdown as EU bonds, particularly those of Spain and Italy are the collateral underlying hundreds of trillions of Euros worth of trades for EU banks. Again, the most important issue for the financial system is the search for high quality collateral.

Austrian Central Bank Has Parked 80% of Countries Gold Reserves In London Posted: 22 Nov 2012 07:51 AM PST Today’s AM fix was USD 1,729.75, EUR 1,344.23, and GBP 1,084.35 per ounce. Yesterday’s AM fix was USD 1,726.75, EUR 1,350.71, and GBP 1,085.05 per ounce. Silver is trading at $33.38/oz, €26.00/oz and &ound;21.00/oz. Platinum is trading at $1,588.25/oz, palladium at $650.60/oz and rhodium at $1,060/oz.

Most Austrian gold reserves held in London and leased out Posted: 22 Nov 2012 07:35 AM PST Which means that the gold really isn't there at all, or at least not unimpaired. Now another nation is starting to get hints about gold-market rigging, likely thanks to the clamor raised by our German friends -- Austria being, of course, a German-speaking nation. * * * Call to Bring Austrian Gold Back Home from the UK From Austrian Times, Vienna Thursday, November 22, 2012 http://austriantimes.at/news/Business/2012-11-22/45593/Call_to_bring_Aus... There is heated debate in Austria after it was revealed that the country's national bank is storing its gold reserves in England. In response to a parliamentary question the bank said that 224.4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland, and around 48.7 tonnes (around 17%) are in Austria itself. The bank said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria's national bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros. ... Dispatch continues below ... ADVERTISEMENT Opinion Around the World Is Changing in Favor of Gold -- Find Out Why When Deutschebank calls gold "good money" and paper "bad money". ... http://www.gata.org/node/11765 When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ... http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan... When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ... http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan... When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ... http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold... When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ... World opinion is changing in favor of gold. How can you learn why and what it will mean to you? Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard." Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him." To buy a copy of "The True Gold Standard," please visit: http://www.thegoldstandardnow.com/publications/the-true-gold-standard The bank's governor, Wolfgang Duchatczek, revealed the statistics after a question by social Democrat MP Matznetter, who wanted to know why Great Britain was regarded as the best place to store Austrian gold. Duchatczek said: "The bank has always made it clear that our gold reserves are stored at the main gold-trading centres." Currently that would be London and Switzerland -- specifically Basel, he said. The gold that the bank has in Austria itself is stored at the Austrian Mint in Vienna. * * * 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 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/.

Gold & Silver Market Morning Posted: 22 Nov 2012 07:31 AM PST New York closed at $1,729.20 up $1.50 on yesterday. This morning, Asian and London dealers took the gold price higher to trade at $1,729.70 ahead of London's opening. It was Fixed at $1,729.75 up $3.00 on yesterday morning's Fix. In the euro it was Fixed at €1,344.226 down €6.5 from yesterday while the euro was stronger at €1: $1.2868. Ahead of New York's opening, gold was almost the same at $1,730.25 and in the euro at €1,343.73.

Bundesbank Sold Gold "Just for Commemorative Coins", Silver Industrial Demand Forecast to Rebound in 2013 Posted: 22 Nov 2012 07:29 AM PST THE U.S. DOLLAR gold price traded close to $1730 an ounce during Thursday morning's London session, holding onto gains made a day earlier, as European stock markets edged higher, with US markets closed today for Thanksgiving.

Austrian Parliament Hears 80% of Austrian Gold Bullion Reserves In London Posted: 22 Nov 2012 07:00 AM PST Gold priced in Japanese yen rose to a nine-month high this morning at 143,262 yen/oz and is on track for its biggest weekly rise since February, up 2.8% according to Reuters. The yen came under heavy pressure from growing speculation that the Bank of Japan would aggressively ease monetary policy in the coming months. Gold trading is quiet with the US markets closed for the Thanksgiving holiday today and the early close tomorrow.

The $3 Million House in Vancouver… Posted: 22 Nov 2012 06:30 AM PST "I had a property for sale in West Vancouver," said the elegant woman, who emigrated from India to Canada in the 1970s and went into the real estate business. "The owners wanted $3 million," she said. "It's a lot for the particular property, even in our elevated Vancouver market." The woman was attending the Agora Financial Investment Conference in Vancouver this past July. We chatted during a break in the action in the conference room at the Fairmont Hotel. The woman continued. "I had a call from a Chinese man," she said, "who lives here in Vancouver. He and I have worked in the past. He had a Chinese client who flew in from the mainland. The client wanted to see the property. They were driving over as we spoke on the telephone." I sensed that I was listening to a good story. I leaned forward to hear more. The woman went on. "The two Chinese men stopped at my office," she said. "We went over to the property in West Van. The mainland visitor got out of the car and looked at the place. He just stood there in front of the house and stared at it. Then he held a short discussion in Chinese with his friend, the man who first called me." "This is for $3 million?" said the Chinese man from Vancouver. "Yes," I replied. "Shall we go inside and look around?" "No," said the Chinese man from Vancouver. "We just want to be sure that this is the property and that it's for sale with good title." "Well, yes," replied the woman. "The chain of ownership is entirely in order." "Good," said the Vancouver-based Chinese man. "We have the money. How soon can we complete the papers? Tomorrow? The day after? My client needs to finish this up quickly. He has to be back in China very soon. His family misses him." A Trunk Full of Cash The woman was taken aback. Evidently, when the man said, "We have the money," he wasn't kidding. In the trunk of his car, he had two suitcases holding millions of dollars of Canadian currency. His client, the mainland Chinese guy, was cashed up and ready to buy real estate in Vancouver — the sooner the better. According to the woman, "I explained how, here in Canada, we don't do large cash transactions like that. There are banking and tax requirements. We need to go through lawyers and record all the transactions properly." What happened? "The two Chinese understood the legalities. The man from mainland China went home. He came back a few weeks later for a closing. We sold the property with bankers and lawyers in the room. It was all quite proper." The summary? "The Chinese men didn't like our Canadian way of doing real estate deals. For them, it was too public, with the lawyers and legal filings. And of course, the mainland man's family didn't miss him at all. It was his employer that didn't know that he was in Canada buying real estate." China's Monetary Hemorrhage Just by itself, this story about a Chinese man buying expensive real estate in Vancouver with suitcases full of cash makes for an interesting tale. But it illustrates a larger issue as well. There's massive capital flight out of China. As I'll describe, over the past decade, about $3.8 trillion has left China illicitly. Indeed, the trend is accelerating because, according to a recent study, over $600 billion left China outside of "normal channels" in just 2011 — around $50 billion per month! In other words, despite its well-known, world-influencing economic growth, China is simultaneously undergoing a monetary hemorrhage. China's fugitive money is not just fueling a real estate boom in Vancouver. Chinese cash flows are influencing and altering, if not perturbing, investment dynamics across the globe. "To Each According to His Needs?" Not So Fast… First, let's look at a few basics. No less than the father of communism, Karl Marx, once explained his philosophy as providing "to each according to his needs" (for the purists out there, Marx was citing French socialist Louis Blanc). Yet today, though nominally communist, China has little in the way of a Western-style social safety net. Marx's famous dictum is simply not the case in China, where, if you don't have money, you don't eat. Nor do you get "free" medical care. Nor do you get a "free" apartment or a "free" cellphone or anything else. Almost nothing comes "free" to the people from the Chinese government — let alone from the Communist Party. In short, Chinese society is structured and incentivized in keeping with historical Chinese Confucianism. Chinese culture, and the current Chinese political system, fosters a strong work ethic that underpins personal and family survival. Most Chinese revere education and anticipate the future need to educate their children and retire without a state subsidy — because their children will help them. Thus, Chinese people tend to think ahead and save a large fraction of their income. It follows that, like most savers, the Chinese want the best returns possible on the money they put away. The higher the return, the better. After all, the Chinese deal with the same price inflation — in energy, food and other resources — as everyone else in the world. They know where the trends are headed. Heck, the Chinese buy gold hand over fist! Low Interest Rates Subsidize State-Sponsored Boondoggles If you follow developments in China, you may know that China's state-owned banks "underpay" depositors due to mandatory ceilings on deposit rates. This means that if you save money in China, you'll lose purchasing power to inflation over time. Most of the Chinese are economically savvy and understand this. It's basic stuff, really. The predicament for a Chinese saver is not unlike that of savers in the U.S., where the Federal Reserve has a long-term scheme to keep interest rates low. Low Fed interest rates rob U.S. savers of potential return while masking the true costs of federal and state government borrowing. In the U.S., in other words, savers indirectly subsidize the American welfare-warfare state. Getting back to China, national economic policy keeps interest rates similarly low on savings accounts. It's an overt, albeit indirect, government subsidy to banks. The banks, in turn, make dicey loans, on favorable terms, to favored, often state-controlled entities. The result of low Chinese interest rates and many years' worth of overly risky loans is embodied in stories about excess capacity across Chinese industry and uneconomic showcase projects that are monuments to the vanity of some big-shot official. That is, in China, as everywhere else, money that's "too cheap" leads to all manner of silly boondoggles. Just consider some of the stories that come along, like thunder out of China, about empty airports, see-through cities, bridges to nowhere, idle steel mills and silent shipyards. I've got a lot more to say on this, but for now let's cut it short. I'll stop back tomorrow to follow up on this unfolding situation in China. Thanks for reading. Enjoy your holiday! Byron King Original article posted on Daily Resource Hunter The $3 Million House in Vancouver… appeared in the Daily Reckoning. Subscribe to The Daily Reckoning by visiting signup for an Agora Financial newsletter.

Inflation, deflation and why management remains key for mining equities – Berry Posted: 22 Nov 2012 06:18 AM PST Michael Berry looks at the factors that are now driving valuation in the mining sector and why he believes silver is undervalued relative to gold. An interview with the Gold Report. Read more….

Bundesbank Sold Gold Just for Commemorative Coins Posted: 22 Nov 2012 06:12 AM PST THE U.S. DOLLAR gold price traded close to $1730 an ounce during Thursday morning's London session, holding onto gains made a day earlier, as European stock markets edged higher, with US markets closed today for Thanksgiving. "We believe that the German Bundesbank's sale of 4.2 tonnes of gold was intended solely for producing commemorative coins," says today's commodities note from Commerzbank, referring to International Monetary Fund figures published Wednesday showing October's buying and selling of gold by central banks.

Cash cost fairytales and the need for management discipline in the gold sector Posted: 22 Nov 2012 06:09 AM PST According to US Global, gold companies need to focus on capital discipline and start reporting costs more transparently. Read more….

Gold Price Holding Gains, Germany Sold Gold "Only for Commemorative Coins" Posted: 22 Nov 2012 05:31 AM PST

Gilt prices are at a 300 year high bubble price. Low interest rates are engineered to artificially pump up the price of gilts in the wake of a banking collapse. The banks are still collapsed and now gilts will collapse (sending rates skyrocketing). Camero Posted: 22 Nov 2012 04:56 AM PST 2012: The Tipping Point – The Results are in – The Bankers Lost The world has entered a paradigm shift of immense proportions; and the collapse of the bankers' economic world is a part of that shift. The bankers' credit … Continue reading →

Prepare For A Possible Gold And Silver Price Spike Posted: 22 Nov 2012 03:08 AM PST The U.S. election results are in.  The people have chosen.  Subscribers are well aware of the changing rules of the game will conform to the latest economic developments.  There may well be a period of negativity relating to the general markets due to the U.S. election, Fiscal Cliff and Year End Tax Loss Selling.  We may see both parties come to some sort of conciliatory agreement to save the holiday season.  This is known after the election as the Honeymoon Phase, when previously antagonistic parties feel the need to think “Can’t We All Just Get Along!”

Gold Could Easily Double Amidst Hyperinflation Collapse Posted: 22 Nov 2012 02:43 AM PST Asset manager Nick Barisheff says, “There’s never been a fiat currency in history that didn’t end in hyperinflation and complete collapse.”  Barisheff thinks that Treasury Secretary Tim Geithner’s most recent call to have an “unlimited debt ceiling” for the U.S. was “just telling the truth.”  That’s essentially what we have now with “open-ended” money printing by the Fed.  Barisheff adds, “All it’s doing is postponing a problem . . . it makes it bigger and eventually it blows up.”  Forget about remedies for the economy, it’s too late.

HUI-Gold Ratio; 3 Views, 1 Conclusion Posted: 22 Nov 2012 12:19 AM PST Biwii

Asian Metals Market Update Posted: 22 Nov 2012 12:02 AM PST Gold and silver have managed to trade over $1720 and $3300 this week and look headed for big gains. Chinese manufacturing expansion in November should be bullish for base metals. News from Europe and handling of the US fiscal cliff will be the key. There is no news for a sell off in gold and silver and traders will prefer to remain long than short.

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