Gold World News Flash |
- CBS News 8 – Mark Dice Heckles Black Friday Shoppers with Megaphone
- Montana GOP Rep.: “Pay Me In Gold Before Dollars Have No Value”
- Rosen - This Move In Gold & Silver Is Going To Shock People
- Beyond Collapse: Surviving and Rebuilding Civilization From Scratch
- Rosen – This Move In Gold & Silver Is Going To Shock People
- French threat to UK rebate as EU budget talks collapse
- WHEN IRISH EYES ARE SMILING: The Story of Canada's Gold?
- Montana GOP Rep.: "Pay Me In Gold Before Dollars Have No Value"
- The Greek Debt Buyback 'Boondoggle' - Questions Answered
- PREVIEW OF ZOMBIE APOCALYPSE
- Gold, silver market manipulation argued on 'Keiser Report'
- BIG MOVES COMING IN DECEMBER, JANUARY & FEBRUARY
- On The Myth Of Ireland's Debt Sustainability
- [TaM-1258] The Truth About Shopping Stampedes and the Global Central Bank Run
- This Past Week in Gold
- Jim's Mailbox
- Gold Stocks Cyclical Decline?
- The Golden Nugget That Makes Traders Wealthy Trading AAPL, RIMM And Gold Stocks
| CBS News 8 – Mark Dice Heckles Black Friday Shoppers with Megaphone Posted: 25 Nov 2012 12:00 AM PST [Ed. Note: Mark missed a great opportunity in this interview to share the bigger problem: The fact that Americans are "prepared" to stand in the dark and cold to purchase Chinese made slave goods with credit, but unprepared to endure the coming collapse of their currency. But we'll nip that in the bud with the release of 'The Madness of a Lost Society 3' Sunday night.] from MarkDice: CBS News 8 in San Diego interviews Mark Dice about why he ridiculed shoppers in line on Thanksgiving night with a megaphone, calling them zombies.
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| Montana GOP Rep.: “Pay Me In Gold Before Dollars Have No Value” Posted: 24 Nov 2012 11:15 PM PST from Zero Hedge:
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| Rosen - This Move In Gold & Silver Is Going To Shock People Posted: 24 Nov 2012 10:01 PM PST  KWN has received tremendous interest in 54-year market veteran and analyst Ron Rosen's charts and comments which were published exclusively on King World News. We followed up with Rosen to get his take on where gold and silver are headed longer-term, and Rosen did not disappoint. He gave an absolutely extraordinary interview.
This posting includes an audio/video/photo media file: Download Now |
| Beyond Collapse: Surviving and Rebuilding Civilization From Scratch Posted: 24 Nov 2012 10:00 PM PST by Mac Slavo, SHTFPlan:
Sure, you can stock up food, and guns and thousands of dollars worth of other supplies – but if that's your entire plan, then you're going to be in serious trouble, especially if we're talking about a paradigm shift spanning years or decades. Supplies eventually run out and Murphy's law often turns the best laid plans into catastrophe. If you haven't taken the time to explore all of the possibilities and how you may deal with them as they happen, then in all likelihood you will be, as TJ notes in his book, "as good as dead and/or exploited."
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| Rosen – This Move In Gold & Silver Is Going To Shock People Posted: 24 Nov 2012 09:30 PM PST from KingWorldNews:
KWN has received tremendous interest in 54-year market veteran and analyst Ron Rosen's charts and comments which were published exclusively on King World News. We followed up with Rosen to get his take on where gold and silver are headed longer-term, and Rosen did not disappoint. He gave an absolutely extraordinary interview. "We are headed for over $3,000 if gold remains in the current logarithmic channel that it's been in since the beginning of the bull market in gold. However, there is a good probability that when gold bottomed at $68, a new, higher rising channel began." Ron Rosen continues @ KingWorldNews.com
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| French threat to UK rebate as EU budget talks collapse Posted: 24 Nov 2012 09:00 PM PST France renews its threat to Britain's European Union budget rebate after talks on Brussels spending ended in failure. by Bruno Waterfield and James Kirkup, The Telegraph:
David Cameron accused some EU leaders of trying to isolate him in the talks, saying that only the support of allies such as Germany had allowed him to defeat "attempts to put the British in a box and do a deal without them". At a press conference, Mr Hollande criticised Mr Cameron over his defence of the rebate, won by Margaret Thatcher in 1984 to compensate Britain for its high payments to farm subsidies that benefit French farmers.
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| WHEN IRISH EYES ARE SMILING: The Story of Canada's Gold? Posted: 24 Nov 2012 07:40 PM PST by Ed Steer, Casey Research:
With the U.S. shut tight for Thanksgiving on Thursday, the price and volume activity in all four precious metals everywhere else on Planet Earth was subdued…and that's being kind. However, the 'Black Friday'-shorted trading day in New York was a different matter entirely. Gold traded pretty flat in early Far East trading on their Friday…but during the Hong Kong lunch hour, it began to developed a slightly positive bias…with the European high tick coming at the 10:30 a.m. gold fix in London. From there it more or less traded flat until about 10:15 a.m. in New York…and then it blasted off to the upside, which had all the hallmarks of a short covering rally of some kind. That only lasted a few minutes, but from there the price continued to work its way slowly higher.
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| Montana GOP Rep.: "Pay Me In Gold Before Dollars Have No Value" Posted: 24 Nov 2012 05:59 PM PST Jerry O'Neil, six-term GOP state representative in Montana, has asked to receive his salary (which at $10.33 per hour is around $1800 per month) in gold or silver. The long-standing legislator was driven to this decision by his constituents' concerns about the nation's massive debt-load and fears of our country's collapse as "only so many dollars can be printed before they have no value." The long-time Ron Paul supporter, according to Time, cited Article 1, Section 10 of the US Constitution, which says, in part, that "No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts." State administrators have denied his request and added that "a bill could be introduced to accomplish this result." O'Neil, like many other, believes "The Keynesian era of financing government with debt appears to be close to its demise."
From O'Neil's Letter (via HuffPo):
Via Time:
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| The Greek Debt Buyback 'Boondoggle' - Questions Answered Posted: 24 Nov 2012 05:14 PM PST The last few weeks have seen the market increasingly price in the probability of a Greek debt buyback. Following this week's 'failed' Eurogroup meeting that chance has risen even more as leaked details suggest a debt-buyback is becoming the corner-piece of the 'new' deal. The leaking of details (and anticipation by the market) has driven GGB prices up and reduced much of the benefit of the buyback 'boondoggle' and as Barclays notes, "even if the debt buyback enables the IMF and EU leaders to come to an agreement, leading to a Greek resolution in the near term, in the medium-to-long-term Greek debt is not sustainable on realistic macroeconomic assumptions without notable outright haircuts on official EU loans to Greece. Therefore, a successful debt buyback might resolve the Greek debt sustainability issue on paper in the troika report but it will most likely not resolve it in investors' minds." While there are 'optical' advantages to the buyback, the four main disadvantages outlined below should be irksome to the Greeks - which is critical since, as ekathermini notes, a senior finance minister commented "God forbid we should not be close to an agreement on Monday."
The full piece is worth a read (and Bulo/Rogoff's details on sovereign debt buybacks) but for those pressed for time between holiday shopping stores - read sections 4, 6 (Optics), 7 (The Disadvantages) & 8 (Reality). Via Barclays: 1. Why has the buyback programme gained traction recently? There have been months of discussion between Greece and the 'troika' (the European Commission, IMF and ECB), aimed at adjusting the current Greek programme such that the next €44bn disbursement could occur. Furthermore, all of the troika's additional reform requests have been approved by the Greek parliament. As such, the focus is no longer on the relationship between Greece and the troika, but rather, it has shifted to disputes within the troika, between the IMF and European leaders, on how to fill the financing and more importantly the debt sustainability (DSA) gap. A debt buyback is now expected to form an important part of the latter.
2. What progress is being made on the dispute between the IMF and European leaders? The primary disagreement between the IMF and European leaders is on how to fill the DSA gap. Under the new 2y extended Greek programme, the IMF still wanted to see Greek debt reduced to 120%, with additional adjustments from 144% of GDP in 2020 without any adjustments. In the absence of outright haircuts on EU loans to Greece, this is a very difficult task to achieve. However, European leaders, particularly in Germany, insist that politically and legally, outright haircuts are impossible to accept at this stage. After this week's troika meetings, it seems that the dispute between the IMF and EU leaders has eased somewhat. Reuters reported on Friday morning that the IMF has increased its debt-to-GDP target for Greece to 124% by 2020. Moreover, recent comments from Schaeuble and Weidmann have not ruled out future compromise in the form of haircuts on EU loans, depending on the progress of the Greek government reform implementation. In the meantime, EU leaders are aiming to hit the new IMF DSA target level by 2020 with a mix of measures, such as the ECB giving up profits on its SMP and investment portfolio holdings, reduced interest on EU bilateral loans to Greece and a debt buyback programme. We summarise in Figure 1 our best estimates of how the troika is expecting to fill the financing and DSA gaps under the new Greek programme. Note that some DSA gap still remains to be filled, according to our estimates.
3. What size of buyback programme is under consideration? This week's Eurogroup meeting on Greece implied that Europe is willing to contribute a further €10bn from the EFSF to the extended Greek programme. And the cash needed for the buyback is planned to be the same amount. This suggests to us that this new EFSF money will most likely be used for the buyback execution. While these new funds should constitute the bulk of the buyback cash needed, some of the ECB profits can also be used to contribute too. The outstanding size of the post PSI bonds is €63bn. An average purchase price of 25, 35 and 50 cents on the euro implies €40bn, €29bn and €20bn of nominal purchases with 15pp, 9pp, and 5pp of GDP debt reduction, respectively. 4. What form will the buyback take, and is it feasible to accept a 10pp of GDP debt reduction from it? So far, there has been no official information on the debt buyback. It could be a fixed price offer or a competitive reverse auction. The fixed price offer should give all investors the same price on a voluntary basis. In order to achieve a reasonable level of debt relief, we think this price should be no more than 35cents on the euro. Currently, we estimate around €20bn of the €63bn outstanding post PSI Greek bonds are held by the Greek banks and other domestics. These domestic investors, particularly the banks, will most likely have an agreement with the government and fully participate. The rest of the Greek bondholders are probably international investors such as banks, hedge funds, real money managers, insurance and pension funds. The current Greek strip average price is 28. While some hedge funds might still not find a 35cent fixed price deal attractive, as long as domestic investors fully participate, it is quite possible that nominal purchases ultimately come close to €30bn. Alternatively, the Greek Treasury might hold a reverse competitive auction, in which domestic investors and banks are indirectly encouraged to accept a 30cent price whilst international investors would sell their holdings of up to €10bn at prices up to 45cents on the euro, which can still achieve an average purchase price of 35cents on the whole auction. However, we think this competitive reverse auction might lead to political issues later on, as there could be questions asked over fair treatment, in the sense that domestic private investors would have to compromise to the benefit of other investor groups, As such, we believe the probability of a competitive reverse auction is very low, making the former fixed price option much more likely. 5. Can the collective action clauses (CACs) be used as part of the buyback? With the aim of achieving the highest possible debt relief for Greece, it seems that politicians have also discussed using CACs as part of the buyback offer to force a low price deal on all private investors. Given the PSI involving private investors early in the year, we believe a second coercive debt buyback could have a very negative impact on sentiment. Indeed, this option seems to have quickly lost favour with officials. As such, we see the probability of coercive debt buyback via usage of CACs as very low. In any case, a credible threat from using CACs will be much lower now as the PSI bonds are under international law, whilst pre-PSI bonds were under domestic Greek law. 6. What are the benefits of the debt buyback? Optically, the debt buyback provides debt relief, in the order of 10pp of GDP if an average purchase price of 30cents on the euro can be achieved. It will also provide very limited financing relief of €2.4bn over the new programme period (until end of 2016) via the interest payment cancellation on the potential €30bn nominal debt bought (the coupon on this debt is 2% flat across the Greek strip). Most importantly, if executed successfully it will most likely help to form some common ground between EU leaders and the IMF to move on with the Greek issue in the near term. 7. What are the disadvantages? Previous debt buybacks show that secondary market prices rally significantly up to the actual debt buyback offer. As a result, by the time the buyback occurs, debt relief due to price action is much lower than originally expected. As such, we think a large part of the rally in Greek bonds that has occurred since the end of the summer is due to debt buyback anticipation-related buying, which resulted in average Greek strip price appreciation of 75% since mid August. The average market value of €63bn of Greek debt was €10.2bn in mid August; however, at 35cents on the euro, the post debt buyback market value of €30bn of nominal debt will still be around €10.5bn. Therefore, this typical price appreciation in anticipation of the debt buybacks in most cases makes debt buybacks a creditor-subsidising experience. Secondly, even if an average 35cent purchase price is achieved in the debt buyback operation, as we mentioned above, up to €20bn of the participation has to come from domestic banks, which would mean up to €15bn recapitalisation needs for the Greek banking system, which has to come from EU loans. Unless officials have a way to handle additional recapitalisation needs of the Greek banking system as a result of the buyback, the optical debt relief might even be cut further. Third, as highlighted in "The Buyback Boondoggle" by Bulow and Rogoff, when a corporate spends resources on a buyback operation, it typically uses assets that otherwise could be seized in the event of default, which makes the deal more attractive to the borrower. However, €10bn of money that will be used by Greece for the buyback could otherwise be used for investment and other growth-generating measures, which might well have been more helpful for Greece in the medium to long term. Lastly, even if the debt buyback enables the IMF and EU leaders to come to an agreement, leading to a Greek resolution in the near term, in the medium to long term Greek debt is not sustainable on realistic macroeconomic assumptions without notable outright haircuts on official EU loans to Greece. Therefore, a successful debt buyback might resolve the Greek debt sustainability issue on paper in the troika report but it will most likely not resolve it in investors' minds. 8. Where does the debt buyback leave Greece and Europe from a medium- to long-term perspective? A successful debt buyback will most likely pave the way for a resolution of the disputes within the troika and lead to the disbursement of the next tranche of around €44bn. However, as mentioned in the previous answer, even a successful Greek debt buyback wouldn't come close to achieving a sustainable Greek debt position. And, as long as the debt sustainability issue remains outstanding, private investment will be limited, and the tax evasion and capital outflow situations are unlikely to improve. All of which will have negative growth implications. The longer growth remains weak, the more fiscal consolidation will probably be demanded of Greece by EU leaders, which might at some stage lead to further social unrest, potentially even followed by collapse of the already troubled existing government. While Germany's plan is probably to delay any outright haircut on loans until after German elections in 2013, delaying to deal properly with Greek debt sustainability might create the above mentioned scenario before then. Therefore, it is even questionable whether the debt buyback would even buy the time that European politicians are hoping for before deciding on the end-game for Greece.
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| Posted: 24 Nov 2012 04:22 PM PST What will the zombies do when they come to get your stuff? Are Black Friday Riots A Preview Of The Civil Unrest That Is Coming When Society Breaks Down? If Americans will trample one another just to save a few dollars on a television, what will they do when society breaks down and the survival of their families is at stake? Once in a while an event comes along that gives us a peek into what life could be like when the thin veneer of civilization that we all take for granted is stripped away. For example, when Hurricane Sandy hit New York and New Jersey there was rampant looting and within days people were digging around in supermarket dumpsters looking for food. Sadly, "Black Friday" also gives us a look at how crazed the American people can be when given the opportunity. This year was no exception. Once again we saw large crowds of frenzied shoppers push, shove, scratch, claw, bite and trample one another just to save a few bucks on cheap foreign-made goods. And of course most retailers seem to be encouraging this type of behavior. Most of them actually want people frothing at the mouth and willing to fight one another to buy their goods. But is this kind of "me first" mentality really something that we want to foster as a society? If people are willing to riot to save money on a cell phone, what would they be willing to do to feed their families? Are the Black Friday riots a very small preview of the civil unrest that is coming when society eventually breaks down? Once upon a time, Thanksgiving was not really a commercial holiday. It was a time to get together with family and friends, eat turkey and express thanks for the blessings that we have been given. But in recent years Black Friday has started to become even a bigger event than Thanksgiving itself. Millions of Americans have become convinced that it is fun to wait in long lines outside retail stores in freezing cold weather in the middle of the night to spend money that they do not have on things that they do not need. And of course very, very few "Black Friday deals" are actually made in America. So these frenzied shoppers are actually killing American jobs and destroying the U.S. economy as well. The absurdity of Black Friday was summed up very well recently in a statement that has already been retweeted on Twitter more than 1,000 times… It has gotten to the point where it is now expected that there will be mini-riots all over the country early on Black Friday morning each year. The following are a few examples of the craziness that we saw this year… -"Fights break out when stores open on Black Friday" -"Black Friday madness at Georgia Wal-Mart" -"Black Friday Frenzy: 2 Run Down in Washington, Man Pulls Gun in Texas" -"Black Friday 2012: Rush at Victoria's Secret Pink at Oak Park Mall in Overland Park, Kan." -"Black Friday shoppers smash door at Urban Outfitters" -"Black Friday Shopping Hysteria From Around The Country [PHOTOS]" -"Disturbance leads to scare at Westroads Mall" -"Teens In Custody After Woodland Mall Fight" -"Boy Robbed During Black Friday Shopping At Arundel Mills" -"Shoppers Were So Obsessed With Black Friday Deals They Left Their Infants Unattended" Fortunately, many Americans are starting to get fed up with Black Friday. In fact, one activist named Mark Dice actually went out and heckled Black Friday shoppers this year. I found the following You Tube video to be very funny, and I think most of you will too…
In the end, it is not that big of a deal that people want to fight with one another to save 50 dollars on a cell phone. But this kind of extreme selfishness and desperation could become a massive problem someday if society breaks down and suddenly millions of extremely selfish and desperate people are scrambling for survival. With each passing day our economy is getting even weaker, and the next wave of the economic collapse is rapidly approaching. What are people going to do when the next spike in unemployment hits us and nobody can find work? To get an idea of where things are headed, just look at Europe. In both Greece and Spain the unemployment rate is over 25 percent and civil unrest has become almost a constant problem in both of those countries. So what kind of riots will we see in the United States when the economy gets much worse than it is now? Already there are signs of social decay all around us, and most Americans are completely unprepared for what will happen if a major disaster or emergency does strike. Sadly, the reality is that most Americans live on a month to month basis. Most families do not have any emergency savings to speak of, and one recent poll found that 55 percent of all Americans only have enough food in their homes to survive for three days or less. To me, that is an absolutely insane number. We just came through a summer of extreme drought and global food supplies have dropped to a 40 year low. Our world is becoming increasingly unstable, and the global financial system could fall apart at any time. Most of us just assume that there will always be huge amounts of very cheap food available to us, but unfortunately that simply is not a safe assumption. The following is from a recent article in the Guardian… Evan Fraser, author of Empires of Food and a geography lecturer at Guelph University in Ontario, Canada, says: "For six of the last 11 years the world has consumed more food than it has grown. We do not have any buffer and are running down reserves. Our stocks are very low and if we have a dry winter and a poor rice harvest we could see a major food crisis across the board." "Even if things do not boil over this year, by next summer we'll have used up this buffer and consumers in the poorer parts of the world will once again be exposed to the effects of anything that hurts production." When I watch my fellow Americans trample one another to get a deal on a television or a video game, it makes me wonder what they would be willing to do if they went to the store someday and all the food was gone. Desperate people do desperate things, and someday if there was a major economic breakdown in the United States I think the level of desperation in this country would be extremely frightening. So what do you think? Please feel free to post a comment with your thoughts below…
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| Gold, silver market manipulation argued on 'Keiser Report' Posted: 24 Nov 2012 03:51 PM PST 5:50p ET Saturday, November 24, 2012 Dear Friend of GATA and Gold: On today's edition of "The Keiser Report" on the Russia Today network Max Keiser interviews Ian Williams, chairman of Charteris Treasury Portfolio Managers in London, and while Williams could not be more bullish about the monetary metals, he expresses doubt about the manipulation of their markets, which Keiser tries to explain to him at some length. The exchange begins at about 19:30 in the 26-minute YouTube video here: http://www.youtube.com/watch?feature=player_embedded&v=uZr9G7s2zBQ CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Fred Goldstein and Tim Murphy open All Pro Gold Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/. Join GATA here: Vancouver Resource Investment Conference * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Opinion Around the World Is Changing 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
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| BIG MOVES COMING IN DECEMBER, JANUARY & FEBRUARY Posted: 24 Nov 2012 01:49 PM PST Well how was that for the start of a new intermediate cycle? While many analysts were calling for continued losses or even a market crash I repeatedly warned traders that an intermediate degree bottom was coming and that markets routinely rally violently out of those bottoms often generating 5-8% gains in the first 12 to 15 days. This particular intermediate bottom has already gained 5% in the first five days. Like I've been saying all along, I think the market will easily make new highs in the next two or three months, possibly even significant new highs, or a test of the 2007 top as QE3 starts to work it's magic. That being said stocks and gold are now due for a short-term breather. Why is that you ask, if all markets have just formed major intermediate cycle lows? The reason has to do with the daily dollar cycle. Friday marked the 24th day in the current daily cycle. That cycle generally runs about 18-28 days trough to trough. At 24 days the cycle is well into the timing band for a bottom and bounce.  That bounce should force stocks into a short-term correction, or sideways consolidation, and gold into its next daily cycle low.  However don't be fooled by any short-term corrective move as stocks and gold have all clearly formed major intermediate bottoms. There are always corrective moves along the way, nothing goes straight up, but intermediate cycles don't usually form a final top until sometime around week 12-15. As last week was only week 1 of a new intermediate cycle, we probably don't need to look for a final top until sometime in February, or early March. Coincidentally, that is when the dollar is due to form its yearly cycle low. A yearly cycle bottom is the most severe cyclical decline other than a three year cycle low (the next one of those isn't due until mid 2014). I think we can safely assume that QE3 is going to complete the head and shoulders topping pattern for this particular three year cycle, and just like I said months ago the dollar topped back in the summer when the CRB index formed its final three year cycle low.  The dollar should now head generally lower over the next year and a half with brief bear market rallies similar to what we just experienced. This will drive an inflationary phase that should drive all asset prices higher into mid-2013, and commodities into a super spike in mid-2014 (this is when I expect gold to reach its next C-wave top at roughly $4000). By mid-2013 inflation will start to take its toll on the economy, and stocks will stagnate and begin an extended topping process as inflation continues to surge, similar to what happened in 2007/08.  I think we will experience the same phenomenon this time as QE3 eventually generates the same unexpected consequences and spikes commodity inflation.  Traders need to be prepared next week for some kind of corrective move. Understand this is not the beginning of another leg down, but a second chance to get positioned for what should be a very profitable intermediate degree rally over the next 2-3 months. SMT premium newsletter. $10 one week trial.       
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| On The Myth Of Ireland's Debt Sustainability Posted: 24 Nov 2012 01:14 PM PST Ireland is continually held up as the poster-child for austerity-driven 'aid' and how the European Union can successfully manage an economy through a depression with no real pain for bankers. Unfortunately, as we have pointed out previously, judging a nation's progress on the back of its bond yields (when liquidity is negligible and the mighty hand of ECB-collateral-reacharound is upon us) should become anathema from any serious analysis. The sad truth, specific to Ireland in this case, is the relative size and importance of EU subsidies (and the EU budgetary allocation) mean that assumptions of current account surplus going forward (the much-needed elixir to sustain the gross debt load the nation's taxpayers now are buried under thanks to banker-transfers) leave Ireland's debt sustainability greatly in question.
Authored by Dr. Constantin Gurdgiev, originally posted at True Economics blog,
So what about that 'sustainability' of Irish debt levels, then?
UPDATE: And extended for those who initially questioned the analysis and were looking for more depth - the following is hard to question (and tough to swallow the assumptions that 'save' Ireland) (via True Economics): Irish Current Account And Government Debt
Again, one has to wonder if the argument that current account surpluses can really be viewed as a serious enough potential source for wrestling Ireland out of the debt trap. And that is before we start worrying about the potential drivers for these surpluses, such as:
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| [TaM-1258] The Truth About Shopping Stampedes and the Global Central Bank Run Posted: 24 Nov 2012 12:39 PM PST Stacy Summary: We talk about Black Friday shopping stampedes, the run on the global central banks as nations seek the return of the gold and the future hyperinflation in Japan as national savings is depleted. Download show here For more … Continue reading
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| Posted: 24 Nov 2012 09:53 AM PST Summary: Long term - on major sell signal. Short term - on mixed signals. Gold sector cycle - down as of Oct 13.
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| Posted: 24 Nov 2012 09:27 AM PST Hi Jim, What are your thoughts on the claim that the Basel banking committee are going to require banks to consider gold as currency? Thanks, CIGA Anonymous Anonymous, They are not going to do that, but they will take gold to qualify as a tier one asset which is what currency is. Jim
Continue reading Jim's Mailbox
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| Posted: 24 Nov 2012 02:53 AM PST The Gold Report met up with Rick Rule, founder and chairman of Sprott Global Resource Investments Ltd, at the Hard Assets Conference in San Francisco. In this interview with The Gold Report, he shares his belief in the power of gold as both "catastrophe insurance" and an investment vehicle. As to equities, he sees a new discovery cycle lifting the prospects of majors and juniors alike, as long as they act like "rational" businesses. The Gold Report: Rick, you believe the natural resources sector is experiencing a cyclical decline in a secular bull market similar to the 1970s. Is that true for other sectors as well?
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| The Golden Nugget That Makes Traders Wealthy Trading AAPL, RIMM And Gold Stocks Posted: 23 Nov 2012 04:18 PM PST I know most Apple enthusiasts will be rolling their eyes with my analysis and that's fine because the rest of us need people to buy our shares as we unload long positions or sell Apple short.
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Jerry O'Neil, six-term GOP state representative in Montana, has asked to receive his salary (which at $10.33 per hour is around $1800 per month) in gold or silver. The long-standing legislator was driven to this decision by his constituents' concerns about the nation's massive debt-load and fears of our country's collapse as "only so many dollars can be printed before they have no value." The 
The following excerpt from 
As the EU summit broke up amid British demands for cuts, François Hollande, the president of France, signalled a fresh attempt to cut the £3 billion UK budget rebate when talks resume next year.
Yesterday in Gold and Silver
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